>> we just talked about john stumpf at the beginning. the obama administration has not gotten behind prosecuting in in the individuals at the top of these banks. we basically have three sets of individuals at the head of the three of the six largest banks. they have not only benefited from the post crisis environment and with the government has allowed them to get away with, or institutions have grown and flourished as they have been paying very small settlements related to what their profits are to the united states government. the obama administration has done a very poor job of handling the criminality of the banking system, of changing the banking system, personally making criminal basisa the individuals that run the largest institutions in this country. in addition, it is not broken up the banks. we have a situation where these individuals control so many deposits of the american people because they are allowed to do so because of our regulatory framework. theregulatory framework in latest impairment that happened under bill clinton

john stumpf runs wells fargo. he have already had to disgorge $41 million of income he earned during the period they were opening two million phony accounts. all of this is going on as of this morning. john stumpf just sat down. it is 9:58 and a few seconds. he is due to begin at 10:00 eastern time. on the right-hand side of your screen, there is john stumpf, the ceo ofwells fargo. very unpopular banker at this point. momentarily, literally within 90 seconds the chair of the house financial services committee will gaffe svelte committee to order. that is jeb hensarling, republican. it is his committee. he no doubt will have opening statement. maxine waters will follow. she is the ranking member of the house financial services committee. she had problems with the banking services industry in the past. we'll see what she has to say to john stumpf. it is almost 9:5950 seconds. the hearing will open. left-hand side of the screen that is the fox news camera trying to get a good look at the hoboken train station where a

liz: what is warren buffett thinking now of somebody like john stumpf? >> he must have had lots of conversations with him. you got out of warren buffett his comment about november. this one is very tricky. i have no idea why they're waiting to do things and why it is where it is right now of the doesn't make sense. liz: in 48 hours, he, john stumpf has to appear once again this time before the house banking committee. >> that will be pleasant. if he gets to that committee. liz: house financial services. >> exactly. this is stuff that turns warren buffett's stomach many times over. a lot of the playbook for him. liz: is it a buy right now? warren buffett is known for being that guy who waits quietly for that moment like the lizard with the tongue? >> the stock is not down that much. people know that. solomon brothers, people thought it was going out of business. i think you have a situation where it could get uglier before it gets prettier. liz: you think john stumpf eventually steps down? >> sure. was that too meaty for you? liz: you're a man of solid an

a lot more from you, from john stumpf later. we're also waiting on a decision from the bank of japan due out early tomorrow morning according to a poll by reuters boj is seen easing policy this week, two thirds of the respondents saying japan central bank will cut rates further. and expecting more changes like more government bond purchases to come to fruition. >> also on the central bank agenda day one of the fomc two day policy meeting. landon dowdy joins us. >> at the beginning of the summer many thought it was very likely the fed would hike rates in september but a lot has happened in just a few short months. mixed economic data showing weakness in the service sector but strength in job growth has changed consensus and now it's expected central bank will leave rates unchanged for the sixth straight month but sentiment amongst policymakers is mixed. stan fisher, george, midwester, all believe the fed is likely to or should raise yates. janet yellen, dudley and dillard are the maybes. and jerome powell is the unknown. but chai

i will say john stumpf's day has been put aside. he might see boer cause vaccinia may see some employment changes as well. lauren: clawback server these days. global market action overnight. if he agreed with the nikkei in japan at 1.4%. the hang seng in hong kong the past%. the costa south korea gaining in the shanghai composite up a 31%. nicole: a lot of talk about the weaker yen helping to boost the nikkei in japan. london ftse up a full percentage point. the cac in france of 1.2%. german dax atop a 1%. in 199600 employee cut sl is suspending dividend. energy leaves that market. lauren: deutsche bank shares up 2.5%. let's check out u.s. stock market futures this morning relatively flat after 111-point gain yesterday. as nicole petallides free market. s&p futures living at the moment. we do get jobless claims later today in the final raid on gross domestic products for the second quarter. train to oil has really been the talk in been the talking yesterday surged 5% on the idea that opec will be cutting for the first time since 200

all calling for john stumpf to step down. thanks. see you later. >>> let's get to "closing bell" exchange. what a day this has been. joining us keith bliss is on the floor here and rick santelli from chicago. yesterday we had a rally because opec may have a deal. today sell off with talk about deutsche bank. very reactionary market. >> very typical for a market that is directionalest. it is getting buffeted from all angles with different view points and talking points. i think the big story is deutsche bank and the financial sector. i think a lot of people are missing the picture here as it relates to deutsche bank. this is not ordinary hedgefund activity. there is hedgefund run going on. as you were pointing out the eu is disallowing any kind of bailout so shareholders will head for the hills and will not be taken down. deutsche bank is not systemically important inside the european market but across the globe. this is a big issue when it comes to the financial sector. as it relates to the broader market when you are getting buffett

unfortunately for john stumpf it is a very easy, very easy so-called crime. i say so-called because it isn't like anyone's been arrested for it. but i think that's probably what i would ask today. who can we arrest? that's the way they should do it. if there was fraud, give us names, we want to arrest them. and then we want to bring them in and we want to find out whether they were told. if it's a common crime, which they did not discuss at all, which obviously it is a common guy, you bring in se we will not give up the names and bring those in and say give us the names. why they're not building a criminal case if everyone's so confident it's a criminal case. the lynching, no, we don't want to just give them hell. if you really think there was crime, okay, prosecute. get the people in, have them give up the uppers. >> right. >> elizabeth warren and at least two of her colleagues reportedly have written to mary jo white, whether that's going to be criminal we don't know. >> that's civil. there's a couple justice department investigations. i'm just saying it's

john stumpf probably didn't know that. when you raise price of a major product, the board knows, you know. so it's not illegal to raise, she did nothing illegal. now you got to say she's facing an ethical moral battle over price -- >> we had walter isaacson on yesterday. he raised the case -- >> how do you sleep at night? >> no. more yes you can raise the rate but it haunts your reputation therefore your bottom line long-term. >> and the point not just for the company. that these two examples are going to be black eyes for business at a time when politically it's already a bad time to be a business leader. there's so much of the political cycle has revolved around bashing business leaders. >> the fact is they're getting a blowback to their reputation because when you're dealing with health care, you're dealing with every single person in the country. so the question should have been do we want to face this thing? do we want to raise prices? the board should have been debating price increases with her. and said they should

he is a big fan of john stumpf. >> yeah. liz: don't know if he is. >> you should ask him. liz: i will. thank you very much, charlie gasparino. closing bell we're six minutes away. we're coming right back. the dow is still up 41 points. don't go away. melissa: we are less than 24 hours away hearing what the federal reserve may do. we expect they might not hike rates. we're more interested in the projection for the u.s. economy. either way we don't want you to wait around to decide what to do with your money. should you buy or sell stocks? we'll bring in michael binger, a billion under assets. are you buy or sell on markets? >> right now when i say sell, i say trim. i think recently soft economic data. the fact we get a rate increase at least by december, maybe a surprise tomorrow, we'll see. markets are kind of a rich valuation. we could see five to 10% pullback. but at that point you have to be ready to jump in because 2017 will be a good year. liz: that is good to know. when it hits, there is the point to jump in, what do you scoop up? >> well, i'll tell you what, i reall

were you satisfied with anything john stumpf said today? >> today is the beginning after frustrating process here. really two seminal questions have to be answered. where were, was management through all this on the one hand and the other question is where were the regulators? this is the first half of that equation, where was management in this? where was management in 2011, 2012, '13, '14, '15 all the people laid off. this is simmic, my take from the hearing, there is degree of systemic problem in the company that they lack oversight and lack the controls and we really didn't get any satisfactory answers other than that when they saw it the first year they began to address it. a year later still going on and year later still going on. so no, we're not satisfied with answers we got today. liz: a lot of people were furious. earlier today on "varney & company," stuart interviewed john chang, comptroller of california, they said they're suspending almost all of the state business they do with wells fargo. it is that, people pulling their acco

john stumpf appearing on "mad money" last night. saying he holds himself accountable to the abusive practices at the firm. >> it may mean, some people say, is you have to resign. >> i think the best thing i can do is lead this company. today we made an announcement about sales goals. we never intended for product sales or any dynamic or any part of a management system to be misinterpreted. >> the bank was fined $185 million by the consumer financial protection bureau and two other regulators for allegations its staff opened more than 2 million bank accounts and credit cards for customers without their consent to meet internal sales goals. cramer asked if he heard from warren buffett. he said he's talking to a lot of share holders but wouldn't talk about one conversation. wells today is up 0.4%. yesterday it slid. ending the day now as only the second biggest bank by market cap in the united states. jpmorgan taking the title as top spot. of that interview last night, we're billing it as a mea culpa saying he takes accountabilities. i

wells fargo ceo john stumpf before the banking committee. he admitted his fate greeted millions of unauthorized bank accounts. u.s. stock market futures ahead of their opening bell right now. a positive start this week printed this week. the dow pointed higher by 29. by the way, the fed meeting begins today and that is happening now. for more in the investigation into what happened in new york and new jersey bombings, right over to the main theater whose life in newark, new jersey where they have the captured suspects. tell us the very latest. >> behind this in the hospital this morning, ahmad rahami bileca been held on $5.2 million bail. he was shot in the wild west shootout about 10 miles from here, brought to the hospital but felt well enough to have his mug shot taken. we are looking more about his background and a tip that piece of the puzzle about how he became radicalized. multiple trips to afghanistan in a trip to pakistan in areas where the taliban and was known to be working to know to be active. whether he was radicalized, we just

john stumpf will once again be in the hot seat. stumpf faces the house financial services committee. to answer questions about the opening of the unauthorized customer accounts. joining us now is chairman jeb hensarling. >> good morning. >> try to help us understand what you want today. >> one, when mr. stumpf appeared before the senate last week, he didn't have a lot of answers. he was uncertain. so he's had a week to refresh his recollection, to check his records. and the bottom line is we want to know how did this take place? why did this take place? who is being held accountable because the american people are outraged. you got 2 million people who now have been ripped off by their bank, probably let down by their government. who's going to be held accountable? had so this is the first part of our investigation. but we are demanding documents from both the regulators and wells fargo. we will do transcribed interviews but plan to get to the bottom of this. it has a familiar ring to it. a financial institution engages in egregiou

and that makes for interesting reading today. >> does john stumpf need to resign? does something have to happen to show that there is a change? they have eliminated the sales incentives that created the culture, but does something else, another shoe have to drop and does it have to be john stumpf? >> i certainly have no inside information. let me say that watching the hearing today clearly the board is considering what to do here. and that was clear on both sides. it is certainly clear for mr. stumpf. >> we have to go. terry, thank you for joining us. and, of course, will, thank you. good job on those hearings today. >> we will have more next hour. david vitter on the banking committee gives us his report card on john stumpf's testimony in the next hour or so of the show. >>> with the dow up 47 points let's get to our "closing bell" exchange. ellen zitner with us. keith list and rick santelli getting ready for fed announcement. keith, at least two primary dealers are predicting the fed will raise rates tomorrow. that is two more than had been predicting this on pre

wells fargo ceo john stumpf, as you say there, undergoing quite a grilling. that was actually round two, i should tell you, with the senator elizabeth warren in what probably felt something like round 15 to the chief executive officer of wells fargo, and chairman of the board. john, you still feeling as good about your investment at wells fargo as you did some moments ago? >> well, as far as the moment when we knew that he would be coming before this senate committee and we knew warren's grilling of him would be withering. we knew that going in because she's a smart lady, and she was prepared, as was shelby, as was brown. they were all going -- this was like a dog going after a bone here. >> i'm going to break away. mr. stumpf is leaving the building. >> mr. stumpf, are you considering resign sng mr. stumpf, will you willingly give up your own bonuses ahead of the board decision to discuss it? mr. stumpf, will you willingly give up your own bonuses ahead of the board's decision to discuss it? are you reconsidering your decision to resign? >> okay. there we go

nicole: more problems for wells fargo ceo john stumpf. federal prosecutors now looking into the bake sales practices that led to last $6,185,000,000 fine. lauren: apple ceo tim cook must be smiling because apple stock up 10% as initial quantities of the iphone seven plus are sold around the world. nicole: chicago cubs are one game away from the title. a heartbreaking loss for the yankees. other highlights coming up here in lauren: 5:01 a.m. in new york. welcome to "fbn:am" from your first look at today's market and the latest breaking news in what to expect today i had feared

is that a sign of things to come and does that put even more pressure on john stumpf? >> it puts a lot of pressure on him because the company has always had major battles with the state of california. california has sued wells fargo repeatedly for mortgage issues and other issues. the bank has always gotten away from the suits saying we're a national bank and you can't you you -- sue us. the relationship between california and wells fargo has never been great and it didn't surprise me that the bank and the state are still having difficulties. ashley: he didn't seem very prepared when he went before the senate banking committee. elizabeth warren, senator elizabeth warren really ripping into him. i would imagine you would expect, i would expect him to be a little more prepared tomorrow, to have more numbers and facts at his fingertips? >> he was very prepared. he was not willing to answer any questions. that is a difference there. if you remember when lloyd blankfein spoke in front of the dingell committee in 2009, he wouldn't answer any questions either. the reason why

i wouldn't suggest to you that john stumpf -- if you read the press release, it says that john stumpf agreed to this as if he -- there's sort of an implication he went to the board and said, guys, i screwed this up. that's not what happened here. >> that's an important narrative. if it seems like he's not contrite over this and still is not going along the way, even these big moves -- >> holeman jenkins points out maybe the person in charming of the compensation, maybe she hit certain mile stones, but it didn't add to the profits of the bank. it had nothing to do with stumpf's pay going up. the 41 million is punitive that has nothing to do with claw backs. >> it was something stumpf touted, cross-selling, they can make it more profitable as a result. on the bottom line numbers it didn't, but this was a huge issue where he had over 5,000 employees -- >> you could say the aura of wells fargo doing everything right helped with the stock price trading at a premium. >> if you look at the wells fargo board, all good people, but relatively weak compared to other boards, they -- >> they didn'

. >> i'm wilfred frost in washington today for wells fargo's ceo john stumpf's appearance on capitol hill. he goes before the house financial services committee at 10:00 a.m. eastern. more on that in a minute. before we go to the markets, good morning to you, sara. >> we're like ships passing in the night. hopefully back together tomorrow where mr. stumpf goes, wilfred frost goes. a lot to cover. >> where christine lagarde goes, so does sara eisen. >> we had a good event. i'll talk more about that in a bit. let's show you u.s. equity futures, after solid rally yesterday on the back of that unexpected opec deal. energy producers are leading the way around the world. dow futures up almost 3 points. s&p 500 futures flat. nasdaq up by 2. more than 100-point rally yesterday led by caterpillar, exxon. the ten-year treasury note yield. we have some economic data today. after a whole bunch of fed speak and more to anticipate later, ten overyield below 1.60. 1.58. lower yields. ticking up just fractionally this morning. >> watching oil as well closely as we have been for the last 12 hours. pr

>> i do think john stumpf will end up losing his job as ceo. i think writings on the wall when that happens. no one knows. beyond that the egregious behavior at wells fargo, these lawmakers, particularly the democrats, they're all about controlling pay of corporate executives and particularly those in the banking industry. i think that is the direction that they're trying to go. regulators in april proposed rules about financial pay, about wall street pay, including clawbacks that go back seven years. the banking industry fighting back against those proposed regulations but that is what we're talking about. they will make this act like this is about john stumpf and the $41 million that he has given up but it is about more than that it is about washington controlling the pay of corporate executives. neil: basil, there was a great deal of criticism led by senator elizabeth warren last week that big banks are still getting away with murder, literally -- not literally, a lot of things under the category of financial hanky-panky and that wouldn't ha

lauren: wells fargo ceo john stumpf forfeiting $41 million in pay over the bank sales in the period we will take a look. nicole: despite getting beat by the new york yankees, boston red sox have reason to celebrate and 10 tivo gives fans a reason to cheer as well. all the highlights and sports. lauren: thursday from september 29th. also national coffee day. welcome to "fbn:am," your first look at today's markets, the latest breaking news and what to

you can continue watching wells fargo ceo's john stumpf testimony on bloomberg at live go and at 2:00 p.m. brad sherman us aftero will join the testimony in washington and it will be interesting to get hers -- his perspective on what has transpired today. >> i wonder if it will end at 2:00 p.m. >> he was one of the gentlemen harshly questioning john stumpf today. this is bloomberg. ♪ ♪ >> this is bloomberg, i am julie hyman along with scarlet fu. we have been watching market take a leg lower as we head into the afternoon. all three major averages down now. i have taking a look at the groups that are on the move at the moment and it looks like utilities are taking at the worst today, down 1.7% and health care 1.2% and real estate taking a hit. the decline in some of the interest rate sensitive groups yields are down today. these are groups that would benefit winning yields are trending lower. scarlet: we know they have been doing well because they have been looking for the yield. one thing we want to mention is that financials are in the middle of the pack on the imap, but it does

this time, john stumpf faced qu lawmake over his bank's fake account scandal. me congress were just as angry this week as they were last. wilford frost reports from capitol hill. >> repor wells fargo's ceo, john stumpf, faces hig on capit days, two days after he agreed to forfeit $40 million of his pay. his challenge today, to provide more detail and conve he was sorry. >> may i respond? >> we'll give the witness an opportunity to respond. >> as i said before, i'm sorry we didt this right. i take this very seriously. i'm not in denial. and we will get this right. we will fix this. >> reporte as to the details, the 2 million fake accounts number could b as much as 75% lower based on the latest investigat also said the full board is being investi entirely, not just company executives like him. and the house committee does plan to investigate the regulato as well as the company on whom there was mixed opinion. but the focus once again was the tone of the hearing as opposed the content. lawmakers still angry and wanting more. >> the whole board needs to go, if they

john stumpf going before john stumpf going before the house financial services committee when he takes the stand. the committee chairman says we accounts scandal went down, and the public needs more answers. how can my office continue to entrust the public's money to an organization which has shown such little regard for legions of californians who have placed their financial wellbeing in its care?the actions come one day after wells fargo revoked 41 million dollars of the ceo's compensation package, along with his 2016 bonus. earlier this month, wells fargo admitted it created as many as 2 million fake accounts to the supreme court will take up the obama administration's appeal of lower court rulings making it harder to deport immigrants who've been convicted of crimes.the justices agreed today to review rulings striking down a provision of immigration law as unconstitutional.the federal appeals court in san francisco said the section of the law that defines a "crime of violence" is too vague. voters in new hampshire are now free to snap a selfie with their ballot this november-- fede

john stumpf is going to testify before the senate banking committee. he'll face questions about bank employees allegedly cheating customers by opening fake accounts to achieve their sales goals. in his prepared text, stumpf says, "i am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members and to the american public. i accept full responsibility for unethical sales practices in our retail banking business and i'm fully committed to doing everything possible to fix the issue, strengthen our culture and take the necessary actionses to restore our customers' trust." last week on "mad money," stumpf told jim he doesn't intend to step down as ceo. >> it may mean, some people say, that you have to resign. >> jim, i think the best thing i could do right now is lead this company and lead this company forward. in fact, today we made an announcement about product sales goals. we never intended for product sales or any dynamic or any part of a management system to be misinterpreted. >> when does this end? is it early days?

and for the second time in two weeks, john stumpf said he is sorry. >> fraud is fraud. theft is theft >>> reporter: regulators say facing highly ambitious sales goals, bank employees opened as many as 2 million unauthorized accounts in customers' names and in some cases sticking consumers with the fee. the bank's embattled ceo john stumpf took the hot seat today before the house financial services committee. >> i am fully accountable for all unethical sales practices. >> reporter: he said the bank is eliminating retail sales goals at the end of the week and expanding its review of accounts. >> did wells fargo employees steal from a million to two million of their customers? yes or no? >> um, um, in some cases, they did. >> reporter: so far, the board has stripped stumpf of $41 million in compensation. on top of that, the state of california has cut business ties with the bank. now government leaders in new york city are considering doing the same. some lawmakers are demanding stumpf resign. >> you can just say to be the chairman and ceo, is that what you want us to beli

but first today, we'll receive testify from john stumpf, he's the c.e.o. and chairman, who is was us. >> welcome. >> we will then here from the los angeles deputy cheer whose office was the first for commence the action and finally from the occ and. c.f. pb. we look forward to hearing from both panels because much remains unclear about what transpired at wells fargo and the regulators response. it appears that wells fargo's own analysis concluded that think seanlsd of its employ piece opened more than 2 million account that's may not have been author raised. subsequent licks wells fargo terminated 5,300 employees and has agreed to pay 185 until fines, and 5 million in customer remediation. sales dated take show they have been an industry leader to cross sell products such as credit cards. checking accounts and home equity loans a. number of former wells fargo employees have described a work environment mint by intense pressure to reach sales goes n. a 2010 letter. john stumpf wrote that wells fargo goal was eight products per customer because eight rhyme w

coming up, john stumpf's testimony. david: we'll go now to the presidential election, joined by steven yaccino. the biggest news has been this -- these terrorist attacks in new york. tothis point, is it too soon tell how it will play out in the election? of an: the prospect terrorist attack in the final week of this campaign would define the race is something people have been talking about for months. this week -- i am not saying this will define the race -- this week we got a glance of how the candidates would respond to such a crisis in those final weeks, and what we learned is they are really doubling down on the messages we heard in the past, and these are the messages we can safely say are going to be their closing arguments. donald trump responded to the attacks by saying we cannot afford the status quo. we need to close the borders, he is trying to tie hillary clinton's policy in the middle east to the rise of isis. he is strongly doubling down on that front. hillary clinton is taking everything now cap says abou

john stumpf is supposed to worry about every branch and product being sold. not one management team could do that. in the old days jamie diamond when he ran a very small piece of a bank smith barney he can go around and talk to people. i guess we know how you feel you're advocating for smaller banks. you can basically see. there are just as many problems as some of the smaller banks that have come under scrutiny. i think the challenge is cultural at wells fargo. >> i disagree with that. they are always getting in trouble for stuff like this. small banks i'm sure. they would falsely create accounts. it kind of seems illegal to me. we are just moments away from donald trump speaking in bedford new hampshire. he will address today's deadly train crash in new jersey. you can see the crowd gathering there in bedford. he is speaking there. and both candidates today had expressed their condolences for the victims of that crash. as reports surfaced that donald trump is already preparing for debate number two. sending an e-mail to supporters seeking advice but he is s

john stumpf was contrite last week ... as lawmakers quizzed him on wells fargo's hyper-aggressive sales tactics. oscar garza was a personal banker for a chase bank outside dallas. he says aggressive sales tactics aren't just a problem at wells fargo. (oscar garza / former chase personal banker) "it's across the industry it's systematic. it is not specific to any branch." he says he made under 12 dollars an hoa to make extra cash was to meet certain sales goals set by managers -- even if that meant signing up customers for financial tools they didn't want. (oscar garza / former chase personal banker) (ov) were they sales goals or were they quotas? did they have to be met? (og) they were quotas. they had to be met and there were consequences for not meeting those quotas. (ov) what were the consequences? (og) termination. he claims a manager in his branch was aware employees used questionable i-d's to open accounts. (oscar garza / former chase personal banker) "never a direct order, but there was definitely an, 'i'm going to

senate banking committee is to talk with john stumpf. wells fargo is saying that risk manager, claudia anderson made a quote, personal decision to take a leave of absence. bring in camden fine, ceo of independent community bankers of america. you're the little guys, not the big behemoths like wells fargo. what do you think is going on with wells fargo? >> wells fargo tarnished the name of every community banker in this country. i can tell you this, liz, wells fargo is lot of things but they're not a community bank. if they were a community bank, mr. stumpf and his executive team would be in very hot water professionally and with the bank with the bank regulatory agencies. liz: he a at least in simmering water. starting tomorrow he faces senate banking committee. what do you think should happen to him? he is in charge. very hard to believe the accusations of setting up fake ghost accounts just to charge customers without their knowledge over five years didn't somehow cross his desks at some point. 5300 little employees, smaller guys, i re

nicole: more problems for wells fargo ceo john stumpf. federal prosecutors now looking into the bake sales practices that led to last $6,185,000,000 fine. lauren: apple ceo tim cook must be smiling because apple stock up 10% as initial quantities of the iphone seven plus are sold around the world. nicole: chicago cubs are one game away from the title. a heartbreaking loss for the yankees. other highlights coming up here in lauren: 5:01 a.m. in new york. welcome to "fbn:am" from your first look at today's market and the latest breaking news in what to expect today i had feared trade jay donald trump in your quest is expected to outline the full plan. the nominee says it is completely paid for through economic growth and proposed federal budget savings. fox business will have live coverage of term speech. speaking of the economy. terms attacks for terms attacks forward at an ohio rally for latest production decision. >> forward is moving all, all of its small vehicle reduction to mexico. boot nine [booing] i've been talking about this for f

am low: 52 high: 67 dewpoint: 51 wind: e 5-10 mph wells fargo c-e-o john stumpf says he'll forfeit 52 high: 67 dewpoint: 51 wind: e 5-10 mph wells fargo c-e-o john stumpf says he'll forfeit 41-million-dollars in stock awards as the bank launches an investigation into into the company's fraudulent sales practices. this comes ahead of another wells fargo hearing tomorrow on capitol hill... wells fargo employees say they were pressured to meet unrealistic jobs. sales goals -- and they opened the bogus accounts to keep their jobs. space-x c-e-o elon musk says he believes mars will be colonized within the next 50 to 150 years. musk revealed his colonization plans tuesday at an international space exploration conference in mexico. space-x is already planning an unmanned trip to mars before 20-18 -- and to send the first humans to the planet in 20-24. but he warns ay colonization depends on reducing the cost of a mars trip to around 100- thousand dollars per person -- as well as making rockets reliably reusable. "i suspect you would see mars transit times as little as 30 days in the more dis

yesterday was the day for wells fargo ceo john stumpf. i was sitting down with bill clinton just as wells fargo ceo john stumpf was appearing before lawmakers on capitol hill. here's what the former president had to say. he did share customers' and investors' surprise at the bank's blunder. >> the responsible thing is for wells fargo and our lawmakers and the press to, you know, look at the facts and do the right thing. i'll give an example. i was really surprised by this wells fargo story because if you remember, in the housing crash in 2008, wells fargo got pretty good remarks. you know? their mortgage practices were less deceptive, they had less failure, they were generally thought of as a really responsible bank. so i was totally dumbfounded when i saw that they had these employees opening all these accounts. so here's what i do, like, in your position. i would say let's try to make something good happen now. they fired all these people, but they were all lower level people. it's very difficult to believe that there was no overarching

the house financial services committee grilled john stumpf about what he and other executives knew about the scandal involving millions of fraudulent accounts. more than 5,000 bank workers have been fired, but stumpf still has his job. and angry lawmakers want to know why. john blackstone reports. >> well, something is going wrong at this bank. and you are the head of it. >> do you know this guy? he apparently robbed your bank. he's in jail as we speak. they got all the money back. only simple question. between you and mr. holmes? >> reporter: today on capitol hill lawmakers from both sides of the aisle asked whether wells fargo ceo john stumpf should resign or even go to jail because his bank created millions of dollars of phony accounts. he's already forfeited tens of millions of dollars in compensation. >> is this just show? does it mean anything? >> i think it does mean something. >> reporter: ross lavine is a professor of banking at uc berkeley haas school of business. he sayit accountable. >> so when wells fargo is fined millions or even billions of dollars, that doesn't come out o

(john stumpf/wells fargo ceo) >> "i am completely responsible for all of our unethical sales practices ((kirsten joyce)) >> the bank is eliminating retail sales goals at the end of he review of accounts. so far, the board has stripped stumpf of 41-million dollars in compensation. while some lawmakers are demanding for the ceo to resign. and regulators have fined wells fargo 185-million dollars./// ((kirsten joyce)) >>> the chicago teachers union gave the school board the required ten-day notice of a strike wendsday. that means the union and the board have until october eleventh to reach a deal. according to the union-- teachers have been working without a if the two sides don't reach a deal-- the union posted on facebook it would begin its third strike since 2012. the chicago school district has about 400-thousand students./// ((michelle mortensen)) >>> world leaders are gathering in israel to pay their final respects to the father of israel.... shimon peres. ((kirsten joyce)) >> coming up on good day... what president barack obama and bill clinton shared about the respected leader.///

is they john stumpf. there's such a level of outrage for it to stop at who has so far been caught, so to speak, will be unacceptable to washington. >> i don't know what to make of a fact that it was $1.5 million over five years. such a small amount of money. this is something that andrew pointed out in his column and yet the numbers, the other numbers, the 5,300 employees, the hundreds of thousands of fake accounts. >> okay. >> the number is tiny. >> maybe that number is wrong. >> okay. >> maybe that's wrong. maybe it's unsubstantiated but not fake. i think that is what i have to find out. i agree when i read andrew's column, it seems to be that would amount to say 38 cents. >> right. >> there's something wrong with the calculations. i've got to find out what is wrong with these calculations. they don't make sense. will i find out? >> yes. >> i don't think it's going to be a friendly interview like the last time i sat down with john. >> this is the first opportunity to try to get some questions answered.

wells fargo ceo john stumpf is giving up $41 million in unvested equity. this as the bank launches a probe into retail practices. >>> market alert. oil prices rally on an unexpected draw down on u.s. inventories but could a meeting of of opec ministers change the game? >>> and new statistics on the showdown between hillary clinton and donald trump. it's wednesday, september 28, 2016. "worldwide exchange" begins right now. ♪ >>> good morning. welcome to "worldwide exchange" on cnbc. i'm wilfred frost alongside morgan brennan this morning. good morning. >> good morning. congratulations on being halfway through a busy "newsweek." >> we're not until we're halfway through the show today. almost there. >> almost there. >> lots of news to cover. lots breaking in europe on deutsche bank. headlines on wells fargo. sara not here this morning. on assignment in chicago. she'll bring you an interview with imf head christine lagarde, 11:45 a.m. eastern time. sara with christine lagarde, talking about the woes in europe with the imf cheap. let's check in on what market

he admitted he talked to john stumpf. had about a five minute conversation with him about two weeks ago. two weeks ago today. after he watched him on "mad money" with jim cramer. said he was not impressed with that performance on "mad money". so he went ahead and said he did give john stumpf a call. he talked to him as ceo not chairman of the board. nothing that he thought would be given back to the board as advice on this but did say he told thamt he thought the problem was much bigger than stumpf thought. he opportunitied out that $180 million fine of not a metric to be using in determining public reaction pep said stumpf essentially acknowledged that he underestimated this problem at first but said he didn't at that point. this was before he actually testified before the senate and you saw how well that went. so, obviously, this has been something that's been out there but buffett did say he's been going around and trying to get the board to change what's radically happened there. that's what he's done in the past. if

john stumpf: in some cases, they did )) ((paul joncich)) >> wells fargo c-e-o john stumpf apologized again today on capitol h more details about the two million unauthorized accounts bank employees created without customers knowledge. the financial giant was fined 185 million dollars and stumpf has been stripped of millions in compensations because of the scandal./// ((christianne klein)) >>> oil prices are soaring... after opec decided to cut oil production. that means higher gas prices are likely on the way. this is the first time since 2008 that oil production has been slashed. countries--- and energy companies here in the u-s. the global oversupply saw the price of a barrel drop to a low of 26- dollars back in february... it's now hovering around 47- dollars a barrel./// ((christianne klein)) >>> we asked you to 'sound off at six'... paul says "no matter what happens we are continually being ripped off." christopher is skeptical saying "this always seems to happen around election time." jared has his own plans though... he says "i'll just cut my consumption as well." you can soun

johnstown -- john stumpf grilled web is a bit worried who said he squeezed employees that they would cheat customers. >> this is about accountability. you should resign. you should be criminally investigated by both the department of justice and the securities and exchange commissions. 700 more than $19 million last year. the bank regulators have fined wells fargo more than $185 million. he will comment on wells fargo for that matter until after the election. cheryl: the soaring cost of 56. heather brash to defend her company's pricing decisions before a house committee and according to prepared testimony, josÉ mylan does not plan to lower prices. more than $600 with an increase of 500% since 2007. at the pins are carried by people with life-threatening allergs. irs commissioner john koski men will face a house panel today as lawmakers consider whether he should be impeached. being accused of hindering investigations into whether the irs targeted tea party groups that had applied for tax exempt status. cheryl: the stock rising 1% in extended trading after the company announced plans

you say that john stumpf should be pushed with criminal charges. he said he didn't know anything what was going on bank branches, once he was apprised of he tackled story. what do you say to that? >> well, liz, start with saying what kind of a boss that doesn't know what is going on in his company? it is really hard to believe what is coming out of his mouth, he said he doesn't know what is going on. he did not force these frau lent accounts or fraudulent activities. -- fraudulent activities. when you have 53 people on the front line doing that, this is -- 5300 people, this is size after small village in our country. this is not a small number at all. these people were on the front line where they have no choice but losing their jobs or getting their paycheck at the end of a month of the company just put them with that risk, without proper training, without realistic goals that they could meet. this is systemic error. this is not just individual mistakes. it is -- comes from all the way from the top to the bottom. liz: a lot of people agree with yo

i like the menendez exchange, when senator menendez was asking john stumpf, he goes, john stumpf basically said the people who are perpetrated this crime, whatever you want to call it, the fraudulent account openings, they're paid good money, $30,000, $40,000 a year and senator menendez asked stumpf how much do you make? >> anyhow, thoughts? >> i think wells fargo is donating a lost money -- a lot money to both parties and both candidates. >> the company behind fashion names you know plummeting today. what is going on? and what went wrong for brad and angelina, one of hollywood's most glamorous couples headed for divorce. more on that when "power lunch" returns. what's the value of capital? what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley everyone thought i was crazy to open a hotel here. everyone said it's so hard to be a musician, but i can't imagine doing anything else. now that t

wells fargo ceo john stumpf faced another day of grilling by u.s. lawmakers over growing scandal at the bank. stumpif testified yesterday among those asking key questions with carolyn maloney. >> did you dump the stock after you found out about the fraudulent accounts because it seems that the timing is very, very suspicious and it raises serious questions? >> i didn't, i did not sell shares at the time because anything related to -- >> but your forms say you did sell shares. >> today i share four times as many shares as required. >> did you sell the shares or not? >> i sold those shares and with proper approvals with no view about anything that was going on with sales practices or anything else. nicole: joining us now by telephone congressman carolyn, good morning to you, we are so happy for you to join us this morning. so what are you hearing and what did you learn from yesterday? >> well, i've learn that had the -- the investigation is ongoing, the justice department has started an investigation and three states, federal agents have started it in