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Thanks -- and it's time now for some stories you can bank on this morning a major merger in the sky is approved at least one step so what does it mean for travel -- Lawrence of -- -- of Fox Business Network is here now with -- good morning -- you.
-- airline miles Syria and good morning US Airways and America and are are merging a federal bankruptcy judge signed off on that eleven billion dollar merger it honestly creates the world's biggest airline right now and it does still need approval.
By the department of justice and that is certainly something that we are watching.
Typically these mergers take about eighteen months to close so we do you still have time.
But they say you know if you have frequent flier miles with American or with US Airways.
He might wanna tweeting and -- to the airlines tell them what you want and then maybe when they have there revised plan that they do you formally become one airline.
Phyllis and human -- -- little friendly effort the miles and will city you mentioned it's still has to be approved by a federal antitrust regularly writes that expected to happen.
Friday it is actually it would be 6700.
Daily flights so.
It's expected to get a green light and that happened around -- -- and not so it's him.
Okay get ready if you you frequent flier miles with either now banks right now paying the price for a lot about problems in the past to the tune of billions of dollars a hundred.
Billion dollars and that's what we're looking at the tab for the big banks' bad behavior at this point that's according to the Wall Street Journal.
You know there's a lot of -- they're costly settlements can wind up costing you as a fork over big bucks to settle mortgage crisis and Libor rate rigging scandal that's just less money available.
For dividend payments to shareholders and also to lend out to everybody and it also drags on the share price.
So first it was the financial crisis in the top four US banks have already shelled out.
61 billion dollars -- handle -- settlements there as you can see Bank of America on the hook for the most just about 42 billion.
Then there's the mortgage related lawsuits that'll be another 25 billion dollars and then another fourteen billion brother settlements.
And perhaps the biggest fallout could come from the Libor rate rigging scandal and honestly -- just scratched the surface on mount one.
The report says we can go as high as a 176 billion dollars to cover.
The -- or scandal -- that Libor rates so important investors were counting on everybody was relying on that number and this suits are not just from big investment firms and insurance companies.
Joseph should know whose mortgage was tied to the Libor they're jumping -- to class action suits.
Class action suits are huge here.
So there's those kind of seats that we have to deal with it's international banks getting thrown into this one because the Libor rates that's all the other -- -- -- lawsuits come from everywhere and that they just kind of have to bulk up their legal teams which is another expense for them so they can deal with.
Yeah and at the end of the day -- -- -- -- because that cost you money but the money is and ends up being charged back here at the end anyway because the banks just can't give you as much.
And interest and Federer -- -- -- -- -- thanks as always it does not does that work and put.
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