deserves credit for that point by all published accounts who are not involved in that but the new york fed has never disputed that he was asked to come in and buy buy bear stearns with government assistance the new york fed offered up so i think it is kind of hard to hold them to account for this. and i wish on the bear stearns lawsuit i mean on the other hand they are a big financial situation they have a lot of very well paid lawyers they could have protected themselves from these types of liabilities and the deal documents and maybe was too rushed i don't know but they apparently didn't do that i do wish that there would be more actions braced against the brought against the individuals those opposed to get this had this kind of situation six specially problematic since you were in chains bought the problems they didn't initiate them themselves and the people of yours turns who actually involved i don't think have been sued and how are you going to change behavior if you don't take the individual people in to have them held to account you just go after the deep pockets well we get money

new york that doesn't detail allegations to the bank. they detail allegations as to the ceo himself who is sitting on the boards at the new york fed. >> eliot right. >> that's just wrong. >> eliot: the new york fed i've believed -- it is egregious. if we understood it and viewed it that way, it would make it palatable. very quickly, just a couple of seconds, the vocal rule, perhaps the most important way to get tax dollars out of subsidizing the banks is. it going to be put in place in the next six to nine months? >> is it going to be put -- >> the real question is whether loophole laden after the wall street war. on the -- which is to prevent the high risk proprietary rating that the banks engage in which is what the london wale trade was about. it's important to remember that's the type of high-risk trading that contributed significantly to the financial crisis and to the economic crisis that still laying economic wreckage from coast-to-coast in this country. that's what's really at stake when we talk about financial reform and proprietary trading. that's why they need to get the rule right. >> eliot: dennis kelleher, i think it is time f

deserves credit for that point by all published accounts who are not involved in that but the new york fed has

money well spent by the mayor of new york. >> fed chairman bernanke who saved the financial system which is at the core of capitalism. >> beautifully stated. >> jim demint from his move from the senate to the heritage foundation. i want to tell you mr. capitalist. >> with that salary? capitalist of the year mark zuckerman. for his $200 million contribution to columbia university for their institute for the mind and the brain. congratulations, mark. >> here here. >> you didn't mention my contribution to columbia. my school, my alma mater. >> how much did you give them? >> loosen it up, will yeah? get it out of the sock. under the mattress. wherever it is. >> we will be right back with person of the year. >>> okay. here it is. person of the year. pat buchanan. >> mohammed morsy of egypt. he goes from the muslim brotherhood to president of scrimmage to pharoah. he is winning the constitution. he is going to be a formidable power for a long time. >> the 14-year-old girl shot in the head by the taliban because she was an activist in wanting girls to go to school. molalla. she is on her way to

money well spent by the mayor of new york. >> fed chairman bernanke who saved the financial system which is at the core of capitalism. >> beautifully stated. >> jim demint from his move from the senate to the heritage foundation. i want to tell you mr. capitalist. >> with that salary? capitalist of the year mark zuckerman. for his $200 million contribution to columbia university for their institute for the mind and the brain. congratulations, mark. >> here here. >> you didn't mention my contribution to columbia. my school, my alma mater. >> how much did you give them? >> loosen it up, will yeah? get it out of the sock. under >>> okay, worst lie. pat? >> benghazi massacre was caused by a spontaneous protest over an anti-muslim video. again, what a crock eleanor. >> eleanor? >> mike huckabee and other christian conservatives saying that the sandy hook massacre may have been the result of taking prayer and god out of the schools and it's god's retribution. >> mort? >> i think that the worst lie was the state department allegation that all of this was just a street protest and i just think t

impressed that this guy got access to the bank of england when do you think we'll see this in the new york fed well i never know i mean they did have an audit you know ron paul wanted like a real legitimate audit in the parking lot it they might do something like that i know there are a lot of people out there that have. vast his positions about how much gold is in the vaults but i don't think the issue is if the physical gold is is there in the sense that it is a lease and also how many times has many people own or have believe that they own the claim to a certain gold bar with that serial number right how many times have been. right so that's the kind of the question with gold there's still games that can be played with paper gold and that's that's what data harps on about all the time. but murphy chris paul those guys go beyond that food by the way they're going to be in studio guys together so right you know what i think was amazing because i haven't actually ever been in a gold vault which i would like to play on my bucket list maybe one day i'd like to own one but some gold and one at le

according to the f.t., yep, then-new york fed president tim geithner was told by a senior colleague in a may, 2008, e-mail of her concerns about banks' deliberate misreporting. the e-mail part of an internal push among some at the new york fed to press the bank of england and british bankers association to reform the benchmark lending rate. >> he did raise some of -- alarms. he did talk to them, just didn't stay as publicly as some say he should have said. i mean -- >> geithner -- >> he did kind of warn them about some thing. >> right. >>> the sec is outlining potential ways to reduce conflicts of interest at the country's largest credit rating agencies. the regulatory agency failed to take a strong stand on specific industry reforms. the sec report abstained on next steps, and it also recommended further discussion of the matter. the report was required by a provision that's known as the franken amendment. in the 2010 dodd-frank reform law. the franken provision, yes, you know who's probably named after, required the stoek conduct a review of the feasible of a new system in which a pu

fact activity in new york state declining for the fifth month in a row in december as new orders dropped in the labor market remains weak. the new york fed empire state index falling into negative 8.1 from negative 5.2 in november. liz: we have larry in the pits of the chicago mercantile exchange. he will let us know about the clothes. the fiscal deal is coming. they will find out in a second, and says the market is heavily discounted and at historic levels. should you jump in? a 100-point gain on the dow jones industrial a full percentage point for the russell and the s&p and the nasdaq rather. this is a great day, isn't it? >> a good day, that is for sure. kind of took an informal poll on the floor ask a few traders are we going to reach the fiscal cliff, are we going over it? certainly most traders were not in agreement. everyone is in agreement we're not going to go over the fiscal cliff. liz: the highest of the session of the last hours of trading, what does that tell us about the next couple of days? >> traders have confidence. as you said, finish right on the high of the day at the 1425 level. david: larry, let's narrowly focused

i think he did a little work early on -- lori: how many years was he at the new york fed?eight, but i could be wrong. i just remember looking at his bio, and he spent some time with kissinger and associates, but that was way early in his career. i believe he was at the world bank, then he was at the fed, and now he's at treasury. he's a guy that, you know, was in, was in government for a long, long time. it's not a, you know, so you figure he's making, what, he's not making a hell of a lot of money, right? lori: thank you. >> so he'll work somewhere. you know, i'll tell you, if larry fink stays at blackrock, i could see him going to blackrock. lori: okay. >> we should also point out that he's friends with jamie dimon. lori: we're going to hit our break. >> i'm sorry. lori: i could talk to you all day. >> i don't wear earpieces, so i don't have people screaming in my ear. lori: it was interesting, of course, as always. closing bell ringing in half an hour. microsoft wants to be relevant in tablets. more on that when we return, stick with us here. [laughter] ♪ she keeps you

tonight in new york, fed up victims confronting government officials.r is live in balance hor borbalharbour queens with t. >> reporter: this meeting was a bit calmer than that. probably because it was inside of a church, b folks heas fruste proces u mayemrha for fema if you received the aid ang through all the red tape is just under $32,000 which seems like a dec amount. when you're lking about the cost of living here in the new york metro area, it's kind o like smallotatoes. were talking to one couple here, their home gutted, but they want to rebuild. they have to rebui. this is the only areaer known to they have nowhere else to go. they're going to have teach into the own pockets and shell out tens of thousands of do we also heard from one gentleman inside here, a retired man that had to go back to work just to pay to repair his water heater, ge his electricity back on inside of his home again. all of these folks have to shell out their own money to pay for repairs. they'd really like the federal government to step in and do a lot more here outside of

but the trend for production has been flat to down now roughly the same six months that the new york fed's manufacturing index went down. and finally, business equipment, this is the production of business equipment in business and investment. and you can see how this thing is slumping as is the other hard goods. it can't work, folks. i know housing is better. consumers are okay for now. but in business investment and industrial production and manufacturing are falling, that is not going to be good. so, anyway, that's my quick take on the economy. now, let me move to an entirely different and tougher subject. the nation is still rightfully consumed with grief over the newtown school shootings next up on "kudlow," we'll continue our discussion of how best top prevent these unspeakable atrocities in the future. we don't have all the answers, but we'll try to get a good discussion for you. hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios [ engine revs ] ♪ ♪ [ male announce

fed should wait until 2016, ashley and tracy, back to you. tracy: peter barnes, thank you very much. ashley: unemployment consistent. on the floor of the new yorks we do every 15 minutes. nicole petallides, the markets did a double take when we got this announcement from the fed but now moving nicely higher. nicole: we have that back-and-forth action as we got the play-by-play. in monetary policy remains much of the same, very accommodated from our fed head. with them doing just that, that basically says we are here for you and we are ready to back just about everything and give the opportunity for the market to continue higher. moving equities to the upside. that is the basis of what we are seeing today. the dow up 70 points. 25 of the 30 dow components a few minutes ago in the green. 25 of 30 names to show you. it is a broad-based rally. we do have the fed, we talked about that. a long winning streak for the dow. we have not seen that in nine months. let's take a look at the fear index. it had been higher throughout the day. it certainly was volatile during the lunchtime hour we were hearing from the fed. everybody seems to be taking a breath

new york has named a chair earlier this hour. metropolitan museum of art president will take the position come january. the new york fedm this year when jpmorgan had a trading loss raising questions about dimon's roll on the board. com score op line sales rose 15% from last year to nearly $20.5 billion in the first 30 days of the holiday season. that's the latest from the fox business network, giving you the power to prosper. and we can save you 10% on ground shipping over the ups store. loothis isn't my first christmas. these deals all seem grt at the time. but later... [ shirt ] merry christmas, everybody! not so much. ho ho ho! this isn't that kind of deal. [ male announcer ] break from t holiday stress. save on ground shipping at fedex office. she also likes to ride her bike. she knows the potential for making or losing money can poup anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. dennis: growing number of companies

he also authorized my reviewing his extensive fed correspondence held in the archives of the federal reserve bank of new york. the fed did not like that one bit. [laughter] federal reserve makes the cia look like publicity hounds. and finally, he sat for over a hundred hours of interviews with me, and i'm sure you can guess it was not always happily. so now let me turn to something of substance. this book is really two stories in one. this story is about a man who served under five presidents battling the three greatest financial crises of the last half century, but it's really a story about trust. and what i'm going to do is, first, tell you a little bit about the crises and then go to the underlying theme. crisis number one is gold. on august 15, 1971, some of you may remember that president nixon severed the dollar and gold by suspending foreign central banks' rights to exchange dollars for. >> two months later paul volcker raised interest, changed the operate oing techniques of the federal reserve, raised interest rates to higher levels than the chairman himself sought, 15% on long-term treasury secretar

report card and also authorized by reviewing correspondence held in the federal reserve bank of new york. the fed did not like that one bit. and finally over $100 of interviews i assure you can guess. let me turn to some substance. a story of the mansard under five presidents serving under the five greatest crisis in history i will tell you about the crisis first broke crisis number one is cold. some of you may remember nixon suspended foreign central banks to exchange dollars for gold. he called this particular incident the single most significant event. crisis number two is inflation. the annual rate is double-digit in 1979 jimmy carter appointed him chairman of the federal reserve board over the strenuous objection of his advisers who say it is too independent and outspoken. two months later paul volcker raised interest-rate to higher levels than the chairman himself sought 15% of long-term treasury securities and bond commercial banks and loans as a record that still stands. crisis number three is the world financial crisis that is still with us. the volcker rule label was announced to the pr

news for investors. the feds taking unprecedented action in keeping interest rates at their record-low levels. erica ferrari is here in new york with that. erica, good morning to you. >> good morning, terrell. for the first time ever, the fed said they would link its actions to specific economic milestones. they said they'll keep the interest rate to 0% until the unemployment rate falls to below 6.5%. the jobless rate may not reach that point until 2015. it's at 7.7% now. rates will also stay low as long as inflation remains below 2.5%. the fed will continue its program of spending $85 billion a month on bond purchases. all of these steps are aimed at spurring borrowing and lending. and news from the federallied most asian markets. tokyo's nikkei added 1.5%. hong kong's hang seng lost a quarter percent. the dow lost nearly 3 points. the nasdaq was down 8. and the u.s. is on track to run up its fifth straight deficit or manufacture than a trillion dollars. the treasury department says the budget gap rose to $172 billion in november. that's up from $120 billion in october. tax revenue is up this year, but it's been outpaced by m

let's go back to bob pisani on the new york stock exchange. >> the fed gave the markets the two thingsnted. steve, hit it right on the head. they wanted additional purchases. theyn't waed that $45 billion to replace operation twist. they got that. and the traders also wanted some kind of economic threshold in the form of a clear targets for unemployment and inflation, and they got that as well. with that said, we didn't see much of a reaction. the dow went up -- it was up about 15 points as we went into the announcement, when his high is 35 or 40 points, and now it's basically come back as you can see. still not far from its highs. most of the rest of the markets moved up a little bit. bank stocks moved up incrementally. the bank index moved up to just about 50 points there, right at its high. and then just moved back down again. the dollar, by the way, put up the dollar, it was at session lows as we went into the announcement on the theory, of course, that any additional quantitative easing might be effective on the dollar, cheapen the dollar. you can see the dollar index has been dow

new york giants. full highlights next in sports. >>> plus, jon stewart is fed up with gridlock in washington. we'll show you his hilarious take on filibuster rules. >>> and we'll check the weather because we have to. it's part of his contract. i'm done! "are you a cool mom?" i'm gonna find out. [ female announcer ] swiffer wetjet's pads are better than ever. now they have the scrubbing power of mr. clean magic eraser so you don't have to get down on your hands and knees to scrub away tough, dried-on stains. hey, do you guys think i'm "momtacular" or "momtrocious"? ♪ [ female announcer ] swiffer. now with the scrubbing power of mr. clean magic eraser. he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body h

tom: but not only the feds, two big states in this country, new york and california, both of them are blessed with a lot of energy under the ground, both are in financial trouble, billions of dollars upside down, both will not go near it they said, governor cuomo in new york said we're not do that fracking, you can count on me. >> if you have a governor that says we don't like fossil fuel, i'm note sure what you can do with the guy. i think if the epa, they are the one stumbling block on this, would make a ruling and say this is how it is safe, i think governor cuomo would go along with it and ohio one of the worst hitstates caution of recessio dog of recessionthere f this recessiobecause of this ret probably need be to state to state, geological formation have you in wyoming is different from what you have in new york. probably a state by state ruling with overall federal get to lines for the process of fracking. tom: it will be interesting, with canada, the fact, they are asking people to come up here, we have jobs for you, -- their financial situation is much more improved than u.s

new york and new jersey to push for this. dennis: state economies will grow better. on fed watch, maybe 16 minutes.ke and company give the latest on the economy. keep it here for the best coverage on fox business. cheryl: this is the place to be. our of our panel will come back and talk about who should replace fed chairman ben bernanke, hearing he wants to go, who should be in line? dennis: like attending his own funeral. how world currencies are faring against the u.s. dollar. cheryl: we are moments away from the fed's decision, the final scheduled meeting of the year. we are now seven minutes away. we will get that announcement. maybe analysts believe today's announcement will include a new stimulus program, operation twist scheduled to end and get something new from them. if we get the new bond buying program that could push the market higher or if it is not the amount of bond buying that the markets want markets could have a negative reaction. we are on that for you. dennis: you wonder if this is more fun and markets than the economy. as we wait for the fed decision let's bring back our panel.

new jersey is asking the feds to cover almost all of that. in new yorkomes and 265,000 businesses are destroyed or damaged. governor cuomo is asking for $33 billion to rebuild and $9 billion more to prevent future storm damage. a horrifying story involving the random violence that was once a part of new york city's reputation but is now much more rare. it happened yesterday when a father was shoved in front of a moving subway train by a total stranger and it was all caught on tape. >> people said a panhandler was harassing passengers, and a man wind to the panhandler wind to him to try to calm him down saying you are scaring passengers. as the announcement for the rain came. witnesses say the panhandler picked the man you and physically threw him onto the tracks. >> i was in the back of the platform and the train came to an abrupt -- pulling into the station. next thing you know you heard people yelling, the train was 3/4 into the platform. >> reporter: people began running towards the tracks. a "new york post" photographer started flashing pictures hopi

new york stock exchange. it's a case of what the fed and fiscal cliff follies for the stock market today, bill. >> sure is. welcome back. i'll bill griffith. stocks losing streams after house speaker john boehner and senate majority leader harry reid stoked the notion that a deal is not close. down as many as 94 points on the dow at the low of the session and now down at 82 at 13,163. the nasdaq down 26 points right now, a decline of almost a percent at 2987 and the s&p 5 hundred index, trying, doesn't look like it will, seven straight up days, not today though, down ten points at 1418. >> investors dealing with jewel issues. not only is the fiscal cliff situation looking dicier by the day as we head headlines out of announcement by the federal reserve's announcement tying rate hikes to the unemployment rate. >> our next guests are here with their best ideas going into the new year. today's "closing bell" exchange, gary webbush here with us and steve sax from pro shares advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or con

more than a month after super storm sandy ravaged homes in new york, hundreds of people are absolutely fedacked this meeting in staten island on thursday, angrily demanding answers as to why fema has not delivered the help they promised. one couple attending that meeting, scott even confronted president obama when he toured devastation. when they appeared this morning on "fox & friends." >> i got to talk to him and i said to him, president obama, you said, you know, you were going to cut the red tape. you lied. and he says what, do you mean? i said, you lied. you said you were going to cut red tape. it hasn't been cut for the middle class. i told him about fema giving us the run around. i told him about bank of america that doesn't want to hold -- they want to us keep paying our mortgage. >> what did he say? >> he says, well, there is not much he can too with the banks, but he can do with fema. fema works for him. so then he gave me two of his aides. >> alternately what happened? >> we're still in the same position. >> are you at your house right now? >> we are back in the house with no el

new york stock exchange. alison, business leaders fed up with the lack of progress. but now that they say a deal is in sight, a good thing, how are investors reacting to congress', well, ineffectiveness, let's say. >> exactly. so this is definitely a market day where it is reacting to all these headlines coming out. we saw the market go up a bit when news came out that the president was going to speak and then as he walked out, saw the market jump, talking about the dow, up 100 points, then started talking a little more. then you saw the numbers on the dow fall back more. there is one little sentence he had in there, that kind of spooked investors. he said, we're going to do it in stages. we're going to do this in steps meaning a fiscal cliff deal. the question for the market at this point is how much of a deal will come out of this, will it be a partial going over the cliff, or will it be -- will it be one of the band-aid measures that wall street wasn't hoping for. with one of these sort of half deals or partial deals, what wall street winds up getting is more ques

fed meeting be the next catalyst that gets gold going again? let's talk futures now. rachel chizen is at the cme in chicago. anthony is at the nymex in new yorklet's start with you. if stocks are rallying in hopes of some sort of fed action why wouldn't that extend to gold as well? >> i think what's happening with gold is it's separating itself in the fed meeting. its focus is on what's happening with the fiscal cliff. you saw that a few minutes ago. when speaker boehner talked gold actually -- it was a negative reaction of what's coming out of washington. gold bounced off its lows. yesterday we had positive news out of washington and gold was lower. the market seems to be reacting -- gold market seems to be reacting to what's coming out of washington good or bad. >> rich, do you feel a resolution to the fiscal cliff would be bad for fwoeld? what are the levels you're watching? >> i think short term it would be bad for gold. you'd probably see the market drop and retest that 200-day moving average. i did a little impromptu jury on the way up here. out of ten guys everybody seems to be a little long. i think that's market sentiment. people hav

not a single trial, the hundreds of millions of dollars, billions of dollars from the feds and the city of new yorkgle trial, nobody cross-examined, no jury made any findings, the banks caved because they wanted it to go away. the government gets to use that money without proving anyone was harmed. the behavior occurred outside the united states. for 30 years ago, that behavior would have to be prosecuted in the place where it occurred. now it is prosecuted by federal prosecutors. the behavior in the united states can now be prosecuted by prosecutors in other countries. the reciprocal will come to bite the justice department. the justice department was looking for the cache. ashley: off of this story, libertarians and the belief in god, the statement was i don't believe in god, is that libertarians take on religion? >> i don't think so. libertarians of course have different views on different subjects all across the board. most libertarians will go along with jefferson's argument, we are endowed by our creator with certain inalienable rights. the argument is our rights come from our humanity and ou

. >> and ira jersey there joining us from new york with the latest ahead of that fed meeting.should clarify when he says the market rallies, it means, of course, that the bond market rallies. we'd probably see significant equities if they didn't deliver on that front. >>> earlier we ran through twitter's best moments from 2012 and asked what your favorites were. one viewer tweeted to say, the most important tweet was a few minutes ago. just now pope benedict after joining twitter has issued his first tweet. it says, "dear friends, i am pleased to get in touch with you through twitter. thank you for your generous response. i bless all of you from my heart." >> merry christmas. >>> that's it for today's "worldwide exchange." "squawkbox" coming up. >> have a great day. see you next time. [s >>> good morning. still trying to avoid the fiscal cliff. president obama says he expects a deal before the year is out. and both sides traded offers yesterday. the markets are watching every move. >>> today is decision day for the fed. central bank announced another round of bond buying. we l

fed policy. we could really start an argument on that one. >> i would suggest that the law that they pass in new york did include one of the provisions i said. no retroactive pay so in other words, they might be able to borrow money for cash flows but they lose the money forever. >> a couple of points on the fed. i wouldn't worry about the capital losses on their balance sheet because central banks worked in the philippines when air central banks have a huge negative equity. so central banks can go on without necessarily ending a post-positive act. and secondly, they have all sorts of tools that they can theoretically use other than having to unwind their balance sheet. they can increase reserve ratios. they can increase the interest rates they pay on okay says so they have a lot of controls out there which make me less worried about the fed balance sheet. not that i approve of what they were doing recently but i think they can get out of it fairly easily. >> and i would just add that i think the president said this massive fed undertaking you know, in almost a desperate kind of way, gets at the unde

new york. it became a problem. -- it never became a problem. it's true. my question is the fed has an enormous amount of assets. if they were to let interest rates go up, the decline in the value of those assets would have a more shocking impact on our economy. is that not true? how do we ever get out if the fed is continuing to buy these financial assets at the quantity they are doing it now? how do we ever get out of that mastaxsecond, i agree with everything you all said. problem. our politics are. -- the way politics is financed. there is such an amount of leverage on this process and those are the ones who are not compromising and they are driving, in addition to the lack of strong political leadership, they are driving an extension of the stalemate. question. term. they hold some long term and that is staggered. billion a month the fed is repurchasing. if they just stopped repurchasing it, they would start to unwind that balance sheet very quickly. the banks have read deposited the proceeds of those funds and are getting paid 25 basis points. the fed can change that as well and unwind the bank's willingne

fed's decision. currency traders are also analyzing chairman ben bernanke's words yesterday. let's hear from willie williams from new york, we are looking at it on the screen here, give me the word of what is happening with the pound. you saw a big drop versus the dollar. >> yeah, i think that downgrade that we saw today, i didn't see the exact headlines, but i think that downgrade is in line with other rating agencies and i think that a part of this story is going forward while a lot of governments have made an effort to stimulate their economyes. we're going to have to see stronger revenues and stronger growth in order to help these countries come back to us fiscally sustainable path. >> what's the likelihood that that's going to happen? by the way, the headline you may have miss said that s&p puts negative outlook on the uk's triple a rating. >> okay. i think that impact, the likelihood of it happening, going forward with the current path of growth we have, is going to be a very tough path. i think we will see the u.s. continue to outperform, going into 2013. that's one of the reasons i like being along the dollar her

64% say f, the fed needs to stop all easing and let the economy reset. wow. new yorky general announced a push for more disclosure today by proposing new regulations that would force nonprofit groups to disclose more of their political activities. here to explain further is the new york attorney general himself, eric snyderman. welcome back to "power lunch," mr. attorney general. good to have you with us. >> good to be here, tyler. understanding who exactly is effected here and how. these are 501 par c-4 groups. who are they? >> 501 c 4 groups aren't like c 1 where they have more restrictive activity. they can be lobby or other things that intersect between public policy and politics. they are not supposed to engage in campaign activity, however, other than to really a very sort of dimin muss extent. >> what are names that i might recognize, mr. snyderman? >> 25014, in new york i regulate the chair knits new york state. we have thousands of charities. including c 4s, from the rifle association to planned parenthood but we have discovered a new phenomenon of c4s set up

cleveland about what is lost in fed speak plus the treasury department announced it plans to sell its entire stake in g.m. within fifteen months according to the new york times a reminder of the bailouts in two thousand and eight of course but instead of government bailouts how about innovating out of a slowdown or changing your business model we'll talk to the c.e.o. of car to go north america about diana.

fed speak plus. the treasury department announced it plans to sell its entire stake in g.m. within fifteen months according to the new york times a reminder of the bailouts in two thousand and eight of course but instead of government bailouts how about innovating out of a slowdown or changing your business model we'll talk to the c.e.o. of car to go north america about dialers adventure in car sharing and from new revenue to no revenue c.b.s. reports instagram is looking for ways to generate some revenue through ads but it will not pimp out its users in ads it back tracked after unleashing a whole bunch of hoopla yesterday after a change to its terms we'll talk about it let's get to today's capital account. so in addition to the one point five billion dollars settlement and guilty plea to a charge of fraud from its japanese subsidiary we now know u.b.s. traders were sending e-mails saying things like i want to do one humongous deal with you when i'll pay you whatever you want to secure help manipulating rates now this language is infuriating but at least it's way more straightforward than what we get from this same rate

but possessing marijuana is still a federal crime and now the feds are scrambling to figure out what to do. joining us now to analyze in new york is attorney steve greeneberg and from l.a. attorney. first the united states supreme court today announced it will take up two gay marriage cases prop 8 out of california and the defense of marriage act case out of new york. the court could hear the cases as early as march. okay. two big issues here. let's start first with -- i think we will start with the gay marriage issue first and then we will go to the pot question. steve, how do you think it's going to play out the doma case prop 8 case how two different cases how do you think doma case. >> doma case involves whether someone who had lived with domestic partner for 45 years should have to pay estate taxes where if they lived as husband and wife she would not have to pay estate taxes and prop 8 involves whether or not gay marriage is simply legal. i think what we are seeing here they only need four justices to decide whether to take the issue. i think there is a little bit of politics there because if obama appoints more justices,