mike ullman is back at the helm. to be using playbook, what does he need to do differently? >> getting jcpenney back on track is the first charge. he is doing a really good job. if you look at november comps, they were out, they said they were please with their december results. you had a major turnaround that had to take lace. if you think about what was happened in 1.5 years by ron, they destroy jobs and took a business that was $18 billion down to $12 billion. they had to restore confidence and get employees re-motivated. they are making some good progress. kcsa saidorbin of c a risk is moving too quickly. did ron johnson move too quickly, is mike ullman moving too slowly? moved tooely johnson quickly. jcpenney is a supertanker, you .annot make it a motor boat they fired their customer, taking some of their brands and discontinue them. >> you are legendary for delegating authority, you did that at saks. make a product work. are they listening to you at jcpenney? are they actually listening to steve sadove? >> i ha

mike ullman. or changes at jcpenney. he is closing 33 stores and cutting 32,000 jobs.kets. jcpenney has gone nine straight quarters without posting a profit. analyst forecast to lose $200 million this quarter. silicon valley shocker, marissa mayer firing her first big fire, out just 14astro is months after she hired him away from google. yahoo! chief was disappointed with his efforts at boosting advertising growth at yahoo! one report says he will walk away with $42 million in severance. vote no toers unionizing. a group of employees at a delaware or house rejected a proposal to form a union. the boat was 21 to six. it would've been the first union at amazon in the u.s. will be great emotion today in washington. at thenanke speaking brookings institute. john williams joining him as well. a celebration. peter cook is our chief washington correspondent. the pageantry at the brookings today, how big of a deal is this? >> it is not supposed to be bernanke celebration today, but you can expect we will get a lot of talk about his legacy. he speaks about 11:00 on the modest t

mike ullman is a capable guy but he doesn't have the people to get the job done. >> when they brought ashley: bring ullman back. ullman's record wasn't that great in six years he was in charge prior to johnson, right? >> six years of declining sales and profits under to charles' point, yahoo! president and ceo got $42 million severance. to your point, ashley, ron johnson depending how you calculate, $60 million man mistake. might have gotten up to $100 million for wrecking one of the great american retailers along with the real estate interests and wall street interests controlling the decisions at the company and making the mistakes. albert einstein definition of insanity, make the same mistake over and over again expecting a different result. tracy: you pay for it. -- get paid for it. ashley: burt, you say we're in the middle of a mall and retail recession you say that could last 500 days you were saying? >> very possibly, class a malls and tier one malls anchored by nordstroms and macy's of the world, they will do wall. bb and c malls anchored by penn, sears, toys "r" us. they will

. >> it did not work out for ron johnson and mike ullman, the jcpenney, making very difficult decisions now. julie is following that story. jcpenney is making a move to get rid of 2000 employees. yes. we're talking about three percent of the stores, two percent of the workforce. it is relatively small. the company says it is underperforming stores. smallerbe stores with formats. ron johnson does not have much of an imprint on. it is ones that were not working in tertiary markets. that is what jc any is doing. this is part of the longer strategy to roll back almost everything ron johnson had done. >> let's talk a little bit about omen and his effort to reverse what johnson had done. doing,the things he is he is reinstituting the commission. we are talking about around 40,000 people affected by the move. the idea is, you have some of these people who are veterans of jcpenney and johnson promised them, when the company starts to turn around, you will be compensated. is not turning around. you have to give them something as the carrot. the commission is coming back for 3000 folks. he brough

ceo mike ullman saying in the statement, as we continue to progress toward long-term profitable growthinancial performance of our store portfolio and adjust or national footprint. they're trying to get the turn around in place. they're cutting jobs and slashing some stores. those shares at jcpenney up slightly in the afterhours session. back over to you. >> dom, if you would, do you have a sense of where those locations are going to be? which stores are affected here? >> they are not saying right now what those stores or locations are. you have to imagine that if there are certain locations that they're keying on, it's going to be because they really feel as though they need to be out of those particular markets. again, in their statement they haven't exactly said what they are going to be, only that as a result of these cost savings, they're going to see charges of about $26 million in the fourth quarter of this year and $17 million in future periods. so as they take a look at these portfolios of stores and underperformers, we don't exactly know where they're going to be as of yet, bu