i would welcome the opportunity to lead those efforts and to build on the work of chairman mary shapiroalter. and finally and most importantly i want to thank my president, john white, who is here today, on wh what is our 43rd wedding anniversary. >> today? >> today. for his strong support of me and seeking to engage in this very significant and challenging public service. thank you very much. >> thank you. >> thank you. >> richard? >> thank you, mr. president. for the confidence have you placed in me and our team at the consumer financial protection bureau. we understand that our mission is to stand on the side of consumers. our mothers and fathers, sisters and brothers, sons and daut daughters and see that they are treated fairly. nor than a year we have been focus owned making consumer finance markets work better for the american people. we approach this work with open minds, open ears, and great determination. we all thank you and the congress for the opportunity and the honor to serve our country in this important way. thank you. >> well, i just want to thank again mary jo and rich

i mean, you know, you know, mary shapiro did kind of have that experience on the nasdaq.ary shapiro did very little. i mean, ken lewis, i think she represented ken lewis. she did not prosecute ken lewis. let's go through that. john gotti clearly prosecuted him. ramzi yousef. ken lewis i believe she was the lawyer for ken lewis. she wasn't defending the other guy. she defended ken lewis. the way that looks -- cheryl: i'm not old enough, i can still see. >> my mistake. cheryl: it's small print. >> that's right. that's some of the big cases. she's done a lot of others. but is that the person you want to run an agency that has to figure out the sort of crazy markets that we have which, you know, shapiro wouldn't do and needs to be done. a lot of people say no. but we will see. you know, she's a smart person. one thing i will tell you, there's going to be more -- cheryl: they are always late to the party, it never fails. >> then you have the market structure, average people, when you worry about the price of your stock, that's what it means. cheryl: do you wear glasses? >> i h

. >> reporter: in an interview just before she left as chair of the s.e.c., mary shapiro told abc news safe from the reach of american law. >> they see themselves as far away geographically. >> reporter: and she revealed the chinese officials rejected pleas she made last year in b beijing for help in tracking down the scammers. you don't have the help you need. >> not right now. >> reporter: the b-- >> there is no recourse. >> he says he and his wife lost much of their retirement money, about $60,000, in the stock of a chinese coal company, puda coal, traded in the new york stock exchange that u.s. authorities say had no coal mine. >> i'm not a big guy or a rich guy. it was tough for us. >> reporter: the puda coal chairman has been living it up ever since with the money officials say he stole. when abc news went to the headquarters of puda coal in china, we were told the chairman had not been seen for months and that no one at the office knew his whereabouts. >> do you know when he'll be back? >> that's amazing. that's amazing. how can he not at least be under some prosecution for this

i welcome the opportunity to lead those efforts and to build on the work of chairman mary shapiro andnored is present today. finally and most importantly i want to thank my husband, joan white, who is here today, on what is our 43rd wedding anniversary. >> today. >> today. for his strong support of me in seeking to enbeige engage in this significant and challenging public service. thank you very much. >> thank you. ashley: saying she welcomes the opportunity as the next head of the securities & exchange commission, as the next chairwoman. she doesn't have the technical expertise in the financial arena. that may be an issue that comes up in the confirmation process. tracy: right. ashley: but peter barnes saying from the white house it is believed she will get through that process. yeah. tracy: now we'll head back to nicole petallides on the floor of the stock exchange. i know you have a lot stocks hitting new highs, nicole. >> we go sector by sector. follow 10 sectors in particular. large ones. we see consumer discretionary doing well. banks, drugs, doing well. tech has pulled back obv

i welcome the opportunity to lead those efforts and to build on the work of chairman mary shapiro and honored is present today. finally and most importantly, i want to thank my husband john white who is here today on what is our 43rd wedding anniversary. >> today? >> today. for his strong support of me in seeking to engage in this very significant and challenging public service. thank you very much. >> thank you. . >> thank you, mr. president for the confidence you placed in me and the team with the financial protection bureau. we understand our mission is to stand on the side of consumers. our mothers and fathers, sisters and brothers, sons and daughters and see that they are treated fairly. for more than a year, we have been focused on making consumer finance markets work better for the american people. we approach this work with open minds, open ears, and great determination. we all thank you and the congress for the opportunity and the honor to serve our country in this important way. thank you. >> i just want to thank again mary jo and richard for their willingness to serve. thes

we've enjoyed a close working relationship with chris cox and mary shapiro. >> the regulation has gottenrvices. what's your take on the regulatory environment. it seems the financial services over the last couple of decades has been riding a wave of positives. deregulation, globalization. going forward economies are looking inward and regulation is only getting tougher. >> a lot of those customers you're talking about are our biggest customers, a lot of those financial institutions. as long as they are going to be facing a head wind like that, you see a cut on volume, too. they have fewer strategies they're carrying out because of all the capital charges. what i heard yesterday that i think is the biggest issue is not the breadth of the regulation, that's to be expected after a crisis, the problem is the lack of consistency across different jurisdictions. we all run international companies now. if you start to have the different regimes in different markets, it's almost impossible to run a business that way. i think that's what we have to struggle through still. that's going to be a head

maried i guess. ♪ . ♪ melissa: all right. time for a loaf fun with "spare change." today we are joined by author and radio talk-show goddess demonic crowley. and adam shapiro.ever you go goddess. >> everywhere. melissa: first up, check this out. inaugural luncheon. this is michelle obama, feasting away and rolling her eyes. he -- she does a bunch of times as the judge with the president. once this over and over again. she just keeps shoveling, i've been there. i understand that. this means they have been starving her all day. she's been going through it. she rolls her eyes like three different times and six ahead. >> yes. she shakes her head like look at this. how sad and pathetic. i'm going to eat more. melissa: there you go. >> expected to signal talk to the hand. >> but she knows she's being watched preachiness their cameras everywhere and she still just doesn't care. at the industry thousand calorie lunch. and don't care what anybody thinks. and he's lying. melissa: he's also saying, that thing again. yes. moving on, it took police to discover that former french president nicholas sarkozy and his wife are planning to move to london to escape that 75 per