rule and to make sure that it carries out the intent of the law as written. >> let me bring in andrew ross sorkin. andrew, help me understand this more broadly. this is complicated. why is it that americans should really be taking notice as the rest of wall street and washington is? >> well, the issue here, in terms of why we should really care, the true context is if jamie dimon, who's been exulted as one of the great, as you said in your interview with him, as one of the great risk managers, can make a mistake, we've got a problem. because it means that other banks could also make a mistake. and they could potentially make a mistake on a much grander scale. and who gets left holding the bag if that happens? the taxpayers. that's what this is all about. the question is, are these institutions still too big to fail? and in many cases, actually, i would say that this scenario suggests that they may still be too big to manage. that's what we're working against, in trying to figure out, how can we deal with all of this complexity? the complexity still in the system. this was about credit default swa

. >> let's talk about this more with andrew ross sorkin. "new york times" journalist, author of the book "too big to fail" and co-anchor, of course, of nbc's crosswalk box. he's with us in the studio tonight. correct me if i'm wrong. is this a case of the rich get richer. another advantage to the 1%, mitigated or aggravated perhaps by the fact the stock is down from where it came out? >> it would feel this way. this is that and probably more. it couldn't come at a worse time given the enormous distrust the public has of wall street, it goes to this sense of fairness. this is the ultimate 1% versus 99% all over again. the idea that the playing field is not level, that certain people, certain investors are getting access to information and the other guys, mainstream, isn't getting the same information. and who is holding the bag? the greater fool theory. an ipo, somebody is buying and somebody is selling. in this case, the public is the buyer. in that case, maybe they were the fool in this case. >> in the meantime, the stock price is down. >>

we want to begin with andrew ross sorkin. of cnbc and the "new york times." the man who happens to be the author of the best selling book "too big to fail" really about this very topic. andrew, welcome. >> thank you. brian, the revelation that america's largest bank, jpmorgan chase, lost $2 billion through a new risky trade has revived the debate, has anything really changed on wall street? jpmorgan's big trading loss is drawing attention on wall street and in washington because the bank's ceo, jamie dimon has been one of the most vocal critics at new regulations curbing risky trading. the irony is rich. of all of the banking heads, he's long been considered the best at managing risk. the s.e.c. is investigating the trading loss. last night in a conference call with investors and analysts, he apologized, calling the mistakes grievous and self-inflicted. >> it puts egg on our face and we deserve any criticism we get. soy feel free to give it to us. and we'll probably agree with you. >> concerns about jpmorgan's brazen $100 million bet by a trader nicknamed the

andrew ross sorkin, thank you very much. senator carl levin, thank you as well. >>> coming up here, we'll have more reaction to jamie dimon's comments as we go through the hour. and an overview of the fall campaign. joining me for that, the chairman of the republican party, reince priebus. >>> coming up a little bit later on, a special roundtable on the politics of same-sex marriage after president obama's personal support on the issue this week, has anything really changed? all coming up. >> announcer: "meet the press" is sponsored by ge, imagination at work. this is an rc robotic claw. my high school science teacher made me what i am today. our science teacher helped us build it. ♪ now i'm a geologist at chevron, and i get to help science teachers. it has four servo motors and a wireless microcontroller. over the last three years we've put nearly 100 million dollars into american education. that's thousands of kids learning to love science. ♪ isn't that cool? and that's pretty cool. ♪ and then treats day after day... who g

andrew ross sorkin, dealbook has great coverage on facebook if you want to understand that story. andrew, thank you very much. >> thank you mr. geist. >> shifting geerz. there's new evidence shedding light on what exactly may have happened the night trayvon martin was killed. police photos show the gunman george zimmerman with lacerations and bleeding on the back of his skull, as you see there. and also on his nose. the photos would appear to support his claim that he was in a confrontation with mr. martin, which he says led him to use deadly force in self-defense. but a police report among several just released concluded that trayvon martin's shooting was, quote, ultimately avoidable. there didn't have to be that confrontation in the first place. another report, quote, reveals that martin was, in fact, running generally in the direction of where he was staying as a guest in the neighborhood. in other words, fleeing. zimmerman had called 911 that night to report a suspicious person in the gated community. the martin family attorney said if zimmerman had just stood down, as he was

the democrats' top watchdog on these matters, is chairman of the financial subcommittee, and andrew ross sorkin. welcome to both of you, senator levin in michigan and andrew here. senator, i want to start with you. as you react to what you heard from jamie dimon, where does this go next? >> it's going to the regulators. they're going to decide by july whether or not we're going to have strong regulations, as the law requires, or whether or not those regulations are going to be unrung by a massive lobbying effort from wall street to weaken the regulations, to put in a huge loophole into the regulations, which would allow the kind of risky bets to be made, which the law says should not be made. we wrote a law. it was based, called the volcker rule at times. senator merkley and i wrote the language that ended up in the bill. and we prohibit the kind of bets that were made here. and there's too exceptions. one is hedging. we define hedging. and that's reducing risk. not increasing risk. and we also allow market making. and as you just heard from mr. dimon himself, this was not a risk-reducing activ

i'm andrew ross sorkin along with joe kernen and michelle caruso-cabrera. becky is on her way to omaha for this weekend's berkshire hathaway meeting. i'll joiner out there so ath. the ecb holding a policy setting me meeting. expected to resist calls to restart it bond buying ram. we'll have a live report from europe. and back in the u.s., weekly jobless claims top the economic economiceconomic calend calendar. also today, will is data on q1 productivity and ism nonmanufacturing. the nation's retailers also will start reporting april sales. dos compan costco says comps rose by 4%. that was below estimates, though. and china and u.s. are holding an annual talk in beijing. among the headlines, tim geithner repeating calls for a stronger yuan. we'll have a live report from beijing in about 20 minutes. >>> and today's top corporate headline, carlisle raising a less than impressive $671 million. pricing at $22 per share, below its expected range. kayla tausche broke that story yesterday. oracle a bitter lawsuit over a micro processor. a judge refused to resolve t

they are talk directly to andrew ross sorkin.browsing library. >> you go through and pick something out and order it on amazon. that's a tough business model for best buy. >> i know we just told you that. >> we heard the laugh before we saw him. >> where did you -- >> robinhood. he was at the table next to us and someone was saying something funny and it was haunting. it really was. and i looked over and there he was. so it was weird. you were working. >> when was that? >> that night, you were working. >> i was. i was writing a column. >> you know, this other job. >> i missed it. when we come back, a bad start for an ipo doesn't have to be a death centers for a company. we'll get a report from steve liesman on ipo busts that turned things around. >> and bill hambrecht has long been at the forefront of ipo ruined writing. he'll join us at 8:30 a.m. eastern. ♪ going to go to the place that's the best ♪ a route map shows you where we go. but not how we get there. because in this business, there are no straight lines. only the twists

. >> let's talk about this more with andrew ross sorkin. he's with us in the studio tonight. correct me if i'm wrong. is this a case of the rich get richer. another available to the 1%, mitigated by the stock it is down from where it came out? >> it would feel this way. this is that and probably more. it couldn't come at a worse time given the enormous mistrust the public has of wall street. this is 1% versus 99% all over again. the idea that the playing field is not level, that certain people, certain investors are getting access to information and the other guys, mainstream, isn't getting the same information. and who is holding the bag? an ipo, somebody is buying and somebody is selling. in this case, the public is the buying. in that case, maybe they were the fool in this case. >> in the meantime, the stock price is down. >> that's the toughest part about it. >> as always, thank you. >>> the world's largest personal computermaker, hewlett-packard, said today it would lay off 27,000 employees. this is going to hurt. that's about 8% of the work force. they said the reductio

we'll talk live to andrew ross sorkin in a minute.nwhile the reverend jeremiah wright returns four years later to presidential politics as mitt romney denounces a proposal from an outside group to bring president obama's one-time spiritual leader into this campaign. the question is, should romly be held responsible for the rejected ideas of a thi

we'll talk live to andrew ross sorkin in a minute.nwhile the reverend jeremiah wright returns four years later to presidential politics as mitt romney denounces a proposal from an outside group to bring president obama's one-time spiritual leader into this campaign. the question is, should romly be held responsible for the rejected ideas of a third party organization? and what is the deal with the miami heat? a few days ago they we on a march to the nba title. this morning, they are in serious trouble. the question is, will indiana bounce the heat? it's "way too early" for this. >>> good morning i'm willie geist and this is "way too early" the show whose disastrous ipo is a cautionary tale from the cable news bubble of the late '90s. i'm glad you're up with us this morning watching on msnbc or listening live on sirius xm radio. you can e-mail me or tweet me @willieguest1. le

i'm becky quick along with andrew ross sorkin and joe kernen. yahoo!'evinsohn has been named interim ceo after thompson's resignation. and fred amoroso has been named chairman, replacing roy basta. all of these considered a resounding victory for daniel loeb who first called dattentio to the discrepancies in the resumÉ. >> rescap subsidiary will be filing chapter 11. >> you're talking by ally. you're not talking ally mcbeal. >> the fallout continues on jpmorg jpmorgan's $2 billion tading loss. jamie dimon said the strategy was poorly executed and poorly vetted. he says the incident hasn't changed his overall view on what the goals should be. take a listen. >> we support getting rid of too big to fail. this is not going to -- we're going to make money with tons of capital bum we support too big to fail. we want the government to be able to take down a big bank like jpmorgan and it can be done. we think dodd-frank gave the fdic the authority to take down a big bank and when it happens, compensation should be called back the board should be fired and the n

but andrew ross sorkin pointed out that glass-steagall alone would not have saved lehman brothers andar stearns. a glass-steagall reenactment might not mean that much. but i think andrew misses the larger point. reveal of glass-steagall was merely one part of a larger flaw in our thinking. we cut virtually all of the rules and regulations that kept our banks solid and credible for six decades, next thing we knew leverage ratio spun out of control, capital requirements shrivelled up, government and bankers believed in the myth of self regulation and they were wrong. glass-steagall was one critical part of a structure that made sure no bank was too big to fail no entity was grand enough to crush the entire system and no single wave of bets could wipe out the whole economy. so andrew you are right, glass-steagall alone wouldn't do it but as part of a larger structure, the voelker rule could provide our conversation is with you the viewer because we're independent. >>here's how you can connect with "viewpoint with eliot spitzer." >>questions, of course, need to be answered. >>we will not

i'm joe kernen along with becky quick and andrew ross sorkin. making headlines, facebook.nies it will discussing a full listing transfer. >> just a partial one. >> people go to the nasdaq and they said that's the way the old firms go on the big board. it's like the hoodie firm. >> the t-shirt. and the rest is history. >> shareholders are suing. a tie could have made the whole thing different. nasdaq facing litigation from angry investors. knight capital, you saw this guy on right after we talked about it all damon. capital announcing a pretax loss of $30 million to $35 million on the botched nasdaq debut for facebook. the electronic trader is demanding that the exchange compensate it for that amount. knight ceo told "squawk on the street" that losses were forthcoming as a result of the trading issues. plus facebook coo sheryl sandberg speaking at a harvard business school yesterday. >> i wish for you four things. first, that you keep in touch via facebook. this is critical that your future success. and we're public now, so can you click on an ad or two while you're there?

andrew ross sorkin.mo back to "squawk box." i'm joe kernen along with becky quick and andrew ross sorkin.irst day of the rest of andrew's life after reading road to freedom. >> is arthur brooks going to come on the show? >> i want to make him a con contributor. you got arthur and then you got -- well, i won't go into it. but at a network and all of our sister networks, we have a lot of work to do to try and maybe just make things, you know, kind of objective. fair and balanced, right? we have some work to do. >> but it would be boring. >> me and you? >> i disagree with everything you both say any way. >> what about this? top stories before facebook options will begin trading. targeting the underwriters as shares fell below the ipo price. francis gaskins is with us. i said this beforehand, when it's all said and done in hindsight, we'll have all the answers. and it always happens that way, doesn't it? i look back now and i think we should have seen -- we did talk about a lot of the issue, the 25% increase in price from selling shareholders. we talked about a lot of that. but at this point,

i'm becky quick along with joe kernen and andrew ross sorkin. let's get you up to speed. it is likely it to be an interesting week for newly issued shares of facebook. the stock could have a tough time if morgan stanley stops supporting the stock. the firm stepped in with support after the stock fell toward its $38 ipo price. and managers could decide to get out before going under water. and managing ceo scissors the exchange is humbly embarrassed by its bungling of its debut but he said there's no indication the nasdaq delay contributed to the underwhelming performance. nasdaq's board set on saturday. the sec is investigating. greifeld spoke with maria bartiromo last night and she'll be joining us. and yahoo! is selling part of its stake it in ali baba. the cash infusion could appease shareholders looking for dividends, acquisitions or share repurchases. >> and now to the other morning deal news. biggest u.s. operator of dialysis clinics buying health care partners for $4.4 billion in class and talk. also this morning, a chinese conglomerate buying amc entertainment hold

i'm joe kernen along with becky quick and andrew ross sorkin.n suffering a trading loss of at least $2 billion from a failed hedging to prevent loss. steve sedgwick joins us from outside the bank's offices in london. and you're on the lockout for a great big fat guy, right, to see whether -- london whale in case he shows up today, right? >> someone what i wilwhale-like. we're looking for a big french whale. yeah, the fact is apparently this chief investment office, and i think this is the krubs of t crux of the questioning, it's about hedging. focusing on the managing the long term structural assets and liabilities of the firm. it is not used for short term profits. a lot of people on our questioning whether the cio is a mark for some form of proprietary activity. why it was someone who is involved in hedge willing activities paid, wait for it, 100 million u.s. dollars. i've traded in these markets and i know a lot of people who trade in the markets. if oor just involved this risk asset, are you you really paid that kind of money as well. so the

i'm becky quick along with joe kernen and andrew ross sorkin. disney reporting earnings three cents better than the street was expe expecting. among the catalysts here, strong attendance and theme parks and higher advertising at its cable networks. the studio with a loss due to the fiction movie, "john carter." >> "the avengers" isn't just a film. it's a franchise from our per expect ter. we see a tremendous boost in products and gaming. we have an ability to leverage what was a very fine film done by a great group of filmmakers from marvel into something bigger for the company and its effects will be prolonged. >> iger says there will be a sequel. >>> in other earnings news, toyota reporting better than expected results and they expect to triple their operating profit this year to more than $12.5 billion that. would be the highest since the global financial crisis. >>> also glaxosmithkline is launched a genome offer at $13.10 share a week. they're taking it directly to the biotech shareholders. genome rejected the offer last year saying it did

i'm andrew ross sorkin, along with joe kernen and becky quick is in iowa with warren buffett.aught up with what's going on in the world. european markets sliding this morning, the nikkei finishing at a three-month low following the election results in france and greece, which recent agreements resolving the eurozone financial crisis putting all that into question now. that's what those elections are doing. that's what has the markets under pressure. also facebook's ipo road show begins as it gets set for the largest public offering in the silicon valley. even though it's not trading, several street analysts are already rating it a buy. and britain's barclays will offer a variety of products, including five-year certificates of depos that pay up to 1.75%. let's take a look at futures at this hour. dow looks like it would open about 90 points lower, nasdaq would be off as would the s&p 500. joe? >> let's continue our special interview with warren buffett following this weekend's berkshire hathaway annual meeting. they are in carter lake, iowa, which is next to omaha, iowa, which

andrew ross sorkin of cnbc has more on the latest and is the author of the book "too big to fail." >> it's been four years since banks were bailed out for making risky business gone bad. now the largest bank, jpmorgan bank lost $2 billion through a risky trade has revived the debate, has anything really changed on wall street. jpmorgan's big trading loss is drawing attention on wall street because they've been one of the biggest. he's long been considered the best at managing risk. the s.e.c. is investigating the loss. >> he apologized calls the mistake grieves and self-inflicted. >> it put egg on our face. >> concerned about his brazen $100 million bet by a trader nicknamed the london wail calmed it down by callinging it a tempest in a teapot. >> we know we were stupid. we know it was a bad juchlkt we don't know if any of that is true. of course, regulators should look at something like this. that's their job. they will come to their own conclusions but we intend to fix it, learn from it and become a better company when it's done. >> occupy wall street protesters have targeted dimon

i'm joe kernen along with andrew ross sorkin.utes live from omaha, covering the berkshire hathaway. you can't pick a 4-to-1, right? it's too boring. >> remember mark -- >> he never -- he on got it right once. >> i got last year's right. >> did you? >> i don't know who to pick this year. >> 4-to-1 is okay? >> no. >> you want the 50 motor vehicle 1. >> that's why they cool it a dark horse. >> giving your money away. >> no, i'm not going to bet! >> this is like his third -- >> do you bet on the employment number? >> no. >> we are counting down to the employment report. liesman probably does bet on it. >> that would be like pete rose betting on baseball. >> i don't bet on it. >> 168,000 nonfarm jobs were added last month. that's what the consensus is. the unemployment rate is seen holding steady at 8.2%. i think that goes down, steve. >> unemployment rate? depends what happens to anticipation. >> oh, you're in the conspiracy camp. >> u.s. equity futz down by 10 points. it's not going up. >> not allowed to. >> no! no! that guy will ge

. >> and andrew ross sorkin. >> glad to you have here, arthur brooks.e're down 65 points at one point. yesterday after a pretty -- not a great beginning to the day, the market battled back, closed down 30 points but it almost got to even all day long. maybe it did get to even. mcdonald's is out with some -- >> sales? >> looks like you can see from the stock only europe i think -- that's the only one? i haven't looked at all that. >> what's that? >> maybe that makes sense. only europe was above expectations. >> maybe they're migrating to the cheaper royale with cheese. it's not now called a quarter pounder because of, because of the metric system. there's no quarter pound. in europe maybe they don't have enough money to go to the fancy restaurants and bistros. >> maybe they're making premium drinks. >> they still want their french fries so they go to mcdonald's. >> yahoo! ceo apologizing for the controversy involving his resumÉ. he said he'll fully cooperate with a board investigation into the matter. it's an interesting story. also facebook beginning da

i'm becky quick along with joe kernen and andrew ross sorkin.he european rescue fund says the fund will continue support for greece as long as it sticks to its previously negotiated bailout agreement. and cisco systems shares under pressure after the company issued a disappointing current quarter forecast. the ceo says they are cautious because of europe and uncertainty because of government policy. a triple dose of data at 8:30 eastern. the weekly initial jobless claims, those numbers for the march u.s. trade deficit will be hitting and april import prices. we'll get the numbers and the market reaction as soon as they hit. the futures this morning, at this point things have turned positive. the s&p up by 3 points and so are the dow futures. andrew? >> it is the most talked about ipo in years, facebook set to go public, setting the price arrange between $25 and $38 per share. henry blodget writing a series of articles. he takes an in-depth look at the facebook ipo among bankers. and also with us, auto czar steve ratner. some great pieces this we

i'm joe kernen along with becky quick and andrew ross sorkin. cme group will reportedly extend trading hours for its grain contracts. chicago exchange. it is moving to defend it turf against the fwoid nearly round the clock transactions. and australia central bank cutting its main cash rate by aggressive half a point today. policymakers say inflation would likely be lower than expected for the next two years. comments leave the door open for further easing if necessary. china's pmi rising to a third month high in in april. they stole it from us obviously. the slightly short like everything, slightly short of expectations. the number signals that the economy has found a footing and may be recovering, but smaller factories are still struggling. kevin ferry chief market strategist joins us from the cme. i've gotten some correspondence from you in relation days. >> it's been fun. >> i love the krugman piece. the fed finally needs to get off its ass and do something because they haven't done anything to help unemployment. so -- and then i also leak w

i'm joe kernan along with becky quick and andrew ross sorkin. did you enjoy it?long. >> i was like 9 years old. >> that's an age where you start appreciating that. i did. let's start with the markets, ira harris joins us from the cme. some of that was -- no, he was from detroit, i guess, wasn't he? >> eddie murphy? >> yeah. >> ira, when did you first see a naked woman in a movie? >> holy cow, joe. i have to think back -- probably, let's see -- >> don't think back. when was the last time when you saw that? that was this morning. so what do you -- what do you make of -- what do you want to talk about? europe? >> no, we can talk about europe, certainly, let's also talk about andrew's piece yesterday on glass seagal and where he gets it wrong. so i figure we can -- >> oh, i love it. >> come on. >> conflict. go ahead. go ahead. i love this. >> here's where -- i actually sent you an e-mail a piece i wrote back in august of 2002 where i said it was going to be the worst act the united states has done in quite a while. and here's why. when you repeal glass siegel, the in

but i am grg to get the andrew ross sorkin automatically put into that because the old brain take as ching "worldwide exchange." these are your headlines this morning. european equities come back from session lows, but sentiment remains fragile following a downgrade it for spain's banks and uncertainty over greece. the spread keeps widening as german bunds hit record lows. facebook frenzy reaches a fever pitch as shares are priced at the top end of the expected range. >> a slight change of tone. sbarro knows all about grabbing a slice of the market. the chain founded in 1996 and expanded to more than 1,000 locations in more than 40 countries mostly in n. shopping malls, airports and college cam you puss. joining us is the ceo. james, thanks very much for joining us. we've had some disappointing data out of the u.s. the global economy or the data everywhere is rather disappointing at the moment. so just give us an case your view of the environment at the moment in which you're having to run the business and turn it around. >> it is a tricky environment. and we certainly would be happy

i'm becky quick along with joe kernen and andrew ross sorkin and the global markets are under pressure

i'm becky quick along with joe kernen and andrew ross sorkin and let's set today's agenda.nd may on a high note, but go

i'm andrew ross sorkin along with joe kernen. back tomorrow. so mandy drury is joining us.

i'm becky quick along with joe kernen and andrew ross sorkin. the et

i'm becky quick along with joe kernen and andrew ross sorkin.special squawk news maker with us, warren buffett. he is berkshire hathaway chairman and ceo and he'll be joining us fors next three hours. he is ready to offer his take on the u.s. ar

i'm becky quirk along with joe kernen and andrew ross sorkin. full forecasters say the economy likely added about 175,000 private payroll jobs last month. we'll get those numbers first on "squawk" with joel prprakin. we'll hear from others. we will be joined by comcast chairman and ceo brian roberts. he'll be speaking with us live at 7:30 eastern. the markets are going to be listensing to a crowd of fed speakers. in the mix dan tarullo. he's expected to meet with the banks on the stress test and other issues. andrew. >> let's get you kaupt to speed on the top story os testify morning. facebook's road show, it's going to begin on morn. founder and ceo mark zuckerberg is expected to be involved in the road show. that's big news. we're going to keep an eye on it. the justice wants a summer trial date. the company's requested a delay, but government lawyers say that a class action settlement between bp and a team of plaintiffs' attorneys shouldn't slow down for claims that aren't covered by the proposed deal. and we've got a little deal newses this

i'm joe kernen along with becky quick and andrew ross sorkin. what's your handicap?don't play to it, though. >> can he help you? >> for about an hour. doesn't stick. >> he asked me. sometimes you need a shrink. >> checking u.s. futures, we're up about 26 points. ugly, horrific, terrible session yesterday which got people a little bit nervous when you looked at where the vix ended. but what happens in europe has been influencing and affecting what happens here. >> take a look at target. right now that stock is indicated higher after it just came out with same-store sales better than the street had been expecting. it was high end of what the retailer was expecting. >> our story of the morning, it is may. it's shaping up to be a tough month for the bull. the dow now down 6% in may, on track for its biggest monthly decline since september of 2011. the s&p, nasdaq and russell 2000 all also down more than 6%. of courseinvestors are waiting for a slew of economic data. the may adp report is expected to show the u.s. economy added 160,000 jobs in april. at 8:30 a.m. we'll ge