resistance from chevron texaco exxon mobil.oth of which give their own lives to find ways to appeal to the u.s. government embassy played the role really. sort of were not the it's a silicate they were the ones who were sort of going pressure fishing government officials set up meetings through that sort of thing so they were really. central we. played the same. truck shop owners. these are. by and large some of them are haitian american. they're one of the principal ones isn't very. good really and the civilian opposition to president maris getting two thousand and four with heads of the queue doesn't work because i could be in the head these people who. like to think male or dems the minimum wage increase to five dollars from. about seventy five. and sensually the government was giving them. advise leadership. now how do you say if we really connect the dots who is the real bad guy here right because on one hand you can look at the us government and you can ask how it's possibly acceptable for our bastards to go in and add pr

meanwhile, exxon mobil announced its purchase of two gas companies phillips resources and twp for about $1.7 billion. >>> corporate reports did little to reassure investors. retailer abercrombie & fitch fell more than 5% after warning its second quarter earnings will come in below expectations. network equipmentmaker sienna tumbled 16% after reporting a larger than expected quarterly loss. the senate dealt a blow to the nation's banks refusing to delay new rules aimed at slashing debit card transaction fees. >>> a correction on one story we reported yesterday. turns out the woman who claims to have had her facebook friends tattooed on her arms were a fraud. the tattoos were fake. >>> finally, one dating website hopes anthony weiner will quit his day job. the site, geared towards men with money seeking women, has offered the congressman $50,000 to be a spokesman. >>> prince hits two, the pirates walk-off winners and the sox stop the yanks again. >>> plus, on home ice, the red hot bruins tie up the stanley cup finals. your early morning sports headlines are just ahead. >>> in weather, the

exxon mobil unveiled twin oil finds deep in the gulf of mexico. they contain more than 700 million barrels of recoverable oil. exxon found the fields ahead of last year's b.p. oil disaster, but couldn't get to them until the ban on deepwater drilling was lifted. >> tom: here are the stories in tonight's n.b.r. newswheel: wall street marks another day to the downside. the dow lost almost 22 points, the nasdaq fell 26 and the s&p 500 was off five-- its sixth straight losing session. trading volume rose from yesterday's pace to just above one billion shares on the big board and two billion on the nasdaq. the federal reserve's beige book report on regional economies showed most of the 12 fed districts saw growth during the past two months, but higher food and gas prices are weighing on consumer spending. credit ratings agency fitch says it will put its rating on u.s. government debt on watch for downgrade in august if congress doesn't boost the federal debt limit by then. moody's and standard & poor's have already warned of rating trouble, if a debt de

. >> tom: finally both fund does have exxon mobile as their top holding but they clearly differ from there the index fund has an el and chevron and of course the fundamental fund at&t and general electric. does this go to explain entirely the performance difference? >> yes, that has that is a big difference there in. the case of, for instance, having apple as your number two most heavily weighted stock in the traditional market cap weighted index, if apple goes, you know, if a lightning bolt hits steve jobs tonight or tomorrow, so goes that entire index and there goes everybody who has invested in it as well. >> we have to leave it there. we appreciate the insights. nice article it is seth lobove with bloomberg market magazine. >> thank you. >> tom: here's what we're watching for next week: our friday "market monitor" guest is bernie schaeffer, chairman of schaeffer's investment research. we'll see may's reports on retail sales, housing starts, and both producer and consumer prices. lots of inflation numbers. monday, advice for baby boomers who are supporting their adult children and

tax reform eliminates the subsidies for exxon-mobil. that a tax increase. >> i am all for reform that removes subsidies. >> there is a big debate on tax subsitties. if you talk about ethanol or other tax breaks that may or may not include tax subsidies and every other corporation, but if you do that right now and the president decide last december not to raise taxes, don't do it right now. if you do taxes, you have two years. >> you consider that a tax increase. what about if you force a company like general income and they made $14 billion in profit and they paid zero in federal income tax. what if you came up with reform that required a mall amount for big corporations. is that a tax increase? >> it's tax fairness. >> sorry that a tax increase and something republicans -- >> they have to. do you guys want to live in a country where a janitor of exxon gets paid more? >> i am talking about subsidies and tax breaks. loopholes >> i'm all for getting the republicans. i'm all for that. >> you know who he is? >> he's an anti-tax crusader. he

exxon mobile for example and the coal companies.hey were told by their own scientists back in 1995 that the science for this was solid. and they just sensorred that from their reported. these company make their money from understanding science. they know the science is good. they are being selfish. >> somebody say this to bp? >> sure, sure. >> and then other people in the case of the republican party which has the majority in the house of representatives and voted on a vote not a single republican voted about a month ago to admit that climate science is real. they all think it's fake. they all think -- for them it's an ideological position. they understand quite correctly that if we do something serious about science change it will mean nor government intervention in the economy whether it's raising prices of fossil fuels or more regulations. they hate that. so they start from that ideological position and they work backwards and cherry pick the science and it's not real. it's a political hoax. >> at the end of your book you have th

feel when they learn that some of the largest corporations in this country when they learn that exxon mobil they learn the bank of america and they're not really paying their fair share of the time that's what we're so upset about is the whole notion that the government doesn't create a level playing field as governor of new mexico those vetoes i vetoed a whole bunch of legislation that in my opinion. gave advantage to well connected individuals groups corporations as opposed to legislation that would have created a level playing field where everybody could have had access to the american dream and i think the american dream is in this country is that you can go from having nothing to having everything if you're willing to work hard and innovate but the deck it stacked against all of us government passes legislation that unfairly gives corporations groups individuals unfair advantage it's the obvious you want to get rid of all the loopholes you want to get rid of the loopholes that get rid of the loopholes get rid of the subsidies a little need to strong arm congress into doing that though

groups in american petroleum institute which is made up of all a big wigs of the oil industry like exxon mobil b.p. chevron they're up to something in iowa where a handful of republican candidates for president are campaigning right now as investigative reporter leaf fog in progress has uncovered a merican petroleum institute has created an astroturf group to get average people to support be boiled without realizing the group known as the iowa energy forum has been hitting up republican presidential candidates at events across iowa to raise support for a variety of big oil concerns from new pipelines to keeping intact taxpayer subsidies for the group may at first look like it's made up of average concerned citizens it's not it's merely a p.r. gimmick paid for by the american petroleum institute for more on what's going on behind the scenes here and run by leaf on reporter and blogger for think progress we welcome back in the show to tom nice to see of thank you another day another front group is this just becoming business as usual on the right. you know i think that would be fair to say this

health care system and all these other externalities were not capturing any of those extra calories exxon mobil and all these other companies they're not paying for the cost of climate change there are plenty of pain for the cause of the cancers in the out as well as in everything else. we're how do we generate the political will in the united states to to have to attach to that the cost of those extra calories to the cost of fossil fuels the biggest one of those indirect cost or extra now at least is climate change by far. and. what i think is going to happen is that rising prices is going to drive this to address this issue and recognize that we've got to get out of fossil fuels in a hurry and the simplest way to do it is simply to lower income taxes and raise the tax on carbon so we don't change the amount of tax from pay on april fifteenth the total is the same but we we make labor cheaper which means we can create jobs more easily and we make carbon more expensive which makes it profitable both to invest in energy efficiency and also it will accelerate the shift into wind power solar power

feel when they learn that some of the largest corporations in this country when they learn that exxon mobil the g.e. when they learn the bank of america but they're not really paying their fair share of the time that's what we're so upset about is the whole notion that the government doesn't create a level playing field as governor of new mexico those vetoes i vetoed.

and exxon-mobil has committed $300 million to venter's company to genetically enhance an algae that lives off carbon dioxide and produces an oil that can be refined into gasoline. so you're trying to cut down on co2 in the atmosphere, which people believe causes global warming, and also create a fuel? >> venter: exactly. the question is on the scale that it needs to be done at, you know? facilities the size of san francisco. >> kroft: really? >> venter: yes. >> kroft: the city? >> venter: yeah. >> kroft: venter and his team are not the only players in this growing field known as synthetic biology. for years, dupont has been using genetically modified bacteria to make a compound used in clothing and carpets. amyris discovered a way to genetically modify yeast to produce an anti-malarial drug. another company, ls9, has altered the genes of e. coli bacteria to produce fuel. but all of them are modifying a few genes, not designing all of them. venter's rivals say his method is commercially impractical. but he's made a career out of bucking the scientific establishment, and earned lots of enem

. >>> exxon mobile has announced a big discovery in the gulf of mexico.he company says it's found the equivalent of 700 million barrels of oil about 250 miles south of new orleans. exploratory drilling started in 2009 but was halted last year after the bp oil spill. drilling resumed under stricter rules in march, exxon says the size of this new field may actually increase as drilling continues. >>> citigroup has alerted its customers of a major security breach. it occurred last month and affects about 200,000 customers. roughly 1% of citibank card customers. hackers accessed information such as name, account number and cac in contact info such as e-mails addresses phone numbers, but social security numbernumbers, f birth and security codes were not compromised. >>> time right now, 20 minutes past the hour. here's a look at the top stories this hour. alabama governor robert bentley has signed in to law an immigration bill considered by both supporters and critics as the toughest in the nation. among the measures in the bill, businesses must use the e-verif

himself forward to these political types as a mega developer, the kind of guy who can buy 600 mobile exxon gas stations in one transaction because mobile exxon needed to die vest some of its holdings because of a her very. the -- merger. the kind of guy who just jets around the world and puts up or would put up a 40-story building on a chromium dump along the turnpike extension in jersey city. >> and nobody every question -- >> and no one ever questioned him. so the guy in guttenberg says, you know what? if this guy is who he says he is and i can't find one reference to him on google, i'm going to take a pass. >> so who did take envelopes? [laughter] >> the mayor of hoboken. >> and he took more than he was even charged with. >> and also went back for more. >> right. >> now, okay. that raises a issue i've always had about some of these things. he took cash in fedex envelopes for his campaign. >> okay. >> is that the same thing as taking it for your pocket? i mean, the deputy major of -- mayor of jersey city, the former burlesque queen who's now in her 70s, she took money, but it was for may

just take a look here just this last year, exxon mobil saw 69% increase in their profits, $10.7 billion profit. oxy, up 46%, conoco, 43% increase, $2.1 billion. b.p., 16% increase, $7.2 billion. that's money right out of the pockets of consumers and in addition, they get billions of dollars of our tax money you and i pay in addition to the gasoline tax, they get that for additional profit. it is prong. -- it is wrong. it is about choices. the plups have made a choice here, take away from seniors, take away from medicare but make sure oil companies continue to receive subsidies. mr. tonko: you talk about choices. the choices are, do we continue medicare? democrats in the house want to improve, want to strengthen medicare, not deny it, not end it. make it more stable. make it even stronger program. there's a choice. their choice would be to have tax earmarks for what sort of things? for corporate jets. for golf bags. for snow globes. these are the choices. and beyond choice, representative garamendi, there are contrasts. this chart here incorporates what you're talking about with big oil.

companies like exxon mobil are making billions of dollars and not paying a penny in federal income taxes. what the american people believe, what i believe, is we're going to solve this problem, with the largest corporations and the richest people playing a role. it i grotesquely unfair to move. a balanced budget on the backs of the elderly, the sec, and the children -- the sixth, and the children. i of the heart of the present. he is been much too soft and the republicans. he is not taken the case and rallied the american people on the concept of shared sacrifice. do i think republicans are protecting the wealthy? i certainly do. host: to republicans on both the house and the senate side, including senator grassley, will say that corporations in the united states already pay the highest digitize corporate tax on the planet. -- pay the highest corporate tax on the planet. guest: that is not true. you have a real tax rate, and a nomil tax rate. nominal tax rate could be anything. you're supposed to pay 99% of your income, but what matters is what you do pay. i have to disagree. the facts a

so we can't afford and should not pay oil if anies such as exxon mobile. as the gao has found, the mandate for the use is due publictive in stimulating domestic production use of ethanol and can and is resulting in substantial loss of revenue to the treasury. let me just say one thing about the tariff. the tariff on low carbon sugar kane ethanol makes our nation dependent on foreign oil how? the combined tariffs are ethanol are 66 cents per gallon, 16 cents higher than the ethanol subsidies they supposedly offset so this is essentially a major trade barrier, so we have a real problem with this triple crown. we mandate its use, pay people to use it, and then we set a large tariff barrier to prevent anybody from importing any ethanol whether it's corn or sugar that's cheaper. this is expensive -- $15 million a day, $6 billion as i've said a year. i know many of my colleagues agree with the sub staps of this -- substance of this legislation, and i appreciate very much that the amendment is being considered under somewhat up usual circumstances deny unusual ci

companies like exxon mobil are making billions of dollars and not paying a penny in federal income taxes. what the american people believe, what i believe, is we're going to solve this problem, with the largest corporations and the richest people playing a role. it is grotesquely unfair to move. a balanced budget on the backs of the elderly, the sec, and the children -- the sixth, and the children. i of the heart of the present. he is been much too soft and the republicans. he is not taken the case and rallied the american people on the concept of shared sacrifice. do i think republicans are protecting the wealthy? i certainly do. host: to republicans on both the house and the senate side, including senator grassley, will say that corporations in the united states already pay the highest digitize corporate tax on the planet. -- pay the highest corporate tax on the planet. guest: that is not true. you have a real tax rate, and a nominal tax rate. nominal tax rate could be anything. you're supposed to pay 99% of your income, but what matters is what you do pay. i have to disagree. the fact

if you look at exxon mobil, over $10 billion more profits this year than last year and the list goes on. whether it's conoco at $2 billion, bp, these folks are not hurting. president obama said back in april that part of the oil problem and the gas price problem is speculation. he's absolutely right. even goldman sachs, one of the big beneficiaries of the betting admits that a huge portion of the increase in the gas price is due to betting. and of all people, the chief executive officer of exxon admitted in testimony in the other body recently that $60 to $70 per barrel of oil, about it is up to $100 is actually due to speculation. even those involved in it are admitting they are crying for help, so let's give it to them. give them the help they want and need. this has been charged with shining a bright light into the dark recesses that wall street and the futures market would love us to ignore. in fact, the currency markets got themselves exempted. huge sections of trade going on in our world today that aren't even the subject, even if we were to have the staffing we need over at th

it is for people that are making the most in this country -- companies like exxon mobile, despite reporting a profit, we are paying more for taxes. it is large corporations shipping jobs overseas, and is the very wealthiest americans with the most generous tax rates in over 60 years. they are not being asked to sacrifice. when we are asking for in this budget deal is that everybody participate. we do not one does budget balanced on the back of our seniors, our working families, our veterans, and the hard- working americans who note that should we go to default because of their insistence on not shared sacrifice, it will hurt the most. all we are asking is that everybody be at the table to contribute. >> questions? >> the reality is that the people at the negotiating table now are you, democratic leaders, the president, and republican leaders. why you need to keep the senate here? is this just for show? >> we have to have the entire caucus involved. i add two entire caucasus this week. they want to be involved. they want to be involved. even though the negotiations take place with some of us

companies like exxon mobil, it is the owners of corporate jets , large corporations who are shipping, and it is the very wealthiest americans who are enjoying the most generous tax rates in over 60 years. they are not being asked to sacrifice. what we are asking for is that everybody participates. we do not want this budget balanced on the backs of our seniors, are working families, our veterans, and the hard- working americans who know that should be go to default because of their insistence on not shared sacrifice, it will hurt them the most. everybody be at the table, that is all we are asking. >> questions? >> biodiesels need to keep the senate here? is this just -- what do you need to keep the senate here? is this just for show? >> we have to have the entire caucus involved. even though some of the negotiation takes place with some of us, the corvettes had a meeting with the president yesterday, we came back and each of us reported to the caucus. that caucus took more than two hours. they need to feel that they are in engaged in the debate around here. >> can you say with certai

when you go to exxon and mobile and shell and all those gas stations, you think they want to put in a an ethanol pump? they're okay with 10%. they'll do the 10%. but they need to have to put in those blender pumps and the automobile companies need to produce cars that are flexible-fuel. they do a few of them now, but every car built ought to be flexible-fuel. so that, again, people can choose. as i've said, ethanol can stand on its own two feet now, if people have the right and the freedom and the ability to use it. but if you're up against monopolistic kind of filling stations that won't permit a blender pump to be put in there, then ethanol has no marketplace. we also need to build a dedicated pipeline for ethanol. you know, the oil companies, gas companies, they have their own pipelines. they won't put any ethanol through those pipelines. they says it's water and all that. but let's face it. they won't put any ethanol through their pipelines. well, we can build -- and the private sector, nolt the government -- the private sector can built and is willing to build and is ready to bui