. >> now you're interview with mary shapiro. we started with the news everybody is talking about. i asked ms. shapiro how important high frequency trade sg for the sec? >> i think they go to this whole issue -- concern about whether we're developing a two-tiered market where some people have access to more information than others do. and that's a concern obviously. so with respect to flash orders we're looking at whether they should be continued to be permitted. on high frequency trading, dark pools, some of the other issues related, we'll take a thoughtful approach and try to surface all of issues, particularly the ones that go to fairness to investors from some of these strategies and decide what kind of rule making or other action might be appropriate for us to take. i would agree, they have caught people's imaginations very quickly. >> they have. senator charles schumer yesterday went so far as to say that a been by you of a flash trading was imminent. you haven't done it yet, did you have a conversation with the senator where you indicated you're moving in that direction? sho

we had to wait for a liberal democrat to council and actually put mary shapiro there who really knowshat she's doing a whole lot more than kris cox the republican did and that has a big responsibility for the republican. >> i will disagree with your agreement because i didn't like the idea of getting rid of mark to market recovery. >> good for you, keith. >> it think it was accounting. >> talk to mary shapiro. >> jack berkman, where are you on the strength of the dollar and how important it is or isn't. >> i don't want to frighten your audience by opining on currency or international finance, i don't want to scare away half your audience. the dollar is stronger than people think, when you say the euro is 1.1, people don't realize the euro trading zone has grown over the years. it's very big. 1.41 to 1 is really even when you consider that the gdp of the european zone is now much biller than the u.s. there's no reason the u.s. dollar is on par with the euro because that is a bigger economic zone. >> why are you measuring the dollar against another flawed currency? why don't you measure

if mary shapiro's group will look at it over time, hopefully come up with the right answer over time. i don't think much of it. >> people tend to blame this and everything else in life on goldman sachs and they issued a release today, no, we didn't do it. what's your opinion? i've now heard all 16 sides and probably just as confused as when the story broke around midday. >> they will do something, larry. they should look at the futures market, we don't do it there with a stad of regulate iing ourselves and they work. i think they will end up with some type of adjustment and hatch to tread very carefully. anything that makes the market ve change in this infancy is not good. >> and those thinking of getting in this new bull market i proclaimed last week, are they concerned? should this be corrupted? how do you come out on it. >> the question is how much rig is it? not enough to push you away from the stock market. >> do you think it's a little bit rigged? i don't like a little bit rigged. >> neither i do. the big people always have better platforms and faster system. everything rigged i

what we're getting now from mary shapiro shers is she shez i'm concerned about the issues presented by dark pools as well as flash orders, what they're looking to do is look for ways to eliminate the inequities cause by flash trading. she's not saying they're looking to eliminate it outright. >> which is which senator chuck schumer appeared to say. about he said a ban was imminent. >> what his statement was, earlier he had said s.e.c. doesn't come down hard on flash trading, he would introduce legislation to do so because he would like to see it go away. but what mary seems to be saying is simply we're looking at the inequities caused by flash trading and ways to eliminate that 37. >> and she also points out you still have to bring it before the commission, open to public comments. so it can't happen -- >> not quite as imminent as he seemed to suggest. >> the obama administration is having the success of the cash for clunkerses program, but is it a winner or a big waste? time to fire up the power grid. you each get 20 seconds. i assume you think this this is a winner. >> it's probe the

mary shapiro is the head of the s.e.c., coming in right at the crux of a very difficult time, the financialdustry. janet napolitano overseeing homeland security. trying to get in there and fix our border. we've got -- >> you had kathleen sebelius. >> kathleen sebelius. what's more difficult than the health reform plan right now? she's head of health and human services. >> also we've seen sonia sotomayor being added to -- >> first latina supreme court justice. again, not in politics, but i would just like to mention ursula burns. she's head of xerox and she's the first african-american corporate leader of a publicly traded company. >> well, it is exciting. as exciting as this news is about how far women have come we still have a long way to go. we just end with that. heidi brown, we need a longer list. >>> still to come this morning, two great friends get lucky on our plaza. what our crack makeover team has done with them. but first these messages. maybe it's your name. richard? no, smucker. (laughs) (announcer) when your last name is smucker and you live in orrville, everyone knows what you

we'll have mary shapiro and we'll put everything on the table.ramer, major wall street news maker and one person who wrote a op-ed saying the crisis could be afoot right now. ceo of owens corning, that's our show and it starts now. we begin as always with a check on the major market averages, we're down 63. this is not the low of the session. it is right across the board. we are well off the lows no matter where you look. stocks are suffering the worst losses, right now on the dow the biggest loser are png and the milk company and electronic art falling 7% on the nasdaq. let's check in with the markets and see what the other headlines are. bob is there at the big board and rick is in chicago and brian is at the nasdaq. >> the important thing is earnings are continuing to come in from several different sectors like retailers and energy companies are coming in and casinos, here's a good example of how a company using the world stabilization isn't getting the move up they thought about. a big gaming company. we had the results today, a little bit of

mary shapiro puts them both in the same sentence. that's a lot of money on the line for the goldmans of the world and people providing the dark pools of liquidity. could we look at the profit base in the way that people didn't expect. >> you could hit the profit base, but if they are gained because you have an unfair advantage, they should be sustainable. >> isn't this a liquid enough market that they don't need the incentives and the split second first glance at trade before they are executed. do you need that? >> we like to think people are making money in the industry because they are good investors or helping restructuring. >> so quaint. >> i want to ask you to get your ideas before we let this conversation die. what percent of the liquidity do you think is coming from the dark pools from high frequency trading right now. the argument has been made that they do provide the liquidity. they are the majority of it. >> no idea. >> well put. bob has this week's cnbc 101. >> the estimates that up to 60% of the total volume is due to hi

senator chuck schumer says the sec chair mary schapiro told him a ban of so-called flash trading is imminent. but then later shapiro said no ban is imminent because any proposal eliminating the practice first needs to be approved by the commission and then made open to public comment. so it's clear they've got something working here. they will think flash trading is controversial because it allows some traders to see buy and sell orders milliseconds before that information is made wider more publicly available. as cnbc's david faber first reported, pepsi is buying two of its biggest bottling for a total of $7.8 billion in cash and stock. pepsi had originally offered a combined $6 billion for both companies back in april but rejected because the bottler said the bid was too low. pepsi says is the deal will result in $300 million in annual savings by 2012. >>> donald trump is buying the bankrupt atlantic city casino for $100 million beating a competing bid from bond holders. he was forced to relinquish control of the resorts when filed for chapter 11. the deal still needs to be approved by a bankruptcy judge. today's