giant corporations are ruled today. good afternoon welcome to prime interest i'm hearing i'm boring here and washington d.c. and here's the headlines that i've been tracking all day. development than what we've coined the bloomberg eight continue to defy even our expectations our favorite shadow regulator a promissory for a group will now be assisting bloomberg and revamping its privacy and data standards promissory with the same firm that was part of the botched independent foreclosure if you there's no word yet on who are promised tory will be spearheading the bloomberg out for bloomberg broker dealer operations are regulated by that the this is the very agency mary shapiro just left when she joined promissory last month. and speaking of the as you see it we're now targeting

exchanges the broker dealer regulators for alleged violations of their policing duties the market as you may recall the c m e group was and the global front line regulator they conducted a mini audit just before john corazon blew up the firm now the f.c.c. is targeting the nasdaq exchange because of the botched i.p.o. facebook last year we're expecting to see a record settlement soon but it will likely have to be approved by a total board and finally apple c.e.o. tim cook released details of his new corporate tax reform plan ahead of his trip to congress next tuesday as we covered yesterday apple currently holds over one hundred billion dollars in cash and investments on overseas profits they recently conducted several large bond offerings to get around tax laws now whether you agree with apple strategy or not this will be a heavily watched of that and there are trillions of global corporate money at stake here prime interest will be covering this event next week on the hill and

we'll bring you all the details on it so let's get to what's in your prime interest today. some are calling this a classic example of david versus goliath playing out on the national stage monsanto's herbicide resistant roundup ready crops makes up more than ninety percent of the country's genetically engineered seeds according to monsanto the crops allow farmers to kill weeds without destroying their plant sounds like a good idea but there's a catch monsanto's patent on roundup ready bans users from replanting the seeds

from past season which farmers have been doing for thousands of years after a seasons past the farmer has to dispose of the old batch and buy new ones and the price of seeds has increased every single year now vernon bowman who is a seventy five year old farmer from indiana and in one thousand nine hundred nine he purchased second generation monsanto seeds from the grain elevator which included roundup ready soybean seeds he argued the terms of his didn't apply to him because he harvested a mix of seeds over this case went all the way to the supreme court on monday they ruled against the old farmer mr bowman citing that his loophole created copies of a patented and he did not respect the rights of the holder monsanto now monsanto supreme court case wends comes less than two months after congress passed a measure called the monsanto protection act this measure would allow months and so would other biotech companies to plant and sell g.m.o.

is without oversight from a federal agency this piece of legislation was super headed by a u.s. senator roy blunt. two has received over ninety five thousand dollars from one santo in campaign contributions since one thousand nine hundred six according to the miami herald and according to politico a senator blunt and monsanto work together on this bill critics of the legislation say the bill presents dangerous health because it reduces oversight of genetically modified crops that. end up on shelves however yesterday oregon senator jeff merkley announced his plan to repeal the month santa protection act and earlier setback to the fight against months anto came in november when a proposition required requiring all g.m.o. products to be labeled in california and failed to secure enough votes this is what activists across the world to take matters into their own hands on may twenty fifth activists will lead a march against monsanto in thirty six countries in order to raise awareness of the

dangers of g.m.o. and to hold monsanto accountable and even though the company faces mounting opposition and opposition monsanto's profits rose twenty two percent just this quarter joining me now to discuss this movement's economic implications is our t.v. correspondent megan lopez and patty lovera the assistant director at food and water watch thanks for joining us so let's first jump into the biggest event that's happened this week and that's of course the supreme court case of boman first monsanto can you just explain exactly what happened here and why points and it was going after this poor and farmer ok well not to get into too much of the specifics so without getting into too many of the nitty gritty details the exam extensions what happened is monsanto created this herbicide known as round up the problem is that the herbicide killed both the weeds as well as the crops so men monsanto invented roundup ready and it's actually a into the effects of roundup now as a result it can withstand that herbicide it can withstand

a lot of other things so they have a patent on those that guarantees the company exclusive rights to those seeds and to. kind of an invention for the next twenty years so what bowman did is he actually bought the soybean fields that were of sold to him by by another third party and he did they were meant to be used to be consumed not to be planted they were sold to him by a grain elevator and he actually planted them spray them with the roundup herbicide and then planted them and took the surviving seeds and planting them now he says that this actually falls under the legal rule known as the exhaustion doctrine meaning that someone who actually sells a patented article cannot force that patent beyond the first essentially the generation but that's not that's not the case the scotus actually ruled that that is not the case that they do in fact have this kind of patent on future generations because it would cut into these companies profit now you have the opportunity to interview mark walk walters' he was bowman's attorney attorney and i had

a clip from that i just wanted to share that with you know what with you guys. it doesn't matter how they see you they could have bought it on the open market. it could have bought it at a farmers market could have bought it from their neighbor or it could have blown on their property and now every single time roundup ready seed germinates somebody is responsible for infringement and it's going to be the farmer in all those cases so it makes an infringer out of about ninety five percent of the farmers makes them beholden to one single corporation to dictate the terms at which they can use property that they've purchased and that they own and right. now that's a very how is it possible that ninety five percent of farmers can be infringing on lines and those that just shows how widespread the patents are how much they're covering so you know we have a food system in the u.s. that's really controlled by really not very many crops like our own and so it means

in cotton and then for those seeds farmers in a very many choices and odds are if they're growing conventional crops at this point. for soybeans and corn odds are that they're growing genetically engineered crops and odds are that the d.n.a. has a patent by months into. the center for food safety release the report and i found that the three biggest companies control. your half of the global seed market and that the average cost of planning an acre of soybean has increased three hundred twenty five percent just since one thousand nine hundred five besides most santa what are the other companies that are major players in this game so dupont so the interesting thing is that these were once chemical companies and now they're in the seed business because they're packaging the seeds and the chemicals they make together so monsanto is a chemical company that became a seed company dupont became a seed company when it bought pioneer seeds bear dow i mean these are chemical company names that we know but now they're also selling the seeds that farmers grow

and are we starting to see collusion in this market when you consider. yes. lots of farmers do lots of folks who think about antitrust do and it's really not a question of starting it's been happening for a while so you know at this point it depends how you chop up the numbers but you know itself just flat out controls you know sixty percent of some crops like corn and terms of selling the seeds and if you look at the genetics they actually control like ninety percent of so having genetics because they license the d.n.a. that they patented to other companies like dupont so they're really we've shrunk you know in terms of diversity and choices and they really do have a lock on these this huge input market the most critical input the seed and the rising prices are prices and see is that it is a do to coalition or is it due to increased demand or a shortage of supply so it depends who you ask but there's a couple pieces involved so in addition to buying the seeds farmers are now every time they open a bag they buy a bag of c they're also paying licensing fees so they're paying

a technology fee for that patented d.n.a. that's in there so that's a big chunk of the escalation in price and also i mean the steep. and you see there are so few of them and they control so much of the market they can really look at what they anticipate the price for the crops will be in the fall and they'll jack up their seed prices to match any increase that might happen with the increase of the farmers going to get for that corn so those two numbers track really closely together and they you can do that kind of manipulation when you have a big chunk of the market in your control. while also wanting to take a second to talk about what we dubbed the monsanto protection act that was signed into law in march and there's a provision that allows monsanto to sell genetically engineered seeds even if the court has blocked them from doing so and now we have a clip from jeffrey smith who is the author of seeds of deception here's what he had to say about this. measure tells us that they are mandatory that they are required to go ahead. and wave their fingers sort of.

the courts so we actually dismembers the normal balances of power and checks and balances between the courts and the executive branch now and what was the food and water watch as a response to the so food and water watch lots of groups really any group that's looking at farmers rights or sustainable agriculture and even groups that don't do food like groups like the american civil liberties union were concerned about that measure because it really interferes with the role of the courts and how our government works are supposed to be these checks and balances and this really throws that out the window and so we opposed it lots of groups opposed it and the way that it became law was almost probably more offensive than what it actually does it really got done in a secret process not not very public not very transparent and it just shows that you know this this industry can't pass things on its own in the light of day they have to sneak things into other bills and from your work that you've done on this. do you have any additional concerns with them wanting their protection and i know

a lot of the people that i've talked to have a lot of concerns about the montauk protection act but just to back up here it only actually goes first. month so it ends on september thirtieth now the people that i have actually interviewed say that even though it's only six months it is still a huge problem because it gives them six months of essentially unregulated seed growing and marketing opportunities so a lot of the people yet expressed a lot of concerns about how this can sneak into a bill where we now only now are having senators speak out against it and talk about repealing it and then speak to the larger things that might sneak into future bills. so we're going to take a break just for a moment i will continue talking with patty and megan after the break and after the break we're out take three trips through the revolving door with monsanto executive an f.d.a. official michael taylor and then finally private just producer bob inglis and i will whip out our fed magic eight ball to see what the greatest monetary experiment in history will bring us on the right.

they're ready to come here to work and get paid for it. people from all over the world. what does it take to become a volunteer at russia's premium museum why did the son of the movie's director come here. and one of the cats do. behind the scenes at the hermitage see.

really. complexity of this oil spill was not something you just by looking at dirty birds we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for business if b.p. is the single largest oil contributor to the pentagon the us war machine is heavily reliant upon b.p. and their oil this is a huge step backwards for the marker sea it's a step forward. corrects it is toxic as it looked like spraying and. it was it was not a picture that either the government or b.p. really wanted to have out there i don't want dispersants to be the agent. of this.

and we're back with patty lovera of the assistant director of food and water watch and r.t. correspondent megan lopez only last we're talking about the month and the protection act now months and to r.t. owns fifty percent of the world the market do you think that the passage of this bill is going to allow my fan to expand even greater and that's why they wanted it passed and it and wanted to is doing some of the dirty work for the rest of the biotechnology industry so there are lots of crops have been approved the profit the regulatory process is already too weak but they don't like even any delay and a few times people have managed to say u.s.d.a. did it wrong in. follow all the rules the courts have agreed and there's been

a delay and that's acceptable to them so they went to congress to try to make sure there would be no delays when they want to bring this stuff to market and you have any numbers on this how big of a market is. so at this point jim oser genetically engineered crops are really dominating corn and soybean so it's eighty percent of corn ninety percent of soybeans it's most cotton it's most canola so it's like hidden food that people don't even realize that sugar beets alfalfa so it's really becoming kind of like the building blocks of the food supply and then there's others in the pipeline that we don't really think about before like sweet corn apples even genetically engineered salmon they're not all monsanto but they're all you know of that industry in montana has really led the way in breaking down the regulatory structure for it going back to one santos see why can't the farmers just choose not to buy santas see you at this point there really it's really hard to find anything else we've talked to farmers who say i have a choice between dupont seeds and months and you seeds so if there's a very small section of the market that's or ghana single digits there's an even

smaller section of folks that are going on g.m.o. it's very very hard for them to find the seeds and it's very very hard at this point for them to protect themselves from contamination from what their neighbors are growing so they may do their best to have it be might still test positive because you know pollen or accidental contamination came from their neighbors it's very hard to be an island when you're surrounded by this technology and it seems like a lot of people are speaking out about this and that's why we're going to have the march on monsanto coming up can you explain what exactly people are protesting with this march they're protesting a lot of things so in some part they're protesting the absolute use of genetically engineered crops is going to be happening in thirty six countries two hundred fifty cities around the world places like washington d.c. and los angeles everybody is planning these huge protests the other part that they're protesting and that a small group is protesting is labeling them because at this point very few. states within the us actually no states in the us california have proposition thirty seven

that actually denied the labeling of g.m. foods so they're protesting labeling as well but a lot of the people want to go organic they don't want to use these seeds whatsoever but just to go back to your point on just how big these corporations are the top ten seed companies actually account for fourteen point seven eight million dollars when it comes to the global seed markets sixty seven percent of the global seed market and the top three that you are speaking to actually account for forty seven percent of that global seed market so it's a huge amount of people that are being affected by this and a huge amount of money. this was vera from the food and water watch and megan lopez r t correspondent thank you girls.

michael taylor started his career as a lowly staff of garner with a staff attorney with the food and drug administration but don't feel bad for him because six years later he traded in public service for a cage street where he became a partner at king and spaulding and headed the firm's food and drug law practice and guess who one of his clients was that's right monsanto i would say our first trip to the revolving door but we're just beginning to hold on and from the lobbying firm he went back to the f.d.a. and became the deputy commissioner for policy it was here where he did all the milk drinkers a favor by signing a rule that sells milk produced from cows who've been treated with. does not have to be labeled. as a growth hormone that biotech firms they synthesized can increase milk production in a cow up to sixteen percent but it can have all sorts of negative side effects on the animal. including infertility and lameness but don't worry i'm sure it's fine

because the f.d.a. approved it and guess who got the first patent on it monsanto that was his second stint at the f.d.a. he moved to the u.s. department of agriculture and became the administrators of food and safety inspection service and that was his second swing through the revolving door but we're not done because after that he went to work directly with monsanto in one nine hundred ninety six and he became the vice president for public policy but he didn't go completely under the radar in one thousand nine hundred nine a lawsuit was brought up after a j.-o. report was published that revealed conflicts within the f.d.a. during taylor's tenure there and he also had to recuse himself from matters dealing with santo i guess after all this he felt like need to repair his reputation and he went to work for a nonprofit resources for the future. for trip the reason for the revolving door he went back to the f.d.a. and became the deputy commissioner of food and is now the senior advisor for the

f.d.a. commissioner a presidential appointed position michael taylor is one of the best examples we have of the revolving door in washington where the line between service and subservient is blurred monsanto has this boy on a short leash and tight collar. and it's time for our dual bob thank goodness it's or is it friday or is it both the choice but here and for us respect in ready well with all the talk of the q.e. tapering that's the gradual slowing a federal reserve money printing or bond buying we took the opportunity yesterday

we profiled the dallas fed president richard fisher he's one of the five major fed officials who spoke yesterday and there were some market moving events that happened even though he was pretty complimentary of our beloved chairman bernanke. and his unconventional monetary policy we decided that he was in fact a hawk that he tends to be more cautious about money printing exactly and again this is on a relative basis because we are talking about fed officials here so some of them have to be hawks and some of them most of them are actually dubs but turning it back to you right well we have a few we're names to get to today and we're going to start with eric rosengren he is the president of the boston fed exactly there are grows and graham is currently a voting member of the federal open market committee or a forum see the regional food bank president's roto. as voting members so there are five voting and five non-voting alternatives in any given year and new york by the

way is a permanent voting member because they're the ones who are actually doing all the fed's buying and selling of bonds very anyways back to eric rosengren he's been a career boston fed up for a beginning in one thousand nine hundred five and to his voting record we were unable to find a single instance of them voting against a monetary easing not once. over two thousand and seven rosengren made a financial presentation to the f o m c this was the month of the dow and the s. and p. five hundred actually set their high before the market collapsed in two thousand and eight he said in fact our forecasts for residential investment have become sufficiently bleak and that there may actually be some upside to it so which of the attendees. according to the report that we got this wasn't long enough to keep himself was still talking up the housing market and saying there was there's never been a national slowdown at least nationwide of the housing market he would be proven wrong but i will say if you scan the transcripts for the phrase left early you'll

find some pretty uncomfortable stuff rosengren did make a speech yesterday as we noted and this was what he had to say quote of course some observers and indeed policymakers have criticized the degree of monetary commendation of the united states as excessive however i see it differently the outcomes could lead one to argue that policy has not been sufficiently accommodative. what do you think i'm going to have to say i mean this is a slam dunk here you i agree i would say ok control room. use definitely very obvious. all right moving on we have the president of the san francisco fed john williams not the guy who composed the music to star wars in indiana jones this is another george initially we. get john williams to come on sometimes really fun well john williams the for. official now he was one of the later speakers he recently moved the markets after some confusing

statements which will visit us in the second period a little background first williams joined the fed in one thousand nine hundred four and his work for both the board of governors and the san francisco fed he was a voting member of the f o m c in two thousand and twelve and was consistently on board with bernanke no dissent in other words. well in his speech yesterday he first said my forecast is that unemployment will be just below seven and a half percent at the end of this year and a shade below seven percent ip end of two thousand and fourteen i don't see it falling below six and a half percent and a half percent until two thousand and fifteen yeah let's let's back up and see what this actually means here. the fed has given its guidelines of when it's going to actually stop printing money or at least taper and that has to do with the six and a half percent unemployment level it's around it's a little bit higher than that right now by about a percentage point and they're also going to look at price inflation and price inflation is running under their metric so basically he's saying that the fed is

probably going to ease into two thousand and fifteen but then he says that if all goes as hoped we could end the purchase program sometimes later this year so what is he saying this seems to be and this was a market moving event i mean the market tanked on this so he wants to have it both ways maybe i don't say anything you just there out of a bunch a number is put in fed speak really confusing so no one really understands what's going on in her like the wizard of oz behind the guy behind the curtain in the wizard of oz but we're going to pull the curtain back and we're going to say i'm going to say what do you say also a hawk just because you that there are conservative numbers and the control room is . confused perfect. well i'll give you. well it looks like we've got to end this we will see everybody monday thank you or on our way out thanks guys.

and it's been a love hate day here at prime interest we looked at bloomberg coddling up the problem and tory financial group in the shadows of the broker dealer regulation but the as he isn't showing any love for nasdaq which will have to pay the piper for messing with the baby and evers apple showered its shareholders with adoration or dividends but it would be organic apples that would get one thing and those genetically modified knickers all bunched up and i'm still dizzy from michael taylor story trips through the evolving door is on par with mary jo white finally we look at the fed officials who have a real problem with the evening they love them by their treasury bonds but we love the coins which is why we're off to san jose so gotta go we'll see you back on monday with a full report be sure to follow us on facebook at facebook dot com slash prime

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europe doesn't need britain that's the message from the french president as he pledges to protect the easy integrity of the u.k. back from brussels. who was killed in a string of bombings around baghdad in iraq's deadliest day in months as tension between the shiite led government and the sunni minority spiraled out of control. and a suspected terrorist is arrested in the u.s. three years after slipping past the country's border controls raising fears america's security isn't up to scratch.