of ernst & young. the firm is a global leader in tax and advisory services with 170,000 employees worldwide. under his watch, it's more than doubled revenue. he has steered the company through trying times within the profession, including the enron era, corporate scandals and the financial crisis. after 35 years at ernst & young, he retire on june 30. i'm pleased to have him here at this table for the first time. welcome. >> great to be here. >> rose: so how many years in the accounting business? >> well, for me it's been 36 plus years at ernst & young, fall the same firm. it's been just wonderful. >> rose: how has it changed other than the clear impact of technology? >> oh, my gosh. i'd say probably the biggest shifts have been around the capital shift that we're all seeing in the world, and so the business is much more global than it's ever been before. the demographic shift that we our all seeing so dramatically. the talent coming into the profession is much more diverse around gender and ethnicity,

ernst. i don't think he wants us to give him an additional 1.7 million dollars to deal with the graphs and the technical memorandum we're talking about here. from my perspective i think this is a once in a generation problem. we have a situation with a ballot measure that is larger than anything we have seen in years and part of what i am trying to do is address the problem in front of us and with that i would like to turn it over to mr. chair and recommend that we recognize supervisor wiener's aide and mr. ernst. >> thank you mr. chiu. at this moment if supervisor wiener's aide jeff crittenden would come up and speak to his amendments. >> thank you supervisor. i am jeff crittenden from supervisor's wiener's office. the amendments just described and combine elements of our legislation which we are supportive and appreciative he included as well as new amendments his office drafted and we have generally in supportive it. the supervisor does have one issue with the amendments that president ch

offshore techniques and they point the finger basically at the big four accounting firms you mentioned ernst and young of course risqué p.m.g. the lawyer and price waterhouse cooper the four remaining of the big four the other ones already being taken down by charges fraud etc but. we don't hear about these four accounting firms as much as we hear about fraudulent banks or banking criminalities and the other scourge of the financial industry how do the big four accounting firms manage to stay under the radar as they do well they play switzerland with the media they're always there to help reporters tell the story and therefore reporters leave them out of the story in the u.k. in the u.s. there's a revolving door between the accounting firms the regulators and in a lot of cases the banks and other industrial companies like google starbucks cetera that have been accused of tax avoidance in particular in the u.k. so you have the people that are creating the laws and then going to the tax tax authorities in the u.s. and in the u.k. for example and then supposedly monitoring and enforcing the law

for and what was involved in this boondoggle is one of the big four i would imagine yes absolutely ernst and young was the auditor of anglo-irish the same place as lehman brothers and of course window dressing was involved here we know the window dressing story of lehman brothers repo one hundred five moving things around on the balance sheet in order to make things look better there and it anglo-irish they were doing was allowing loans to be issued to executives fitzpatrick and his cohorts who are now. hopefully going to go to trial for their crimes but they were lending to the executives and then paying them back at the at the quarter ends lending again paying it back lending again paying it back in order to try to take advantage of the situation and in addition. you know basically punch a hole in banks' balance sheet by a lot of risky lending that the taxpayers in ireland and it up paying for and ended up paying for with a bailout you know hard to believe they actually nobody over race those tapes earlier really really unbelievable. you know francine i saw a documentary recently recen

that still has been displayed by brazil's candidate the ernst & young entrepreneur of the year award. carolin is very smart. >> yeah, certainly not the worst place to be, though i hear it's pretty nice in london, as well, ross. i'm very glad. i'm joined by marco stefanini, president and ceo of stefanini it solutions. tell me about the ease of starting a company in brazil. nowadays, compare it with what it was like when you started your company 25 years ago. >> it was totally different. it was a very tough country. inflation was very high. the rates also was the same. now brazil has a very positive -- in the last ten years. they are doing a good job. >> yeah. brazil has been somewhat disappointing in its growth because its growth is lower in other places in emerging markets. and inflation is somewhat higher. the s&p just put brazil on a negative outlook because of the weak economic growth and a worsening deficit. what has gone wrong? >> i think that brazil has a lot of challenges. in terms of infrastructure. but in the last two years, we are not performing so well. but i think it is a

marla and jon, over the weekend i hosted the ernst and young entrepreneur of the year awards, these aresilicon valley. the ak%ájz i bring this up is i was looking at all the nominations. no surprise but many of the new successful businesses from internet to medicine started by immigrants. here we have iran and italy and south africa and india and pakistan, but which country came up the most often? whether it was people going to college there or they were from there or settled there, one person even commuted from there, just guess what country was most influential, obviously other than the united states? you'll never guess. >> a tough one, man. >> germany. >> that's a good guess. france. france is incredibly influential in our high tech. it was neat to see. >> merci. >> beaucoup. >> that's all i got. >> i wish we had some french fries though. >> always a fan for some fries. let's get some after work. >> meteorologist christina loren, i'm sure you can speak late french. you're a lady of worldly travels. >> are you ready for it? huh, huh, huh. as you can see showers streaming onshore. some

s what it there's ernst and young h.p. even hired a company another water to k p m g another big four accounting firm to do was to do an evaluation of what would help in its purchase of what time to be these are three of the four big four accounting firms and all of them were asleep by the wheel they had access to management they had access to documents and none of them poor the accounting improprieties that were that were publicized by short sells years earlier or or by great down the limits so the problem that we have here is why are accounting firms asleep at the wheel well that's a great question and i wish we could answer that with respect to companies such as a global but let me get to a quote about short sellers this is you in an interview short sellers uncover more fraud than the auditors that have access to the books and records is that something you stand by and how does that work. because short sellers have an economic incentive to find four the problem that we have here today is that especially among the big fo

s what it there's ernst and young h.p. even hired a company another water to k p m g another big four accounting firm to do was to do an evaluation to help in its purchase of of what type of these are three of the four big four accounting firms and all of them were asleep by the wheel they had access to management they had access to documents and none of them poor the accounting improprieties that were that were publicized by short sells years earlier or or by great down the limits so the problem that we have here is why are accounting firms asleep at the wheel well that's a great question and i wish we could answer that with respect to companies such as i'm a global but let me get to a quote about short sellers this is you in an interview short sellers uncover more fraud than the auditors that have access to the books and records is that something you stand by and how does that work. because short sellers have an economic incentive to find four the problem that we have here today is that especially among the big four firm

it was recently acquired ernst & you young. >> it collects things from the government.orld's electronics communications isolate the fragments and connect the dots before the threat materializes. they are pushing to expand the capacity to do it. >> what do you think would surprise people the most about data mining. >> computers can do far more than they can. >> the biggest challenge isn't collecting the information it is making sense of it all. >> it is terms they may be interested in. they are nuclear powered or bridges or stations or airport. here is the tricky part if we miss stuff we don't realize. you have lots and lots of things people are confident in the data. the old cry wolf situation, right? >> even big brother changes information. it will allow them to do it. >> people should be realize tick. there is no human reader going through looking at your e-mail ch it is impossible. >> it is the interaction between cold data and live humans where the sinner gee takes place. it was a different story when they went through hours of footage. bombers but to avoid false le

sim phonic one of the most experienced players in the data mining game it was recently acquired by ernst and young. >> i'm using a listening tool that collects information on things like at this time. >>> a big part of what angel does deals with scanning the web and analyzing data. not unlike what government agencies try to do. sift through the noise of all of the world's electronic communications and isolate the fragments of troubling data and then connect the dots before a threat materializes. and recent revealations show they are pushing to expand their capacity to do it. >> what do you think would surprise people most about data mining? what don't they know? >> i think how clumsy it is and how much work goes into getting even the simplest conclusions out of the date. i think there is a sense that computers can do far moor than they actually can. >> the biggest challenge isn't collecting and storing the information. it is making sense of it all. >> i picked a selection of terms that a national security person might be interested in. radio active or nuclear power or bridges or stations

founded symphonics one of the most experienced players in the data mining gay recently acquired by ernst. >> this tool collects information on things like twitter. >> a big part of what angel does deals with scanning the web and analyzing data not unlike what government agencies try to do. sift through the noise of the world's electronic communications, isolate fragments of data and connect the dots before threats materializes. recent revelations show they are pushing their capacity to expand to do it. >> what don't people know about data mining? >> how much work goes into getting the simplest conclusions out of the data. i think there is a sense computers can do far more than they actually can. >> the biggest challenge isn't checking and storing the information. it's making sense of it all. >> i picked a selection of terms that a national security person might be interested in. things like radioactive or tphaoup or bridges -- or nuclear power or bridges or stations or aeurplts. here's the tricky part. if we miss stuff, we don't know it. on the other hand, if you turn up lots of things t

joining us is dan ernst.be quarterly earning, what number do we come to the consensus forecast? >> well, there was a 10 cent currency charge, so, you know, i guess that would put it at a loss of 3 cents, but consensus was north of a dime. i think we were 11 cents, so -- >> 11 cents a pop -- >> the earnings are less of the issue this particular quarter. it was more about how is blackberry 10 and how is the transition to being, you know, a new smart phone company. that transition did not look great. you know, units were down significantly year over year. they sold 6 million handsets vs. 7.8 last year. we were looking for about florida they did not give us the mix of the new blackberry 10 device, bub it's definitely below, the worst number that we saw is that service revenues fell about 20% year over year and the company had guided to only single digit declines, so the service revenues are relatively predictable and they're a function of a new contract that they had with the carrier to get them to carry blackber

that is accordin to a new report by ernst & young. profits also fell nearly 60% for the same companies. the study says that decrease is driven by historically low natural gas prices. >>> truck owner ryder wants customers to get on the natural gas bandwagon. the company is unveiling some of its latest models of fuel efficient and natural gas-powered trucks in texas. customers are increasingly expressing interests in the switch. it could save about $1.50 a gallon by not buying diesel. >>> the interior department% released details for the country's first ever federal sa of offshore wind ener leases. the sale offered about 165,000 acres off the coast of rhode island and massachusetts. the auction is set for july 3rd. i may bid. who knows. >>> all right, coming up the power of money. a former galleon trader aphedge fund titan bears all in a scintillatating new book what is really happening behind the scenes. we'll get the scoop on the latest insider trading scandals which he says were rampant. >>> plus, have you bought a house yet? what in

fon i can, one of the most experienced players in the data mining game, it was recently acquired by ernst young. >> i am using a tool, this collects information on things like twitter. >> reporter: a big part of what angel does deals with scanning the web and analyzing data, not unlike what government agencies try to do. sift through the noise of all of the world's electronic communication, isolate fragments of troubling data, then connect those dots before a threat materializes. recent revelations show they're pushing to expand capacity to do it. >> what would surprise people most about data mining, what don't they know. >> how clumsy it is, how much work goes into getting simple conclusions from the data. there's a sense that computers can do far more than they actually can. >> reporter: the biggest challenge isn't collecting and storing the information, it is making sense of it all. >> i picked a selection of terms that a national security person might be interested in, things like radioactive, nuclear power, or bridges or stations or airports. here is the tricky part. if we miss stuff

sim phonic one of the most experienced players in the data mining game it was recently acquired by ernst. >> i'm using a listening tool that collects information on things like at this time. >>> a big part of what angel does deals with scanning the web and analyzing data. not unlike what government agencies try to do. sift through the noise of all of the world's electronic communications and isolate the fragments of troubling data and then connect the dots before a threat materializes. and recenthow they are pushing to expand their capacity to do it. >> what do you think would surprise people most about data mining? what don't they know? >> i think how clumsy it is and how much work goes into getting even the simplest conclusions out of the date. i think there is a sense that computers can do far moor than they actually can. >> the biggest challenge isn't collecting and storing the information. it is making sense of it all. >> i picked a selection of terms that a national security person might be interested in. radio active or nuclear power or bridges or stations or airports. here is the

what we're about to say so on our panel is cnbc entertainment reporter julia boorstin and greg selkoe ernstoung named him entrepreneur of the year in northeast. one of his key business producers is rapper throwe williams. julia, what do you think about this? >> i think it's interesting they are crowd sourcing all of the information. the big question is how they will make money. may have low costs but still need to figure out how to generate revenue. >> sounds like a hip-hop wikipedia, doing things from poetry and bringing things in from the bible, but feels like something already out there and already in use so he needs to add value beyond in a. >> i think it's great. sounds like he's definitely creating an interface that's attractive and interesting but i think, you know, no matter how many different genres he expands to he still hasn't answered the question what's the financial model. >> the panel has lots of questions for you and come over here and sit in the slightly warm if not hot seat. great to see you. >> great to see you. >> greg, i know you have a burning question. >> even if you

by the world economic forum, featured as one of the coolest young entrepreneurs, and named to the ernst and young entrepreneur of women's class of 2011. we are lucky to hear from two women who truly are stars in the girls club. please welcome sallie krawcheck, alexa von tobel, and moderator, steve clemons, himself a star in the boys club. thank you. [applause] >> how are you doing to enjoy the day? is only just beginning. affected, come join me -- alexa, come join the. boys club, girls club. so you may to $3.1 billion for the bank of america and they fired you speak with you got it. [laughter] spent i think david bradley, our children, they be interested in talking to you. save journalism. >> i was more excited in myself described as a girl. it's been a while. >> i didn't pick the headlines. in any case we are here to talk about a number things. we have such an open arena that we could discuss. women in finance, we could discuss things like sheryl sandberg's book in which she sort of goes to some degree the sociology and the architecture of constrained for women today, the atlantic also

two weeks ago he was named the ernst and young global entrepreneur of the year. all the entrepreneurs around, there's 50 countries that participate and we have a process of naming their entrepreneur, and two weeks ago in europe he was named the world entrepreneur of the year. >> i was invited to tell my story to everyone because actually happened in upstate new york in a very tiny little town, from closed plant, in 2005, started with an sba loan, actually a loan for small businesses, and without that sba loan we could not have built the factory and start our business. and we start with people from the community, and from that little factory we built two largest overseas factories in the world, and one in idaho, which is a major state, and built in one year, and we employ 2,000 people. some people say it's the fastest growing startup. so i put my dream to work here in this country. came from turkey as a student, and the knowledge i had from back home, working on a dairy farm, making cheese and yogurt, never thought i would put my knowledge into here. this is a cou

a new report from ernst and young.t of get into that report, i just wonder, first of all, we've seen such a big outflow of funds from emerging markets over the last few weeks. concerns rise about the cost of funding for the u.s. going up. treasury yields going up. skittishness on local bonds as well. is that having -- going to have an impact on banks right now? or will they wait? >> i think, you know, the markets tend to route very quickly to these events. the bapnks, certainly global banks that are invested in these markets are looking at things, are going to take a more measured view. particularly as a lot of these issues are actually more to do with what's happening in the u.s. rather than what's happening in individual economies. now, there are some markets that have suffered more than others. you know, we saw yesterday the indonesians put up their benchmark rate. because there is concern about the deficit. i think there's a mix. they will tend to take a broader view rather than react to sort of short-term events.

the world economic forum, featured as one of the youngest entrepreneurs by age 30, and named to the ernst and young entrepreneurial class in 2011. we're hawky to hear from two women who truly are stars. please welcome sally, alexa, and the moderator, a star. thank you. [applause] >> how are you doing some enjoying the day? only just beginning. boys club, girls club. $3.1 billion for the bank of america and they fired you. >> you got it, in. >> i think david bradley, our chairman, may be interested in talking to you. >> i think it was more exciting to hear myself described as a girl. i don't knoll why. >> i didn't pick the headlines. in any case we are their talk about a number of things. we have such an open arena that we can discuss. women in finance, we can discuss things like sheryl's book in which she goes through to some degree the sociology and the architecture of constraint for women today, the atlantic also ran the most read cover article in our history by an louise slatter, why women still can't have it and all i have been in a room with her where women will say this is their lif