more evidence of a resolving door at the s.e.c. olves a former top enforcement official reprimanded earlier this year for trying to cash in on his connections after going to private practice. turns out, wasn't the first time. senior correspondent scott cohn is here with the story. >> to be fair, there have been a lot of changes to the s.e.c. since this happened. but spencer barish has been a symbol of the revolving door effect where regulators head into the private sector and cash in on their connections. he was the region at head of the enforcement agency in ft. worth who agreed in may without admitting guilt to a one year ban on practicing before the commission and paid a $50,000 fine to settle allegations that he repeatedly tried to derail investigations into the allen stanford ponzi scheme while at the s.e.c. then after leaving from private practice, he repeatedly tried to represent stanford and briefly did, which the s.e.c. and the justice department said was a conflict of interest. asked what the heck he was thinking, he repor

as you know, the s.e.c. nded an enormous amount of new responsibility under dodd/frank with more than 90, some say 100 new rules to promulgate and we made tremendous progress. we laid the groundwork for the regulatory regime for the over the counter derivatives market, the market at the core of the financial crisis. we intuited a new whistleblower program that's enabling us to do a better job of bringing securities law cases faster and broader and more effectively. we registered hedge funds for the first time. now we receive systemic risk information. we put in place new corporate governance provisions like say on pay that gives share holders more of a voice in the stock they own. an enormous amount of progress has been made. is there more to? absolutely. we can always use more resources to do the job more quickly. >> it's so fast, the trading. the technology, as you say, has been implemented to an extent that people are trading in milliseconds. some folks are wondering if the high frequency traders are havin

as you know, the s.e.c. an enormous amount of new responsibility under dodd frank with more than 90, sometimes more than 100 new rules to promulgate and we have made tremendous progress. we have laid the ground work with the regulatory regime and the derivatives market. $600 trillion market at the core of the financial crisis. we have instituted a new whistle-blower program enabling us to do a better job of bringing you security cases faster, broader and more effectively. we have registered hedge funds for the first time and received systemic risk information. we have put in place new corporate governance provisions say on pay that gives shareholders more of a voice in the governments of the companies whose stock they own. an enormous amount of progress has been made. is there more to do? absolutely. we are working hard to do that. we can always use more resources to do the job more quickly. >> some of the issues is the fact it is so fast, the trading them technology as been implemented to an extent that peo

. >> tim: another quarterback in the s.e.c. that people believe should dwooet get heisman consideration is a.j. mccarron. this pass before the end of the half to jones. number one alabama 30-0 over florida atlantic. >> verne: i expected a lot more out of florida atlantic. >> gary: if we were doing the game i would expect more out of florida atlantic. >> verne: alabama consecutive shutouts in the last two, trying to go for three in a row. i like their chances. 31-3. 4:45 to go, marcus murphy back to receive the kickoff. this has been a very convincing effort by south carolina. >> gary: and missouri had their chance again, just like they did against georgia. they had the ball inside the five at the end of the half, they were going it get the ball to start the third quarter and they didn't get a touchdown. then the bad kick. >> verne: yes. that one through the end zone. will come out to the 25. >> verne: notre dame has a chance to go 4-0 tonight. florida state has the same chance. here are the results. which seem most likely to fin

most agree that the s.e.c.'s proposed rule, the original one, went too far and made the definition of a municipal advisor a little too broad. it was defined in a way that could have potentially captured those who were not providing investment advice. i know many institutions were concerned that under the s.e.c.'s proposed rule, merely providing a bank account to your municipality could mean an institution would have to register as an advisor and be subject to nfib regulation, all because they just provided basic banking services. and as someone who was there during the consideration of dodd-frank, i can tell you that that was not what congress intended. however, i was concerned that the original version of this bill went too far in the other direction and that could have opened up such a gaping hole you could have driven a truck full of other people's money through it. i was concerned that the draft bill eliminated the critical fiduciary duty standard that we included in dodd-frank. the difurebary duty is a vita

to the s.e.c. south carolina earning their ninth straight win dating back to next season. tied for the longest streak in their school history but they had to come back against home to do it. south carolina comes back to win 38-17. college gameday in columbia south carolina. for next week's game between south carolina and these georgia bulldogs, georgia beat tennessee, 100 yards rushing. that is gurley. georgia right now on espn alabama looking to be in control against ole miss lsu stepping out of the s.e.c. a game in which they trailed in baton rouge. right now on espn2, oregon is leading washington state. this game being played in seattle. wanted to pass instead can't find your receiver he'll take it. and go into the end zone. 13-yard score, right now it is 23-22. second quarter on espn two. the ducks on top. earlier here on abc, ohio state quarterback braxton miller overcame a knee injury to have 315 total yards, this touchdown pass to smith and ohio state wins over michigan state 17-16. they get nebraska next week. we'll see you next weekend. # "and then, there's both."

the top 10? log onto facebook.com/s.e.c. on cbs to make your voice heard. >> gary: we don't know at the end but one thing is nice. >> verne: overthrew it. >> gary: at least they're not out of contention starting in october like they have been in the past. when you have those names, the big heavyweights of college football still alive, that's good for college football. >> verne: of course, at the end of every south carolina season, at the end of every clemson season, the two teams face off and there is a big game in college football tonight as clemson in the a.c.c. goes in to tallahassee to take on e.j. manuel and florida state. that will be fun. third and nine. franklin. >> gary: they're going to have to go for it on fourth down too. >> verne: gary pinkel, head coach at toledo for 10 years after he -- >> gary: going to punt it or fake punt it. >> verne: is he really, ah. >> gary: i am surprised. i have to admit, i would be going for this. >> verne: did try the fake punt against georgia but the score was so much closer, not a

the s.e.c. could try again to pass new rules, but if it doesn't, the stability council could decide some big money market funds need closer regulation. that idea worries fund companies. >> it would result in significantly more costs and regulation and who would want to invest in a fund that the federal government has designated as systemically important? >> reporter: new rules may also push cash into unregulated investments or bank accounts. >> and putting even more money into the banking system and more burdens onto its insurance system seems to me the opposite direction from the way we want to be going when we are trying to solve the too big to fail problem. >> reporter: during the financial crisis, the treasury was forced to guarantee money market funds, a risk it doesn't want to take again. darren gersh, "nightly business report," washington. >> tom: u.s. stocks ended their best quarter today since 2010, despite some weakness today. investors locked in profits today after another set of disap

so there's very clear rules from the s.e.c. prohibiting any exchange from giving these proprietary feeds to customers that work ahead of the consolidated tape. two things about this. number one, good move. i applaud the s.e.c. excellent call from them. about time people looked at this. number two, all exchanges offer proprietary feeds. nasdaq does. i'd like to see everybody looked at equally here. and finally, we'd like to see more on this kind of information. >> indeed. bob, i'll see you a little later. now to brian shactman. he's got a market flash. >> trasm, total revenue per available seat mile. it's an airline term, jargon actually. spirit airlines says it is going down. year over year, a huge dropoff in the stock seeing a big dropoff today, 14.33%. raymond james downgraded the stock. and they released the price target based on this news. very competitive space. hurricane isaac, tyler, very big problem. back to you. >> now to your money, your vote. and the race to raise money on the campaign trail. republican presidential c

that concludes our segment "mitt romney is the s.e.c.-luckiest dude on the planet." welcome back! my guest tonight is the reigning king of jordan. welcome back to the program king abdullaabdull abdullah ii. (cheers and applause) thank you so much for being here again. i just wanted to let you know as an emissary of the united states our president, i know, was scheduled to meet with you today. (laughter) he was not doing a stupid t.v. show. (laughter) he was very busy with strategic-- meetings. (laughter) whoopi goldbergstan, i believe it is. >> i heard. >> jon: that the talk of-- you were at the u.n. today. does anyone-- is there any discussion amongst world leaders about the american president not being available for face-to-face meetings? is that not a-- is that upsetting? >> not that i heard, no. i think everybody's there preparing for their speeches and in side meets with other leaders. that was not an issue. >> jon: so we are, in fact, perhaps, in some respects blowing this out of proportion? >> most likely, probably. (laughter) >> jon: although inside it does hurt a little b

the "wall street journal" reporting this morning the s.e.c. is reaching out and gathering as much information as it can from players in the high-frequency trading space, trying to understand exactly how it works and whether or not high frequency traders have an unfair advantage in the markets over average investors. now, i want to share with you some data that cnbc has on caned exclusively from nanex. it's an analysis firm out in chicago. what nanex is doing here is looking at facebook on the day it went public, and what they have spotted they say is a spread in the speed of data going to individual investors who subscribe to the consolidated feed and investors who subscribe to nasdaq's proprietary fooed feed, which you have to pay for. this is a very complicated graphic, but on the left you can see that spike down in the read, that is nasdaq's proprietary feed. and what you can see is 120 milliseconds later, a blink of an eye really, the same spike down is occurring in the consolidated feed. now, what nasdaq says this shows is a gap. if you're

. >> can the s.e.c. do anything about it? >> i'm sure they can. the question is, if they chose to. controls, perhaps levy taxes or make some changes to the speed at which the computers can react. >> but are you hurting the marketplace because you're actually taking away liquidity? >> i don't think you're hurting the marketplace by taking away liquidity, no. i actually think that there's a big distinction between liquidity and actually being able to trade stocks in a genuine -- for an investor's perspective. >> i don't want to get too deep in the weeds but liquidity generally is a good thing but it's not generally an unmitigated positive, is it? >> a couple things. i don't think liquidity of a nanosecond differs from liquidity of a second. the important thing is what liquidity is supposed to do is reduce the cost of capital for companies issuing stock. and if harry's right and individual investors are getting scared from the volatility, that increases the cost of capital for corporations. i would argue there is a downside to all this liquidity. what's the difference between a second

. >> the s.e.c. will be having its first meeting of the 2012-2013 skl year on monday, august 20.he meeting will be here at 555 franklin and will run from 5:30-7:00 p.m. >> and i want to report that the s.a.c. will be collaborating with the youth commission from august 25- august 26 at city hall and is a two-day retreat where we'll discuss government structure and school district structure and get familiar with each other, so i think it's important for the youth commission and the s.a.c. to have a close relationship. that's it. president yee: good report. let's move on to item e, parent advisory council. the p.a.c. report. there's no p.a.c. report tonight. and their next report will be given at our next board meeting. so item f, public comment and consent items. >> commissioner yee? president yee: yes. >> we have a proposal that we change the rules of the board so that the p.a.c. report would be given once a month instead of every meeting so we're going to defer that to the rules committee and will be bringing a proposal. so in the meantime we'll operate that way. so they're plann

where was the s.e.c. on madoff? where was the s.e.c. on the rating agencies?> but those -- >> excuse me, i'm not finished, dennis. so our banks are lending money. we lent $600 billion to small businesses last year, maria. so we are helping the job creators in this country and for dennis, in all due respect to come out with that is misguided. >> the problem is that alex hasn't read the report. in fairness -- >> but you are saying that the banks are at the top of the list. you're blaming the banks. >> but maria, let's not get distracted. what we've done is we've cataloged the cost of the financial collapse and the economic crisis. those are real costs suffered by our country and the american people. in october of 2009, there are 26.9 million americans unemployed. today, there are 23.1 million americans who can't find full time work. 9.3 -- >> but maria -- >> wait, alex, i let you talk. >> is that the bank's fault? >> whether it's the bank's fault or not, what we want to do is pay attention to the number. >> well, yeah, we definitely -- >> the loss in gdp -- >> w

the money market fund industry, this is an industry that the s.e.c. has been trying to regulate. s one industry that was really in risk of collapsing during the crisis in 2008, and they haven't been able to pass the rules they wanted to pass so we still have a source of instability in money market funds which don't really have the safety net behind them and don't have the kind of capital in them that they need to withstand another shock. that was something the s.e.c. failed to advance. >> i have to cut you guys off for a moment. president obama is holding a campaign rally at norfolk state university in virginia right now. let's listen in and hear what he has to say for a couple minutes. >> we don't think that will magically translate into jobs or prosperity for people. we know families won't be better off if we undo all the wall street reforms we put into place to prevent another financial crisis. or that we're going to be better off if we remove rules to protect our air and our water, or if we're going to take away protections we put in place to make sure that health care is ther

wanted to finish and go home. >> you know what's weird the s.e.c. had series leeds. >> i thought what you said earlier this week is missouri. you make the oakmont, if you get past comment. who else could you wake up the service. coming up on fox your local news except on the west coast and how about big boy football. starting tomorrow, the built ford tough fox nfl sunday pregame show. football is back and our guys have all the action including the number one rookie quarterback. plus, we've got the week one game plan from titletown's final. don't miss the kick-off torn at noon even, 9:00 pacific. highlighted by the game of the week. the 49s take on aaron rodgers and the packers. tomorrow begins the four-game spot. what an offensive show we saw tonight from the ucla bruins. jim mora making history. they've beaten nebraska for the very first time since 1998. join us next week. pac-12 opener, number two u.s. c taking cover. for eddie george, joey harrington, i'm erin andrews. enjoy the rest of your night. -- captions by vitac -- www.vitac.com ----------

that concludes our segment "mitt romney is the s.e.c.-luckiest dude on the planet." ears are weird. i don't know what shape that is .. but it's not round. so why would headphones be round? they should be shaped like this.. 'earshaped'. you know .. so they fit in your ears. [ male announcer ] navigating your future can be daunting without a financial plan. at pacific life, we can give you the tools to help you achieve financial independence. for more than 140 years, pacific life has assisted families and businesses in meeting their goals, even in uncertain economic times. let us help protect the things that you work so hard for. to find out how, visit pacificlife.com. ♪ >> stephen: my guest tonights the 42nd president of the united states. the annual initiative quicks off this thursday, please welcome back to the program president bill clinton. (cheers and applause) >> thank you, thank you. >> jon: let me ask you, so give any good speeches lately? or, how did that feel at the convention? could you tell that you were crushing it as you were doing it? did you feel that? >> yes and no b

why these kids coming up again and again because over and over again that you don't the same thing the s.e.c described later is placing an order with no intention of having executed an effort to deceive others into paying an artificial price for security now to me that sounds like fraud well there are no criminal charges in this case the firm has a good reason to pay four million dollars fine that's the cost of doing business of course to pay four million dollars in fines if they make forty million dollars by rigging the market they market should be about price discovery where buyers and sellers show up and as a result of their interaction a price is discovered but today we're in a market where the bankers on wall street pick a price first and then fill in the fake trades to get to that price it's a complete reversal of.

know why these kids coming up again and again because over and over again they don't the same thing the s.e.c. described later is placing an order with no intention of having executed an effort to deceive others into paying an artificial price for a security now to me that sounds like fraud or a well there are no criminal charges in this case the firm has. to pay four million dollars fine that's the cost of doing business.

you underfund entities like the commodity futures trade and the s.e.c. we don't have to guess. we'll have what we had before which is no regulation, financial interest being irresponsible with no check. >> eliot: kinard's book was one of the most self-interested of improper behavior i've ever read. it was a markable diatribe about government doing anything to ensure integrity in the market. >> he is very explicitly for and i heard him say this just last friday, if a bank is in trouble not because it made bad loans in particular but if there was the kind of economic problems that led -- we should bail them out. critical about -- i said to them boy, if i was running again, i would want you to come to my district and campaign on that. >> eliot: trumping the logic. switching gears for a moment, you have got ton do a little bit of a back and forth a log cabin republicans who are allegedly on their face. you called them uncle toms. you wrote a defense which i thought was incredibly persuasive. explain what this is all about. >> yes. i am all in favor of republicans who are otherwise c

wanted to finish and go home. >> you know what's weird the s.e.c. had series leeds. >> i thought what you said earlier this week is missouri. you make the oakmont, if you get past comment. who else could you wake up in the service. coming up on fox your local news except on the west coast and how about big boy football. starting tomorrow, the built ford tough fox nfl sunday pregame show. football is back and our guys have all the action including the number one rookie quarterback. plus, we've got the week one game plan from titletown's final. don't miss the kick-off torn at noon even, 9:00 pacific. highlighted by the game of the week. the 49ers take on aaron rodgers and the packers. tomorrow begins the four-game spot. what an offensive show we saw tonight from the ucla bruins. jim mora making history. they've beaten nebraska for the very first time since 1998. join us next week. pac-12 opener, number two u.s. c taking cover. for eddie george, says [ romney ] this president can ask us to be patient. this president can tell us it was someone else's fa

the important thing is the s.e.c. ight differential on the order of milliseconds between the proprietary feed and public tape. that's now been fixed and the two are now acting in concert. the proprietary feed and public feed are now at the same speed. press release a moment ago, nyse says it is committed to the highest standards of integrity and accountability. timing issues stem from technology issues, but from intentional wrongdoing bit exchange or any of its personnel. the technology and software have to be a little more in compliance with the compliance department. in other words, be there certainly wasn't any ruling here of intentional misconduct. there was no finding that it harmed anyone but this is a very sensitive issue now. just the appearance that certain people may get access to certain information even a millisecond or so before is of great concern out there and i think it's right for the s.e.c. to act on this an they now appear to be right in concert. melissa, back to you. >> thank you, bob pisani. >>> le

. >> a spokesman for perkins confirmed that, indeed, he did go to the s.e.c., the f.t.c., the justiceepartment, and the california attorney general to complain about the tactics used in the leak investigation. >> if you have enough money and you're willing to spend enough, you can buy and sell somebody's reputation. >> and you're charging that's what he's done? >> that's is what he did. >> you're saying, if i understand you, that tom perkins set out to get you? >> he wanted me off the board. this was to get me off the board. i don't know if he ever thought through the consequences that would go beyond my getting off the board. >> well, you said he went to law enforcement. >> well -- >> that takes it another step. >> it does take it another step, and here i am today with an indictment over my head. >> are you saying he's responsible for that? >> well, i don't think i'd be sitting here today if tom had handled this differently. >> we have learned that perkins made several settlement demands on hp -- that the company pay his legal fees, that pattie dunn be forced to resign, and that the

tennessee the volunteers. s.e.c. country. the gators. the volunteers, a very old rivalry in the s.e.c. 79 degrees there. we'll have the missouri game and the carolina game coming up in a little bit and the oklahoma sooners, my beloved sooners are off this week. no danger of a loss for my team. >> no chance of you being in a bad mood tomorrow. >> that's right. >> thanks, chuck. >>> in just a few minutes hundreds will gather for a day of prayer at the washington monument. this is a live look at the national mall. the event is called my people pray and will feature prayers for a different topic each half hour today including prayers for the nation, world, and political and spiritual leaders. the event is nondenominational, nonpartisan, and free. christians from around the country are expected to attend. >>> even a nats loss could not keep nationals park from rocking last night. that's what happens when the boss is in town. ♪ bruce springsteen and the e street band treated 38,000 fans to an awesome concert at the ballpark last night. they pe

selling soda without carbonation >> eliot: another metaphor, the republicans saying we don't want the s.e.c to police the capital markets so there are people who don't believe in rules. we'll put that one aside for the moment. let me ask you this. au pair littles are everywhere -- parallels are everywhere though. >> eliot: when you see the labor dispute on-going, what is going on here? and what interests me is where are the players in all of this? the players not only have an interest in getting the officiating right. they've had their series of bats with the owners. why aren't they doing more to help the officials? >> serious issues of health and safety there. first, the barometers of what's going on in terms of the lockout. what people need to understand is that there have been four sports lockouts in the last year. two in the nfl the players and refs, the naacp and now the national hockey league as well. in each of these disputes, ownership has been represented by the same law firm and the same negotiating team. this is about lockout as a strategy and tactic for labor management negotiat

as part of the dodd-frank bill, the s.e.c. and the commodities futures trading commission imposed new regulations on companies that deal extensively in derivative products. as a result of that action, credit default swaps now clear through exchanges or clearing houses, but they're still exempt from insurance regulatory oversight. [ticking] coming up, the harsh reality of state finances. the state's a deadbeat. >> yeah, i mean, the state of illinois is known as a deadbeat state. you know, this is a reputation that has taken us years to earn, and we've reached, you know, the heights of, i think, becoming the worst in the country. >> it's the day of reckoning when 60 minutes on cnbc returns. [ticking] >> in the wake of the 2008 financial crisis, the size of the federal budget deficit has received a lot of attention. but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing incom

it because it was producing such an incredible surplus it was it was generating more money than the s.e.c. needed but what it did was it's slow it put a little bit of see it in the gears and what it would do if we went back to that is all this high frequency robotic trading that some are suggesting is responsible for twenty percent of the cost for gasoline you know maybe fifteen percent of the of the actual stock market all that would go away and we'd see a real economy isn't this a good thing is it yeah for some time to grieve you but i need to set a high. gas prices are because of you know the failed energy policies of the obama administration but. more i think well wells than any other president in history he's also added more regulations on energy companies and they they frankly so you know you don't care or companies are going to reason the year a lot over the tire just as many liberals voting against bills that would restrict mercury emissions and peter de fazio is one that i know for example he's a far left liberal lion and he's voted against harsher restrictions for if it makes me

commissioners, if you could get the s.e.c., the securities and exchange commission to say that corporationsuld let their shareholders know where their money is being spent in politics, all of those things, i think would be really helpful. if you could begin to talk nationally, as many of the states and cities are about some way to have alternative sources of funding, some, tax refund, which we used to have, there used to be a tax credit so that you would double the amount that individual donors gave, effectively, 'cause it would be cost free to them if they got it. i think all of those are possibilities. you could have a change in the supreme court. in the next administration, you may have one or more new justices if people retire. >> what can individual citizens do in the meantime? >> well, i'll give you a shameless plug answer, which is they can support groups like mine, the campaign legal center, that are out there fighting these cases every day. d emocracy 21 is fighting these cases. they have lawyers, they could use more help doing that. there are a lot of citizen groups out there that