gary gensler and bryn bird.g about this is system works. >> we used to do commodities. my family originally did commodities 15 years ago, but we do not know. i work also for a nonprofit in d.c., so, i work around the country looking at these issues, as well. one of the parts that i see is when we're paying farmers out and we're setting these prices, aren't we limiting their versatility? their adapitation, as you were saying. farmers don't have to adapt to these climate issues, they just grow what's going to grow. i've seen this across the country and what's happening in the dakotas, like we were saying. they used to be the largest grower of dried beans and they're growing corn and soybeans because it's a promise market. when you grow the dried beans, nos one setting the price. are we kate creating agriculture -- >> explain what the link is here because i grew up in the braupsbraupsonx, i hardly saw a tree until i was 12. >> our farm, we do not have prices set for us. we don't know what our future prices are. whe

sheet so see you have to see the commodity futures trading corporation which is by the way run by gary gensler former goldman sachs guy says two wrongs make a right if you commit to greed just criminal actions then pass mall fine and by the way that money will probably end up on the posit practically spank and you can continue doing what you've been doing in the criminal justice system if you're involved in a conspiracy it's always worse here the c. of t.c. is noting that this conduct occurred regularly and was pervasive in addition the attempts to manipulate included barclays traders asking other banks to assist in manipulating europe or as well as barclays aiding attempts by other banks to manipulate us dollar libel or in europe or in addition certain barclays euro swaps traders led at the time by a senior trader coordinated with an aided and abetted traders at other banks in each other's attempts to manipulate europe or even scheming to impact europe or on key standardized dates where many derivatives contracts are settled or reset but it's racketeering they're bringing in other banks they'

geithner, we have a standing invi nation, whether it's the head of the cftc gary gensler or the secretaryhe topics picked out. join us. back to you. >> thank you very much, rick. members of the british parliament doing grilling with the libor rigging scandal. on the hot seat today, barclays former chief operationing officer. kelly? >> tyler, hi, yeah. an uncomfortable jerry said he instructed the head of the desk to low lore the submissions and that it's flagged to compliance and raising fresh questions about risk management at barclays. jerry dell missier said he understood the instruction to come down from the bank of england and the focus to whether banks colluded to lower interest rates because the bba's definition leaves room with individual bank submissions but if there's evidence that banks were acting together in order to suppress or move interest rates that could leave them much more open to criminal charges, the likes of which we have seen perhaps indications of interest coming from authorities in the u.s. tyler? >> all right. thank you very much. unfolding and complicated story

joining us now from washington, gary gensler, chairman of the cftc. here? and why didn't he say the pound stops here? >> well, i think most likely because we're talking about u.s. dollar libor -- >> that's what liesman said. >> -- in the american public. >> that's exactly what liesman said. i still think as a brit that the whole expression should be changed to the pound stops here. tell us, can you summarize for our viewers exactly what was going on, gary, and how serious this is? >> this is very serious. the american public and our markets depend on reliable and honest -- and i'll repeat, honest benchmark rates. this rate, london inner bank rate is something you can consider the wholesale rate between the most sophisticated banks in the world and the rest of us pay retail. and i notice governor scott there, but i would imagine florida probably pays somewhere a rate that's above libor sometimes, the retail rate. and the bank, barclays, was attempting to manipulate this rate and falsely report this rate. in essence, to rig the market in their behalf. >>

gary gensler set to testify on the dodd frank financial reform law. the collapse of perrigrin on the front bunner. eamon javers has more. >> he's going to testify on capitol hill this morning and chairman gensler, a wide range of topics this morning. let's get right to it starting with libor. you're going to testify later this morning that you first became aware of problems in libor back in 2008. so, why did it take so long for the public to know there was a problem with libor from the u.s. government? >> well, enforcement cases like this take a long time. our really dedicated staff starting looking at this in april of 2008, but we had to build the case. we had to reach out internationally and dmesically. this was a case of manipulating, attempting to manipulate a late, false reporting to a rate that means so much to the american public. >> since you've gone through that audiotape and looked at the document, what other banks are on the hook here? >> i thought you might ask that, but i can't really compromise enforcement matters. found in the barclays c

tomorrow, we'll talk to gary gensler act the effect of grougt on food prices and amy goodman. shooting in aurora and explore why we in terms of civil crisis are prepared to give up civil liberties. and have we seen the end of modernation? we'll have mike castle join melissa harris-perry tomorrow. see you tomorrow at 8:00. thank you for getting up. [ man ] ever year, sophia and i use the points we earn with our citi thankyou card for a relaxing vacation. ♪ sometimes, we go for a ride in the park. maybe do a little sightseeing. or, get some fresh air. but this summer, we used our thank youpoints to just hang out with a few friends in london. [ male announcer ] the citi thankyou visa card. redeem the points you've earned to travel with no restrictions. rewarding you, every step of the way. redeem the points you've earned to travel with no restrictions. last season was the gulf's best tourism season in years. in florida we had more suntans... in alabama we had more beautiful blooms... in mississippi we had more good times... in louisiana we had more fun on the water. last season w

laughter] [applause] reout met reine qio a lehoewhe er tcao t ll l tre u of upcoming speakers may 15 gary genslerof the commodits futures trading commission. may 30thannamarieve ieece cer t rlut tbth hniarir ou anj 4he ldfoouisar th guest speaker chris matthews. second i'd like to present a guess with the traditional mvc mug. >> alrig. atictks lio evod wofuun ausr our speaker today. [applause] an of ts ou reiaomngy tihawolio yono the thank you that the usda has donated o tickets for the 2012 u. open. these tickinude atin theencoidlk ity herde su ctseag h loaronad e a coand behind-the-scenes tour of the arthur ashe stadium. we will be auctioning these tickets often proceeds wl go to our national press club ursmti. e onrecl inutomedo heg inurst ovhe si tug inrinramd encouraging future journalist through schorships. acid to keep an eye on our web site at press.org on information on how to bid on this. an d ve qio d ulke t id heiryeo r woustis ct >> first of all that was not my most satisfying win. gh it msasf fa suoi . to cge wa'touts,ho it helped. tennis at the grassroots leve exploded after that m

we know bart chilton comes on when he wentz, gary gensler, if you can come and tell me you were not contactednd tell the viewers that you said that that's not factual. if that's the case, why not? i guarantee you this is a way to solve the great bulk of these problems. if we don't do something like this these frauds will continue. i can guarantee that. >> what was santelli's take on all this? >> i don't know. rick and i did not have an opportunity on air to discuss it together. he knows as i know unlike some people that have opinions about these things but have never worked in the business, rick worked in the business, i worked in the business, when you know that a peer is coming out to see you, you can't hide the kind of nonsense you can hide with a regulator. right, rick, or am i crazy? >> no, you're right. it's even worse. i'll go back to the '80s. in the '80s i had significant roles in various firms interaction in a high order with compliance in a couple of things. nfa auditors never had a good reputation. those are auditors of peregrine financial groups nonclearing fcm. don't hear many g

gary gensler likes to come on tv and we have had him on cnbc and he will come on whenever he wants. fact this is coming out and we have once again a lack of confidence in the financial capital markets as a result of this type of stuff, when is the cftc going to be more than a figure head? >> i think that's an extraordinary thing to say. on the one hand you have a sur ray and i wouldn't necessarily believe because it is commissioned by people that want that answer that says it is a fundamental problem with attitude in the industry and then you blame the regulator. >> the root of the problem is something else. >> it is not the regulator, the cftc. >> the regulator's job on, their jobs are not to be on the panels and get the appointments like ambassadors to countries, they're there to protect the public. >> they don't have the funds to do what they have to do. >> i think the truth is somewhere in between. >> exactly. my point with the survey is simple. there is an embedded philosophy within these firms that they have to push the limits. therefore the regulators have a responsibility to