>> right, from what i heard, he and edith o'brien will be banned from trading future stocks.n't ban them from having a relationship with wall street in some way, but in futures, they will be banned from doing it. >> there is no big investment house that doesn't have a futures business, so this means jon corzine can never be ceo of a big wall street firm again. >> right, and that's significant because this is a man who has had many lives, as you guys all know. goldman sachs, public office, mf global. there was talk of him possibly starting up a new firm, maybe a hedge fund. so a ban might possibly be the most painful thing for him. that's, again, if the suit revalr prevails, and i'm sure there will be a vigorous defense. >> indeed there will. thank thanks, kate. >>> a baby tapir was just born at a zoo in new england and it desperately needs a name. she is the cutest thing. vote at facebook.com/powerlunch with your suggestions for the 25-pound female tapir. her dad's name is milt on as in milton friedman, so we're sure you can think up some good names for her. flying is old hat

kate kelly with more breaking news on the ctc lawsuit of mf global, as well as jon corzine and edith o'briene tfc counts these amenities with misuse of company funds, failure to supervise, reporting to the tfc in a false and misleading way, among other things. the damages sought is a future ban on commodities, futures, related options or other related transactions on corzine or o'brien, which would put a stop to corzine's future in the industry if they prevail. this suit paints a very damning picture of both o'brien and corzine as reckless in terms of managing the fund's money and particularly in isolating customers' money. almost $1 billion of customer funds went missing during october of 2011 as the firm sought to handle some losses they had taken on proprietary trades that corzine had done, guys. it's a very tough suit. we'll be hearing more about it any minute now as the cftc puts a start to the press conference acknowledging these details that are in here. >> thanks very much, kate. any minute now we'll be talking with them. has jon corzine any chance at all of settling this? >> of cour

corzine and former assistant treasurer edith o'brien are charged with failure to supervise the misuse of customer funds that caused the firm's collapse. corzine's attorneys say he was unaware of the missing money. regulators say funds were misplaced before the firm collapsed. an internal review of the irs made for a tense hearing on capitol hill this week. lawmakers criticized irs acting commissioner danny werfel for an "incomplete review" of the agency. werfel was ordered to complete a 30-day review after news broke the agency targeted conservative groups seeking tax- exempt status. in the hearing, werfel stressed a need for more time. rep. richard neal (d-ma): "we all need to be outraged. the american people shouldn't be afraid of the irs. we've established that. but i think the simple point is, you would argue you need more time. is that correct?" werfel: "absolutely we need more time. and my hope today and in this report and in every communication i have with the public or the committee is that there's transparency into the process that we're following." werfel disclosed the irs a

they accuse edith o'brien of being key actors in the collapse and the misuse of customer money. >>> cnbconship between thomson reuters and supply management. they are reportedly examining whether anyone got advance access to the manufacturing data. last year thompson and ism signed a deal over high speed line and investors willing to pay for quick access to the information. the many s.e.c. probe is in the early stages and may not result in any action. thomson reuters stock up a third of 1%. >>> google is looking to branch out beyond smartphones and tablets. "the wall street journal's" suggests the company is working on a video games console and digital wristwatch powered by sell the devices itself and released at least one of them this fall. google's stock just down slightly. >>> meanwhile, european equities, mixed session today. the ftse 100 yesterday was up about. %. right now it's absolutely flat. xetra dax off 1% and the cac 40 down a third. u.s. agenda, final read on june consumer sentiment due out at 9:55 eastern. at 10:00 we get the june chicago pmi and if you like a fed official