and larry cohen, president of communications workers of america. congresswoman, i'll begin with you. why did you send this letter today in why did you hold this press conference? what is different now? is this a breaking point? >> we've just seen an incredible lack of cooperation between the republicans and the white house. and this is just the prime example of how they are hurting american workers and american families by obstructing the normal business of our government. and i think this can't be allowed to go on. it's reached a point where people's lives are being ruined because of it. there are workers similar to kathleen who have been awarded backpay and reinstatement in their jobs because of illegal things their employers were doing. and all that is in limbo until we can get nlrb folks confirmed. so we've just had enough. we want to apply the pressure. we want to let minority leader mcconnell know that the american public isn't going to stand and take this. >> larry, if someone is -- if viewers are watching this right now and the nlrb sounds

[applause] >> hi, i am larry cohen from the cwa. we all have red shirt on, it would be easy to see, but it is not. happy solstice to everybody here and we're going to stay up all night, right, that's what happens in the north. cwa has about 550,000 active members who do collective are doing, and another hundred 50,000 who are retired or do not have bargaining rights. why did we get into the democracy initiative? because on every key issue that our members care about, we hit a dead end as any of these cwaers could tell you, collective bargaining in the united states has become all defense, like you are clinging onto a cliff. and how long can we hold onto our health care, how long can we hold onto our job, how long can we hold onto our retirement? how long can we hold onto our rights? seven or eight years ago, we defined our key issues to cut across the five main industry groups that make up our union. around those four things, job, healthcare, retirement, and our rights. we set out, whether it was an bargaining or in congress to move

filibuster taxpayer reform, the agenda that the american people voted for twice, for more, i'm joined by larry cohenf the worker's union of america. larry, this is progress, is it not. the nlrb is filled out, legally functioning, right? >> next week, hopefully that will happen. we need senate action tuesday, wednesday, and thursday before they adjourn. we expect that, i think it is a step forward as you expect. but as bernie sanders said, we still don't have a senate that can't adjourn without 60 votes. it can't talk about anything at all without 60 votes. that is not democracy. >> did harry reid do the right thing by threatening all of this? should he have done more or is there round two of this? >> i think round two will come. harry reid's problem is having 51 votes, or 50 votes plus the vice president. and he has members of that caucus that don't want to change anything. and our democracy initiative, our coalition group, will stay on them. because we need change, regardless of which party is in there this is not what kids learn in fifth grade civics, and we deserve a change. >> what do you think

with larry cohen of the medication workers of america's and phil radford of greenpeace. i'm so thrilled and proud to say that we were supposed of the wonderful senator tom udall. he could not be here because the senate is busy. but we have senator jeff merkley who is an amazing -- [applause] >> hero. hero in many ways including coming back to the on this panel for and to share his perspective on senegal's reform. some going to let them go in order and start with benjamin annual told us why he simply wants to talk about. >> welcome for so good afternoon. it is great. it is great to be here with all these, which is only folks on this panel, concern, fired up about spending and extending our voting rights, pushing money out of politics. and about making sure that the sender wants to filibuster a bill that got to put on depends undergarments and go down there and do it the old-fashioned way. look, we are at a crossroads in our country. it is not as bleak as many say it is. it is simply whether or not the future is going to come faster than many people think is possible or wh

the good men and women of the communication worker's union under president larry cohen providing all-- they are the union for the information age. you bet. you can find out more about their good work by going to their web site, cwa-union.org. it takes a village. i'm not the only one who hangs out at the white house briefings. one of my colleagues joining us again. he's the publisher of west wing reports. one of man operation. paul brandis. good to see you this morning. >> it staying cool? >> bill: in the studio, i am. i haven't figured out how to get from here, air-conditioned studio to my air-conditioned house without walking two blocks. walk two blocks in the heat. >> early in the morning. >> bill: i walk out usually in the morning cool before the sun heats up. uh-huh. you walk out. it is like walking into a sauna. >> it hits you like a wall when you walk out the front door. >> bill: the only consolation is everybody else is miserable as we are. the whole united states is red. >> that's how we judge things. everybody else is miserable. >> bill: so yesterday historic day that the ho

the good men and women of the cwa under president larry cohen. the union for the information age.about their good work at their web site cwa -- union.org. july 2nd. yesterday was july 1. you know what happened on july 1. the loan rate -- the interest rate, thank you hello interest rate for federal student loans doubled from 3.4% to 6.8%. congress could have fixed it but they didn't. ashley covers congress for now this news and she's here to tell us why congress didn't do so. hi, ashley. nice to see you again. >> hi, good morning. how are you? >> bill: this was a classic case of something that was so easy to do, so simple to do. one vote. keep it at 3.4% like they did last year. what happened? >> well, i think there is a lot of disagreements going around as per usual so the house had passed a bill that was going to to -- the subsidized stafford loans. they were going to tie them to the market rates. >> bill: what the house republicans wanted to do. >> based on the ten-year treasury note. they had passed this bill. and the president had actually had a similar plan. so there was a lo

cohen. cnbc's jackie deangelis joins us now with all the details. good evening, jackie. >> good evening to you, larry. the s.e.c. announcing today that it is charging s.e.c.'s steven cohen for failing to supervise two senior employees and failing to prevent them from insider trading. this is a civil charge. this is not a criminal charge. now, the charges are the result of a four-year investigation into cohen and his top-performing $14 billion hedge fund. the highest-profile targets in the latest crackdown on insider trading. the s.e.c.'s investigation found that the hedge fund manager oversaw trading by his employees matthew martoma and michael steinberg and received updates on their trading strategies and the reasoning behind them but on at least two occasions in 2008 the s.e.c. says that the employees provided cohen information indicating that their potential access to inside information. cohen's failure to act in that situation and ascertain whether or not insider trading was an issue, that is his alleged wrongdoing. an s.e.c. spokesman said in a statement that the "s.e.c.'s administrative proceed

cohen. cnbc's jackie deangelis joins us now with all the details. good evening, jackie. >> good evening to you, larrying today that it is charging s.e.c.'s steven cohen for failing to supervise two senior employees and failing to prevent them from insider trading. this is a civil charge. this is not a criminal charge. now, the charges are the result of a four-year investigation into cohen and his top-performing $14 billion hedge fund.

>> and he seems to have defended larry summers, although we're not room and we don't know the context. the other thing interesting, he mentioned a third player, don cohen, who would be a surprise dark horse, but i think it was the president's way of saying let's not boil this down to a janet versus larry mudd fest. >> woodruff: you mentioned the women members of congress who signed this petition. how much is gender seen as a factor? she would be the first woman. >> you know, it's hard to exclude gender as a factor. on one hand, you have larry summers who got thrown out of the presidency in harvard in part because he made some offensive remarks about women and science and engineering. you have the president who is accused of running an "old boy" network. you have a very credible female candidate. so there are people who think if you can't get a female chairman of the federal reserve now, if not now, when? on the other hand, i suspect that to some extent the president's going to think about that and make a choice on other factors, but outside the white house, that seems to have taken a huge role. >> woodruff: it was noticed the administration named a wom

larry summers, is he still a legitimate contender to take the place of this gentleman, ben bernanke? also today, indictment. s.a.c. capital's steven cohen hosting a big party this weekend. is he sticking it in the government's eye? and a new way to do a lot of things without a lot of people knowing. it's called snapchat. let me get over here, and some wall street traders are using things to do things they shouldn't be doing. we'll show you how it works today. first though to sue at the nyse. sue? >> good to see you, ty. the market is a little bit on the dunn side through much of today's session, at least so far. right now the dow is down 46 points. the s&p is down 6.75. nasdaq off 12.75, and the broader-based russell 2000 is off 6.25 points on the trading session. let's talk to bob pisani about the market at this point and we've had a big amount of earnings last week. what are you watching most this week? >> the big thing is mr. bernanke on wednesday. a very delicate dance to make sure we're not saying too much because it's got to be all words. no press conference on wednesday, and then, of course, non-form payroll reports on friday so

cohen's good time. he hosted a big party at his hamptons home over the weekend. kate kelly has the details for us. >> larry, just four days after s.a.c. capital's indictment, its lawyers are working hard on a so-called protect difference order that would help it continue doing business despite the federal charges. though its exact contours aren't clear, it's expected to ring fence some part of the hedge fund business, presumably giving trading counterparties greater confidence that they will be paid for trades and not face frozen assets on the other side. that is keep to keeping s.a.c. in business as a going concern. as became clear in the financial crisis, clients and counter parties can become indiscriminate about pulling money out of a firm when there is fear in the marketplace of not being made good. amid it all, s.a.r. is trying to keep up appearances, reassuring its staff on a near daily basis that it plans to fight the charges and doing what it can to assuage investors and brokers. steve cohen has been president and keeping up with social plans it appears. given that went forward with a party at his

orr and cnbc's own scott cohen joins us now from detroit with those details, including a first on cnbc response from kevyn orr. good evening, scott. >> reporter: good evening, larryichigan appeals court ruling puts the state challenges to the bankruptcy on hold for now but not necessarily permanently. nonetheless, as you said, it does play the matter now squarely in federal court and there the unions, who are against this bankruptcy because of what it will do to their pensions, they plan to fight back hard. they say kevyn orr, the city emergency manager, has not been negotiating in good faith with them. that's a prerequisite under federal law for a bank sruptcy filing and they say for a city that's supposedly broke has been spending millions on consultants. some of them, the contracts increased within weeks of the bankruptcy filing. these are for services like audits and restructuring consulting, as well as $3.5 million to orr's former law form jones day, including about a quarter of a million dollars billed during one two-week period in march. >> if we're going to get this done right, we need the best people available. the very people making those criticisms ann

larry summers, is he still a legitimate contender to take the place of this gentleman, ben bernanke? also today, indictment. s.a.c. capital's steven cohen weekend. is he sticking it in the government's eye? and a new way to do a lot of things without a lot of people knowing. it's called ap