that's where the first rule of real estate comes in -- location, location, location. >> some of these properties are vacant. you would really rather be safe than sorry. >> not every market is as friendly as charlotte. >> we have to figure out if we want to tear it dun on rehab it. >> he's flipped 60 properties across the country. his latest acquisition in dallas is a 91930s bungalow. and it's become quite a challenge. >> it's not worth the effort. and this yard sucks. it sucks. >> he knows it takes a tough skin and a tough dose of reality to be successful in the flipping game. >> this can't be a first project, a second project, not a fifth project. you've been doing this for five year, then maybe you can start to look at something like this. this isn't something someone should dive into. >> he helps first-time slippers dive into the market around the country. >> no money down, i'm going to make $100,000 in two weeks, i think people oversimplify it and they don't take enough time educating themselves. >> back in charlotte, kim and maria realize making a profit can be tough. >> to make

put their businesses in those food courts really lived by that old real estate saying, location, location, location, they were in this heavy foot traffic area, a mall, or even an airport. when the recession hit and people weren't flying nor were they shopping, and another thing happened. the way we shop has changed so dramatically, think about it, over the last ten years, we're shopping on-line. and when we do go to the mall, it's for a shorter period of time. it's not a full day event so we're not hanging around for lunch. >> most of us are trying to get in and try to get out. you mentioned the recession. the recession ended five years ago so, why now? >> there is really a tale of two recoveries. and a lot of the retailers have said there's been a high end consumer retail boom at the same time where the lower end or the cost-conscious shopper really has been taking a seat back. and part of that has to do perhaps with some changing in the way we get paid and things have been frozen. some of this has to really impact all over, the mall, that cater to the lower end, the companies like sears and radio

location. location, location, location and with that comes context. with context comes really big data that can allow really interesting and exciting things. and really scary things but once per year if you are a privacy person, you have to watch the i have a dream speech and a member it's about people. and then you have to read warren and brandeis. i'm assuming you read it to your kids at christmas, i do. it's about technology and codecing the ability to have a mobile location-based technology that would reveal things in context for people who could not control the context. it sounds pretty relevant to me today, as relevant as it was at the turn of two centuries ago. >> interestingly enough, we are talking about corporate issues. in california, it is a right and a right in europe and certain asian countries but otherwise, it's part of the struggle. >> we are one of the few outliers that does not have a federal comprehensive. as has been pointed out, we are more regulated than almost of any other place on the planet. it is not fictitious, they will com

the saudi's are important if you are in real estate, usa location, location, location. are three places in the world are problems for the u.s. russia and iran and china. and certainly russia's expansionist tendencies are evident in the ukraine and we need the europeans to help us put pressure on russia. so you're not going to have a happier up unless the saudis and the rest of the middle east make energy available to europe. it doesn't have to come here. but it does certainly have to work out. neil: do you say that there will not those other guys? >> i think they have to expand. what it comes down to is even real and benjamin netanyahu is happier with a position on iran or a particularly because of their location and they are without of obama. and they have been very clever in working aggressively to get a strong position in china which had been working hard and the best friend we have in putting pressure on china today. and we may not be thrilled but we still have a very important ally. neil: i'm not dismissing him. what i am dismissing his accounting this as much for t

earthquakes are like real estate, location, location, location. in eureka, it was 50 miles away.ple junction where they have both the san an andreas fault. as it looks new york city everything is okay up there. sky is clear. the high pressure bounce back. as it does, it really puts the pressure on the bay area. so if the temperatures do reach the 80s by the weekend, we will be in near record territory. just a degree a day and we will be in the 80s by next weekend. sfo italics sunny. winds in the west 25 miles an hour. overnight low, 49. la looks pretty good. 75degrees. snow in denver. 46. overnight lows tonight, upper 40s, low 50s. for tomorrow, the numbers come in pretty much in the low 70s to upper 60s. 68 for san mateo. morgan hill, 72. east bay is looking good. temperatures in the upper 60s. same for the north bay. 68 for mill valley. 72 at ken field. for us, sunshine as far ahead as we look. look what happened by saturday and sunday. we will be in the low 80s inland. first time in a while. so, expect the pressure to be on and temperatures to come up. that's weather. sports,

location shgz location, location, nate silver researching every picture nominated and found 20% take in new york. most common winning theme, relationship between husband and wife and it turns out something else helps you get nominated too. >> snap out of it. >> that's right, a good slap in the face, 31% of best picture nominees have someone getting slapped in the film and so much focus on the speeches who will get the best one, who gets nudged off the stage by the music. the longest oscar acceptance speech ever was given by greer garciaen for "miss minerva. five minutes much the shortest just two words, patty duke winning supporting actress for "the miracle working" simply saying "thank you" and all of us saying thank you forhat. >>> when we come back here, which song will win the oscar tonight and the versn of the song you haven't seen. across america, people like basketball hall of famer dominique wilkins, are taking charge of their type 2 diabetes with non-insulin victoza. for a while, i took a pill to lower my blood sugar, but it didn't get me to my goal. so i asked my doctor abo

location. >> location. the lawyer firm is not an the anti-eviction list, responsible for the majority of no-fault evictions. >>> a local nonprofit is helping struggling bay area homeowners fight for closure. the neighborhood assistance corporation will be putting homeowners in touch with bank representatives to help them lower their mortgage payments. the banks and counselors will be at the marriott hotel. bring bank statements from the last six months, if you plan on attending, and pay records from the last 30 days and last year's tax returns. >>> dublin detectives found a child and took him into custody. authorities are deciding whether or not to charge him in california or montana. police say this is still an ongoing investigation and he was released into the custody of his parents. >>> this video was shot an an occupy oakland protest. the man has settled a federal lawsuit with oakland. the veteran said he suffered a traumatic brain injury after being hit by a projective shot by police. that projectile fractured his skull and he says the injury has left him unable to return to his high-tech job. we spoke with the plaintiff today who says no amount of money will make up for what happened to him. >> it's been a long two and a half years and a lot of stress and i'm happy to move on from it. regardless of how many millions of dollars they give me, they could give me $100 million it still wouldn't be okay. it won't give me part of my brain back that is dead. >>. >> she considers this a fair settlement considering the injury will affect him the rest of his life. >>> the irs is warning consumers about a phone scam that has tricked thousands of people out of more than $1 million. we have more details. >> reporter: this phone scam is targeted at taxpayers and specifically recent immigrantings. the scammer says the funds must be paid immediately with a prepaid debit card or wiring funds. if the victim refuses to cooperate, the scammers become aggressive and threaten to arrest or deport the victim. irs says they don't normally initiate contact with people over the phone and they never ask for wire transfers or credit card numbers or prepaid debit cards. if somebody calls claiming to be from the irs and threatens arrest or license revoking, that is a sign it really isn't the irs calling. if anybody suspects they have received a call from a scammer, they are asked to contact the irs or the federal trade commission directly. >>> a beautiful spring weekend is in store for us, so a great chance for spring cleaning, if you want. oakland had a wind gust of 24 mph this evening, so tomorrow, morning fog, and maybe coastal drizzle, but lots of sunshine. sunday, the same. then the rain returns for next week because, boy, do we need it. wind speeds right now, fairfield, the delta, 21 mph, oakland, 12, with gusts of 24 mph, so definitely breezy in some locations pressure is in place giving us all that sunshine so it will be a cold start tomorrow morning, especially up in the north bay. santa rosa, 43, the low. san francisco, 51. livermore cooling down to 43, and san jose, 46 degrees kicking off your saturday morning. afternoon, lots of sunshine. a lot of low 70s. san jose, 71. for the east bay, a nice day, 72 in walnut creek, 69 in castro valley. the north bay, after a cold start, a beautiful day for you, a great day,73, your high. here is your kron 4 7-day forecast. the warmest day is on monday with changes, and we're looking at cloudy for tuesday and wednesday and the rain arriving on tuesday and impacting the rest of the bay area by wednesday, which showers likely. >>> in sports, the cardinals try to punch their ticket in the ncaa tournament, and the raiders have a new quarterback. we'll tell you all about with sports coming up next. gary radnich will tell you all about it. [doorbell rings] hey. hey. what's this? it's u-verse live tv. with

finally god some band width so they began to experiment, but a lot of locations locations why had the -- a lot of places where they were located on the spectrum where in the uhf or fm spectrum. people didn't have those kind of sets until the 1960s. you began to have public radio come starting around late 1960s after the creation of the corporation for public broadcasting, and you had a clause stuck into what was ostensibly a funding bill for public television, that became a mechanism for a national public radio network, and so that began to take off starting in the late 1960s and early 1970s. in fits and starts. there was an npr bankruptcy in 1978 or -- '79 or '80, but became well institutionalized after that point. >> host: what about talk radio? >> guest: talk radio really started in the 1980s. there were around a relaxation of the fairness doctrine, where radio stations became less concerned if they provided only one point of view, they wouldn't get the fcc coming after them. also a story around satellite broadcasting. you had the ability to distribute radio programs by satellite, meant that the rise of the personalities li

. >> osgood: in movies as in real estate, it's all about location, location, location. r takes us to a perfect location as you can imagine. >> here is a trivia question. who or what did director john ford make a star. as a result of his 1939 movie "stage coach." >> whoa, steady. >> if you said john wayne you'd be correct. he definitely was b list before this. there's another answer, want a hint? i said who or what? i'm talking about the place. monument valley, 92,000 acres filled with colossal stand stone formations. iconic thanks to john ford, and the nine films he made here. >> there are certain places in the world that seem like special effects, they don't seem real, they seem too perfect. first time you come here you sue it through john ford's eyes. >> scott eyman has written a biography out in april. >> the american settlers never came here. this was navajo territory. but as a metaphor for the american conuq:u of space, of the continent this is the american west. >> this spot is now known as john ford's point. >> so in the climax of the searchers the indian villages

it's location, location, location. south of the highway, is that right? >> yeah. south of the highway. you walk and get stand in your toes when you walk out the door. >> how would you sell this house? >> nate berkus designed it. it is absolutely beautiful home. and i think it's one of the next houses to go. the hamptons is now coming into season. this house is going to go. it's beautiful. >> why has it not gone quicker at a higher price? >> there was issues about showing it, guests staying there, there were all kinds of issues. i think this is one of the next houses to go. >> does he have another house out there? >> yeah. >> he has another house. and he's doing all the concerts -- he's going to own madison square garden. see you next hour. >> thank you. >> sue? >> thanks, guys. a new episode of "the profit" airs tonight at 10:00 p.m. and the profit himself joins us here on "power lunch" for a sneak peek coming up next. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from exp

it's all about location, location, location. >> reporter: but now the show says it wants even more and is holding up production of season three. >> we just gave them a great gift. >> reporter: now "house of cards" is getting a dose of political reality. show executives threatening to pull out telling governor martin o'malley "we will have to break down our stage, sets and offices and set up in another state." maryland lawmakers are doing what kevin spacey's character frank underwood might do, playing hardball. >> certainly the idea of being threatened by frank underwood seemed to prompt -- seemed to us to invite a frank underwood-style response. >> i may have pushed him too far, which is worrisome. friends make the worst enemies. >> reporter: they passed an amendment threatening to seize certain property of certain film production entities if they leave the state. in other words, if "house of cards" wants to leave maryland, the state wants to make it hurt. >> there are two kinds of pain, the sort of pain that makes you strong or useless pain. >> reporter: politicians are on the edge of

and the limited locations was approved we knew there were other locations we've heard from neighbors and community groups and supervisors to please come and address that. the locations we bring you today are a second group of locations that are appropriate and proper for the use of this overnight parking restriction. i want to note that while this is not as some folks feel an attack on homeless we recognition that because it's a blunt object there's the chance and like i would that someone living in a vehicle might be affected but i'll say to the extent that a problem exists with parking management managing the streets and hygenic and clean use of the streets i don't personally building that the agency can slug but it's a complex question and you'll hear i'm sure comments from the public it's not a yes or no question. in your surveys before bringing this to the board and again last summer we saw that about half of the vehicles that were subject to this restriction were commercial vehicles vehicles not libel to have someone living in them and that's just as inappropriate to have it parked alongside a school yard as a camper that someone will be living in. it's not us

location it's just an average location as far as i am concerned, and that's because san francisco has brought in the bright and he's from staus beggar and was importing french wine into our city and now she wants to let people hear nice music awhile tyler drinking the wonderful wine. i want to give you a context open valencia street and if i could have the overhead >> we have a technical difficulty you're going to have to do it without. i'm verbal lids this is perhaps it's valencia about four or five years ago we had those narrow streets and remember all the trucks parked in the medium >> now we have those big wide sidewalks to black litter and concrete and bike racks there and no more medium parking and basically that didn't justice happen a number of us when we had the director of paychecks we had to run down valencia i was the president the merchant we sat down and worked through the landscaping and we wanted to have a great promise in addition open valencia street and have the interchange of the pedestrian addresses the building interchange and have more entertainment. while the s

locater to find the flight data locaters. and a blue fin 21. >> it won't do any good unless that search zone can be nar road. >> we need better point of impact estimation than we have right now. u.s. navy commander is leading the team that will deploy the locat and it need to come within a mile of the locater. i can search approximately 50 square miles a day. if we are searching for a beacon and we are leaving on borrowed time i need something that is less than 1,000 square miles. >> as you said, challenging. very low propability if that is our search air yaxt and that is a sobering thought for those families. those working to deploy her are mindful that every minute counts. the signal will last nor than a week wreckage has been dragged for more than a week now. >> i want to bring back our fpa now. he said listen, it's not useful until they have identified a debris field because of the range of the pinger locater and what they drag behind the ships. is it because they don't have much on the ships? >> it is moving it into position on spec. if you get it close to the search area with time dwindling, they will be able to get that device on station and listening that much sooner. it is sort of protectively putting it in place. >> it is something

location located near 880 and the airport. reporting live from san jose janine de la vega ktvu channel 2 morning news. >>> all right, janine, 5:36 this morning they are searching for the cause of a fast moving fire that destroyed one house and damaged another. it started in the shed of the two home the put those flames spread quick dash quickly. >> you watched it catch your house on fire? >> oh, yeah. >> the firefighters are saying it may take awhile to know the cause of the fire but they say it does not appear to be suspicious. >> police say he try to the middle school. the cashier and then he turn -- the man later turned himself in to police. >>> it is scary, you get a call, hey, somebody tried to approach me and hey, that is dangerous. >> this is not the noise incident involving a child near bancroft. somebody read it that, and they reported a simple incident. >>> the man is out of jail. they formally dropped the homicide charge for todd thorp. it came after he backed up his claim that his deadly confrontation sunday night was that heed intoed to do so. >> no, i sharp at mitt he -- they removed him and said they may try to retaliate. >>> it is a huge victory for the city of san jose and the south bay. >> law enforcement agencies arrested -- arrested two people targeting a big gang back in january, police arrested 20 other gang members. they used add tattoo as the a front. hoe zip as and he was arrested for three violent felonies. >>> the police department is now hiring and if you drive by police headquarters, you can't help but get the message. take a look, a big bander is hanging on the side they re-- received. they started an account at o.p. jobs designed specifically for applicants. >> i have a great work ethic and i believe i can bring something to the table. >>> that is coming up next month happening today, that victim comes after he was pepper sprayed. it is scheduled. the one who sold a winning lotto ticket. he said a frequent customer and the woman drives a cab in the area. that tickets matched all five and he will get 0 e$10 million just because he sold that ticket. it did match all six numbers and one was sold in maryland florida which is 55 miles from orlando florida. the other one was sold in laplace maryland and the jackpot was $415 million and so far the winners and that one is word it and they saw it on february 19 february 19th. >>> a surprising find at a pleasanton construction site. the reason the discovery was particularly emotional for one bay area woman. >>> and construction on the first rapid transit project, it is about to start three ways it is expected to start on the south bay commute. >>> thanks 0 getting clear -- slower. we will tell you more will this commute and the bridge. >>> a lot of rain and i will tell you more on the extended outlook. [doorbell rings] hey. hey. what's this? it's u-verse live tv. with at&t u-verse... you can watch live tv from your device. hey. hey. anywhere in your home. [doorbell rings] hey. hey. so you won't miss a minute of march madness. call now to get a u-verse bundle for the same great price for 2 years. guaranteed. . >>> welcome back, they are investigating several possible scenarios which caused a helicopter to crash in setting three cars on fire. the pilot and photographer were killed and a man down on the ground was seriously burned the crane operator was in radio contact before the crash and there is no immediate evidence the construction played a role. they are checking over maintenance record and are also looking looking into the safely effort. russia is taking over crimea following last sunday referendum where they voted to leave ukraine and join russia. >>> vice-president joseph biden will take part in a round table event focused on expanding an event for women and working families. he talked at the valencia college. according to the white house, president barack obama will highlight the role of women in the u.s. economy and the challenges they still face. >>> a kentucky council came away with an add merer and has been mentioned for president. he spoke at campus yesterday and said his libertarian leaning message may appeal to those who are quite aggressive. >> i think for the speed, we are hearing all sides of issues and he received applaud and he appeared at an international house and a sold out audience to 400 people. >>> they came on the first bus here in the bay area. it will have 11 stations. take a look at the jackson station. now the route will run between the east ridge to allan rock and to the -- and on to the south san jose station. it will run on ten minute intervals. it will particular place at 5:00 5:00 so far it the going -- it is looking good and we are already beginning to designs and you can see more people are here as you drive through and when we go on at 4:30 there were 10 cars here and i will have a lot more. and we are seeing a little bit of a sign forecast system systems. it is one of the busiest in the area through livermore and dublin. >>> a very cloudy morning, a last high clouds filtering over and i saw a lot of breaks and a little low is responsible for printing in that cloud over and as the you might amount to and coast and pay will cool document and not that much, mostly cloudy in the morning under mostly sunny skies 72 degrees and see the cloud cover from lake county all the way down to the santa clara valley and it looks like close to monterey out towards sacramento. 40s and 50s on our temperatures because of the cloud cover and it's not. of a president closer to coast and pace, it is not falling to give us anything, there is our low, a little spin in the atmosphere and these clouds will not do much, a little cloudy again, more clouds and i think there will be plenty of breaks, 60s to a few mid-70s, clear lake, nevada is a san rafael, vallejo and venetia 68 and vacaville 7 ever along with -- 75, danville, livermore, upper 60s around berkeley oakland san leandro, low 70s to mid-70s, do you cup -- and though 70 from sap michelle le park is. >>> more people filed job less claims last week. it is up 5,000 from the week before but the four weeks average did fall to its lowest number since the end of november. >>> sown any is investing in virtual reality and unveiled what is called merv yours. it is called three d -- 3d audio and they have not said when it will be released or how much it will cost. it is featured by american cheese and four strips of bacon. other fast food restaurants may be a peeling to the growing love affair with bacon and it's up from 10% last year, it is almost surprising. >>> time now 551, a major data breach at the medical center, a very personal information leaked on thousands of patients. >> but, if you want to bee a house for a dollar, is there a catch? female announcer: during sleep train's big gift event get a $200 best buy gift card with purchase of selected mattress sets. or, get 24-months interest-free financing. sleep train's big gift event is ending soon. ♪ your ticket to a better night's sleep ♪ . >>> we are looking at the scene, it started 8:45 and started near the san jose country club. firefighters say the home was rewired for that grow operation and rescue crews could not turn off the power, they are not looking at whoever was operating that marijuana grow. >>> they closed the books about a pay dispute into the oakland cheerleaders. they ruled they are seasonal workers and there for they are exempt from federal minimum wage loss. the cheerleaders are claiming they will be -- they are being paid below minimum wage and in violation of the california laws. they are trying move that out into private arbitration. >>> they made an unusual discovery. a native american indian burial ground was found along the 680 corridor. a member of the tribe is overseeing this and it has been an emotional task for her. >> my job is to make sure they get respected and i do this from my heart. >> this is not the first time native american remains have been discovered. about 1,000 have been discovered along the 680 corridor in pleasanton. >>> they are making room for a new memorial. it will be build on haven'tness as well as dirt from the battlefield and the project should be completed before more than a year. >>> a square foot victorrian home with the selling price of just $1.00. as you might imagine. there is a catch. they are selling the house and the buyer would have to move it to another locationme like this, a person has to care about more than just flipping the home. >> now the city had planned to renovate the home but they don't have the money. civic leaders do not want the home demolished and they already have an interested buyer. >>> they are specifically tar getting a home, they are preventing the nsa from destroying phone records. >>> good morning if you are driving on the bay bridge. >>> are we cooler or are we staying on the warm side? . >>> we will tell you what we have learned about the life of rickey. >>> and a major new development in the search for the missing airliner, a break that could help this mysterious case. >>> and they are apparently focused on california. >>> also new item if i theft in the bay area this is involving thousands of patients at

locater beacon or batteries. >> i know they are trying everything they possibly can. you are reporting on the towed pinger locater. that is not the only high tech device that they are using even on that ship, right? >> reporter: that's right. the vessel, the ocean shield is equipped with another piece of equipment. if a piece of wreckage is found they will deploy the locater looks like a torpedo. it will scan the ocean floor and take still pictures, transmit them to ships on the surface. that is looking for debris and looking for the black box once the pinger locater locates the audio for the box. we have high tech and expensive equipment. >> they are just looking in the right place. thank you. >>> another major mistake by malaysian officials. has the government botched this investigation. >>> general motors recalls millions more vehicles. new details showing government ignored warnings. what's your function? ♪uthen ♪ hooking up the country helping business run ♪ ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo going all around the globe. cars and parts, fuel and steel, peas and rice, hey that's nice! ♪ norfolk southern what's your function? ♪ ♪ helping this big country move ahead as one ♪ ♪ norfolk southern how's that function? ♪ peace of mind is important

the key here, martha, is location, location, location. they've got to find where it is. at do you make of these theories and the reporting in the "wall street journal" today that the folks who made the engines, boeing, says that the engines do send back a message and that the message that was sent back is that it was up in the air a lot longer than anybody thought? what does that tell you about what might have happened inside the plane? >> well, if the engines were functioning and we get absolutely no electronic response, no transponder, anything else, your guess is as good as anybody else's where it went. however, the rolls royce evidence wouldn't tell you anything on location. and until we get that, until we get those two boxes, cockpit voice recorder and the flight day recorder, until then all we're going to do is speculate, and that's what we're doing very well. martha: you don't think -- i know. i've just got to get one thought in here. the transponder, do you think it was turned off by somebody? does anything else explain that lack of communication? >> i don't think

location. >> a location they described as 1500 miles off the coast of australia but he warned the public not to jump to conclusions. >> i should tell the house, and we must keep this in mind. the task of locating these objects will be extremely difficult, and it may turn out that they are not related to the search for flight mh 370. >> so let's listen in now to the press conference that was held earlier this morning. >> the maritime safety authority is coordinating the southern r malaysian airlines aircraft with assistance from the australian defense courforce, the new zeal air force and the united states navy. we have received satellite imagery of objects possibly related to the search for the missing aircraft, flight mh 370. the rcc australia received an expert assessment for that salt light imagery this morning, 20th of march. the images were captured by satellite. they may not be related to the aircraft. the assessment of these images was provided by the australian geo spatial administration or ago, as a possible debris that has been part of the southern search operation since the 15th of march. further images are expected after commercial satellites were redirected to take high-resolution

,about location, location.more when we come back. ♪ >> it is a good, good morning. what a rebound, dow futures are up 100 81 points. i am tom keene and as always, scarlet fu is with me, cory johnson helping out at "numbered west." worldwide, look for that this afternoon. earlier you can watch betty liu on "in the loop." she is with us now. >> cory johnson is on all day long. >> all day long. >> cory's on. >> i love it. >> we have a couple of guests, one of the most influential venture capitalists in israel is in the united states and we are going to talk about the startup culture overseas and in the u.s.. he has helped dozens of companies come to the u.s. and list on the nasdaq. we will speak with him. also, the chairman of daimler. >> if lips came on with a mustache? >> i love that. >> they have never been seen in the same place. botox for now, tom. >> guys, guys, he is live from the auto show. mercedes will be unveiling their new s class coupe. want to know what you drive, tom. >> 1953 ambassador. >> is that

figure then once ubs released names, the heart of the matter, names, names command is like location, location, locationfor the value of real estate. you have to get names. you talk a lot about this new program that you have coming you get bits and pieces, leads, and they will go to other banks. then you have to make tree requests with those banks. that is -- those are goose chases. and what we need is to see aggressive implementation by the department of justice. 2011 subpoenas, we don't see any enforcement. now, you have issued a subpoena. you have issued a subpoena and you have not been forced to. and i'll only say one other thing about this tree request. we always have not been so willing to rely on to reprocess. we hope that we ratify the treaty. let me get that clear. a slightly better criteria, not much by the way, but slightly better criteria. i hope we ratify it. it is also full of holes and does not get as to the names before 2009. those are the major names that credits we sense, a major number of names, half of the names before 2009. they are not covered by this new particle. and then there i

locations. in many locations, it is down to zero. winchester, zero. 1 above in martinsburg. gaithersburg, 7 above. look at manassas, 4 above. reagan national, 18. prince george's county, 9 degrees. the big weather story this morning, we are dealing with slippery travel. we have a lot of the schools still closed. the entire region, many roads are snow covered with these subfreezing temperatures. also icy sidewalks and icy steps and a cold day today. afternoon high temperatures, many locations make it to near freezing. and parts of north central virginia may hit the mid-30s. but we do have a milder weekend on tap. that's going to be moving in and giving us a feeling of spring. saturday aught to make it to the mid-50s. on sunday, might get a few sprinkles in the morning, otherwise partly sunny with highs on sunday into the low 50s. we still have many snow covered streets. and now traveling around is chuck bell in northwest. good morning, chuck. >> reporter: good morning, tom. current temperature here on nebraska avenue in northwest washington, we are at 13.9 degrees. so it is cold outside this morning. check some of the local road temperatures and roadbed temperatures in the single digits to near 10 degrees this morning. the roads, depends on which road you're on. the road out here in front of us is nebraska avenue here in northwest washington. it is a mile from the tv station as we start our morning out and about. we'll do increasing radii away from the district, but this i

location. everything a supercomputer did but it is location, location, location. really interested exciting things and really scary things. i think it always -- you know, once a year for your privacy person you have to watch. just remember, it's about people. after read more in the grand as the right to privacy. am assuming you'll reach your kids a christmas. i do. it's about to go lacking the ability never wrote to have relatively low ball location based technology that would reveal things in context where people could not control the context. it's pretty relevant as it was at the turn of two centuries ago >> interestingly enough here we're talking about corporate issues. california noted. it's part of the struggle. >> hear one of the few allies that does not love comprehensive as someone pointed out, we are more regulated than almost any place on the planet and we are truly regulated. is not lip service. >> so we have time for some questions of folks want to ask questions of anybody, and clearly the mike is there. >> thank you. the elephant in the room is of cour

and all those aircraft and ships have to first get to the location, locate those two objects and then. a lot of hopes and fears of family members hanging on all of these events as they'll come through, we'll keep you updated on that, wolf. >> saima, mohsin in kuala lumpur. so why don't the flight recorders have gps data to make them easier to find? one of the questions many of you have asked us. we're going to get answers from our panel of experts. and later, president obama reacts to the latest developments in ukraine choosing new targets for u.s. sanctions. here's a word you should keep in mind "unbiased". some brokerage firms are but way too many aren't. why? because selling their funds makes them more money. which makes you wonder. isn't that a conflict? search "proprietary mutual funds". yikes!! then go to e*trade. we've got over 8,000 mutual funds and not one of them has our name on it. we're in the business of finding the right investments for you. e*trade. less for us, more for you. the fund's prospectus contains its investment objectives, risks, charges, expenses and other im

that's right just under five hundred wyatt into allied location on location reports from the tommy and the on the wall and he will be with her aunt she will be with us for that season which is rather sad that but we'd like to thank you for that tommy. thank you very much for all your reports are to you daddy for the last time. ah well chris i like the cpt so much in you is an on air team that you know be here for the past two years. i just letting everyone know learned us know more about please contact a hand to assist a lot of fun hopefully oliver view is of no where in something from life in korea. i definitely have learned a lot and enjoy this journey and three it's a buy at six knots the goodbye kiss like a farewell i just wanted to play love and support that i've been receiving from my life in korea. police keep continuing detainee on korea today salad i bought a farewell and danny carey at city island also this morning i was unable to see eye to the high fives down before the show so did my hair fly back to you young and the sunken city of what's every goodbye but see you later a

for more information about reserving one of these romantic locations, or any other location, call 831-5500. this number is best for special events, weddings, picnics, and the county fair building. for any athletic fields and neighborhood parks, 831-5510. you can also write us. 501 san francisco, calif. 94117. or just walk in and say hello. and of course you can find more information and reach us at sfrecpark.org. >> the pledge of allegiance? >> president mazzucco i would like to call roll. >> please do. >> president mazzucco. >> present. >> vice president turman is in route. >> commissioner marshal? >> here. >> commissioner dejesus, in route. >> commissioner chan? >> present. >> commissioner kingsley is resigned. >> okay. >> and commissioner loftus? >> here. >> present. >> commissioner you have a quorum and also with us this evening is the chief of police, and the office of citizen complaints. >> welcome to the wednesday

but the last one is location and location is the one that you're talking about when you talk about locationshe right location based on the probabilities. the right location but locating this piece or these pieces out there, that's a huge, huge job. think about this. when you get close to the water, you have reflections, you have white caps. you've heard about the weather all day. this is a tremendously difficult job. the people with lights are looking out into the water. that's a difficult, difficult job. the planes flying over have to deal with the same thing especially since the images are somewhat beneath the water. when you talk about going beneath the surfaces, when you talk about a ping from the signal, it may be coming up somewhere but the distance from the bottom to the surface may eat up all of the layers of the pings. simple truth is, the pinger helps you when you're already on top of it, when you've closed in so closely that you're within one to two miles. then the pinger might help you if underwater cliffs and valleys don't get in the way. this doesn't make it a great lead and it

locations for the street artists. can you tell me about this particular location, the program? >> this location is very significant. this was the very first and only location granted by the board of supervisors for the street artist when the program began in 1972. how does a person become a street artist? there are two major tenants. you must make the work yourself and you must sell the work yourself. a street artist, the license, then submitting the work to a committee of artists. this committee actually watches them make the work in front of them so that we can verify that it is all their own work. >> what happened during the holiday to make this an exciting location? >> this would be a magic time of year. you would probably see this place is jammed with street artists. as the no, there is a lottery held at 6 in the morning. that is how sought after the spaces are. you might get as many as 150 street artists to show up for 50 spaces. >> what other areas can a licensed street artist go to? >> they can go to the fisherman's wharf area. they can go in and around union square. we have space is now up in the castro, in

for more information about reserving one of these romantic locations, or any other location, call 831-5500. this number is best for special events, weddings, picnics, and the county fair building. for any athletic fields and neighborhood parks, 831-5510. you can also write us. 501 san francisco, calif. 94117. or just walk in and say hello. and of course you can find more information and reach us at sfrecpark.org. [gavel] >> good afternoon. welcome to the san francisco board of supervisors meeting of tuesday, march the 11th, 2014. madam clerk, could you please call the roll? >> supervisor avalos?

for more information about reserving one of these romantic locations, or any other location, call 831-5500. this number is best for special events, weddings, picnics, and the county fair building. for any athletic fields and neighborhood parks, 831-5510. you can also write us. 501 san francisco, calif. 94117. or just walk in and say hello. and of course you can find more information and reach us at sfrecpark.org. >> roll call, please. >> miss maufas. >> here. >> miss mendoza mcdonald, dr. murase. >> present. >> miss norton? >> here. >> miss wynns >> here >> and miss fewer. >> here. >> miss wei. >> here. mr. logan? >> here. pledge of allegiance? >> we are voting on the regular board minutes of february 25,

location of the aircraft. this is all i have at this moment. >> so probable location of the aircraft, or probable location of these objects that the australian authorities have said that they found. >> sorry, it's the probable election. yes, that's right. >> of the objects. >> so we know that china's satellite image turned out to be nothing. this finding by australian authorities seems to be more credible, doesn't it? >> yes, ma'am, but the australians who are tapped into the commercial satellites because the commercial satellites have a higher resolution in identifying the object, if it is part of the 777 >> if this is part of that boeing 777, is doesn't necessarily mean that the rest of the plane is nearby though, does it? >> it wouldn't be due to the fact of the conditions and the conditions within the area. we can't tell exactly if the coordinates of the aircraft is located, if it's an aircraft located at that point. >> do you know what the depths of the o here is, and exactly what the - how the search crew goes about locating anything in this part of the southern indian ocean. >> the depth of the area is 600

location. the age old rule of real estate, location, location, location. better house. >> but it's 20 to 30 minutes away. >> a better house, you can plop a house anywhere on five acres. >> the winner is? it's clear. >> the winner is not morgan brennan even though every guy here has already beaten me up saying morgan brennan has to win. the winner is dominic chu and his house and the wildcats. >> the brick beauty. >> yes. >> that one is moving on to the next round. >> i still like the tuesday can mansion. >> you like morgan brennan. >> i like both. i like chu but i like the mansion. the million dollar brick beauty winning round one. that's going to move on to the semifinals. let us know if you agree, tweet us using the hash tag million dollar home. you can catch dolly on "squawk on the street." later she'll crown the winner during "closing bell." >> do you think kentucky can beat louisville. >> you mean million dollar homes. >> no, the game friday night. >> i do. i do. >> that guy hit every free throw. >> i saw your pictures. thought that was great. >>> com

located -- located. we spoke to michael lewis at length. once people read the book, it is not an indictment and all about vilifying high-frequency trading. it is about this complex, crazy system of enablers set up with all of these conflicted interests to cater to this one class of trader. >> michael lewis made the point in his interview on "60 minutes" --and i am sure goes at length about it on the book -- that the problem is the system. necessarilyisn't that there are people taking advantage of the system. the problem is that emma like -- there is no perfect system. so well-capitalized wealthy traders, and this case, high-frequency traders, will prey upon opportunities in capital markets. >> like they have been doing for hundreds of years. >> i agree. high-frequency trading is neither good, not bad. they are not doing gods work. they are not providing liquidity to everyone out of the goodness of their heart. in good times they will give you your pennies bred in bank of america for 100 shares. and at bad times, well, different things and unpredictable things happen in bad times. it is not about high-frequency trading, but it is about this system. the system is set up to insert the maximum number of intermediaries between natural buyers and natural sellers. >> when we say the stock market is rigged, the fingertips wanted at the invitation -- institutions, the market makers, the banks. when people say nobody has confidence in the banking system, less people have money in the equity markets. who should they trust, the regulators? when i look at morgan stanley's speedway system some of the y think it is questionable? i think it is in their roles and what banks have done all the time is figure out what the roles are and push the envelope. that is an arbitrage opportunity. >> i agree. and the system is set up -- the big banks and the dark pools have an incentive to get the maximum number of participants and volume in their pool for profit so they can advertise. high-frequency traders want to get in those pools and moved substantially off of these exchanges or in concert with the activity on the exchanges because everyone wants to talk to the order. everybody wants to touch the juice. they wanted to touch the juice when goldman bought -- and they wanted to in 1982 and they want to touch the juice now. but this system is set up to perfectly and efficiently in an automated way make sure that they touch every bit of juice here click here is the devil advocate question. -- >> is the devils advocate question. if the system is designed to facilitate the maximum number of intermediaries him a wise achieved purdue trade -- why is it cheaper to trade? it would be more expensive. >> from whose perspective? everybody talks about the retail investor, mom and pop buying 100 shares of bank of america four times a year through their ameritrade account. mom-and-pop traded for eight bucks a share in 1998 on ameritrade. it is not about that retail investor. it is about the vast majority of retail investors that are in pension funds, t. rowe price capital group how much janice, you name it, all of those big guys, when they have to buy a million shares and it goes into a broker or bank sponsored algorithm that splits up the order into thousands of people throughout the day, and that point, those child orders touch everybody. everybody wants to touch those child orders because they are predictable, they are slow, they signal. is trading cheaper? is looking at the spread a suitable concept to judge trading? i question that. theo you believe iex are crusaders of honesty of truth? they have virtue one of the biggest customers and that is the biggest hft guy out there? >> it shows it is not just about hft. ronan, we worked with donald at instanet and they were ryanair's -- tie in years -- p ioneers. whowonderful group of alum mated as ceos of exchanges. i am most proud of donald because i remember as a kid at instanet. ronan, when they were laying out their vision, planning to adopt a free market , once we got past f-bombs, we were floored. they are trustworthy and you come away liking them, coming away saying they have a profit motive but they will create a clean system that invites all topped the players in on a level playing field. we have been a supporter and we were among the first brokers to sign up. our clients enjoy -- we do not trade on our own behalf. meaty --ts enjoy large without the typical aversions -- >> why do you think goldman change their tune? for the first several months of iex, goldman wanted nothing to do with them. the timing seems a little questionable. a week for the claim comes out, a week before michael lewis possible that the paint oldman and the dark hole in a negative light, they get into bed with iex. doesn't that seem weird? " however, once you read boys," this is not something that happened two weeks ago. they got on board well over a year ago. it was a change. the two gentlemen really in charge of capital markets really get and are buying in that the market first and foremost has to take care of the owners of the market, the long-term investors above the renters. >> if there is a market-based solution, and it is iex, is there anything to complain about anymore? >> i am feeling pretty good. i will tell you why. when we first started our crusade -- all of these issues, the unwanted touching in alleyways -- >> nobody likes him at the touching. i promise you that. nothing to do with apple to market. >> i need to go. [laughter] have been talking about all these issues, i remember the first time we went down to the sec to talk about them and ice -- i came back so jazzed. mr. smith goes to washington, we are going to see change. and then washington happened. so we became quite jaded. been of all, things have coming in the free market very positive for long-term investors. all of those things, they are being addressed. iex market solution, we are feeling pretty good. >> you have to join us can. we will be talking about this almost all month. [laughter] thank you so much for joining us. a big weekend at michigan. for michigan and the book came out. huge. >> my son -- >> congratulations, billy. themis and cofounder at trading. >> we will have new york attorney general eric schneiderman. don't miss it. >> and tune into "market makers" on wednesday. michael lewis himself will be our guest host for the entire hour. ♪ >> more revelations of this weekend about the faulty general motors ignition switch that led to at least a dozen deaths over the past decade. newly released document said the company decided not to fix the problem all the way back in 2005. the reason? it was too expensive. our auto reporter matt miller is here. we also have sally greene there -- sally greenberg. matt.begin with you, more details on what is called damning documents. >> it looks absolutely awful and i am sure for mary barra it is a horrible as well but not nearly as bad as it is for the families of people who died. in the case where general motors solve the problem backing 2001 open anin 2001 and investigation in 2004 and decided a fix was too expensive. you have to ask yourself, if someone thought, wait, -- it is too expensive, we would rather let someone died? worthensive that it is the cost of lives? that is just par rubble. obviously, it is going to be really difficult. but there are so many moving parts. the old gm, pre-bankruptcy and bankruptcy wipes away all the possible claims of previous events. and frankly, i think general motors has a different culture. we will see now, but i think mary barra represent a different culture than the old gm as well. jump in theou to conversation here. we are talking about general motors. national highway transportation safety administration to be part of this investigation as well? >> that's right. it really is dÉjÀ vu all over again. we see this pattern repeated did we saw in 2000 when we had the ford explorers rolling over and congress was all over that and they gave the national highway traffic safety administration, the federal agency charged with protecting us as consumers -- they gave them a lot more power. a parable, fatal incident or series of incidents, companies are supposed to report in five days. if there are very grave injuries, then there are criminal penalties. we are not seeing any of that happening now. we have a twofold problem. we have companies not reporting because i do not think there is enough teeth in the law, and the -- we have federal agencies not reacting quickly to protect consumers. >> thank you for correcting me a to begin with. secondly, how much blame can we lay at the feet of regulators at at general begins motors? the general motors is not reporting to knit the -- nhtsa -- investigations in at least two situations related to this ignition problem. they looked into it twice and said forget about it, no big deal. it is not like they didn't know. they knew in 2007 and also in 2009. >> sally, maybe you can help answer the question that raisins, whether general motors was not forthcoming enough with the situation. enougha did not have information, is it the fault of regulators not identifying the severity and gravity of the problem, or did they not have enough information to begin with? ofnhtsa get a lot information from consumers. they are also supposed to get information from the manufacturer. so they had a lot of information. as matt pointed out, they decided to do nothing. they sat on their hands. the problem i experienced as a consumer advocate is it is very hard to get the agency to take the kind of action that needs to be taken to protect consumers. this is not the first time. we need a culture change there. general motors needs a culture change. we are very hopeful the comments mary barra has made indicate they are going to take -- lives lost, people losing loved ones in terrible accidents, very seriously, and make a change that cost them $10 -- >> do you agree with matt that mary can be part of the new culture change? she is old school gm. she has said a lot of very positive things that we hadn't heard before from heads of companies, heads of car companies. she said something went terribly wrong. we applaud that. she is saying we are going to get to the bottom of this. and she is talking about pulling together a $3 billion fund. bailed out, they got all their liabilities wiped away. that is unconscionable, since they knew there were many problems in preceding years. it is very important they put together a fund, given they got a bailout that gave them liability waivers. an outsideed up investigation, which hopefully has a little more weight than the kind chris christie open. she put a vice president in charge of safety. but i wonder, sally, what you think about what the government knew. and before him steve ran away in there as a representative of the majority ratner --r -- even were in there as a representative of the majority shareholder. it is not just chat on the factory floor. the guy who is running the majority shareholder stake must know about that, right? >> i think the important thing is we have to get this to raw agency, which is charged with a looking at all of these thelaints, to step up to plate and say we've got reports of 20 terrible injuries, five or six deaths. we have to listen to consumers. they have to stop ignoring information that is on the table, taking up a much more minor claims, and listening to consumers and consumer advocate. and by the way, plaintiff attorneys often know a lot of information. that information has to get out to the public. there is a possible fix. legislation offered that would make the agency put this information into the public andin, so that you or i news associations like bloomberg can get access to the information and we are not relying on bureaucracies that may be slow to act, that may have a revolving door problem, to take the kind of action consumers expect and deserve. >> salad, i am afraid we have to run. sally greenberg, executive director of the national consumers league, and their own matt miller. we will be right back right here on "market makers." ♪ >> coming up, new york attorney general eric schneiderman. you are just going to have to keep watching. he is going to be here. we will be back in two minutes. ♪ . . >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> you are watching "market makers." i am erik schatzker. >> and i am stephanie ruhle. it is not april fools' day. >> i can't wait. it is march 31. this is the last day for individuals who do not get insurance to sign up for coverage. this morning, however a technical glitch temporarily affected healthcare.gov. megan hughes -- what happens? it seems almost too perfect. >> remember software glitches, october when that was all we were talking about? i can tell you from the health and human services perspective, they say they extended regular maintenance, that was what this was -- extended regular maintenance? >> they found a software glitch and they did know this last week the system was going to be incredibly stressed. they have been getting more than one million visitors a day. this is part of their regularly scheduled maintenance. they found a software glitch. i touched base with them at around 8:30 this morning. they said it would be running smoothly. we did try to get it running ourselves at the virginia exchange and we were put in a line, which they are expecting a lot out as well. that is part of the reason -- >> the president and health and human services would badly like to hit that 7 million number. does the glitch this morning jeopardize that target? >> it is hard to say at this point how big a deal this glitch is. if everything is running -- 9:00 at nine clock a.m., how bad that is. keep in mind even during the glitch, they said people who left their e-mail addresses would be contacted. that is why they have done this -- they do not want to say the are "extension," but if you in line tonight, if you have tried to reach them in any way, you will still be able to sign up beyond the deadline at midnight tonight. they anticipate hitting that number. >> thank you. that is our megan hughes in washington. >> tonight at midnight is the official deadline for signing up for healthcare.gov. while we are waiting for those results, we have some numbers. one state already stands out. to the north of us -- connecticut. are offering marketing and health care expertise to other states, of course for a price. this is a capital market. our own olivia sterns visited to see how the system is working. >> you can find everything you ever wanted. there is a right aid -- doughnuts --dunkin anuts and there's even obamacare store. that's right. access helps, which has had more storehan almost any other isthe country. connecticut not the only state to set up their own health your chance, but they are the only one to set up shop. people say they are believed to have their questions answered face to face. ceo. is the aret least 350 people raising me and roll button right now. our average is 211. just google analytics. >> that's exactly right. >> as per the stores, he credits apple. >> we are trying to model a lot of what we do after apple. we are trying to have an annual cycle of new production introduction. we see ourselves as a private startup. visitors to our store have purchased. our close ratio is 70%. >> he is marketing the services to other states, pitching it as an . . >> welcome to "market makers." i am erik schatzker. tesla ceo elon musk may have no love for chris christie, but with andrew cuomo it is a new story. on a dealme together to let tesla keep its five stores in the states. our anchor betty liu here. >> i have a mixed reaction to this announcement, right? on one side, you can say elon musk in terms of being able to keep his doors operating in new york, and he may be able to offer even more, but he has been so opposed to the auto dealer franchised network. at they go against democratic principles, a monopoly, don't consumers -- >> and he is compromising here. >> he is compromising. if you read between the lines, guys, look, he is a billionaire, a genius, and a smart businessman. eventually tesla will have to sell their cars through auto dealers. if they want to get to be levels of hundreds of thousands of cars come a he can't handle it all with his own stores. he has to go through auto dealers. >> like the apple store? >> best buy. all over the place. >> it is a fair question. >> maybe he is betting the user experience -- "user experience," we are likening it to apple. people will go to the tesla store just like they go to the apple store. >> i was not entirely wrong. >> we will see. >> have you gone to a tesla store. i know you have the resources to buy a tesla. >> not only has he been to a tesla store, he came home salivating. >> it is amazing. it is completely unlike a typical auto showroom. >> much like the apple store and electronics. >> let's look at the other big project on elon's radar, the gigafactory. >> $5 billion. >> $5 billion. think about the jobs that will be created. look at the map. nevada, new mexico, arizona, and texas. twoona was one of the states that out right hand tesla from selling in the first place. will he use the leverage he has with the factories to overturn those bands? who knows? the auto dealers are digging their heels in for a fight. i think this will be a bigger deal, maybe as big a deal as the model s. this is going to transform the electric car industry, period. buyou will be able to batteries cheaper. >> right. it will double the amount of lithium ion batteries on the market. it will double the commodities market. it could turn out -- when i was on a conference call a few weeks ago, this factory was the only thing that analyst's were interested -- analysts were interested in. >> it is a game changer. >> huge game changer. you know elon musk. he likes to be the disruptor. >> elon musk never met a challenge -- thank you, betty liu, the latest on elon musk and tesla. and betty, i should add that you thedoing a special show on 16th? we will bring you an in-depth look at the escalated battle between tesla and the auto dealers. >> coming up, this nba guy moving from hardwood to hollywood. dunk.actly a slam he wants to take it to hollywood. ♪ >> welcome back to "market makers." stephanie ruhle with erik schatzker. he is hoping that he could make it beyond the basketball court. the agency is trying to help. relatively it -- relativity media is known for movies and tv shows, but they are moving to sports. jon erlichman sat down with him and his agent. tell us. he wants to go hollywood? he is going the way of shaquille o'neal? >> yes, we will see. obviously you alluded to the priority is to help the knicks went. mix knowo follow the that he is into high fashion, writes kids books. you can do things like that when you work with firms like relativity that have a lot of different options for athletes they represent. i did ask him first -- what do you like more, being in front of the camera or behind the camera? here is what he said. >> i am a behind the camera guy. it is a great opportunity for me to get involved. it probably would not have been not involved with relativity. >> he has a lot of ideas, hip ideas. see the mix,you they were already producing it, they were chasing it down the -- et. at >> >> for you, you are looking at places you should be investing, building on your career, what you think about the film business? >> you do not want to do too much. with the help of relativity, we do a great job of that. the time. all i will say, hey, here is a project we are working on. it is pretty cool. look at the script. see if you like it. really, "blackbird," which is the movie we did together, which comes out in november, he was a partner with us and reduced. -- produced. we are really careful. we do not want guys investing ally and taking any risk at of not being successful. >> sometimes you get into digital shorts. sometimes you team up with other members of the relativity family. [laughter] what is the goal of something like that? if the word out, have some fun, show a different side of yourself? >> yes, just to show your acting skills, kind of a humorous approach. know my answer here. i love it. models amar'e trying to himself after magic johnson? magic johnson is the guy who got it right. that hefinitely said was impressed by magic. >> who isn't? >> exactly. could there be models of very successful athletes building their brands and ventures away from the court? with a guy like amar'e, he is only hurting one years old, but he came into the league. he was 18. -- he is only 31 years old. you get good advice. you get bad advice. i think a lot of young players are thinking about that. magic was the one to say, you have to think about this now, not when you're playing days are done. >> thinking about his next chapter. a great sure need season. jon erlichman covering the entertainment bait -- entertainment heat as it coincides with business. and sports. i want to stay with sports. today we need to check in and see how the wall street leaders that on their final four picks. none of them were perfect. got anyone -- no one got all final four correct. two in fact, correct? a >> jamie dimon picked duke. einhorn, howard marks -- they picked two correct. they did ok. as for you and i? >> i think we did pretty well given the number of upsets in the tournament. got wasnd i, all we florida right. >> that was not that hard. [laughter] >> considering who they are. not one single participant picked connecticut or kentucky to advance this far. did not pick his teams. his 10-year-old dead. are guys who understand risk management. they understand the winners in the market. >> we have more winners. stay with us, everybody. "market makers" returns with new york attorney general eric schneiderman. he will be with us in a future minute. ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> are the markets rigged? that is what michael lewis says. we will talk frequency trading with the man who investigated it, the one and only new york attorney general, eric schneiderman. >> media companies are soaring. are they overpriced or is it still time to buy? generation cane. the former news anchor who says his startup will make you smarter a lot sooner. welcome to "market makers." i am stephanie ruhle. >> and i am erik schatzker, everybody. michael lewis of the stock --kets are written against rigged against ordinary traders. complicated stuff. michael lewis simplifies it, makes it so easy to understand in his new book "flash voice." streethat people on the are talking about. here is what he had to say on "60 minutes." >> the stock markets are rigged. the most iconic global capital markets are rigged. >> by whom? >> by big banks and high-frequency traders. >> two weeks ago new york attorney general eric schneiderman said he was looking high-frequency traders and the changes they work with. here it -- he is here with us this morning. would you agree with michael lewis's characterization that the stock market is rigged? i know you described it in the past as on fair. there is a difference between unfair and rigged. >> i would not be as hyperbolic as that. we looked at the use of information that did not fit into traditional categories of insider trading, but because of these algorithmic high-frequency computers they could use information that before was useless. thomson reuters was the best example, because we learned that in addition to releasing this information, they gave a two-second edge to customers using high-frequency, which a decade ago would have been irrelevant. it creates a problem. thetopped that practice of two-second edge. we are looking to see if there is any other eli gaudi -- you legality. >> do you believe that there is il legality? >> that is why there is an investigation. >> are the ones at fault the sec? they have conducted a number of studies and concluded there is no wrongdoing. could this be a case of hate the game, not the player? >> the sec has been looking at this. i have been in touch with the sec. the commissioner spoke very forcefully last week about it. they need to change the regulatory structure. we have 60, more than 60 private and public exchanges interlinked. and in this race for speed, they try to use the milliseconds of advantage they have over other traders to front run the markets and i could manager of the cracks in the system. the sec needs to look at new regulations, in my view. they need to put some speed bumps in just to take away the arms race that needs to take chances for everybody to speed, but could have also -- >> but it was the sec who created this system that has the backs in it. it when i was , they had way more control and could look at so much information. they could control bid-ask. more fairys it looks than it was 15 years ago. >> no, i don't think so. it is good to look at high frequency. range -- and there are those folks try to take advantage of things to run the system. if you can get information and michael lewis talks about this dumping a lot of, i think microsoft used as an example, and to know a few seconds before people can execute the trades, not even seconds, milliseconds. the race for speed is inherently dangerous, because that leads people to take more and more chances to try to get advantage. general, youey describe it as an arms race. is it by definition dangerous? i ask this question does in just about every other industry in america, we celebrate technological advance, we celebrate the use of technology to build better mousetraps, except, it would seem, in the equity capital market. lewis says from his perspective -- and he is not the attorney general of the great state of new york -- but from what he can tell it is legal. >> i think he is probably referring to federal law. system here.ferent a look at new york to be little different, mark eccentrics. we have speed limits and airbags. we celebrate technology, but you theyancel a credit card if get stolen. what we propose is in the way of speed bumps. this is a new conversation. i support this idea -- frequent batch auctions. you of all of the trades up for one second, and then it is allocated by price. not whoever got in a few seconds earlier at a lower price. that is the way to do it. there is another exchange, -- -- iex? >> yes. i am a fan of the markets. but i think michael is right. we have lost a lot of credibility. a lot of investors do not have confidence in the market and we need to regulate them to restore that confidence. >> have the regulators lost credibility? the regulators may have and on their face. you are -- the regulators may face.gg on their are you making them look like a fool? is michael lewis making them look like a full? >> i don't think so. i have been in touch with the sec. they are taking a hard look at it. there is a lot that can be done by the exchanges. locationl extra bandwidth, high-speed switches that creates dust a tiny extra advantage for some traders. their responsibility. the users of these computers bear responsibility. i will be looking at new york laws and i'm sure my federal counterparts will be doing that as well. >> i understand you are using the martin act. awfully -- that is my legislation. >> that is an awfully powerful legislation. >> this goes back to the 1920's and it is broader to the federal securities law, and i am looking at people exploiting cracks in the system, only four unfair advantages. i do not care if people are buying and selling -- >> what if you are exploiting cracks in the system, but it is legal? i give my kids rules every single day. they are always looking for cracks to get around them. if they do, foolish on my part to do it. are the morgan stanley as of the world, are they at fault because they did not look for the cracks? >> that's a very good point. there are some things that may now be legal, that sh

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