say you have these five or six big firms.able price and then you come along and set a price just under mine and take away all my business. suddenly we are in a "price war." and, of course, as far as the producers are concerned, it's ruinous to everyone. in fact, economists have sometimes argued that in the few-firm -- the oligopoly -- situation, companies will have to cling to whatever their current price is. suppose a company is selling electrical transformers for $100,000 apiece. it is selling this quantity at this price. before it raised that price, it would have to consider, what would my rivals do? what if they left their transformers at the going price? then i would be underbid, my sales would drop off sharply. on the other hand, if i try to cut my price and underbid my rivals, that could lead to a price war. all prices would plummet downward, with little gain in sales volume for anybody. of course, oligopolists do change their prices, particularly during inflationary periods. but they have to do it carefully, gingerly,

treasury secretary timothy geithner announced he will join private equity firm warburg pincus as president and managing director now geithner who stepped down as treasury secretary in january will join the new york based firm in march the firm said in a statement quote gov will work closely with warburg pincus is top executives on overall firm strategy and management investing and portfolio management organizational and funding structure and investor relations geitner played a central role in the government's response to the two thousand and eight financial crisis before becoming treasury secretary of two thousand and nine prior to that he led the federal reserve bank of new york for more than five years. and finally the world's largest futures exchange the c.m.e. group said that its clearing service for energy and other swaps was hacked back in july of this year sparking a federal criminal investigation now certain customers information relating to the chicago mercantile exchange as we report service that was compromised now clear

we short listed the firms and we interviewed all of the firms on october 15th. >> what does that mean? >> we reviewed all six proposals and we had a scoring based on the technical merit and the what they showed and the hours that they were intending to do and it was not cost-based in any way, and cost proposals were not reviewed at all and then, the proposals were then... and there were four different reviewers and myself, and a member from cal trans, and the member of the infrastructure and dpw who will be providing the services for their portion. >> okay. >> thank you. >> and short listed we took the top three firms and there was a large gap between the third and fourth ranked firm and so we had the top three firms come in from interview and we participated in the interview process. and we then, went through the same criteria and length of this again. and the engineers came out, and significantly on top of, all four evaluations. and so, they directed us in the engineers and their team, and as a most relevant, and best qualified. >> and the team includes, themselves, charging the ass

she's no longer at my firm. what? why? she left. to start her own firm. when? three weeks ago. oh, my god. what... what happened? i have no idea. (knocking) yes? are you jim grant? if this is about the lawn ornaments, i stopped marketing them online six months ago. are you jeffrey grant's uncle? why? is he all right? you visited him recently at college, right? who are you? kalinda. how did you meet dani littlejohn? i have no idea what you're talking about. then how did your dna end up under her fingernails? they found dna from a male relation of jeffrey under dani's fingernails, and you're the only male relative who visited the college, so... when did you meet her? the dna is male, right? that's why you're looking for a male relation? yeah. uh, wait just a moment. this is me. pre-op. that's right. my nephew doesn't know. that was 20 years ago. i've always been uncle jim to him. thanks. you know, there's something else jeffrey didn't know. he has a half brother. no, you know who i've been getting interest from? the paisley group. you mean diane's top client? y... yeah, yeah, the

the sherman act made it illegal for any one firm to obtain a monopoly.t is, to get complete control over the production of all the goods in one market. and secondly, the sherman act made it illegal for firms to get together and agree on the way in which they would compete. for example, by setting prices or dividing markets or determining which customers they would deal with. the sherman act was one of only several choices that could have been made in 1890. congress could have chosen to nationalize the trusts. it could have chosen to set up a large government department to oversee the behavior of the trusts or even to run the trusts in cooperation with private enterpre. and those are devices that are widely adopted in other countries around the world. instead, what they did is they harkened back to the american belief in leaving power in private hands, but dispersing that power. changing economic and historical trends is like turning around a huge ocean liner. it's not something you do quickly. congress may have set the course when it passed the sherman a

firm has set up a new facility in san francisco. this is to support ventures that aim to secure a foothold in the city. it is one of the i.t. hubs in the u.s. >> three, two, one, go! >> tokyo-based digital garage opened its new premises in the city center. san francisco's mayor, japanese venture firm executives and twitter's founder attended the opening ceremony. >> translator: i expect i can expand my personal network here. >> digital garage executives say they will use the facility to help nurture asian venture firms and support their fund-raising. that is going to do it for biz tonight. i'll leave you with the markets. >>> russia will host its very first winter olympics in three months' time in sochi. the country was once known as a winter sports giant, and it's trying to revive that reputation. nhk world's reporter reports. ♪ >> reporter: this skating school in moscow is run by a prestigious sports club. this skating school is supported by russian ministry of defense. we can see the slogan on the wall. "always number one." this

world's most secretive businesses that's right we're talking about mckinsey and company that consulting firm has had a hand in everything from and wrong to the way this presidential election might apply and finally with all hit with all this action i bet it makes me if i want to lie down and take a nap and that might be the best thing for you to do in today's big deal will explain why that might actually improve your productivity at work but now let's get to this. janet yellen president obama's nominee to replace ben bernanke the fed chair has started meeting with senators ahead of her november fourteenth senate banking committee hearing however there is one senator she is going to have. a tough tough time getting on her side and that would be mr rand paul the kentucky senator says cell block ilands nomination unless senate majority leader harry reid holds a vote on his bill designed to audit the federal reserve now senator paul recently spoke to bloomberg about how successful he believes this can that will be. janet yellen has been in favor of transparency at the fed that's all we're asking

clients in two thousand and seven the firm also represented nearly the entire u.s. auto industry in a landmark climate change last year for the first time ever would have held the carmakers liable for their contributor contribution to growing greenhouse gas emissions in california according to the suit california taxpayers have spent millions of dollars dealing with produce snowpack beach erosion ozone pollution and the protection of endangered wildlife in the fish and of course gibson and dunn possessing the resources that it does was able to get the lawsuit entirely dismissed but if you're not yet convinced this firm hates the environment it's also representing chevron and the oil giants that countersuit against indigenous rain forest residents and i quote or is in two thousand and eleven thirty thousand ecuadorian plaintiffs were awarded eighteen billion dollars by in ecuador court to clean up a decades long toxic dumping campaign in the amazon by chevrons predecessor company texaco but not only did chevron refuse to recognize the ruling the company hired gibson

facemaster works by toning and firming your facial muscles. the secret is a pleasant micro current that stimulates and contracts the muscles of the face to firm and tone for a more lifted, youthful look. eyebrows appear higher. the hollow under the eyes are visibly diminished. crow's feet look smoother. the jowls and jaw line appear more toned and tightened. just 15 minutes a few times a week and you can take years off your face naturally with the facemaster. >> i saw immediate results. immediate results. >> my skin's tighter and it just feels more vibrant. >> who wouldn't want to buy a product that makes your skin look more plump and fresh and beautiful? >> announcer: you could spend thousands of dollars for cosmetic procedures. micro current facials at a spa can cost $150, with a series of treatments costing hundreds of dollars. for less money than just two salon treatments, you can tone and firm your facial muscles in the convenience of your own home as often as you'd like. in fact, with this exclusive tv offer you can try the facemaster pl

there's a very big difference in skills and capabilities between firms that act as principals and firmsgents. the universal banks do both. i think they suffer in trying to do both. but we in a sense learned who we were and moved back to our core strength, our core economy it t -- competency. >> derivatives, outspoken in relation to dodd/frank. >> we're making progress, real progress in america. the movement of derivatives from being opaque, bilateral contracts that contributed materially to our systemic risk, to cleared transparent readily tradeable, readily assignable contracts, in clearing houses like cme, has been a material improvement in the stability of our financial system and a material benefit to the buy side user of these products who now enjoy much greater competition, much greater price transparency, tremendously lower counterparty risk and dramatically lower operational risk. >> what do you worry about? you used to worry about derivatives and used to think that's where this is going to blow up all over again? >> so today, one has to worry about the implications of so many y

there's some oversight on government spying, but none on private security firms. so you have 70% spying of which there is no oversight. and jeremy exposed that without making any money. he did it as a political act. he took a risk, and he served enough time. >> andrew, was there any value to the hack of stratford? >> let's be honest. what he revealed, i don't know if it surprised him and it didn't surprise me. everything that he revealed, it was common sense. but the key aspect is the credit cards. it's not the first time that a company has been hacked for political reasons and snow stolen credit cards. >> that's not correct at all. the hack took place before jeremy yam into it. and the credit cards were released before he came into it. he pled guilty for that, but jeremy never released any credit card numbers, or did he ever anything. >> but he was part of the group who did, but is he culpable? >> it should be taken into account that he did not use those credit cards nor reveal them. accomplish? >> well, he has been very explicit about what he was aiming to accom

this firm used to supply a top brand electronics manufacturer. the workers here have years of experience. by utilizing their skills they can avoid costly r&d on new products like microwave ovens. this is a key component. it produces electromagnetic waves. high-end manufacturers compete fiercely to boost power and efficiency, but not this company. they use a slightly outdated component. it still meets national energy savings standards, and that's enough for most consumers. usually the older part is cheaper, 1/10 its original cost. >> translator: most japanese appliance manufacturers think that basic technology is already outdated, but we believe that there are a lot of things that can still be used. experienced sub contracting firms can use these technologies, allowing us to create products right away. >> reporter: company officials like to highlight the reliability of japanese-made appliances. in that way, they can differentiate their products from cheaper, foreign made goods. the marketing staff safety and performance. in durability tests, the p

the canadian private equity firm has offered $9 a share for the tech firm and needs to make a definitive weekend suggests it was struggling to raise financing. meanwhile, the founders are said to be close to forming a consortium to biz for the struggling cell phone maker. and while initial interest for blackberry seems to only come from the financial world, since the fairfax offer a dozen tech firms have been suggested as potential bidders but all are part of the former smartphone maker. you can see many names on the board here. shares in blackberry have traded under the fairfax offered price since the bidding opened suggesting that investors have been holding out for another serious opportunity. joining me now from cnbc headquarters is scott thompson. scott, tell us your thoughts on whether fairfax financial will get the financing for blackberry. >> it's a good question. from what we've seen now, there hasn't been a lot of talk of financing actually coming through. you've got a company in blackberry that is obviously struggling and you have revenues that are declining fairly precipitous

firm opened. under 1 hundred percent of ownership. i have experience from ail those years from the economy going up and down and also i also managing more than almost thirty units including condominiums and commercial throughout the city. also focusing in financial district all the condos all the ones downtown and including the listening no one towers and also i'm so grateful to have the opportunity to represent the investors to purchase two development sites in san francisco. one is in pacific you heights the lubrication reduce - we're getting the building permits and it's broken ground in 2 to 3 months arrest also, we have another one coming up in selma the united states about 60 to 70 units it's a condo project and we're going in the process of obtaining entitlement. my career is from small condo unit to commercial and a big projects. now, it's my time i think it's about time for me to serve the community. my son has grown up and i have more free time for any community. because of envy career i

the firm involved is now banned from the industry. lewis, a two time nfl defensive player of the year who retired in february said he lost nearly $4 million. jessica, back to you. >> ron, thank you. according to the lawsuit, in ado lewis, former ravens linebacker gooden allege did lost $515,000 through an unauthorized bank transfer. >>> anne arundel county police investigate a masked man opening fire on two men. just before 8:00 police responded railroad

for breaking into two hundred gigabytes of five million e-mails of information of private security firms stratfor and leaking this information to transparency organization we q leaks in these e-mails it was revealed that the private security firm was spying on human rights activists upon the request of corporation and the u.s. government earlier hamad had pled guilty to one count of the computer abuse and fraud act this was a classic case of whistleblowing where. malfeasance and criminal activity by a private corporation on behalf of both corporations and the government was exposed the government and the judge felt that the idea of causing mayhem or causing destruction was incompatible with that jeremy's stated political goals and.

facemaster works by toning and firming your facial muscles. the secret is a pleasant micro current that stimulates and contracts the muscles of the face to firm and tone for a more lifted, youthful look. eyebrows appear higher. the hollow under the eyes are visibly diminished. crow's feet look smoother. the jowls and jaw line appear more toned and tightened. just 15 minutes a few times a week and you can take years off your face naturally with the facemaster. >> i saw immediate results. immediate results. >> my skin's tighter and it just feels more vibrant. >> who wouldn't want to buy a product that makes your skin look more plump and fresh and beautiful? >> announcer: you could spend thousands of dollars for cosmetic procedures. micro current facials at a spa can cost $150, with a series of treatments costing hundreds of dollars. for less money than just two salon treatments, you can tone and firm your facial muscles in the convenience of your own home as often as you'd like. in fact, with this exclusive tv offer you can try the facemaster pl

," and then you list some of the firms. >> yes, i do. >> kroft: the biggest firms on wall street and conversations with people high up in those firms. >> that is correct. and the sec ignored that. >> kroft: did they call any of these people? >> all the sec had to do was pick up the phone. they never did. >> kroft: if you had executives that's--at the biggest investment houses on wall street that knew something was wrong, why do you think they didn't go to the sec? >> because people in glass houses don't throw stones. and self-regulation on wall street doesn't work. >> kroft: in january 2006, the new york office of the securities and exchange commission finally opened a case file to look into harry's allegations about bernie madoff. despite uncovering evidence that madoff had misled them about his investment activities, the sec closed the case 11 months later without ever opening a formal investigation. the staff said there was "no evidence of fraud." >> what i found out from my dealings with the sec over eight and a half years is that their people are totally untrained in finance. th

so back in july they indicted the firm. and suggested that the entire firm was fostering a culture of securities fraud. >> a culture of securities fraud so remind us, it is insider trading so the charge that they agreed to is what, that this was going on. he still says he has nothing to do with it? >> right, well he and his company have maintained that they behaved properly throughout this process but back in july the government indicted the company, said that basically a large number of employees of sac capital had been trading on material nonpublic information that is information that has the ability to move stock prices. but is not known by the broader public. the government also alleged that cohen had been hiring people specifically because they had relationships with people at publicly-traded companies, relationships they could potentially mine for tips that they could trade off of. and also suggested that he was incentivizing people, paying bounces to people for bringing this kind of information into the firm and pass

the hardware firms will cut 7% of its head count.hat's 560 jobs which may save around $100 million a year. >>> microsoft, meanwhile, has reportedly narrowed the list of possible people to replace steve bo balmer as ceo. the candidates have been whittled down to five. microsoft has identified at least three internal candidates, including the former skype c he o tony bates. the process could still take a few more months. in august, balmer announced he would retire within a year. they've got some type time. microsoft is certainly up 0.8% in frankfurt. >>> apple has been disclosing for the first time the number of information requests it gets from governments around the world. it's the last major tech company to do so in the wake of the controversy of its data collection by the nsa. apple says in the fist half of the year, it receives between 11,000 and 2,000 requests from u.s. law enforcement. under u.s. restrictions, tech companies are only allowed to report numbers in increments of 1,000 and must combine law enforcement and national s

a new chinese technology firm has gone up making new york city. china's largest online testified marketplace by a dot com described as the apprentice list of china dating to the new york stock exchange on thursday as everyone reception by investors and cctv same time the ports the redevelop the new york stock exchange friday dot com senior executives and leave investors suited to the trading floor for the excitement of the straits of today within minutes the stock began to climb and curling signaling strong investor interest in the shares of its eight year old chinese company. we talked to the list in the us instead of back home with a boy records and has given us his most mature capital market in the war. besides our business concept is no stranger to me as there are also many successful companies like yelp and and cheese fest which are similar to us. that's why we chose to list in the us. we are warmly welcomed as you can see today that was expected because five eight dot com is to go to sites in china for bengals job listings second hand goods

failing firm, you lived through the crisis, the problem isn't when one firm fails, it's that in a crisis, multiple firms fail all at the same time. even if resolution authority works for one firm, how does it work for multiple failing firms all at once? >> it depends how it is used. david mason said something i agree with. he worked hand in glove with me at treasury. what he said is, if you've got the right authorities, no institution needs to be too big to fail. but in the midst of a crisis, almost any institution of size is too big to liquidate quickly. and so really the -- i believe that dodd frank gives regulators, if they have the courage to use it, the ability to come in and the authority to say, we didn't have -- when lehman went down, to come in and guarantee liabilities or inject capital as part of an orderly resolution process. it doesn't tell you how long the orderly resolution process should last. and i -- i don't believe the public would be as angry if the crisis -- if the economy hadn't turned way down and if they weren't suffering. they wouldn't be as angry if banks were p

on the firm to lift it up out of the mass of mere pirates and indicating to some that the firm enjoy the prestige and publishers frequently included letters with statements of authorizations and if you thumb through 19th century novels published in america, you will see this often. this includes reproducing a letter and sometimes they would actually reproduce an image of the letter in which they authorize the publication exclusively and of course it was publication of an uncopyrighted work and acknowledged that the publisher had made me a participate in the pecuniary profits of the american edition without solicitation or the shadow of any expectation on my part without any legal plan that i could play. the publisher thought of trade courtesy as the golden age of the american publisher and those who practice this courtesy were inherently honest and the courtesy system itself did not share the assumption that publishers left to their own devices would always be good. instead along with rules requiring these exclusive rights and maintaining them, the courtesy involved a series of calib

many firms have reported bigger profits for the first half of the fiscal year. now, the increased revenue will be used to finance new economic programs that are aimed at easing the negative impact of that consumption tax hike scheduled for next april. >>> microsoft's latest xbox video game console has hit store shelves in the united states as well as 12 other countries on friday. it is the first new model in eight years. just about 300 people lined up before the sales began at midnight in new york city. the new model can be linked to smartphones and tablets. it also has a voice recognition function. the xbox and other consoles are losing market share for mobile devices. the company aims to fight back with its new model. last week microsoft's rival sony rolled out its first new playstation in seven years. competition among game machine makers is expected to heat up ahead of the year-end shopping season. >>> let's get a check and see how markets are doing starting with currencies. another sign of a pickup in germany's economic activity has prompted traders to snap

i would also look at the medium sized firms. i think you can have a lot of responsibility and do a lot more than you can at a large firm. so i would look at those two areas. > >tracey wilen, thanks you so much. > >thank you bill. thanks bill-- automaker fuji- reportedly could be planning to pull out of a factory in indiana. fuji is said to be considering ending its production of toyota's camry sedan at the u.s. plant.camry production started at the indiana location in 2007.the automaker however, may wind up building more subarus at the plant. coming up are investors pouring into the options market seeking protection against twitter? and wait till you hear what the sister of facebook founder mark zuckerberg has to say about snapchat. she'll be here, after the break. hi, i'm ben affleck, and many actors have played the part of a u.s. serviceman in the movies, but for veterans like james crosby and so many other brave men and women, his service and his sacrifice for our country are real. outside baghdad, a rocket attack blew up my

the firm will pay a record $1.2 billion dollars. mark sebastian of swan wealth advisors is keeping tabs of the market for us today. good morning mark. good to see you back on the show. > >good morning. > >will we see follow through from the jobs number in the market today? > >i think it's entirely possible. it's a bank holiday, the bond market's closed. expect volumes to be pretty light but i wouldn't be shocked to see a little push through and follow through from friday's action. > >did the jobs number cause fears to rise over fed tapering? > >yeah, it did but maybe that's a good thing. on friday we saw the 10 year yield rally and the stock market rally at the same time. maybe the stock market's telling us that if we get good enough numbers a rally in the 10 year yield is pretty ok. > >what do you think about your buy list? what's on your list right now? > >i really like the financials. xlf, citigroup. morgan stanley crushed earnings and is a great turnaround story. the other name i really like is michael kors. they are just absolu

ut the 401 k it serves everybody, the firms, the providers, the firms that manage the funds. i think it works well for everyone except the one group of people it should be working for and that's the average hardworking american. my hope is that with your help, influencing and shaping opinions across our country that we can ignite a transformation, a fundamental change and fix in the 401 k industry that our 51 million hardworking americans need. now my career with charles schwab began in 1995. they purchased the firm i founded about a dozen years ater and with that ack significance we were a late comer. we did things that were decrumentive in the industry. we are creditted with open architecture. that's the ideas that investments should be chones. as a result i received some undue credit and some accolades and it was at the event recognizing one of these i hit a personal inflection point. i was recognized by a major industry puply indication with a lifetime achievement award. and that lifetime achievement award a hand some crystal trophy. as i road back to my hotel after the e

i spoke to several firms, i'm told for now it's business as usual. this guilty plea in itself does not trigger any breakup plans. could be language in the prime brokerage agreements that allowed firms to do that. the u.s. attorneys office kept wall street feeling comfortable. for a fact, goldman sachs, black tone and others reached out to the government to ask for guidance when s.a.c. first indicted in july and told, hang with them, we don't want to hurt third parties, whether that's you or investors. continue trading normally. as soon as possible they got a protective order to make that confirmed. >> kate, thanks so much. we'll let you go april large truck or bus going by there. >> busy day here at the courthouse. >> i'm sure it has. likely to get more busy. look forward to preet bharara news conference at top of the hour, 1:00 p.m. kate, thank you. steve weiss, you want to add to that? the ultimate or eventual, guys, we can all talk about this, third party risk more than anything, not a comment on s.a.c. >> right, the money's going elsewhere. they

sack capital reaching a settlement with the government, a landmark insider trading case against the firm. steven cohen's hedge fund pleading guilty and paying almost $2 billion stemming from the investigation that led almost five years. the u.s. attorney for the southern district of new york is set to hold a news conference at that podium moments from now. when that begins we will take you live. my partner tyler at the nyse, first to kate kelly at the news ken fre -- conference, kate? >> we're waiting for the start of this slated 1:00 press conference with preet bharara. tough terms coming out of his office from the settlement reached. $1.8 billion fine related to insider trading as well as the surrender of their license. their ability essentially to manage outside money. they will become a family office shortly after the settlement is approved by judges. they have pled guilty to five counts against them, one of wire fraud, four of securities fraud and we'll hear more detail i'm sure on what they admitted to in terms of insider trading and perhaps not best supervising their employees. in

>> your firm. >> we designed the building, we work with the team of engineers to design the systems. we permited the building and we will come out and observe the construction to make sure that the construction conforms to the intent of the permit it documents. >> one of the things you mentioned, and what if you tell us though name of your firm. one of the things that was mentioned is they coordinate with the other engineering and design people and the construction firm, and one of the major problems with these kinds of construction projects is coordination, making sure that everybody is building the same building and everything fits together right. in large measure, that is the architect's job. do you make sure that the structural stuff fits together, with the architecture and the mechanical? >> that is where we earn most of our money. >> that is difficult? >> no question, we had cahill come on board at the later stages of design to help with the construction, details, flexing of systems, that sort of thing. >> we're fortunate today to have john with us, who was a soil engineer. one

firms like mine can't keep up. we're not ready. >> reporter: some say buildings may not be able to boost the economy with increased activity. >> translator: we might see some problems if construction companies are stretched too thin. it could slow private sector capital investment, which is part of the government's growth strategy and much needed construction in disaster-affected areas could be delayed. >> reporter: all eyes will be on how the government tries to speed up economic growth without relying on public works projects. nhk world, tokyo. >>> mitsubishi corporation is making inroads into china's fast-growing market for medical supplies. industry sources say the japanese trading firm is teaming up with chinese state run drug they will start to supply drugs in shanghai. it will then move to other cities. mitsubishi plans to introduce a procurement system that allows hospitals to cut costs and manage more efficiently. other wholesalers are pushing up costs. they are aiming for $2 billion in sales in the first

the trade ministry compensates japanese firms abroad when they're affected by brian support terrorism insurance them in situations where they have to shut down. what can collect payments from local companies but it only does so if they end their operations and pull out of the country. industry groups say this system that needs to change their responding to a case involving a japanese company earlier this year engineering firm j d c corporation became caught up in a hostage crisis in algeria. gcc decided to continue doing business in the country. so it wasn't eligible for insurance. but no ministry officials are planning to overhaul the insurance system. they stayed for an additional premium. they'll cover wages storage fees and other costs for firms that suspend operations temporarily japanese finance officials have just released the nation's latest trade figures. the current account balance month affair plus for the eighth straight month in september. finance ministry officials say the surplus came to about five point nine billion dollars. it's up more than fourteen percent in yen te