george cohen, treasury undersecretary for terrorism and financial intelligence. >> virtual currenciese illicit finance risks. most significant is the risk that virtual currencies pose because of anonymity. illicit actors have always sought to exploit anonymity to hide their financial trails, making it more difficult for institutions to detect suspicious activity, identify those involved, and collect transaction records. the basic tools used to weed out bad actors. for terrorist financiers, virtual currencies are appealing. the funds could be swiftly sent across borders in a secure, cheap, and secretive manner, it would suit their needs. sanctions only work if we can detect efforts to evade them and respond accordingly. if a sanctioned entity could use virtual currencies to transact anonymously, our sanctions would have a weaker bite. >> how does the government want to regulate them? is it possible? here's undersecretary cohen with matt miller. >> the existing legislative framework is sufficient for us to address any of the financial products, financial industries out there. including

george soros is great investor. he has three lousy years in a row. steve cohen. the question all the guys go up and down. the question is this secular change? is this fundamental? is he losing his mind or chasing good people out? or is just normal blip in the road ever good investor faces. i can't tell you that. deirdre: somebody that gets to become an industry and loses focus. he lost mohammed el-erian. >> we don't nomo homed el-erian's cakier. how about his performance? he sucked wind too. >> bill gross is all about performance f someone doesn't perform they're out. deirdre: he is not performing himself, right? he is not performing himself and still paid himself $200 million. >> that is the scary part. >> he made a call conservative and smart based on someone investing since the 1970s. there are really smart, best investors have been really caught off-guard because -- >> he has, what happens is you think you can outsmart the market. i think that is what he is trying to do. >> that is investing. >> bottom line i would put my money with bill gross. >> as an investor, the question is, as an investor why w

let's remember that george soros made $4 billion. steve cohen made $2.3 billion. interest -- >> going away. >> -- going away or highering taxes on the wealthy, a bill de blasio model. there's a huge gap between rich and poor and washington doesn't seem very likely to do anything about it. >> but i want to go back to this point about old and young. morgan's point is people don't have income. guess what? they didn't have much income growth in the 1970s either. people were investing. and the point is over decades, if you're younger, we may just not have a culture of investing among the young because they grew up in a ten-year dead market, and they didn't grow up seeing equities go up. they just saw dead money in the market and they don't have the culture that you may have had going back. i think it's less about money. you can always save and invest a little bit more. >> and we have to leave it there. >> you just have to go through this culture change. >> jim cramer will tell the story about how when he was living out of his car and he was still investing that extra l