i found bill through merrill lynch. i was walking through telling everyone i wanted to be a hedge fund manager. the guy was like, i know a guy who used to be a hedge fund manager. i came out to the class and i was like, i started learning a lot more, i started learning about how to evaluate companies, how to present companies, ended up giving me an internship at thomson-reuters and he also influenced me. he was a big part in influencing my taking the gmat exam, in the 96 percentile. -- 96th percentile. it means if 100 people took the test, i did better than 96% of them. 96 of them. [applause] i wanted to also throw in there, a 10% of the people in the united states go to business school. that is the top 96 -- 4% of 10%, you see what i am saying? i am cool with math. bill has been instrumental in telling me -- not telling me but advising me of what business school to apply to so i am applying to stanford, harvard, it may have heard of them. and warden. i grew up in hunters point. that is right. i think this program like

merrill lynch.eople buying the stock and the options just purely based on the expected outcome of a court case or a settlement. do you believe that mbia will win the case with bank of america or settle? >> yes, i do. and in fact, any day now we may be hearing the outcome from the article 78 proceeding one of the cases in which bank of america is suing mbia. we believe that mbia will prevail in the case. frankly, i wouldn't want to be short the stock when that headline comes out and ultimately we believe there's a settlement because it's in the best interest of b of a to do so. >> all right, mark, thank you so much. >> certainly. >>> still ahead, the 401k plans the best buy for retirement savin savings? >>> and then back to the story we talked about, the $30 million ferrari that crashed the way in to the disaster -- >> kids starving out there. this is making you weep? >> well, listen. thanks a lot. i get your point. you're right. okay? i'm an incensive jerk. you know what? still newsworthy headline.

that's merrill lynch. we take it on ours.his summer put your family in an exceptionally engineered mercedes-benz now for an exceptional price during the summer event. but hurry, this offer ends july 31st. >>> coming up at the top of the hour. the had the of a leading business organization is slamming president obama's comments that entrepreneurs owe success to the government. >>> and ceo of an electric utility southern company outlines the fallout america will feel if congress doesn't act soon. >>> an intel ceo will be here to break down the company's earnings moments after they're released. first, back to brian shactman. >> thanks. we're watching shares of facebook as we always do. a capstone analyst said they're losing users in the u.s. and europe. we're seeing a late day rally especially in the 2:00 eastern hour, "street signs" down only a quarte quarter. >> street talk time on "street signs". >> the teen retailer, home of the $9 graphic t-shirt. from an overweight to underwait. hardly a ringing endorsement. aeropo sta aer

a passionate belief, and the foundation on which merrill lynch has been built.r financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those. we provide the exact individualization that your body needs. oh, wow, that feels really good! take it up one notch. oh gosh, yes. once you experience it, there's no going back. now, save $500 on our p6 bed set. and hurry in for the final closeout of our 2011 flexfit adjustable base. only at the sleep number store, where queen mattresses start at just $699. ♪ ♪ ♪ [ male announcer ] what's the point of an epa estimated 42 miles per gallon if the miles aren't interesting? the lexus ct hybrid. this is the pursuit of perfection. this is new york state. we built the first railway

at merrill lynch, we understand the importance of your goals.nancial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. rr and a reminder, your coverage live details. time for the tinl frad. >> pharma names have been doing well. >> yahoo! >> she stole it out from under your. >> i would say pfizer then.

. ♪ a passionate belief, and the foundation on which merrill lynch has been built.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >> you own this is stock. >> i do not own it yet. >> full disclosure. >> first move tomorrow when we come back. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older, may have low t. so talk to your doctor about low t. hey, michael! [ male announcer ] and step out of the shadows. hi! how are you? [ male announcer ] learn more at isitlowt.com. [ laughs ] hey! tdd# 1-800-345-2550 we're hitting new hi

that's merrill lynch.eforet >>> just before the break we asked which airline stock has risen the most so far this year? yet blue, southwest, or united continental? now the payoff, united continental that has climbed about 30% year to date. >> u.s. markets down sharply at this hour as you see the industrials down about half a percent. the s&p down about one fifth of one percent. those losses accelerated around 2:00 p.m. eastern. richard bernstein is joining us now. they said things today have worsened in terms of sentiment, what's your take on the fed today? >> i don't think the fed had to do qe 3 because we have a 150 ten year. if they want lower interest rates, i think europe has gotten them for us. but the other thing though in terms of the action you're seeing today, is people time and time again are waiting for the government whether it be monetary fiscal policy to bring us back to where we were. that's not going to happen. we're on the downside of a credit bubble. any time you see monetary and fiscal

a passionate belief, and the foundation on which merrill lynch has been built.advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> welcome back, stocks ending the week on earnings that are failing to impress. american century investments managed $120 billion in assets. joining me now from lake tahoe with the annual celebrity golf tournament is under way is jonathan thomas. it is pouring cats and dogs here in new york, i'm looking at your shot, and i realize it's a tough job, but somebody has to do it. >> i appreciate the sympathy, it's great to do it. we're head quarters in kansas city where it's over 100 degrees there too. >> tell me about investor sentiment. last time we spoke, europe's debt crisis, the presidential election a few months away, and it seems this uncertainty is continuing. how are you advising clients? are you still seeing that risk

that's merrill lynch. c'mon, michael! get in the game!e announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older, may have low t. so talk to your doctor about low t. hey, michael! [ male announcer ] and step out of the shadows. hi! how are you? [ male announcer ] learn more at isitlowt.com. [ laughs ] hey! >> just before the break as part of the dividend, we asked which stock increased the most so far this year. a state, family dollar, or time warner cable. now the payoff. time warner cable that shot up about 30% year to date. >> this market continues to rally into the close, the dow a few points short of going positive for the week. the nasdaq on track to wrap up a tough week. we have a round up of today's big movers now with seema mody. >> tech stocks have been declining, but the s&p technology is under performing the s&p 500

at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. are always on the move. so they can't get to the bank to deposit a check. instead, they use citibank mobile check deposit. it's easy. they just snap a pic... ♪ hit send... and their checks are deposited right to their account. well almost all of their checks. stand back. seriously? [ male announcer ] citibank mobile check deposit. easier banking. every step of the way. >>> recently we're seeing more black eyes on wall street. during the delivering alpha conference yesterday, pree preet bharara explained how bad he thinks it is. >> every time you have a case of insider trading, you're showing people's confidence in that belief is misplaced, and it's especially disheartening given the variety of cases brou

ich merrill lynch has been built.ial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> just a programming note, we are waiting for mitt romney to make statements in new hampshire on the aurora shooting. we will break that to you live. let's talk about the markets as we wait on mitt romney. soft revenues continue to be a theme across big technology earnings this week. sales are either disappointing or barely in line with street estimates. does this mean you should look at all sectors? dan, should we avoid all big tech for the second half? >> you can't make a blanket statement like that. >> i just did. >> i think the thing is that you have to be careful about the market in general. my feeling is that the market falls off between now and the end of the year so you need to get very selective in terms of wha

that's merrill lynch. this is new york state.first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. >>> in honor of our top states for business coverage on cnbc today, we asked you before the break, which state has had the worst stock performance of the s&p over the last year, based on the companies that are based there? it's kansas. kansas. that is due primarily, herb, to sprint, down 40% in the past 52 weeks. you can see the other worst stock performing states. it's going to be on closing bell in an hour, 42 minutes, 51 seconds. after cut iting, the stock was fire earlier this year and was an all time high in march. herb, you have time for one line. >> they just didn't sell enough robots mostly for knee surgeries.

that's merrill lynch. i don't have to use gas. am probably going to the gas station about once a month. drive around town all the time doing errands and never ever have to fill up gas in the city. i very rarely put gas in my chevy volt. last time i was at a gas station was about...i would say... two months ago. the last time i went to the gas station must have been about three months ago. i go to the gas station such a small amount that i forget how to put gas in my car. ♪ so what i'm saying is, people like options. when you take geico, you can call them anytime you feel like saving money. it don't matter, day or night. use your computer, your smartphone, your tablet, whatever. the point is, you have options. oh, how convenient. hey. crab cakes, what are you looking at? geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> >>> after alcoa beat the street, what kind of earning season do you expect? here's what america said in the finance.yahoo.com poll. f 15% said it will be strong. 52% said mediocre a

at merrill lynch, we understand the importance of your goals.ncial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. ♪ i want to go ♪ i want to win [ breathes deeply ] ♪ this is where the dream begins ♪ ♪ i want to grow ♪ i want to try ♪ i can almost touch the sky [ male announcer ] even the planet has an olympic dream. dow is proud to support that dream by helping provide greener, more sustainable solutions from the olympic village to the stadium. solutionism. the new optimism.™ ♪ this dream >>> so we're asking, do you think a new round of stimulus for the u.s. would have meaningful benefits? 22% of you said yes. 78% said no. very interesting. the yahoo! finance poll in conjunction with cnbc. now, to mandy drury. we'll see what's coming up on streets signs at 2:00 p.m. eastern time. >> lots of things. yahoo!'s marissa mayer joining t

at merrill lynch, we understand the importance of your goals.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> welcome back, yesterday senator schumer told ben bernanke in testimony to get to work on more economic stimulus, but today mr. bernanke herd a different tune during his testimony. hampton pierce was there and has details. >> he wrapped up two days of congressional testimony fending of criticism to help aid the economic recovery and telling lawmakers the fed can only do so much. >> i don't think it's the case there has been no progress. we had in the last quarter of '08 and first quarter of '09, we had a collapse in the economy, the employment rate went about 10%. it's true that the recovery has been slower than we would have liked, but clearly we have made progress on unemployment and job creation. bernanke

gold is moving right now as merrill lynch's commodities chief says it could go to $2,000 an ounce if the fed plays the stimulus game again. >>> issue number two, talking stimulus. talking cuts. talking taxes. in washington, are the political leaders really hearing the cries of american business as we linger on the precipice of that fiscal cliff? >>> and do you feel like the fish at the -- look at that. at the end of that rod sometimes. the lohman or woman on the economic food chain. today, tips on how to swim clear of the sharks and how to keep off man's hook. sue is out. simon's in at the new york stock exchange. >> a catch. we start off with that fish and avoiding the sharks here on wall street. getting to kenny in a minute. first bob on what's now a sixth poor day for the bulls here. >> the problem is very simple. earnings. when's going on in china. we have the big international names to the downside. the energy stocks, take a look. financials and material stocks taking a hit. remember, this week, concerns of cartier, about the slowdown in china. today, marriott talked about thing

a passionate belief, and the foundation on which merrill lynch has been built.from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. . >>> today on power lunch we'll hear from one of the senators who questioned fed chairman bernanke. does he think more easing is on the way and is it the right way to get the economy moving again? a move in the auto sector could mean new plants and new production lines. find is what it may mean for american car workers and high and dry, the cost of the midwest drought is sky rocketing. see if any relief is in sight today on "power lunch" at the top of the hour. back to a guy never high and dry, scott and the fast half team. >> we'll see you top of the hour. citigroup cutting estimates on four of the nation's biggest retailers citing slower consumer spending and as the back to school shopping season begins. debbie weinswig is on the fast l

that's merrill lynch. an accident doesn't have to slow you down... car replacement, available only from liberty mutual insurance, if your car is totaled, we give you the money to buy a car that's one model-year newer... with 15,000 fewer miles on it. there's no other auto insurance product like it. better car replacement, available only from liberty mutual. it's a better policy that gets you a better car. call... or visit one of our local offices today, and we'll provide the coverage you need at the right price. liberty mutual auto insurance, responsibility -- what's your policy? >>> when it comes to living social, will they or won't they go public? recently they told a british paper that the company is likely to launch an initial public offering next year. is that a good move giving the rival woes of groupon and facebook and down more than 25% respectively since the debuts on wall street. let's go to living social ceo, julie, over to you. >> thanks, appreciate it. tim thanks so much for talking with us today. give us some clarity, the big question,

the department of labor reports that merrill lynch and 11,000 jobs last month, -- maryland lost 11,000 jobs last month. the silver lining, the agency result -- revise the main findings say 2900 jobs were cut rather than 7500 as reported. the federal government is comparing the student loan crisis to the subprime mortgage crisis which caused so many people to lose their homes. students of more than $150 billion in outstanding private loans. tim has details on attempts to fix the problem. >> these students are tying up some loose ends. they are signing up for classes and trying to figure out how they will pay their college bills. >> the lot of students are having trouble paying off their private loans. >> more and more schools are urging them to weigh their options. >> the federal loans almost always offer much lower interest rates and private loans. >> the u.s. department of education is looking to help ease the pain. it is recommending lenders do more to involve schools in the process. take a look at how they may be discharged bankruptcy and to make sure that consumers understand the t

a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. syou know, i've helped a lot off people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing)

a passionate belief, and the foundation on which merrill lynch has been built.financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. brynjolfsson. we are about halfway through the trading day. here are our top three trades. nokia, cutting the price of its flagship smartphone to $50 from $100. >> continued fallout. no one is buying it, next you'll see $29.99, then for free. nokia in all sorts of trouble. >> jcpenney in trouble after retail sales dropping for the third straight month. short this has to be music to your eyes. >> retail sales weren't good. specifically for jcpenney comps down 19%, will be down the same amount. you can only have five years of comps going down 19%. that's a little bit of a joke. you also had really good news here. the bad news is it's surfaced martha stewart could terminate their contract if they wanted. all the brands

we spoke with eathan harris at bank of america merrill lynch. >> little bit of better news relative to what we've been hearing in recent weeks. however, the economy is clearly slowing down. we expect growth to slow to just 1.3% in the third quarter and 1% in the 4th quarter as the problems in europe and the u.s. fiscal cliff weigh on the econo economy. so, we are clearly in a decelerating trend for the u.s. economy. well clearly europe is hurting not just u.s. growth but global growth. some of it is due to weaker trade. but really, the bigger story here is about confidence. it is about businesses and households getting worried about europe and the impact on their stock portfolio. so europe is a big factor in the recent slowing in the u.s. economy. it is going to continue going forward. the fed reserve an offset some of this pain by additional easing policies, but really there is not a plot policy-makes can do affecting the u.s. municipal leaders in eastern china have reacted to a not in my backyard movement. they have prompted to scrap a plan to dump industrial waste into the sea. offi

that's merrill lynch. this is new york state.the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. >>> welcome back to >>> welcome back to "squawk on the street." third hour, rick santelli here with my special guest. bob mauer and we worked together in the early '90s. he worked for peregrine financial group. he's with mandue ka trading. welcome, bob. let's go through a chronology of what happened. you have maybe a little less than $3 million of funds through a couple hundred plus customers. >> that's correct. >> and you're pretty much aware of what was -- what has happened. but you told me off camera you didn't really sense anything was really wrong until monday. >> exactly. monday was when we got the first sense. i went home friday afternoon, business as usual. e

and the foundation on which merrill lynch has been built.oday, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free onli

and the foundation on which merrill lynch has been built.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me... giving me the thumbs up. it's always a gratifying experience. it makes me feel good about my car. i absolutely love my chevy volt. ♪ [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or

at merrill lynch, we understand the importance of your goals.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. ♪ ♪ ♪ [ male announcer ] what's the point of an epa estimated 42 miles per gallon if the miles aren't interesting? the lexus ct hybrid. this is the pursuit of perfection. >>> just before the break we xtd, which home builder stock shot up the most this year, hov nanian or toll brothers. hov nanian which has doubled its value year to date. >> the tech sector is one of the weaker stocks. >> it's been an interesting 24 hours since the announcement of marisa mayer to the stock rise and fall ahead of the earnings reports after the bell today. looking for 23 cents a share. on the opposite side of the spek trim, ma tell posting good earnings thanks to barbie and batman lifting other competitors in the space. >> thank yo

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at merrill lynch, we understand the importance of your goals.nancial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> welcome back to >>> welcome back to "power lunch." i'm eamon javers in washington. look at corn prices. this is important. this is one of the reasons we're told corn selling off a bit right now. the united states department of agriculture just within the past few minutes putting out a new release, detailing a whole host of new emergency drought procedures. this seen as an effort to help farmers, among the procedures that they're going to be implementing here are lower emergency interest rates for farmers out of the usda and designate 1,016 counties as natural disaster areas and effort by the federal government to help farmers in emergency situations will help them produce more corn and may be one of the reasons to

she then designed trading software for deutsche bank and merrill lynch. >> there's an incentive to make as much money as you can for the firm. and in some senses, i think, for the traders, they think, "hey, i earned a billion dollars this year. i deserve some small percentage of that." what i think is incorrect about that is the behavior that that incentivizes is, "i'm gonna go for broke. i'm gonna try and make as much money as i can. and if it blows up three years from now, that's not gonna affect the bonus i make today." >> yahoo, 250 to buy, and i'm selling hewlett-packard about 200... >> narrator: the incentives are powerful. a young trader at a big wall street bank can make around $150,000 a year. >> all right, let's put all hands on deck. i'm tempin' up these mus... >> narrator: but based on performance, that number can rise quickly. star traders make huge sums. >> martin smith: how much are you making if you're a star trader? >> for a star trader, you could, after ten years, reach pay above $5 million or $10 million for the star performers. that wasn't the average. >> smith: $10

that's merrill lynch.the movie we are talking about, "the queen of versailles" will be aired on cnbc sometime next year. >> check out shares of apple. up 50% year to date. >> okay. is apple's ceo tim cook worth the king's ransom he took home in total compensation last year? talking of check, john subpoena standing by. pretty damned big check tim cook got for last year. right? >> reporter: yeah. i mean, it is nearly $400 million when you count it a certain way. here is the afterate. this is restricted stock units. half of them don't vest for another five years. the other half don't vest for ten years. he doesn't really is that money now. here is the thing. he got 1 million stock units. under $400 million price is based on the stock price last august. today those are worth more than $600 million. >> you know, i believe the article -- $77.5 million. you got a first on cnbc development on microsoft as well. tell us what it is. >> that's right. microsoft is just now about to unveil a preview of office 2013. mic

that's merrill lynch. >>> good afternoon, everybody." top of the hour, can taco bell's new gourmet menu really lure customers away from chipotle? news on chipotle today. we'll talk about that and we'll talk to taco bell's ceo. >>> plus the fiscal cliff fallout, why somebody here says the u.s. economy could lose up to 10 million jobs if the nation goes straight off that fiscal cliff. >>> and how come nobody's up in arms over new yahoo! ceo marissa meyers's pay package? is it because people only get upset when wall street ceos get that kind of money? first, let's get to sharon epperson down at the nymex. sharon? >> just heading to the close of the natural gas market. and it looks like natural gas is closing at a six-month high, above $3 for the first time since january, big gains in natural gas that we've seen all week long. a lot of it has to do with the hot temperatures we're seeing across much of the country, as well as the fact that the increases in the storage level for natural gas are less than we normally see for this time of year.

a passionate belief, and the foundation on which merrill lynch has been built.from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> we have news breaking regarding general motors and for that we go to brian shactman at the market flash desk. >> thanks, scott. take a look at shares. lot of action in the last 20 muns or so. "wall street journal" headline basically saying they expect substantial loss necessary europe the rest of the year. lot of analyst expected losses. maybe the trading to the downside has to do with that word substantial. phil lebeau is working the phones out of this system. more information that he will bring it to you. 1.5%. >> not a tremendous surprise given what we heard from the automakers including ford lately and the tremendous problem they are all having over in europe. maybe this is a job for superman. >> maybe. >> more discouraging news on

that's merrill lynch. >>> welcome back to "fast money halftime report."e are the top three values. supervalu is plunging, and they're suspending the dividend. reviewing strategic alternatives they like to say. others are falling in sympathy. what do you do here? >> well, it looks like the dividend is not there. revenues weren't terrible, eps was. this stock is down almost 50%. almost a 50% short interest. it's going to trade north of 60 million shares. you could have the capitulation bottom for a trade that you wait for. it might be work a look on the trade here. >> when the yield is that high, there could be a reason for that. bank of america cutting the rating on tyson and smithfield foods to underperform from buy because of high corn prices. >> well, this stock has fuallen off a cliff. puts are a little active today. i think you can wait on this name. i don't think that's any hurry to jump into tyson. >> did you see warren buffett this morning on "squawk box"? he's seeing an improvement in housing. mike murphy, what do you think? >> so michelle we have

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thousand dollars for a top trader that would not be very much no you worked at morgan stanley merrill lynch which was it ruthless across the board at all banks that every bank has its own culture but it's all about money at the end of the day and so there is one thing i think that they all do have in common that there is this tremendous amount of competition it is ruthless you're never quite sure who's on your side and who isn't so even though every place is slightly different i do think that they have that in common you know from the get go you were going to wall street in the hopes of making. a lot of money what surprised you that you weren't expecting because you know you had to have known it was going to be cutthroat sure i guess maybe what surprised me is that it you're never satisfied you're always sort of looking to go up the food chain you're always kind of looking for the next step up and and there's always someone to compete with now i was sort of if you compare me to sort of a top trainer who was nowhere close to that but that doesn't mean that you don't still have this same sens

morgan goldman sachs you know current countrywide credit bank of america merrill lynch they forged documents everyone on wall street for just documents and i don't know a single broker i've ever met in the history of doing business on wall street the hasn't routinely forged documents as to it's a daily thing you know news in the post office this isn't the arbitrage between high frequency stealing and using the post office is still the checks in the mail trick you know like well we can't possibly enforce regulations because we put that into the post office by the way we're defunding and starving to death and put another hundred thousand people out there in the street without jobs like everyone at. post office is losing their job get a broker's license get a series seven license become a professional thief make millions of dollars add liquidity make markets it's easy i mean i don't understand why people don't understand how easy it is to get a broker's license you can work for any one of these shimada firms and you can make millions of dollars just stealing money i don't get it i mean if you h

he had been head of merrill lynch. and then unsuccessful business people like harry truman whose haberdashery went bankrupt and he turned out to be a pretty damn good president. so i think there is a connection in the minds of some people between these two skills. and that might help romney in this campaign. by the way, when 130 million americans are voting in november, most of them won't have paid any attention to his awkwardness in one-on-one retail politics. so it may be that it doesn't end up mattering. but the thing for voters to focus on is whether they accept in an unthinking way that somebody that has been successful in business will necessarily have the right skills for the presidency. >> i'm going to try to go on in that point at the end of the show tonight. thank you so much, scott and jonathan. >>> up next will ferrell on what romney should have said in london. look at this guy. he is so funny. by the way, he is coming on this show live next tuesday. and that is "hardball," the place for politics. [ male an