and happy. >> i wi be very ungrateful r doing that. ♪ adam: i'm adam shapiro in for melissa francis. here is to make "money" today. retailers had a positive signal on consumer spending. consumers check off tax hikes and high gasoline prices. personal consumption pchases on things like cars, clothing, health care saw the largest gain since september, according to the u.s. commerce department. also making "money", the ceo of the cvs saw his compensation jumped 44 percent said $20 million last year. not bad. that is according to a new filing with the sec. shares of cvs have climbed nearly 22%. a truly good friday for justin

berliner ofhe detroit tigers. he signed a new contract worth up to a $200 million over eight years. move over. making him the highest-paid picture in baseball history. even when they say it's not, it's always about "money." ♪ adam: i promise no more spanish. i'm in for melissa francis. environmentalists are rejoicing, but oil refiners and drivers are blowing against it today. the epa has unveiled new rules requiring cleaner gas standards nationwide. it is threatening to push already high gasoline prices even higher. here to break down the impact on drivers and the oil industry,

director of public citizen's energy program. i know you have been on with melissa. i am going to start with tyson. why do we need to do this? act was under the impression that the environment standards in place for bringing as clean air that we are on a trajectory if elected to charge to have even cleaner air without taking further steps. >> first we have dozens of large cities across the country that have air quality that is an on attainment area meeting it is not meeting the number of requirements. secondly, of the manufacturers need these stronger emissions standards for gasoline to help them achieve fuel efficiencynd fuel economy standards for the new cars that are going to be rolling out beginning in 2017. this makes a lot of sense. it is very cost-effective, and we have to remember that the upgrade to the refineries that

will be required in order to produce this cleaner gasoline that the epa is proposing is going to create jobs. adam: have to stop you right there. i want you to remember what you just said. create jobs. i want to bring patrick into this. that will ask you a question about job creation. the epa says is only going to add at most 1 penny to the cost of a gallon of gasoline. of the refineries, the petroleum institute is saying it could be as high as $0.10 per gallon. is that something that people can afford? >> no. >> racine demand come down. you believe, the government of the oil industry. as a you don't believe either. 1 penny is extremely conservative. it might be somew in that range, but bottom line, i think americans will be paying more at the pump. we are going to be paying for those jobs. adam: isn't the fact that what tyson was saying, the automobile makers will be building vehicles

that are going to require these lower sulfur burning fuels? doesn't the refinery industry need to catch up to where the other makers are already heading? >> it certainly is the case. we have already gone to ten parts per million or less all to low-sulfur diesel back in 2007. it only makes sense to do it with gasoline as well. you know, i don't know how this is going to help car manufacturers meet the standards. we will need a lot more of a change to a vehicle that just dropping sulphur content by 20 parts per million. adam: you brought up the issue when i stop you that this will create jobs. let me point out that there are people that believe that if i break a window and creating a job for the glass maker who has to make last replace the window. what you are forgetting is the money it is used up replace that wind up is money that is not going to buy other things. it is depriving people it might make furniture where i might have spent that money, depriving them of income. the same thing with the argument you're making.

you say that converting the refineries will create jobs,ut is money that will be spent converting refineries and other spots of the economy which may need it. at the respond? first of all, we need a cleaner-burning fuel for our automobiles and our trucks. and the proposed increase that this is going to have, let's take the middle of the industry in the government estimate at $0.5 per gallon beginning in 2017. there are a lot of other factors there the drive gasoline prices edged, global oil prices and refined product exports. adam: let me just point out, aren't there unintended consequences? we remove lead from gasoline and started putting in mtb and the oxygenation and will not spend anywhere from one to 30 billion cleaning of groundwater from the effects of using a different chemical as we took out lead. sometimes we don't know where we are going with regulations. wouldn't it be better to keep on a trajectory riyadh?

>> these regulations are not including the new chemical into the process. it is simply upgrading existing refinery equipment to reduce the levels of sulfur in the gasoline that wprovide to the u.s. market and to global markets since the united states is such a large exporter of refined products like gasoline. this makes a lot of sense for everybody involved. if it was going to increase prices by a dollar per gallon would say no, but of reelecting a nickel a gallon increase, people will be getting a lot in return, including cleaner air for our communities and kids. makes a lot of sense, an i think a lot of industries when as a result. adam: and wrong to give you the last word. we will pick up on what tyson justaid. have cover stories as a reporter with a point of people live along the expressway have higher rates of asthma, higher health care bills. it is something you can actually see. does he not make a valid point. >> absolutely. i would not keep the position that this is a bad move the ball. i think the unfortunate to have

unfortunate consequences are something we will see down the road, but the other issue is it will cost americans more a pop. adam: all right. thank you for joining us. it is a discussion that i know we will continue because the epa standards go into a review process. they're not happening as of tomorrow. we will move forward because the debate over tougher fuel standards heats up. a group of 21 lieutenant governors is banning together for the very first time. all of the names of a national cause. ramping up pressure on president obama and secretary of state carried to approve the keystone xl pipeline. now, can their campaign finally help keystone get the green light? with me now is one of the lieutenant governor's leading that charge. thank you for joining as on "money." what does this mean for your state if the pipeline gets built? >> it's great to be with you. thank you for having me on. the oil-rich state of oklahoma. would be a boon for a, on a lot

of levels. have a background as a former secret service agent. it is important for homeland security, national defense. i have a background as a land man in the oil business and also as lieutenant governor. was the first to testify before the state department about the benefits of the keystone by point. it will be good for oklahoma, but it would be very good for our country. adam: why? and stan building the pipeline alone, the portion that is being built south already under construction, 3,000 jobs. overall what are we talking about with regard to job creation? >> the portion you mentioned is known as the gulf coast portion. that alone has created 700 jobs in the town of cushing, oklahoma. the construction portion alone on the keystone pipeline are brought to the 2000-mile portion from canada to the gulf, roughly 9,000 jobs created. the challenges we have last year alone, the oil consumption of our nation was roughly

18 million barrels per day. now, what we produce in our country was roughly eight and a half million barrels per day. you do the math and that does not work. that math is not good forur country. adam: i'm glad you brought that up. i'm glad you brought that up. i will read from a letter that you are part of that was sent to the president. the u.s. accounts for 20 percent of world energy consumption and is the largest petroleum consumer. china would surpass this eventually, but in 2011 they consumed 18 million barrels of oil each day. an amount of likely to change for decades. in order to fill our needs, the u.s. in 2011 imported over a million barrels every day. here is where i will take issue with you. the oil that comes through the keystone pipeline will not be going to the united states. it will be refined and sent overseas. this oil is not about the united states.

the? a good argument. send it anywhere. it creates jobs, that is not where this is going. it is not going to my guess tank. it will be exported. >> well, it will all be exported. we will take exception to the point that you made. american crew going to the erica pipeline to american refineries for the american market. this will go in the gas tanks. increasing the supply will do nothing but benefit moms and dads and citizens all across my home state of california at the pump and the go to fill other vehicles. so not just job creation but the infrastructure that this pipeline ll create. i think roughly 12 counties in my state of oklahoma. the infrastructure will benefit our local schools, and it will be a very positive benefit for obama, but what i care about is for our country. adam: and want to make you angry. after ask you this. the argument alone, whether you are exploring every drop of it, you can make the argument, this will create jobs, but even without keystone aren't we on a

trajectory in the united states to be energy self-sufficient by 2020? >> well, if we were, let's give you that point. if we were, why wait until 2020? that is too long. right now we are impting oil. over 50% of consumption is imported from people that do not like us. adam: imported from canada. last i know my relatives in candlelight me. >> i want to import more. %-canadian.group, not just if we pass this pipeline, the state department approves this pipeline it will allow us to remove venezuela as one of -- venezuela, roughly almost 1 million barrels per day. and lest my ejector not high on the list. we could replace them. adam: he got his reward in another part of a ferment. i'moing to wrap up.

it is about creating jobs. >> it is about creating jobs, ineasing that supply. and jobs, a common security, national security, oklahoma has led the way in oil production for many years. we want that opportunity again and we will do that with the gulf coast completion and the keystone pipeline completion. once again, i urge the president for final approval on the keystone pipeline. thank you for having me if. adam: lieutenant governor of oklahoma, thank you. most of us would prefer canadian to venezuelan oil. it just taste better. thank you. have a great holiday weekend. time now for today's fuel gauge report. a minnesota rail line has been reopened after an oil spill. derailing in western minnesota on wednesday. 357 barrels of crude leaked from three tanker cars. canadian pacific is still investigating the cause ofhe accident. new york state won't greenlight fracking but as awarding $46 million to 76 solar energy

products. the projects are funded by a mix of public and private cash. they are supposed to become operational by the end of this year. japan is planning to launch the world's first futures market for liquefied natural gas. it is going to open the exchange within two years. japan currently consumes about one-third of global demand for quefied natural gas. a u.s. crackdown on insider tradg nets its biggest fish yet today. but the former u.s. senator and former chair of the congressional oversight panel says investigators have a long way to go. he will join us in a fox business exclusive next. the price of u.s. brinksmanship with north korea climb even higher. north korea puts its rocket forces on standby to attack the u.s. and south korea. what will it cost the u.s. military to prepare and respond? more "money" coming up. ♪

adam: a predawn arrest making huge waves. we have video. it was shot by the wall street journal. the vide shows michael steinberg, a senior manager at

sac capital being arrested and taken into custody by fbi agents . accused of committing insider trading regarding dell and invidia stock. the exchanges that took place in 2008 and 2009. one of the u.s. government's biggest insider-trading cases yet, but is this crackdown going far enough? former delaware senator ted kaufman sat on the senate judiciary committee during the financial crisis and has been a champion for consumers and joins us. thank you again for being a senator. i don't know if you recall our discussion were the sec first discussed a settlement. we take issue with the fact, had to admit guilt. it would appear the u.s. attorney here in new york is not buying that and is going after sac capital.

is it enough? >> i think is great. i think what they have done in the southern district of new york is a model for how we should be dealing with some of these business-related crimes. he has a number of insider trading cases. they have at our cases. michael steinberg is innocent until proven guilty, so i cannot comment on this situation. they had done a great job. the question is why have we had so little -- to questions. one is why we as a lead lawyer prosecuting criminals regarding the mortgage fraud. and the second, what we continue debt settlements with the people did not have to ait they have run during. adam: i agree that this man is innocent until proven guilty, but let's talk about sac capital. either admitting or denying guilt. where is the accountability on wall street? has any firm been accountable, whether it be a hedge fund or whether they be one of the commercial institutions that helped bring about the financial collapse? >> well, we have had - hsbc had to admit wrongdoing. i think their settlement was

just under 2 billion. the one good thing. one positing that is coming out of this news. the sec actually refused to sell standard and poor's. refused to of settle because they would not admit wrongdoing. they're actually going to go to trial which is something that i think we should have been doing all along. they won't admit wrongdoing, go to trial. if you go out and commit a crime , any other crime in this country into a plea bargain, you don't get as part of your plea bargain to say i did nothing wrong. adam: but the judge who is reviewing the sec. this is a civil settlement. the sec case actually refuse to accept part of it, about $606 million. it does not sit well with him, he said. but most of these cases, what to these cases get through? and know the judge has done the same thing, but most of them get approved. >> they have been doing in for a long time and it is not something that just happens now.

over ten years that they have just been selling cases without admitting wrongdoing. the problem you have is, i was down in the senate when we went through dodd-frank. and aalot of the majors ceos of banks and major executive banks came down and said we did not do anything wrong. now, i think the number is up to $64 billion in settlements. you don't do $64 billion worth of settlements and not be able to up find out who did it. the other thing, as you know, they're not being paid by executives but the people who did i that made the mistakes. they're being paid by the shareholders. the system just thinks, and i think that what they're doing in terms of insider trading is a better example. why not bring cases against individuals who are involved in some of these incredible things. hsbc admitted they did money laundering and connection with drug crimes. they could not find a single person in the entire company to prosecute. makes no sense. adam: let me give you the last word on this.

you riled up about it. i have friends who work on wall street you are furious that people who don't play by the rules get away with this. i understand, we have these two cases. federal judges say it will lead except civil settlements without some sign of -- some kind of culpability. is really going to change or will it take some kind of uproar from the public to change it? >> one of two things. things are starting to change. a lot of things going on. j.p. morgan chase, london will problem and that meeting, the investigation ensure that it was like keystone kops. the allied war scandal which showed that people were actually self dealing. i see a number of people come out. talking about the banks. it's all part of one big thing. i tnk they're moving forward. i really do believe. i'm an optimist, but believe it will be different action. think it is really a good sign that on the s&p case decided to go to trial as opposed to selling. i am optimistic. we are beginning to turn a

little bit of a corner. adam: ted kaufman, former senator from delaware. appreciate you joining us. this is an issue that a lot of people want to see results, and it is it -- i am grateful yet been you with us. >> inky. adam: tensions escalate on the korean peninsula. dr. rhea aiming its rocket arsenal at the united states south korea. what will that cost the u.s.? what will it cost us to increase intimidation of number three even further? details next. plus to let new york city makes big misses go whale. it will soon force small business to give paid sick leave to workers. should more cities follow the big apple's lead? we will fall to five debate this issue coming up. can you ever have to much "money"? ♪ [ rosa ] i'm rosa and i quit smoking with chantix. when the doctor told me that i could oke for the firsweek... i'm like...yeah, ok...

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adam: we just had senator kaufman on talking about accountability, holding makes accountable for making rates on libor. and then across the wires. a u.s. judge on friday dismissed , dismissed a substantial portion of claims facing a number of banks in a barrage of lawsuits accusing them of interest rate reading. u.s. district judge neal b. rees in manhattan ruled for the banks which include bank of america, chase, and others for allegedly manipulating the london interbank offered rate commonly known as libor. some banks overseas already admitted they did this. the judge granted the banks' motion to dismiss the federal antitrust claims and partially dismissed the claims of commodities manipulation. also dismissing racketeering and state law claims. if the actress was still alive she would say regarding this, at least i got paid. we will turn our attention overseas to something equally as serious. north korea severely escalating

military threats against the u.s. just one day after it flew b-2 stealth bombers over south korea. number three is putting its missile units on standby to strike the u.s. and south korea. will the u.s. beef up military brinkmanship in this standoff, and how much will it cost? joining us right now, christian white men, former state department's senior adviser. welcome back to the show. is good to have you here. >> thanks. good to be here. adam: it will win this standoff? this seems to happen on a regular basis when we conduct military exercises. the north ramps up its rhetoric. is something more serious going on. >> something more serious is going on. it was foreign-aid. all amelia wallet is doing this very publicly and privately proliferating weapons engaging

in activities that help fund this despotic regime. >> we a scene of fire on south korean territory. and there's been no retaliation so why should they not be aggressive? that the they don't have the political will to defend themselves. underestimate the political will. this could lead to an escalation. they don't seem terribly concerned. adam: the cost was unchanged. we know that north korea is an appearance of the.

it's not the direct attack from a nuclear weapon, why should we be focused on something else and not that >> they no direct nuclear assaults on u.s. allies in the united states of to tell the united states itself mayor may not be possible. they have pretty good shorter-range rockets and seemed to be getting much better at long-range missiles, but that would result in massive retaliation, although frankly you can never be too sure, especially with this administration and the white house. more than likely the three will continue what is always done, proliferates most dangerous weapon system. caught red handed building a plutonium reactor for syria, and they have been known to cooperate with the iranian regime and its nuclear weapons program. that is likely to continue. the lifeblood of the north korean government, the funds that are derived from weapons proliferation like that which is the more immediate threat to the united states.

adam: to the united states pressure china? should we be pressuring china to intervene. >> that is that missing link. we have except it on its face chinese promises that they are putting pressure on north korea. cutting off fuel supplies. never again has a repeated that. 's a client state. more forces into the region to counter this new emerging assets only then will it realize that the contract is turng its own security in annual see china put pressure on north korea. >> former state department's senior adviser. we appreciate you being here.

>> thank you. adam: other news, new york city will force businesses to a give paid sick leave to workers. should more cities and states follow suit? before you answer the question, we're talking about small businesses. we will debate this issue next because piles of "money" are coming up. ♪ how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

♪

adam: don't believe a word of that song. new york city is giving stomach pains to small businesses. with paid sick leave it would join other cities that require this including san francisco and washington d.c.. but should more cities get on board even though it is the sacrifice of the bottom line? joining us is the director of financial regulation studies with the cato institute and the kolff vander and a co-founder. why is this a good idea? are people losing their jobs because they call in sick? >> it is good you don't want people sick to come to the office but industries with the highest number of businesses that don't offer paid sick leave our restaurants and retail outlets.

so people are preparing our food, ringing up purchases that are sick. someone came to urban outfitters sick withthe flu worked all day at the cash register. adam: there are plenty of people here who do have six -- sick days. what is the data of people who lose their jobs because they call in? >> reno a huge percentage of people do not have paid sick leave. are they losing jobs? >> it is hard to disagree with someone who says you cannot penalize somebody for calling in sick. >> that has to be the discretion of the employer. if i go to a restaurant and the waitress cops all over me i may not go back again

so there is a strong market discipline to not have six employees but not its business offers sicklied but if it is forced to. most businesses and they can accommodate the employees, will do so. it is a philosophical matter i am against the government to get in the middle of voluntary contracts. >> i worked in a restaurant and i never had day contract as a dishwasher and if i called in sick i and would not have gotten paid should they pay people to give them a sick day? >> deal to make cost is borne by the employee. this is of freebie like we create these out of the year. to think your wages part of

a whole package and if you think you want more sick days or cash? i may take more cash. so my problem is though one size fits all if you want the package or not new york decides this is what you get the we should respect the agreement that workers negotiate themselves. >> this is not a private issue but public health. employers offer a sick leave , i go out to lunch and i get a sandwich, the guy who makes my sandwich is sick i get sick and i get my fellow employees sec, that is not right. >> that is a weak argument than why not have that says if you have a temperature and then you must a home? that is where you would go. five days. just go there spinet

quarantine would be difficult to enforce but look how this plays out in san francisco. they passed this 2007 and did a survey. two-thirds support this lot and it cost in negligible 1% of overall compensation cost this is nothing. pennies on the dollar with the huge plic health benefit. adam: mark needs day last word. >> to points. we have health code violations if the health department goes in with six employees that is the code violation. if two-thirds of the employees' support this then why do we need the government to tell them to do it? i am not for the government to force the competitors to do not want to do it.

adam: on that you can keep this going off there. thank you for being here. this issue will probably be taken up in other states. thank you. major cyber attacks against u.s. banks could begin this weekend and every american who banks on mine, watch this. project a blitzkrieg is on the way we have details next how to protect yourself it is about protecting your money. ♪

adam: the cyber attacks years in the making could be as early as this weekend in this time you are the target it cons then on average everyday consumer bank accounts 35 institutions across the country are targets. joining us now is the mcafee researcher who discovere

project blitzkrieg and we interviewed you one month ago and it is good to see you again. where do we stand? >> i am glad to be here. project blitzkrieg is on its way. rehab not seen any recent activity but he has gone underground and it is possible. adam: day hacker is russian who promises to do this and from your research she already succeeded getting $5 million out of bank accounts? >> correct. this individual has been suessful in the past. not he could not be successful again that with all of publicity with the last interview and the papers, he didn't -- definitely will not materialize the way he

posted but i do suspect he may strike in a different form that people are not suspecting. adam: you cannot talk about who you have been meeting with you have been you don't have to be a genius to figure out it is large financial institutions. he will just get a couple bucks but when you multiplied bad by hundreds of thousands he could make a lot of money. are the banks ready? >> we have briefed a lot financial institutions back in december and i do think they are in that capacity to respond to these threats inside the organization said things that they look for to help them determine fraud or not. i would not worry about the financial institution being prepared it is the victims that need to review their

own online big accounts as soon as possible to make sure there is no activity out of the ordinary. adam: sow review your bank account, a change your password on a regular basis anything else? >> major securities offer is up today. this is a simple task if you bought a computer with a trial version, i anchorage you to get a full license copy because these problems lead to lack of security where somebody forgot to update their license hence allowing others to get in. adam: you were worried the attack could come into forms first to get in but then

denial of service attack as a diversion. we saw that against a spam house this week to ec if people in the hcking world are coming together to launch blitzkrieg? >> we're not seeing any specific evidence. the strategy of the denial of service being diversionary, there have been groups that have used the zeus trojan to mask activities to transfer large amounts of money from businesses so i would not be doubtful of this is the tactic it will use with blitzkrieg. am: thank you for joining us. i know you are on top of this but just to reiterate, a change your password on a regular basis basis, check your account levels and make sure virus software is up-to-date. all the best to you.

>> my pleasure. adam: if you think rodriguez's overpaid, hello? you have not heard anything yet he will make more than all players on one team combined this season. coming up. because you could never have too much money. ♪

♪ ♪ ♪ adam: it is all right come and it is time the fund spare change. we are here to discuss the thing that everyone hates. losing an hour of sleep at daylight savings time. you may not realize this, but who do you blame for tha? golfers and burger lovers. yes, the golf industry and barbecue industry means $400 million extra in the golf industry and also millions in the burger industry. >> i am happy with us.

i want as much daylight saving times as we can get. i want to hang out longer. more daylight. >> yes, just like halloween in the fall, we get all that candy. we have nixon to thank for this. in 1895, during the energy crisis, they really pushed daylight avings time because of the energy crisis. adam: i'm already looking forward to falling back in the fall. let's move on. that is more than the entire payroll of the hston asteroids. is a rod really what this?

>> it makes about the entire budget for the houston asteroids. you saw nearly 2000 individuals that make as much. it's great question. >> i will tell you that, you better deliver orders that might get broken. adam: he better keep his hands on the train. here is one that people can relate to. mark zuckerberg may not like the tax bill for 2012. it is $1.1 billion. i was not happy. it is a lot of money when facebook went public. what do you hink? should he complain about having to pay $1.1 billion in taxes? >> if i had to do that, i would be okay.

>> i would love to have that problem. if you complain, let me have your problem. >> the reason why the irs is confronting him is because mark zuckerberg set-aside a lot of money. but it will cover the tax bill as well. amount of money that he had. >> nudging it will be a lot lower? >> apparently he is not complaining. despite that, it must not be too bad. adam: it is kind of stinky over there, because the backwash doesn't smell good. [laughter] adam: investors are getting into it emerging market. north korea, kim jong-un. we are going to have a contest how to pronounce that. people are snatching up gold

coins made by the north korean government as a collectors item. if you buy this thing, you are funding this glorious leader and his antics. what do you think? >> this is an amazing that by jim rogers who started off with this. he's betting that at some point north korea will cease existing as a country. so to heck of a thing for him to resign these coins. adam: would you really want to fund a creature you crazy regime? >> betas had dennis rodman over there. i don't know, i wouldn't take part of it. not to mention the fact that he is a dictator. [laughter] adam: >> we are talking about points. they went for, what? 1600? he has already made about 1100