local members of congress are asking the scc to look into verizon cease equipment and actions.icized verizon for its response and not having back ups in place, talked about since the 9/11 attacks. >>> one of them was to have back up 91 service, -- 911 service they resisted it took, 5 years before we got proposed regulation, then the regulation was with drawn, under the guise it hadn't had public common period and then buried, we think it was probably the telecommunication companies, deciding it was an expense they didn't want to bear but what we are saying now, is look guys, you have to have back up service, but by these generators, you never know, you can't plan completely, we will have more violent storms people need to be able to call 911 find out what is going on, report when there is serious harm to their family and property. >> we lost two lives in this storm in springfield in my district, what could be more important than a human life. there is no excuse, this is the nations capital, and other utilities have back up, the water utility, in our community, we lost water for

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romney attested to the scc multiple times that he was the chairman, ceo and president of bain capitalk most americans figure if you are the chairman, ceo and president of a company that you are responsible for what that company does. ultimately, mr. romney is going to have to answer those questions because he aspires to being president, one of the things you learn is you are ultimately responsible for the conduct of your operations. but, again, that's probably a question he's going to have to answer. i think that's a legitimate part of the campaign. >> you think he should answer that soon? >> absolutely. >> in fact, obama's campaign manager says he may have committed a felony if he misrepresented himself. they shot back demanding the president should apologize for the comments. the republican candidate spoke to jim acosta about this controversy. >> there's no question but that his campaign is putting out information that is false and deceptive and dishonest and they know it and ought to stop. >> left any role at bain capital in february, '99. it's known and said by the people at the f

and in fact, these companies did have scc invest investigations kind of a last time of a bear rate on this in 2008. >> but it's an ftc issue. one other quick thing here. one of the big issues about this company is company doesn't tell you how much of its sales to outside customers. in fact, it says it's irrelevant how much to customers outside of the company. i talked to one of the top officials of the ftc about this and i said, what would you say if a company, we were just talking generically in the mlm industry didn't how many of the sales to outside customers. he said, boy, that would be a big red flag. why isn't it here? >> it isn't a red flag. a statistic -- >> it is a red flag, tim. it is a red flag. they can't tell you how many of their sales go to outside customers. that is a red flag of this company. why is -- i don't understand how that's not a red flag. >> well, costco can want tell you whether they're selling soup to restaurants or to -- >> prior case law, prior case law here through the ftc made this a very significant issue and some of the other companies in the industry

companies using facebook more and more to post these things but the devil is in the detail ice the scc say about this. where does it cross the line and things you wouldn't say in a press release. >> things that are popping, another one on the screen, rim. >> people weren't in perhaps on tuesday and catch the news when the company said waking up today, not a death spiral. going through a big transition. heins said tuesday, everything's okay. they have a long way to go. maybe everything will be fine but, you know, this stock is one volatile stock. >> of course he says it's not a death spiral. >> good for the apple e cosystem. >> i'm the mini. i'm waiting for the new ox to come out with and mini's coming out. really making a big difference? the stock will do what it's going to do. >> back above 600. >> back where it was in april. see how the competition evolves. apple up xwen. >> what's going on with best buy? >> that's a story of being more apple-like. i hate hearing something will be apple like. people can come in and play with things but that's back the other issue. the showroom issue.

tax shelter is okay, at the end of the day i think our folks and investigators and the fbi and the sccmart enough to see through this. >> it was a very interesting response, sue, to jim cramer's question of whether in this world of budget cuts his lawyers were smart enough or had the weapons actually to fight back against the smart attorneys and brilliant league minds of private industry. >> well, given his record, it appears as though they do have the smarts and they do have the tools. he's been one of the most successful sheriffs of wall street, ty. i mean, you know, the proof is in the pudding sort to speak. >> he was asked whether there's companies that were too big to fail and that that affected his ability to prosecute and he said, absolutely not. no company in his view, no institution in his view is above the law and too big to prosecute. interesting stuff. >> sends chills through wall street today. thanks, ty. >>> all right. greed and corruption on wall street is one of the not so subtle themes in the blockbuster "the dark knight" and opens tomorrow at midnight. thoughts now of

i know the scc of the fbi is an outstanding man, too, and also a former commander of the hostage rescue team. there's a lot of talent and this governor and mayor should be proud of the performance they got to see today. i'm an outsider, not involved in this thing at all, i just see it from a professional' point of view and i'm impressed with the chief and the whole department. >> i, too, am impress. danny coulson, thank you very much for joining us tonight. >> thank you. >>> both president obama and mitt romney publicly stated that today was not a day for politics, but it was a day for leadership. and that is part of this day, and that is next. >> i remember thinking i'm not going to die in here. me and my kids are not going to die in here. i need to get them out. i need to get out. and all i could think is if i stand up, he's going to shoot me. hey. hey eddie. i brought your stuff. you don't have to do this. yes i do. i want you to keep this. it'd be weird. take care. you too. [ sighs ] so how did it go? he's upset. [ male announcer ] spend less time at gas stations. with best in class

i think if the nyse gets the scc to change the rules they will capture soft only market share and someft out in the cold and fighting back about it so hard. but again, i think it's a fight between the exchanges and the dark pools. i don't think the little guy will benefit at all in this. >> well, i hope you're wrong on that last point but i take what you're saying. lastly, major fireworks failure in san diego yesterday. a glitch causing the entire show to trigger all at once. it lasted just under 30 seconds. and someone tweeted out, actually, that because of san diego and california's budget cuts, they had to cut back on the timing of the show. unfortunately, it was a new jersey company that did the fireworks show. what do you think, guys? john, you first. >> it's the best fireworks innovation we have seen in a generation. it was amazing. you know? >> it was beautiful. >> we could sing it. oh say can you see by the dawn's early light. they basically, you know, blew it all up at once. shock and awe. it was no longer, you know, we have to wait for 20 minutes until the part everybody like

it's a pilot program approved by the scc yesterday. joe mccain is joining me here on the floor. this is called the rlp but that's short for a retail li liquidity program, right? >> correct. >> how does it lower the costs for the individual investor? >> it allows for retail orders to get price improved beyond what is available in the public quote in the market, and so, historically exchanges didn't treat types of orders differently so what the program does for the first time is allows us to say if an order is from a retail customer and there's various ways to designate them from the firm that is send us the orders then we'll have orders that allow for price improvement to execute against those orders. >> this program has been compared to the dark pools that are out there, but if you look at the details it seems as though it provides an alternative or kind of combats the dark pools. >> yeah. it's -- what's important about this program is that it's conducted in an exchange environment. and so, some of the historical practices that other venues have been allowed to do like segmentin

it caused them to say he was misrepresenting his position at bain to the scc which is a felony or misrepresenting people. could it possibly be that he gave up operational control of bain in 1999 that's why he's telling the american people he was out of bain as of 99 still under the law had to list himself as ceo of the company which he was until 2002. >> the romney campaign's story has got even mixed up in terms of what the reality is. did he leave in 99 or stay longer. if you listen to some of his statements and some of the public statements he's made it looked like he stayed longer. he was on the board for a bit longer. it's not clear what his real story is. megyn: i want to ask you, where is the proof that romney had operational control of bain capital past 1999? >> listen, if you are noted as the ceo to most individuals you're leading the company. megyn: that doesn't answer my question. operational control is different from on paper. >> let me put it another way. if he says he wasn't in operational control while was he sitting on boards of company has were basically managed by a bank? megyn:

we have meetings with the fcc and the virginia scc in the next few days.ave a special task force from verizon with our best technologists that will be in all the meetings to quickly come to a realization of what happened, why it happened and most importantly, what we're going to do on a going forth basis to assure our public, our customers, our employees that this will not happen again. >> as a customer, not in virginia, but as a customer nonetheless, i got to ask, are you saying you don't know what happened? >> as i mentioned, we see there were three major failures, the commercial power, network damage and mechanical failures. we know on a base line what we are looking at. we want to go deep. we don't want to make assumptions that we know exactly what contributed to the failures. we want to go deep. we're going to do the work, partner to make sure the solutions we put in place actually solve potential problems we may not know of today. we want to be sure we do the right thing for our customers. >> thank you so much for joining us. that's tony lewis, the v

and the scc filing said one thing, ba, ba, ba, governor romney demanded an a mol gee and she said, quitr whining, what what say you. >> governor romney would rather be talking about his plans, how to deal with the medicare, with the package he put out, similar to paul ryan's or perhaps even talk a little bit about the need to cut the top corporate tax rate in america, it's now the the highest in the world. that should be cut to attract investment and create jobs. that's what the governor would rather be talking about. folks keep bringing up distractions like this. so i will address it. as i've said before, it's amazing to me that this president would introduce the word felon into the discourse. this is a president who wallowd in chicago in the murky soups of pol politics/felons, where the politicians quite often end up as felons in jail. they have two governors in jail right now. this is the president that cut a very snarky real estate deal with tony resco who is now in prison who tried to extort money on a political basis. why would the president want to give people an opportunity to r

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. >> just within the past couple of minutes the scc releasing a major report on the $8.7 trillion securityf changes. saying in this report that the securities market has not been subject to the same levels of regulation as other sectors of the u.s. market due to exemptions. they are recommending things like congress considering authorizing the sec to set baseline disclosure standards and require audited financial statements, a whole host of other details and regulatory proposals. i think the bottom line is don't expect this to become law or regulation anytime soon but a host of new recommendations for municipal securities. >>> let's start with our cnbc exclusive. jcpenney has started to transform the new format that ceo ron johnson envisioned as he came over from apple. our courtney reagan is live in dallas and spoke to ron johnson this morning. >> good morning. we are actually at a store no longer at the top secret prototype but we were there this morning where we got to see it for the first time and sit down and talk to ceo ron johnson. i talked to him about the fact that since the trans

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my staff then briefed the scc, ftc.tep of writing them -- putting in writing to them a detailed set of recommendations that revealed the extent of the concern in that context and the u.s. to its credit set in motion at