eamon javers is here with what ybwhe isoefrwhat we don't and mae erth gs om here.all in our head. here, we don't think we should pay more than men for the same thing. or pay taxes for period products. here, we can ask tough questions, day or night. and here, we're actually heard. and because of that, we can focus on getting healthier together. together. here, healthier happens together. cvs health. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones (vo) with their verizon private 5g network, associated british ports can now let's partner for all of it. precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence. >>> welcome back to a developing story and one we and much of america is watching closely for the third time in four days the military has shot down an unidentified flying object th

eamon javers is back with us with a cnbc investigation. fascinating story, eamon >> andrew, when i learned of the issues question is are people using checks the value of checks in the mail is going up although the total number of checks is not near where it was in the old days take a look. >> it is a big problem that is getting worse. >> reporter: paul is the senior vice president of cybersecurity of risk at the american bankers association. paper checks are one of the weakest points >> would you say that every bank is experiencing this >> i think that would be a legitimate statement >> reporter: in 2021, banks reported 250 tho,000 cases of c fraud. by 2022, the number sky rocketed to 460,000 cases that is an 84% increase in just one year >> it is concerning. it is. >> reporter: in many cases, checks are stolen from blue postal offices like this and change the name and dollar value of the check using forgery techniques they open an account at the bank in a phony name and hire someone to deposit the check that happened here this video from t

. >>> news now out of washington affecting some of the biggest tech companies in the world, eamon javers has this from our d.c. bureau. >> hi, eamon. >> high ya, tyler. house judiciary fired off a state of subpoenas to biggest tech companies in the world demanding documents and information ritte edrelated to says is big technologies efforts to suppress freedom of speech. here's what jim 1y0rden says in this press release about the issuance this afternoon. sending them to amazon, alphabet, meta, amazon and microsoft asking for documents and communications related to the government's collusion with big tech to suppress free speech saying congress has an important role in protecting and advancing fundamental free speech principles including by examining how private actors coordinate with the government to suppress first amendment protected speech the question whether jordan and his committee, now that they have subpoena becpower will be e to have evidence backing that premise and to what extent tech companies will fight the subpoenas and to what extent cooperate? reach out to the tech compa

on section 230, which has potentially revolutionary implications for the internet as we know it eamon javers with the details. hi, eamon. >> hi, tyler that's right at issue today before the supreme court was the question of whether or not twitter can be held liable for aiding and abetting isis under the anti-terrorism act because some members of isis were able to use twitter to recruit and fund-raise for their enterprise and because some people were killed in isis terrorist attacks. that was the question that the court was grappling with today, and the court justices seemed to really try to get their arms around what the implications would be of a decision here for all kinds of other businesses, whether it's banks, whether it's gun dealers, whether it's telephone companies, all the rest who might be implicated in a similar type of situation in which isis or another terrorist group is able to use general services that are offered broadly to everybody in order to commit a terrorist attack. now, the lawyer for twitter made the case this way. he said, "ultimately, the court here some conclude th

our eamon javers has details >> it's a big problem that's getting worse. >> reporter: paul is the senioresident of cyber security and risk at the american bankers association. and he says that paper checks are one of the financial system's weakest points. would you say every single bank is experiencing this right now >> i think that would be a legitimate statement. >> reporter: in 2021 banks reported nearly 250,000 cases of check fraud nationwide but by 2022, that number skyrocketed to nearly 460,000 cases. that's an 84% increase in just one year >> it's concerning it really is. >> reporter: in many cases, checks are stolen out of blue postal boxes like this one then crooks will change the recipient's name and the dollar value of the check using forgery techniques next, they'll open an account at a bank in a phoney name and hire someone to deposit the check that's what happened here. this surveillance video shows an elderly homeless man depositing a fraud lept check that was cashed for nearly $3,000 organized games are using technology like telegram to organize thefts, connecting those w

calls for higher corporate tax rates and fewer share buybacks cnbc's eamon javers has the details. >>ar a number of populist economic proposals from president biden tonight, maybe none moreso than his ide for a billionaire minimum tax. the white house argues that billionaires pay anaverage tax rate of just 8%. they want to change that so billionaires in biden's view, quote, no longer pay a tax rate lower than teachers and firefighters we'll also see the president propose the quadrupling of the tax on corporate stock buybacks. the white house says buybacks funnel tax advantage payouts to wealthy and foreign investors instead of paying out dividends that shareholders are required to pay taxes on and they argue that buybacks are a way for ceos to enrich themselves even if it harms their own companies. but bear in mind, melissa, the president is facing a very different congressional landscape this year with republicans in charge of the house of representatives they're unlikely to go along with a lot of these ideas so the other thing to watch for here is the reaction on that gop side of th

the union address with many expecting fresh scrutiny around billionaires, buybacks and big tech eamon javerso expect. >> we're going to see some of that new details from the white house today on how the president will target big tech companies in the name of protecting children and preserving mental health in a speech tonight the white house says president biden will call for bipartisan support to ban targeted advertising online for children and young people, and enact strong protections for their privacy, health and safety online the white house also says there should be clear and strict limits on the ability to collect and use personal data, especially geolocation and health information and says the burden must fall on companies and not consumers to minimize how much information they collect. now those two items are going to likely ring some alarm bells in silicon valley with republicans in charge of the house of representatives this year there is some interest in targeting tech companies from politicians on the right as well, but the two parties have such different approaches to tech, it'

to hold hearings around two cases including big tech today twitter is put under the microscope eamon javersal lawsuits. good morning. >> the question before the supreme court on monday is just how much legal protection do internet companies have under a 1996 law that sheeled them from liability when it allowed third parties to post content on their platform right now it protects the families, but lawyers for a young woman who was killed by an islamic attack in paris, they argue they should bear some responsibility for her death because section 230 is in place, they can't argue they're liable because they hosted the video. instead they say the algorithm promoted viewing on monday justices seemed skeptical wondering how many lawsuits that interpretation would unleash and what the impact on the entire economy could be a lawyer for the parent company google argued some system needs to be organized so youtube's algorithms should be protected under section 232. the court's going to hear a related case today, frark. it's called twitter versus tam taamneh. the key question, can dwighter be held acc

eamon javers in washington >>> the recent monthly reports on industrial production, on retail sales, on jobs, all coming in better than expected some expecting it will reinforce the rate hiking strategy will this result in a recession later this year? sam zell of equity group investments joins me here at post 9 it's good to see you >> good to see you, sara >> there has been a rethink about recession. is that something you still expect >> i haven't gone through that rethinking >> you're still negative >> no. negative is the wrong word, but when you spread out free money for years at a time, you create significant drag and i just don't see how we're going to avoid a slowdown as that whole process comes to an end. >> i guess the idea is the fed will get lucky inflation is starting to come down >> yeah, but is the definition of coming down going from 9 to >> well, yes and then it has further to go, sure >> but the point is 6 -- >> still very high >> -- is a serious problem >> so you think the fed will have to do even more than the market expects >> i think the fed screwed up by allowing

our eamon javers has some math and that story, which is eye popping, eamon >> deirdre, good morning wet got some filings in the ftx bankruptcy case and it's shedding light on how much the lawyers are raking in. five law firms are requesting an estimate $20 million in the work they conducted between ftx's bankruptcy and the end of 2022 that number is probably an understatement, because more legal spending in that time frame is likely to be disclosed in some of these future filings. sullivan cromwell, the lead law firm for ftx is billing $9.6 million just for work between november 12th and november 30th. ftx ceo john ray billed $674,000 between november 11th and the end of the year. to put those numbers in some perspective, the enron bankruptcy, it didn't break the $1 billion mark in fees, but the collapse of lehman brothers was the most expensive bankruptcy in history, with lawyers and other professionals charging an astonishing $6 billion in fees in the lehman mess and guys, we'll see the ftx lawyers in court today bankruptcy hearing gets underway in delaware at 1:00 p.m. we're expecti

eamon javers that will do it for us on "squawk on the street.>>> good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa this hour, higher for longer a couple of fed officials with hawkish commentary as hedge funds rush to rally at t

. >>> we have a news alert on president biden's economic agenda eamon javers has the details. >> we're getting a look at what the president's going to say in the state of the union regarding the economy. a couple of proposals the white house just released in a news release including one for a surcharge on corporate stock buybacks the white house saying in the state of the union, the president's going to call for quadrupling the tax on corporate stock buybacks the white house making the argument for this new tax by saying that stock buybacks enable corporations to funnel tax advantaged payouts to wealthy and foreign investors instead of paying dividends that shareholders are required to pay taxes on in addition they're arguing here ceos are compensated mostly in stock use buybacks to enrich themselves that's one proposal from the president you can expect to hear tomorrow night another one is the idea of a billionaire minimum tax, the white house saying that the president is a capitalist and believes that anyone should be able to become a billionaire or millionaire. he also believes it's

eamon javers that will do it for us on "squawk on the street. a great long weekend to all of our viewers. "techcheck" starts now >>> good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa this hour, higher for longer a couple of fed officials with hawkish commentary as hedge funds rush to rally at the second fastest pace in a decade. we'll debate the case for a new 50-basis-point hike. >>> a dash of doubt. doordash unable to hold gains despite an upbeat outlook. we'll hear from tony xu. snooi. >>> salesforce to settle we hear they soon may reach a deal, ahead of exclusive interview with steve ballmer from the l.a. tech summit. jon? >> would he start with what you mentioned first, fed higher for longer jim bullard and mester making it clear a 50-point rate hike is back on the table for next month. steve liesman has the details. >> hawkish speech yesterday, braces for an onslaught of speeches next week more than a quarter of the fed committee is scheduled to take the podium to talk about the economy, along

the former head of ftx, sam bankman-fried, adding charges tied to unlawful campaign donations eamon javers ratchet up the level of seriousness for sam bankman-fried and he could be facing additional time if the government is able to prove its case in the slew of new charges added to the ftx case here i want to direct your attention to the political contribution issues here's what the new indictment says about the political contributions and the scale of this effort. they're saying sam bankman-fried, defendant, and his co-conspirators made over 300 political contributions totaling tens of millions of dollars that were unlawful because they were made in the name of a straw donor or paid for with corporate funds what the indictment is saying here there was a massive effort to influence the political system here in washington by sam bankman-fried by pumping money into the system that he didn't want people to know he was pumping into the system. in the indictment, they say that defendant and his co-conspirators recorded outgoing wire transfers from alameda the hedge fund to individual bank acco

eamon javers joins us now with more hey, eamon >> good morning, joe new house judiciary committee chairmaniggest leader in tech, they're looking for internal communications and communications with any outside third parties. the investigation is based on the long-held concerning month conservatives that liberal san francisco-based tech executives may be using -- and amplify liberal ideas. the companies say they'll cooperate and a microsoft spokesperson says we have started producing documents, are engaged with the committee, and committed to working in good faith. a meta spokesperson says we have already begun produces documents, and will continue to do so moving forward all of this follows on the heels of a contentious hearing we saw last week at a different committee house oversight in which the new republican majority there sought to expose twitters's role in the suppression of the hunter biden laptop story at the same time, on wednesday, "wall street journal" reported that the department of justice has ramped up work in a potential antitrust complaint against apple. that one would alleg

chase facing scrutiny today over its relationship with the disgraced financeerj jeffrey epstein eamon javers eamon. >> good morning, joe documents in the lawsuit against jpmorgan chase by the u.s. v virgin island turned a empblindy to the human trafficking the decisions about epstein's accounts at the bank were quote advocated and approved at the senior levels of jpmorgan chase. including by the former high level executive who later would be ceo of kbbarclays the suit alleges that emails suggest that staley may have been involved in the sex trafficking operation. when jpmorgan chase compliance officials flagged the accounts, it was staley who vouched for epstein. in 2009, epstein pled guilty for prostitution that same year, the suit says staley sent an email to epstein and incarcerated at the time staley said this, presently i'm in the hot tub with the white wine this is amazing. i owe you much and appreciate our friendship i have few so profound in 2011, jpmorgan chase employees reviewed the accounts in the wake of news stories that connected him to human trafficking. they decided to enhanc

and canada eamon javers has more. >> good morning, andrew. a u.s.idewind er missiles bringing down the object it was a description that officials provided of an okay tag natural object with strings hanging from it, but with, they said, no discernible payload, traveling at an alternate typhoon of 20,000 feet the military is expected to recover the object this began on january 24, then on friday, the u.s. military shot down what they called a high-altitude object in alaskan airspace the white house described that object as flying at an altitude at 40,000 feet, roughly the same size of a small car. on saturday, a u.s. fighter jet shut down a second object over canada it's not clear where the latest three objection came from, who sent them or their intent, but it does seem clear the white house will be under pressure to provide answers as the week goes on andrew back over to you. >>> we were talking to eunice earlier, if there's an inflection point in terms of escalation and what you are hearing. >> look, at this point, we don't know if the latest three