Beijing. In the earl will i trading in europe, you can see some green arrows. Modest advances. Everything below half percent increase. Germany looks like its the best performers up by close to half a percent. Hope you had a great weekend. Among our top stories, were talking this morning a lot about former treasury secretary tim geithner. Hes joining warburn pincus. Hes been a distinguished fellow. Hes conducted a series of seminars across the country. Hes in the process of writing a book. Well talk more about the story with politicos ben white in just a few minutes. Jpmorgan agreeing to pay 4. 5 million to settle claims for people who lost money on mortgagebacked securities. The bank reached that with 21 Institutional Investors and security trusts issued by jpmorgan and bear stearns which they acquired. Washington mutual which jpmorgan acquired and we should note that this deal is separate from the preliminary 13 billion settlement the bank had reached with the government. Youre talking about 4. 5 billion on top of that 13 billion. We should also note that 4. 5 of that 13 has already also been paid. Thats actually a different subset. We talked about that a couple of weeks ago. In other financial news, the ft reporting that the fed is delaying implementation until july 2015. This would give banks additional time to conform with the provisions. The rule bans proprietary trading that puts the banks own capital at risk. Its currently set to be a force this coming july. The New York Stock Exchange and nasdaq going to back up the data stream to all things reporting that a deal could be reached by the end of the month. Pushing it off will give the banks time to figure it out how to implement the rules. Its the regulators fault for not getting things cleared up more quickly. They want to make sure the banks have more time to conform. We can talk about this with ben. It now turns on the idea that the ceo would have to sign off sort of like starbucks. They would sign off to say we have done no proprietary trading which will actually be a big shift. Well, because proprietary trading is such a gray area. You can sign and say that youre not doing it. If you were later found to have done it, yeah, the ceo would be personally liable. The market is incredible, isnt it . Its good to know that it has nothing to could with qe like mcken zzie found out. They did a study and it has nothing to do with qe. Has nothing to do with 85 billion but were listening to every word the fed says. Every fed official who comes through, we cant wait for these fmoc meetings to figure out what was happening behind the curtain. Waiting. I cant listen to it anymore. I dont know why people would think theres going to be given yellens testimony, now i know greg ips said potentially she was repeating what bernanke was saying, didnt want to say anything new, but yellen didnt make it sound like they were tapering any time soon. Good. A number of headlines out of the dubai air show. Emirates led the ordering with 150 new 777s mini jumbo aircraft. Whats a mini jumbo aircraft. Like a jumbo shrimp. I dont know, mini jumbo aircraft. A deal worth 76 billion. It also ordered 50 airbus a380s. Boeing announced a total of 259 new 777 jets code named 777x. The deals are worth about 100 billion at list prices. The largest combined order though in boeings history and in other industry news, we had this out of russia, at least 50 people were killed when a passenger plane crashed in central russia last night. It was a boeing 737. One of the safest planes on the planet. It was from moscow. It exploded after it tried to land once, tried to land again. Ran into the landing the runway and burst into flames. It was operated by regional airline. Boeing says its prepared to provide Technical Assistance to the authorities as they investigate the accident. They have said its well known that russian safety is not quite up to par in terms of training Pilot Training as far as regulation. Another tragedy elsewhere, at least two minors were killed and 20 others injured at a mining accident in a silver mine in southwestern colorado. The cause of that accident is under investigation. Authorities have ruled out an explosion or cave in. And in weather news, dozens of tornadoes go to six people. Injured 45 in illinois alone with gusts up to 50 miles an hour and expected to batter new york, boston and as far north as maine early today. Take a look at the markets this morning. As we showed you, the dow futures are indicated slightly higher. Not Massive Gains at this point. Dow futures up by 21 points. S p and nasdaq futures are flat. If you look at whats been happening, the dow and the s p 500 ended at record highs again on friday. Both of them closed in on these big round numbers. 1800 for the s p, 16,000 for the dow and that makes people start to wonder if maybe the Retail Investors want to look at this and say, wow, what have i been missing once again . If you looked at barons over the weekend, they talked about how the social meet yeah stocks have taken off. Theyre wondering if theyre overpriced. They looked at some of the big blue chip stocks and wonder if theres room to run. Wti down by 43 cents to 93. 41. The ten year at this point is yielding 2. 708 . Lets take a look at the dollar. Some of the Foreign Exchange markets. The dollar is down against the yen and the euro. Euro is at 1. 3505. Your looking at 100 for the dollar versus the yen. Gold prices are down by 3. 90. 1,283 an ounce. It is time for the Global Markets report. We are focusing on china and the reforms that are having an impact. Eunice yoon joins us from beijing. Good morning, eunice. Good morning, guys. The reforms were very, very bold. A lot of people were talking about how they were much more dramatic and much more fundamental than investors had hoped. Because of that people are starting to believe that china could be at a turning point and theyre very hopeful over the next ten years this economy is going to be much, much healthier. In terms of that plan, that 60 point plan, some of the highlights were basically that the leadership is going to be okay with the government having a reduced role in some of the sectors that had been heavily dominated by the states. They are talking about how theyre going to be pushing market oriented pricing for waters or for transport or telecommunications. Theres another role in sectors that have been dominated by the government. The final point that people have been talking about as far as the Stateowned Enterprises is basically Foreign Investors will be allowed now in areas that had been restricted in the past, such as e. Commerce. The other big highlight was in the financial sector. Basically what were seeing is that the government is going to try to professionalize the banking system. Theyre talking about putting the markets in the Interest Rates so that Interest Rates are going to be more market oriented. Also, theyve been talking about how theyre going to improve the ipo system so that stateowned systems dont get preference to private companies and finally what theyre going to do is really create the conditions and deregulate the Financial System in order to try to pave the way so that the chinese currency will be convertible. All of these have been very big, bold moves. What people are waiting for is how all of these are going to be implemented and what the time line is really going to be. Up nieunice, thank you. You saw the child policy. That reminds me. When i saw it, i was like, god, is it for real . The one child policy. When you do it, you get penalized. The differences, we have been lulled into this notion, theyre not so bad over there in china. The communist party. Can you imagine living there where youd arguably be in trouble. It wasnt your fault. It was your fault, you were i know your wife blames you for but, you had two right away. You, youd be in jail. You have three, right . But living in a society where they tell you. What happens if you, god forbid i think its fine. They dont put you to death. Are there morphines if you go higher . Yeah. Meaning if you go to two, is the third more expensive than the second . We forget, dont we . We think about we take so many things for granted. Just normal everyday freedoms of if youre crazy enough to have ten kids, you can do it over here. I put that in the crazy category. You know cheaper by the dozen, you know what they say. If you can afford it and if you love you know, big families are a lot of fun. They are. I mean, i wouldnt know. I was an only child but yeah. Cheaper by the dozen. Thats what they say. We do have a number of washington stories to talk about this morning. From obama care to Tim Geithners new job. Politicos ben white joins us on set. Ben, another day and another look at the obama care from the front pages. Right. New york times lays out a lot. Honestly, i didnt remember. 1989, the medicare catastrophic act. Americans were so angry that they stripped it and got rid of that law. I think its a stretch to seau bomb ma care is headed there yet. Yeah, its early to say that. I think the key test will be the implement or the december 1 date to get the website working and if they do that, there is a story over the weekend saying 80 of folks will be able to use the website. It will be better to say that. If they get the website going, people want to sign up, youll see a little bit of pressure ease up. Not a lot of it. Theres the entire question of people losing their plans. All the cancellation l understa works. The bottom line is get out of the weeds. The plan was sold under false pretenses. People are angry over that. Its taken a huge toll on obamas rating. Is the law going to collapse of its own weight . I think its way too soon to say that. Get the website working. People sign up. It will be a lot better. People want to keep the plans, they can keep it. You said folks. Youre getting that from the president. Folksy. I use that phrase. Its so nice. Im saying i think the law is in trouble. Always worried about the folks. This is an interesting piece about theyre going to have to delay still have high risk pool. This is the other thing that i thought was interesting. This huge picture they have of hc, hillary clinton. Not only is 2014 everybodys running on or against obama care, but theyre pouring over hillary care to see all the stuff that was in it to call her the mother of obama care for 2016 to start saying this is the woman that brought you what you knew that was going to happen. I didnt know that wed go back its a lot worse now that the law is not doing well. If it were doing well hers was worse it failed and it cost clinton his congressional majority in 1994. It never came up before. It was never even no. It was all done behind closed doors. Shes reinvested herself sings the failure of her Health Care Initiative in 1994. Its going to be an issue in 2014 and 2016 for her. Theyre going to say shes the mother of obama care. She has to figure out a way. Thats why bill clinton was distancing her and him from this law. That was a calculated political move to isolate hillary he doesnt calculate things like that. He does calculate things like that. Hes trying to protect her. I dont know that she can be protected. How much was geithner getting paid per speech . I dont know the exact number. 150,000, 200,000 . Hes given a few. This is a quantum leap. This is a quantum leap from that. All the scuttlebutt, people are nasty and cynical. Hes never been in the private sector. Hes there to go raise money he worked for kissinger. He worked for goldman. No, i know that. They say hes going to go. He can open doors with the sovereign investments. Is he going to be saying andrew and i had this. You were . We dont agree on everything. The point that gielt nir the talking points. The other geithner has no investing experience is somewhat belied that he did manage the largest treasury in the world. Arguably he created confidence for the American People and sold citi shares at bigger numbers than citi and aig. Well continue the debate. Theres someone that runs the post office, too, and they dont lose their job either but did you see the losses. Their losses narrowed to 5 billion from 16 billion. But you can run the Company Forever at the government. You never stop running the company at the government. The point that the market when they made those investments there was no Powerpoint Presentation that they made that said we plan to get x type of investment return. They thought they would lose their shirts. It just so happened but the marks were not real. Everything was marked and there was no buyers of anything so to go to zero they were what they were and they were what they were when they sold them. They made money off the investments. I think as the economy recovered that most people that ran that could have done well. I dont know. The question i have is he clearly is very focused on the optics of this and, you know, there was time when people thought he would go work at university or that he was going to go, you know, run the red cross or do some kind of work for mother theresa. Right. That was the view. He didnt go work for big bank. He didnt work for a big Public Private equity firm. Hes gone to work for a small private equity firm. Very quiet. The question is are they going to be quiet forever. Hiring him, are they no longer quiet . Exactly. They are a little less quiet. Hes a high profile name to go there. Theyre not blackstone, not kkr, not barbians at the gate. Whats your number . What do you think . That hes making . Yeah. Couple million. No. Base. 10 to 20. For his his base salary . No, i mean all in. All in all in on an annualized basis. Hes the president of the company. No, im talking about base salary before bonuses, before profit sharing, whatever he gets. A couple million is probably a base. No, no, no. This is well see what his end of the year number is, its real money. 1 or 2 million is not real money. The whole point is the hand wripging ov i wringing over what geithner should have done, he wasnt going to university, finance. Why wouldnt he go work in the finance industry. Why not . Hes not trading on stuff he did in office. Its not like he bailed out citigroup and went to work for citigroup. Can the progressives hate him anymore than they already do for not nationalizing the banks . Exactly. You should have seen some of the coverage, it was vicious. Im surprising. He doesnt care because they already hate him. Unfriendly sell. Completely unfairly so. What do you expect the guy to do . These are things we talk about. He doesnt need to take a vow of poverty. This is the occupy wall street party which you have emboldened. Theyre getting more powerful. If theres one person i dont associate with the occupy wall street, its andrew russell. Thank you. They dont love me. They do not. Hes in the geithner he is. He is. Bob rubin school, larry summer school. People who like the markets, like far left. Agree that the private sector has some role. Were not allowed to make money. Thats the basic premise of the whole profit incentive makes for greedy gordon gecko type characters. He gets paid 182,000 . At the council . Closer to 400. Which was a big i shall uf at the time. And kids were going to college. Exactly. There was a question in that family about whether he should actually take the job, which is kind of interesting. Right. The larger question about how we should deal with regulators, competition and all sorts of things. Good to be tim geithner. Yeah. Tennis player. Handsome dude. Jet setting around the country. Never flying commercial again. Thats true. Ben, thanks for coming in this morning. Thank you. Coming up, why one of the best known names in the Casino Industry is prepared to fight internet gambling. This will be one we can talk about. I dont know how i feel. I mean, i dont know if we want a whole society like you know, then again, how do you stop it . You know, genie is out of the bottle, humptydumpty fell off the wall. The loss of the broncos, 2717. Thats the beginning of this. In other nfl news the giants are 46 and this game next week against dallas, 55 . Philly is in the lead. The first six games of the season, new york beat the packers without aaron rodgers. 2713. Eli looked pretty good. Threw for 279 yards. Now theyre one game behind the eagles in the loss column for the nfc east. I think they are a better team. Im sorry. The eagles . No, the giants. Even though the jets are 55. The cowboys on sunday. First as we head to break, lets check in with the weather channels julie martin. Devastating day in terms of tornadoes on sunday. Take a look, we had more than 498 reports of Severe Weather. Just incredible. All of the red here. These indicate tornadoes. At least 40 now confirmed by the National Weather service. The good news is no Severe Weather threat. However, we do have a severe thunderstorm watch for new york, parts of southern connecticut today. That goes through until about 8 00 this morning. Winds can be an issue. If i take you out to the radar you can see that most of the rain is now actually moved off shore. Still, a wet morning to start the week in new york city. Windy conditions around the great lakes as well. Well see those wind advisories up. But the threat for Severe Weather fortunately has now moved on. Well be back. [ male announcer ] tis the season of more. More shopping. More dining out. More traveling. And along with it, more identity theft. Every time you pull out your credit card, shop online, or hit the road, you give thieves a chance to ruin your holiday. You cant be on the lookout 24 7. But lifelock can. Protecting your identity, your Bank Accounts, even the equity in your home. When lifelock detects a threat to your identity within their network, theyll alert you by text, phone, or email, protecting you before the damage can be done. Act now and well protect you 60 days risk free. No one protects you better than lifelock. Try lifelock protection 60 days risk free and get a special holiday gift a document shredder. A 29 value free. Home to gamble. Its depressing to sit in your basement and play cards. Isnt it alone . Is it . And losing your money. Yeah. And its just well, theres so many things that are problematic about it. Thats weird. You would figure that its a its freedom. Youre actually trying to restrict people from doing what they should be able to do.