but the question is there some kind of clearinghouse that says you need to write this clearly so the average person and voter can understand it? >> oh, boy, we tried to do that! >> it has been a lifelong battle. >> yes, but it seems to continue to be what it is. that is a way to let him get what you want. to get your point out and to the folks on the ballot. >> yes. banning union and corporate contribution, but the fact is some of the corporate contributions are emptied and that is where the issue is. >> because they -- emptied, so, that is where the issue is. >> proposition 39 says it closes a loophole for businesses moving out of the state and critiques say it flus taxes. >> it is one of those tax measures on the ballot. i think it is important because it is proposed by tom star, a billionaire hedge fund management man, and someone very involved in green energy issues. this is what a lot of people say is an effort to fix loopholes for out-of-state company, requiring them to calculate their california sale's tax based on the percentage of sales they have in california. so, like this

. >> reporter: this clearinghouse of terrorist information is used every day by tsa officers, borderederal law enforcement. >> if you're speeding, you get pulled over. they'll curry that name, and if they're encountering a known or suspected terrorist, it will pop up and say call the terrorist screening center. >> reporter: how often do these encounters say? >> we're averaging about 55 encounters with known or suspected terrorists every day. >> reporter: in most cases, the encounters do not lead to arrest but provide additional intelligence. >> location of where the guy is going, what he's doing. additional associates that the subject is hanging around. >> reporter: names are frequently added and subtracted, always in secret. healy also oversees the critical no-fly list. there are 20,000 people on the no-fly list. about 700 of them are americans. so there are people who live in this country who you have enough concerns about, they can't fly. >> yes. >> reporter: the data bases are not perfect. some innocent people have been kept off airplanes by mistake. one person who never made the

none of these are national clearinghouses, none of these are comprehensive. so you have to search multiple ones, and you have to vary your criteria multiple times. for instance, if you're interested in physics, you might turn up a scholarship for physicists. but that doesn't mean you going to also be matched with a general scholarship for scientists. vary your criteria, and actually you can link to all these at my website, cityofcollegedreams.org. > > when should parents start this process? > > this was surprising. if i could do this all over again, i would start as early as middle school. seventh and eighth grade. because there's actually learning programs that have scholarship money attached. for instance, toshiba has a scholarship for grades k-12. that being said, it's never too late. certainly junior and senior year is prime time to do this in high school. but also college, graduate school, and even adults going back to school. for instance, talbot's, the women's clothing store, has scholarships for women who have been out of school for at least 10 years

. >>> calvin welch, san francisco information clearinghouse. i'm of the old school of affordable housing advocacy. i'm not nice. going from 17 million to 9.8 million is simply silly policy. if you can't trust the city, when is a deal a deal? this came before this board because of parcel f. parcel f is being sold at less than market rate with no objection to a market rate developer with no objection from advocates when it involves market rate housing development. but when it involves repaying affordable housing development, we're told there's major problems with proposition i. proposition i wasn't cited when the city didn't have enough money to make the improvements, came to the redevelopment agency, took $17 million of affordable housing money to principally benefit the existing residents of that part of the world. all power to them. when is a deal a deal? you are currently contemplating a new transportation sustainability fee which contemplates charging a fee for affordable housing development. folks, this is not good policy, to pit affordable

i believe in clearinghouses. a clearing house does not eliminate risks. it's standardizes it. >> all the way in the back. underhill. now there's a civil lawsuit for bear stearns related to fraud, do you regrets participating buying bear stearns in 2008? what did yo umiu miss when you said it would not be material. >> we were asked to buy bear stearns. we did them a favor. let's get this right. we have the capability and capital to do due diligence. the one thing i was terrified about was there were all these lawsuits and there would be no money, no action. there would be no money. the second we bought it, we knew we were buying this as it would play out. knowing what i know today, it's really close. but they called me in again to do something like that, i could not. my board would not let me. i did get a letter from one of the senior regulators that said, please take into consideration when you want to come after arrests down the road for something bear stearns did that jpmorgan was asked to do this by the federal government. there are some great people a

i would like to see more of a clearinghouse in terms of overall assistance, whether nonlethal but lethalnce so in fact there is one address for the opposition in syria to come to. there was strong criticism. you were at the state department on iran policy when the president decided not to do more for the green revolution. that's one of mitt romney's biggest criticisms. why didn't the white house want to do more. >> it's a fair question. it's what people tend to forget that at the time we were getting mixed messages from those within the green movement. they were basically saying -- some were saying the last thing we need is for america to be out front on this. it makes it look like we are a creation of the americans. this is authentic. others were saying we should provide more of a leadership. there was a division on their side. the basic reason we didn't do more at that time was because of mixed messages. >> did the president drag his feet on sanctions on iran, particularly on the central bank? >> that's not the case. the critical thing here is how could we ensure e e with would get our

so lack of things like order confirmation, clearinghouses, that's enough to throw things off pretty bad low. >>> several companies including google have cancelled press events as well. dpo google was to announce a new phone in new york city. that is not happening. a hard-drinking engineer apparently left the new secret google phone in a bar. i'm not making this up. this according to news reports. swear. this has happened several times to apple as well. that's all true. but there is a joke running around in tech circles that a blackberry engineer left a blackberry in a bar, came back four days later and it was right where he left it. >> thank you very much, jokes and fun this early in the morning. thanks, fought. >>> 5:21 right now. talking about the forecast here, pretty nice week ahead for us. we almost feel guilty with what they're dealing with on the east coast. >> waking up with the new world series champs right here, beautiful weather, but we do have 8 rain headed our way. you'll need to pull out that umbrella probably wednesday into thursday. thursday is the rainiest day, i'll tel

the clearinghouse does not eliminate risk. it concentrated in standardizes that but if you don't set up the clearinghouse right you will have a problem down the road. yes maam, all the way in the back. >> hi, i am justine underhill for martÍ. you mention that companies make mistakes and now that there is a civil lawsuit for bear stearns related to related fraud. do you regret participating with the federal reserve to buy bear stearns in 2008? >> we didn't participate with the federal reserve. >> did you miss something when you told investors at bear stearns, the acquisition would not be material? >> i'm not sure i even said that. we were asked to buy bear stearns. the fed did us a favor, no, no, we did them a favor. let's get this one exact rewrite. we were asked to do it and we did a great risk to ourselves and we have the capability in the capitol. it's time for two children's -- due diligence. all these lawsuits there would be no money and they would be no lawsuits. there would be no stock drop lawsuits in no class-action l

i believe in clearinghouses. a clearing house does not eliminate risks. it's standardizes it. >> all the way in the back. >> justine underhill. now there's a civil lawsuit for bear stearns related to fraud, do you regrets participating buying bear stearns in 2008? what did you miss when you said it would not be material. >> we were asked to buy bear stearns. we did them a favor. let's get this right. we have the capability and capital to do due diligence. the one thing i was terrified about was there were all these lawsuits and there would be no money, no action. there would be no money. the second we bought it, we knew we were buying this as it would play out. knowing what i know today, it's really close. but they called me in again to do something like that, i could not. my board would not let me. i did get a letter from one of the senior regulators that said, please take into consideration when you want to come after arrests down the road for something bear stearns did that jpmorgan was asked to do this by the federal government. there are some great p

many trees will be handled by a clearinghouse for essentially another the steps in place of the counterparty and effectively assumes the risk should there be a default. despite being handed the lions share of the rulemaking under dodd-frank, and please the sec has now proposed stanch the all the roles that create this regulatory regime for derivatives within our jurisdiction and in some cases has adopted the final rules. this spring and summer, joint me with the cftc, the sec adopted keeble's interpretation on which this entire new regime will be built. we also recently adopted rules regarding our clearing infrastructure, the group of middlemen critical to achieving the goals of title vii. in june of this year, we adopted will specifying how clear agencies are just a minute or nation to the sec so they can decide which security based swaps must be cleared. just this week we adopted rules outlined standards for the risk management and operation of clearing agencies. even without the regulatory regime fully in place, more and more swaps are already being cleared, a trend that reduces and shoul

and many of the trades of being handled by a clearinghouse, essentially middlemen in place of the originalarty and effectively assumes the risk should there be a default. despite being being handed a lions share of -- under dodd-frank i'm pleased he is -- sec has proposed substantially all the rules to create this new regulatory regime for derivatives within our jurisdiction and in some cases have has stop with the final rose. this spring and summer joined me with the ftc the fcc adopted rules and interpretations on which this entire new regime will be built. we also recently adopted rules regarding our infrastructure, the group of middlemen that are critical to achieving the goals of title vii. we adopted rules specifying how clearing agencies are to submit information to the sec so we can decide which type of security based swaps must be cleared and just this week we adopted rules outlining standards for the risk management and operation of clearing agencies. even without the regulatory regime fully in place, more and more swaps are already being cleared, a trend that reduces risk and sh

it was either stepping up to the plate and paying out the money to the clearing firm -- the clearinghouseuptcy. that's the least thing on my mind. that was the least thing on my family's mind. >> you cut a check. about how much was it? >> i'll have to check with my wife. >> but it was millions. >> it was several million. >> this is at a time where everybody down here stood up for their trades. and maybe those days are questioned now. what's your synopsis of this industry and its future? >> well, the future's always going to be here. the industry, unfortunately, i think, takes in people that don't belong here. and it's just been -- these last -- the so-called fat fingers and all the cheating that's been going on, we need to have more people stepping up to the plate and saying, this has got to stop. >> i agree. mr. stern, member for 63 years, people! lee stern! back to you. >> that was a beautiful thing to watch. thanks so much, rick santelli in chicago. >>> on a programming note, my colleague melissa lee tonight on "fast money" has quite the lineup. scott gotlieb will have the outlook for

the jurisdiction, outside of operating under the law and the regulatory structure serve as this clearinghouse unapproved and dangerous counter fits. fortunately, over the past several years there's been significant steps made collectively, and as john mentioned, what the regulators and the criminal investigation arms are getting in terms of the tools in order for this to be a success. efforts shield americans from counter -- counterfeits, but we agree there's a lot more that needs to be done. i welcome, actually, the first speaker, and we're going to do this in a panel dialogue setting. our first is john castellani, president and ceo of the farm pharmaceutical research and manufacturers of america, leads over 600,000 of the leading research innovators and develops new medicines to help people live longer and live healthier lives. i'm dlighted to introduce ralph neas, joining us as president and ceo, and under a rear, ralph? >> [inaudible] >> exactly one year. we're very excited for him to join us, president and ceo of the generic pharmaceutical association. they represent the manufacturers an