being with us. we appreciate it. thank you very much. all right, again, we re waiting for the president to speak in front of the ceos, but we ve got to talk a little bit of basketball, because of course, you saw what happened last night. unc making history. the school dropped in a dramatic fashion. will they get redemption? check out crazy finish. make sure they re producing. woo! employee of the month! you really shouldn t leave their side. vita coco coconut water, hydration comes naturally. president trump with banking ceos. let s listen what he has to say. hello, ivanka. i know you know a few of the people in this room.
a pretty thin skin. when you come out against him, heem come out twice as hard. yeah, well, they are the richest and most powerful people on the planet so i have a feel they go have some resources at their disposal. they have influence, the run the most innovative companies in this world. they probably have some ability to have a say in certain things, especially around core issues for employees and workers in silicon valley, which includes tolerance, which includes immigration, which includes all kinds of things which they say they are. there s a way to balance shareholder value, which is critically important, at the same time having the values that silicon valley espouses so loutdly when things are going well. some of those issues that are core to those tech ceos, you can make the same arguments to banking ceos. the smartst, most talented from inrest vestment banks are also
know, went to romney, and now they re in a position where all these hedge fund managers, the banking ceos, they have to now come to terms with someone who they to terms with someone who they vilified for the past few years. there s a mutual interest to get together. i wouldn t be surprised do you know what would be great glue? this issue. most of the people on wall street are t not too far away from the president on the position on fiscal cliff. cut spending but raise revenues. they re willing to raise revenues. not everybody but most everybody i talked to. and i wouldn t be surprised if the president invites 50 business leaders, business round-table types to the white house and says, let s work together to make this happen. then they re doing something significant. it s not one of these things for show which they have come to resent. and they have a common ground. and it also says, you can do some good for the you can do some good for the country, which i think our hedge fund an
as a service, i m not talking about investment banking or trading which is what jpmorgan did here. we need to remember most banks still just borrow money, lend it out at a slightly higher rate and make the spread. that s literally the entire business you have banking. a lot of banking ceos, local or regional banks you know, the ceo has said the big banks that essentially they should repeal basically glass/steagall needs to be reinforced because you ve got to the separate the trading from the banking. it s an interesting debate. i can see both sides of it. most people now are tending to the side of we need a glass/steagall to come back a bit and shouldn t have the big banks we trust with our money in terms of deposits and checking accounts also making hundred billion dollar bets on the side. brian, there s a better chance of you and i being on the new york fed board than glass/steagall coming back the next few years. i would vote for you. likewise.
of line and take several more years complete the process. when you look at the overall process, do you get the sense that the banks and the banking ceos are engaging in good faith when they come into the courthouse in the first place, jamie diamon, et cetera? whether jamie or john stump from wells fargo, who ever engaged in good faith, i don t know i will say that new york state, where we now have mandatory settlement conferences since february for any owner-occupied one to four-bedroom house, the borrower can avail themselves of that not only the borrower but the banks must avail themself in good faith, that is in the court rules. time will tell what good faith means but too many times we see situations with where borrowers are come in bring in documents, we can t get through to the person we need to get through at the bank or they lose the documents and goes on and on and on, so, the banks will have to improve dealing with people. we have been success envelope some cases in savin