morgan all these commodities the biggest commodity desk in the world out life masters that out out out trucking and out trucking and larson mystically outperforming her counterpart it goldman sachs she says they're not making any money and that they don't manipulate markets well for her point of view you know as you would you know let's just remind something she said regarding the credit default swaps you say that she's not responsible you know she's like the colts you know who or she is like ford is not responsible if you get in the car i suppose you know no i mean on the point is this is our ally. everyone's a shooting and those just got the bullets he said oh i know the bullets i rather guy died i don't know why that guy that it blows brains out maybe i could about it we have seen and there was a couple of websites who have shown they would have seen. even true just before the massive g.p. morgan position how would they vote and hard at all o. that they were under their position so the only at once every monday morning you know at nine o'clock or some seven o'clock i don't remember

morgan all these commodities the biggest commodity desk in the world of life masters now out trucking and out trucking at large this tickly outperforming our counterpart it goldman sachs she says they're not making any money and that they don't manipulate markets well for her point of view you know as you would you know let's just remind something she said early in the credit default swaps you say that she's not responsible you know she's like the colts you know who or she like ford is not responsible if it gets in a car accidents you know no i mean on that point she literally firing line. everyone's shooting you know nobody knows he's got the bullets he said all i know the bullets either out like i got i don't know why that i doubt this blows brains out maybe. about it we have seen. a couple of web sites who have shown that we have seen last year and even through just before the massive g p morgan position and how they bought and hard that i don't know that there are under way in their position and suddenly at once every monday morning you know at nine o'clock or seven o'clock i don'

morgan always commodities the biggest commodity desk in the world that life masters that out out outtrucking it out trucking and larcenous tickly outperforming our counterpart it goldman sachs she says they're not making any money and that they don't manipulate markets well for her point of view you know as you would you know let's just remind something she said regarding the credit default swap she said that she's not responsible you know she's like the colts you know who or she like ford is not responsible if you get in a car accidents you know no i mean on the princes this was our ally. everyone's shooting another nobody knows he's got the bullets he said oh i did the bullets other other guy guy i don't know why that guy that blows brains out made. about it we have seen. a couple of web sites who have shown that we have seen last year and even true just before the massive g.p. morgan position and how they bought and hard to follow that there are under way in their position so the only out once every monday morning you know nine o'clock or seven o'clock i don't remember but it was

the commodities department of j.p. morgan which through which was extremely tiny at the time morgan didn't have any kind of history i mean strong history cohen says and stuart a true to say that. in crisis moments you know people will always need to buy or there will need from feeds you know they're willing to go to the doctor is an orphan thought she was going to store to buy a group ritual commodities and this is exactly what's in store to do in two thousand and seven and two thousand and eight and now. for example what i'm saying in the book is that she's buying. wheat you know live cattle oranges. and coffee of course sugar sugar number five number number eleven and so forth and and not only she does not for the bank but she does that also for all the customers of j.p. morgan so this is extremely interesting because she is putting the whole war i mean she made think about that she made three million dollars in her department just blew out the goldman sachs girl i mean j.p. morgan point of view she did a tremendous

i suggest the establishment of a commodities customer protection fund. we found that more than three quarters of the commodities customers had accounts of a value of less than $100,000 each. as the fund providing protection up to maximum of $100,000, would have made a substantial number of the claimants whole within days of the bankruptcy filing. third we have learned that many commodities customers have not understood the nature and risk of certain financial products in which their funds were invested. currently commodities customers are not subject to suitability requirements as are securities customers. in my view they should be. as a fourth suggestion, future commissions merchants may be required to segregate an amount in excess 100% of customer funds. that would help ensure that there is a sufficient cushion at all times for commodities customers. let me turn to funds held for u.s. customers trading on foreign exchanges. under current rules, fcms are not required to calculate segregation requirements for foreign trading in the same way as for domest

brian, wlast important is we have the dollar up but not killing commodities or commodity stocks. >> oilow pretty much, bob, at the highs of the session. the optimism over jobs is part of it here. we also have geopolitics globally happening. reports of a missile fired from egypt over in israel. not the direction a lot of people would expect that kind of activity. also news about a chinese insurer may not cover ships that carry iranian oil as the embargo over the eu is set to ramp up. that putting a little foundation there and the spread between brent still pretty wide, but it's narrowed a fair amount today more than 3%, actually narrowing. the other thing to talk about in nat gas is a major issue today. they had a big inventory -- well, bigger than expected. and we are seasonally getting warmer weather. so we have a lot of supply, not a whole lot of demand until we get sort of macro solution on what to do with all of this natural gas. now at 1:30 i'm going to wrap up the metals close. as bob said, we have a bid in metal, sue, like i said when we have the stronger dollar. that correlation

secondly i suggest the establishment of a commodities customer protection fund. this is a fund providing for protection of up to a maximum of $100,000 would have made a substantial number of the claimants hold within days of the bankruptcy filing. third, we have learned many commodities customers have not fully understood the nature and risk of certain financial products in which their funds were invested. currently commodities customers are not subject to suitability requirements as are security customers. in my view they should be. as a fourth suggestion, the merchants may be required to segregate an amount in excess of 100% of customer funds. that would help insure there's sufficient at all times for commodities customers. let me know turn to now turn to funds health for u.s. customers trading on customer exchanges. under current rules, scms are not required to calculate the seg grags requirement foreign trading in the same way as they do for domestic trading. reliance on this alternative calculation resulted in a substantial difference in funds segregated. th

commodity futures trading commission commissioner jill summers testified. it's about two hours. >> i will call this hearing to order. today's hearing will examine the lessons learned from the collapse of the mf global, the misuse of customer accounts by one of the world's largest commodities and derivatives brokers has shaken confidence in our markets and deserves a thoughtful discussion of how to better protect farmers, ranchers and investors going forward. but before we get to these important issues i would look to express my deep concern that almost six months after mf global's bankruptcy, thousands of former customers, including hundreds of south dakotans, still have not recovered the $1.6 billion removed from what should have been protected customer accounts. i know that the trustees, regulators, as well as the fbi and justice department continue to investigate what happened in the final chaotic days of mf global. but these customer funds must be returned without further delay to the rightful owners and these individuals and executives responsible for

that's the big thing in what's called a commodity title. in the conservation portion of the bill, less land would be set aside for long term -- set aside from crops for long periods of time and more attention would be paid on what sus called working lands which is the land that produces crops, and the idea is that there would be more of a focus of lower costs support that encourages farmers to practice soilwater and wildlife conversation as part of producing crops. >> it sounds like major changes. how are groups reacting to it? what kind of lobbying is happening? >> well, it -- as you know, the mark-up was delayed for a day because some of the groups, particularly southern producers' rice and peanuts were unhappy with what was in the bill. this -- the approach that -- chairwoman stabenow is taking to what is called a shallow loss revenue protection program is most popular in the midwest, which means it appeals to corn and soybean growers the most. it has some support from wheat growers. it's less popular in the south where growers say crop

and then they promoted commodities as an "asset class," like you could invest in commodities just like you could in stocks or bonds or anything else, like they were suitable for long-term investment. >> dan gilligan of the petroleum marketers association agreed. are you saying that companies like goldman sachs and morgan stanley and barclays have as much to do with the price of oil going up as exxon or shell? >> oh, absolutely, yes. i tease people sometimes that-- you know, people say, "well, who's the largest oil company in america?" and they'll always say, "well, exxon mobil or chevron or b.p." but i'll say, "no, morgan stanley." [ticking] >> coming up... >> is there price manipulation going on? >> i-i can't say, and the reason i can't say is because nobody knows. our federal regulators don't have access to the data. they don't know who holds what positions. >> why don't they know? >> why don't they know? >> yeah. >> because federal law doesn't give them the jurisdiction to find out. >> that story and more when 60 minutes on cnbc returns. [ticking] [ male announcer ] citi turns 200 t

securities, a provider of exchange traded funds focused on commodities. so, will, why commodity etf's attracting money when the stock market had such a strong rally in the first quarter? >> well, what we've seen through the first quarter is really a change in sentiment. last quarter of 2011 was all about bearish news, problems in europe, low global growth, and what we've seen this year is primarily driven by the u.s. numbers. a change sentiment, things starting to look a little better, that is positive news for commodities and typically commodities are one of the first things that lead an economy out of a recession, and we've seen that reflection in the numbers. >> tom: demand for that raw material by growing economies. gold prices have been interesting, obviously they've been on a tear over the past several years to record highs here, but they've dropped since february, yet more than $3 billion of new money has been invested in gold exchange traded funds. is this money just chasing the performance? >> i think that what we're seeing is still the overall p

doesn't go to farmer commodities. a lot of americans don't know that. especially people in the east. they assume, there they go, those farmers are padding their pockets, which is totally untrue. and the senator from kansas, this is a reform bill, we're saving $25 billion. and i agree with the senator from kansas, that's a statement we can't make too often when we get to the floor. it is so important for people to hear that and to know that. and you worked to -- back at the super committee era to come up with a program to save about 23 and now it's even better, close to $25 billion. and i just -- i can't tell you how much i appreciate that. i have -- prolonged this part of the markup with statements. but just to say how important this is to our state. agriculture is our number-one industry. it's the most important industry, by far, in my state. one out of five jobs is related to agriculture in montana. one out of five. it's a bedrock of our state's economy. as you have alluded to, madam chairwoman, i don't want to overstate this point, but montana is a l

and when you have a commodity that is not traded, it makes a huge difference. so i'm a little bit of a red herring from the standpoint of nobody else basically grows peanuts outside of the southeast. and as we move towards the mark on the floor, i hope that the issue of rice and peanuts will be given greater consideration. rice has some of the similar issues that we have. for example, it's hard to drown out rice because it grows in water. and therefore, crop insurance with rice works in an entirely different way from the way it works on insuring corn or even cotton and peanuts, for that matter. we have a huge issue with respect to irrigated and nonirrigated peanuts. senator cochran and i -- conrad and i talked about this yesterday, that somehow there seems to be a fungiblity of our crops under the crop insurance program that means it doesn't always work just right. and we need to avoid that. we don't need to present that opportunity. so i would just say to the chair that i appreciate the consideration that you've given us. you have had an open dialogue with us

i'm afraid that this commodity title does that in its current form. as others have alluded to. it's my opinion that we could have done more to eliminate waste and abuse in the nutrition title, ensure that we are getting the most out of these investments that they are, in fact, going to the neediest among us. we should fully close loopholes which has benefits for tsunami recipients. there are other things we can do to save money without reducing benefits and reinvest in other critical nutrition areas and deficit reduction. but just because there isn't full agreement doesn't mean that our farmers stopped needing a safety net. in spite of our differences at this point, in time i'm still very optimistic. and thing that i think that we all agree around the table is that we very definitely need to pass a farm bill as quickly as we can. i know that with your leadership and the chair and the ranking member and with all the members of this committee working together to give their fair share and get back what they need, we can build the consensus necessary to usher a farm bill through th

secondly, i suggest the establishment of the commodities customers fund. we found that more than three- quarters of the customers have a value of less than $100,000 each. that is a fund providing for protection of up to $100,000 would have made a substantial number of the claims held within days of the bankruptcy filing. third, we have learned that many commodities customers have not fully understood the nature and risk of certain financial products in which their funds were invested. currently, commodities customers are not subject to suitability requirements, as are securities customers. in my view, they should be. as a suggestion, future merchants might be required to subject an amount in excess of customer funds. that would help ensure there is a significant cushion at all times for commodities customers. let me now turn to funds held for u.s. customers trading on foreign exchanges. under current rules, fcm's are not required to calculate the requirements for foreign trading in the same way they do for domestic trading. reliance on this alternative cal

change is never easy, especially when it comes to changing commodity title programs. if we could see the future and look a couple years into it, we would see how the programs that we're voting on today will work. i think that would be more comfortable, but that's a luxury that we don't have. shifting away from direct and counter cyclical payments and eliminating are bold changes to farm policy and i think the savings we have accomplished in this bill show that farmers and ranchers are more than willing to do more than their fair share when it comes to the issue of deficit reduction. and as the chairwoman mentioned late last year, two of my colleagues on this committee, senators brown and luger, along with senator durbin and i, introduced the aggregate revenue and risk management or a.r.m. program, which the congressional office saved more than $20 billion over ten years. and i appreciate that many of the components of this bill's commodity title have been billed from the ground work, laid out by the a.r.m. program, including the elimination of sure acre direct and cou

normally an the commodities markets you have a boom and bust cycle. as basically the orange juice, everything. it must be some people, john paulson of the world, looking for opportunities to sell short swaths and ready to again the volatility of the market is very euphemistic market. i picked to hear from both of you. >> this is a bubble and the bubble will burst. the last big bubble went from 147 to 36 months, but no one saw that coming. gold was predicted 200 went with it dirty. but i've got to tell you some pain. we don't know when the bubble will burst. in the meantime, as we have said, people are spending money they probably don't even have, not a medicine they need, not paying their rent to pay for gas. that could trigger a recession. if we don't have t.a.r.p. in the front window come which i don't think we can add the next time, we are told economists that could be a depression. so when the bubble burst, we may already be flatter back. the fact that gasoline is down to a dollar 50 that day may mean nothing if we've got in a plane up to 15, 16,

personally, with regard to the 28 commodities covered by the commodity futures trading commission's rulewe think that the energy and agricultural commodities are so important to the people of this country that they should be 100% deliverable. that is to say we don't find any reason why this game of wall street placing bets on movements of these products -- you have no intention of making or taking delivery of a commodity york trading. if you have no intention of taking or making delivery of the commodity you are trading, you shouldn't be allowed to participate in the market. what we're talking about here is the food that americans buy and energy we rely on to run our economy. as others have said today, we strongly support at funding for the commodity futures trading commission and reject proposals to cut their funding, which only guts the agency's ability to enforce this law. remember, 28 commodities covered by the position limits rule is energy and food. we also for the support revitalizing the department of justice task force on speculation started on july 2011, something the departmen

personally, with regard to the 28 commodities covered by the commodity futures trading we think thatule, the energy and agricultural commodities are so important to the people of this country that they should be 100% deliverable. that is to say we don't find any reason why this game of wall street placing bets on movements of these products -- you have no intention of making or taking delivery of a commodity york trading. if you have no intention of taking or making delivery of the commodity you are trading, you shouldn't be allowed to participate in the market. what we're talking about here is the food that americans buy and energy we rely on to run our economy. as others have said today, we strongly support at funding for the commodity futures trading commission and reject proposals to cut their funding, what g onlyuts -- the agency -- which only guts the agency's ability to enforce this law. remember, 20, discovered by the position limits rule is energy and food. we also for the support revitalizing the department of justice task force on speculation started on july 2011, something t

we've streamlined our commodity programs. we've updated the acreage upon which support is based or reflect more recent cropping patterns. and that's the point i really want to discuss a little bit more. in recent days, it has seemed there has been a little confusion here in the capital region. it seems that some think we should write farm safety net programs and allocate their funding by commodity group or organization. if all you did was listen to these groups, you'd think we're robbing peter to pay paul. i understand that the elimination of direct payments is a big deal to many commodities. well, i originally authorized that program. back in 1996. one of the biggest beneficiaries of the program has been wheat, especially in kansas. but the taxpayers have been clear in this budget climate, why should congress defend a program based on planning acreages established over 25 years ago? yes, the elimination of direct payments means the end of many wheat payments in kansas. and other wheat-producing areas. but that does not mean

and probably 93% of the commodities accounts were less than $1 million. now, in both cases, there were significant numbers of commodities customers and securities customers who in the last weeks transferred their accounts from mf global to other solvent firms. >> why did they do this? was there concern in the marketplace about mf global at that time? >> yes, absolutely. credit had been downgraded -- >> do you know of your own account, of your own knowledge that that concern in the marketplace extended to chicago, to the commodity futures trading or to the s.e.c. or to the cme? >> certainly it was in the major newspapers, that the firm was experiencing trouble. >> everywhere. >> whether anyone suspected there was a shortfall in segregation, i don't know that. but i do know that because of downgrading and rating and losses, many of the large -- >> people were leaving the ship? weren't they? >> absolutely. >> okay. your written testimony, mr. giddens, provides an overview of large cash movements at mf global during october 2011. were there any large transfer

what confuses me is the commodity reports and yields. how do you read them? thank you for reminding us that many of our viewers are not producers or familiar with commodity markets, but even those of us who are would be exaggerating if we suddenly understood the markets. many of our reports are laden with acronyms and assumption of basic knowledge because explaining from scratch would take too much time. luckily, the largest egg market has abundant online material for people to get the handle on what they are talking about. >>> one challenge with this self-education is back markets have not stopped evolving. it seems quaint to say today that commodity markets used to be sweet and sleepy little changes that combated with stock markets. today the markets aren't continuous, technology and part of the global financial complex and that these kinds of dollars flow across borders and investments delay. as the result, the markets we report on our impossible to predict and difficult to exchange. >>> in other words, modern commodity markets are much like your cell phon

chairman gensler, commission staff continues to review customer fund protection provisions of the commodity exchange act and our commission regulation to identify possible improvements. while the staff has not yet pro posed amendments to the commission, it is expected that they will make recommendations in several areas. at a minimum, i believe that changes should be made to our part 30 rules so customer funds held for trading on foreign markets are set to the liquidity regulations. that more information be provided to customers regarding how their funds are held and invested. and that more frequent reporting be provided to regulators and that fcms internal controls for the handling of customer funds be strengthened. i understand the severe hardship that mf gloeblz bankruptcy caused for thousands of customers who have not yet been made hole. customers may have correctly understood risks associated with trading futures and optionsable. they never an miss patrioted thpatrioted -- anticipated their segregated accounts were at risk of suffering losses. short fall in customer fund was a shock to

personally, with regard to the 28 commodities covered by the commodity futures trading commission's rulenk that the energy and agricultural commodities are so important to the people of this country that they should be 100% deliverable. that is to say we don't find any reason why this game of wall street placing bets on movements of these products -- you have no intention of making or taking delivery of a commodity york trading. if you have no intention of taking or making delivery of the commodity you are trading, you shouldn't be allowed to participate in the market. what we're talking about here is the food that americans buy and energy we rely on to run our economy. as others have said today, we strongly support at funding for the commodity futures trading commission and reject proposals to cut their funding, which only guts the agency's ability to enforce this law. remember, 28 commodities covered by the position limits rule is energy and food. we also for the support revitalizing the department of justice task force on speculation started on july 2011, something the department of j

personally with regard to the 28 commodities that are covered by the commodities future trading commission limits rule, we think it is not only time to give consideration making sure that those rules go into effect but we also think that the energy and agricultural commodities are so important to the people of this country that they should be become 100% deliverable and that is to say we don't find any reason why this game of wall street placing bets on the movements of these products, you have no intention of making or taking delivery of the commodity you are trading, if you have no intention of taking or making delivery of the commodity you are trading, you shouldn't be allowed to participate in the market because what we're talking about here is the food that americans buy and the energy that we rely on to run our economy. as others have said today, we strongly support adequate funding for the commodities futures trading commission and reject the proposals to cut their funding which only gut the agency's ability to enforce these laws. we support the efforts of the house agricultural com

i regret the commodity title does not recognize this priority.let us remember that at the end of the day, the reason we are here, is to represent the hard-working men and women who work the land each and every day to provide the highest quality agriculture food and products in the world. i believe we have the opportunity to write a bill that can be equal to their commitment in providing the food, feed, and fiber, that allows us to be the greatest nation on earth. right now, it appears that what this committee lacks is a willingness to do so. but i do look forward to the forthcoming debate, and thank you very much. >> thank you, senator. let me just reiterate what we have talked about privately. this is the first step of a long process. we will continue to work with you to improve and address the concerns that you have. let me turn to senator backus. thank you for your work as chairman of the finance committee. in this committee, i want to say that we would not have this program without your advocacy. we wouldn't have significant improvement in th

a man named frank venter also is a commodities analyst that did a marvelous job of analyzing. gold from i believe five different using five different methods coming to the conclusion that the world's central banks have been leasing gold into the markets and it's least very very low interest rates like one quarter of one percent per year. that gets sold into the market and then the bank can use the proceeds to do whatever they want with. when they would be leased it and then it gets sold its supply into the market that pushes the price down. then alan greenspan in testimony to congress and this was buried in his testimony where he was arguing that the over the counter derivatives market should not be regulated so this was his argument to not regulate over the counter derivatives but there was one line in that speech where he said that the world's central banks stand ready to release gold in increasing quantities should the price of gold rise now the word that lets you know that the manipulation was going on is when he said increasing i think creasing means they're already doing

commodities accounts, 75% were less than $100,000, and probably 93% of commodities accounts were less than a million dollars. in both cases, there were significant numbers of commodities customers and securities customers who in the last week's transferred there can -- their accounts to other firms. >> why did they do that? was their concern in the marketplace at mf global? >> absolutely, it had been downgraded. >> do you know that that concern in the marketplace extended to chicago, the commodity futures trading, or to the sec or to the cme? >> certainly, it was in the major newspapers that everybody was experiencing trouble. whether everybody expected there was a shortfall in segregation, i do not know that, but i know because of downgrading and losses -- >> people were leaving the ship? >> absolutely. >> your written testimony, mr. giddens, provides an overview of large cash movements at mf global during october of 2011. were there any large transfers -- would talk about others -- from mf global's 7 gathered customer accounts to the firm's own accounts while multiple regulators wer

>> if insurance coverage had been in place for commodities accounts, how would that have impacted the transfer of client positions? are there fcms as well as the the claims distribution process for former customers of mf global? do you believe that congress should study and revisit the idea of the -- of extending to commodities accounts an insurance coverage similar to that provided for circuitous accounts under the securities investor protection act? yes. cipra proceedings, govern liquidation of broker dealers contain well established procedures for contemplating and facilitating transfers of accounts to other solvent broker dealers and provide mechanisms for the prompt payment of customer claims. all of this is greatly facilitated because there is -- the financial support unfortunate the cipa fund which -- has -- in the case of cipa several billion dollars of assets and ability to assess the industry for additional fund. those funds would -- assist if it were necessary to cover short falls to enable a trustee to accounts, to other solvent fcms, i think as mr. duffy was alluding to.

and brazil, if you pick this six commodities, in the next decade, if you pick these commodities, you again in today's prices. >> even though there is a slow down, you say the boom is very much in place? >> maria, most people forget in 2002, ten years ago, china's gdp was a tril yn dollars. it is 7 trillion. 15% is 115 billion. people have to dot math. >> the numbers are mind boggling, let's face it, eike. >> here we are watching rates creep higher. you've got interest rates where they are. how worried are you that at some point inflation bams problem. >> in brazil? >> yeah. >> yes. major focus of inflation is full employment. brazil is running 5.5% unemployment rate. 5.5, 6% unemployment rate. so coming from the work force, yes, we are suffering inflation. but the president will address it partially by allowing more visas. so brazil is living the boom that you americans lived in the '90s when 15 million immigrants came to the u.s. it is exactly the scenario we are living in brazil. we are creating 19 millionaires a day. so brazilians are living the brazilian dream. >> are you plannin

take a look at the commodities today. we are waching it closely because take a look at what crude oil is doing today. hanging around 101. dennis will have his take on gold, oil and we'll talk to him about nat gas threatening to go to the one handle. let's go to stories. digesting the jobs report. stocks posting the worst in the month. two major tech calls on the street today in apple and price line. both stocks hitting new highs. we have analysts making the first major downgrade on apple in six months and analysts with price line after a 60% surge. managing the plunge in nat gas. we are talking to the ceo of lynn energy. welcome to "the fast money half time report." get straight to selloff. stocks are under pressure. one of our guys on the desk, how do you view that report? is it a game changer in the way you view what the stock market could do? >> i think it's a game changer in the sense of when you look at the precious metals trade which i got out of last night. i want no part of anything related to a lot of the dollar

-- excess in the commodity's funds or vice versa. we had an example shortly after i was appointed. i got a call from mf global itself saying we have wrongly transferred $220 million from the securities accounts to the commodities accounts, and we'd like to reverse it. how that was done or who authorized it or whatever, we can't say, but clearly, there were mistakes being made, and part of this, as i say, the process is that most people don't realize is relatively low level operational people in any given time have the authority to transfer hundreds of millions of dollars. >> was there an investment committee? is there a personal recourse to the executives when these kinds of things happen? i mean, is there a way to deal with them on a personal basis with personal assets? was there any investment committee or internal controls that existed there to keep this kind of thing from happening within the fund, and if not, are there other firms to your knowledge with these same problems? >> on the personal liability, i think there are, my own

we'll speak with the power player blake masters, head of global commodities at jpmorgan on where commodities go from here. it's masters on the first day of the masters, and the president is set to sign the jobs act. will it mean more jobs or just more opportunity for fraud? the binary debate on "power lunch." now back to scott and more "fast half." >> time for money in motion now. u.s. dollar is having one of its best weeks in a long time in light of encouraging data supporting the recovery. let bring in willy williams from socjen. before we get ittur trade on the u.s. dollar and the swiss franc, with a do you make of the dollar's move in terms of the dollar index? it's the best since late february. >> a large part of that move has to do with the fact that we saw european finance ministers agree to increase the firewall last week. we saw no rally from the market. starting to see pressure come on spain with yields hitting the highest levels we've seen in a little while, just a hair's breath away from 6%. we put out a paper last week detailing how european banks have used some of the litro fun