did the program failed in providing sufficient prudential supervision?>> i think we have to conclude that that program was not successful in providing prudential supervision. the program as i understand was the love as a result to changes in european law that required the five largest u.s. investment banks be subject to consolidated supervision by some entity, and because they were investment banks and not commercial banks, they elected to be supervised by the sec. so the sec created the csc program. prior to that the good news is prior to that, and investment bank holding companies were not subject to any supervision at all. so that was you to be a good thing to bring under the umbrella of regulation. i think -- i have lots of concerns about the program and about many of the specifics in. but let me say that generally, i think there were several problems. one is that it required the sec to become a prudential regulator which is traditionally not what the sec had been. and had traditional net capital rules that were quite conservative with respect to bro

did the program fail in providing sufficient prudential supervision?>> i think we have to conclude that the program was not successful in providing prudential supervision. the program as i understand it was developed as a way to change european law that required that the five largest u.s. investment banks subject to consolidated supervision by some entity and because they were investment banks are not commercial banks they elect it to be supervised by the fcc. at the fcc the program prior to that investment bank holding companies were not subject to any supervision at all. so that was due to be a good thing to bring them under the umbrella of regulation. i think -- i have lots of concerns about the program and about many of the specifics. i may say that generally i think there were several problems. one is that it required the sec to become a prudential regulator which is traditionally what the sec had been. if that capital rules that were quite conservative with respect to broker-dealers and enforcement orientation to a large extent driving out of its

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that's it, from prudential. she talked to her financial advisor about what she learned there.aid it really helped her get back on track. i like that. (announcer) help get your plan back on track. watch our educational video at retirement redzone.com, the site for the critical years before and after retirement. maybe i can retire after all. now you're talking. (announcer) click retirementredzone.com. then talk to your financial professional. . >>> and now the sunday funnies. we're expected to lose $30 billion from our investment in the autoindustry which bernard madoff says i could have did better than that, that i could o better than that. >>> joe baca is no longer planning the administration to give tig woods for the medal. he said, instead, i'm recommends he run for congress. >> tiger woods' popularity has dropped from 85% to 33%. president obama's popularity is also at 33% but tiger had more fun getting there. >> you think the republicans can take back the house. >> we're going try to do it. >> the republican part will take both houses of congress. >> you know his predictio

that's it, from prudential. she talked to her financial advisor about what she learned there. said it really helped her get back on track. i like that. (announcer) help get your plan back on track. watch our educational video at retirement redzone.com, the site for the critical years before and after retirement. maybe i can retire after all. now you're talking. (announcer) click retirementredzone.com. then talk to your financial professional. it doesn't cover everything. and what it doesn't cover r can cost you some money. that's why you should consider... an aarp medicare supplement insurance plan... insured by united healthcare insurance company. it can help cover some of what medicare doesn't... in out-of-pocket expenses. call now for this free information kit... and edicare guide., if you're turning 65 or you're already on medicare, you should know about this card; it's the only one of its kind... that carries the aarp name -- see if it's right for you. you hoose your doctor. you choose your hospital. there are o networks and no.referrals needed. save up to thousands of do

for solutions that redefine retirement, prudential is the rock you can rely on.ut we're also in the showing-kids- new-worlds business. and the startup-capital- for-barbers business. and the this-won't- hurt-a-bit business. because we don't just work here. we live here. these are our families. and our neighbors. and by changing lives we're in more than the energy business we're in the human energy business. chevron. who try to quit cold turkey will be unsuccessful. if you haven't been able to quit smoking, you haven't failed, maybe your method of quitting has. but you can do it. you may just need the right tools. clinical guidelines recommend treatment and support to improve your chances of quitting smoking. why not get all the help you can? make a plan, get support, and talk to your doctor about prescription treatment options that can help you quit smoking. and to find out more, go to rethinkyourquit.com >> schieffer: finally today homeland security chief janet napolitano is getting hammered because her first response to the fiasco was that the system worked. we

for solutions that redefine retirement, prudential is the rock you can rely on. the chevy malibu and toyota camry received 5 star crash safety ratings. but only malibu has onstar. big deal. i'll just use my phone. let's say we crashed. whoops, you lost your phone and you're disoriented. i'm not disoriented. now you are. onstar automatic crash response can call to see if you're ok. onstar emergency. is everything ok howie? you don't answer, they can automatically send help to your exact location. i think i'll ride with you. the award-winning malibu. from chevy. we need a new grid. more than half the energy never reaches a single light bulb. is that true? it's true. we need a smarter grid... smarter thermostats... smarter utility meters... smarter houses... [doorbell rings] smarter cities... smarter infrastructure... smarter networks. connect them all together... and what do you got? smarter energy grid. smarter planet... wasting less energy. that's what i'm working on. i'm an ibmer. let's build... let's build a... smarter planet. >> schieffer: finally today, i had

this was the scene last night at the prudential center in new jersey as the lights went dim during the second period of the devils-lightning game. they feverishly tried to get the lights back on. no go. after two hours the game had to be suspended. as you can imagine, the fans not too ham pi. >>> meantime, fan ins boston showing up in record numbers at fenway park to watch college hockey with temperatures hovering around 20 degrees and a windchill of seven. over 38,000 on hand saw boston university's 3-2 win over boston college. talk about diehards. >>> time for the play of the game. that's jerry kelly, season opening spc championship in hawaii, look for this flopped shot in the green. that's a checks of sports. >>> sustained winds blowing 60 to 70 miles per hour out here, plus with the windchill it is just painful. >> boy, the winds are fierce. we have to say that reporter is okay, with affiliate kgw in oregon. winds getting hit by severe weather. you saw how powerful the winds were. >>> from bitter cold to snow and ice, continue to stay with us for the latest on the forecast. >>> a n

that's it, from prudential. she talked to her financial advisor about what she learned there. said it really helped her get back on track. i like that. (announcer) help get your plan back on track. watch our educational video at retirement redzone.com, the site for the critical years before and after retirement. maybe i can retire after all. now you're talking. (announcer) click retirementredzone.com. then talk to your financial professional. (announcer) click retirementredzone.com. water can be good for constipation but drinking more and more may not always help. now you can make water work harder with new dulcolax balance. dulcolax balance combines with water and helps bring it where it needs to go... so it works with your body to restore balance. new dulcolax balance... helps you get back to being yourself. ♪ feeling free >>> florida is breathing easier tonight after a long manhunt has now ended with the arrest of a man believed to be responsible foa family massacre. as the father of one victim put it, the monster is in the cage. the murders took place on thanksgiving in ju

we believe there should be a p prefunded -- we also support macro prudential oversight and strengthenand harm monday highs capital and leverage liquidity standards as necessary. more effective oversight and improved transparency of derivatives markets is needed and finally, a rule-making authority to ensure uniform consumer protection throughout the financial system. these reforms would go a long way towards preventing another crisis, but as the committee examples the causes of the -- examines the causes of the financial crisis, i ask you to also look at other long-standing policies that played a role. this is a combination of a decades long process where national policies has skewed economic activity away from savings and towards consumption, away from investment in our industrial base and public infrastructure and away from the real sectors of our economy and toward the financial sector. examples include federal tax and credit subsidies for housing, compensation practices that promote short-term profit without regard for the long-term risks, and implied, now ex police it's governmen

that's it, from prudential. she talked to her financial advisor about what she learned there.ally helped her get back on track. i like that. (announcer) help get your plan back on track. watch our educational video at retirement redzone.com, the site for the critical years before and after retirement. maybe i can retire after all. now you're talking. (announcer) click retirementredzone.com. then talk to your financial professional. >> rose: at 35, spanish actress penelope cruz is one of the most sensual and photographed women in the world. she has won critical acclaim not only in europe, but now also in hollywood. last year, she took home the oscar for best supporting actress, the first spanish actress ever to win an academy award. how did this versatile performer from a working class suburb of madrid become this generation's sophia loren? in part, by turning in performances like the one she gives playing carla, the seductive mistress, in the movie "nine." >> penelope cruz: who's not wearing any clothes? i'm not, my darling. i've never sung before or danced before in a movie.

for solutions that redefine retirement, prudential is the rock you can rely on.ntroducing the 2010 motor trend truck of thyear, the all new ram heavy duty. with the legendary 6.7 liter cummins turbo diesel and all new refined interior. it gives brains more to think with. it gives muscles more to work with. it gives trophy shelves more to deal with. introducing the 2010 motor trend truck of the year, ram >>> our nation is at war against a far-reaching network of violence and hatred and that we will do whatever it takes to defeat them and defend our country. even as we uphold the values that have always distinguished america among nations. >> chris:president obama in his saturday media address leaving no doubt he still considers the u.s. to be a nation at war. and it's time now for our sunday regulars. brit hume, fox news senior political analyst. contributor nina easton of fortune magazine. bill kristol of the weekly standard. and juan williams from national public radio. i want to pick up on the president's remarks. he declared that this is a nation at war. he sa

that's it, from prudential. she talked to her financial advisor about what she learned there.eally helped her get back on track. i like that. (announcer) help get your plan back on track. watch our educational video at retirement redzone.com, the site for the critical years before and after retirement. maybe i can retire after all. now you're talking. (announcer) click retirementredzone.com. then talk to your financial professional. >> pelley: now, a few minutes with andy rooney. >> rooney: i'm upset with myself tonight because a lot of the things i bought several years ago that plug in or run on batteries are obsolete now and i can't get myself to throw them away. just, for example, in the past ten years, i bet i've bought at least eight electric razors. of the eight, i only use one now. the others don't work, but i can't bring myself to throw them away. about 40 years ago, i bought a 16-mm camera called a filmo. i took pictures of the family, and even got a couple of pictures on television with it. it's been in the back of a closet ever since. it's still perfectly good, but

for solutions that redefine retirement, prudential is the rock you can rely on.at redefine retirement, boss: hey, those gecko ringtones you put on our website people love 'em! gecko: yeah, thank you sir. turned out nice. boss: got another one for you. anncr: at geico.com, it's easy to get a free rate quote, manage your policy, make payments or even file a claim! boss: now that's a ringtone. gecko: uh yeah...it's interesting.... certainly not the worst ringtone i've ever heard... ♪ ringtone lyrics: a-ringedy- ding-ding-dingy-dong, ringedy-dong-ding-ding... ♪ gecko (to himself): yeah, that might be the worst. anncr: geico. 15 minutes could save you 15% or more on car insurance. >> chris: on this day in 1946, the first u.n. general assembly session took place in london. with 51 nations participating, the assembly called for the elimination of atomic weapons. stay tuned for more fro our panel and our power player of the week. >>> until we see a trend of good sustainable job creation, we will be relentless in our efforts to put america back to work. >> chris: presiden

for solutions that redefine retirement, prudential is the rock you can rely on. is as versatile as our ocean spray cranberries. you can decorate with them, bake with them, even make holiday drinks, like our cranberry punch we call the festive sparkler. mm! festive. for all these reasons, we declare the ocean spray cranberry... the unofficial official fruit of the holidays. we'll probably get flak from the dates and figs. but no one can tell them apart, anyway. [ snickering ] for holiday tips and recipes, go to oceanspray.com. >> osgood: many of us, the best of us, mark the new year by resolving to do good things in the 12 months to come. if we feel we need a road map to show us the way, barry petersen knows just the person to turn to. >> reporter: she is traveling america, putting together a most unusual collection. not of objects but of ordinary people who do extraordinary things. >> at the core i knew we were made up of really good people. >> reporter: people mike the arizona crime-fighting housewife. the oklahoma man who helps troubled boys. the doctor who mak

for solutions that redefine retirement, prudential is the rock you can rely on.ut we're also in the showing-kids- new-worlds business. for-barbers business. and the this-won't- hurt-a-bit business. because we don't just work here. we live here. these are our families. and our neighbors. and by changing lives we're in more than the energy business chevron. to redefine air travel for a new generation. to ensure our forces are safer and stronger. to take the world we share to tomorrow and beyond. announcer: around the globe, the people of boeing are working together-- to make a difference. that's why we're here. because we believeamerican. ge capital understands what small businesses need to grow and create jobs. today, over 300,000 businesses rely on ge capital for the critical financing they need the american renewal is happening. right now. boring! everybody was exactly the same? embrace the differences in yourself and in others. ♪ i'm different

of the talking heads that we've seen, and so in fact, this is -- he's kind of become the juris prudential police chief for al qaeda. i think mike sawyer call him their pit bull or something to that effect, so he's the one who keeps al qaeda in line. and he does this from a religious, you know, jurist prudential standpoint and he came out second to zawahiri, against sharif. the prominent previous jihaddist who denounced al qaeda. so you know, by 2005, we come to understand who this al-libbi is, things to al qaeda media, but again, like i said, he wasn't featured prominently in al qaeda's big media organization, it was coming out on this peripheral organization, so one of the things you see here is the making arguably of al-libbi, the branding of him. you have to roll out this new line, so starting in late 2005, you have a series of videos where you show al-libbi fires klishnakovs, so he's a fighter, he's a romantic, they start publishing some of his previous poetries and you see this is a comprehensive man, not just a guy sent out there to, you know, to go kill. he was on the sha rhea coun

the limited reach of prudential's supervision allowed this practice is to grow unchecked. for example, subprime and non- traditional mortgages work originated and securitized -- non-bank affiliates of insured institutions. securitization markets provided much of the funding for these loans. growth in private label the market to back securities was enhanced by this -- development of cdo and cds market. the size and complexity of capital markets activities that fueled the boom meant on the largest financial firms could package and sell the securities. compensation schemes fuelled growth. many compensation systems when next this -- sufficiently link to risk management. the about high short-term profits to be translated to generous payments without regard of long-term risks. mortgages and many derivative products committed long dated risk while compensated toward short-term results creating perverse. another important cause of the crisis was a lack of strong consumer protection, especially in the nonbanks sector appeared increasingly complex financial products combined with op

before that, with the sec, which was viewed as the provincial -- prudential regulator, our organizationozens of people come to work and our building, not as employees of goldman sachs, but as members of the fed because they work with goldman sachs prevail look at our processes and procedures. our regulation is different now. >> is there a yes in there? that there should be more regulation and more supervision? >> there should have been more than there was in september under the old regime. right now, given that we are still catching up, our first year under the fed, it feels much different and feels like a lot of regulation. and appropriately a lot. i cannot say now that it is not enough. >> the youth feel that things have changed from tibet -- for the better for regulatory standpoint? are they improving? >> we have a very tough regulator. i cannot tell you whether they have improved because it is a new regulator. we acceded to this regulator as a result of becoming a bank holding company in september 2008. >> i have one final question, mr. chairman. i was struck that you mentioned seve

before that, with the sec, which was viewed as the provincial -- prudential regulator, our organization work and our building, not as employees of goldman sachs, but as members of the fed because they work with goldman sachs prevail look at our processes and procedures. our regulation is different now. >> is there a yes in there? that there should be more regulation and more supervision? >> there should have been more than there was in september under the old regime. right now, given that we are still catching up, our first year under the fed, it feels much different and feels like a lot of regulation. and appropriately a lot. i cannot say now that it is not enough. >> the youth feel that things have changed from tibet -- for the better for regulatory standpoint? are they improving? >> we have a very tough regulator. i cannot tell you whether they have improved because it is a new regulator. we acceded to this regulator as a result of becoming a bank holding company in september 2008. >> i have one final question, mr. chairman. i was struck that you mentioned several times that your beh

but then the power went out at the prudential center and the game was delayed almost two hours and postponed until sunday so vinnie and company had other work to do, they traveled to philadelphia where they would take on the philadelphia flyers and things wouldn't go so well. they lose 4-1 and tampa only able to get 17 shots on goal and back to jersey on sunday to finish up the postponed game and steven stan kos goes seconds of the game and first of the day because he scored on friday night. the lightning go on with a 4-2 win over the devils. i guess you can say, allen may, the lightning finished on a high note. but what a weird weekend. >> they got 75% of the roster played in the hockey league. they didn't have to travel by bus all weekend is the good thing. that was certainly a bizarre weekend. the funny thing is that new jersey changed goalies for the 3rd game. mark deneir over mark bonier. >> the last game very quiet night vinnie and steve st amkos is rounding back into form. >> steve stamkos did what he did what he did last season. the player they drafted. vince lecavalier is at a point

before that, with the sec, which was viewed as the provincial -- prudential regulator, our organization with the the fed -- with the fed, dozens of people come to work and our building, not as employees of goldman sachs, but as members of the fed because they work with goldman sachs prevail look at our processes and procedures. our regulation is different now. >> is there a yes in there? that there should be more regulation and more supervision? >> there should have been more than there was in september under the old regime. right now, given that we are still catching up, our first year under the fed, it feels much different and feels like a lot of regulation. and appropriately a lot. i cannot say now that it is not enough. >> the youth feel that things have changed from tibet -- for the better for regulatory standpoint? are they improving? >> we have a very tough regulator. i cannot tell you whether they have improved because it is a new regulator. we acceded to this regulator as a result of becoming a bank holding company in september 2008. >> i have one final question, mr. chairman.

we had a meeting and -- this was prudential, god bless them.had a meeting and it was the first time we sat down to have a conversation. i said, look, we're going to set the national standard for urban transportation in three areas. the first one is public safety. you all need to focus your grant giving in new ways. if your health foundation, a kids foundation, don't you know when people get shot it affects your mission and your mission, whatever it is. and we had philanthropy created in new ways. newark, new jersey has one of the largest wireless networks hosting safety technology. we have gunshop detection, cameras all paid for by private dollars. and we have been catching people. we started a tip line, one of the most lucrative in the nation. if i think someone is packing heat in this room -- [laughter] if i think someone has a gun in his room and we were in newark, new jersey, you could call the anonymous tip line and tell me the information. we do not need to read and get a conviction. we just want to get the rest and get the gun. that is a