mr. campbell?ollar once again my good friend has a selective memory for the federal reserve board took the toxic -- toxic assets off the bank's balance sheets. it was supposed to be that treasury would do it with the supposed tarp money. instead, the federal reserve did. that step was the right step to take but that -- so the banks would not lend otherwise. by contrast the bailout for that tarp money was redirected in a bait and switch to bail out general motors, the bailout aig, to bail out freddie mac and fannie mae. all those points of the bailout and those are strongly opposed. was there a failure regulation? the failure was when congress told freddie mac and fannie mae and i remember this statement from barney frank, roll the dice, he said. roll the dice. support those mortgages even if they're not commercially acceptable to support. go ahead. and we got into trouble. those mortgages that should not have passed commercial tests were then able to gather into a security, sold the banks, and the

mr. campbell. we'll now recognize mr. sherman for -- >> five seconds. >> five seconds. >> i misspoke in a way when i said the manager's amendment had not been adopted, they adopted the first manager's amendment, they failed to adopt the second manager's amendment, and we can breathe a little easier. >> only an accountant -- [laughter] >> it's an occupational hazard, mr. chairman. >> now recognize the gentleman from colorado for 2 minutes. >> thank y, and it'll be much shorter than that. i just appreciate you all being here toy. we tangled a little bit the last time you all were here. and i just want to say thank you to working with various people, vario parties, various industries in helpingus move through a very difficult time for this country financially. and i would say to my friend, mr. campbell, i agree for the most part the accounting profession, there's a lot of objective kinds of things. two plus two equals four. we've come throh a time, though, where there was some subjective analysis that had to be involved, and

mr. campbell?n my good friend has a selective memory for the federal reserve board took the toxic -- toxic aets off the bank's balance sheets. it was supposed to be that treasury would do it with the supposed tarp money. instead, the federal reserve did. that step was the right step to take but that -- so the banks would not lend otherwise. by contrast the bailout for that tarp money was redirected in a bait and switch to bail out general motors, the bailout aig, to bail out freddie mac and fannie mae. all those points of the bailout and those are strongly opposed. was there a failure regulation? the failure was when congress told freddie mac and fannie mae and i remember this statement from barney frank, roll the dice, he said. roll the dice. support those mortgages even if they're not commercially acceptable to support. go ahead. and we got into trouble. those mortgages that should not have passed commercial tests were then able to gather into a security, sold the banks, and the rest is sad histo

mr. campbell not?> if you cannot keep it straight, we are in trouble. >> i think we jumped. >> miss fiorina, we will go to you. despite the highest foreclosure, unemployment, and poverty rates, many people in the valley believed their region is being neglected. the majority of the stimulus dollars went to no. and southern california. what can you do to make sure all of california receives proper representation and its fair share of funds? >> a reject the premise of your question. it asserts that the stimulus package has been helpful to california. the reality is that the unemployment rate has climbed since the implementation of whenever federal stimulus dollars have come to california. that is not how we would get this economy back on track. i have lived the american dream. i started out as a receptionist. the people who will get the american dream back on track our small business owners, family businesses, innovators, entrepreneurs. we make it too hard for them to succeed. let us cut the size of gover

mr. campbell. we'll now recognize mr.herman for -- >> five seconds. >> five seconds. >> i misspoke in a way when i said the manager's amendment had not been adopted, they adopted the first manager's amendment, they failed to adopt the second manager's amendment, and we can breathe a little easier. >> only an accontant -- [laughter] >> it's an occupational hazard, mr. chairman. >> now recognize the gentleman from colorado for 2 minutes. >> thank you, and it'll be much shorter than that. just appreciate you all being here today. we tangled a little bit the last time you all were here. and i just want o say thank you to wrking with various people, various parties, various industries in helping us move through a very difficult time for this country financially. and i would say to my friend, mr. campbell, i agree for the st part the accounting profession, there's a lot of objective kinds of things. two plus wo equals four. we've come through a time, though, where there was some subctive analysis that had to be involved, and i

campbell. if she received a blood diamond from mr.aylor, after a dinner hosted by nelson mandela and africa 13 years ago. she was awoken in the middle of the night, she says, by a group of men who presented her with an uncut diamonds. she is no stranger to african, -- conflict, having campaigned tirelessly. ms. campbell refused to talk to the prosecution in the past and that she denied the rough diamond gift. she was questioned about the diamond on an appearance on the oprah winfrey show. when asked about the diamond, she said she did not want to be involved in the taylor case, saying she did not want to put your family in danger. -- her family in danger. >> and that is just about it for this edition. do stay with us here on bbc world news. >> "bbc world news" is presented by kcet, los angeles. funding for this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu, the newman's own foundation, and the john d. and catherine t. macarthur foundation, and union bank. >> hello and welcome. >> see

mr. campbell. now we'll hear from the gentleman from illinois, mr. foster. >> thank you, mr. chairman. does anyone yet understand the origin of the tremendously high share prices that were bid -- that were at least reported, $100,000 or so? were these algorithmic bids or what was the nature of them and what was the nature of the firms -- >> i believe that's what we're still looking at. i'll ask robert to jump in. interestingly there were 20 stocks that traded at 90% above their 2:00 p.m. price during that period when there were, you know, 250 or more stocks that traded at 90% below their 2:00 p.m. price. but i don't know if we know yet the reason. >> no, we don't. there are many more that traded below their 2:00 p.m. price than above. we do not yet know the nature of the orders that came in, that fed into those prices above. >> so you don't even know who made them? >> not at this time. that's part of the information we're gathering together, because we're pulling together the information as to where the orders originated at which trading venue, and then we'll go back further and find o

. >> thank you, senator campbell, and welcome to mr. bersin. let me if i could turn to a different topic. and i come to this because i share on the finance subcommittee and trade subcommittee and this is especially important to our part of the world trade jobs davitamon trade in my home state. something like one out of six jobs depends on international trade. and if confirmed you would play an especially important role in the key feature of the whole policy arena and that is the enforcement of the duty orders and of course the agency cbp plays and a central role in a host of enforcement efforts that are especially important at this time. we are seeing illegal transshipment particularly by the chinese, falsified country of origin marking undervaluation of goods that pay less duty, misclassification of goods, the list goes on and on as you know. and in effect the cumulative consequences of all of this are u.s. industries forking over millions of dollars to try to fight the costly trade disputes to keep from getting the consequences of illegal dum

. >> thank you, senator campbell, and welcome to mr. bersin. let me if i could turn to a different topic. and i come to this because i share on the finance subcommittee and trade subcommittee and this is especially important to our part of the world trade jobs davitamon trade in my home state. something like one out of six jobs depends on international trade. and if confirmed you would play an especially important role in the key feature of the whole policy arena and that is the enforcement of the duty orders and of course the agency cbp plays and a central role in a host of enforcement efforts that are especially important at this time. we are seeing illegal transshipment particularly by the chinese, falsified country of origin marking undervaluation of goods that pay less duty, misclassification of goods, the list goes on and on as you know. and in effect the cumulative consequences of all of this are u.s. industries forking over millions of dollars to try to fight the costly trade disputes to keep from getting the consequences of illegal dum