and she's worked with mary schapiro for a number of years. she worked with mary at the self-regulatory body and at the commodities future trading commission. so i don't think they have divergent perspectives. i don't know that she has all the political instincts that mary schapiro clearly had. but the greatest danger right now at the sec is that we might get a chairman who is too closely connected to wall street and would cooperate what i will call wall street's desire to downsize dodd frank and turn the agency into a much smaller, less active body. and i don't think elise walters will cooperate with that. she is truly oriented to consumers. >> susie: what do you think her priorities should be? >> well, i think she's going to be forced to deal with the problem of money market funds. that's on their agenda. all the other financial regulators have agreed that there is an urgent problem here. the sec has been stalemated and that stalemate may not go away but it's going to be back on the sec's desk in about two months with proposals from a body c

mary schapiro, who president obama said will be replaced by commissioner elisse walter, overhauled sec enforcement and made it more proactive. "to get out there and defend investors, as opposed to trying to figure out what happened after." but critics say for the dozens of insider trading investigations, the sec under schapiro did not crack down on top executives during the financial crisis or since. "the mf global mess - is anyone prosecuted? who's going to get prosecuted for that?" the sec under schapiro pushed for transparancy, revealing risk. "gigantic risks were being taken and no one knew what happened until they exploded. now, those dangers to the economy are better understoood and are being tracked." in 2010, schapiro's sec was surprised by an $862 billion 'flash crash,' made worse by electronic and high-frequency trading. it's all added up to more regulation that some believe has cut out smaller firms and individuals - among them, introducing brokers, ib's who accept orders to buy and sell but not the funds to support them. "they just say, 'this is not worth it to verify the s

mary schapiro resigned after nearly four years as chair of the securities and exchange commission.the federal response to the financial crisis of 2008. and thousands of people in bangladesh protested after more than 100 garment workers died in a factory fire. and for more of tonight's subjects online, including this week's installment of "ask larry," we turn to hari sreenivasan. >> sreenivasan: our social security guru addresses some of the most frequently asked questions about retirement benefits and some you may not have thought of, all on our business page. on our science roundup, the u.n. summit on climate change is under way in doha. what impact will it have on policy? plus, look up at the sky early tomorrow morning for a brilliant view of venus and saturn. the details are on the science page. and watch a slideshow of images from the conflict in the democratic republic of congo, where the rebels have advanced and the refugee crisis has swelled. all that and more is on our web site, newshour.pbs.org. ray? >> suarez: and that's the newshour for tonight. on tuesday, we'll look at

mary schapiro is out. she'll be leaving on december 14th. president has designated a successor to her, elisse walter. cnbc has been talking to a lot of different folks here trying to get some information about who might then succeed elisse walter who is expected to finish out mary schapiro's term. one name i want to throw out is the white house is talking to sallie krawcheck about a few different roles, including chairman of s.e.c. she's worked at bank of america and citi and other places on wall street as well. that's one name to keep an eye on, bill. back to you. >> very interesting. eamon, thanks very much. >>> clicks and profits, u.s. consumers are expected to spend at least $1.5 billion on this cyber monday. we'll run through the cyber winners and losers next. >>> here's another number. $5 billion, that's how much americans are expected to spend on christmas gifts for their pets this year. we'll talk to petsmart ceo in a cnbc exclusive about his company's share of this huge holiday booty coming up. >>> plus, flu shot or your job? 150 em

and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec.fficially leave office on december 14th. she ran the securities regulator for nearly four years. president obama will appoint current sec commissioner to run the agency. all right. now to our top try. warren buffett support for raising taxes on the rich takes a controversy in its turn in an op-ed in today's new york times. the billionaire investor says let's forget about the rich in culture ridge. income is increased. forever for see investment of the charities. so buffett is on target with this. raising taxes on the rich actually have no affect on their investment behavior. let's bring in scott martin, chief investment strategist and founder and ceo of market 76. thank you for joining me. give me a reaction to this. >> i'm really surprised. i look at buffett as asavvy businessman and one who would not put a dime toward the u.s. government if he had a choice with regards to a buyout because certainly is not a great balance sheets they carry. it just doesn't make a lot of sense for me t

mary schapiro is leaving next month.l be replaced by the sikh commission member elite walter. you may want to let go of your mouse and pay attention the next story. you and your fellow americans are expected to spend well in the ten figure range today. during the online shopping blitz known as cyber monday. that is a lot of cash. that is not taxed at the in-person rate. james rosen. >> the cyber monday rush to p.c., iphone android poses little threat to the black friday stampede to brick and mortar stores but the numbers are starting to turn. >> we now have one in ten discretionary dollars spent online. >> physical retailer saw foot traffic decline by 2%. with 100 million people expected to make $1 million in online purchases this cyber monday, old debate resurfaces like a pesky pop-up ad over why online retailers enjoying a pricing advantage of 10% are not required as the physical stores are to create state sales taxes. >> every retailer should play by the same set of rules. either all pays sales tax or nobody should. >

mary schapiro will step down in september. the administration released a report warning of the impact of failing to extend tax cuts for 90% of americans could have on the economy and consumer spending. increased taxes could cut consumer spending spite $200 billion. -- consumer spending by $200 billion. what it can take all negotiations over the sequestered, we are focusing and the beginnings of the debate on the national debt in prime time. we will go back to august of last year to review some of the debate and news conferences from congress and the white house surrounding the passage of the budget control act. the law created automatic spending cuts set to take effect in january along with expiring tax provisions, part of the so- called fiscal cliff. that is tonight at 8:00 eastern on c-span. congress returns from a week long thanksgiving break this week. the house is back tomorrow to debate a number of bills. a major bill comes up on thursday when they will consider a visa program for students getting advanced degrees and co

the fox business brief brief, obama's has nominated walter to replace mary schapiro who was set to stepnext month after being that sec their major overhaul. charlie gasparino first reported hurt eminent departure. the hedge fund manager accused of gauging the most lucrative insider-trading scheme never has been released and $5 million bail facing a charges for allegedly obtaining confidential information of a clinical trial for the alzheimer's drug from the university of michigan neurology professor. nasdaq the only major average in the green. dow jones industrial average below 13,000. tracy: oil closes down $0.54, all loss of more than half of 1%. with a two day streak of gains. it was thanksgiving weekend. it was a record for hollywood with the strong showing of "twilight" breaking don part to an sky9 fall. it the previous records and dennis nail covers the story. >> and a vampire and a secret agent and the dead president with a new president -- breaking a new record. $30 million more than set in 2009. in the fifth and final entry to the serious took and 64 million fast-talking is up

mary schapiro leaving the sec.ding greece. >> greece, i mean, it's all about the politicians, whether it's barcelona, greece, or whether it's what happened in london. the bank of canada governor mark carney giving a news conference when he's explaining why he has decided to go over and be the governor of the bank of england. yes, the bank of england in the united kingdom for the next five years saying that's where the greatest challenge lies. not only setting military policy, but also regulating the uk banks. earlier in london, the finance minister there explaining he was reaching outside of the bank of england, outside of the uk to bring in the canadian because the canadians have so well run their banks through the financial crisis. he says he wanted a fresh pair of eyes on what was happening in the uk and they never centralized control of the banks in canada. and he wanted that experience in the uk. here is now the european close. >> the european markets are closing now. >> so it's negative territory. a lot of th

after nearly four years, mary schapiro is stepping down as chairman of the agency effective decemberasparino first reported shapiro's up archer. president obama intends to have -- step in when shapiro steps down next month. unauthorized trading by u.s. customers. customers were allowed to trade on the future prices of commodities of other items. macgraw hill is planning to sell its education business to apollo management for $2.5 billion. that is the latest from the fox business network. giving you the power to prosper. ♪ dagen: president obama and house speaker john boehner talking about a solution to the fiscal cliff. this coming to us from our partners at the "wall street journal" this hour. connell: the discussion about whether or not to raise taxes. some talking about abandoning their pledge. we spoke earlier with grover norquist. >> for the last 20 years, they have all kept the pledge. just me, the pledge, however, in the tax issue are very, very powerful. connell: do you think they will keep it again? >> i think they will keep it again. connell: that brings us to the judge. ju

the chairwoman mary schapiro, the last major settlement as chairwoman there will be a change at the sec will come later today. it is goldman sachs a couple years ago on the abacus deal, jpmorgan on this one. there could be a few more of these and other stuff they're looking at, mortgage investigations. all the major wall street firms, pretty good banks take these mortgages and package them into securities and sell them to people, how they sold them and what they were disclosing when they were selling them as the housing market, comprised of mortgages, and when they knew it, if you look at the charges and the complaint and goldman sachs and new york attorney general eric steinman filed against jpmorgan, people particularly at bear stearns knew these were crummy mortgages packaging stuff that was toxic and the investor on the other end which pension funds and mutual funds, hedge funds, the implication was they were hoodwinked into buying them. i would say not quite a good wind. people were making bets. dagen: para lot of major investors back then who would not buy this. you used to be abl

other interesting notes, sally cried check made it possibly taking over from mary schapiro. an e-mail, she has not gotten back to me. [talking over each other] charlie: i bet my pickings she has not. [talking over each other] melissa: a professional. do you communicate. [talking over each other] lori: can't ask about professional relationships with general david petraeus. charlie: since i was at the wall street journal -- [talking over each other] adam: i am usually good at that. i am good at -- melissa: everyone, simpson-bowles in this framework, and a bunch of baloney and here he is saying to come back and work on the deal. charlie: not the democrats but the white house. politically speaking, he didn't do himself any favors by saying paul ryan is a brilliant guy. melissa: everyone wants to look like they want to make a deal. [talking over each other] melissa: when push comes to shove they don't. charlie: i do not agree -- you are going to embrace the republican vice-presidential candidate in the middle of a hotly contested campaign. you will not be part of the new administ

secretary tim geithner have both said they're ready to move on, and there are also indications that mary schapiro will follow suit as well. dan lothian is following all these developments. good morning, dan. >> reporter: good morning. that's the game, i guess, that's played every time you have transition, every four years or so, inside washington. you start talking about what names will be replacing those who will be leaving. nothing official from the white house on this kind of movement, but one of the names that's been thrown around, senator john kerry, who helped the president prepare for the debates, has been talked about possibly going to state. there are other names being thrown around as well, and i'm sure those lists will continue to grow in the coming days. as for the president, nothing public on his schedule today, other than the presidential daily briefing, that will happen later this morning. the first one that will happen here at the white house, since his re-election. the president and the first family return here to the white house, late yesterday. the staff was planning to have a

. >> president obama has named ellis' walter as sec chairman after the departures of mary schapiro fromos' resignation is effective december 14th. the residents said that elsie walters years of experience will serve her well and three years. she served as acting chairman during january 2009. not sure how the markets will react to that is what the dow is still negative this morning. >> a lot of us waiting of the dozens of new in else this morning from companies asking you to go there website and chop away. secretary gabe slate has great deals in cash and today. >> the as online shopping day of the year. cyber monday as expected this sadness sales records. retailers are offering huge discounts to larry to shot from your computer this monday. for every site will be offering free shipping. you can count where every shop on monday. some of the best deals i found for cyber monday, wal-mart is selling a free and scepter lcd tv for $250. also a 32 in. model for $180. the ipad 2 office $380, that is $20 off. the x box 36 the family fun bundle is $159. that is free that. ebay the electronic store

of the sec, the priorities, are still the same and they will stay where they have been under mary schapiro'seadership. this move has not been shocking. there was maybe not even the expectation but this idea that she would at some point step down. she has been there since 2009. -- has has over don't had a huge overhaul. they have a lot to take ownership of in the future including things like regulating dodd-frank, the bulk of role, and other than a double certainly have an impact -- the volcker rule, and others. by law, she can stay there until next year and no one is expecting a change in policy. ms. waleter was a former interim chief at the sec already. who will fill in the open spot right now? the administration is maybe looking to make some kind of a nomination, but what we do not know is if that the nomination will be for a commissioner post or the chairman as well. that will be a variable. host: the editorial says the elevator of mr. walter -- the elevation of ms. walter will change the commission. that is their perspective are not that. maverick on twitter. guest: that is up for debate

of the sec, the priorities, are still the same and they will stay where they have been under mary schapiro's leadership. this move has not been shocking. there was maybe not even the expectation but this idea that she would at some point step down. she has been there since 2009. the sec has over don't -- has had a huge overhaul. they have a lot to take ownership of in the future including things like regulating dodd-frank, the volcker rule, and others that will certainly have an impact. by law, she can stay there until next year and no one is expecting a change in policy. ms. walter was a former interim chief at the sec already. who will fill in the open spot right now? the administration is maybe looking to make some kind of a nomination, but what we do not know is if that the nomination will be for a commissioner post or the chairman as well. that will be a variable. host: the editorial says the elevation of mr. walter will change the make up of the commission. that is their perspective on that. maverick on twitter. guest: that is up for debate. certainly, a lot of the banking professional

to lead the securities and exchange commission after the announcement that the current head of mary schapiro is stepping down next month. she is one of five members of the sec currently. she was appointed to the sec by george w. bush in july 2008. the president said dik-dik i'm confident her early years will serve her well and the new position and am cripple shias agreed to leave the agency. with the content congressional negotiations are the sequester and tax cuts to expire at the end of the year, tonight and prime time, focusing on the beginnings of the debt of the debate on the national debt. c-span will go back to august of last year to review some of the debate and is congress is from congress and the white house to run in the passage of the budget control act. the law created the automatic spending cuts to take effect in january along with some expiring tax revisions as part of the so- called fiscal cliff. it airs tonight it it o'clock eastern-- a o'clock here on c-span. >> in january, our first week we were sworn into office, the president ask for an increase in the debt ceiling. i ma