and mary jo white attacking ackman. it was mary jo white by the way. wouldn't deny that part. she wouldn't comment. she wouldn't confirm or deny, so there you go, the sec is not denying it. bill ackman is not getting back to me. clearly mary jo white was going after bill ackman. liz: he is smart enough, he hires the lawyers and he's a smart guy. >> smart guy. it's one thing to go right up to the line, these guys meaning the regulators and the fbi hate people up to the line. everybody said steve cohen was smart, which he is, sec capital is out of business, he can't do outside money. i want say this, this is my personal opinion, covering securities and this sort of issues for many years, when you start getting on the radar screen like bill ackman is doing right now. stuff generally happens. i'm not saying he's guilty or did anything wrong. when you get on the radar screen, they do stuff. liz: he's on a mission against herbalife. >> i'm just saying. liz: he's on a mission. 35-year-old company. >> he's got plenty of lawyers. liz: it would have gone down by now if it truly were a p

. >>> at a conference today, mary jo white called for new regulations that would require brokers to have a fiduciary standard. it is an issue we've discussed here on "nightly business report." the s.e.c. has been studying the subject for years but still has not taken any action. >>> what apple reportedly plans to do as soon as this fall in the technology i >>> ford exchanged swings cost nearly $19 billion in the fourth quarter according to a new report. the average negative curbrency was more than double than for the prior two ye roert report goes on to say it will likely worsen in the next quarter of this year. >>> oracle says its profits were hurt at the margins by the rising dollar. they reported earnings per share of 68 cents, in line with wall street estimates. revenue though missed. oracle earned $9.3 billion in its fiscal third quarter, that's slightly below expectations. that's the revenue number. nonetheless, investors did like what they saw as you see there, the stock moved higher initially in after-hours trading. the company also increased its quarterly dividend by 25%. domini

and that's why the committee, the advisory committee that mary jo white, the s.e.c.hair again has set up to look at this i think is important. but the bottom line is hfts are part of our markets today, and the exchange the "flash boy "bookboy" book looks at are mythological. i'm pleased that the guys i have started working with are calling for more simple market was more transparency. finally, i wish that iex would show what the volume of trades are that are contributed by hfts. that's the transparency i'd like. >> we've talked to brad and he's never hit the fact that hft is involved. they're just trying to level the playing felgd, if you will between hfts and everybody else executing trades. phil, you run an asset management firm. it was the people like you who were frustrated with getting front run by some high frequency trading that led to the launch of exchanges like iex. do you think you have lost money or the markets is rigged against you? >> two ways to look at you. if your size is relevant where you will go outside a dark pool it's absolutely an issue. warren

to talk to sec we have done that with regularitity and done that and i have great respect for mary jo white and her team and the dedicated professionals at sec who have been very helpful. and rich cord dry and his team who have been very helpful. industry stakeholders who we have met with regularity, because they have been helpful in enabling us to understand the business model and to understand how you thread the needle. i think you can thread the needle. i think it's a false choice to suggest that the only way to continue the business of providing financial service advice to folks is the status quo. i categorically reject that and you know, i have heard from some, i don't understand the problem you're seeking to solve. with all due respect i can't believe that you don't understand the problem that we're seeking to solve. i really don't. and i don't mean that disrespectfully. and, fortunately, i have heard that less and less in recent months. i herd that at the outset. and, i hear that less and less. and that is the good news. and so, what are we trying to do? with our proposed rule? we're

lewis's book has generated a lot of debate over high frequency chairman although chairwoman mary jo white said they're not rigged and she said high frequency trading is not unlawful insider trading. another former regulator has strongly disagreed with the characterization that high frequency traders engage in legalized front running. >> this book is not based upon fact, and when they start throwing around things like front running, you know i'm a former regulator. we looked at these guys all the time. not just hft's but all traders in the market and the investment advisor's act section 206 describes what front running is, and it cannot be done by hft traders. it's just a big lie. i don't mind debating issues but it has to be based on the facts, guys. >> in january his wife created ab equity market structure advisory committee to advise the s.e.c. on what if any, changes need to be made in market structure. it's scheduled meet for the first time in may. on the enforcement front, there's been several investigations announced in the last year including from the fbi, the u.s. tel attorney gen

and i have great respect for mary jo white and her team and