. >> you have to look at it as a business transaction. a debt collateralized with property. homeowner enters it with the bank. what they are saying the agreement is, it's a legal one, if i don't make the payments you get the house back. >> reporter: this website payer go.com has been said up by an attorney. it helps consumers decide if strategic default is for them. he warns it isn't for everyone. >> if you have multiple refinances and multiple mortgages, those are red flags. >> reporter: he suggests a conversation with an attorney, even a short one is worth your time and money. that brings us back to david. >> i would advise somebody in my situation if you truly feel at wit's end and upside-down in your property, i'm 60% upside-down, there are ways to get help and there are ways to seek remedy. you just have to do your research. >> eric: still ahead the amazing story and life of a one time guitar player stricken by lou gehrig's disease. lifelong friends how the struggle with a life-threatening disease forever changes the lives of two young women. >> eric: a richmond musicia

first, to act with care and diligence in transacting bank business whether writing checks, endorsings, or inspecting a monthly statement for the account. the customer's second main duty is to examine and reconcile bank statements. in the process of doing this, the customer is obligated to promptly report any unauthorized signatures, any check that has been materially altered, or any repetition of unauthorized signatures or alterations made by the same person. in return, the customer also has specific rights. these include the right to collect damages from the bank if the bank makes a mistake in handling the account, and the right to issue a stop payment order on a check. like the customer, the bank also has specific duties it must honor the terms and conditions of its contract by providing the services the contract calls for and by charging the rates that it agreed upon for those services. under the contractual relationship the bank must also provide the customer with statements of the checking account. the bank's second basic duty is to obey the rules of the agency relationship. sin

hard to say how this is going to affect the business transactions on there are already one hundred seventy orders in place around the world for this airplane a dozen have been built in a dozen are already under construction as well but right now most of the people here in jakarta are focusing on the human lives that were lost day and the tragedy surrounding this whole incident. all right thanks very much indeed for bringing us the latest from jakarta our correspondent. of course. monitoring the situation there and will bring you the latest as we gather what you watching our team coming to life from moscow still ahead for you this hour. the financial crisis and budget cuts in the u.s. for people to leave their homes and even seek legal solutions help find out more in just a few minutes. now two largest logins have shaken damascus dozens are said to be dead and wounded these blasts are the latest in a spate of violence in syria despite the apparent ceasefire we now get the latest from our correspondent in syria say or so sara the blaster and the other blow to the u.n. backed peace plan so wh

she said she saw elisa signing larry's name on checks and day-to-day business transactions. >> i figuredng his business going for him. you know, so he can go play or do whatever he's doing. >> reporter: in early january 2002, said sarah, elisa planned a trip to arizona to attend a horse show. and, in the absence of larry, invited sarah to go along. >> i was going to fly down the next day and then she told me, you know, your ticket's paid for, and all that. >> reporter: but when sarah got to the airport, the ticket was not paid for. >> so then you call her cell phone number and what did you get? >> nothing. it was, this number is no longer in use. >> reporter: and that was that, said sarah. she hadn't heard from elisa since. >> i actually called ginger and i said, ginger, you know, i'm going to look for a it new job. i don't know about you, but elisa's gone. >> reporter: then joaquin county prosecutor thomas testa had handled a number of missing persons cases so when with he heard about the case of larry and elisa mcnabney, he gravitated toward it. >> this is an attorney with a case load

>> i mean not transactions in and out of personal accounts but business to business transactions butial markets. i'm talking about every day transactions, a small user fee for using the best economy in the world to make transactions. that we have a great court system. we have a great regulatory environment and i think that we have to have a consumption base tax individually. i've designed one that i think is unique and that will be useful in our economy. >> all right. we'll leave it there. we'll be watching for that. you sound like a german finance minister. >> look, 150 countries have consumption or consumption-based taxes and we don't but we're eventually going to get that because -- >> we know what that got europe, right? >> well, we're a consumption-based economy. no wonder we're broke. >> congressman, good to have you on the program. thank you so much. >> thank you. >>> as we count down to facebook's ipo, should mark zuckerberg add a woman to the board? what difference does it make who is on the board when he has 57%. the whole thing is obscene and over-hyped. damon tells us, wh

capital put out a statement this afternoon saying the ad had oversimplified a very cosm plex business transaction. romney was gone from bain capital when the company was shut down and gone into bankruptcy. the romney campaign came out with an ad showing the other side of creative destruction, that is a company that mitt romney and his company helped to start. >> sdi almost never got started when others shied away, mitt romney's private sector leadership team stepped in. >> building a dream with other 6,000 employees today. >> if it wasn't for a company like steel dynamic, this county wouldn't have a lot. >> if that's not the american dream, i don't know what is. >> now, team obama has good reason to go after mitt romney on economics, because polls have shown that americans give romney more credit than obama for having good ideas on the economy. one interesting side note, larry, in addition to tbundler you mentioned. >> many thanks to john harwood for the update. let's talk about this vampire bain capital ad. as usual on mondays, we have brad woodhouse, communications director for the democratic n

the chamber supported small business growth for our members and provided 250 opportunities for member companies to connect, build relationships, and transact business. our community partners are collaborating more affectively today than ever before to help and build a vibrant economy for 2012 and for decades to come. today at the annual meeting, we are proud to present our new directors for 2012 and recognize the leadership and contributions of the board. let's recognize all of the board directors that have joined us today. please them for a round of applause -- please stand for a round of applause. thanks again to our diverse and talented board that makes the good work of the chamber possible. good at the helm, driving our achievements has been the vice president and group manager and the 2011 chamber board share. please join me in welcoming john. [applause] weed rows is going to help me do the honors, and i will introduce him to you in just a couple minutes. on behalf of the entire board and the entire business community, please except this in grave cable car bell in recognition of your service and leadership for 2011 as our share of the

it's not a business transaction. he got educated here. he made his money here.h, second feel. >> how do you feel? >> wow. >> how do i feel? i hope when he comes back into the country customs slips a bag of cocaine in his suitcase. that's how i feel. >> okay. enough of that. second question, joe biden passionate about the middle class. listen. >> i resent the fact they think we're talking about envy, job envy, wealth envy, that we don't dream. my mother and father dreamed as much as any rich guy dreams. they don't get us. they don't get who we are. >> okay. translation. you richer than god man, mitt romney, you don't understand me, the little guy. effective, pete? >> yeah. listen, mitt romney never had a dream about being rich. he was born rich. good for him. the guy probably bought a suit the same day he got his first job. this whole idea that mitt romney can somehow relate to the american people, he can't. the guy has never had to worry about a paycheck, worry about putting food in his kids' mouth or his mouth. he's never had to worry about paying bills or goin

in alabama, it's a felony for an undocumented immigrant to get in any business transaction with a governmental in you house. like this is happening right now. and so to kind of unpack that and realize why are they doing this? remind you, birmingham is 7% hispanic. you would think j-lo had a camp downtown. >> here's one difference in immigration reform is that there's a division within the latino and asian community about this. when you poll them, they don't say immigration is their number one issue. they say economy, jobs, education. it's not really on the map of most asian american, you know, political -- >> there's a lot of shame. and a lot of fear. >> but that sounds very familiar, right? shame and fear is precisely the kind of emotions we're talking about vmt i want to talk about that a little bit more right after the break. i needed a coach. our doctor was great, but with so many tough decisions i felt lost. unitedhealthcare offered us a specially trained rn who helped us weigh and understand all our options. for me cancer was as scary as a fastball is to some of these kids. but my coach

when you have the transaction business. you have what he's going to gain by the dollars and cents that are coming down. they kept them in st. louis -- i mean, missouri. there's two in kansas city. run beautiful banks. there's a man in oklahoma. when you're working to take care of the relationships with your customer for what will be value and benefit in taking care of them, the whole community. and profit comes if you do that well without starting out and saying i'm making a deal today because it's going to bring $500,000 into my pocket the end of this year. my answer is you can't have two cultures in one entity. we had big financial institutions, goldman sachs and others that were doing very well, taking care of big companies, internationally. wean e we had big banks that we can compete with storily, and that system worked. so in answer to your question, i think if we have the cultures that don't understand that operate differently i think you can't possibly succeed. that's what 2008 brought us. 2008 brought us the disaste

an unmentioned fact is over 85% of the bank's transactions are for small businesses.we talk a lot about the large business, boeing in particular. one of our best exports and job creators. but 3,600 businesses, most of which are small businesses. the products american workers make are the best in the world. american workers and american entrepreneurs can compete with anybody in the world if they have a level playing field. this helps get there. when that happens, our workers succeed and that means more of our people can make it in america. that's where americans -- what americans want to do, they want to make it. they want to succeed. they want to have their kids have opportunities. and they want to make it. and one of the ways we are going to make it in america is to make it in america. manufacture it in america. grow it in america and sell it here and around the world. and create jobs here. good paying jobs for our people. they'll feel better about that. i urge all of my colleagues to support this legislation. i hope this vote is unanimous. it's a vote for america, a

years after sam's death, every close student of washington knows half the essential business of government is transacted in the evening, where the sternest purpose lurks under the highest frif olty. sam's art was to guarantee that the men and women never focused on the purpose that lurked beneath his perfectly cooked meals. thank you. >> can i take questions? >> time for questions. >> you mentioned a great convergence of public causes in the post-war period and you listed the great number of private interests that he represented in washington. did he ever take an interest in advancing humanitarian or public cause at all? and could you elaborate a little on the nature of been but the fer. >> could you repeat the question? >> sure. the question was could i elaborate on the enmity between sam and been butter. ben butler was a senator from massachusetts. he vacillated between being a democrat and republican. he's probably most well known for debacles during the civil war, he was known as spoon's butler, he was the military administrator for new orleans after it was captured by the union. he issued -- i can'

as more and more in every case lies a business transaction happen online, so does criminal activity. online organized crime ranges from selling stolen credit card to advance identity theft. we must make sure that people feel countable of having their ordinary life digitalized with trust because of course it's much of trust that is also a matter of the economy if people do not dare to use all the benefits of online that would have disastrous consequences for the economy as well. we must ensure that our legislation keeps up to this of course. the new technological development is growing so fast, so legislation is running after all the time. in the e.u. we hope to agree very soon on a proposed, on a legislation to update, to update our current legislation, including matters to address the rising threat from -- so legislation is important but it's not enough. we must also equipped law enforcement agencies, and intelligence to respond to threats. a month ago i presented a plan to set up a european cybercrime center. the center will be established within the euro poll in the netherlands. a

business. they find ways to circumvent sanctions so that transactions with iran via turkey can proceed as smoothly as possible. >> translator: this is an inquiry from a swiss company. european companies are particularly keen on trading with iran. people naturally want to search for new loopholes. we are serving as a bridge that links iran with the west. >> reporter: this group says inquiries are pouring in from companies in european countries. they want to maintain transactions with iran, a country that boasts rich natural resources and a huge market. mojtaba sanati, nhk world, tehran. >>> we are now joined by mojtaba sanati. sanctions are being placed by western nations but iran doesn't seem to be completely closed off. >> u.s. and european-made goods like electrical appliances that are essential, can be easily found in iranian stores. iran is eager to build a new key distribution channel through turkey. iran also continues to secure revenue from crude oil exports to china and india and other nations keeping a distance from the west. furthermore, iran aims to strengthen ties with neighboring iraq

coming in and demagogue criminal behavior on the behalf transactions and business dealings that on itst the appropriate digging down i guess, you just can't make that assertion. >> i would sailed two things. one, in terms of the criminal question, we have had, again, the biggest financial meltdown since the great depression. nobody's got o gone to jail for it. >> what should they go to jail for. >> to alicia's point, the bigger issue, michael steele, the problem is too big to fail. before the meltdown, the five largest banks in the u.s. controlled $6.1 trillion in assets. after, which is to say now, they control 8.5 trillion. >> then lock them up because they shouldn't have made that money. then lock them up. where's the criminal behavior here? >> it's not criminal. but there are consequences. >> take that aside. the point you just made before, where is the criminal behavior? you said we had this great financial meltdown. >> it's not about criminalizing it. >> you said no one's gone to jail. >> where that becomes relevant is that you have this populace rage against wall street independ

loaning people money to start businesses if they are too worried about it and too busy doing all this financial transactionore question of banking needs to be right now with a recover. are they lending the money they need and how did the regulations play into that. >> you have this idea that the fed made this easy money policy and they want the banks to be lending. there may not be enough demand. you get people starting to come back to the idea that this is the fed's fault for the easy lending to begin with, they are trying to push them out the doors and so much they can do to push it to places they want to do. >> me about i that drew. >> she is one of the top earners at jpmorgan. 14 or $15 million a year over the last couple of years. she was responsible for $400 billion, a lot of money to oversee. that trade was part of $100 billion bet, part of the responsible. she had gone to jamie dimon and offered up a resignation and they have just taken her up on this. this is part of the unwinding of who told who what. >> what does it mean for dodd frank as the law itself gets written and politically does it make

mastercard system and via system some because it's all embedded with the banks and the financial transactions businesshere is that payments need to be ubiquitous. you don't bt with a to have to worry about which service, which net work i'm using. and unlike our competitor, mastercard's taken this open approach. so retailers can brand it with hair brand and we welcome competitors wallets to come into ours. so if you as a customer has that ubiquitous experience. so what master card is doing is leading innovation with this infrastructure to connect all those various systems and channels that are there today. >> all right. we'll see how you're getting on. thanks very much for coming on. jackie. >>> coming up on the show, our next guest says investor confidence has yet to kick in to gear and if there's no major negative new, we could be in line for a market melt up. we'll discuss what's behind his views and get strategy ideas.  >>> in the united states, morgan stanley warns it may have to cough up a rot more cash to cover the impact of a possible deep downgrade by moody's. >> in europe, h

you can get across this great country of ours 3200 miles, six days and i did not transact business withuldn't avoid contact, right? like you had to have some kind of contact. i suppose if you tried hard, maybe. but you did come into contact with people. >> you couldn't quite keep all the humans at bay much it was wonderful. i was getting bored of the tv style dinner so i bought produce, an ear of corn. it didn't scan well at the self-checkout. so the maven at the self-checkout descends on me. couldn't avoid her. very nice lady named pat. >> this image of you running from her like dracula in the light. you're ruining my project. >> it almost happened a couple days later. checking in with a robot at a hotel. nobody there. robot, me and my credit card. the night manager spotted my name in the computer and it turns out he's a fan from my radio. he just wants to meet me. what am i going to do, i'm sorry, i'm not speaking with my fans this week. i had a nice conversation with him. just about made it. certainly no money changed hands between me and a human being over the long six days. >> the

business. when the economy is strong, all lenders are shopping for transactions. in times are tough on credit, you want to rely on those deeper liberation ships with your lender. you want to develop a relationship with a lender. it is the case where you want to open up an account, while to have another bank services that you want to have a relationship with your lender with it because when you go to them for any loan requests, you want them to know about your business and feel like they are a partner of yours, not just that you are shopping them. if you are shopping, you are just looking for the best deal from them, rather than a long- term relationship. >> i want to thank everyone for coming. hopefully, you have all signed up for our updates. we are going to be hosting these on a regular basis. the next two coming up will focus on becoming a government contractor, how your small business can partner with the government. the next one will also be on how to grain your business, with tax -- green your business, tax credits available with that. for non-profit, charit

transactions. it has not been the central story of the business of the show at the moment. i have been even someone surprised it has not been a topic here. >> finally as a former chair of the fcc, give us if you would your long view of light squared and how that spectrum deal fell apart at the fcc? >> i am not sure i am qualified to answer very thoughtfully. i do not know the details. that was not involved in the deal in any way. they are not members of mine. i do not know the complexity of what they had to agree to. i can only say i have seen many attempts at models like that. i have always been a little bit -- when i was in the investment world for a while, i have been skeptical of that approach. i always admire somebody willing to put a lot of capital behind willing to take a risk. the number of very serious who adds that had to go right for you were pretty formidable. i knew where that spectrum was. i had been to that fight before in my life. i knew you would get caterpillar coming out of the woodwork. you will get military guys who wear stars on their shoulder. that is

japan's largest bank has suspended transactions with the government and central bank. other firms warn their businesses operations might come to a standstill, too. a court in new york ordered the bank earlier this month to freeze up to $2.6 billion held by tehran and disclose the details of those accounts. the bank of tokyo mitsubishi ufj said on thursday that it would freeze all transactions. the order stems from a u.s. court decision that iran must compensate victims of the 1983 bombing of a marine corps barracks in lebanon. the court ruled the iranian government was involved in the attack. >>> the bank's suspension could have serious consequences for japanese firms in iran. japan imports crude oil and exports machinery and steel to the country. annual trade between the two countries is worth $12.5 billion. tokyo mitsubishi handles most of the transactions. >> translator: many japanese firms view it as a very serious problem. we need to resolve this issue quickly. >> many japanese firms have already scaled down their activities or pulled out of the country completely. >>> may the 12th marked the four

business of selling insurance? >> it might well be. then you have a hedge transaction giving rise potentially to significant exposures that weren't there at inception. you overhedged the position. you have to be able to identify the positions being hedged and demonstrate that the hedge is risk reducing. i keep going back to risk mitigation. an important piece of how we're describing the hedging here. you can build a strong wall around the conduct. >> one of the things that the senator and i had said on the floor in our colloquy was you really need to -- and he just said it. you need to identify the specific assets and you need to identify specific risks that you're hedging so that gives regulators a sense of, what was the trade all about? it's very hard to get your hands around whether it was appropriate or not. there is something between position by position and complete speculation. >> chairman gensler? zbr i said earlier i think this is one of the more challenging tasks the regulators have been given to ban, prohibit proprietor parading, permit market making, permit

businesses. so the splilt transaction allows two stand alone energy companies who have come out and focused on growinghe r&m, the chemicals and the midstream space. >> we is refining continuing to be a challenging space? >> it's a great business. it provides fuel that is we need to run our country. it was 70 bnt of our income last year. we'll improve our margins and work on improving our concerns and the significant investments that we're going to make. >> how much can you improve given how important it is to the company and how fast can you do it? >> we've come from a five neolyte return to a 12, 13% return. we believe this is a solid 15% return. >> you've got joint ventures and various chemical operation. what do you see in returns of input costs and specifically natural gas? >> one of the great opportunities for our company is the shell gas. you see a lot of development in the lower 48. a lot of investment infrastructure and the gas gathering. once the facility is up and running, it's 800,000 new jobs. it's american energy, american security and american jobs. >> what about those who say we should

business of selling insurance? >> it might well be. then you have a hedge transaction that is giving rise to significant exposures that weren't there at inception. you have overhedged the position. you have to be able to identify the positions being hedged and demonstrate that it is risk reducing. i keep going back, you and i talked about this, the risk mitigation is an important piece of how we are describing the hedging here. if you take all the factors together, you can build a strong wall around this conduct. >> yeah. one of the things that senator levin and i said on the floor in our colloquy was that you really need, and you just said it, you need to identify the specific assets and identify specific risks that you are hedging. that at least gives the regulators a sense of what was this trade about? if you can't identify the risk that you are hedging, it's very hard to get your hands around whether it was appropriate or not. >> i think to senator toomey's point, it would be extraordinarily expensive to hedge position by position. there's something between positio

>> there is always the risk that a transaction or business activity can be politicized, if you will. and that concerns around the environment around something can be there. yes, that is the case. >> it is more than the risk. if you look at the history in relation to international, with 1981, 1987, 1990 with the original merger between two companies. there has always been a political debate, which has gone on alongside the legal or substantial debate, hasn't there? >> unfortunately, there has been a political debate, and my concern, as i have been involved in business in this country has always been to try and keep the debate on the legal side and weed out facts and merits and be pretty square on this and be consistent with respect to how we legislate and how we regulate industry and how we can ultimately create an environment for better investment and more jobs in this industry. >> are you aware, mr. murdoch, in regards to the debate, it would be inevitable that the debate would spill over into the political domain, wouldn't you? >> as i said, mr. jay, i really don't understand. ther

business practice can run afoul of the antitrust laws. while it may seem reasonable for a supplier to want to cover transactional costs by requiring minimums, the question is whether this is an unlawful tie-in arrangement. >> it clearly is a tie-in arrangement. in order to purchase the one product she really wanted, littlewood had to buy the entire line of vanderberg supplies. but whether or not the arrangement is illegal depends on vanderberg's intent and the effect of the arrangement on competition. >> in order to determine intent, the court would look to several factors, including whether vanderberg required all of its customers to adhere to tie-in arrangements, whether it used such arrangements with other products, and how long such practices had been in use. >> and with respect to competition, the court would examine what percentage of the relevant market vanderberg controlled and the actual effect of this arrangement on that market. >> so--but if a court finds that vanderberg intended to monopolize the market and the tie-in arrangement had that effect, then it could be found to be in violation of the clayton act. crs this ffen inecs

. >> do these transactions in very well populated, very well lit areas. it makes everyone safe. go to the mall or a busy shopping plaza or a police station. do it in the street in front of the police station. that yi way you have a-- way you have a lot of traffic. >> police rec licensed asking the person who says they're selling or buying the item to give them your name. search it on the website. you can find a link on our home page. kelly swoope, abc2 news. >> all right. we have a dundalk man charged with posing as a police officer behind bars after some real officers caught up with him. 31-year-old donald church, jr. was carrying a hug and wearing a badge where he said he was a far cot techs officer. police raided his home and found police paraphernalia, including a fake gun. his story fell apart when he told his girlfriend. we're told church was once a teen par test pant in the explorer program. two years ago he was charged with impersonating an officer in a bar after he used pepper spray on patrons after a dispute. >>> miss man mark eugene elmer was pretending to be an undercover detective with thei

business practice can run afoul of the antitrust laws. while it may seem reasonable for a supplier to want to cover transactional costs by requiring minimums, the question is whether this is an unlawful tie-in arrangement. >> it clearly is a tie-in arrangement. in order to purchase the one product she really wanted, littlewood had to buy the entire line of vanderberg supplies. but whether or not the arrangement is illegal depends on vanderberg's intent and the effect of the arrangement on competition. >> in order to determine intent, the court would look to several factors, including whether vanderberg required all of its customers to adhere to tie-in arrangements, whether it used such arrangements with other products, and how long such practices had been in use. >> and with respect to competition, the court would examine what percentage of the relevant market vanderberg controlled and the actual effect of this arrangement on that market. >> so--but if a court finds that vanderberg intended to monopolize the market and the tie-in arrangement had that effect, then it could be found to be in violation of the clayton act. ctree c't i ofcun,

the big business here equities derivatives. thr more than a million transactions today. coming up in the program we will get the outlook for the industry with the head of soft jen america's craig overlander joining us. we want to get that global look, particularly the impact from europe, bill. >> all right, marimaria. with the markets down just 35 points, we want to delve into that and one of the big issues that's facing this market right now. citi's chief economist predicting today greece would, in fact, leave the eurozone next year sometime. there is some talking about an orderly exit for greece, whatever that means, right? right? >> that is the issue, really, bill, because if it were orderly, a lot of people say maybe it wouldn't be that big of a deal, but, of course, a disorderly exit from the euro would certainly create dislocation in this market. let's get to the closing bell exchange with bob pisani, michelle caruso-cabrera and david steinberg from dls capital management. michelle, this is your turf. would it be orderly or -- >> i'm not sure -- >> if greece left t

business? >> it's hard to know. i think they made preliminary filings on it and it's a great environment to sell right now. there have been a couple of large peer transactions that have gone off at about 1.1 times book value. this is a good business and the business is doing well. it should not be hard for them to either sell or spin off this business. i can't give you a precise date, but they have that and selling the stake and getting liquidity and they are all in process. if the whole world starts to fall apart, that will put the brakes on this for sure. right now all systems are go. >> first of all, barnes and noble. you turn it around into a long. the partners sold a million shares. >> we are still hanging in there. very cleverly sold the write on the open when the stock popped, but keep in mind they are holding 85 or so percent of the position. they only took a small part of their stake off the table. we think it's conservatively worth $30 a share and they think it's worth 37 to $40 a share. we are not inclined to sell. it's about the fifth largest position and we think good things are likely to happen. we are holing on to a good sized stake. >> good

will flee, they'll go abroad, they'll go somewhere else with their business, as happened once when sweden had a financial transaction tax and lost a lot of trading activity. they say you're killing the goose that laid the golden egg. >> well, i'm waiting to see the golden egg. the truth of the matter is you can fix the fleeing with regulation and with policy. that's an easy fix. in terms of jobs, there's very few jobs actually that the financial sector hits. it's a computerized industry. nanosecond trading, and it's very concentrated. and that's part of their beauty, part of their scheme, right? it's basically they've created an economy onto themselves without people. and the problem is their lobbyists and the incredible amount of money they have buy and sell our legislature. they've got enormous amounts of money. but we can win this because we have the people with us. >> so is the campaign for financial transaction tax largely leverage you're seeking, just a means of getting the attention of the powers that be? or are you serious about getting this $350 billion from a 50 cent tax on every $100 dollars of transactin