feinberg. the base salaries for these executives going forward will be paid in cash and salaryized stock. and the companies can appeal mr. feinberg's decision to the pay czar over the next 30 days. during the press briefing, feinberg called the process a difficult one, but said the companies were very, very cooperative. companies include gm, chrysler, their finance arms, bank of america, aig and citigroup. the plan submitted by these companies were not in the public interest. take a look at what the ceos of six of these companies will be paid for 2009. you might see that one name is missing from there, that being bank of america. ceo ken lewis has already said he will return his salary for all of 2009 to the company. here are the plan details. cash salaries will not exceed $500,000 for 90% of the top 25 executives. the exceptions include aig's ceo as well as two others at chrysler financial. they will receive $1 million in cash salary. the rest of it, again, in salaryized stock. the salaryized

feinberg looks and listens.an endlessly moving target, he takes his hits at meeting after meeting, makes his pitch, and moves on. >> where did i start yesterday? from new orleans, right? up to alabama, yeah. >> we joined him at the crack of dawn, where he was calmly preparing for another day of personal abuse. >> with all due respect, 5,000 people have got checks. that's not enough. >> 5,000 out of 20,000 claims sucks. that's not very good. >> it's been ten days now. can we take whoever programmed this, take them down in the swamp, drop them off for ten days, and let them wait on us to go pick them up to see how it feels to keep waiting? >> i don't think you should keep waiting. i told you you wouldn't have to keep waiting. i can't speak-- >> it's a contradiction of your word, sir. >> i know. there may be-- it won't be the first time. i'm trying. >> feinberg acknowledges he's dealing with a weary and frustrated population who may distrust a hotshot lawyer with a boston accent. >> what these fishermen and others

ken feinberg on capitol hill to talk executive pay. we'll go there live, plus discuss how he has raised the base for for execs who receive t.a.r.p. money. >>> we're going to talk live with wyndham's ceo and get his take. this is "the call" on cnbc. >>> you might remember that during yesterday's show we were waiting for nasa's ares rocket to take off. we're still waiting. the latest and the launch is scheduled for 11:08 eastern time. the ares rocket is the centerpiece of a $445 pll million project to replace the space shuttle. it is the world's tallest rocket. you like this, larry? >> i love this. >> this has a simulated o ryan crew capsule. we're going to keep an eye on this and let you know whether it's going to take off. there have been many weather delays. >> it has a sharper trajectory than executive base pay. whoops. i'm sorry. bad crossover. >>> in the meantime, stocks trying to overcome a surprising job in september. right now, the dow is down about 45 points. it's good for about a half a percentage point. the s&p right now is t

ken feinberg about to a.agen two decisions from the supreme court, one on union dues and obamacare. and bis, bank of international settlements launched a blistering attack on what it describes as euphoric markets, we'll consider that as well in hour two of "squawk on the street." ? ? that's enough time to record a memo. idea for sales giveaway. return a call. sign a contract. pick a tie. take a break with mr. duck. practice up for the business trip. fly to florida. win an award. close a deal. hire an intern. and still have time to spare. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business. built for business. that's keeping you from the healthcare you deserve. at humana, we believe if healthcare changes, if it becomes simpler... if frustration and paperwork decrease... if grandparents get to live at home instead of in a home... the gap begins to close. so let's simplify things. let's close the gap between people and care. ♪ the street." i'm diana o

you're going to hear what one ceo thinks about ken feinberg's plan. the ceo of one of -- it's number one or number two biggest companies in the united states. we'll be back. >>> because of the government's involvement in the companies, i think you just have to think about it as an anomaly and then it's a question of government policy. i'm not a policymaker. i know these are exceptional cases and exceptional times. >> part of that was microsoft ceo's steve ballmer to matt lauer this morning talking about the seven companies being targeted by the feinberg plan. what if extraordinary times become the norm and the feinberg plan is extended to call companies? here is robert, partner at jones day and mike, senior partner and host of ring of fire which airs on air america. good to have both of you with us. you heard steve ballmer there. saying the government has a stake in the seven banks that are under specific discussion here. they're extraordinary, put them over there, but i don't think that we should be having a say on pay for everybody else. he wasn't t

. >>> coming up, an exclusive interview with white house pay czar, ken feinberg. find out if he thinks more compensation curbs are needed following wells fargo's decision to more than double the executive's pay at the top. here's a look at how we finished the day on wall street with the dow jones industrial average on the upside today. 40 points higher and now at 10443. a gain of 1 of 1.5. and the nasdaq composite also up by 11.34%. let's get to all of the action for our eye on the floor of the nyse. right to bob pisani we go. hello, rob sneerpt thanks very much, maria. the important thing here today is we're in a trading range and i think that's frustrating to a lot of people, but in's some very good reason yes we're actual flee that trading range. let me explain to you. the corporate news has been pretty good. earnings have been strong. and you saw what happened to retail sales here today, that was notably strong as well. the problem issue here is the overall economic picture. you saw what would happen today with the home sales numbers. you saw what's going on w

feinberg. let's bring in brian foley with me at the big board and eric dash is a reporter for "the new york times." and if you didn't get to read his piece today, please do. we'll show you a picture of it, though, because it throws a little bit of cold water on the theory of t.a.r.p. firms losing top executives due to cutbacks in pay. i ask that question of mary, brian, because it's interesting to me that we keep talking about pay for performance and now we're finding out what all of these guys are earning for 2010. we're only in march of 2010. we don't know how they are going to do the rest of the year. >> it's not a pay for performance model. it's a cash salary and stock salary, all of which is payable to you as long as you're still in place. strictly pulse pay. and you get that, regardless of actual performance, as long as you're still there. >> eric dash, a lot of people on wall street happy to lock in what they are getting from 2010 and who may be surprised that pay czar is actually lockin

feinberg it will be available on cnbc.com. maria, back to you. >> mary, thanks so much. mary thompson. great stuff there. >>> just ahead three nasdaq stocks poised to move up. deeming numbers of which names could be a good bet for your portfolio.  >>> take a look at the business headlines at this hour. the dow closes with a gain of 6/10 of a percent today with the help of strong retail sales in november which set the tone in the market early on. despite a two-month high for the dollar. senate majority leader harry reid saying that china's policy has been destroying the world economy for too many years. in the letter to the president of china he calls for a significant reevaluation of the occurrence nechina. >>> lawyer for former enron ceo jeffrey skilling filed a brief to the supreme court ahead of oral arguments next week. making it illegal for executives to deprive shareholders of their honest services. >>> well today markss one-year anniversary of the arrest of convicted ponzi schemer bernie madoff in which what has been dubbed the skachlt centur

should feinberg sign off on guaranteed bonuses? this is the call on cnbc >>> okay. more economic numbers for investors to die just. walmart, leading things off by posting better than expected numbers. but then retail sales came in weaker than expected and weekly jobless claims as well. where does the economy stand right now? steve liesman is here to break it down for us. steve? >> melissa, thanks. despite walmart's better than expected profit numbers, it was a number of miss when is it comes to sales at the nation's largest retailer and the nation's retailers as a whole. bottom line, the consumer is undermining the clear-cut bullish recovery case, at least for now. take a look at walmart's sales. not the prove it's. down 101 billion, down from $102 billion by 1.4% from the prior year. economists had been expecting a gain of almost 1$103 billion. just like walmart, the overall count of national retail sales disappointed in the month of july. july was down 0.1%, the estimate again for a gain. x autos was the thing that bothered me down 0.6%. we knew we had the cash fo

feinberg, we're watching the t.a.r.p. paid back at a rapid pace, wells fargo, citigroup, and now a story in the financial times that aig is listing its ash shn insurance group, is going to raise up to $20 billion, they're planning on paying back. how long do you expect to number this position? >> under the statute i serve at the pleasure of the secretary of the treasury. and the jurisdiction of my office. continues uninterrupted until all of the pertinent t.a.r.p. loans are paid back to the taxpayer. from what i gather, even though some have accelerated their payments, like bank of america and citi, other companies that are subject to my jurisdiction acknowledge that it's going to take a good deal longer, no matter what. so i think that the office of the special master will be around for some time to come. >>. >> reporter: if you were asked, would you do it again? >> you do not say no to the secretary of the treasury. and if secretary geithner asks you to do something, i suggest you do it. and i serve at his pleasure. and

bring in ken feinberg.ounced the first statistics if you will in terms of the number of claims that have been filed and those that you've looked at that you've deemed as eligible. let's look at these numbers right now. people will find this interesting. a total of 445 claims have been filed since you opened up on august 1 for submissions. but so far, you've only determined that 31 are eligible. let's clarify. you're not saying the other ones are ineligible. they're still in process, right? >> that's exactly right. we've received these claims. some of them are woefully inadequate, no documentation, no signatures, no correct addresses. we're not rejecting the claims. we're finding 31 will eligible and the remainder are currently being processed and working with the claimant to firm up those claims. >> what's interesting, if we look at the numbers again, 19 of the death cases you've determined these are eligible for payments for the longest time, general motors said 13 deaths. i mean they stuck to that like it

>> kent feinberg to set executive payrolls for t.a.r.p. recipients. we'll have it for you as soon as it is released. this is "the call" on cnbc. >>> larry is absolutely reveling today because we had a whole bunch of positive economic data helping to push stocks higher at the moment. november retail sales rising a better than expected-1.3% in the month of november, strength in building material and garden supply and clothing not so hot, but we did have a lot of good headlines there. consumer sentiment improving, but limiting gains and we're seeing strength in the u.s. dollar. take a look at the boards. s&p 500, up by half a percent right now. over to the dow jones industrial average, united technologies helping to lead that index higher and higher by half a percent and on the nasdaq we're at 2195, up by 0.2%. the u.s. dollar index, in fact, had a one-month high, higher by .75%. we're seeing oil trade lower by half a percent right now. let's check in with bob pisani standing by at the new york stock exchange. hello, bob. >> hello, melissa. a very intere

. >> and pay czar feinberg -- go through life known as pay czar feinberg, testifying on the hill this morning. we have his speech ahead of time and we'll give you the czar's highlights in two minutes. >> there is something a bit ridiculous about use of the word czar. not just for him but for all these other people. they used to be scary, cruel, and now it's fill in the blank in washington, you're a czar. >> yeah. >>> all right. charlie gasparino, he's more in the vein of the real czars. reporting the government is blowing the bear stearns case. whoa! >> anyway. we're also waiting again. we had a bit of an earthquake here. also waiting again to lift off. mark hasn't left his seat all night. he's waiting. >> it's knocking. i really want to see this puppy go up. >> oh. >> when they launched this, we'll bring it to you live. it should happen within the next -- within the next two hours. but it didn't work out yesterday. this is the aries 1x, a model that is expected to replace the shuttle. >> 327 feet high. we can go into all the details we learned yesterday. we'll show you the flag pictu

. >> i'm joined by ken feinberg.ive me your perspective in terms of how many families do you believe you will hear from who will take part in this fund? >> i think we will hear from a huge number of families. the notice program is going out to over 3 million people. if the accident involved a death or a physical injury in a designated g.m. automobile where it could have been the ignition switch, those claim apartments should file a claim. the program is voluntary. >> two families are here. laura christian, whose daughter died in a vehicle accident. what did you say to the families? >> i said i would very much like to meet with them and get their perspective on the program, hear what they have to say about their own individual claims. very, very sad. it was an opportunity to meet with a few of the families you don't want to put a cap in terms of how much people might ultimately receive from the fund, whether it is $5 million, $6 million, $7 million, why not? >> a cap is an arbitrary figure. it would be -- i think disi

feinberg is going to look at dolled out february october of 2008 and february of 2009. he wants to make sure it was aligned with public interest and he's going to report back on that in 90 days, but today he issued its ruling on pay for the executives at the five firms that he oversees, paid for 2010. of the 119 executives 80 will earn more than $1 million this year, even if pay is down 15s from last year. and in a victory of sorts for feinberg he says a lot of those executives are staying on. here's what he had to say. >> no, it doesn't include people who left before i issued my paid determination in october, obviously. but what it does demonstrate, i think, is the argument that we hear all the time. if you don't pay more, this key official will leave, he'll go to a foreign competitor, i think -- i've always been dubious about that argument and i think that the statistics bear out the fact that the most individual stay at those companies. >> reporter: when you determine 2009 pay your emphasis was on lowering the cash salary and increasing stock, be it salarrized stock

feinberg's hands. only going to allow him to consider less than half of the recalled vehicles as part of the compensation plan. so the scope we need to listen to, but the scope likely is going to be far too narrow. as far as the compensation is concerned i haven't seen the final numbers, but my main concern for the compensation would be, this is unlike what mr. feinberg has ever done before. because you have a significant punitive component here. in other words, not only is gm at fault for what happened with these victims. but there could be punitive damages awarded because of the egregious pate of their conduct. >> which then brings up the question, will people opt in for this? because there will be some people who look at this and say, threat's throw a hypothetical number of $8 million per fatality. some people will say this is not about the $8 million, if i go to court i can get some punitive damages here not just about the money but i want to really put some sting into general motors. is that a pot

ken feinberg, his first and only interview since the new proposed bank bailout tax. will his comments make the traders more bullish? or perhaps more bearish on the fastballs. we're back after this. . we're back after this. . we're back after this. . we're back after this. . we're back after this. . we're back after this. . we're back after this. i. we're back after this. na. we're back after this. nci. we're back after this. al. we're back after this. s. we're back after this. >>> we want to check on the other big story tomorrow morning. jpmorgan out with earnings before the opening bell. a trade slightly higher in the after-hours sessions. still sort of bullish going into the earnings. taking a check quickly on the s&p 500, see how intel is impacting that trade as well. and we are seeing that trade basically flat. again, intel trading off the highs of after-hours session. the obama trade, the president unveiling a new bank tax. a few will be in place for ten years or as long as necessary to pay back all of the t.a.r.p. for more on what could be at stake for the fina

feinberg, bill griffeth here.'t mean to be indelicate but i'm curious, it's fascinating the career that you've carved out, this franchise between the bp oil spill, the ignition switch at gm, the bernie madoff fund and now volkswagen. how are you compensated if you don't mind my asking, do you bill by the hour or do you get a percentage of the fund that you administer? >> well, clearly not the latter. now, remember, when you -- when you say how do i get paid, don't forget, 9/11 victim compensation fund, that was pro bow know for 33 months. >> yes. >> one fund boston, the aurora colorado shootings, the virginia tech shootings, the connecticut shootings, all pro bow know. now, you're right, bp i was compensated and gm i was compensated and volkswagen i'm compensated. you will have to speak to volkswagen about the parameters and scope of my compensation but it has nothing to do, i can assure you, with how many claims come into the fund or how they are treated or how they are paid. that is -- that is certainly not the

then i think that's especially where the emphasis from ken feinberg and ben bernanke is. we want from a public policy perspective reduce the risk-taking that these top talent people had engaged in and if that takes a different talent pool, so be it. it's actually desirable. >> actually, christian, i have to correct you. you say it's the same people that got us into this mess. if you look at aig. that's obviously ben m-- >> it's unlike he'll leave next week. the argument is not just over the top executives. it's about the top traders. about people who have been actually with aig throughout the crisis who were there before the crisis started. i think the overarching theme here is that we have paid enormous bonuses, enormous compensation package over the last ten years. what we got for it is low investments, slowing productivity growth and incredibly risky behavior. clearly, what public policy experts, what ken feinberg and ben bernanke is saying is the game has to change. we have to have a better balance between shareholder interests and the economy and the interests of man

kenneth feinberg is the administrative supervisor of compensation practices. ken, it's wonderful to have you on the program. welcome. >> thank you. >> so since march you've been looking at 2008 and 2009 executive compensation for firms beyond your original charge, more than 400 companies that benefited from the t.a.r.p., the troubled asset relief program. how is that review process going? what can we expect in terms of a report from you? >> the process is going very well. remember those 400 companies are obligated by law to review the compensation practices for the top 25 individuals in any company that received t.a.r.p. assistance. and we've got all the data. we just received it in the last couple of weeks from all of the companies. we're now looking at it. and in the next 30, 45 days, pursuant to the law that was passed by congress, we'll announce our recommendations. >> ken, assuming you judge some of that pay as excessive, do you expect to see anyone actually return money from compensation they received after the bailout process began in late 2008? >> well

feinberg. here's what he had to say. >> if you look at the statute, and you balance citizen anger with under the statute the need for these companies to repay the taxpayer, i think i've struck the right balance here considering those antagonistic viewpoints. >> what exactly are you trying to accomplish? >> what i'm trying to accomplish first is to get a way to get the seven companies to repay what they owe the american people. the other thing i'm trying to do is develop a structure of compensation, less cash, more long-term stock tied to performance, that hopefully will be a better way for these corporate officials to get paid. >> do you think it's going to impact pay on other wall street or big financial firms that haven't -- or have repaid t.a.r.p. already? >> i hope so. but that will be voluntary. it's not the government's business. hopefully through regulations, through voluntary corporate modification of compensation practices, we'll see a change in the way people get paid. >> if you look

calls to feinberg have not been returned.es to work with feinberg to revamp executive compensati compensation. feinberg is said to have told aig to cut the bonuses. reviews of the bonus contracts have found them nearly unbreakable. the executives at the financial products unit have repaid $19 million in this $45 million in bonuses. the executives have until the end of the year to repay them and some might be deducted from the 2010 bonuses instead of writing aig a check. it remains to be seen if that will be an option for the executives. >> that is an unbelievable story, mary. the financial products business at aig only right now. mary thochson, thank you for that. the senate finance committee voting to pass its version of a health care bill. john harwood. >> maria, we have been talking about health care reform on the white house and capitol hill for months now but the most important moment occurred today moments before the senate finance committee when republican senator olympia snowe of maine declared she is onboard. >> peop

feinberg.od to have you on the program. >> glad to be here again. >> this is such a horrific story. let's talk first about the penn state victims' claims. it is so terrible and shattered so many lives. can you remain unemotional when looking at each case? >> no. unless you have a heart of stone, i don't anybody could remain unemotional. but you're given an assignment. you try and be as professional and as objective as you can. then the penn state situation, i'm really a facilitator working with the lawyers for penn state and the victims to try and reach an accommodation. it's much different from aurora or from bp or 9/11. this is an old-fashioned negotiation in an effort to reach a settlement. >> so it's still unclear where this money is going to come from. i mean, penn state says settlements will be paid by the school's insurer. the insurer is contesting this. so do you know for sure that there is money available? >> yes. penn state has made it very clear to me that whether it's the insurer, w

ken feinberg signed off on that.o, it's okay in one case we can pay an individual that money because we need him, but it's okay to be arbitrary about everybody else? >> i disagree with that as well. aig is 80% owned by you and me. >> so what? they should work free of charge. it is time to get past incre bitterness and senator schumer says he wants these same types of restrictions to apply across the 5500 publicly held companies. how do you like that, julie? and they're coming after your salary next. >> i'm not on the government dime. i can do whatever the heck i want with my firm because nobody's bailing me out. >> they're not on the government dime. >> are we talking about the seven firms we're talking about? >> schumer has said he wants it to apply to 5500 companies. >> we've had this discussion for months on end. i say -- >> but you agree that publicly traded companies have gone too far? >> i will say however, let me put it this way. if these companies are too big to fail and they're going to become -- i'd like so

feinberg. and if the companies don't like it, they do have 30 days to appeal. back to you. >> mary thompson, thank you. as i said earlier, chuck sumer is quoted today, democrat from new york plans to press for legislation, tengsdiextending t publicly traded companies, and sumer is not alone. let's talk about this. we have cnbc contributor jeffrey sonnenfeld of the executive leadership institute. jeffrey, i didn't say you were the dean, i just said you were a dean. like deans in college are like assistant second tars assistant secretaries of the state. >> look, the rasmussen poll says 65% want pay caps for t.a.r.d.ed banks, congressman. now, let me get your take on what feinberg is doing on that particular subject. >> that's the important principle, larry. what people do with their money is their business. what they do with the taxpayer money is congress's business. you caught the story. we're not just looking now at having washington intervene in the pay of the big folks of wall street, now it's going to be little folks on main street. we passed legislation in

each case, it depends on the person who was involved and ken feinberg threw out a couple of examplesyear-old who is living at home, no income, i believe that the compensation is going to be 2.2 million. that's his estimate as of right now. he is just throwing out hypotheticals here. another example, a 25-year-old who is married with a couple of kids and a salary of 75,000, their compensation might be 5.1 million. and then there are scores of people who were injured in faulty gm vehicles and threw out an example who is a 10-year-old, a paraplegic, the fund payout, in his estimation, would be about $7.8 million. so, that gives you some sense of what the fund might be paying different victims related to the ignition switch crisis. but again, that's strictly related to faulty ignition switches and this new recall, the flash you're seeing at the bottom of the screen that is not related to the ignition switches, that is all new six new recalls involved there. >> fill, just put it in some perspective for our viewers. how many cars is gm estimated to sell this year? where are we? >> yeah, i

our mary thompson just spoke to feinberg, she joins us with more on this. hey, mary. >> reporter: hey there, trish. you know he also issued his rulings on 2010 pay for top executive executives at five companies that he continues to oversee, and in keeping with the 2009 rulings that he issued in the fall of last year, essentially for those top 25 executive at five firm total pay for 2010 is going to be down 15%. cash salaries as a portion of total compensation down 33%. again, the five firms under his watch, aig, gm, chrysler and the finance arms of both of those auto companies. of course we what we wanted to know when we spoke to feinberg is why he's reviewing that pay issued between october of 2008 and february 2009 to the top executives of those 419 t.a.r.p. companies, some of which have already repaid the money? here's what he had to say. >> statute requires it. the recovery act says that these 419 companies that received t.a.r.p. assistance at any time are subject to this lookback review. >> reporter: something that you initially planned to do or someth

we have an exclusive interview with the pay czar, ken feinberg. he's just minutes away. >>> and the company that makes those full body x-ray scanners that you've had to walk through on your next flight, he's going to show us how it works. there's the man plus all this coming up. (sneezing): ah-choo! hope i don't miss work this christmas. yeah, how will you pay for things like food...electricity? dental bills... gazooks. you need a back-up plan ho, ho, ho. that's why we have aflac! so i'll have cash to help pay bills! great...but what if you're still not better by christmas? hmm... afllaaccccccccc!!!!!!! (santa): aflac. we've got you under our wing. rudolph's better... but now blitzen's sick! >>> welcome back to "fast money." earlier today in this very building the nasdaq market site was evacuated because of a suspicious van parked in times square right in front of us. it was just one more example of heightened security in the aftermath of last week's attempted terrorist airline bombing. washington may be forced to respond with more money for secur

so ken feinberg will be handling these claims.interesting to see what he sets up in terms of a process for hearing those claims other the next weeks and months. >> you know, and i mentioned ken feinberg probably best known for bp but he was also the gm ignition switch administrator, correct? >> yep. >> he has some experience in the automobile industry. >> right. >> do we have idea what's expected? what are vw owners looking for? do they want to get the full value -- if i bought a passat diesel for $45,000, maybe now it's worth $20,000, i want the 45. >> we haven't had a chance to talk to ken feinberg but let me give you a scenario here. let's say you are a dealer and you have been buying vw diesel vehicles for a number of years. well, now you have got customers who are coming back saying, hey, this is fraud, you're responsible, and you've got inventory in the back of your showroom that you can't sell because there's a stop sale order on those vehicles. i mean, you're talking about potentially millions, tens of millions of dollars

linked with the defective ignition switch have been disciplined, still with the company, and ken feinberg, the lawyer who is administering a compensation fund for those who were injured or were killed in the gm defective switch recalls of these vehicle, he says that by august 1st he will have a plan put together. he's already drawn up some preliminary plans that he plans to share with mary barra and senior executives. i want to show you these two individuals, two engineers at general motors who were at the center of the issue involving this ignition switch defective at first, then a part change was made that nobody knew about. they have been dismissed from general motors. as for mary barra's explanation for what went wrong, she says it in blunt terms. here she is. >> valukas found in this situation was a pattern of incompetence and neglect. repeatedly, individuals failed to disclose critical pieces of information that could have fundamentally changed the lives of those impacted by the faulty ignition switch. from start to finish, the cobalt saga was riddled with failure, which led to trag

feinberg late last week. we have our first meeting with mr. feinberg on friday. guided us on the different things that we need to consider. again, as i said, we have civic and legal responsibilities. we are going to work through those. i anticipate based on the timeline he's given us it will take about 60 days. that's the timeline he's told us to plan for. as we explore and look at all the different options we have not made any decisions yet. all options are still open. i don't have a decision to that. >> so do you think that these families should be able to compensated regardless of the bankruptcy issue. >> that's why we hired mr. -- >> you're listening to gm ceo mary barra in her second questions on capitol hill. this time with senate committee. she just said that there could be future recalls as the company sees them. they will issue further recalls and saying that they have scheduled their first meetings with claims executive, an expert ken feinberg, who handled the claim processing for september 11th. >>> we want to get to auto nation chairman and ceo mike j

ken feinberg joins us live later on. why time warner's ceo, bewkes, could eat his words with netflix. futures this morning, steady action, and draghi is on the tape. more "squawk on the street" live from the post nine at the nyse in a minute. just take a closer look. it works how you want to work. with a fidelity investment professional... or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline. call or come in today for a free one-on-one review. bewkes. >>> netflix posting on facebook yesterday, quote, last quarter we passed hbo in revenue, we are making progress. hbo rock, and we are honored to be in the same league. this is turning out to be boeing, air bus, pepsi, coke. >> i like that analogy. reid hastings, when i was a homicide reporter, this guy is good copy. he cannot resist and posts this stuff, but basically, one of the things that came from t

feinberg hopes to resolve more than 90% of the gm ignition cases.any for several million dollars. general motors today said ken feinberg and the team will determine the final number of eligible individuals and accept the determination for the program taking a look at shares of general motors, 19 death claims that have been deemed eligible for a payment, the significance, bill and kayla, is for months general motors said 13 fatalities. all linked with the ignition switch recalls. and already, ken feinberg said it's 19 and it will go higher. >> all right. phil, long and tenuous process for the company and the families involved here but we appreciate you bringing the latest from d.c. >>> we have about ten minutes before the closing bell. the dow still in positive territory. the s&p roughly unchanged at this hour. >>> mean whitime as we know, ala shares trade right behinds here and even -- on friday. but even if you cannot get shares, at the ipo, everybody must be thinking some exchange traded fund will be able to have those shares you can buy into, rig

feinberg. >> that's right.s of thousands of people who didn't provide any documentation. we do things with a handsha handshakedohandshak handshake down here in the gulf and you ought to pay me on that handshake. >> we have a little bit of breaking news. the cftc and barclays, they are settling this libor issue. >> it's not a day until you talk about the london interbank offered rate, is it? >> no but it's an interesting case. >> did i even get that correct? >> it's an interesting case. we should get to it. >> maybe the attorney and settler of all disputes -- >> have you ever probed libor? >> no. >> there's a probe into allegations that some of the bank employees manipulated the london interbank lending rate. it was what we used to dictate in 2008, 2009. now we look at what's happening with the ten-year note and spain and france and germany. this is what we used to look at every morning when you first came in. the idea can you manipulate this and set unease into the market is a pretty huge issue. >> we're going

ken feinberg will be the independent administrator of the program.he specific protocol and rules of the program are still under development by ken feinberg. he expects to bring that to conclusion in the coming weeks. >> any dollar numbers at this point? >> our objective is to do the right thing and go out and compensate all the people that should be compensated. >> wdav tv detroit. mary, i think the two questions that strike me most are, one, what was the environment that led to these kinds of attitudes? in other words was it fear the company might go under if there was a recall or just an arrogant attitude? the number two question is, how is it does the company allow for a part change without changing the number, which as i understand it is sort of the cardinal sin of all of this and what did the report today tell us about all of that. >> clearly there were a number of safety recalls that occurred over this period. some, you know, fairly significant. i think if you look at the root of this issue, first off you had a part that was released to go into

everybody's eyebrows and hackles are going up simultaneously, but feinberg smanexplained, hey, ths allnder the rules. >> he sets the rules. one guy sets the rules. he is a czar. he really is a czar. >> in the finest sense of the word, of course. >> in the worst sense of the word, brian moore. thank you very much. i just don't want czars to run the economy. >> not if you're a ceo. >> huh? >> not if you're a ceo. >> well, gee when i seiz, not i have shareholders to report to. the senate health care bill about to be passed probably tomorrow morning has roughly $2.5 trillion of new taxes and $2.5 trillion of new spending. there are roughly 20 new taxes, by the way, in that bill, though we don't know the real bill because it ain't been published yet. let me ask you this. how can the senate vote on this massive legislation without a clear economic growth and jobs impact statement from the cbo, the congressional budget office, and other experts? where are the senate hearings on the economic impact of the health bill? where are the experts to tell us the huge tax bites in the next couple years

feinberg's a big story today. usa today has a story saying federal workers during this recession are making $100,000 is up from 14% to 19%. think about that. it is a recession and you know what? i don't have anything against people making money but we have to look at all of the areas of people making money. as long as i'm not the one that has to pay them. okay, we'll be talking about that federal pay thing a little bit later in the next hour. for now, though, the yield curve continues to steepen so what does it mean for stocks. let's get to our market insider and joining me now is nicholas, chief market strategist. you put out a note on the steepening yield curve and you point out this was the steepest it's been in the early '90s and go ahead, sell the hope for me or not. >> i think the historical precedents are absolutely right. the yield curve is a fantastic market timing tool and the purpose of it was to caution that there are several factors that will slow that effect whether it be banks not lending and the co

when this happened earlier on. >> i did it for facebook not for boeing this is -- ken feinberg has theody challenges that's what's necessary right here, right now. >> yeah. a very specific set of skills. >> but not a nightmare for anyone he's really good >> really good ebay will report earnings after the bell today this is prime week we'll see how -- and what that number looks like from ebay. but i did want to share a little something involving the company. they were called back on march 1st, ebay said it was undertaking a strategic review of a number of its businesses. actually entire business in some ways, but specifically stub hub, and its -- as well as its classified business also and -- sorry wanted to make sure it was classified >> they're doing the stuff i wanted >> what happened since then there is a lot of incoming interest on stub hub once they announced it back in march so sources familiar with the situation tell me they have moved aggressively towards what conceivably and likely would be a sale of stub hub given the interest that they have seen it is a formal process it is

we passed the health care bill and we've got the special master of pay, ken feinberg coming in sayinge's going to look at all these banks and see what he's been doing. >> ken feinberg a man who needs a bodyguard to walk down wall street these days. if you're looking to politics in an election year, i'm not saying feinberg himself is motivated in that way, it's certainly true that taking on banks in an election year where there's a lot of anger about bank bailouts and government money having gone in that direction, expanding this envelope beyond goldman sachs and some of the marquee firms is probably good politics even if it's not good policy. >> steve cortez, with the passage of the health care bill does that give more teeth to financial reform? you've been short goldman sachs in the past. don't know if you have that trade on right now. and whether or not you are a stronger believer in that trade because of the passage of health care reform? >> you know, melissa, no. i really like goldman ta maman . i'm not long it right now. i think p company is going to come out of this fog of negat