i'm gary kominski. we have breaking news. michelle caruso-cabrera is live in mexico. >> hi, gary. the mexican officials have just announced that they will investigate the bribery allegations. they are going to ask the department of justice for all relevant information and look at the walmart workers in question and federal workers in question and if there are state and local workers in question, they are going to hand that information over to the proper authorities so they can act and there will be prosecutions if in fact they find something. this is significant because up until now we heard almost zero out of the mexican government when it came to the allegations, even though we already had heard from the u.s. government that they were going to investigate. up until now, authorities had said that they didn't have the authority to do anything until they received a complaint. now we learn that the federal government says they are going to investigate the situation. >> right. michelle, thanks for that breaking news. we appreciate it. 30 minutes left to go in trading. investors are r

if it's friday, it's gary kominski. good to see you. >> good to see you. >> what was wrong with the financials? i guess they got caught -- >> i was happen people the key things we're looking for, mortgage activity, trading activity. trading activity was up and wells fargo, do you know, almost 30% of the mortgages in the united states are originated by wells fargo today? their mortgage activity was up 7.5% increase in loans. that was a tremendous number. i think what the street did not like and the reason we're seeing some of these financials down, you go to the traditional banking activity, that is loans. the loan business is still weak. we're not seeing any focus on the trading activity, not the focus on the mortgage business being better but traditional banking activity is still weak. that's, by the way, why we're getting the reasonable bank to weak. these guys, wells fargo, have got trading operations. jpmorgan has trading operations. they have nothing to fall back on, for example. >> when you think about the and on

let's get to gary kominski at 30 rock today. are obsessed with this company and the fact that it's going public. >> you know, originally i wasn't. but as i began to talk to more and more people about how this thing is going to be positioned, it's become somewhat fascinating in the sense that, as i mentioned last week, what you'll hear on the roadshow and what you won't hear on the roadshow, and as we had pointed out last week, this idea that facebook is really going after google one on one, there was an interesting piece in the blog tech crunch yesterday which basically talked about -- as was reported last week with google, the cost bepe click being down 6%, facebook's cost per click going up 23%. the fact is, they are making inroads and they're taking away some of this advertising market share. again, it's early. it's a head to head competition, but i continue to believe part of the facebook story to try to get that valuation they want is going to be, we're going after google and we're going to take some of that ad market share

joining me to talk about that is bob frolic with the hartford and gary kominsky. bob, let me get your assessment of what the fed said today. not only did they suggest no more easing but also said if the economy worsens, that will mean hiring will slow. which is sort of saying there's a shot that we actually turn even negative. >> exactly. and i think their comment on employment was actually the bigger moving issue to the market. because just the fact of not doing qe 3 was a good thing. basically, what they are saying is the economy doesn't need qe 3. but then that reminder that even though the economy is still going to be growing and i think what they reference is one of the two headwinds is a problem in this country. one is employment and the other is housing so i think we can still grow at 2%. housing and employment are probably going to be the two weakest components. that's why i think the stock market didn't know what to do today. should it rally? sell off? >> you're right. i don't know why, gary, we go into these fed meetings with any expectations that we're

i'm becky quick along with joe kernen and gary kominski. let's get to your morning headlines.t an hour away from earnings on citigroup. we'll have those numbers and instant reaction as soon as they are out. there are some fresh worries this morning about spain's finances specific spanish ten-year yields rose above 6% this morning. those yields had risen above 7% last year. but that is seen as a tipping point. also, china has doubled the size of the trading band for its currency, allowing the yuan to fall. it says the process correcting exchange rates are incomplete. the dow futures up about 44 points, nasdaq higher by about 6 points. s&p bup by 7.5. >> david walker rngs found are a -- founder and ceo. is this a record of how long it's been without a budget? >> over three years since a budget. >> has it ever happened before? >> not to my knowledge. >> how do you do it without a budget? >> we've only had a budget act since the 1970s. we started doing the budgets in the 70s. we've only passed timely appropriations bill business the beginning of the fiscal year four times in the l

our capital senator gary kominski is here to talk about something, whether it's facebook or yahoo. >>echnology for two hours today and have some interesting things. just a couple quick thoughts. i'm the last person in the world to give any opinion on facebook because i don't know what it even does. but this instagram, i don't know what instagram is, but what i do know is i've attended hundreds and hundreds of pitches by venture capitalists over the years in terms of making investments in d.c. funds. i've never met a venture capitalist who said, invest in a deal, put that deal together and we're going to double our money in a week. which is basically what happened. maybe there's a reason, we'll learn more about that in a second. that's something you have to think about. yesterday, we didn't get a chance to talk about this aol. facebook is spending $1 billion for this instagram acquisition. the question here is, what i want to know, all these analysts that follow aol, why did they not understand this investment? >> i think there may be breaking news on tech, specifically yahoo. john? >>