i spent several years as an auditor for deloitte & touche.b was to go into numerous fortune 500 companies and look for waste fraud something we could use a little bit of. after that i went to work cheek up after the -- cleaning up after the oil spill. when the bp oil spill happened, there was great concern i would get in the loop current oil would come down florida's coast and up the gulf stream. i was born and raised in the keys and avid outdoorsman and wanted to do my part to clean up. with what i saw both at deloitte & touche dealing dealing with sarbanes oxley and then again with the oil spill what i saw really opened my eyes to government's involvement in all of our lives and i feel we can do a much better job. unfortunately with the economic situation we're in right now, it shouldn't be a partisan fight. whether you look back historically, whether it is 9-11 or katrina we came together as a country. that's the same situation we're in. we must unite as a country and solve the problem at hand. >> jennifer: you seem like a perfectly ration

there will probably be an investigation an delight -- deloitt's involvement. it's going to get big and fines will be huge. in the end it will end with fines at the least. >> susie: how big are the penalties going to be and will anybody end up in jail? >> the penalties will likely be at least had the hundreds of millions of dollars, they could be over a billion in this case because the conduct is so egregious and it was clearly very knowingly done by certain people at the bank. and because of that, there also is a good chance that people may actually wind up having criminal prosecutions against them individually, and they may wind up going to jail as well. >> susie: it's not just standard charter, we've seen a string of banks behaving badly recently, the barclay's case, and hsbc is said to have been vfed in laundering money, and now this. at times like this people feel maybe it's time for some tougher and more regulation. is that the solution? >> it isn't. there are lots of regulations, and you can see they got standard charter with the regulations we currently

what about delete into fish fish -- deloitte touche? the auditors or the most under examined during the financial crisis the board and many were on the board and old by the amazing performance kerry killinger had delivered decades before and not asking tough questions mattel was too late then waited a long time to put in new management bush should have done it one year before they were among the highest-paid board in the country. only second to goldman sachs. >> host: you can see what money pays for. did the wall street collapse does that make sense? wheelock's our biggest financial institution. what were the consequences of that beyond that ecosystem. >> in the seattle area it was a massive effect. so now into seattle we have five banks controlling most of the assets. >> the ceo does not live here they did not contribute to if i read this right to one is to be done? >> if i had the solution i would probably come i don't know i doubt no tangible passing dodd/frank years doe not making any inroads that is the incredibly difficult proposi

what about the auditors, deloitte & touche, what about the board? why didn't they blow the whistle? why did they come forward? >> auditors have been the most under examined if any group since the financial crisis. and none of them to my knowledge, i could be wrong about this, blew the whistle at wamu. many of them had then on the board and they were very emotional by the amazing performance delivered in the decades before. so they were really asking any tough questions until it was too late and then waited an extraordinary long time to get rid of kerry killinger when they should've done it a year or two before that. >> it was not just a mob with network. >> there among the highest-paid board next to goldman sachs or something. >> you can see what money pays for. >> did the wall street callout of dairy, am i reading that right, tanks and u.s. and washington, did i get that right? who are very -- does that make sense to you? >> now. >> we lost our biggest financial institution. jpmorgan, we don't really have a major bank headquartered here anymore. what were the consequences of that b

. >> the help may be needed. 88% of shoppers surveyed by deloitte said they plan to spend the same orto school this year. nearly two dozen states are helping too, with tax-free weekends. which weekend varies from state to state. but alabama's is this weekend. and sent the governor to a walmart in montgomery to promote it. >> also not only saves families money, it brings people out to the stores to shop. >> merchandise offered tax-free obviously includes school supplies, clothing and footwear. but some states exempt big ticket purchases too, like computers. >> it says tax-free. the best thing to do is make use of it. >> even with tax-free, some experts say shoppers should still shop for and with the usual discounts. like coupons. >> i estimate that 90% of stores on any given day have a coupon, have an active coupon. >> if you don't necessarily feel compelled to take advantage of tax-free weekends, just wait. >> i always find that the week after it comes out better. the stores come out with more sales, they knock things off anywhere from 50 to 75% off. you do a little bit better than ju

what about the auditors deloitte & touche, what about the board? why didn't he blow the whistle?donet come forward? >> well, the auditors have been the most under examined have any group during the financial crisis. and none of vent to my knowledge, i could be wrong about this to the whistle at wamu. the board was very much low. many had been on the board for years and were very much low at the amazing performance kerry killinger had been delivering. they were and ask any tough questions until it was too late and weighted mixture a long time to get rid of kerry killinger and put a new management initiative done it a year or two before that. >> these weren't even independent directors. >> they were among the highest-paid port in the country, second only to let goldman sachs are some rain. >> you can see what money pays for. did the wall street collapse very -- and every democratic? banks in the u.s. and washington? did i get that right? does that make sense to you? no. >> we lost our biggest financial institution. jpmorgan took over, we don't have a major bank headquartered here a

. >> what about the auditors, deloitte & touche, what about the board? why didn't they blow the whistle? whited may come forward? >> the auditors have been the most under extreme end of any group they think during the financial crisis and none of them to my knowledge, i could be wrong about this, blew the whistle at wamu. there were along many of them on the board for years and they were very much sold by the amazing performance that kerry killinger delivered in the decades before. so they weren't really asking any tough questions until it was too late and then waited an extraordinarily long time to actually get rid of kerry killen and put a new management when they should have done it a year or two before that. >> and these are even independent directors. >> but they were among the highest-paid port in the country. they were second only to that goldman sachs or something. >> you can see what money pays for her. >> ei. >> at the wall street collapse very, am i reading that right? to the u.s. and washington? did i get that right? does that make sense to y

to be an olympic sponsor, and you know, deloitte, mcdonald's, is $155 million these sponsors -- >> nbc>> were shelling out. nbc. nike superseded that. ioc was thinking about suing them for it. they actually didn't end up doing that. but nike really got around that because athletes can wear whatever they want to wear on their feet to go for that gold. >> for thousands of dollars just 400 pairs of shoes. >> genius product placement for nike. >> i'm going to buy myself a pair right now. >> i like it. let's go after the show. >> let's do that. i'll talk to you a little bit later. ahead the morning papers. what are some of the op-ed and editorial writers saying about the paul ryan choice? plus what do polls inside wisconsin say about the home state congressman? there are projects. and there are game-changers. those ideas that start with us rolling up our sleeves... ...and end with a new favorite room in the house. and when we can save even more on those kinds of projects... ...with advice to make them even better... ...that's a game-changer in itself. more saving. more doing. that's the pow

deloitte claims it had no knowledge of any misconduct. >> sean corrigan spoke to cnbc earlier and voicedcynicism over the investigation. >> why is it always the british bank or chinese bank or german or swiss bank doing all these evil thing around the world, manipulating libor and money laundering and financing terrorists. never an american bank involved because they are in the pocket of the american banking lobby. all the sin, so many sins which any commentator including the american banking system would tell you sit at home. they never go after an american bank. they bully somebody abroad. >> stanley crouch earlier told us he disagrees. >> jpmorgan quite prominently was lambasted for their losses recently and we had our skeenls here, mf global, et cetera. the scandals are nonborder. they are all over the world. they continue and i think it really calls for regulation and i believe a return to glass-steagall is highly in order. >> forgetting the glass-steagall issue, to focus on the issue with standard chartered you say the stock could have 10% to 15 upside from here? >> yeah. they don'

we have the chief director of deloitte insurance industry group and former new york state insurance superintendent. you know your stuff, david. howard i'm sorry. the problem with isaac it came on the same anniversary as katrina. we know that. it is kind of unusual but in reality as you were just saying the impact of isaac obviously so, a lot less than with katrina no doubt but a billion and a half dollars to me sounds like a lot of money. can you put it in perspective? >> yes, ashley, it does down like a big number. that less than 1:00% of the u.s. total capacity. this is nowhere insurance event of a katrina. that was 45 billion. this is billion, maybe a little more. very significant to the folks impacts obviously. the industry is very well-capitalized. this will not be a serious event from an industry perspective. they can handle it. the problem wit storm it is so slow-moving. ashley: yeah. >> the rain lingers and most of the damage will be flooding related. where personal property is involved one of the big problems and worries people will not have in many instances flood insurance that is not c

pointing to actually a 14% increase in sales compared to last year, and some other consultants, such as deloitteve also had survey data saying that back-to-school's actually going to be better than last year. the retailers themselves are a little bit more cautious, but most are actually planning for increases. >> do you think we'll get any turn -- paul, it's ross here -- in the lower-end consumers? it's been constrained for a while. >> yeah, you know, it doesn't look like it's going to happen this quarter. it's usually when things are in the trend, you know, you say, well, it's going to happen, but not this quarter. so, one of the funny things i even saw in macy's was their average unit retail is actually up 8% in the first half. that's a huge amount. that means that unit sales or transactions per sale went down -- or items per basket went down. now, what's going on with the low-end consumers, they're obviously disproportionately unemployed, but the outlook is terrible. and gas prices and food prices really weigh on the low-end consumer, because they're not so tuned in to what's going on with bo

. >> deloitte college has released its annual mindset list how students starting their freshman yeare ticket, there has been football in jacksonville and never in los angeles, and the twilight is vampires not rod sterling and clinton is a statesman and star wars has been an old movie, not a defense strategy. >>. >> i know. i even remember dial telephones. >> god. >> but i don't remember the horse and buggy. all right. every generation goes through this. >> exactly. >> what the hell. your kids. right? >> who knows what they will grow up with. >> they will never no an old-fashioned phone. right? >> right. all right. yes, indeed, things have changed on campaign trail. mitt romney particularly and paul ryan find themselves maybe talking about issues they really didn't want to talk about how has it changed? felicia somnez is on the road with the romney-ryan ticket joining us from roanoke, virg. hi, felicia, good to have you on the program. >> great to be with you. >> i have been following your reports, and so let me ask you this: in august 2012, a week before the republican convention, di