where was the s.e.c.? and where's the s.e.c. been in clarifying the rules of the road for crypto market participants? the chairman insists in his written testimony that the vast majority, end quote, of crypto tokens are securities. but he's also acknowledged that bitcoin is not. new, presumably that's because bitcoin is so thoroughly decentralized. but that naturally raises the question, where on the continuum does a token crease to be a a security? they don't have a claim on the issuer. doesn't it make them different from the vast majority of ordinary securities? and if the chairman is right that most tokens should be considered securities, then is he himself states in his written testimony and i quote, it follows that many crypto intermediaries are transacting in securities and have to register with the s.e.c. in some capacity, end quote. but crypto transactions typically can be settled in real time without intermediaries. crypto intermediaries serve different customer needs, they have different models and pose different risks

the s.e.c. has a history of egregious real estate practices. in 2005, the s.e.c. disclosed it had unbudgeted costs of approximately $48 million for the construction of its headquarters near union station. in 2007, after moving into the headquarters, the s.e.c. shuffled its employees to different office space at a cost of over $3 million without any cost-benefit analysis or justifiable explanation. in 2010, the s.e.c. conducted a deeply flawed analysis to justify the need to lease 900,000 square feet and commit over $500 million over 10 years, over-estimating its space needs by over 300%. in addition, the s.e.c. failed to provide complete and accurate information and prepared a faulty and back-dated justification and approval after it had already signed the lease. in august, 2016, the general services administration and the s.e.c. entered into an occupancy agreement to authorize g.s.a. to secure a new 15-year lease. in december, 2016, g.s.a., with the approval of the s.e.c., submitted a prospectu

they agreed with the fcc and s.e.c.stall a new compliance officer whose role is to make sure they are archiving and monitoring these communications properly. that has been dubbed the whatsapp cop. ed: i think they would argue this is a common pace -- commonplace practice. it is a cautionary tale as well. >> you look at everything the regulators asked about. when they talk about the messages they found, they talk about the great volume of messages, but it's not like they unearthed some kind of fraud. these everyday communications could have been about work. it is just a regular, everyday communication. it could be about something else that is going on. it shifted from the email they would usually use these messaging apps. the regulator frustration comes because they cannot monitor it and they want to make sure that banks are saving the data. ed: thank you very much. the european union foreign policy chief is warning of retaliation for any attacks on europe's energy networks. the e.u. suspects damage to under strain -- un

boeing also lower after agreeing to pay $200 million in an s.e.c.de misleading claims about the safety risks of its 737 max jet after two of those jets were involved in fatal crashes. all of the aerospace and defense names after a pop midweek are lower today. finally, costco in the red as well a beat on the top and bottom lines being overshadowed by operating margins that were slightly below estimates those shares are down 2% right now. >>> we will start with the broader market all of the major averages are under significant pressure we got the s&p down some 1.75% we're right near the june lows on the s&p, the nasdaq this morning goldman says more pain is coming, cutting into its year-end s&p target by some 16%. let's bring in cnbc senior markets commentator mike santoli and get his take on it all let's just start there what are you thinking? >> well, the goldman sachs move is kind of instructive because he's essentially running the current level of bond yields, interest rates and the outlook for yields through the valuation model. he's sort of mark

s.e.c. will not ban payment for order flow a crucial yet controversial part of robinhood's business and don't forget cnbc's delivering alpha returns in person on september 28th the world's top investors will discuss risk, tinnitus and navigating the new market dynamic. lots to talk about there you can scan the qr code you see on your screen or go to cnbcevents.com to register we'd love to have you join us. it's a week i think from yesterday. we'lbeig bk.l rhtac personalized financial advice from ameriprise can do more than help you reach your goals. wow... we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track

behnam: i have most contact with the s.e.c. because of the relationship we have through our markets. and i work with federal regulateors from through the president's working group and the oversight council. we are working on several projects. president biden's e.o. has forced us to work on these issues specifically and will continue to do it. we don't have any set structure but there is a little bit of a vacuum in terms of what regulation might look like. some on cash markets. but this is a step in the right direction and needs to be moved. one piece of the puzzle and as it becomes more clear and what the landscape we will move forward as leg you lateors and how we are going to work this. >> how does that package of legislation actually works? mr. behnam: pi who does that versus various committees of jurisdiction. mr. behnam: i would say the best plus print to look at now, the most recent is dodd-frank and this was the derivatives title and multiple titles that affected several financial regulateors. >> not everybody is a fan o

. >>> boeing and the former ceo settle with the s.e.c. over allegations it misled investors regarding the safety of the 737 max. >>> and days after the macroeconomics warning, fedex is taking new action to shore up its bottom line. >>> and house republicans prepare to layout the agenda if the party is able to retake control of congress with just about six weeks to go until the all-important mid-term elections. >>> and later on, pepsi relinquishes the super bowl halftime throne to one little company from cupertino it is friday, september 23rd, 2022 you are watching "worldwide exchange" on cnbc. >>> good morning i'm dominic chu in for brian sullivan let's check on the stock futures. with the dow and s&p and nasdaq set to end the week sharply lower. right now, futures are pointing to 157 point drop for the dow. s&p down by 24 nasdaq down lower by 92 points on the bond market, interest rates are a big folk focus withe by the fed a hike in the 10-year treasury 3.717% 2-year treasury is the 4.16% inversion is still taking place with yields are

weighing on new homeowners we're going to dig into the quarterly results of two home builders >>> and the s.e.creportedly set to stop short for banning payment for order flow as part of the new rules while shares of robin hood are soaring this morning. >> let's begin with the markets and the fed after yesterday's selloff, jim i'm reading your morning note. special carnage edition. what does that mean? >> well, i put that out for investing club, and this is my morning memo, which i felt had to be a little more dire, if only because i think the fed -- i know david disagrees with me -- the fed's now targeting your savings they have no choice. they realize there's been tremendous transfer payments from the government to you powell very clearly said these have to run out. they have to run out before spending gets -- cools off he wants that. and david, i thought that was really interesting, was that was powell just saying whip inflation now. powell was saying, look, i don't know, i'll just keep doing it and that's one of the reasons why i think the two year is not done going down in price and up in y

s.e.c. proposed burdensome new rules requiring businesses to disclose extensive climate-related data and additional climate risks. that's why if we defeat the previous question, i will personally offer an amendment to the rule to immediately consider h.r. 8589, which would prohibit the s.e.c.'s woke climate rule from ever moving forward. mr. speaker, i ask unanimous consent to insert the text of my amendment into the record along with any extraneous material immediately prior to the vote on the previous question. the speaker pro tempore: without objection. mr. reschenthaler: thanks, mr. speaker. here to explain the amendment is nye good friend -- my good friend from the commonwealth of kentucky, congressman andy barr, and i yield him as much time as he may consume. the speaker pro tempore: the gentleman from kentucky is recognized. mr. barr: thank you, and i thank my friend from pennsylvania, the gentleman from pennsylvania, for yielding. and i rise to oppose the previous question so that we

the legal team at google has the same number of employees at the s.e.c. given the culture, we should not expect progress voluntarily. however, with the proper transparency and regulatory environment, i believe we can change their incentives and start to see real measurable progress against these problems. thank you. senator peters: thank you. our next witness is brian boland, partner engineering marketing strategic operations and analytics at facebook. he worked at facebook for 11 years. he worked in several roles including leading a 500 person multifunction team focused on product strategy, partner engineering, analytics and marketing. these high impact teams worked across facebook products and features including watch, video, news, grouped a m -- group admins. before he worked at microsoft and other tech companies. mr. boland, you may -- proceed with your opening remarks. mr. boland: thank you for holding these hearings that cover such important issues for our nation and the world. and thank you for inviting me here today to provide testimony on my expe

. >> elon musk is accusing the s.e.c.ing him, an accusation related to the 2018 securities fraud settlement he tweeted about having funding secured when in fact it wasn't a legal brief now, musk's attorney contends his free speech rights were violated by that settlement getting private approval before tweeting about it, over-arching the s.e.c. is investigating whether or not musk violated the settlement last years when he asked twitter followers if he should sell his 10%. basically you have elon musk saying he should be able to tweet whatever he wants without asking permission for it his attorney says there's no way he could voluntary sign away that right, because he didn't understand how far-reaching the s.e.c. would be not only about the tweets, but just investigating him. >> he wanted to buy twitter, because he viewed them in some ways assist as undervalued by the way, stuff you could say now you couldn't say a year and a half ago, you would get banned now it's free flowing, and now they're fighting about free speech r

the s.e.c.alled out 15 majors firms yesterday, i'm talking about every one of them, including goldman-sachs and jpmorgan and morgan stanley, the s.e.c. fined them $1.1 billion, the cftt fined them $710 million collectively they uncovered what they call pervasive off-channel communications what does that mean? there's been an explosion of text messaging on wall street, using apps like telegram and whatsapp well, you can't, essentially, see what's going on. they are -- the firms are required to provide records and keep record of communications between traders in case the s.e.c. needs to investigate. people are essentially using their private phones or messaging apps to essentially conceal what they're doing the s.e.c. has called the firms out on it, and the bottom line here is you are going to see a hammer come down on a lot of wall street traders from their firms themselves that are now going to be very much enforcing rules that prohibit them from doing this this is a clear violation of s.e.c. ru

>> well, you know, the s.e.c.ayment for order flow we found there was no relation with payment for order flow or execution. to give you an example, our number one broker has payment for order flow, but number three and number five broker with best execution in terms of price don't have payment for order flow what we found was essentially the market center when you place a trade, it goes to some other market center. basically, the centers were giving different prices to different brokers. we had two trades to the same market center at the same time and they get different prices on a consistent basis. >> chris, what did the brokerages say when you reached out to them? >> you know, all of them said that there's different -- each broker has a different value for order flow if i'm a brokerage and i have one person buy apple and one person sell apple, that's great. they are cross the two trades and make profit. if all of us are going out and buying bbby at the same time, that is an expensive order flow for the market ce

gary gensler was making a point, again says the s.e.c. has a lot of jurisdiction here he's saying most crypt ooh tokens are securities, they come under the s.e.c. lending platforms, you come in and register, some stablecoins, maybe securities, this is going to be met with a lot of host hostility. they don't want gentzler gensler is, again, making a big place it's the s.e.c. that could play a major part. >> interesting to see that needing moving forward. >>> when we come back, roger ferguson with some reaction to chair powell's remarks as we go to break, how treasuries are faring today. i get the act you could argue largely viewing the powell appearance as somewhat incremental. you do have some movement in treasuries, oil reversed higher, the s&p holding. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your driv

what regulator is going to be in charge and the s.e.c.g on here? >> i think that's exactly right, both chairman gensler and the chairman will be testifying in congress related to digital as a et cetera this week. we are encouraged by what we've seen in the market over the weekend, late last week were a couple big announcements, fidelity announced they're going to allow retail trading on its platform and i think this goes right back to the same conversation we had about a spot the coin etf. fidelity is one of the issuers that tried to bring a bitcoin etf to market and they announced they're going to open it up directly on their platform. so again, we can't deny the huge amount of interest in making allocations to bitcoin. particularly when we're in such a dire economic situation with larger macroeconomic issues. bitcoin is a non-correlated asset. investors are using it for diversification purposes. maria: yeah. i think you make such a great point in bringing up fidelity because it was fidelity who wanted to bitcoin in people's 401-k plans

senator peters: one of the documents submitted by a twitter whistleblower to the s.e.c. was a 2021 study he commissioned of the site integrity teams capabilities. the study found that twitter planned to launch a new product, fleets, just weeks before the 2020 elections. the integrity team, according to that document, i'm quoting the document, said, quote, had to beg a product team not to launch before the election because they did not have the resources or capabilities to take action on misinformation or disinformation on the new product, unquote. the report also found, quote, while product teams elicit feedback for new launch products, they're incentivize to ship new products as quickly as possible and thus willing to accept security risks, end of quote. are these findings consistent with pattern of decision-making that you saw? mr. roetter: with the caveat that specific example happened after i was there and i can't speak to it, that's absolutely consistent. in fact, i would be surprised, given the incentives at play, if the product team had done anything else. the pro

come up that perhaps the s.e.c.ould be looking at in terms of the allegations that, you know, they used statistics at twitter that were -- i don't want to use the word fraudulent, but gets to a level the ftc would take a look? >> that would indicate there's something material going on that's a larger attempt to mislead the marketplace, is to the value of twitter this all plays into what happens in delaware. it seems what's happening in delaware seems to be a narrower question because at the very least, what the court decided last week because they weren't going to postpone the hearing, so that means at least the chancellor has some views of the issues being presented to her and how she's supposed to decide that. >> your background is ftc. do you think the real -- what's on the line today is regarding twitter and ftc running afoul of regulation or twitter and a musk purchase >> well, it depends on who you talk to. i think for the -- for the senators, they're concerned about the larger issues, about foreign players be

this is the settlement with the s.e.c. for boeing and former ceo. here is what was agreed to and announced late yesterday by the s.e.c. boeing and the muilenburg neither deny or admit about the safety and certification process. boeing will pay $200 million muilenburg will pay $1 million the chair of the s.e.c., gary gensler said they misled investors about the safety of the max despite knowing about serious safety concerns. 346 people died in two 737 max crashes in 2018 and 2019 boeing paid $2.5 billion already to settle the doj criminal investigation into the 737 max look at the shares of boeing you have to remember we are going all the way back to 2018 with this chart to show you the impact that the max crashes and investigation and everything that happened. it was grounded for 20 months, guys it wasn't until 2020, late in 2020, that it was lifted the grounding was lifted by the faa and most other agencies around the world boeing, we reached out to them, says we do not admit nor deny the allegations from the s.e.c we made changes since the max cra

tesla added ellison and the executive kathleen wilson to the board back in 2018 to comply with the s.e.c. settlement over alleged civil securities fraud. >>> and chevron sold its california headquarters and plans to move into a nearby leased space about the third of the size of the coverage offices. the move could inn sides with the location to texas. che chevron's main office has been in california for 140 years dating back to pacific coast oil company established its headquarters in the bay area back in 1879 i was not around then, frank back to you. >> bertha, good morning. see you later on. >>> turning attention back to the broader markets. stocks are said to give back yesterday's gains if the pre-market losses hold futures as you can see red across the board dow looks like it will open 300 points lower and nasdaq and s&p 500 will open later. we have robter er robert schen with us for more we could give back all of those gains. what are you telling clients today? >> we are in the middle of the bear market. we are seeing that play out overnight. the bank of england obviously is making

the software company, be careful here, the s.e.c. has been poking around that company. stock took a hit on friday and gosamerbio here is an extra piece of information you want to mentally file away. a couple have shown up three times on the weekly list of buyers not many, but here they are. of the 217, aon, cotk, crown, gm and intel and sa rrrepta. this does not mean the stocks are going to go up no guarantees of anything. in this market, any edge, you may be able to find it insiders saw something interesting in their buy random but interesting for you >> brian with his morning rbi. >>> let's stick with the markets. the selling over the course of september wiping wealth from americans' finances. robert frank has more with how much has been lost robert, a lot of people looking at the 401(k). >> that's right, frank in addition to 401(k), shareholders losing trillions of wealth from the decline. data from the federal reserve showing the value of holding of funds fell $9.2 trillion as of july 1st the decline brings it close to the $10 trillion mark. the top has lost the mos

. >> the s.e.c.ere's some interesting things there i've talked about paypal before, micron technology. i think those are interesting companies to take a look at. paypal stock is traded like it's going away you either believe it is or not. a lot of discussion centered on cryptocurrency, and the fact you could transact for zero. i don't think that's happening next week. i think a lot of these companies are well established and will continue to make props one i'm looking at, now buying yet, fedex. >> looking, but not buying it. i think it can still come down quite a bill, but a trail p.e. under nine, which is well established, i don't think its critical involvement in the economy is anywhere near over. >> so you're not just the biggest bear you're intellect we have more to do with scotts minerd >>> the next guest says the index could even break that low. he will make the technical case. that is next i may be close to retirement but i'm as busy as ever. and thanks to voya, i'm confident about my future.

beijing regulators once again and i'm still not convinced that the audit controversy between washington, s.e.c. and beijing is really settled. i think that the proof is in the pudding there and i'd avoid those three names for now and wait for a better time to come into china >> so what you've talked about there is really tremendously helpful for sophisticated investors who buy individual shares like some of the ones you've mentioned but as i look at trying to get exposure to emerging markets, what is the smartest way it play, is it through an etf, if so which kinds, or is it through individual companies, company names where you have specific security risks and country risk as well? >> those are great questions i think the recommendation on anheuser-busch answers some of those questions for you. you have strong corporate governance, a u.s. dollar denominated company that is benefitting from some of those things, and you have pretty broad based exposure that serves like a mutual fund in a way to many different markets around the world. if you don't want to goi indonesia in individual names, coul

according to investigators, also s.e.c.ords showing he was appointed to his position as cfo in april of 2020, so he wasn't at that position for long. and this is happening on the heels of the business headline that we shared with our viewers, that bed bath & beyond has been in deep financial turmoil and recently even announced it would be taking steps including 20% layoff of about -- of their corporate employees and also close to 150 stores being closed to try to avoid bankruptcy in addition to the company sharing information they would be securing more than $500 million in financing. cnn has reached out to bed bath & beyond about the latest news and we're still waiting to hear back. the medical examiner is still investigating right now, sara. they have not officially declared this a suicide but they don't suspect any sort of foul play. it's also unclear whether or not his death is directly linked or tied to or connected to that financial news we brought our viewers. it's also important, i know you and i know, important our

not talking s.e.c. necessary, georgia/alabama.due. a lot of schools. really, a true melt be pot. >> totally. it was a true melting pot. players from coast to coast. brown, cornell, wisconsin, perdue, as you said, montana state. a really tableau of america, another thing that appealed to me. you're also right. college football was huge. the pros was considered kind of in the background and believe it or not college coaches said don't go to the pros. get an education. get a job. forget it. they're a bunch of thugs. >> playing pro bowl will keep you from making money, keep you from having a career. imagine that, at this point? when i say this is about real war here, you know, you don't -- gloss over the horror of this. >> i don't, and i don't want to put people off. you have to show what war is. war is death. war is death. and i felt i wanted the reader to see and feel and hear as much as possible just how horrifying combat is and what these men did, because i think it makes it an uplifting book. even in the tragedy of death, i think

. >>> boeing and the former ceo settle with the s.e.c.r allegations it misled investors regarding the safety of the 737 max. >>> and days after

they have enough problems with the s.e.c.the federal reserve and the comptroller of the currency, they have enough problems there without having to deal with highly charged political fights. maria: maria: yeah. and jamie dimon responded to this issusish -- issue yesterdan rashida tlaib asked if the bank has a policy against funding new oil and gas products. it was unbelievable. watch this. >> answer with a similar l pell yes or no -- simple yes or no. >> absolutely not and that a would be the road to hell for america. maria: what do you sunshine jamie took that on -- what do you sun think? jamie took that on. >> that's why we love jamie dimon. he's unfiltered and he speaks truth to power and a he is willing to do that. that's what's so important. good for him for doing exactly that. i don't know a single bank president that wants to destroy the american economy. you have a lot of people in power that are pushing them to do exactly that because they have a fantasy that tomorrow we can be at net zero greenhouse gas emissions, n

they filed a request to withdraw their registration statement for their s-1 with the s.e.c. saying that they have decided not to pursue at this time the contemplated initial public offering initially it was reported that they were looking to debut in the fall of 2021 that was then pushed to the early winter, early spring this year then it was reportedly delayed even further there were executives that had left the company as they grew impatient about this ipo that never was to be. ultimately it could pop up again but at least at this point in time given the contours of its registration s-1 not in this current environment. they were reportedly seeking about a $10 billion valuation. just given the recent market volatility, the lack of ipos, the lack of interest in ipos, it's just one of those companies that decided now is not the right time, carl. >> certainly reflective of the year the ipo market is having. leslie, thanks for that. >>> check the markets this afternoon. the dow is down 223 or so, s&p down 29, a full percent decline now on the nasdaq. >>> movie theater chains ar

and the s.e.c. looking at in 2022 saying look, you made some misleading statements about your hotels and what they were worth. and basically it's like, okay, here's a cease and desist and that went away. it's not an unknown entity. why did it take your testimony, according to the a.g. herself, to bring this case forward when this has been a long-standing issue with the trump organization and donald trump himself? >> okay. so, what you know about donald trump is what donald trump tells you that he wants you to know. i was one of the very few insiders -- in fact, i was the only insider at the trump organization with any real knowledge that was willing to come and to testify, to provide not just information but documentary evidence in order to demonstrate that he was doing exactly what our amazing attorney general has now put forth in a 200-page indictment. and that is that he inflates his assets for the purpose of net worth, and he deflates it in terms of reducing the tax burden on those assets. nothi

the s.e.c. will let wall street continue payment for order flow transactions, something the s.e.c.g for quite some time. we've debated it on this program many a team. but it appears at least based on this headline and we have to get confirmation that perhaps payment order flow will continue that had weighed on the stocks of rob inhood and so many other. >>> coming up, teiktok trying t side step an issue that's landed facebook in hot water. stay tuned, you're kwwatching "squawk" on cnbc beep. beep. what up, barry? hey, chuck. aren't you supposed to be on the course? i was, but i need a new driver. oh. what kind? one that hits the ball better. okay... i gotcha. let's go to the hitting bay. ♪ ♪ ( golf balls and items crashing to the floor ) oops. maybe we need a new driver for the cart too. you're a funny guy. ( golf balls being hit ) oooh that's nice. that one definitely hits the ball. c'mon, get in. ehhhh, i'm good. suit yourself. oh no, no, no, no, no! ( tires screeching ) >>> welcome back as of yesterday tiktok says it is no longer allowing political accounts to raise money on its

may or may not refer some activity regarding funding to the s.e.c. that's to be seen. ultimately they want a document to read that tells us exactly what happened and why. >> and, katie, obviously the hearings and the report, too, captured the country's attention. polling shows in a way even the committee didn't expect. it has been compelling and will be in this last one. take it from the other side of it. the justice department. how closely are they watching these hearings? how closely are they watching this last hears and read this final report when they consider whether or not to take up criminal charges? >> top officials always maintained the departments' leaders are watching extremely closely. absurd not to. you never know what evidence can be brought in this forum. maybe not evidence to hold up in a court of law but could lead to interesting questions, leads, investigative steps. watching closely. scan the report for any information they can find that matches what they've seen, contradicts what they've seen and contradicts what their own witnesses told them. they

s.e.c. are about to fly to hong kong to audit chinese businesses listed in new york. it is a new step to avoid 200 firms being delisted from u.s. markets. the possible removal stems from beijing's long-standing refusal to let u.s. watchdog tech documents of companies based in china and hong kong. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: coming up next, china's credit market showing signs of discovery -- signs of recovery after months of distress. more next. this is bloomberg. ♪ ♪ shery: look at how equities are trading across asia. the nikkei at a one-week low-end continuing decline as we see a little strength of the japanese yen the kospi continues to lose ground alongside the korean yuan which is close to the 14 hundred level despite the jobless rate out of south korea really coming in at the lowest level on record at 2.5%. the asx 200 led lowe

and there continues to be questions about not just the regulatory response, the s.e.c. reviewing the transaction, but in europe and the uk, i mentioned the uk because the regulatory agency, the cma there, not unexpected in any way. you can see from the reaction, perhaps unexpected they did say this requires more scrutiny we need to go to phase two they're concerned if they buy activision and blizzard it could harm rivals, sony being one of them by refusing them access to activision blizzard games providing access on much worse terms. we love sony no way we're going to do anything that would call into question them or "call of duty." but the effect of pushing this thing at least into the spring, not a surprise again, you can see remember, it's a $95 deal, so it is trading at a significant spread, obviously, to the price that microsoft is paying but that reflects the continued turn about the regulatory response, how long it's going to take and whether, in fact, they'll get to the finish line despite what many would say it's not a deal that should rise to that level of bei

didn't last very long in the end, he was fired but, according to materials that he's released to the s.e.c 2011 consent decree with the federal trade commission and committed a series of really serious security offenses. i mean, business practices that would be unacceptable anywhere, but particularly to a company that has the level of import that twitter has as twitter is the most important platform for politicians, for celebrities and for journalists. as a consequence, be one has a right to expect that they will take at least industry standard security precautions what zatko is pointing out is they may have had industry worst implementation of their security policies. >> we should point out the last audit by the ftc concluded in may after his departure, so it remains unclear exactly where things stand between that regulatory agency, roger, and the company itself over some of these issues >> indeed. again, these things are done by consultants and the economics of those consulting relationships give rise to some questions about the validity >> yeah. you know, he's not going to be treated as

the s.e.c.imes of crisis and tragedy, it is especially important that companies and executives provide full, fair and truthful disclosures to the market. boeing saying, we have made broad and deep changes across our company in response to she's accidents and have enhanced our culture of safety, quality and transparency. but still, many of the families do not think this is enough and they want more action taken against boeing, cecilia. >> thank you. >>> we'll turn to the nba. overnight the boston celtics officially suspending their head coach, ime udoka, for the entire season after he reportedly had a consensual relationship with a team staff member. t.j. is here with more on this. t.j., they say he violated a code of conduct. >> violations of team policy is how they put it, cecilia. we've never seen a suspension in the nba like this before. this is not just some coach. he had his team two wins away from a championship just a couple of months ago. he is a young, new, fresh coach of one of the mos

that's what the s.e.c. used to have the platform based around. how is this happening? ? 19 attorney generals are standing up against blackrock and what does larry fink do? instead of saying there's actual reality and depth to this, he turns to his other woke board members and they all a head pat him and say tell the american people to pound sand. here we are the american people, the american worker up against this huge tidal wave from the radical left. we have to start pushing back because businesses are completely out of touch with the original intent which is to provide a good and service for the consumer. they that should be their priority, not this woke liberal agenda. dagen: a lot 06 the big businesses, like, say, a defense contractor, i think they're trying to placate the lefties in charge to avoid regulation and to avoid them bearing down on them in other ways so it's like oh, we're going to do this, can you leave us alone now. jessica anderson, thank you so much. the hot topic buzz after the break. you've put your dreams on hold. remember this? but i spoke to our

unity software down 1% keep an eye on shares of vm ware s.e.c. charging the company was misleading investors without admitting or denying the findings vm ware consented to the cease and desist order >> app lovin like mclovin >> yeah. that's what i thought. >> of course everybody does if you think that's a good name >>> we were expecting the latest read on inflation this morning fake i.d with august cpi due out at 8:30 a.m. we have greg branch at veritas and kari firestone at rss management both cnbc contributors kari, looking through your thoughts and musings about cpi it is an important number. people are expecting a pretty good number. overall, your trading range for the s&p is 3,700 to 4,300. my bet with el-erian, he wins at 3,600. i win at 4,400 we could be here for eveever wi the range. how long does that last and resolve above or below the high and low end of your range? >> hi, joe it is about inflation. we know the focus is on cpi. people hope it will be 8.1 or lower. nationa until we have more clair rity ad how many hikes over how many pe

at the same time, you've got the s.e.c., the fed, climate -- the green lobby is all over these guys to20 years down the road and base current policy on that. what do you do >> you're telling me i'm too diplomatic, but let me try it again. you can integrate climate and development. have greener energy, that means cleaner. right now, people are backtracking into coal europe's burning a lot more coal and so are the developing countries and it's worse than that they burn diesel and fuel oil for their electricity in order to try to keep the lights on you know, another big setback is on education the world leaders are in from around the world we're going to have an education seminar or summit today because the learning poverty is up literacy as the schools closed, not only did kids not get a year worth of learning but the data shows they backslid by a year. we have kids around the world with two years less education, less ability to read, and we're trying to get the school systems to adjust so that they teach to the new level of the kids, which oftentimes is lower. that's a big challenge foo

the only one left is the s.e.c it would be helpful if they gave more guidance on what is a security andy and hopefully within the next year or so that will come out. >> do you foresee any -- if we were to test more lows, are we going to see a systemic issue with some companies? are they on the edge right now i won't mention any names. there's a lot of people who are leveraged to crypto, a lot of companies. >> my sense from having traded cycles for 35 years, we were pretty much through the worst of it that was four months ago that some of the companies hit the wall when you have a market down 75, 80%, you add any leverage on that, it's going to be tough i think most of that has already washed out and a really important point is, we all are used to using bitcoin as a poxroxy for block chain there are a lot of interesting projects and a lot of them have done well. and a cool stat is the percentage of our entire market hit a record of 43%. and over the last five years, the average of that was 20 that's really the story is what bitcoin and ethereum are just a bit off their lows, there are a

. >> and what is the s.e.c. doing?rypto assets are securities and which act like commodities, it should be fairly simple to delegate responsibility. like swaps, options, those are all your purview, things based on securities could be the s.e.c.s. can't you guys get along >> we did get along. and we have shared, we will share. but for us, the difficulty is we're derivatives regulator, we don't oversee cash markets so i've been asking congress for cash authority so we can go in the bitcoin cash market and other -- >> but those aren't securities >> we'll have to figure that out legislatively. there are different components amd ch and characteristics. we have to rely on 60, 70-year-old case law and we have at least one court case in the eastern district of new york that says bitcoin is a commodity. there are other cases out there and we're just trying to figure it out as we go. >> looks like a big turf war >> it is not a turf war, it is two regulators who work together in the swaps and futures space and we're trying to fin

. $2 billion to the s.e.c. which they use to help advance the very e.s.g.onstraints on the flow of capital that is constraining our ability to produce energy. $3.2 billion to the department of energy's office of energy efficiency and renewable energy. which funnels taxpayer dollars to unreliable green energy. $825 million for d.o.e.'s office of fossil energy and carbon management, which gives credit handout to massive oil companies. $450 million for d.o. eamplets arpa. $29 million to administer a d.o.e. loan program responsible for the is a lind are a debacle -- solindra debacle. all of that money to keep paying taxpayer money to screw up american energy and drive up their energy bills. mr. perry: you're absolutely right. before i turn it over to the gentleman from texas, i want to prime the pump here a little bit. the department of energy created for one sole purpose, one purpose only to make the united states energy independent. my good colleague, my good friend from the state of texas just went through the list. we were energy independent about a year an