especially if you look at tim geithner's testimony then senator chris dodd says that sanford wheel's call to break up the big banks is too simplistic an approach and we finally heard a few voices on the hill this week take on citizens united including a call from sheldon whitehouse to put things into perspective and realize that there are much bigger sacrifices being made every day and corporations have to deal with a little public harassment so what do all these stories tell us about our bought political system or earlier i caught up a change of the host host of the young turks and i first asked him if he thinks that there's any chance at this live or probe that with this library probe the u.s. justice department will actually be tough and get it right. so it's a good little or no to your you're a joke or you're just or i love how you kid around about this stuff our justice department let us just roam. the rest. well you know i have to say but i think that's too bad but and so in that sense we had solid tim geitner testifying this week right on the hill and people were grilling him

banking services. >>> showdown on financial regulation. ♪ an exclusive interview with former senator chris doddr dodd-frank became law and his reaction to sandy weill's change of heart. >> i'm suggesting they be broken up so that the taxpayer will never be at risk. >>> and austan goolsbee steps into the ring with guest host treasury secretary neal wolan. >> ding, ding. >> and walter robb will talk to us about whole foods. >>> and weekless jobless claims and durable goods at 8:30 a.m. eastern. the third hour of "squawk box" begins right now. ♪ pressure, crushing down on me, pressing down on you ♪ ♪ under pressure >>> welcome become to "squawk box" here on cnbc, first in business worldwide. i'm andrew ross sorkin along with becky quick, steve liesman is in for joe kernen. our guest host u.s. treasury secretary neal wolan. we have a lot to talk to him about this morning and still have a lot more to talk about as the program progresses. steve? >> a lot to talk about in terms of markets this morning. u.s. equity futures at this hour, becky, help me out, let's figure out, we were up 150, just off the

>> i'm grateful every bay u day i don't live in the mind of chris dodd because i suspect it's carry in, but i think it's safe to say there had to have been some influence here. i this is was clearly legal, they're smart, they covered their tracks but you don't get a good rate from a company that will benefit, it's speculative. >> chris dodd has said that the rates and the term that's rereceived are widely advertised and available to other borrowers, you don't buy that? >> it's completely ub true. there was a chain of cascade and recommendations for congressman and the staffers were getting the special loan rates, e-mails showing they were the special rates cleared through top executives. >> if you have that kind of evidence, how come we're not hearing more about it, charges, the information getting on and these guys are getting by. >> i think people want to hear that greedy big business caused the crash. i think yeedgreedy little congressman helped the crisis too. >> they were immune from insider trader laws and they could know what was going on in term federal money going to companies

realm, in the social realm and in the economic realm and i think you've seen it with guys like chris dodd in the political realm. i work at save the children. a lot of our senior leadership are former peace corps volunteers and they pop late catholic relief services, c.a.r.e., they're filled with peace corps volunteer who is had the life-changing experience. i think dad saw it for benefitting not only the american image, the countries in which they worked, but really for america as well. >> how did he balance a lot of his core beliefs with his own political ambitions? >> i think you know, i wrote in the book that he clearly came out for vice president in this country or president, you're ambition, i really believe as corny as it sounds, he had more cosmic ambition. he wanted to do the work of god. i think you see that throughout his life. you see it when he tried to desegregate the catholic schools and the catholic hospitals in the '40s and '50s in chicago. his work with dr. king well before the 1960 election. its consistent throughout his life. whether it's the peace corps or the war aga

attendees includes chris dodd, steny hoyer bob casey. dicosas] nale [inaudible conversations] naleveio [iibosas] isghgrtiro cowr something nasty in here. [inaibonveatis] in w yk wisay tee conversations] t yo. >> you know jeannie, right? naleveionaleveio leveio t] [inaudible conversations] [inaudible conversations] [inaudible conveations] >> i knew me f i rember his name. [inaudible conversations] [inaudible conversations >> one ofurhor naleveio t y very much. thank you. [inaudible conversations] [inaudible conversations] >> the other one graduated lt naleveio >>nk very much. thank you. a bk oftoes aou cir yes. we are working on governor. [inaudible conversations] [inaudible conversations] mmtaed tt.tions thee y arth right up in baltimore. lot ofork for the guide. sexciting.eowreu? feels like you a on a presidential campaign. >> i have never run for president. naleveio >> you enjoying it? >> it is good. i can't wait to read it.chinspiy i sdeea with family. >> such a cynical time. u.great story like. [dicoio drent religious groups. really

senate committee chairmen chris dodd and kent conrad and the ceo of fannie mae also got sweetheart dealscommittee has cleared senators of wrongdoing. and no one at countrywide has been criminally charged.a 2009 house investigation conducted under then-chairman edolphus towns omitted the names of government officials - and details of his own foa loan.a copy of the new report -- including names -- is on our website.for more on this story visit behind the headlines dot net and follow us on twitter when it comes to getting my famfast, i need all the help i can get. i tell them, "come straight to the table." i say, "it's breakfast time, not playtime." "there's fruit, milk and i'm putting a little nutella on your whole-wheat toast." funny, that last part gets through. [ male announcer ] serving nutella is quick and easy. its great taste comes from a unique combination of simple ingredients like hazelnuts, skim milk and a hint of cocoa. okay, plates in the sink, grab your backpacks -- [ male announcer ] nutella. breakfast never tasted this good.

senator kent conrad and chris dodd appeared on this broadcast in 2009. >> i did absolutely nothing unethical. >> no special deals. no one offered one. >> both senators were cleared by the senate ethics committee. but the report displays cover letters and fax copies clearly showing references to the vip team or the vip unit. suggesting that even if officials did not know of the discounts, it was obvious this was special treatment. >> countrywide was highly skilled at expanding the use of the subprime loan. but as this report makes clear, its other skill was having its way with congress. wyatt andrews, cbs news, capitol hill. >>> coming up on a friday morning, fireworks failure. what caused san diego's fourth of july fireworks to go bust? >>> this is the "cbs morning news." go bust? >>> this is the "cbs morning news." [ virginia ] i do have a healthy diet, but there are foods that i had no idea had so much acid in them. my dentist said that the acid in fruit, or fruit juice or fruit teas softens the enamel so that then it can potentially erode. once that enamel is gone, it's gone. my dentist r

chris dodd said she could not run because she is too radical. by the way, how interesting is it for chris dodd and barney frank to be put in front -- put in charge of the financial system? barney frank said fannie mae was fine. and he is in charge of fixing the financial system. this is how washington works. it is kind of astonishing. it is like let's find the worst culprits and then put them in charge of fixing the problem. chris dodd now is the top lobbyist for the motion picture association of america. he was the one trying to destroy the internet in the name of hollywood recently. this bill is a vast granting of authority. he put elizabeth warren in charge because he could not get approved by the senate. she got all the structure in place. then he put someone else in charge. richard ward 3. he put him in charge by declaring -- richard cordray. he put him in charge by declaring the congress in recess. i have got to install and so the the so-called consumer financial protection bureau, the worst designed bureaucracy ed, can get on with regulat

senator kent conrad and former senator chris dodd appeared on this broadcast in 2009. >> i did absolutely nothing unethical here. >> no special deals? >> no one ever offered one. >> both senators were cleared by the senate ethics committee but the report displays cover letters and fax copies clearly showing references to the vip team or the vip unit, suggesting that even if officials did not know of the discounts, it was obvious this was special treatment. countrywide was highly skilled at expanding the use of the subprime loan. but anthony, we now know its other skill was having its way with congress. >> thanks, wyatt. mortgage rates have dropped to yet another record low. the average for a 30-year fixed is now 3.62%. the rate has set or matched record low levels ten of the past 11 weeks. a skyscraper is reaching new heights, celebrating the shard when we come back. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the mi

points or john fe among those who receive these discounts was chris dodd.ds back to work this morning. futures this morning were quiet. we went out with a bang before the holiday on strong reports from manufacturers. apple plans to debut in a smaller and cheaper ipad by the end of the year. that would give microsoft's run for its money.s mon a best buy is looking to get more sleek. there will focus more on connected customers with employees who can help them out. at the new york stock exchange, i'm jane king, bloomberg news, for wbal-tv 11 news. >> i know that women are always shopping for clothing. now they do spend a fortune on their wardrobes. >> it is astounding. some have tiny new york city apartments full of tiny boxes of shoes. i'll have the details on that. mortgage held for military families in maryland, all coming up. >> thank you. >> i hope my husband is asleep when she tells that number. >> carlotta's closet. >> open all the time for business. 5:23. fireworks lit up the inner harbor last night. >> don't forget to e-mail us your response to our w

chris dodd who crafted a bipartisan lecturer -- reform bill after the florida miltown was quoted as saying the goal of american law should be to make it easy to vote and hard to achieve. we are americans. we can do both. to civil rights. one is the right to never be prevented or intimidated from voting. we had a history in many states. poll tax, literacy test, bizarre registration hours. we passed the civil rights law to prevent that. the second city right not to have your vote canceled up by someone who is an illegal alien, and died, voting twice, or someone who does not even exist. that to file its your sole rights. we can do both. now, an obstacle to this is to reference the previous speaker on fast and furious, the eric holder justice department. they claim there is no voter fraud america. the clinical want to poll taxes. eric holder himself said that. they are suing any state that they can sing their voter i.d. lot is unconstitutional even and has been up held by the supreme court. so where are we with the lyrical the justice department? a complete stall. well, this is no accident. th

senate committee chairmen chris dodd and kent mae also got sweetheart deals. ethics committee has cleared senators of wrongdoing. and no one at countrywide has been criminally charged.a 2009 house investigation conducted under then-chairman edolphus towns omitted the names of government officials - and details of his own foa loan.a copy of the new report -- including names -- is on our website.for more on this story visit behind the headlines dot net and follow us on twitter and facebook.i'm mark hyman. [ male announcer ] millions of dollars for new schools and teachers... thousands of new good paying jobs... all without raising taxes. that's what a world-class resort casino at national harbor would mean for maryland. but it won't be built unless lawmakers give us the right to vote on it this november. call 1-800-492-7122 and tell your delegate and state senator to vote "yes" on national harbor... one of the biggest new job projects in the country. to vote "yes" on national harbor... as you saw during the news at 10, the long off-season wait is now over...the

former democratic senator chris dodd.lican house armed services committee chairman buck mckeon. all three deny any wrongdoing. the report also says the former ceo of fannie mae, officials at freddie mac and a secretary of housing and urban development were also in this friends of angelo program. so were congressional staffers from both parties that played a role in legislation that affected countrywide.

there they are, former senate banking committee chairman democrat chris dodd.r chairman and several more democrats and two republicans on that list and it looks like the perks worked because the company consulted by congress on a number of issues even though it was their subprime mortgages that helped start the nation's foreclosure crisis to begin with. finally, a major fireworks fail in san diego. >> oh, my god. look at that! >> that's it. >> so they were smart enough to realize that was not -- that's not supposed to be a fire works and the whole thing was a major letdown. san diego's biggest fourth of july fireworks display went off with a 20-second bang. it wasn't supposed to be that way, of course, because the technical malfunction caused the fireworks to ignite at the same time. you have thousands of people there just like you yesterday going down to the, you know -- >> at least no one was injured. that could be dangerous. >> i know where michelle malkin is. they're not letting you hit off fireworks because of how dangerous it was and with the fire there.

as other top government officials and executives of mortgage giant fannie mae it clouds chairman chris dodder is the lender whose subprime loans helped ignite the foreclosure crisis. >> women do shop until they drop. the average woman spends nearly $131,000 on clothes in a lifetime. 60% confess to still having nothing to wear. at the new york stock exchange, i'm jane king with the bloomberg business report. >>> 5:56. this morning a nuclear reactor in western japan generating electricity again for the first time since the nationwide shutdown caused by last year's tsunami. the government ordered reactors taken off-line for safety checks after the meltdown at the fukushima daiichi plant north of tokyo. report blames the disaster on mismanagement and bungled response to the damage caused by the tsunami. there's strong public on to restarting the reactors the government says the country needs them to avoid power outages this summer. >>> this morning a world war ii battleship that has been moth balled in the bay area is opened as a museum in los angeles. members of the navy and vets lined the rai

mentioned in the report, senator kent conrad chairman of the budget committee and former senator chris doddeaded the banking committee vote democrat. house members, pete sessions and galigally and tom campbell. and former hud secretary cisneros and jackson, as well as former h.h.s. secretary shalala. in all, the committee says there were 29 loans to 12 members of congress and key staffers. the report says the lobbying efforts worked. >> there was a concerted effort to use something, to peddle influence. they did it also at fannie mae. this ended terribly where they dumped so many loans on the american taxpayers. that makes it egregious. >> the investigation countrywide lobbied to have mortgage fannie mae a critical partner. it's fannie mae that bought a large number of country wide sub prime mortgages. for loan recipient, some suggested they didn't know they were given special treatment. spokesperson for buck mckeon said he was never aware and he provided the media all the loan documentation from the 199 1998 loan. he shares issa's interest in determining if there was wrongdoing by countryw

former democratic senator chris dodd. republican house armed services committee chairman buck mckeon. all three deny any wrongdoing. the former ceo of fannie mae, officials at freddie mac and a secretary of housing and urban development were also in this friends of angelo program. so were congressional staffers from both parties that played a role in legislation that affected countrywide. these vips got favorable mortgage rates and points. one was a chairman of the house oversight committee, the very same committee investigating countrywide. he also denies any wrongdoing. according to the house report, documents and testimony obtained by the committee show the vip loan program was a tool used by country wide to build good will with lawmakers and other individuals positioned to benefit the company. the report went on to say that the effort, well, it worked. there's a lot to talk b joining me is jason jaf it is, republican from utah. i think people would be surprised to hear that people got a deal. in your opinion did anyon

programming note, former senator chris dodd will be on "squawk box" tomorrow morning.teresting talk about the whole issue. that's it for tonight's show. thank you for watching. tomorrow we talk about settling fiscal cliffs in washington, d.c. on free market principles. i'm kudlow. see you tomorrow night. my volt is the best vehicle i've ever driven. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me... giving me the thumbs up. it's always a gratifying experience. it makes me feel good about my car. i absolutely love my chevy volt. ♪ home protector plus, from liberty mutual insurance, where the costs to both repair your home and replace your possessions are covered. and we don't just cut a check for the depreciated value -- we can actually replace your stuff with an exact or near match. plus, if your home is unfit to live in after an incident, we pay for you to stay som

you go on to this a bunch of others, including chris dodd, barbara boxer, richard holbrooke -- these are particularly all democrats. were there any republicans? >> their there were some republicans. i know that bob bennett, his son ran one of the partnerships. there was across the aisle perches a patient. >> this vip program -- >> it is hard to know. you did not understand, but you could be sure they got special treatment about the process, with a lower interest rate, those types of things. the lower interest rate has the real benefit over time in a mortgage. >> you say, at the beginning of your book, josh and i -- >> josh is my fabulous co- author, who is a genius in the analysis of financial institutions and housing finance in particular. he is an analyst at gramm fisher in new york. he and i were -- we had never collaborated before on a book. he had been a source of mine for many years. he was one of the first to call out the home ownership goals as potentially faulty, and among the first to really point out that the kinds of mortgages that they were making were really going to lu

former democratic senator chris dodd.lican house armed services committee chairman buck mckeon. all three deny any wrongdoing. the former ceo of fannie mae, officials at freddie mac and a secretary of housing and urban development were also in this friends

former democratic senator chris dodd.ll three deny any wrongdoing. the former ceo of fannie mae, officials at freddie mac and a secretary of housing and urban development were alsin this ie so were congressional staffers from both parties that played a role in legislation that affected countrywide. these vips got favorable mortgage rates and points. one was a chairman of the house same comee

it's named after congressman barney frank and senator chris dodd.eekend. i shouldn't call it little. the mammoth bill is more than 2,300 pages long. dwarfing previous financial reform. born out of the financial crisis, this was an honest attempt to restore the public's trust in the financial system. now polling suggests that americans are in favor of the law. recent survey found voters support dodd-frank by a 53-point margin. not 53%. 53% more support dodd-frank than oppose it. that is a lot of support for a lot of legislation. has any of this made you any safer? the nation's largest banks -- you know the ones that were too big to fail -- they're even bigger now. they're still making the same risky bets that got us in trouble four years ago. that is something that the dodd-frank volcker rule was supposed to prevent. it is in here. named for former fed chairman paul volcker. the idea is simple -- federally insured banks shouldn't invest their own money to make a profit. but the rule isn't finished yet -- an early draft was 298 pages long and it has a

where is chris dodd and barney frank today? guest: he is very proud of dodd- frank. he says there are some provisions he wishes he would have pushed harder for. there are others he said lawmakers got it wrong and that regulators need to -- he has since left the senate and is working for -- it is the motion picture association i believe. he is a champion of his lot. the administration still supports it and they are still very sensitive to criticisms of dodd-frank in terms of whether it restricts access or whether it creates uncertainty or even whether it is tough enough. there are sensitive to that. they are ardent champions of the law. host: are you talking about criticisms of whether it is tough enough. she wrote in a column this past week and says that the end of that column -- bob is on the democratic line. caller: i would like the gentleman to address my question or my statement about banks going back to banking. let them do it in long-term capital gains. the day trading is a heyday with banks. it is an absolute -- if i were a banker i would be having a heyday, t

chris dodd said she could not run because she is too radical.e way, how interesting is it for chris dodd and barney frank to be put in front -- put in charge of the financial system? barney frank said fannie mae was fine. and he is in charge of fixing the financial system. this is how washington works. it is kind of astonishing. it is like let's find the worst culprits and then put them in charge of fixing the problem. chris dodd now is the top lobbyist for the motion picture association of america. he was the one trying to destroy the internet in the name of hollywood recently. this bill is a vast granting of authority. he put elizabeth warren in charge because he could not get approved by the senate. she got all the structure in place. then he put someone else in charge. richard ward 3. he put him in charge by ordray.ng -- richard cird he put him in charge by declaring the congress in recess. i have got to install and so the the so-called consumer financial protection bureau, the worst designed bureaucracy ed, can get on with regulating just a

where is chris dodd and barney frank -- where are they today? guest: barney frank is very proud of dodd-frank. he says there are positions he wished he could have pushed for more. there are others that he says that lawmakers got wrong. regulators need to moderate them. mr. dodd has since left the senate and is now working for the motion picture association of america, if i am not mistaken. he is still a champion of the slot. the administration still supports it. they are still very sensitive to criticism about the klan. -- the claim. whether it creates uncertainty. from the left, whether it is tough enough. they are very ardent champions of the law. host: sheila bair is a former chairman of the deposit organization and the current chair of the nonpartisan group. she wrote in this past week. she writes at the end of her column "we need regulators to write rules that the public can understand and examiners can enforce. they need to stop listening to lobbyists to come in with special perk -- a special interest provisions. they need to finalize treat

we have the affordable health care act because of tom harkin and chris dodd and barbara mikulski and others who worked hard to make sure it was here to help families all across america, particularly those in low-income situations. and like senator harkin, i was stunned this morning when the republican senate leader came to the floor and said the first thing we want to do is to repeal all of this health care preventive care that will be available across america, including the provisions that go into effect tomorrow protecting 47 million of our women and family members across the united states, 2 million in illinois, i might add, that will be helped by this. and they insist on bringing up on the pending bill on the floor this amendment to basically remove the protection for these women that is built into affordable health care. i have to say to nor harkin, we can't be too surprised at this. does the senator remember the very first amendment the republicans offered on the transportation bill, a bill that we wanted to pass to build highways and airports? remember what senator blunt, the

ted kennedy did, chris dodd did. bill bradley did.ocrats, 97-3 the 1986 tax act passed in the senate. >> why? >> now they're doing what? who understands -- >> why? >> i think it's just pure politics. they're losing. they've done a bad job and they're just grasping at straws and it's rather sad. it's just what jimmy carter did as well, by the way and he lost as well. >> when jimmy carter -- when reagan took over for jimmy carter, the country had a terrible problem with inflation, as you know, and very high unemployment. and art, current president has a terrible problem with high unemployment. but rather than talk about jobs, because there aren't so many, he's talking about class warfare and stuff like that and he's going to jack up the tax rate on the most successful and the dividend rate and some other stuff, too. >> it's amazing, isn't it? i mean, jimmy carter did much the same thing. do you remember the gas wars and all that? >> sure. >> the long lines where you had to stand and they raised taxes on many, price controls. that was hi

there's been far more common in recent decades refreshment our good friends paul sarbanes and chris doddach gained a seat on the committee as newly elected senators and held it throughout their 30-year senate careers. senator clay bjorn pell served 32 years on the committee. having gained a seat in his fourth year as a senator. at the end of this year, i will have served 34 years on the committee, joining vice president biden who reached that tenure before he was elected to his current position. both of us gained a seat on the committee after two years in the senate. vice president biden also holds the distinction of being the third foreign relations committee chairman to become vice president of the united states. it is an understatement to say that he is having much more success in his role than his two predecessors. the first chairman to become vice president, william r. king had tuberculosis when he was elected and died only 25 days into his vice presidential tenure. he holds the record for the fewest days served in an elected u.s. executive office. even president william henry harri

>> chris dodd, i would never disagree with the sergeant or any other marine sergeant major. i agree with him. i believe it would be breaking faith. i think one of the things, there is a great deal get in the minds of the family and what is going on in the military. if you listen to them and get out and about, as i do, the thing that they are confused about, are concerned about, is the uncertainty. from their perspective, we have massive budget cuts. force reductions. we stop a war going on. i don't think anyone in the room would disagree that it is a very dangerous room. if you put all that uncertainty into a blender, so to speak, and mixup, that is where it begins. uncertainty causes people to say, time to go. i don't know file of a job next week or next month. i believe the nation has made a commitment to the servicemen and women who serve and the families. with a commitment to take care of them, not just because we are at war, but perhaps such reinforces the commitment. it is a tough row to hoe as a military family spouse member. we owe it to them. >> thank you >> senator