he's introducing legislation to keep him from ever setting foot on american soil. >> eduardo saverin wants to de-friend the united states of america just to avoid paying taxes. we aren't going to let him get away with it. >>> jpmorgan's mess keeps getting bigger and the bank shows no intention of cleaning it up. the "new york times" reported the bank's losses may grow by at least another billion dollars. jpmorgan has no reason to change its ways. the bank will earn $4 billion in the second quarter. jpmorgan is big enough to bring down the entire economy. lawmakers like house financial services committee chairman spencer baucus says now is not the time to prevent risky bets. >> no law can do that nor should a law attempt to prohibit a company from taking risk. in fact, that's an impossibility. >> mitt romney also says jpmorgan should be able to gamble with deposits backed by the federal government. >> this was not a loss to the taxpayers of america. >> right. >> this was a loss to shareholders and owners of jpmorgan and that's the way america works. i would not rush to pass new legisl

. >> well, i assume the caller's referring to facebook co-founder eduardo saverin who is a brazilian naturalized citizen who decided to renounce his citizenship. he spoke in the "new york times" yesterday. he said that that decision was actually made last january. regardless, the impression has been by many people that he is doing this to avoid paying taxes after facebook goes public. he will actually have to pay capital gains taxes on his entire holdings. i've seen "the economist," which owns cq, estimated that to be as much as a half billion dollars at the current valuations. that is still of course a bet that the shares are going to be worth more in the future. mr. saverin says he simply has decided to move on, he's an international citizen-e wants to be based in singapore, which doesn't have capital gains taxes. he's originally brazilian. i understand the impression. it doesn't look great. i think it's difficult to argue that overall eduardo saverin's from 1998 to 2012 as ab american citizen was not beneficial to the country, though. facebook has created a platform that allows mo

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for those people who did the co-founder eduardo saverin he recently gave up his u.s. citizenship from what i understand he's living the life in singapore right now partying it up or something anyway he denounces u.s. citizenship and a lot of people are saying he did this so that he wouldn't have to pay taxes on his facebook earnings just as we two senators senators bob casey and chuck schumer they proposed. putting up a tax for people who do this for people who leave the country a thirty percent tax penalty on those who leave to avoid paying their taxes what is the what's going to go on with this well i hope nothing because this is absurd denouncing your citizenship saying it you do pay taxes if you're very wealthy there is an exit tax you pay taxes on everything you've earned and all of your wealth before you're able to sever ties so someone like jim rogers who's been outspoken in the wake of this new saying hey everyone's getting this wrong you know not to make a judgment on renouncing u.s. citizenship but in his view but you do pay a lot of taxes and you do have to

this eduardo saverin, he is 28 years old.e looks forward and sees a lifetime of radically higher taxes in the united states which were going the wrong direction. i think he wants to avoid those. >> we're going to leave there it. it burns me up, jimmy. i know you're dead right. i just hate this. we need to be competitive. we need to be the most hospitable company bring the best brain and the best investing and capital. jimmy p., pethokoukis. up next tonight, president obama has a wall street problem. jpmorgan's failed risky bets not supposed to happen anymore after the president signed dodd/frank into law. remember? so mr. president, sir, what went wrong? mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know

---la propuesta ha sido presentada despus que saberse que uno de los fundadores de facebook, eduardo saverinunidense y adquiri la de singapur para escapar al pago de impuestos resultantes de las ganancias que obtendr el viernes, cuando la red social salga a bolsa. ---el gobierno podria quedarse con el 30 por ciento de las ganancias, si la persona no convence al fisco que no quiere evadir impuestos. cu ---aumenta el numero de centros de detencion para inmigrantes en el pais.,pero como nos cuenta guilllermo gonzalez a continuacion en el siguiente reportaje, dichos centros forman parte del nuevo negocio de la deportacion. cu --llega el momento de nuestra ltima pausa y al regresar: wait for nats ---se va una grande de la msica disco y el mundo del espectculo est de luto... take sot adriana "al regresar te aclaro el rumor del embarazo de belinda asi que quedate donde estas. " end segments

facebook co-founder eduardo saverin has renounced his united states citizenship. why?e will save hundreds of millions of dollars. facebook is going to go public on friday and by giving up his citizenship, saverin will avoid paying taxes on billions of dollars on capital gains. saverin has lived in singapore since 2009 and his spokesman notes he found it would be more practical to become a resident of singapore. they have no capital gains taxes even though the capital gains tax is at a historically low rate here. he's earned the title of american hero from forbes magazine. he's not the only one avoiding the irs. think mark zuckerberg will pay a big tax bill up front if he sells $5 billion in stock options as planned. as the new york times reports he may not have to pay another dime of his taxes on his remaining facebook fortune. instead, he can use his stock as collateral to borrow against his tremendous wealth and avoid all tax. elise hope joins me tonight. he'sin an article on this which is insightful. i have to get my two cents in first. these people have enjoyed the

ceo and founder mark zuckerberg expected to make something like $20.3 billion, co-founder eduardo saverin $$2.6 billion. here is a clip from "the social network." >> you signed the papers. >> you set me up? >> you're going to blame me because you were the business head of the company and you made a bad business deal with your own party? >> this will be like i'm not a part of facebook. >> it won't be like. you're not part of facebook. >> a lot of controversy surrounding eduardo saverin, renounced his u.s. citizenship, moved to singapore, a country with no taxes on capital gains. this move estimated to reduce his tax bill by a cool $67 million and that has two senators so, so peeved, so upset they want legislation to make people like severin pay. >> sarerin turned his back on the country that welcomed him and kept him safe, educated and helped him become a billionaire. this is a great american success story gone horribly wrong. eduardo saverin wants to defriend the united states of america, just to avoid paying taxes, and we aren't going to let him get away with it. >> democratic senator bo

take vo ---eduardo saverin, de origen brasileÑo y residente de singapur, decidi dejar de ser ciudadanopais para evitar pagar mas impuestos sobre la plusvala por la demanda economica que se pronostica beneficiar a la empresa ya que el ganar cerca de 4 mil millones. ---se calcula que al anunciar la venta de acciones al publico, "facebook" tendr un valor de 96 mil millones de dolares. top vo ---y mientras unos renuncian a lo que muchos latinos quisieran lograr... en arizona, el alguacil del condado maricopa, joe arpaio, asegur ayer que "luchar hasta el final" y que la demanda en su contra interpuesta por el departamento de justicia por discriminacin contra hispanos obedece a "motivaciones polticas". ---aseguro que los polticos lo estn utlizando a l, y a su causa, para obtener el voto latino y para mostrar que estn haciendo algo. --- hoy, arpaio... ofreci una conferencia de prensa en sus oficinas en el centro de la ciudad de phoenix y dijo no estar sorprendido con la demanda y prometi no dejarse intimidar y que luchar no slo por l, sino por todos los alguaciles que puedan encontrarse en su

you're not part of facebook. >> a lot of controversy surrounding eduardo saverin, renounced his u.s. citizenship, moved to singapore, a country with no taxes on capital gains. this move estimated to reduce his tax bill by a cool $67 million and that has two senators so, so peeved, so upset they want legislation to make people like severin pay. >> sarerin turned his back on the country that welcomed him and kept him safe, educated and helped him become a billionaire. this is a great american success story gone horribly wrong. eduardo saverin wants to defriend the united states of america, just to avoid paying taxes, and we aren't going to let him get away with it. >> democratic senator bob casey of pennsylvania is one of two senators who introduced the ex-patriot act. senator, good morning. >> good morning. >> i know we're talking a lot about eduardo saverin in particular but if there was one catalyst for you all to draft this legislation, this ex-patriot act, what was it? >> well, certainly, this is the most egregious example that we know of, but there are more than 1,700 other peopl

taxes. >> eduardo saverin wants to defriend the united states of america just to avoid paying taxes andng to let him get away with it. >> he spits in the eye of the american people when he does this. it's an insult. he should be head accountable. >> reporter: the senators came one legislation to force wealthy americans who renounce u.s. citizenship to pay a 30% capital gains. if they don't pay that and back income taxes, they'd be barred from the u.s. in a carefully worded statement, saverin responded "i will pay and continue to pay all taxes on everything i earned while a u.s. citizen. he says nothing on paying taxes on facebook profits he'd make while no longer a u.s. citizen. he says he only expatrioted because he wants to live in singapore. >> anyone who believes mr. saverin did do this at least in good pat for tax purposes is gullible. >> a footnote, where else, on his facebook page. the legislation does allow the irs to denounce americans. michael orrin renounced his citizenship to comply with israeli law. >> and like the queen of jordan did, she was an american citizen, had to re

brazilian board eduardo saverin make a move that will cut his taxes and capital gains taxes on future investments. he plans to live in singapore for an indefinite amount of time >> gas prices jumped as much as 16¢ per gallon statewide last week and some experts say they could jump as much as 20¢ in the next few days. right now the average price in california for unleaded is $4.25 per gallon. san francisco has the state's highest price. the national average is $3.73. >> it's funny to me how it is mourn spence, expensive and some areas than other areas >> experts blamed shortages on refinery problems producing california's cleaner burning gas which has kept west coast inventories low and driving prices higher. for the best prices in your area checked out the pump patrol page on cbssf.com. >> the navy is out with a new look and the impact of sonar on marine life. the effects are much worse than previously reported >> that is the sound of naval sonar. on this video by the group earth justice, they say you can see the direct effect. the u.s. navy's latest study says that some are as well a

and why the conservatives aren't covered more of eduardo saverin renouncing his citizenship and i thinkbigger story we should be talking about. >> jon: the fact that we're sitting here today means we didn't get a share of the ipo. >> and billionaires and millionaires created. i think a lot of hype, but to be fair a lot of the business news outlets, i was on fox business, and flooded gave the floor to a lot of the facebook naysayers, people sort of pouring cold water on this be cautious about this it might know be the next google, it might be the next groupon, investor beware. >> jon: on the frenzy and hype meter judy, where are we? >> i think just about right. i think questions raised whether or not the stock is going to be worth what it's going for an and lot of gosh, even more concentration on the young man who started it all. i do think that fox and other networks have covered the saverin business and have covered thanks to the movie a lot of people who made facebook possible and we know a lot about the story thanks to the media. >> jon: jim, you're the most technologically plugged i

you may not be as familiar as eduardo saverin or you saw the movie, the social network.is stake could be worth some $3 billion. he renounced his u.s. citizen and now lives in singapore. some say he knew this was coming and it is a tax avoid dance cheem. >> eduardo saverin wants to defriend the u.s. to avoid paying taxes. >> i have paid and continue to pay any taxes due on everything i earned while a u.s. citizen. the congressional debate is based on, quote, speculation and misinformation. but, remember what he said in that statement. tax experts say since he is no longer a u.s. citizen, he is not subject to taxes he would otherwise have to pay. senator schumer says that's in the ballpark of $67 million and he wants to make sure the treasury gets the money. >> there are some who would question whether you can do this retroactively and whether it is constitutional. >> it is absolutely constitutional. we are not just aiming it at saverin but the others that have renounced their citizenship. they can't enter the united states period. right now, they can get a visitor's visa

the guy's name is eduardo saverin. the facebook co-founder he owns more than 4% of that company. he could make $4 billion tomorrow. under normal circumstances he would have to pay millions and millions and millions in taxes on that money. but, way back in september of last year, before facebook announced any plan to go public, he gave up his u.s. citizenship to become a permanent resident of singapore. a nation that has no capital gains taxes, by the way. today, two u.s. senators said the move was an obvious effort to them to it dodge his obligations. >> he seems to believe, i guess, that the rules don't apply to him. >> eduardo saverin wants to de-friend the united states of america just to avoid paying taxes. and we aren't going to let him get away with it. >> shepard: senator schumer are announcing legislation called the expatriot act. it would apply to anybody who has had to pay an average of $148,000 in income taxes. folks within that group who have renounced their citizenship in the last decade would have to prov

. >>> senate democrats bob casey and chuck schumer want facebook co-founder eduardo saverin to pay for by punishing him for moving to singapore and renouncing his american citizenship. tell me about this eamon. >> his proposal would impose an after-the-fact capital gains tax on 30% for rich folks who renounce their u.s. citizenship and move overseas. he would work in provisions that would make it more difficult for them to return to the united states, even in terms of getting a visa to come back into the country. as for eduardo saverin, his stake in facebook could be worth billions and his move tosong a pore to save his tens of millions in taxes. he said my decision to expatriot was based solely on my interest in working and living in sending a pore where i have been since 2009. i am obligated to and will pay hundreds of millions in taxes to the united states government. so, larry, the question here with the schumer proposal is it all comes down to the intent of the wealthy person. the irs would have to make a determination of whether that person expatrioted in order to mack tax saving

. >>> facebook co-founder eduardo saverin says he intends to pay taxes on the money he makes off today's. he moved to singapore three years ago and in september renounced his u.s. citizenship. several u.s. lawmakers are outraged, charging he's trying to avoid paying millions in taxes and want to prevent him from re-entering the country. he says, quote, he'll pay millions to the u.s. government. >>> it's reported that hewlett-packard, the world's largest maker of pcs and printers is ready to cut tens of thousands of jobs. "the wall street journal" says the computer giant could eliminate as many as 30,000 positions. the personal demand for computers has shrunk as more people connect to the internet on their smartphones. >>> mortgage rates in the country fell to record lows for a third straight week. the rate on a 30-year loan dipped to 3.79% while the 15-year fell to 3.04%. but the low rates haven't helped the housing market because lenders have made it tougher to qualify for a loan. >>> and the postal service says it's moving forward with plans to shut nearly 250 mail processing centers.

case in point is facebook co-founder eduardo saverin. >> what can congress do to keep them here payingare of taxes? that's a thorny issue we'll tackle next on the close. you're watching cnbc, first in business worldwide. schools flourish and students blossom. that's why programs like... ...the mickelson exxonmobil teachers academy... ...and astronaut sally ride's science academy are helping our educators improve student success in math and science. let's shoot for the stars. let's invest in our teachers and inspire our students. let's solve this. you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those. if you want a soft bed you can lie on one of those." we provide the exact individualization that your body needs. wow, that feels really good! once you experience it, there's no going back. at the sleep number memorial day sale, save 40% on our innovative sleep number silver edition bed-for a limited time. only at the sleep number store, where queen mattresses start at just $699. >>> you're watching a s

new york senator chuck schumer going after facebook co-founder, eduardo saverin moving out for taxes on the facebook. >> and maybe the senator should be spending less time punishing people who want to leave the country and find out exactly why so many of the well-to-do want to leave this country. charles payne, dagen mcscowcsco. >> in this particular case, i can tell you the saverin guy, i think anybody who gives up u.s. citizenship is nuts. and he came from brazil sort of like wham, bam, thank you, ma'am, and-- >> probably think there's a better way to frame it than-- >> he's in singapore. >> graphic. >> i think his reputation it singapore-- >> and it doesn't make the headlines because there's an always a billionaire poster child, but the real people, americans are getting hammered in the legislation that he's proposing. if you have an average income tax liability. 148,000 the last five years they assume they're leaving because you don't want to pay taxes. the definition of rich has been coming down all week long and i'm telling you the things that we see is masking the fact there's

new york senator chuck schumer going after facebook co-founder, eduardo saverin moving out for

---eduardo saverin, de origen brasileno, dijo que renuncio a la ciudadania por motivos personales, ypara evitar pagar impuestos de plusvalia... ---saverin agrego que cumplira sus obligaciones fiscales por ingresos que genero mientras vivio en estados unidos... ---una ley federal prohibe la entrada a personas que renuncian a la ciudadania del pais si la decision fue tomada para evitar pagar impuestos... cu ---citando un incremento de la delincuencia y la cantidad de basura... take vo ---los funcionarios de la ciudad de san jose han acordado seguir limpiando los campamentos de desamparados .. ---la decision fue tomada tras las quejas presentadas por vecinos quienes reportan haber encontrado desechos humanos, agujas hipodermicas y otra clase de basura en zonas cercanas a los rios y arroyos... ---hace tres meses el ayuntamiento detuvo la limpieza por cuestiones legales... cu ---mas de mil delegados, simpatizantes y activistas se congregan este fin de semana en la ciudad de bakersfield, al sur del estado, take vo ---para conmemorar el aniversario numero 50 de la fundacion del sindicato de

i mean -- we see some people today and this guy that we talked about earlier right eduardo saverin certainlyink -- >> will be living comfortably for generations. >> bill: yeah. lynette is calling from los angeles. hi lynette. >> caller: good morning, bill. >> bill: how you doing? >> caller: i keep hearing all of this stuff about the jpmorgan thing being a mistake but you know, we all know that the hedge funds and the vulture funds those are not really good investments. i mean come on. i think if you keep doing something over and over again they call insanity. even unrepentant, you know, i would call it that. but i wouldn't call it a mistake he's on the federal reserve. >> bill: yes. elizabeth warren says -- i think she's right. he resigned from the federal reserve. look at the example he's setting >> caller: we all know the love of money is the root of all evil to the previous caller. let me leave this web site, alecexpose.org. and as we know, the tea party which are controlled by the koch brothers which also have this alec organization, these aggressive anti-voter laws, anti-regulation, ant

but the company has been forced to share the spotlight with one of its founders eduardo saverin portrayed by the actor andrew garfield in the movie the social network garfield made millions from his role in the movie is mark zuckerberg first investor and now the real eduardo severe and is poised to make billions off the i.p.o. saverne announced last week that he's renounced his u.s. citizenship ahead of that i.p.o. presumably to avoid paying the fifteen percent us capital gains tax on the three billion dollars fortune he stands to take home after the taxes he'll still be a billionaire he'll still be wealthier than ninety nine point nine nine nine percent of us or more nines but still he's packed up his stuff and move to singapore a super capitalist quite as i dictatorship city state where there are no capital gains taxes and even the nobody's really sure exactly why severe on his renouncing his u.s. citizenship it could be because he really does plan to spend the rest of his life in singapore and u.s. citizenship is a burden for him conservatives have turned him into a hero because they s

almost out of time so i just want to one more very very very quick story facebook co-founder eduardo saverin has decided to give up his u.s. citizenship he's been apparently partying in singapore facebook in public today so a lot of people saying he won't have to pay his taxes and that's why he left where you guys think i think it's kind of ironic i mean a lot. public money went into the development of the internet itself and you know obviously where would facebook be without that and you know it comes time for him to sort of ante up and you know contribute to the kitty and you know he's nowhere to be found do you think he should be barred from coming back into the country no i think he was he was a sympathetic character in the movie was argo berger and now he's the bad one so i'm perplexed but now you know all right guys i'm so sorry we don't know nearly anything we want to tell you what went on that's going to do it for tonight's show thanks so much for turning and make sure to come back tomorrow joe weisenthal deputy editor of the business insider will be on the show to explain why he thi

. >> reporter: you could argue that eduardo saverin is a case study in the american dream. founding facebook in a dorm room with mark zuckerberg, as dramatized in the movie "the social network." >> that is really good. >> reporter: later, he would feel cut out of the business. >> i belt what you hated the most is that they identified me as a co-founder of facebook, which i am. >> reporter: he still owns an estimated 4% of facebook, which means when it goes public, he stands to cash in to the tune of nearly $4 billion. but his tax bill to the country that gave him all this opportunity may now be lower. because, as we're learning tonight, he has renounced his american citizenship. according to his spokesman, "eduardo recently found it more practical to become a resident of singapore since he plans to live there for an indefinite period of time." many online were harshly critical, urging people to close their facebook accounts and let them eat their ipo. >> to the extent that there's some tax savings that comes from renouncing the citizenship, that doesn't sit well with people

the question is eduardo saverin. he wants to renounce his u.s. citizenship and says it was something he was a brazilian citizen and resides in singapore and something he has been interested in doing for a while. of course the timing is suspect. you know what i think about this, it is interesting. he would save himself roughly $70 million tax bill by renouncing his u.s. citizenship but the guy is worth about $4 billion. do you have to think that someone is worth $4 billion wouldn't worry too much about a $70 million tax bill. >> we're talking about julia boorstin outside the facebook headquarters. what is it like? what are people talking about? >> there is a lot of excitement. there are about 2,500 -- 3,500 employees based here at facebook headquarters and facebook is hosting a big event tonight. they're doing a hack-a-thon that will start at 7 p.m. pacific and go all night long and until tomorrow morning when facebook starts trading on the nasdaq, so it is going to be an exciting night. if you have ever heard of a hack-a-thon, what it means is fa

question for you later in the show we're talking about a bill which could bar facebook co-founder eduardo saverin recently relinquished his u.s. citizenship from re entering the u.s. so do you think people who give up their u.s. citizenship for tax purposes should be barred from coming back let us know what you think on facebook twitter and you tube and who knows your response just might make it on air. all right guys the countdown has been on for weeks and i know a lot of you out there have been waiting by the television by twitter by facebook to find out how much a share of facebook will be sold for well just minutes ago it was announced that facebook raised sixteen billion in its initial public offering with shares priced at thirty eight dollars making it the third largest i.p.o. in history facebook stock will begin trading on the nasdaq tomorrow the tip of the ticker symbol is f b i. now even though they just turned twenty eight year old mark zuckerberg was selling a thirty million shares will be holding on to more than half of them so the question is will this be a good investment sure every

entering the united states and the legislation could affect individuals like facebook co-founder eduardo saverin who remain ounce to his citizenship and made a lot of money off of the social media site so we want to know if you thought that those who are willing to give up their citizenship for tax purposes should be banned from returning to the producer produce an incentive to find out what you had to say. of the streets of d.c. to tell people the nation's capital what our viewers had to say on twitter facebook and you tube and see which comments we should keep or daily. so what if i told you you could make a billion dollars and i had to pay any taxes if you gave up your us citizenship and didn't come back would you do it now possibly depends on where it ended up no absolutely not no way i would even think about it sasuke legend told us if they're going to take that money and run and think oh i'm coming back tax free then hell no they should have to pay up what do you think about that i agree if they come back they should especially if they made it here or through august through a us company do