he has had a history with aig. the battle between him and former aig ceo hank greenburg.you expect him to be an investor if he becomes comptroller? >> i think we eliot has his reputation. and you have seen what he has done with his approach to things. some of what he has done is right. he wants to be an activist which means we may stir the pot for no reason. i think there's a serious concern about having enough people involved right now and regulating us. we don't need more and more other institutions deciding this he can do better than the united states treasury. they can do better than the federal reserve. they can do better than states or uk or the japanese. so we have a lot of people wanting to regulate us. you can begin to bring a and implode almost the industry, focused on which regulatory environment you want to be in. so i'm hoping that he does a good investor, and runs companies the right way and leave regulation up to regulators. >> that's exact litly the senti of mayor bloomberg. >>> what is the acceptable growth rate investors might expect from aig. one to thr

. >> market flash with josh lipton an aig, josh? >> we are watching aig reporting and in the green. let's get to the numbers. after tax operating profit clocks in at a buck 12 per share. that's a beat. the street was looking for 85 cents. revenue at 8.35 billion. appropriate casualty unit reports 1.1 billion but here was the headline. aig reinstating a quartererly dividend of 10 cents a share. aig up more than four percent right now. scott, back to you. >> karen, we were talking about this back stage before we came out here. this is what people have been waiting for in terms of the dividend. >> this is the quarter that people have been waiting for for aig. even though it's up a few bucks, i wouldn't begin to sell it here. i think it's still at a discount to value. benmosche has done an excellent job here. i would actually think about buying it. >> this is one of those stocks like karen said is cheap. you'll hear a lot of people since we're hitting new records for the s&p say there is nothing cheap in the market. there are still stocks that appear on a relative valuation cheap. this

aig rose after hours.in frankfurt. >>> elsewhere, linkedin second quarter profit up 33%, topping forecasts. the professional social networking site is raising its full year sales targets. linkedin which makes most of its money perfect selling online job recruiting services is considered a bright star. shares up 4% in after hours. >>> tom anderson still with us. it has been a bit of a disparity between those companies beating on the profits and those having better than expected revenue, which is the lower amount. does that concern you? >> well, not so much that it concerns me. i think expectations are pretty low coming into this quarter. management has done an excellent job of beating down expectations. so it is not surprised that something in the order of 70% of the companies reporting have managed to beat on the earnings side. less than that have beaten on the revenue side. that's consistent with what we saw last quarter as well. that revenue number is what we view as the most important thing because we'r

aig, three of a kind.technology company that does glass work and facebook is internet. we're going to keep aig, royal bank we'll get rid of, get a health care company, i'm going to integrate bristol-myers right there and then let's do a diversified industrial -- oh, what am i in the mood for here? i want to do lockheed martin. i feel it's right. good example of what should be in there. let's go to jason in washington, d.c. i want lockheed martin ceo. he's doing such a great job. jason in washington, jason? >> caller: jim, boo-yah. >> boo-yah back. >> caller: thank you for all your service, everything you've done for us everyday investors and financial planners of guys like myself. >> well, thank you, i want everybody to be a better client, better adviser. that's my game. what's up? >> caller: yes, sir, yes, sir. every day. i have onco meds, medical pharmaceutical, bank of america, medical property trust, channeladvisor and google. >> okay. whoa, well, real estate investment trust is not going to be the sam

that case stems from a loss against the government by former aig had hank greenberg.has not been set, but he will be granted more time. and we're talking about a major, possibly historic announcement from tesla creator and founder. it would be about futuristic travel. that is ahead of the big reveal, shares have been full and $0.60 after an article suggested double trouble for the stock and also detailed longer-term troubles. but year to date this stock has been on a huge run. 326%, just year to date. it was months and months ago our own charles payne said it was a buy at $55. have to listen to charles payne. down 34%. over the weekend, the board met with the hedge fund integer who last week mary loudly demanded the ouster of the retailer interim ceo, jcpenney of course, and not going down without a fight, both sides fighting hard but others watching with maybe a little bit of a twitter smile as their nemesis smiles. adam. adam: can the sharks are little bit of blood in the water on this one? calling for him to be replaced. we know how well that worked out. it is up s

. >> and aig trading up levels not seen since 2011.pany easily beating missed the revenues coming in light, also announceing a new share buyback program, resuming for the first time since 2008. >> in 2008 was the last time they raised the dividend the same day they announced a $7 billion markdown. this is the beginning of the end for the company. a company that's down 95%. i love to bring this up because aig to me put a lot of people urpd a lot of strain because of the risk they took, but that's over. robert is koing a great job. >> like the stock today. >> operationally, these guys are improving. they're going into turkey, china. i think they've got a lot of value and upside. i would not be buying the stock but it's improving on a margin perspective. >> still ahead, a slew of big names out with earnings next week. we'll tell you how to play the likes of tesla, priceline and disney. right after this. i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550 playing this and trading. tdd#: 1-800-345-2550 and the

we'll remember the old 2008 bailout of aig.ped out by bert -- derivatives during the financial crisis. here it is now coming out with new numbers for the latest quarter. there were good ones at that. coupled with the fact that they're doing a dividend and share buyback. so obviously great news for aig shareholders. the stock today is up about 2%. shares are hitting a new high this year for 2013, up 36%. and obviously this is a really big deal for shareholders are glad to see it doing well of the way it is. the company also still in talks about selling its aircraftt3 leasing unit to a chinese consortium after missing a deadline in july. that may be a nearly $5 billion deal. there's a lot going on, but i think that the big day story is the fact that the first capital return sinng this dividend and a share buyback. it's a big deal. cheryl: nicole, really quick, volatility. the guys are making of this on the floor because you have the fear index down 6%, yet the market is lower. what are they saying? >> reporter: what is really int

stay tuned, earnings, and aig. with ceo bob benmosche.maria on the second hour of "closing bell." see you tomorrow. >>> and it is 4:00 on wall street. do you know where your money is? hi everybody, welcome back to the "closing bell." a big rally to kick off the day. new record highs tonight. take a lock at how we are finishing this record day on the street. up 125 points. new all-time high for the dow. 15,625. picked up a bit at the end of the day. nasdaq up about 50 point today. 1 1/3 points higher. about 13-year high

shares of aig rallying. for first time since the crisis. earnings beat expectations, profit up 17%. and toyota's first company profits surged 94%. they sold fewer cars year-over-year but reported a big jump in overall revenue and net profit and their production target for the year, 10.1 million cars. it would be an industry record if it sticks. >> okay. one to watch. now, one of the first big acts following google's is $12.5 billion acquisition of motorola, google unveiling its first phone. in our road map, the brand new moto x. we'll talk to one of the biggest names in tech, guy kawasaki to find out what the new phone is all about. >>> plus, more viewers logging onto linkedin. the stock way up this morning after a strong earnings report and a huge increase in membership. we'll talk to the company's ceo a little bit later. >>> and forget larry summers, forget janet yellen, who we really need is chuck norris? we'll explain it in a bit. >>> let's take a look at linkedin today. a stock that has increased litera

. >> look at our allstate, travelers, aig stock would be most effective.landfall of one of these hurricanes, a lot of times these stocks will trade down and then they'll trade up in the aftermath after we get a handle on the losses. you definitely saw that with sandy. so we watch these storms very closely and look for opportunities to catch the tradeoff after landfall. >> everybody's premium is going up. are the insurance companies getting an edge? are there super enormous profits to be made if it's a quiet year? >> your profitability will definitely be above average. pricing is very firm especially in the new york metro area because of sandy. we anticipate losses every hurricane season. there hasn't been a lot of activity yet, as the person just mentioned before me on the segment. you're looking at much better profitability in those companies, allstate, aig and travelers, if there's not an event. >> everybody, let's hope there isn't. randy billen joining me. >>> legalizing marijuana is one thing, regulating it is a whole different and tricky manner. isn't

you might remember back when aig was bankrupt.re was a big issue they had these bonuses for their top people. hundreds of thousands of dollars per person. and we ended up paying them because we got lectures including from people in the obama administration about the sanctity of contracts. well, here you have contracts with workers guaranteed by the state constitution that apparently don't mean anything. >> let me just emphasize that because that episode was, it was fairly early in the obama administration. there were all these bonuses set to be paid to top aig executives. they were going to be lots own lots of money. there was large outrage across the political spectrum. the answer from everybody were these bonus had to be paid because these were contractual obligations and you could not just rip up contracts. >> exactly. and here it is, you know, when it's ordinary workers rather than folks on wall street, they're prepared to rip up contracts. that's what we're talking about here. i think people should be outraged. lee's exactly

aig almost imploded after making big bets on investments that ultimately failed. >>> well, "rolling stoneazine made money in controversy. there was a public outcry when they put boston marathon bombing suspect dzhokhar tsarnaev on its cover last month, "rolling stone" now says it sold over 13,01 13,000 copies of that issue. that's almost twice the usual issue. >>> the agency lost $16 billion last year. the postmaster general estimated that it could make as much as $50 million a year if congress revises the current law and allows the postal service to deliver wine and other alcoholic beverages. there's going to be a lot of alcohol there. >> indeed. they get points for creativity. ashley morrison in new york. thank you. >>> well, an illinois man found a novel way to protest. roger herrin paid $150,000 in quarters. they filled 150 bags and weighed four tons. herrin had them delivered by truck to two law firms. in marion, illinois. the lawyers were not happy. the money was part of an insurance payment after car crash killed herrin's teen age son. >>> when we return, jailhouse letter. former n

. >>> aig is paying a fine since the height of the financial crisis and announced a billion-dollar buy back program. profits in the life insurance were strong, as well. investors anticipated a good earnings report, so they were bidding up shares nearly 3.5% to $47 and change and popped higher in after hours trading. >>> natural resources led the s&p 500 winners today after swinging to a profit in the quarter. they drill for gas throughout the south west and benefit from oil and gas prices. investors piled sending it to a new high and a gain of 12.5% on more than four times the usual trading volume. >>> linkdin increased again, as membership grows to 238 million. so another new high in a market that had a few linked in closing at $213. shares popped more than that after the bell. >>> meanwhile, avon products said sales rose thanks to the biggest market latin america, but the department of justice rejected the company's 12 million dollar offer to settle a bribery probe. ding dong avenon falling closin4 times normal volume. >>> coming up, a perfect storm is hitting the long-term care insu

united guaranteed a unit of aig, reported positive income with radiant still trying to break out of the negative. a newbie to the market is comes out strong. up from 3.6 billion a year ago. the latest to the group, national mortgage insurance plans to go public and just made a $5 billion deal with fannie mae to ensure pools of loans. >> the redefault rates on some of those programs have increased, what we would argue is that without those programs, it would have been a lot worse. most of these borrowers would have been delinquent and would have foreclosed. >> while the mortgage insurers didn't get a government bailout during the crash, they did benefit from the housing the government refinance program from under water borrowers and the loan modification program. private mortgage insurers have climbed back to one third of the market. they should see more gains should congress decide what to do with fannie mae and freddie mac. i'm diana olick in washington. >>> a small biotech stock makes a move lower. vical will stop development for its cancer therapy drug. a late stage trial, failed to

in earnings after-hours, linkedin, aig, and kraft all rallied after posting better- than-expected results even though revenues were shy. and billionaire investor carl ichan reportedly is suing dell to stop michael dell's effort to take over the company. scott shellady of trean group joins us on this friday morning, and of course the jobs number is due out today. scott, what do you think we're in for? - well, if you're a taper tiger, you better hope for a big one, because that will supposedly put some pressure on the fed to start tapering in that september-october time frame that most people have been talking about. i think the fed has said over and over they're data-dependant, so i think you're going to have to see something really good to change that unemployment rate from 7.6% to something much healthier. so, i think right now we're going to be around that 200 range, which was the adp number. i think that's fair. but let's just see if that comes through. and then gdp, we're not doing too well there. - what is the stock market, though, telling us about the economy? - the stock market's h

she has blaking news on aig.ence call from the company's better than expected earnings taking place as we speak the ceo addressing one issue, that being the sale of ilfc, its aircraft leasing company. he says we continue to negotiate with the buyers. remember, will is a chinese consortium that spent $14 billion for this company. however, aig has not received the money on a deadline of july 31st. so while they continue to negotiate, they are expecting or planning right now for an ipo of ilfc in the fall. so in the event the deal doesn't go through, he says there is a chance it could go through. if it doesn't, they are planning on an ipo. he said, of course the deal is complicated. you are dealing with a number of groums. that's why the negotiations have continued to run past certain deadlines. once again, aig saying they are planning at least for now an ipo of ilfc later in the year if this deal doesn't go through. back to you, guys. >> a crazy story, you would have thought they would have had this deal locked up.

assets if that isn't a vault i don't know what is but not only is our financial system evil it's a law aig if we were to add up all of the debt that people in government oh to the money people are supposedly worth that number would far exceed the amount of money there actually is and we're doing nothing to change that so the bottom line is we will crash again i think again and again perhaps beyond recovery if we keep up this evil monetary fiction tonight let's talk about that by following me on twitter at the risk that. while it was the day about the music died or at least not one of the most influential singers of our time passed away. i'm talking about the summer of two thousand and nine when the world stopped to mourn the loss of the king of pop michael jackson shortly after his death the son of the african dictator of equitorial guinea tailed auto nehemiah. a michael jackson's infamous for dazzled glove and for the past twenty eight months the united states has been in a legal battle with junior over the rights to that very glove because they allege it was purchased using dirty money a

>> did we have a lot of history we already forgot about enron and world, but general motors, aig, lehmanothers concentrate your portfolio with weinstock is arrested -- with one stock is a risk. charles: there is a big difference playing to win or not to lose. they throw the ball going to the fourth quarter what do they do? they run. no big deal. but the next thing you know they are losing or the score is tied they started to play not to lose so i feel for people out there the only option is not to lose that does not give the bigger upside potential. >> of game is a limited period of time but with retirement they could work 20 or 30 years. with '01 or 2 percent difference could have a huge effect on your retirement. don't lose 40 percent of your retirement. charles: so don't lose first then make money? >> with long-term returns. >> that is why we brought you. when we come back we will give you marching orders before the markets open tomorrow. still feeling the pain of the great recession? why that is a huge mistake. next. charles: welcome back to "making your market" one of the reasons fo

over the ensure's 2008 bailout saying he was a central figure in the decision to bail out aig.we do every 15 minutes, updating you on the stock market. adam, clearly, not by my side dead today, but on assignment. what's behind the move? >> shares jumping, an upgrade to a buy and price target of $280 a share, but right now, there's another 52 #-week high at 242 a share, not there at this moment, 241.65 is the current trait, but they are up 3% for the day, and here's one thing you keep in mind, that needham upgrade, there's unexploited growth opportunities, specially mobile advertising. lori: thank you, adam. time to make money. let's make money with charles payne. this hour, looking at a stock whose shares rise on the heels of the upgrade. what's that, sir? >> that's sf networks, the networking stocks, around for a long time, looking really, really good. you know, i forget the firm that upgraded this morning, but i wanted to do this this morning, but we didn't have the time. recently, the street's moving the earnings estimate up, a week ago, at #5.40. this week, probably a tech

it sold part of its investments in aig, netflix and liquidated its tesla stake entirely. we've only seen five filings hit the sec website since 3:33 p.m. it's been pequiet. after hours, there are normally dozens of these filings. i called the sec to see if there's a technological issue, they said this is abnormal, but they're looking into the market. >> thanks to you from headquarters. typically like to look at -- >> to me, that avis buy was certainly something to look at and he's just been great for years and years and so absolutely love to look at. hopefully long time will do that. >> and i think look inging at the car rental space is great. we talked about the airlines last night. obviously, once you get off the plane, you need somewhere to go. car rental place rs the place to go. >> added to his position in apple at the same time. what's the strad here at this point? >> i think you still have to bait for the smoke to clear. icahn blew that away. a lot of these things start to happen as it's really happening before people tweet. you never know. >> let's move on to our

the aig, the clunker ares to cash and why we have the bad economy is because of the stimulus spending. that wasn't the cure, it caused it, and let's hope -- you remember the discussion we had right after steve forbes and jack kemp were on you and i was against that stimulus spending. i think i'm right still to this day. neil: the only thing that stared you then i was on the same page questioning the wisdom of that. >> it was fun being on your team then. >> neil: it was. art laffer, always a pressure having on you, i teal people on the left or right, you're leaking at one of the finest economic minds in the century. >> neil: a lot of people equate him with reagan but he voted for bill clinton and is very agnostic when it comes to those who is spouse policies that help the economy. >> tax cuts i vote for. >> neil: thank you, my trend. i learn a lot from you. >>> we didn't get the cost of the solar panels but are getting a clearer picture of the cost of this healthcare law. word today the administration is spending $67 million to so-called navigators. those navigators are supposed to sig

aig also rising today.after the company posted strong earnings and said it would return capital shareholders. finally, chevron, the oil giant, 26% drop in net income due to lower prices. maria, back to you. >> thanks so much. it changed the dynamic for when the federal reserve may make a move and slow down the stimulus. we bring in right now randy kroszner. he's from the university of chicago school of business. thanks for joining us. >> great. >> was it great? the jobs numbers today? >> not so great. so unfortunately this is like the worst-case scenario as far as the fed is concerned because there's some part s of the jobs report. jobs were created. that's a positive. but when you look at the payroll numbers, they were weaker than expected. it doesn't give you a clear direction as to whether they need to take a step down or not. i thank'ink they're on track, b there are real questions. >> you were in the room when policy makers were making the decision. is this the kind of idea they would slow down with th

earnings after the bell tonight and per tradition, robert be benmosche will be here from aig.treet signs" after this. including the es and rx. ♪ this is the pursuit of perfection. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ this is the pursuit of perfection. >>> i'm hampton pierson in washington where we're just getting news from the state department about a plan this sunday to close a number of embassies and consulates in what's being described as a precautionary measure. we don't have the names or how many, but the state department saying on august 4, some embassies and consulates will be closed because the state department has been, quote, apprised of information that has led to securit

things have moved in aig chill.sident obama canceled a meeting with vladimir putin amid the fury in washington over russia granting asylum to nsa leaker edward snowden. joining us to discuss the diminishing relationship, congressman david ceselina and congressman walker. let me begin with you, congressman, many skeptics feel because putin once head of the kgb that the cold war never really ended. what is your reaction to the chill underway between the president and mr. putin? >> for a lot of people the cold war never did end and a that is unfortunate for united states and people of russia. for us to live in peace and be secure from the threat of radical islamic terrorism and i might say an emerging threat from china, now the world's worst human rights abuser we need to be russia's best friend. instead we're pushing them away, demonizing the leaders and not giving them equal trading status. when we -- there has been massive reform in russia. i'm concerned that the snowden episode is taken totally out of context. snow

aig, gilead sciences, time warner. on a day like today. already in apple.ncement came out. he said, i think they should have a bigger share buyback position. we are already there. when it is something different and it's a new fund manager who is getting a lot of attention, do you follow? and made a splash, but the stock jumped and he had to get out because it cannot convince the board to move. >> actually, he loved -- he did very well which is the sort of interesting textbook example about timing. a couple of years before, carl went activists to not much effect. but he was able to convince the board to bring on a new ceo. that provided the catalyst for change in the company. and then he exited his position profitably. interestingly we still on the position because he has not to massless as of yesterday, not filed his latest disclosure. we expect that yahoo will not be in his new disclosure, so we will exit the company at our next rebalance next week. and likely we will do that at a higher stock price than he received. liz: so we will watch. i thought he wou

they're reducing stakes in aig and microsoft. take a look in the shares in the after-hours session.ovies being made. a play by play on the most talked about moments, plus get an edge on trading with the top movers tomorrow. much more fast straight ahead. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ before their gift helped preserve the point... before a credit solution was used to expand their business... before trusts were created for their grandkids' educations... they chose a partner to help manage their wealth... one whose insights, solutions, and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust. >>> today's most talked about moments on cnbc. it's time for the executive edge just in case you missed them. >> we have breaking news, bill ackman is resigning from the board of jcpenny. >> i'm still look for an economi

on the flip side cuts his hold to go a few names including google, merck rand ain aig.nch," we're back in two. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. >>> welcome back to "power lunch." i'm kate kelly here at headquarter. we're waiting to here from the offices charges this morning against two former jpmorgan charges in connection with a $6 billion london whale debacle. half jer martin-artajo and julien grout, a more junior level trader for marking value on jpmorgan's books. accused four charges of wire fraud. during a period of several months it's alleged they

shares of aig jumping after hours after the company's the company resuming its quarterly dividend fore financial crisis. the 10-cent a share dividend will go along with a one billion dollar stock repurchase. mortgage rates are up but still historically low. rates are a full percentage point higher than in early may. >>> starbucks teaming up with google to upgrade the coffee chain's in-store digital network. starting this month customers will get 10 times faster internet service with their caffeine fix. over the next 18 months starbucks will con fettervert more than 7,000 u.s. locations to the upgraded service. that's the latest from the fox business network, giving you the power to prosper. i touched the ball before it went out, coach. come on, alex, the ref did not ca that! i touched, it's their ball. team! alex. alex, good call. david: shares of itt jumping today after the company's second-quarter earnings report. the manufacturing company beat wall street estimates and raised 2013 full-year guidance. liz: right. for both of top and bottom line they raised guidance. what drove itt's

first is google, second aig and third is apple. 121 hedge funds have money there.wn a little bit. the stock is up certainly this month. second stock we'll show you, national oil well varco. this is oil equipment company. the billionaire investor has a position of one million investors. chicago bridge and iron ore. they build energy and infrastructure. david shaw's fund owns 1.6 million shares. the fourth is verisign, this is internet registry service. berkshire hathaway, buffett's company he increased his stake to 11 million shares in the second quarter. it is not only that, lone pine capital a big shareholder as well. those are popular names in the hedge fund world. david: people are watching what they buy very carefully. lauren, thank you very much. >> sure. david: while wall street traders are living easy thanks to easy money from the fed, main street businesses are having a tougher time than ever coping with a whole host of new taxes and regulations making it harder to do business in america w more grandstanding fights coming over things like debt ceiling, will

there were all these bonuses set to be paid to top aig executives.f money. there was large outrage across the political spectrum. the answer from everybody were these bonus had to be paid because these were contractual obligations and you could not just rip up contracts. >> exactly. and here it is, you know, when it's ordinary workers rather than folks on wall street, they're prepared to rip up contracts. that's what we're talking about here. i think people should be outraged. lee's exactly right. he's emphasizing the hardship. also, again, you know, i'm not a lawyer, but these are contracts you'd expect to see honored. you know, taking this piece by piece, "a" we know public sector workers are not paid more than private sector workers on average. we've done research on that. friends at the economic policy institute have done that. when you adjust for experience, for education, what you find is their pay actually is a little bit less. it's generally made up, more or less, by benefits. public sector workers tend to have better retirement benefits, hea

numbers -- for example, h queer looking to buy quality names, and where there's great momentum, an aig kind of thing, those are names we would be buying, too. >> all right. >> pfizer and johnson, and buy some apple. that stock is really been recovering well here. >> you always get the last word. >> and finally, maria, i hope my kids heard me referred to as the gentleman. i really -- i am glad to have been remembered by mark as the gentleman just now. >> you are a gentleman. >> you are totally a gentleman. >> good to see you. have a great weekend, everybody. >> thank you. >> thank you so much. >>> up next, we'll hear from somebody who says the s.e.c. is making a big mistake to get jpmorgan to admit to wrongdoing in the case of the london well trading laws, and priceline rollying closer to $1,000 a share, prompting spokesperson william shatner to lament today that he sold most of his stock. aww! coming up, we'll hear from somebody who says the stock still looks cheap. the trade later on "closing bell." before their gift helped preserve the point... before a credit solution was used to ex

an aig, we continue to add to that. we're also buying stocks pulling back and giving us a chance, emerson occidental, tim kkin. >> dow's worse day since june 28th. second worse week of the year. we're going to snap six weeks of gains. good time to buy? >> it's august, the weather is turning nice, heat wave is over, market is up 20%. just go to the beach the rest of the month. there's nothing that's going to drive the market higher, and right now my position has been that i'm not getting pa i had to put on risk in trading names at this point. >> why is your pal tepper still bullish? >> he has cut his leverage, right? so he's not ridiculously bullish. >> if he's not super bullish, he's still bullish. >> dave generally has two speeds. incredibly bullish and bullish. so he's down shifted to a lower speed right now. i'm not saying the market can't go up. i'm saying i like my core positions, although i did sell a little b of a the other day. i don't feel i have to put money to work right now when the trend should be lower bec

on the flip side you have good numbers like schlumberger and aig and we add to them because the trends are very favorable and i think they're doing a good job managing through a muddle along scenario as josh said and i agree with joe that i think the underlying data is a little bit better for the economy and we have a bad jobs number last week and we got good pmi and good ism and pending home sales and decent data from overseas, so i think you can be very stock selective and be buying. >> why do you have to be so stock selective, if the data from overseas is coming in better and the data in the united states is coming in better, if those tides lift the boat of the u.s. stock market as a whole, why do you have to be so selective? >> you don't have to. if you do what stephanie does, try to out perform the index, of course, if the index might stall here and you can be in better names or cheaper names, a better shot to do that. for most investors they really don't have to be quite as stock selective. i would advocate maybe being sector selective or geographically selective. i don't see a n

it was six months later to the day when you have the aig class, lehman brothers, and of course the mostcritical meeting of all. that occurred about 7:00 p.m. in the conference room of the speaker of the house, nancy closely. about 15 of us in the room and then ben bernanke proceeds to say the following almost verbatim, that he turned to the 15 of us in the room and said unless you act in a matter of days, a good part of the world will melt down. needless to say it left the room. whether or not you agree with that analysis, this was not just some speech given by a casual observer that the most important central bank in the world, telling leadership of the congress of the united states what he felt would happen if we did not act. as a result we formed a very bipartisan group of people like bob bennett and chuck schumer and myself and jack reed and others and wrote the type legislation. far more comprehensive than the 2.5 pages it makes sense at 130 in the morning. no regulator could intervene. that was the beginning of the bipartisanship on what became the dodd-frank legislation. the sena

hedge fund owned aig and bonds in greece.agger an hedge fund guys don't create jobs. we create jobs. guess what hollywood create as lot of jobs with government tax credits. this is what dan lobe going about sony. he is saying this has a famously bloated corporate infrastructure. ashley: yep. >> high salaries a lot of perks for underperforming executives and also look at this, citing sony flops, "after earth," white house down, comparing them to "water world" and "ishtar." ashley: ouch. >> sony has good blockbusters with a sky fall, the james bond movie. it will not be a public proxy shareholder fight. we're hearing according to people close to the matter he will go at knit retiring way, meeting with sony's banks letters -- ashley: doing it the japanese way as you alluded to at the top. >> that's right. tracy: he pulled out the "ishtar" card. those are fighting words. >> and "water world." ashley: geli. we talking about bad movies. interesting stuff. >> yeah. time to make money. five of the most shorted stocks on wall street g

they lost the chairman and they lost the head of the life insurance unit, kevin hogan, who joined aigmer insurance i think left about a year ago. the board looks a little light. >> yes. it is. that was a topic that came up on the call this morning with executives. and they didn't have great answers for that. the company obviously is having a tough year. it issued reports the first two quarters that were pretty downbeat. has specific targets it wants to meet for this year. came out earlier this month and said some of those might be a little tougher to meet than we thought. and, of course, questions have been raised in the local press here, and elsewhere about the way that the company has presented numbers and was there some sort of contention with the cfo over that. the company came out today and said absolutely not. and what has happened with this death has no relationship to the numbers that we have been reporting. >> okay. john, thanks for joining us. john letzing from the wall street journal. we'll take a short break. still to come, u.s. equities look to put the dog days of august