every day i'm committing a crime shapiro you worthless rotten scoundrel well let's talk about what mary shapiro says she's in my next headline max as you see shapiro obviously focused on j.p. morgan trade securities and exchange commission chairman mary shapiro said on friday that regulators were obviously very focused on the situation at j.p. morgan chase and company j p m after the bank's surprise announcement that it will take a quote significant trading loss shapiro said to reporters quote all the regulators are very focused on this she declined however to comment on whether the trade gives an impetus to regulators to adopt the volcker rule which seeks to limit speculative trading she also declined to comment on whether the financial stability oversight council a group of bank securities and housing regulators planned to meet to discuss the trade immersion definition of focus that before buying into a cucumber sandwich at the commissary so more washington d.c. she mentioned to somebody on line waiting to buy their macaroni and cheese to the effect did your budget be morgan terrible better t

chairman mary shapiro is the head of the u.s. security and exchange commission.ary againged of the commodity trading commission. we appreciate both of you taking time out of your schedules to be with us today. >> -- creates an entirely new regulatory regime for over-the-counter derivatives and directs the commission and cftc to write a number of rooms to implement. of course, title 7 is just one of the manier yas ranging from private rating agencies to private fund and municipal adviser registration to specialize corporate disclosures where the sec is charged with writing rules. the sek already has proposed or adopted rules for over three-fourths of the more than 90 provisions in the dodd-frank act that mandate sec rulemaking. additionally, the sec has finalized 14 of the more than 20 studies and reports that the dodd-frank act directs us to complete. and the commission has proposed almost all of the rooms required by title 7. we're continuing to work diligently to implement all provisions of title 7 as well as the many other rul

but after the hearing hi a chance to catch up with mary shapiro and i asked her if individual investorsshould be confident in the markets given everything that we've seen from mf global to jpmorgan to facebook. and here's how he answered that question. take a listen. >> i think there's a lot of reason to have confidence in our markets and the integrity in how they operate. but there are issues specifically with respect to facebook and as we testified to, we're all looking carefully at the jpmorgan trading. >> can you tell us what you focused on in your investigation? >> i can't tell you just yet. we're clearly focused on what happened with the trading and whether there are any implications on that. still under way. >> do you have a time frame as to when you might have some answers? >> no, i don't. sorry. >> no answers about exactly what they're learning but they are clearly looking into the situation and no sense yet of when we'll get the details of what they've uncovered so far. >> thank you. >> you bet. >> we had a late-day selloff on the street because greece remains the word. europe

the senate banking committee is holding a hearing with top financial regulators including mary shapiro to discuss dodd- frank rules. the hearing will focus on the massive trading loss at j.p. morgan chase. there's an investigation of google. they've been examining whether global favors its own services in search results. -- whether google favors its own. maybe you'd like to work every day. d.c. ranks fourth in the country for bicycle commuters. bicycles carry 2.2% of workers on capitol hill. in case you're wondering about the top city,. its, facebook could be wreaking havoc on marriages. why more americans are taking vacations lately. all that coming up in the next hour. plyo-sled bloomberg headquarters in new york, linda bell reporting for abc 7 news. >> thanks so much. it's about 64 degrees outside. >> still ahead we will have an update on the health of d.c. councilman marion barry, hospitalized during a trip to las vegas. his message to the hospital workers. >> to the market here since the deadliest tornado in the u.s. in six decades. hear what president obama had to say during yest

among those testifying is security and exchange person mary shapiro answering questions from jpmorgan chase and the derivative trades. that resulted in the bank's staggering multibillion dollar loss. >>> "dateline" celebrates 20 years on the air. with an anniversary special featuring some of the show's greatest moments. that's tonight right here on your nbc station. >>> and white house press secretary jay carney turns 47. >>> all day long you can stay on top of the latest developments on those stories and others as they break on msnbc. tonight be sure to watch brian williams with "nbc nightly news." finally here's a look at what's coming up later this morning on the "today" show. former secretary of state colin powell will be live to talk about his new book "it works for me." and the up and coming indy rock band young the giant will perform live. now keep it on this channel for continuing local news, weather, sports and more. i'm lynn berry. thanks for watching "early today," just your first stop of the day, today, on your nbc station. have a good one.

he's got lawsuits, litigation, he's got mary shapiro, s.e.c., us talking about it on television. and we're not talking about what a great creation it is but what a botched i.p.o. it is. so i would just sort of balance. yes, it was a great deal financially for a few people but on the broader term this is not a great thing for facebook going forward. >> brown: anant sundaram, what does history tell us about these kind of i.p.o.s, if there is any good analogy. is it too early to tell about its success or failure? >> yes. it's too soon to tell us about its success or failure. but we do have considerable evidence on long-run performance of i.p.o.s in the academic finance literature in general. on average, aoeup east coast underperform over a three to five year horizon it turns out. but actually in the evidence, again, on average to s to be believed-- and the empirical evidence is pretty strong-- it's the stocks that are large i.p.o.s such as facebook that tend to outperform and stocks that are taken public by higher quality-- within quotes-- bankers such as morgan stanley or goldman s

bodies and the dead commodity traders and brokerages everywhere and then then they also quote mary shapiro from the f.c.c. who said we've been asked to take on very significant new responsibilities though that f.c.c. has made progress in hiring new staff person improving its technological capabilities she conceded that in some areas the efforts haven't gone far enough we're still way outgunned by the firms we regulate in terms of technology but i would say also the amount of bribes and kickbacks you're paying to congress people are obama as you say and also in the amount of you know violence against the markets you're willing to do because the bankers you're regulating are willing to take down the entire thing to in or. ordered to get their way here's my shovel ready projects for america line up all the regulators and slap them with a shovel all right stay here with thanks so much for being on the kaiser report thank you max don't go away much more coming your way so stay right there. to be bright. blue. something to. the top teeth dot com. i'm alex geyser welcome back to the kaiser report

morgan's trading loss according to mary shapiro in that hearing today let's take a listen. when they talked about the their potential all the risks that they faced as a business when they talk about potential losses under their foreign model we are very focused on the accuracy and the timeliness of that disclosure so she mentions the bar model's the value at risk and this is where they would have come into play as having some oversight now we know that j.p. morgan day their risk models the bar models within this show the london wales office they changed those models then they announced this trading laws then jamie dimon said hey and we're going back to those old models we don't know a lot about how or why or what went into that but in your view did that as these the mess up here did they miss this. well first the broader point it's very strange that you're starting the day congress is starting with the f.c.c. and the c t c the clown who shoots a trading commission because they are not the direct regulators of j.p. morgan right at best they are ancillary to this story and so

sec chairwoman mary shapiro described the investigation to members of the senate banking committee. >clearly our focus right now is on whether the company's public disclosure and financial reporting is accurate. >> what did they know inside? when did they know it? and what should they have divulged. is that correct? >> exactly. reporter: the size of the loss was made public by jap morgan chase ceo jamie dimon on may 10. just three weeks earlier in a conference call with investors he dismissed concerns about the bank's risky trades calling them, a quote, tempest in a teapot. >> i was dead wrong when i said that. >> reporter: dimon now says he was misinformed about the scale of the losses that were already piling up in the bank's london office. it's against the law to knowingly mislead the public about the health of a company. >> obviously i didn't know or i never would have said that. when the reason became public was because we wanted to say, you know what? we told you something was completely wrong a mere four weeks ago. >> reporter: the banking committee has called on dimon himself

we've been hearing from mary shapiro that we're watching all of this but we should put it in context.re saying it's too big to fail all over again. look, $2 billion is a big trading loss but if you look at jpmorgan with the $2 billion trading loss, they are still expected to earn $4 billion just in this quarter alone. it's not a situation where taxpayer money is going to be at risk. this is happening exactly the way it should. trading is a risky business and these businesses have to be prepared to take those hits themselves. that's what happened here and they put everything on notice. so, you know, that's one bit of caution. this is not too big to fail again where you have banks that need taxpayer money at all in any stretch of the imagination. and i hope that something that is kept in context in washington. this is a huge concern, though, and you are probably very likely going to see a tougher volcker law because they are talking about that on the hill today. it's putting pressure on stocks and when we open up we'll probably see the dow open up down by 75 points. this will be seven o

also at 10:00 on c-span, the head of the securities and exchange commission, mary shapiro, and head of the commodity futures trading commission, gary gensler testified before the senate banking committee about financial regulations, derivatives, and the recent losses at j.p. morgan. our road to the white house coverage of the presidential campaign continues with a new hampshire speech on the economy by vice president joe biden. you can see that live at 1:45 p.m. eastern. >> i fight this is one of those markets where people vote for -- they don't vote for the party. this city votes for the candidate. you see more of that even though this is heavily republican, midwest, which is the dynamic and great but i think you are seeing more of that in the recent years here in the midwest. they are really voting a little bit more about what the person stands for. >> june 2 and 3, book-tv and american history to be exported heritage and literary culture of wichita, kan.. >> i want to show you the munger house. the only original remaining structure from 1860-8070 times. it was important in that it i

mary shapiro says it deserves a review. >> shepard: lawsuit over the glitches of the beginning of the, they had to delay the start of training for an extra 30 minutes to it. >> suing hoping to turn it into a class action lawsuit. they're suing not only morgan stanley but the nasdaq for the way this thing was issued. think about this, some of the investors that brought on friday, they don't know if they own the stock or not. >> shepard: because of those very glitches. >> that's crazy. >> shepard: they probably hope not. >> exactly. and you would have had a chance to sell if you knew the answer to the question. >> shepard: unbelievable. >> sorry. a little -- it's not good for individual investors or anybody else. >> shepard: a little hot and bothered. jerry's program the willis report top of the hour on fox business network just 35 minutes from now. >> well done. >> shepard: see you then. google is searching for a larger piece of the smartphone market now and today, google completed a deal to buy motorola's mobile division. the price tag here is more than $12 billion. it's the most expe

with sec chair mary shapiro testifying about things on wall street today, she told our eamon javers in washington that there are issues that need to be looked at, maria, with this facebook ipo and they're looking into them at moment. >> you know, it's interesting, bert bertha, because the deal is priced thursday night. the company starts trading friday at $38. before it starts trading there were all these indications it was going to open between $42 and $45, $45, $48. it opens as you just said at $42 and drops 20% to where they with right now. what's with all this noise about it's going to open at $45, $48, then we get an opening at $42? >> part of the reason we get the opening at $42, if you noticed on friday afternoon a lot of late trades coming through and getting reported after that glitch with the nasdaq reporting system, they came in at $42. so everyone who was putting in, it seems, bids before that delayed 11:30 opening got the $42 price for the opening. >> unbelievable. >> so there are folks who are very angry about that because they may have put it in at a lower price than tha

just after the hearing i had a chance to catch up with mary shapiro of the sec. and i asked her whether individual investors can still have confidence in these markets given everything that we've seen going on. take a listen. >> i think there's a lot of reason to have confidence in our markets and the integrity of how they operate. but there are issues that we need to look at, specifically with respect to facebook and as we just testified to, we're all looking carefully at the jpmorgan trading. >> can you tell us about what you've learned about facebook so far in your investigation? >> i really can't talk about it just yet. as we said, we're very clearly focused on it. what happened with the trading. and whether there are any implications beyond that still under way. >> reporter: do you have a time frame for when you think you might have some answers? >> i don't. i'm sorry. >> reporter: clearly here we're seeing that mary schapiro doesn't want to talk about what they're finding in the facebook question and answer period they're engaged in. she wouldn't even give

trading commission chairman gary gensler and securities and exchange commission chairman mary shhero to shapiro, they found out $2 billion worth through media reports. the fbi, cftc and fcc are all conducting investigations into what happened and shapiro added the scp is focusing whether jpmorgan's reporting was accurate. the hearing from yesterday is two hours.

the 54th annual general membership meeting and we are especially privileged this morning to have mary shapiroe 29th chairman of the united states securities exchange commission here to provide a regulatory update. our format this morning is a q&a and i am pleased she really is the hardest working person. melanie hobson, the investments and the chair will serve as the questioner. we are eager to get to the conversation but first to say a few words about german shapira. in short, she has had a remarkable career as an effective regulator and an extraordinarily strong advocate for investors. in 1988 president ronald reagan appointed her the commissioner of the fcc -- sec. she was named acting chairman by president bill clinton in 1993. president clinton later appointed chairman schapiro the chairman of the commodities futures trading commission where she served until 1996. from there, chairman schapiro entered the leadership ranks of the financial industry's self-regulatory organizations. in 2006 she was named chairman and ceo. in that role, she oversaw the merger with a member regulation operati

mary shapiro says the agency is investigating the first quarter financial reports to determine if theyhairman say the $2 billion plus loss should be a lesson for regulators to tighten rules mandated by the financial overhaul. >>> european leaders meeting today. roger altman joins us now and we have guest host house majority leader eric cantor with us, as well. good morning to you roger. let's talk about europe and talk about this fiscal cliff that is looming over us. quick view on where we are in terms of greece and what will happen with italy and spain. >> it's a knife edge situation. in theory greece should not exit the eurozone because that would usher in i think a very dark period in greece where no one would lend to the country. the state couldn't meet its payroll. it couldn't make all of the social benefit payments which we have seen so much attention to. >> i thought we were over this. i thought we decided to let greece go? >> the eurozone they we able to allow greece to go. i'm pointing out that from greece's point of view it does not make sense to exit the jure zone. i'm skept

also, the head of the security and exchange commission mary shapiro as well as gary against other testify before the senate banking committee about the recent losses at j.p. morgan. and the road to the white house presidential campaign coverage continues with a new hampshire speech on the economy by vice president joe biden. you can see that live at 1:45 p.m. eastern. >> people look at what happened with j.p. morgan and say, here is a company that made a stupid decision, lost money, did not collapse, five people are responsible. this is the way market is supposed to happen. why did government need to play a role? >> that is true, but to some extent i take responsibility for it. government needs to pay -- play a role. two years ago, if this had happened then, you would have seen much more concerned in the economy. what we did through legislation is to require these things to be much better capitalized. you have to have more capital than you would have otherwise. that helps to give people assurance. >> congressman barney frank spoke about the over $2 billion loss by j.p. morgan chase, as we

jeff, kim fernandez, rick fern, jim shapiro, pam ruppright, sue grissom, rebecca evans, lynn benedict a.m. -- bexam, mary lynn shimik, paul kiske, andrea o'leary, terry roller. if i've called your name, you can come on up. >> well, i was the last one called, but no one else seems to be taking the space so i will go right head. my name is terry and i'm a resident ever the district. although i care for children and recognize their need to for a place to recreate, i'm opposed to this project. stadium lighting and artificial turf have no place in golden gate park. some day they will grow up and have children of their own and we have to ask ourselves, if we approve this project what kind of a park are we going to leave them? i truly believe that this project is going to permanently and dramatically change the western end of golden gate park. this is not the type of park i would want to leave my children and certainly not the park we have today, but there is an alternative that gives kids a place to play today but preserves the park for them and their children in the future. fix the beach chalet fields but kee

january 2009 president obama appointed chairman shapiro chairman of the sec and she was unanimously confirmed by the united states senate. during her tenure mary schapiro and the sec carried out their investor protection mission on an amazing number of fronts, implementation of the dodd-frank act, the 2010 reforms of money funds, changing the role of credit agencies and many, many other subjects. for her extraordinary dedication and her extraordinary accomplishments over long year as a regulator, chairman shapiro deserves and she has our deepest admiration and respect. now, there is plenty to discuss this morning so let's proceed. please join me in giving an especially warm welcome to chairman mary schapiro. >>> so mary, i have to say we have had a fantastic conference. we've had great people, but you are one of the most anticipated conversations -- >> oh, dear. >> of this 30 days. whoen people found out that this was a q and a, questions came flying. so i hope we have a really great discussion. i'm very excited about this. i want to start off talking about your in setting the stage for a conversation. you had a remarkable career as paul menti

mary schapiro testified last tuesday. they told the senate banking committee that they found out about the losses through radio reports. they're all conducting investigations into the trading losses. shapiro added that she was focused on the disclosure be more accurate. this is about two hours. >> i will call this hearing to order. today we will review the progress being made to reduce systemic risk and improve oversight in the derivatives market. before we get to the main subject, i want to make a few comments about the recent news made by jpmorgan chase. the massive trading losses is a reminder of the financial crisis of 2008. since the conference call, our staff and members have held briefings with the company itself. following this briefing, i announced that i intend to call jpmorgan's ceo to testify before the committee. all in for him to testify, i expect him to inform the committee of the details on what was purported to be a very complex trade. our june 6 supervision a hearing, said there on their way to having a more complete understanding of the jpmorgan matter that will help us better oversee the implementation of wall street reform. this has been a wake-up call for many in the

chair mary schapiro told the senate banking committee today that they found out about jpmorgan chase's over $2 billion in losses through media reports. the firm reported it has on may 10th. ms. shapiro says the sec is focusing on whether the firm's financial disclosure and reporting were accurate. here's a portion of her comments today before the committee. >> chairman johnson, ranking member shelby and members of the committee, i appreciate the opportunity to testify regarding the securities and exchange commission's ongoing implementation of title vii of the dodd-frank act. as you know, title vii creates an entirely new regulatory regime and directs the commission and the cftc to write a number of rules necessary to implement it. of course, title vii is just one of the many areas ranging from credit rating agencies to private fund and municipal adviser registrations where the sec is charged with writing rules. the sec already has proposed or adopted rules for over three-fourths of the more than 90 provisions in the dodd-frank act that mandate sec rulemaking. additionally, the sec has finalized 14 of the more than 20 studies and reports that the dodd-frank act directs us to complet