. >> my understanding, again, it might be outdated is the scc cannot refuse because they object to a business model or anything else. they can just require now to doll out detail. that's not merit regulation. do you consider us having merit regulation for federal securities law? >> i don't think. it's very important. having seen a lot of other countries, particularly in asia they give investors much less information and rely on has the company earned a profit for the last three years, and if not you can't go public. it closes out a lot of good companies and doesn't improve prices because people don't have enough information to judge. i think a strength of the u.s. is we do have disclosure and not merit. >> because of that there is a strong emphasis on very thorough disclosure and as mr. trotter points out it leads prospectus. the information is just gratuitous or ignored. if i was presented 200 pages, i would quickly, evelyn bowood wod be proud of me. when you have these road shows and their very, very useful, i presume. is that accurate? >> i think so. i tell my students that you ge

. >> was the disclosure that jp morgan gave to the scc in terms of the var model sufficient for you? do you think they gave you enough disclosure or not? >> we haven't reached conclusions about the disclosure. i have said as recently as this week when i testified on this issue because we're not jp morgan's primary regulator, at least of the institution or the parts of the business of which this trading took place, our primary focus on whether the disclosures accurate and timely and whether the financial reporting is appropriate and whether their controls over financial reporting are appropriate so we haven't concluded one way or another yet but these are the articles of particular scc focus. >> given the fact of risk management over the years is extremely good, the question was raised by both the house and the senate committees of whether jop morgan and other large banks are simply too big to handle the disclosures, handle the risk models frequently used in the market. what's your thoughts on that? >> i think risk management is really the lynchwin to so much in the large institution

a company may have before registering with scc has been welcomed as a logical adjustment. it reduces the number of instances a company is forced to endure a complicated filing process merely because it attracted too many accredited institutions. after introducing the first crowd funding bill in congress, i reached out to my colleagues on the other side of the aisle to bald bipartisan coalition so that we can enact this bill, to address these concerns of the interested parties. specifically, i want to commend congresswoman carolyn maloney who serves on this subcommittee and serves with me on the financial services committee. we don't often see eye to eye on matters of public policy, but in this instance, we collaborated and worked together to take the legislation i introduced to improve it. caroline has a number of concerns about fraud and a number of investor protection ideas. we worked very diligently, very diligently to craft a very balanced bill that we're able to pass not just out of committee but on the house floor. before it came to a vote on the house floor, preside

they've been subject to scc reviews. they almost exclusively are smaller companies so they have already been exempted under dodd-frank from the internal control audit. none of those aspects relating to shell companies has changed as a result of the jobs act. >> one of the, this might be the most ironic aspect here of the jobs act, there's nothing in the bill that requires any creation of jobs to quality for all the protections and benefits of the jobs act. is that accurate? >> i think the premise under lying the ipo onramp is going back to the competitive nature of the capital formation process is that you have an early stage company that needs to provide a return fo inverss who bet on the company when it was just an idea, that type of company can pursue one or two paths. it can sell the company and have redundant positions eliminated in the short term or raise its own capital to be independent. you're going to grow the business and you're going to need more employees to help you run your growing business. you're going t

we're asking the scc to do their job. we're asking the rating agencies -- >> they don't understand it, the rating agencies have an inherent conflict of interest because they're getting paid. we know they're not going to do that, so if you want the same exact recipe, the same formula that got us into this mess in '08 that we're trying to dig out now -- >> can you say flat out that nobody puts clients first? is that aggressive. >> we have wall street banks and broker firms almost melts down the economy for an $800 billion taxpayer bailout. so i don't think their track record is good for putting client's interests firsts. >> thoughts on the interest comment there? >> we agree on the basic causes of the financial crisis, financial institutions took on excessive risk, there were conflicts of interest with their clients, retail investors got sold things they didn't understand. that's all the case. the question is today, with the reform rules in place when the dodd frank rule passed, how do we restart the private market, how do

. >> what about the scc? >> derivatives involved, securities fraud and there's a civil action, they could be involved. >> all right. thank you very much, neil. appreciate it very much. >>> brian joins us with "market flash." >> you got down to the nyse. the energy sector. best by far in the s&p. not a single stock in negative territory. look at cabot oil & gas. natural gas up almost 4%. outperformance there. tightly core lated to it. a terrible month of april. a lot of that back in the last month with the rebound. back to you, tyler. >> thank you very much. >>> the wildfires in colorado have only gotten worse. fire officials outside of colorado springs say the fire raging there doubled in size overnight to about 24 square miles. last night, 30,000 people in the city that includes the air force academy had to leave town. fourth of july firework celebrations banned to the fire threat and fires burning in wyoming, new mexico, and montana. >>> up next, apple's big fight with samsung. it could have a huge impact o

we said we have a cftc and scc in duplication. i'd prefer we fix it than throw money at it. that's what i do at my company. i can create more staff but not necessary the right thing to do. >> i agree with the analysis. with the regulatory system we have today, not what we want but do you think it's a smart idea to cut one of the legs off a major regulator? >> i won't defer on that because it's not my area. >> the only reason i ask because you expressed other opinions. >> i know nothing about their budget or employees they have. i know nothing. >> i'd like you to learn it and maybe get back to us on the answer. the truth is i'd like to hear your answer before we vote on the floor. thank you, mr. dimon. >> you do know we're- >> we will take a quick break and return with more of mr. dimon's testimony. the dow jones industrial 126 points almost all areas solidly in the green. t's or sun burn cream later. oh, somebody out there's saying, now i get it! take beano before and there'll be no gas. ttd#: 1-800-345-2550 let's talk about how some companies like to get between ttd#: 1-800

does the nasdaq plan get approved by the scc? and if it does, what the implications? >> i think that's a problem with the -- the way they have decided to reimburse. they made a good effort. i think not to take sides. because this is the market -- >> you're an objective analyst but what you're saying is you don't think that it is going to be approved. >> yes. because i think there's enough market pushback from other participants that they don't want the people that have been hurt reimbursed by trading fees. if they can reimburse that through another mechanism, the other exchanges are afraid of losing share as nasdaq reimburses the losses of that technical. >> your best in breed exchange right now if you wanted to invest in, you don't have to say new york stock exchange because he'll come over here in a second and speak to us. >> duncan is a good friend. it would be the intercontinental exchange. you talked about energy. a lot about the volatility. if you look at their volumes, they have been the strongest year to date. actually, over the last 18 months. >> now what wou

that's not dirty, i checked with the scc.ed at some trump-related body blows. think about this, today our opponent is facing the same fund-raising deadline as we are but the people i'm counting on could not be more different. he is relying on high-powered ex-executives and a tv personality who spent the last week talking about where i was born. >> he does not need to talk about that. because the more he talks about it, the more trump is going to realize he is helping the president every time he opens his mouth. >> right. shhhh. hi, carol. >> hi testifyny. john hunking sexy voice, john fugelsang did a great job substituting for eliot spitzer. >> oh, thank you very much. >> and we in florida need to get a process started to remove this governor down here. [ bell chimes ] [ applause ] >> yeah. >> you can try to have a recall against governor scott, it might be easier to find all of his whore cruxes. >> all right. john fugelsang. >> he has gotten more fugelsome as the show as gone on. 29 minutes after the hour. right back on the

duncan niederauer joins us talking about the botched facebook ipo and why he thinks the scc will saynd the long shot trade, finding stocks soaring triple digits. carl, looking forward to this one. see you in a bit. >> can't wait. meantime, groupon's market cap around $6 million. roughly the same that google offered to buy it in 2010. a new book released this week called "groupon's biggest deal ever" chronicles the rapid rise of that company. frank senet joins us from the windy city. frank, welcome. congratulations on a great read. >> thank you. >> a lot of debate about whether they did the right thing in retrospect. i wonder what you think and i wonder what they think about that decision. >> yeah. i remember on ipo day standing in the nasdaq market site there on times square and watching kramer interview jason child, the cfo. euphoria and everybody was so happy and it was the right decision and the market cap is what google was offering and i think there's second guessing certainly outside of groupon but inside they're still really committed to being that dashboard of local commerce