i like mary schapiro. i think she was a decent chairwoman.d when morale was very low after bernie madoff pulled his ponzi scheme. she did one thing amazing, she appointed bob as her enforcement chief. he is a former federal prosecutor. one of the smarter guys in the business. i think he did a great job. the negative of mary schapiro and i think this will be a problem with her legacy going forward is that this notion of what is a stock market has never been addressed. if you believe the status quo, they are saying that the stock markets, individual investors, should feel comfortable that when they buy a stock, it is not being traded, it is not being matched, the orders are not being crossed. it is being crossed that some dark pool on the new york stock exchange. they had to create a dark pool to create with the dark pools at goldman and all these other firms. is that the way our market should be? there is a debate. i think, no. they lose a little credibility when they argue ttis because they are for-profit companies. they are arguing, talking

thank you all very much. >> chairman schapiro. [applause] >> chairman schapiro, we appreciate your willingness to share your views on the ongoing work of dodd-frank reform. we are proud to have you distinguished alum of the law school. we appreciate your long service to the law school as well as your distinguished public service. i'd like to give your small token of our appreciation. become hope you'll come back often again. [applause] >> so will reconvene about 9:30. so go get a coffee or whatnot. >> one of 10,000 homes that they are trying to get done in the next four years -- in this term. these are houses never coming back. [inaudible] >> now, not right now, no. [inaudible] they're going back to the prairie and these are just disappearing from the landscape. >> is 90,000 rate are ready to go. >> recently 164 firefighters were laid out as part of the downsizing, as part of the effort for mayor in to get the finance under control in the city. so firefighters, which detroit needs because it's got the highest case of arson in the

thank you all very much. >> chairman schapiro. [applause] >> chairman schapiro, thank you very much for being with us today. we appreciate willingness to share your views on the ongoing work of dodd-frank reform. we're very proud to have you. we really appreciate your long service to the law school as well as your distinguished public service. we would like to give you a small token of our appreciation. we hope you'll come back often again. wonderful to have you. >> i will, thanks. upo[applause] >> so, we will reconvene at about 9:30 a.m. if you want to get coffee or whatnot. >> [inaudible conversations] ♪ ♪ ♪ >> a short break in the george washington university law school forum, looking at the dodd-frank law. we will be back to outlook with live coverage and just to be. to let you know about some of our other live coverage coming up today, at 1:10 p.m. mitt romney campaigning in ames, iowa, with a speech from his campaign is saying mitt romney would use the speech today to quote help crystallize the differences between each candi

so it's really bright up here. >> questions for chairman schapiro? >> yes. >> thank you for your opening remarks. i was wondering if the sec was willing to adopt financial stability board's kind of guidelines on executive compensation reform, which the europeans have adopted. i'm not sure whether the u.s. is moving in the same direction. >> you know, it's an ongoing subject of conversation at the sec. i guess i have two responses. one is that we have jointly proposed as dodd-frank requires with the banking regulatory agencies, says executive compensation disclosure rules, including holdbacks and delayed payouts and so forth, and as you can imagine we have got an lot of comment, and those rules are not finalized. we're working with other regulators to do that. the second thing is the sec's approach in the era of compensation has been a disclosure based approach, and if you look at the history of rulemaking in this area, you can see ever greater requirements on public companies to disclose their compensation policies and practices, including, as i ment

so, please, join me in welcoming mary schapiro. [applause] >> good morning, everyone. thank you very much for that kind introduction, and in fact, for your wonderful stewardship and leadership of my alma mater. and it's always wonderful to be back at gw. i also want to thank the university for hosting the financial regulatory reform symposium. i think it's an important opportunity to contribute to the debate and the discussion around financial regulatory reform. four years ago this month this nation was suffering from a near collapse of our financial system. while there are differences of opinion as to what was the most significant trigger, a bipartisan senate committee report known as the levin-coburn report, asserted the crisis was the result of, quote, high-race, complex financial products and the failure of regulators, the credit rating agencies and the market itself to rein in the excesses of wall street. while this period of our history will be written and rewritten over and over again, congress and the administration knew that the status quo was unacceptable. so

mary schapiro had this to say today.ved and when it doesn't work right, consequences can be severe. >> the markets are operating at high speeds. just to put it into context, it takes you 200 milliseconds to blink your eyes. the problem is they could be anything going on in the market. a kill switch with only fix it after the fact. gerri: there really isn't a point. >> maybe it will prevent them from losing $200 million. you have to address the structural issues. gerri: for individual investors, it's not a disaster, but if the market crashes in the middle of the day, it raises the question of the markets being a safe place for individual investment. it is inreasingly obvious that individual investors are saying that it's not only 15% of americans that have trust in the stock market -- is this not an institution that we absolutely have to say. >> a couple of them are actually public. they have a very competitive atmosphere. thirteen exchanges and over 50 job pools competing. gerri: i want to get you to respond to something

. >> when it comes down to it mary schapiro will be known for a few things. after 2009 she came aboard after the sec came off the madoff debacle, not catching the biggest ponzi scheme of all time from bernie madoff he is and being alerted along the way. sec morale was at extreme low. it has gotten better particularly since the financial crisis. she appointed. a they have a very good investigations going on. insider a trading is a big crime. i believe it is a modest crime whatever. they're doing a pretty good job in that respect. i think where she will have a big issue in the notion of, issue of market structure. what do i mean by market structure? there is not two markets, nasdaq and new york stock exchange, following rule nms and host of other rules about five or six years ago there are 50 markets right now. i don't think the sec intended for there to be 50 different markets. if you're at goldman sachs trading desk you can match a trade there and small investor trade can be matched there. there is a problem. because there is very little transparency. that is

he likes mary schapiro? >> what does he say about me. >> don't get me started on ahmadinejad. man. that is faint praise. you're right obviously with all the delays and everything power could be out conceivably right through the election. what do you do when 20 states are affected? obviously it is all or nothing. you extend it for one, you extend it for all. that will invite lawsuits if you don't. but it is a slippery slope. then each side will start measuring wait a minute, does that benefit other guy or benefit me? ashley: yeah. do you think, slim to none the chance of this happening know, neil? >> i don't see it happening. i guess you could make an argument that, in areas where it is very tough to get to the polls, transit is still out or a hazard. but then you file paper ballots and deal with that. we've had a history in this country of, snowstorms on election day and people somehow have to get out to the polls even with power out. the difference this time a lot more would be without power and that might be conceivably an argument extending it. it would be a very, very toug

i think that mary schapiro leaving as sec chair, leaving with a very mixed legacy, great person, butd legacy and that is in market structure. we have a bizarrely structured market. 50 exchanges all over on everybody's trading desk. who know how that market structure that we have now, all of these dark pools, when you trade stock mom and pop in iowa the match of the buying and seller probably doesn't happen there, it happens on the goldman sachs trading desk, which is the dark pool. it's fragmented and how do you herd all the cats together. these are questions that mary schapiro left unanswered and the market shouldn't be closed for two days, and maybe there's a technical reason. whatever is going on the fact that they're not answering it makes me think something worse here, let me tell you something, 11 years to 9/11. cheryl: that's the thing. >> it should not happen. cheryl: i hope you slept last night a couple of hours, you're not sleeping the next 24 hours. >> i've heard, i've heard. cheryl: thank you, charlie. he's going to continue reporting and breaking news on market structure

mary schapiro kind of sidestepped that question today during an interview with cheryl casone. >> onef the recent stories that surprised many on wall street was the exit of vikram pandit at citigroup. do you think that's something the sec's going to look at, in particular the way the board handled the release of the information about his exit? is. >> you know, i'm sorry, cheryl, that's really something i can't comment on. liz: but charlie gasparino is not holding back comment. at least she didn't say, i'm sorry, i can't hear you. >> with all due respect, kind of sidestepped? it was a direct question, she didn't answer it. i believe the sec is investigating this because -- now, do i know that for a fact? not yet. when i do find out, i'm going to come back and tell people this. but when you add up all the stuff plus that sort of nondenial denial that she just gave, add up the fact that we were the first to report -- not "the wall street journal" -- that he was ousted, he was ousted after the market closed that monday. they went out tuesday and publicly announced it. that monday they ous

please join me in welcoming mary schapiro.] >> good morning. >> thank you for that kind introduction. and thank you for hosting this financial regulatory reform symposium. it is always good to be back at my alma mater. four years ago this month, this nation was suffering from a near-collapse of our financial system. while there are differences of opinion as to what was the most significant trigger, a bi- partisan senate committee report -- known as the levin- coburn report -- asserted that the crisis was the result of "high risk, complex financial products, undisclosed conflicts of interest, and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of wall street." while this period of our history will be written and re- written over and over again, congress and the administration knew that the status quo was unacceptable. so together they passed landmark legislation to address many of the issues that were highlighted by that tumultuous period. the dodd-frank wall street reform an

york city that brings together some of the biggest names in finance including alan greenspan, mary schapirothe meeting sponsored by the american securities indus strind a sieve ma, talking about regulating their own and including one law they would like to keep. david: the ceo of sieve ma joins us. for all the talk about deregulation among the bush administration. we got dodd-frank and consumers financial bureau in the auspice of the federal reserve board and rules and regs. don't you feel instead of coordinating rules and regulations with very there is just one pile on one rule and one agency and one bureau on top of another? >> one speaker today described it as a bunch of bumper cars. remember as a kid, bumper cars, depending on what particular music park you went to went counterclockwise. there was always a core you went around. well they have taken out the core. you have agencies in bumper cars and randomly hitting into each other. it is not well-coordinated. the regulations are not really prioritized way they should be. not sequenced for implementation. we talked a lot about that today

. >> woodruff: back now to the debate site at lynn university where gwen and i are joined by ari schapiro and scott horsley of npr. ari, you've been following aromney. what did he want to do tonight, and go he do it? >> he felt like he had the momentum going into tonight's debate and so i think he wanted to be a little bit more cautious than president obama who was a bit more aggressive this evening. a rom-- romney as you remember had a few missteps on forence policy whether it was his summer trip overseas or initial response to the libya attack. and so he seemed to me to be more cautious this evening. and also de-emphasizing the sort of neoconservative aspects of, you know, going to war, aggression, things like that, instead saying we can't just kill our way out of these problems and we're going to be out of afghanistan in 2014, more definitively than in the past. to deflect the attacks that might have portrayed him as a warmonger. >> ifill: and scott, the same degree to which mitt romney was being, as regardi described it, was holding back, some it seemed like the president was not hold

sec schapiro testified 50 times in four years. how does she run a agency when constantly dragged up to the hill to be berated by the industry allies four, strategic sue to win when the courts what they couldn't get. peter is wrong the legal onslaught is coming. delay, delay, massive campaign contributions will purchase more political allies and roll back the reform law. let me mention one of the lethal weapons the industry is using to kill financial reform. cost benefit analysis. they want to applied to every agency regardless of legal requirements. what isn't side about this seductively sounding concept they're pushing industry cost only analysis where the cost to the industry of every rule has to be rigorously and exhaustively calculated considered and weighted. they cry about it. peter just talked about the cost of regulation, cost of regulation. think about the cost to the financial crisis on the country but think about this. it is not industry you should be worrying about. it is irrational. this prioritizes the cost of reregu

did you fight mary schapiro's plan at the s.e.c.t would have required even more collateral and some people in the industry saying it would have killed the money market business? >> you know, we have always taken a very constructive approach to our regulators. there is not a moment in time where blackrock's involvement has been anything that was other than being constructive. there has been not a confrontational meeting with us and them. there have been confrontational meetings with other firms. but i -- you know, what i'm saying what we are going to the s.e.c. today and treasury is an industry supported resolution. so, i think we have something. and we did all the simulations in this -- in our approach that we're presenting that shows that even during the times of lehman, the money market fund industry would have been fine, it would not have required any federal support. and it -- it's a solution. >> all right. i want to get to the federal reserve. they came out with qe-3 or qe-infinity as they are calling it. the market seems to be

if you missed any of our coverage including mary schapiro's speech earlier it's an hour video library at c-span.org. >>> she is the wife of agriculture secretary and former i would governor tom vilsack. this comes to us from ipt and carroll iowa. [applause] i was congressional district the shifting population creates a dramatically different fourth district. ames and mason city specifically now joining sioux city in anchoring the previously predominantly rural district republican steve king has been representing in the khan crestor in the past ten years. and he's been winning the election by a fairly comfortable margin getting a fifth with two-thirds of the chaos two years ago. but rita esters the delete redistricting with the demographics may be deluding the republican dominance and that is what kristi vilsack may have been hoping for when she moved to ames declaring candidacy for the congressional seat. she's familiar with the district traveling as i was the first lady during tom vilsack's eight years as governor. welcome to "iowa press." and of course both of you are familiar with