the sec may be hanging investors out to dry. you if the whole idea is as safe as you think. at the end of the day its all about money. ♪ this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur adam: we have breaking news out of the nation's capitol. a house oversight subcommittee, is demanding, demanding that the federal reserve turn over documents and studies relating to sales of securities in its portfolio. peter barnes covers the fed for us. what does it mean for all of us in the real world? >> hey, adam. this look like a new line of attack as part of house republicans going after ben bernanke and fed easy money policies. the subcommittee on economic growth. part of the house oversight committee, darrell issa's subcommittee, has issued this letter to bernanke demanding materials fr

the sec freezing the swiss brokeage account they say was involved. t former sec chair harvey pitt tells us what red flags investigators saw and where this investigation could be heading. ♪ . to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he wo a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. dex. [ male announcer ] fast, reliable deliveries worldwide. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhal

the sec may be hanging investors out to dry. e idea is as safe as you think. at the end of the day its all about money. ♪ ♪ today isonna be an important day for us. you ready? we wanna be our brother's keeper. what'number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. adam: we have breaking news out of the nation's capitol. a house oversight subcommittee, is demanding demanding that the federal reserve turn over documents and studies relating to sales of securities in its portfolio. peter barnes covers the fed for us. what does it mean for all of us in the real world? >> hey adam. this look like a new line of attack as part of house republicans going after ben bernanke and fed easy money policies. the subcommittee on economic growth. part of the house oversight committee darrell issa's subcommittee has issu

like the international organization security commission, but we are working actively, the cftc and the sec with regulators around the globe who are in the process of writing the same rules. they are in somewhat different stages, some are still at the legislative stage, some are just entering the rule writing stage but we all acknowledge the importance of making sure the business can take place across national boundaries and that we remove unnecessary barricades. we want no incompatibility or conflict but we want to look at ways the we can make our rules more confidence. we are both looking at techniques such as what we call substituted compliance where you can have an entity registered in the united states, and obligations complying with its own country laws. we think this will ease the burden and we are looking at this carefully. >> any comments? >> we are in better shape than we were two years ago, and the european union has a lot, canada and japan, four very significant jurisdictions between which we probably had 85% or 90% of the worldwide swaps market place. we are ahead of them in th

the sec is freezing accounts in switzerland. the report also notes 3g has previously been involved in insider trading cases, including the takeover of burger king. the company had no response to the times' report. xoom lived up to its name in its first public day of trading. xoom opened at 21 dollars and soared 40% as investors hopped on the latest developments in cash-transfer technology. the ipo priced at 16 dollars a share, above the expected 13- to 15-dollar range. xoom trades under its name, ticker symbol "x-o-o-m," on the nasdaq. the chips are down for donald trump's atlantic city casino. trump plaza was recently sold to a california company for $20 million. it's the lowest price ever paid for a casino in the jersey gambling mecca. reports say trump entertianment resorts is $270 million dollars in debt. the donald has a 10% stake in the company. in our cover story, makers of electric and hybrid vehicles got a boost from one of their own, a solar energy systems ceo who organized a road rally in chicago. more than a dozen alt

but, according to marketwatch, the sec has paid out a scant $50,000 in claims. that's despite a fund of $450 million. some say the process takes too long and are hoping senator elizabeth warren may push the program to its full potential. the federal reserve confirms that one of its computer systems was hacked. apparently it was the work of the hacktivist group "anonymous" and targeted an emergency communications system. the fed released a statement saying the exposure was fixed quickly, is no longer an issue and did not affect critical operations of its system. the breach did, however, involve the collection of sensitive data of 4,000 banking officials. the ntsb says it will release its latest findings today in the investigation of boeing's troubled dreamliner. however, the agency specified the full investigation "could take weeks." the ntsb is looking into "risks" associated with lithium-ion batteries used to power the extensive electrical systems aboard the 787s. reports say boeing is working on a new battery design. defense contractors want a budget deal out o

the market. no. is it a case of too good equals too bad? sec is too cozy with wall street? the relationship might be closer than you think. plus, how would new york times car review is slamming tesla today and something microsoft said which has everybody, you know, scratching their heads, mandy. but investors are smiling. >> okay, yikes. so many great stats to choose from. okay, okay. i know, you're looking at numbers there. thinking, hang on. markets are looking soggy. but here it goes. indexes that are record highs are dow transports and s&p 400 mid caps. in fact, sa this week is going for its seventh straight week of gains it start the year. it f it does, folks, that's the first time it happened since 1967, break out the go-go boot everybody. meantime, let's get down to the floor of the stock exchange. mary, what do we need to watch out for here at the beginning of the week? >> we are looking ahead to important data being the retail sales and of course retail earnings. i want to start off with another stat, mandy. did you know since the beginning of of the year, s&p 500 h

trouble from the the sec on disclosure. gs, if you're worried about the stock at least in the midterm. ashley: yeah. >> you have to worry about the overhang of an sec investigation or being fined or sanctioned in some way because of this disclosure issue thhy're pointing out. they're pointing out they need to do it better. if that's what they're saying you can bet the sec will say the same thing. ashley: have we had anymore comments from ackman? we were talking yesterday he would go through the latest results with a fine-tooth comb to look for something to bolster his argument? >> he is not saying anything. i e-mailed contacted him. he hasn't commented. at some point he will come out with the his side of the story. he is getting a lot of negative press. there was editorial on "the wall street journal" of all places which sort of took issue with him. the press, hold man jenkins, which i think is really good writer. the he took issue with ackman's attempt to get regulators to close down or sanction herbalife. i will say this a

people propose something and the sec has to decide whether or not to put it out there. a blog yet. this is what is at least being weighed by the commission. the advocacy groups are pushing. thhy are getting very active in those proxy fights and in the sort of politics around what wall street in the corporations have to disclose. it involves whether or not these companies have to disclose how much money they have given to trade organizations. why do the unions care about this? guess what, the u.s. chamber opposes a lot of their political agenda. obamacare was very much lobbied by big labor and by the obama administration. what they have done is they have bombarded the sec with comment letters on this issue. what we understand is ttat the sec in april will be making some determination on where they go with this. it will be the first big regulatory issue that mary jo white, she probably will be confirmed, the question is, does she go for this? this is a huge issue for corporate america. listen, corporations make a lot of disclosures. you give money to aipac, you have to dis

so as the sec prepares to issue new regulations, will they be able to maintain that balance between public and private markets? joining us now is daniel, mil ken institute director of financial markets policy. great to see you, daniel. you had a wonderful -- this is why we got you on here. that piece in "the wall street journal" called who needs wall street was provocative and, essentially, talks about crowd funding, vis-a-vis the new jobs act which allows for much more freedom for companies to issue stock in the private sector as opposed to the public markets which are much more highly regulated. so what -- how would you balance that out? what could, what can you do if you issue in the private sector that you can't do in the public sector? >> yeah. well, first and foremost, thank you for inviting me on to your program. david: of course. >> look, the jobs act is a bill that's focused on improving capital access for american companies, especially start-ups and small businesses. it was a bill that sailed

last week the news about the sec investigation into trading for heinz. course right before, the day before the announcement was made by berkshire hathaway that they were going to try to acquire heinz, some very mysterious trading leading to 1.7 million dollars in profits, leading to the sec investigation. now, the fbi is involved. they have launched a criminal inquiry into these, this options trading business. they are consulting now with the sec to determine if a crime was committed, perhaps a postal crime, seeing how some of those postal agencies may have been used in transferring of the money. we'll give you all the updated information. the fbi has launched an investigation into the heinz trading situation. >>> meanwhile health care providers are taking a big hit today after a proposal to change medicare rates turned out to be a lot lower than anybody expected. will the proposed rates stick and will health care stocks continue to go into the dumps as a result? we'll head to the sec with the latest. to grow, we have to boost our social media visibility

what we have right knew is the sec right in the middle of it.ld point out that mary schapiro met with a lot of advocacy groups over last couple years. she is out. mary jo white is in or still needs to be confirmed. what people will tell me this is the first big major regulatory issue mary jo white takes up. do they actually propose a rule. they have to pass it. they have to put it out for comment. ashley: right. >> do they go in that step? it will be pretty big. corporate america is starting to get worried. when you go to the sec to pass stuff like that it is different than going through the proxy process which as you know is piecemeal. ashley: charlie gasparino, all over it. thank you very much. interesting indeed. appreciate it. shibani: thank you, charlie. not to mention the costs associated with additional filings. ashley: sure. shibani: it is almost a quarter till. as we do every single day and every 15 minutes as well, let's check the markets. nicole petallides is on the floor of the new york stock exchange. you're looking at a retailer, m

think it is and in one sense, david, this case is a classic example because you have one agency, the secuires some of these credit ratings and now you have the government saying, these credit ratings shouldn't have been given and they were tainted. it's a catch-22 type situation. david: harvey pitt, the former chairman of the securities & exchange commission. harvey, good to see you. thanks so much. appreciate it. >> good to be with you. david: liz, over to you. liz: david, i know you heard this one of the post office announcing it is ending saturday delivery of letters but it seems some don't want to let saturday delivery go without a fight. a possible legal fight? we'll talk about this next. ♪ . i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investm

know, has been reported in the past. sec kicking tires here. that reported. company hasn't commented. but they are there. we just don't know how deeply they are there. >> i just wonder what the company does at this point. michael johnson, ceo, at times combative and public when he heard something on our air. something he hasn't liked or ackman or other folks have said, he has come out. i just wonder what is going on in the sea sweets of herbalife as they are caught in the middle of these two. battling it out. >> michael johnson, it is so close to him and going back and forth with him. his exasperation on the issue, i can only imagine. he just hate this battle. he is very passionate about it. >> can you blame him? lock at volatility and his stock. look at what happened on our air over the last half hour. >> again, as i say and as i said in the american dream, there are issues here that must be addressed. no bright line rules. that is something, not just for this country, this company, but for an entire industry. >> all right,

we met with rob khuzami, who was head of enforcement for the sec. e met with a senior deputy in the fbi, kevin perkins. >> we sat down, and we sort of got down to business, and ted said, "chairman leahy has asked me to hold an oversight hearing that will provide me with a public forum to explore, you knowjusthat you'reoing on this front of investigating wall street." well, that certainly got their attention. >> they started telling me about this great thing they had out in california, this web to catch the mortgage brokers who had given out the loans. and we made it clear to them, i made it clear to them, that absolutely positively i don't-- i'm not-- this is not about l.a. this is totally about what went on on wall street. that's what the bill says and that's what the emphasis is. >> we said, you know, "don't just come back here a couple of years from now and say, you know, 'look at all the small fry we nailed to the wall.' you know, we're talking about also iestigating senior-leve people at wall street firms, even at the board level." >> i think we

the jam. he had a game high 18 points. virginia pounds georgia tech, 82-54 to improve to 9-5 in sec play. >>> staying in the sec, virginia techers of nine in a row hosting florida state today. first half, jumping around, barksdale. rejected in the lane. out to green who sinks his only 3-pointer of the game. led by 2 at the half. second half, florida state rallies. the jam. seminoles cut the deficit to 4. next possession, green drives, pump fake and foul. game high 26 points. virginia tech wins 80-70 for its first win since january 19th. >>> women's hoops, maryland looking to avenge a loss to duke on february 11th. second half, maryland trailed by 17. then they come back. shock clock winding down. thomas, nice to hawkins. terrapins slice the deficit down to 8. two plus minutes left. duke up 11. jones knocks in the 3. she had 15. maryland falls to duke, 75-59. it gives the blue devils the acc regular season title. >>> golf, hunter mayhan. after an off line tee shot, makes amends big way there. he defeats holter. faces kutcher, who defeated day in the other semi-finals. using the wedge on the 6 hole with a tail wind. he's starin

what i would say is pay attention to the statements that companies are delivering to the sec. since october of 2011 the sec has been fairly involved in looking for disclosures and asking companies questions whether or not it had intrusions. this information is on-line, on the databases and i encourage you to take a look at it. >> we have to do a lot more research than just looking at where the company is a good investment or not. what about any at thes that-- tips that you have for the rest of us who get an e-mail. it looks like it's an official company e-mail and you click on it and create half okay, as darren said think before you click but any other advice on that? >> compass's exactly right. i would say when you get an e-mail like that if you need to verify it use the phonement don't go through a clicking a link or something like that. take it to out of band mechanism like calling the investor help line or something like that to try to validate whether or not the company sent the e-mail. >> all right, a lot of good advice on a very important issue. we really appreciate you

the sec is taking a look at the timing of the size of those trades.arned $1.7 million when they bought the stock just before the announcement was made. marcus store and macy's heading to court today. macy's is suing mark the start to get them to cut ties with j.c. penney where they also sell products. macy's claiming that they have an exclusive right to sell our products. her products. speaking of which printers staplers, paper clips are their business. a merger of naperville officemax and office depot could happen as early as this week. they have been discussing a potential stock swap that would create a single retailer to compete with staples. they have been competing against each other for years. word is that they are finally nearing this deal. staples brings in more revenue than the other two companies combined. they may have trouble getting this deal past the government. it would leave only to big box office retailers. the obama administration has been talking tough about enforcing antitrust laws. still to come, the warning from health exerts abo

but, look, on the flip side here and what the sec is grappling with as well is putting in place proper and balances to make sure that investor protections are in place as well. because we are changing the way that capital formation will take place. david: you bring up an interesting point because greater freedom always means greater risk, and many people are always pointing out this is a risk averse administration, the obama administration. they spend a lot of time worrying about the risk that investors entail. won't this sort of eventually demand a whole new set of regulations, for example, on how you resell some of these unrebelling straited securities? unregistered securities? >> yeah, look, it's a great question. and i will say, you know, what made the jobs act so unique is it truly was a bipartisan effort. the obama administration was very much so behind the jobs act and especially public crowd funding, but there's no question that there are going to have to be proper checks in place. title iii of the jobs act that deals with public crowd funding already does have some restriction

. >> last week's time dillon getting a closer look by the sec and the fbi. linda bell joins us to explain those stories and more. good morning. there's a report on housing starts. it will give us a closer look at how many new homes are under construction. ahead of that, stock-index futures are little changed. the deal involving heinz ketchup last week is getting a closer look. the fbi is looking into a criminal probe of trading anomalies. they noticed suspicious trading through an account at goldman sachs and that was a day before warren buffett announced a takeover. 13,000 costco workers have a new three-year contract as members of the union ratified it overnight. it includes a 9% wage increase and stronger job protections. this impacts workers at 55 locations in four states including maryland and virginia. the postal service is jumping into the fashion business. the airline industry is bracing for another big winter storm. those stories and more in the next hour. live at bloomberg headquarters in new york, linda bell reporting for abc 7 news. back to you.

but the sec was later forced to pay a $750,000 wrongful termination suit to aguirre in that case. but what's so interesting is that aguirre's boss, the guy who killed that case, went to work for mary jo white's firm nine months after the case died. and he got, you know, a multi-million dollar position. it's a classic example of how the revolving door works in washington. you know, you have these regulators at the sec. and they know that there's that job out there waiting for them. so how hard are they really going to regulate these companies when they know they can get that money? but in washington, you know, people kind of shake their heads at it because it's so common you know, that these people, they move from government back to, you know, these high priced legal defense firms that represent the banks. and then they go back to government again. and it's this sort of, this coterie of, you know, 100, 200 lawyers who really run this entire thing. and it's all the same people on both sides. >> lanny breuer was one of them. he was in a very prestigious washington law firm. jack lew,

[sighs] - the sec and the fda announced they are independently opening investigations into bowers pharmaceuticalswers, we've got some questions. - mr. bowers, are the allegations true? did you have something to do with your sister's death? - there were people counting on you. you gave them hope, and then just-- you're a monster! [reporters yelling] - ohh, freezing. why couldn't our dead russian hit man have taken the subway like everyone else? - so andrei's apartment was clean, and you're telling me the car's a bust too? i don't think so, man. hand me the keys. [alarm pinging] - hey, genius, you want to start the car, you've got to turn it clockwise. [rap music on radio] - look, man. i came up in narcotics, all right? all these dealers-- they got trap doors to hide their stashes in. you just got to get the right combination of switches to open it. [rap music continues] it could be radios and wipers, it could be--hello. [mechanical whirring] jump drive. - holy crap. who didn't check the freakin' ashtray? [cell phone rings] - agent moreno. yeah, i put a flag out on teo agresar. what's up? yeah, bri

our advisory committee with private-sector orientation, reported to the sec, but my view was to look for the best in technology. we started an international competition to pick any standard , and we had an editing come forth with digital transmission as a possibility. general instrument of in california, and many of the other entities seeing that and perceiving that it was feasible and that it would be a better signal came in and changed their analog systems to digital. we tested the systems under very objective standards in a laboratory that had been built in alexandria, virginia. this took many years, and there were six systems, seven systems tested including the japanese analog system in the american digital systems tested better. after the tests were over in the early 90's the digital systems had developed a sort of on the fly. i give them a choice of either improving their systems, the basis of the new standard or may be getting together and having as single best of the best elements system, so-called grand alliance, and that's what happened. to make a long story short all the di

our next meeting is usually planned for the sec second friday of the month and that would be february 8th here at city hall, but since we are having low attendance at our meetings and we haven't had many suggestions on typicks, chairman roland wong has rented that we have a joint meeting with the multimodal accessibility advisory council. i believe their meeting is the third thursday of the month. and that would be the 14th. valentine's day. we'll put out a meeting notice and topics on that, i think are topics that will involve cycle tracks and some of the projects happening in san francisco by mta. our meetings are usually held at city hall the fourth floor, room 42 1 and should you have any ideas for our physical access committee please don't hesitate to contact me. my email is johnpaul.scott@sf.gov.org. it hasn't come up yet. thank you. no period between sf and gov. my telephone number is 415-554-6789. just call me at our main number. and our tty is 415-554-6169. thank you. my second presentation is on the mayor's office on disability capital projects requests for the next fiscal y

i have seen my fair share on the hill, talking about things in front of the sec. but it's been a while. my current role, i don't have a responsibility for the cable industry. michael powell, who is the ceo, michael and i have known each other for many years and it is a great partnership. >> host: what is the future of wireless when it comes to the cable industry? >> guest: it is a growing interest of the cable industry. we have cablevision, comcast, time warner, etc. all bringing those networks together. you are a cable subscriber and you have access as part of that. they want access to this in their home, and also outside of their home. we can offer the value-added component when you are out and about. that is not just limited to your neighborhood, but being able to use that nationwide. >> host: back to beyond the obvious, you talk in your book about the importance of the question. >> guest: if i ask a question, you can't stop yourself from answering the question. so if i ask you a question, you have populated the answer and respond me. if it's math question, the

now he is heading to the sec. >>> if you are waiting for tax refunds may spend time on the irs web sited the organization says the where's my refund? web site and app are being overwhelmed by anxious taxpayers wanting to know their refund status. officials say you don't need to check it. it is only up dated dalely. >>> can you buy a dress at a discounted price and contribute to a good cause at the same time. 1000 brand name gowns will be on sale at the share ton hotel a portion of the proceedings will benefit the support foundation in the area. >>> a portion of white street will be closeed so crews can remove a bridge. we're see that at 10 p.m. they will not travel between conway and pratt street. it will be open at 5:00 on monday morning. beyonce will hold two concerts as part of the mrs. carter show. and the tickets for the performance sold out in less than a minute. so the superstar has added another one. the ticket goes on sale at 10 a.m. >>> breaking news. can you train to survive the zombie apock himself. there will be the survival camp. it is a boot camp style class showing to yo

a lot of businesses save names and john mackey says that, but the reality is sec rules make it hard to have transparent discussion and see what rethinking and wait in the waiting of trial lawyers. their argument would ears a lot of cultural aspects that are in place, that work against thinking this way. .. we've allowed government to increase to such a large scale, the people has, our society has, because we want government to protect us from these sociopaths. as long as you see corporations as primarily sociopathic, the rationale from government to protect is from the sociopath is compelling. so business itself has to discover its higher purpose and act in a different way and improve that overall rating to get it up to 90% rating, and then the press for regulation to control us and protect us from the sociopathic corporations will lessen because it will be self-regulating and self-policing. so i sort of blame business for falling into the influence of the critic and acting in ways that are detrimental to their long-term best interests. >> host: do you think someone who lives in washin

our own charlie gasparino is reporting that the sec is set to decide on a new rule forcing corporationspolitical contributions to groups like the u.s. chamber of commerce. the sec tells gasparino it has received close to 500,000 letters from advocacy groups and union organizations with ties to the obama administration calling for increased disclosure. that is the latest from the fox business network, giving you the power to prosper. to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. is. sandra: news on pnc bank. the nation's ninth largest bank. they're announcing that william demc

or is there still a possibility that there is new leadership at the sec, is there still a possibility'll see some of the trials going back wards? >> i am deeply skeptical about it. i think the ship has sailed. and i think the reason is one statute of limitations, but that is not really a real issue, they have under statutes under which to bring these things. but i think the investigations have largely gone dry. lehman brothers has largely gone dry. aig has largely gone dry. now note, there was no systemic implications of prosecuting people, because aig was not out of business but the individuals had left. lehman was out of business. so that is a poor excuse. now whether we've -- seen the department of justice in los angeles just bring a case against standard and poors, the credit rating agency, for activities leading up to the crisis. so there may be activities trickling in, but there are going to be no major cases brought against j.p. morgan, merrill lynch, for any -- lehmanbear stearns, for any of their activities. and that leaves us with a big question on what led up to the financi

that is the looming sec quest tore deadline. resident obama pleading to congress to delay the cuts to the president warning the entire economic recovery depends on this. spending cuts are set to kick in by march 1st ss if lawmakers do not reach a budget deal. a move that could threaten national security. so will a deal be made? that's what charles krauthammer is talking about this morning. >> i think the republicans are going to allow the automatic cut the sec quest tore to go into effect. the president had to go on television he's scared to death about that. he doesn't want domestic cuts and as commander-in-chief he's worried about the pentagon cuts. he's on the defensive. they are saying we are not going to lift a finger until you offer us alternate cuts in the same amount. >> meaningful spending cuts to dallot the budget. >> otherwise they will go for the automatic cuts. >> that is march 1st. >> it's the only twhar going to get any cuts out of obama. it's now automatic. all you have to do is stand back and do nothing. >> it is

this regulator running the sec no longer understands what is going on. i have said the public is not more tuned into this issue. my biggest goal in the book was really to write this book not for a wall street audience or anyone who knows anything about finance, but to write it for people who know nothing about finance. to pull the curtain back to show. there are a lot of good things going on wall street, but a lot of conflicts of interest. only if the public holds politicians feet to the fire will things change. my hope -- an earlier question was how can business school students and college students change things. one thing, speak to politicians, hold them accountable. fill yourself in on issues. when you do work in finance, act within your own ethical compass. one by one people can change things. but i do think politicians ultimately probably harbor the largest amount of blame in this. >> this was a great segue to my question. what are your plans for the future as far as her career? i think you would be great in congress are working for the sec or the de