the f.c.c., in good times and bad, no matter how drift or controversial the issues may be. working hard to find solutions to serve investors and strengthen our markets. this is something we sought to do for many decades and we look orward to do so. we're honored that our meeting serves the occasion as perhaps your first major address as chairman. thank you for joining us. ladies and gentlemen, please join me in welcoming the chirme of the security and exchange commission mary jo white. [applause] >> good morning and thank you paul very much. aisle delighted to be here. -- i'm delighted to be here even if i am stand on a box. it is an honorer to be here and to be here as paul alluded to for all the jam packed three weeks as the 31th chair of the united states security and exchange commission. before i begin, i join my f.c.c. colleagues in observing the passing of former i.c.i. president david silver. david let the i.c.i. through extraordinary growth. he's an advocate for the industry and millions

show the f.c.c. however it's for we are not as they seem to not quite grasp the importance of consolidated quote and the importance of latency in system importance of peace and consolidated for audit trail purposes so you did talk with the f.c.c. and i'm just wondering if you had to have the opportunity to also talk to maybe the c.f. to see and did you find them receptive to what you had to say or were they just forced to listen to you because you were the only guys out there providing this kind of data. the c m d c it was worse than it was under a car window invited us out to live two thousand and ten after we published what we found on the flash pressure or he was very receptive of. connectedness with many others and to see if the city even set a per ounce you are on this and with it we have been running be able to start actually working with state or we said the home of the plant. that was kind of the end of the f.c.c. it seems like they've always been forced to listen or that age have to have als

f.c.c. it spent millions on its might a system just to be able to monitor the equity markets and real time now why didn't i think come to new and to subscribe to your services for just you know i feel thousand dollars. needed to have a budget. that's a very good question not. the one the one thing that bothers me the most about how that went was. that not just normal wasting billions women could have constant thousands but not even. looking it's almost like they didn't want to know you know when i hear from one. in this impossible to build a consolidated all of internal system with the way. at the end video it's not a use from the sip you know we're going to know that information fair you may have seen this innovation around the internet i mean i built that. to show the f.c.c. however it's for we were not as they seem to not quite grasp the importance of consolidated quote and the importance of latency in the system importance of eastern consolidated for audit trail purposes so you did talk

and that was kind of the end of it and the f.c.c. it seems like you've always been forced to listen. well there is also prevalent and the future is and so in that regard the commissioner of the c f t c has said he wants to put a good housekeeping sam of approval on every hour go and this is maybe a little i think of all your what are your thoughts on how to reign and some of the damage that you see these algos posing to far less of. i don't understand why this loan to find these things is there so obvious to us we've been interested for a long time and there are obvious to others for us who is who who work in supermarket data there's no excuse for the blatant it's good and even more blatant going up. all the water but when. jones sort of puts out a paper that shows that the top te's tain't likely to be fifty nine percent of the time you believe they're successful you see exploratory trading which is we need to be a loser strategy when their paper comes out of the c o t c s academic program using c.d.c. data and your response it's to

and that was kind of the end of the f.c.c. it seems like they've always been forced to listen for that age active also prevalent in future areas and so in that regard the commissionaire parts help then at the c f t c has said he wants to put a good housekeeping fan of approval on every hour about and they think it is maybe a little. ok of all your what are your thoughts on how to rain and some of the damage that you think posing. far less than. i don't understand why it's taken you this long to find these things is there so obvious to us who've been interested for where it's moved who who work in supermarket area there's no excuse for this isn't a blatant it's getting even more blatant elation going up. all the walk away and. just sort of puts out a paper that shows at the top a ship tees tain't likely to be fifty nine percent of the time and then if they're successful you see exploratory trading which is and we need the loser strategy when that comes out of the c o t c s academic program using c a t c data and your response i

that there is a sophisticated investor and they meet certain net worth and come standards but the f.c.c. has offered little guidance as to how to acquire this information and some companies do you think some companies will be second guessed by the f.c.c. and if you were a small company would you be hesitant to use these rules just because we're not sure of where they're going well there is a specific provision affecting a credit investors all the rest of the things that i.p.o.'s and crowd funding involve you don't ordinary investors in the investing public what it is is just simply allowing a credit investors and people who solicit them to advertise generally but the investment would still only be a. vailable to these occur to these accredited investors because it's hard for an entrepreneur to whisper around and say everyone one on one are you rich are you rich are you rich so you can. so it's also been the that hedge funds and you've had you know peter when peter schiff who has a hedge fund and others and they have in every respect him even talking to the media they fear that they coul

i would much prefer the proposal be put out by the f.c.c. and by the end i think virtually everyone if not everyone on the outside agrees with the pressure to reform them all tied trillion dollar money market fund industry is the evidence is a key part of the shadow banking system that sees dubbed the financial panic we'll talk to stim aggressed and more with former o.m.b. director david stockman and a bit finally a little birdie told us the winners added in i.p.o. expert to a payroll that's right cynthia gaylord hails from morgan stanley and her seventeen years investment banking experience include work with facebook and linked in investors and facebook club i.p.o. are still reeling in from a disappointing star in mixed earnings results hopes are that twitter will be able to tap in new revenue streams without drawing user anger all right let's get to what's in your interests. david stockman was president reagan's budget director from one nine hundred eighty one to one thousand nine hundred five prior to that he was a member in the u.s. hous

have a bank ok so the f.c.c. has a new are actually a dodge frank implemented a three year ban on commercial firms from owning and duster alone companies this expires in july we know that wal-mart has looked after a charter for a bank for several years they dropped that two thousand and seven so people still speculate they might still want to charter i don't know do you think wal-mart should be allowed to start a bank well that's an interesting point because wal-mart is already in the banking industry and in mexico in canada in the u.k. and they're already in the bank and the banking industry to an extent in terms of cash trucking and bill payment in the u.s. and they would love to get in the business of providing loans because that gives them protection it does not give them access to the discount window but that's another story well some people believe that. commerce however this dogs for a moratorium only applies to firms that have less than fifteen percent of their assets tied to financial activities so you c

occupy the f.c.c. also raise the issue that a former as he's the chairman had to recuse himself from many cases that involve his prior clients why because the oath of office every as the the chairman must take this would allow a jamie diamond eggs like his very own at j.p. morgan to receive an extended pass because white defended j.p. morgan from two thousand and ten to two thousand and twelve and several cases relating to the financial crisis and this is how we profile mary jo white our newest ses the chairwoman. and it's time for the daily jewel joining me is our t.v. producer bob inglis good to see you again thanks for joining me so evidently quotable bart chilton of the c f.t.c. he added again he's the commissioner of the futures industry regulator he says if anyone is going to regulate big coins as should probably be the c f.t.c. because it might be a commodity that can be used and driven if and traded on computers so what do you think this the rating because well first you've got to love bird chi

to be rich but what i think the real question of the day is can vote markets have a bank ok so the f.c.c. has a new are actually a dodge frank implemented a three year ban on commercial firms from owning and duster alone companies this expires in july we know that wal-mart has looked after a charter for a bank for several years they dropped that in two thousand and seven so people still speculate they might still want to charter i don't know do you think wal-mart should be allowed to start a bank well that's an interesting point because wal-mart is already in the banking industry and in mexico in canada in the u.k. and they're already in the bank and the banking industry to an extent in terms of cash trucking and bill payment in the u.s. and they would love to get into the business of providing loans because that gives them protection it does not give them access to the discount window but that's another story well some people believe that may not mix with commerce however this dodge for a moratorium only applies to firms that have less than fifteen percent of their assets tied to financ

producer bob inglis and i will debate an f.c.c. rule the bank of wal-mart and virgin in space all of this up next. potentially deadly blizzard taking aim for the northeast it's expected to hit stunning in a few hours from new to maine we have team coverage of the storm. but we're watching is the very heavy snow moving into boston properly or today it was very sticky you can see it start to become much more connery down to get lower still a lot of snow out here and a good place for snowball fight. piece and it is going to be pretty incredible day there and record snowfall throughout much of it might still be slow to drive your listeners submergence see here. welcome to teal one here you can feel it. there are three choices in life first used to work in a cooler door to live on a miserable way like a slave. the second is to jump the wall and catch the american dream. most of their cars and lose their life. just as they come on the number of an organization and get inside the growing trade . it was something we will never forget. that

is insider trading should it be a crime at all and you know well senator charles grassley and the f.c.c. are investigating another case i've been watching congressional aide might have given health care investors advanced information about a change to medicare provision and the staffer his name was stephanie carlson. i work for senator orrin hatch she possibly we political intelligence that ended up moving the market you know i think it was thirty minutes into the close there was a bit of information that came out and it was leaked by her so we got to market market moving event and a lot of people made money off of this it's pretty common in congress and that's kind of what the stock you know the stock was meant to when this was that political intelligent it was it. she she had there was a deal struck between the c.m.s. and the senate finance committee and she might have known about this it might have told somebody and this was public information but i think the question is when is it considered public information and when is it still insider information well besides political intellige

chair testified to the house appropriations subcommittee on the f.c.c. budget so let's take a look now at mary jo white the woman who was picked to oversee the securities industry when she was first nominated for the position we saw reports proclaiming mary jo white has a record of tough prosecutions and mary jo white will be a get tough to keep wall street in line well maybe she can rail and a whale of a banker like jamie dime. as the us attorney for manhattan and she won some high profile cases against mobsters terrorist and financial probs while securing convictions against the mastermind behind the one nine hundred ninety three bombing of the world trade center and against a mobster john gotti bad but there is another side to mary jo white one that was made humorously evident during a panel at the n.y.u. school of law. finally to my extreme let's we have mary jo white currently a partner and head of litigation that the boys in clinton where she seems to represent just about every senator institution that has anything to do with any of the financial c

that he could trade on you know he just paid six hundred million dollars to settle a lawsuit with the f.c.c. over insider trading that he admitted any wrongdoing of course but you know when markets move all right there's money to be made and we're going to move anyway so why shouldn't people with a little bit closer access to that information be able to trade on it well obviously as you leave on that note we got to move on to our bankers cup following up from last week. the kentucky derby came and went over the weekend on friday we announce that we're going to have our very own bankers cup and we'll actually have a race in just a minute let's let's recap what happened last ok we have two horses here bernanke his last stand might just be the final stud in his line because an errant statement about sterilization was unfortunately taken literally and he has some tough for shoes to fill because his father irrational exuberance presided over the longest winning streak in the post-war period even though some of the alleged monitor. regardless bernanke his last stand is more like his grandfather s

while i oppose the f.c.c.'s rules regulating the internet, this legislation does not address this regulation. while they can help delineate the contours of statutory authority, they don't create statutorily mandated responsibilities. none the less, in terms of moving this important legislation forward, i agreed to drop the government control language. the result is the language you see today in h.r. 1580 which i introduced with ranking member eshoo. this bill would make it u.s. policy to preserve and advance the successful internet. so passing h.r. 1580 will show we are united against efforts against authoritarian nations to regulate the internet. for the stake of the internet and the freedoms it brings, i ask my colleagues to vote for the bill, and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from vermont. mr. welch: thank you, mr. speaker. i want to thank my colleague and my chair in the subcommittee and thank you for your fine leader

and the f.c.c. and basically a whole bunch of we're going to start enforcing the sherman antitrust act any company that has more then and fill in the blank on the percentage ten fifteen twenty percent of the marketplace is too big and start breaking them up values the most obvious and visible to everybody in banks but pick your pick your marketplace they're all basically monopolized by a handful of companies ronnie in philadelphia a running what's on your mind today. since now corporations are people water once they kill someone why don't they arrest the corporation thereby seizing the assets much circular picked is selling the assets and distributed amongst the victims what you are describing ronnie and brilliantly is what's called the corporate death sentence and we used to do this a couple of thousand times a year in the united states up from the founding of the republican up until one thousand ninety's early one thousand nine hundred since then we pretty much quit doing it we haven't had a serio

have a bank ok so the f.c.c. has a new are actually a dodge frank implemented a three year ban on commercial firms from owning and duster alone companies this expires in july we know that wal-mart has looked after a charter for a bank for several years they dropped that in two thousand and seven so people still speculate they might still want to charter i don't know do you think wal-mart should be allowed to start a bank well that's an interesting point because wal-mart is already in the banking industry and in mexico in canada in the u.k. and they're already in the bank and the banking industry to an extent in terms of cash trucking and bill payment in the u.s. and they would love to get into the business of providing the loans because it gives them protection it doesn't give them access to the discount window but that's another story well some people believe that. commerce however this died for a moratorium only applies to firms that have less than fifteen percent of their assets tied to financial activities so

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand.

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges border senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money printing money printer and she said he would do more to her volatility as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spike the most in decades where the new stock index is also up substantially until recently that isn't clear. asked an eye watering of seven point three per cent in a single day as a tough gig a presidential banker's you want to have their cake and eat it here's what's in your prime interest. as you may be well aware last week a prime interest producer bob inglis and i attended the beck wing conference and san jose california now we have the opportunity t

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail. and finally japan's money print money printer and shiva said he would do more to her own as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake and. here's what's in your primitives. as you may be well aware last week prime interest producer bob inglis and i attended the conference and sam has a california now we have the opportunities and mayor investor entrepreneur

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money printing money printer and she even said he would do more to her opponents as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake and. here's what's in your primitives.

i would much prefer to see a proposal be put out by the f.c.c. and by the end i think virtually everyone if not everyone on the outside agrees with the pressure to reform them all tied trillion dollar money market fund industry and the evidence is a key part of the shadow banking system that seized objects in the financial panic we'll talk to stim aggressive and more with former o.m.b. director david stockman and a bit finally a little birdie told us that the winners added an i.p.o. expert to what payroll that's right cynthia gaylord hails from morgan stanley and her seventeen years investment banking experience include work with facebook and linked in investors and facebook club i.p.o. are still reeling in from a disappointing star in mixed earnings results hopes are that twitter will be able to tap in new revenue streams without drawing user anger all right let's get to what's in your interest. david stockman was president reagan's budget director from one nine hundred eighty one to one thousand nine hundred five prior to that he was a member o

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges for a senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money print money printer in chief has said he would do more to her opponents as domestic bond market convincing limo.

of the jobs act would expand crowd funding to equity investments but we're patiently waiting on the f.c.c. to release the new regulations for more on this topic i spoke with philip alice the president about his business advisors which is an international management and financial consulting consulting firm let's see what philip had to say. going to be able to approach these folks that may not know about your investment and really by the way these two hundred eighty six thousand invest twenty one billion dollars in startups today so if you could reach you know the other ninety five percent imagine what you could do that's kind of the i think that's really the big story here for crowdfunding so then do you have to be an accredited investor to invest in a crowdfunding popcorn right now if you want to an equity investment you actually have to be a credit investor with if assuming the jobs act gets their act together. and they decide to make the rules then there will be an opportunity for a certain limited number of non-accredited investors to invest in equity investments in start up companies

it was off to the races today as we question the surge in employment statistics and watch the f.c.c. fast track new money market reform rulemaking and who could be twitter's future for a into public capital market or polling for the x. morgan stanley bank or to deliver a twitter i.p.o. cup a finalist we also talk with that david stockman who warned about systemic risk in the excel rating debt burden and then we broke new ground with prime interest producer justin underhill hitting the monetary base against the broader money supply chain and the final lap we talked of the old warhorses bernanke us last stand and diamondback things are joining me is make sure you come back on monday when we reveal the winner of the banker's cup race that's our show for today be sure to follow us on facebook facebook dot com slash prime interest and you can follow me on twitter at perry and artsy from all of us here at prime interest i'm perry and boring have a great night. here's mitt romney trying to figure out the name of that thing that the americans call. i'm sorry i mean the guy you're not alone b

front line regulator they conducted a mini audit just before john corazon blew up the firm now the f.c.c. is targeting the nasdaq exchange because of the botched i.p.o. facebook last year we're expecting to see a record settlement soon but it will likely have to be approved by a total board and finally apple c.e.o. tim cook released details of his new corporate tax reform plan ahead of his trip to congress next tuesday as we covered yesterday apple currently holds over one hundred million dollars in cash and investments on overseas profits they recently conducted several large bond offerings to get around tax laws now whether you agree with apple strategy or not this will be a heavily watched of them and there are trillions of global corporate money at stake here prime interest will be covering this event next week on the hill and we'll bring you all the details on it so let's get to what's in your prime interest today. some are calling this a classic example of david versus goliath playing out on the national stage monsanto's herbicide resistant roundup ready crops makes up more than ni

quarterfinals of the m want drama three the most there was also a victorious return just love us to the f.c.c. to the number one challenge like the tango party. and that's just a hard time to stay change the pot to go away. wealthy british scientists are some time to explain the free. market why not. come to find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune in to kaiser report on our. choose your language call if we can we know if. someone. chooses to use the consensus get to. choose to get pentiums that you think are great. choose the stories that impact your life choose the access to your office. do we speak your language. school music programs and documentaries in spanish matters to you breaking news a little tonnage of angles kidney's stories. you hear. detroit all teach spanish find out more visit. welcome back to part two of this porsche now saturday's legends tournament in martial arts boasted one of the best fight cards ever seen in moscow and produced a stunning defeat like a one heavyweight st

to see was kind of an absentee landlord in those early days and this the f.c.c. is top regulator and this is out for we out there is a set of fire congress you know which might open the doors for the opportunity to see change here and you've said you know there is you have enervate of way to to make more customers protected if there's another m.f. global can you talk about your plant on. agreement that you are. great with very very deeply here. are they work together. and the safety and everything because the well in reality is on running money for customers are they in general read or is this day and this is the and this it was as if the nine year old. being mean to disparage threw her totally meaningless there was a. little money left in the state got to go to pay back that shortfall for well in ninety nine there was an s.p. underwent a bankruptcy with a shortfall very small and phrasings nominated and the judge ruled. the executive the statutory authority figure in the making of rules that if it was an event was a dream article about a president but is out the

i would much prefer to see a proposal be put out by the f.c.c.and by the end i think virtually everyone if not everyone on the upside agrees with the pressure to reform them all tied trillion dollar money market fund industry and the evidence is a key part of the shadow banking system that sees the object of the financial panic we'll talk to stim agr.

criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money print money printer and shiva said he would do more to her volatility as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake. here's what's in your prime interest. as you may be well aware last week prime interest producer bob. and i attended the beck wing conference and san jose california and now we have the opportunity to interview tracey m

i would much prefer to see a proposal be put out by the f.c.c. and by the way i think virtually everyone if not everyone on the upside agrees with the pressure to reform them all tied trillion dollar money market fund industry and the evidence is a key part of the shadow banking system that seized up during the financial panic we'll talk to stim aggressive and more with former o.m.b. director david stockman and a bit finally a little birdie told us the winners added in i.p.o. experts who would payroll that's right cynthia gale or hails from morgan stanley and her seventeen years investment banking experience include work with facebook and linked in investors and facebook to love i.p.o. are still reeling in from a disappointing star in mixed earnings results hopes are about twitter will be.

national coalition meeting that shows the frustration of envoys from western and arab nations where the f.c.c. thanks to broaden its coalition about adding more seats of liberal members it does seem as though the collapse of the talks had to do a lot with the push and pull of various foreign powers who are jockeying for influence within the coalition policy a middle east correspondent giving us an update on that story. to top to the u.k. now where one of the alleged machete killers who hacked a british soldier to death on the london street has been officially charged with murder michael adebowale is just about to appear in court or the gruesome killing has added to the end to muslim and to immigrant sentiments in the country and authorities are now increasingly under fire for downplaying the race and religion factor in crimes the tories offered sex a grooming ring case being one of the race recent examples artie's polly boyko explains. across the country many have been shocked at the uncovered sexual exploitation rings first in rochdale then brother and darby and most recently in oxford gangs