the cftc and the s.e.c. are finally putting in place rules of the road to prevent any one institution from threatening our livelihood again. but this bill wants to drag some of that activity back into the shadows, allowing banks and others once again to enter into transactions without even our regulators being able to see them. you may say that this bill just concerns the limits on how far u.s. law goes. so why is it so important that the cftc and s.e.c. have discretion over the rules on cross-border initiatives? because the exposure that a foreign branch or subsidiary of a u.s. institution takes in foreign markets comes back home to the u.s. moreover, u.s. banks and corporations may find that those they do business with have much more hidden exposure because of foreign transactions. this bill says that we will have to rely on the foreign regulators to protect us. we shouldn't have to rely on foreign regulators who don't even have regulatory regimes to protect us. we should protect ourselves. by making sure

we will talk to a cftc commissioner about what this all means.nterest rates are rising and rising more. the 30 year fixed mortgage rate averaging 4.46%, up from 88%. this is the highest weekly average since july 28 the 2011 to also the biggest weekly jump. all of this according to freddie mac. and rates have been rising ever since june 19th when fed chairman jim -- ben bernanke and has the potential for reducing his bond buying program over the fed. meanwhile, two of the chairman's board members up speaking today. we will tell you exactly what they said and how the markets are reacting to all of this. here's a hint for you. look at gold, falling at this point. it is now 12003. the dow more than $25. 2640. they expect the trend to continue as interest rates continue to rise. team coverage on that one. nicole petallides. on the floor of the new york stock exchange where she is following all the market action. peter barnes with double duty in action in washington. following what the 45 fed board members are saying. we also have rich edson in chicago

if the cftc brings this enforcement action, mr. would welcome the opportunity to litigate this matter in an impartial venue. a majority of the commissioners must approve the charges. "the new york times" says the agency has informed corzine's lawyers there's no opportunity to settle. the cftc had been working in concert with the department of justice on this case. the move to evaluate a separate civil case against corzine by the cftc is a departure from that and leaves unclear the status of the doj's review. >> okay. thank you very much. tom coran and andrew stoleman, good to see you, gentlemen. thank you for joining us. tom, why is this a civil case and not a criminal case? is from a lack of clear-cut evidence? >> well, the line between civil and criminal is gray at best, and who's to say that it doesn't become a criminal case? the doj hasn't made any announcements, or no one has made representations about that. and we saw with the stanford case, with the s.e.c. action preceding the criminal action, although unusual, it does happe

i'm wondering if you could give us a flavor of the final days at cftc.eceives everybody individually looking at an individual potential complaint to see if they sign off on it. and there were not five voices but four, because chairman against letter recused himself but was there ever a time it was a 2-2 split or some unanimity here? >> well, i can't get too much into the details, though you covered the complaint itself, kate, very well. and some of the things that are very interesting recorded telephone transcripts are very interesting. and hopefully what we allege has been proved in court. because i think we have done a good job. it took us a while, you're absolutely right. but what we have, evidence we have, and things we are alleging i think we're on good soiled ground and i hope a jury will agree with us. >> bart, in terms of the settlement issue, new york times said john corzine wasn't given the opportunity to settle beforehand. is that true? >> i can't get into it. i'm sorry, kate. but right if you we are trying to work out a settlement with mf glo

the cftc is expected to sue corzine for failure to prevent the losses. in a statement, corzine's lawyers call the suit "unprecedented and meritless civil enforcement action." yahoo's shareholder meeting turned into somewhat of a celebration. according to reports, the meeting had an upbeat tone now that the tech company appears to be on stronger footing with ceo marissa mayer. mayer took over almost a year ago and since then the stock has climbed close to 60%. mayer tells cnbc yahoo is making strides in mobile technology, where photo sharing on flicker is up 50%. time now for a roundup of the latest corporate earnings: barnes and noble's nook e-reader nudged its earnings lower this quarter. the tablet's sales fell 34%. it will now stop making the nook in-house. the stock fell 17% yesterday. meanwhile, walgreen's shares also fell on concerns over generic drug competition. and, carnival cruise is saying "bon voyage" to its ceo. after several high-profile mishaps surrounding carnival, micky arison is leaving the company. fewer bookings weighed on its earning

they report the cftc plans to approve the lawsuit. won't offer him an opportunity to settle. a spokesman says such a suit would be unprecedented and without merit. >>> an immigration -- do you want to comment? >> i already commented. >> you looked ready to. >> i was. >> he was pitched forward. >> my body language go for it, more news. >>> an immigration bill passed a key vote t. senate backed new border security steps. this was seen as essential to the legislation's fate. 15 republicans voted with democrats on the border security amendment. we will talk more about the issue of immigration in just a few moments with that gentleman right there, arizona senator, john mccain. we look forward to. let's get to the story of the morning, the markets. when you manage $19 million, your strategy has to be defense, defense, defense, that's what you are telling people. that's the mantra of today's guest host, highland capital, co-founder and chief investment officer. joining us at the table, lee part trij. let's talk about defence. you wake up thi

it is the last hour of trading, and just a short time ago, the cftc, the commo

the banks objecting would tell me that the cftc might be doing something accurate given how the banksave dealt with consumers with credit cards. second, how is this any different from what the credit reporting agencies do n a much more detailed basis, collecting individual information on all of us and then sell it. >> reporter: you just answered your first question by asking the second one. the reason the banks are worried is to have security clearances which only answer to the federal reserve. essentially independent agency. you have security clearances to see reformation that goes into the database. they're already question then said, your data systems are not secure. can you share that and permission to your credit card in the future, your impression with other federal, -- federal or state agency or researchers out in the field. but they're worried about is that the u.s. chamber, your credit report info has a lot more than just transactions. as your social security number. the dollar amount. adam: how is it something. >> reporter: that is what i am saying. basically the cftc is usi

the cftc is expected to file suit imminently against mf global jon corzine as well as edith o'brien for of charges. the charges against corzine a misuse of funds, and both o'brien and corzine are expected to be banned from trading in the future. they will also have to pay restitution for this lawsuit. they have scheduled a press conference to discuss the details of this and a lawsuit is supposed to be filed imminently as a result of that. as soon as we get details, we'll share them with you. >> we're going to throw this to the panel. my first question would be, is there any indication of what the level of restitution or disgorgement would be? >> i don't have those details yet, although, of course, the important thing in this case is close to a billion dollars of customer funds sort of suddenly went missing in the fall of 2011 as a result of some bets that corzine had made in european sovereign debt, something largely unrelated to their core business. so that's been something that has been tracked down over the years that followed, and customers have been made mostly whole but not entire

former mf exec jon corzine is being slapped with a $100 million suit from the cftc. corzine and former assistant treasurer edith o'brien are charged with failure to supervise the misuse of customer funds that caused the firm's collapse. corzine's attorneys say he was unaware of the missing money. regulators say funds were misplaced before the firm collapsed. an internal review of the irs made for a tense hearing on capitol hill this week. lawmakers criticized irs acting commissioner danny werfel for an "incomplete review" of the agency. werfel was ordered to complete a 30-day review after news broke the agency targeted conservative groups seeking tax- exempt status. in the hearing, werfel stressed a need for more time. rep. richard neal (d-ma): "we all need to be outraged. the american people shouldn't be afraid of the irs. we've established that. but i think the simple point is, you would argue you need more time. is that correct?" werfel: "absolutely we need more time. and my hope today and in this report and in every communication i have with the public or the com

huffington post reports amanda renteria, a former senate aide, could replace current cftc chief gary gensler. one of the issues plaguing the commission is how to handle high-frequency trading. the chicago board options exchange will pay a $6 billion fine. the exchange is accused of failing to "enforce or even fully comprehend rules to prevent abusive short selling." the sec handed down a $6 million fine. cboe has agreed to pay the fine and adjust its procedures. consumers now pay a yearly average of $225 in overdraft fees, and that's if they've signed up for overdraft protection. the fees have become a big source of revenue for the banks. the practice has caught the attention of the consumer financial protection bureau, which says the fee structure is abusive. last year alone, consumers paid out $32 billion in overdraft charges. in the movie "office space," the boss kept asking if employees could come in sunday. now, office workers are finding workspace designs sneaking into their homes - so they can work every day. our cover story explores that evolution at north america's biggest t

the cftc charges former in f global, former governor of new jersey and the firm for allegedly misusing billion in customer funds as the firm collapsed. crude oil settled about 97. in the bond market, falling to a just under 3%. a federal grand jury returning 3 30 count indictment against the boston marathon bombing suspect charging and 900 with using the weapons of mass destruction and killing four people. the indictment alleges he and his brother download instructions on building a homemade bomb, website. he also is charged with 15 state-level criminal counts stemming from the slaying of an mit police officer nd a carjacking during the getaway attempt. that left his older brother did. he faces a possible death sentence if convicted and is scheduled to be arraigned on july 10th. president obama is saying he will not do any wheeling and dealing to bring the nsa leaker back to the u.s. the guardian newspaper published secret documents showing the administration of the agency this week up records showing internet and e-mail usage of american citizens. joining me now eli lake. welcome. >>

cftc bart chilton, are you blue blood? where are you?>> except for sorkin, we're on the same page. barlette chilt isn't here. blue blood, your pedigree is impeccable. we will start off with a global sell-off which we started kind of. we're not nearly as bad. we are down maybe gotten you better, andrew. it's only 37 points. >> we were down triple digits yesterday. >> and the day before. >> and the day before. so we are the dog, not the tail. >> yeah, that's what i think. usa, we are watching the s&p closely t. closing on s&p was, i forgot, 16, around 16.20 i think. it got down to 15.98. today now it looks like it may be now know more than in the, let's see, i looked at it earlier, i got it off my page. we were down maybe 2 pointsch we may be a 16 honey 10. overseas if asia, the nikkei levels we are watching. after the bank of japan launched that stimulus program, now it's if bear market territory. now down 21% from last month's five-and-a-half 84 high, don't forget, it's hard to believe that that was 30 40r,000 at one point. almost was li

fdic or federal reserve so with the work force the ability to do the work. >> are you aware of the cftc- cfpb analytics? >> the travel request are approved by a supervisor without any knowledge of the estimated dollar amount to be expended on the trip and expansion travel vouchers are not ask for approval by the supervisor? have you resolved this control failure yet? >> congressman we go through rigorous process of reviewing both the authorization for travel as well as the vouchers. my office has a very significant role. i have spent time doing that myself. we're only looking for the approvals we think there are improvements we could make but we do subject all of those vouchers and authorizations that requires us to talk directly to the supervisors that they can assure us it is relevant. >> the cfpb continues to arrange a trip without the supervisors knowledge of the cost of the trip? that was raised in the audit >> currently they do sign off on the trip but we will make modifications to look at the budget. >> as the cfo do you look at the failure managed to have knowledge of the travel

typically in situations like this where the regular slate tore comes back to you in this case the cftc the defendant would have the opportunity to settle and never have to admit guilt. but in this case he is going to chase charges that could lead to discovery and even more could come out. prospective employers are taking a close look at social media site more than ever they are choosing not to hire somebody. >> google your name before you go on a job interview or even submit a resume. career builder says 43 percent of employers who hire are actually checking social media and not hiring someone because of the pictures they are finding or the bad mouthing of a previous employer. >> on the flip side they are seeing things they like causing them to hire a person. oo 19 perts of employ-- 19 percy they are hiring somebody because of they see what they like on social media. >> 12 minutes after the hour. still to come a break in the case of a daa agent slaughtered in columbia. why investigators don't know if it was a planned hit or a case of being in the wrong place at the wrong time. we are g

joining us now, cftc commissioner bart chilton. is it fair? >> absolutely not.gal, but it is not fair. these are morphing at speed, millisecond markets, and unless you have theemoney to buy -his sort of information or you have a super computer so that you can trade like one of these high-frequency trading situs you're left out in the cold. markets are changing. my question as a regulator, is it all good? and not against technology, but is is good for average consumers? >> you think about this. the university of alexian sponsored by our dollars. they are getting paid to give this informational warily. they get a benefit from it. but let's face it. if you are a consumer you are trading in its marketing getting hurt. >> absolutely. pushing people out of the retail market. it is becoming sort of a cyborg millisecond market madness, if you will, because they are moving prices with disinformation. you are absolutely right. this information they are getting two seconds, two seconds in advance of other people. gerri: something like 700 trades , 7,000 trades in that two

the cftc wants to ban corzine from trading in the futures market and make him pay an unpress spied penaltyrzine failed to supervise mf global before it collapsed. >> we're out of time, but i want to get you one line on the immigration bill. should the house pass it? >> they must pass an immigration bill. they can tweak it, but pass it. >> i love it it. i just love it. it's been so hard to find somebody that agrees with me. it's good for growth and it will be good for border security and thank you, seema mody, and i'm sorry i spoke. the war on coal now has been joined by the other side. coal ceos are not happy with the president's attack on their industry and they're working now to neutralize it. one of the ceoes are is joining us to equalize for it that's responsible for 40% of our energy. please stay with us. she's still the one for you - you know it even after all these years. but your erectile dysfunction - you know,that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready.

the cftc officially filing charges against jon corzine, the firm was ordered to make payments to allcharges, all civil charges, by the way, no criminal charges for improper movement of customer funds in the final days of the firm. with us now is bart sheldon who i think has dabbed the sweat off his brow. i didn't actually see your go round with charlie gasparino, but i heard it was something. i hope your knuckles have cooled off a little bit. >> oh, no, no. i always enjoy hearing from china. we're going to have to deputize him. david: yeah. you could use him as your attack dog. >> we need him. he's a good guy, we need him. david: by the way, of course, his beef were that there were no criminal charges, that there wasn't fraud. do you think there should have been? >> you know, it's really an issue, david, for the department of justice whether they file criminal charges. you know, my belief as a citizen is that anytime somebody does the crime, they should do the time. and, you know, but our authority is limited to fining, and so we are trying to fine through the allegations that we're

well, a process to rein them in has started to be implemented by the cftc as per dodd/frank, and what they are doing is you have to clear these things on exchanges. give you two guesses why that cme stock is up, but here's the other thing. this might be the mitigating factor to keep interest rates from going up because as collateral requirements are implemented, a boat load of pension and hedge funds that trade in these swap markets at the cme group, among a select few of exchanges that are cleared, well, what's going to happen is the collateral, like treasuries, is going to be sought after, potentially much deeper than current demand. we see it showing up in the repo market so that demand could easily offset some say, some of the rise in interest rates that is under way. >> we certainly hope so. rick santelli, thank you very much. let's get back out to the west coast and more headlines are coming out of the apple developer conference, scott wapner monitoring it. what have we heard? scott? >> well, mandy, thanks so much. for an event that sold out in some 71 seconds, it's been fairly

and that is some of the dodd-frank rule writing given to the cftc, which puts over-the-counter swaps on regulated exchanges, phase two, category two, is hitting today, june 10th. that means more and more customers are not only going to have to use exchanges, but have to margin those positions. and guess what? the margin most likely will be -- or will most likely be t-bills or treasuries, which may be a mitigating factor to some of the selling and the fact that that sector is so out of vogue at the moment. >> what we would attribute to -- what we would call a technical reason for markets' activity at that point. bill nichols, speaking of the treasuries at 2.2% on the 10-year, you're watching 2.5%. you feel that'll be a more significant level to be reached, yes? >> well, i think it speaks the more -- you need to see more extreme movements, 2.15, 2.20, a more significant fashion. >> do you think that's -- do you think that's going to happen -- [ overlapping speakers ] -- we've been waiting -- >> perhaps not in the next week or two -- >> -- out of bonds, into stocks, it hasn't happened t

of course, also leading our cftc efforts, so cora's work is just getting started. hannah abu alsaio who kept the trains running on time and hannah made sure we were all prepared and prepped, no easy job as well. alexia stancheck and kyle varner who as the newest member of our team have once again done a great job, whatever needed to be done in order to help us be successful. jesse williams, nicole kurt anstein, jacob cheney, our entire great team on the committee have helped us, madam president, to get to this point. i also want to say thank you to my chief of staff, dan farrow, who manages our personal office, mat vankyken, my legislative director who has followed the floor procedures and made sure everything was happening as it should, my great deputy chief of staff, bill sweeney, colin schwarz, ben becker, our press secretary who made sure that we were telling the story of rural america and this farm bill and the reforms in it every day. we couldn't have done it without them and our entire team, matt williams, will eberly and alex barager. i want to thank all of

"the new york times" reports that the commodity futures trading commission, the cftc, is not giving corzinemeaning that it could drag on for years. corzine and his management team, they have not faced criminal charges. >>> as said, edward snowden's world tour appears to be stalled for now. the former u.s. contractor who leaked details of the nsa's top-secret surveillance programs didn't board his flight from moscow to cuba on monday. wikileaks's founder, julian assange, says that snowden is safe, but he wouldn't elaborate. snowden is seeking asylum in ecuador, but a high-ranking official tells the "associated press" that ecuador's ambassador to russia hasn't seen or spoken with him. >>> the irs has scrapped so-called be on the lookout screening lists that it used to scrutinize conservative and tea party groups seeking tax-exempt status. those lists were at the heart of the agency's targeting scandal that exploded back in may, leading to firing of the acting irs commissioner and replacement of at least three other officials. new irs chief danny wuerffel is reaffirming that no employees or ou

sec,have underfunded the the cftc, and a lot of the oversight areas, and the gentleman is totally correctere is german this abuse -- there is tremendous abuse of contracts in the oversight area. at the way ours works, the majority is able to select the agenda of the committees because they have the majority of votes. so they are selecting these investigation areas. in benghazi, we have had numerous hearings on benghazi, .ow irs, now ap we have had a whole year of investigations on fast and furious, yet the main problem was gun violence on the border, and the bill that i wrote to attack that, which was to make illegal guns and selling them a felony. it is not a felony to sell and market illegal guns to felons. that is an outrage. that would do more to clean up the border than anything else. another bill that came out of those who go out and buy multiple guns for bad people, the gang leaders. for hoodlums, for the violence on the border. we did not pass that. every law enforcement agency in america came out in support of it, and yet we were not able to pass it. those are examples of reforms

protect consumers to use car loans, mortgages and the bishops' proposed was for a and agency from a the cftc although it has three commissioners of this as a single pyrrho structure and even though subject to the appropriations progress than the omb budget process that our witnesses very familiar with, the bureau is not. in the end ising goal director can disregarded price and manage he has or she has little accountability to the administration and less to congress with his or her budget it is secure. as a result is to come no surprise they have operated with less transparency and fan but that is from this taxpayer funds. the bureau need not listen to basic advice from the office of omb. on may 31st this year it issued a controller alerts reducing spending by which they have jurisdiction. given the waste and abuse and conferences, this is the least we could hope for although now they can use the alert with expenditures brought into question such as a 55 million set aside for renovating the headquarters building just ups from the white house? incidentally that number 55 million is more than t

on the one hand you have the cftc reporting that large traders like hedge funds have reduced their longon the other hand the world gold council reports that they could have record imports in india because of a voracious appetite during the second quarter. imports could be 300 to 400 ton, the gold council says. it's almost two different markets on there. >> on that point given that we're seeing a lot of interest in buyers in china. how much importance do you place on that generally? >> think -- that's indicative of the gold market whereas, you know, and i don't know enough about, you know, the deposit receipts and stuff like that, but the gold futures and the etfs are more trading based on the flows of futures and things rather than demand for the physical gold, and a lot of that has to do with almost an overtrading of it so that the physical can't actually account for all of the positions that are on. >> right. right. all right. lou green, thank you, sir, for your thoughts on that this morning and it seems like we could have quite a ways high tore go for people to start believing this m

. -- and cftc chairman gary ginsler stated they support this bill because it would provide them with much-needed collar toin whether their rules on posting collateral should apply to end users. this bipartisan effort to correct a problem with dodd-frank is not an attempt by opponents to weaken the safeguards of the bill, but rather an attempt to make good legislation even better. congress needs to step in and ensure that companies that use derivatives to manage their day-to-day commercial risks are not subject to unnecessary collateral requirements. it was reported out in a very strong bipartisan vote from the financial services committee and for these reasons i urge my colleagues on both sides of the aisle to support h.r. 634 and i yield back. thank you. the speaker pro tempore: the gentlelady yields back. the gentleman from texas. mr. hensarling: i'm pleased to yield one minute to the gentleman from illinois, mr. hultgren, another leader on h.r. 634. the speaker pro tempore: the gentleman is recognized for one minute. mr. hultgren: thank you, chairman hensarling. like many of think

. >>> the cftc is looking to jon corzine for the collapse of global and the misuse of consumer funds.eople expected but a big move. >> yes, kelly. two years after mf global declared bankruptcy, and legal battles still continue focusing on jon corzine, and now they will considering civil charges for the executive for critical oversight at the time of the bankruptcy. they say that the charges were close to being dropped and denying opportunities to settle which is an unusual move. the agency had been working in concert with the department of justice and the likelihood of the ftc charges does call into question the involvement of the d.o.j. on the enforcement action. both agencies were investigating corzine over the customer funds in the firm's final days. more than $1 billion is unaccounted for after they tried to sell itself, and avoid bankruptcy. with plans of the upcoming charges, corzine defended himself saying that not only has he not engaged in wrongdoing, but he didn't know that the funds were being misused. the rep said that in the final week mr. corzine was not informed nor giv

passed. 63% of the deadlines were missed, specifically 64 came from the bank regulators were missed, cftc missed 17, the ftc next 49 and 35 deadlines were missed by other regulators. now interestingly, supporters of dodd-frank plame the regulations prevent taxpayer bailout of the regulations aren't even implemented. so the point is if the regulatory agencies are finding that the rule making is too onerous for themselves to manage the imagine the compliance of a financial service industry and its customers. this is a bill that is so big it is already failing itself and failing the american financial services industry. that's why i introduced h.r. 46 which would fully repealed dodd-frank and i hope is that we did exactly that. i yield back. >> the chair recognizes the gentleman from texas for one minute. >> thank you mr. chairman. i am so pleased that medicine is very much unlike politics. if a drug proves to be efficacious we market its virtues and on politics if the wall prune this to be efficacious we repeal it. one example might be what happened yesterday with the civil rights law. howe