one answer is that because there are many lawyers said sec -- at the sec did not understand the allegationsde. another issue was the bureaucracy. bernie madoff was being investigated by the washington and new york offices of the sec. how did the washington office find out that in your office was investigating? bernie madoff told them. the internal bureaucracy problems and other things, they have all the problems bubbling up in the bernie madoff case. the sec is trying to learn those lessons and reorganize itself internally so it does not happen again. host: what is the difference between the two offices in new york and washington in the sec? guest: the office here is the headquarters and they do a lot of their work and actual rulemaking. by contrast, the new york office has some role in writing the rules. they are inside the investment banks and other wall street companies. they work with prosecutors on sec cases. that happens in washington, too, but mainly in washington they are involved with rulemaking. there is an overlap but that is the general distinction. host: republican line in flat

the sec can do much better on that.the third thing is, you know, a lot of investors depend on credit rating agencies. and basically we have a forum-shopping problem. as long as we have bond issuers choosing the credit rating agencies, investors don't have confidence in that. there have been a lot of proposals for more disclosure, et cetera, but mine is very simple. let the sec appoint an independent person for a day to represent investors and pick the credit rating agency and then let the market work. but as long as we have the bond issuer picking the credit rating agency and those structured finance -- those deals are worth 4 or $500,000 each for the credit rating agencies i don't think investors really are going to have confidence. and in the end that's the key. investors don't want to buy this stuff because they can't understand it and they don't have confidence in the credit rating agency so you got to do all those three things. it's not saturate answer. -- simple answer. >> well, we covered an enormous range of the

first, since i arrived at the sec, one area where prompt iran action is policy.he continued success of the state of the our mobile broadband depends on our ability to align our spectrum policy with the changing needs of consumers and industry. other nations like germany and japan are already planning significant additional blocks of spectrum to be auctioned for mobile broadband. the united states must act similarly. to laydown the spectrum for a meaningful alternative to a fixed broadband. i hope policies will be guided by three overarching objectives -- facilitating the spectrum, allocating additional spectrum, and encouraging investment and innovation in wireless technologies. the second policy area is comprehensive universal service funds and compensation reform traded at broadband investment in underserved areas. we need to update our funding mechanisms to reflect a broadband world. we must do so in a manner that ensures accountability and efficiency. we need to do this in a manner that does not expand the size of the $9 billion fund. the graja region factor

people should be complaining to the sec about this. round-table discussions have been held about ways to deregulate and fix this problem with the ratings agencies. they have gone nowhere. round tables have been held, there has been no change to the methodology about wall street firms paying ratings agencies. the only good thing that we can say is that there is so much attention placed on mortgage- backed securities and collateralized debt obligations and the like that the ratings agencies were rating, there is a chance of something exactly like this happening again happening in the near term are pretty remote. people are scared to death to write something as aaa that clearly is not. there has been no reform of the ratings agencies. another part that is astounding to me. there have been hearings before congress. they have been fascinating. one thing i like about these hearings in front of the house oversight committee is that you get a little bit of a window into the documents in e-mails that are released. by the way, i think that they

another recommendation by the sec. he sec should consider free or very low-cost wireless broad and as a means to address the affordability are your two adoption and they talk about advertising supported service on this section of the spectrum. do you agree with that? >> guest: just go i think it has a place. i'm not sure the extent to which the federal government would even be involved in making those decisions if a commercial provider wanted to offer free services across the network in which they delayed investments and then support those services with advertising that would certainly be within the ambit of what we'd expect a private companies to do as part of a successful business model. so i think it's a good idea. it will have its place. i'm not sure the federal government has any role in either mandating or supervising that. >> host: and finally, congressman, should network management or network neutrality be addressed in the land player and is that? >> guest: no, it is not an frankly i think it should not be. tha

at the sec appoint an independent person for a day to represent investors and pick the credit rating agency and then let the market work. but as long as we have the bond issuer picking the credit rating agency and those structured finance, those deals are worth four or $500,000 each for the credit rating agencies. i don't think investors are really going to have confidence. and in the end, that the key. investors don't want to buy this stuff because they can't understand it and they don't have confidence in the credit rating agencies. so you have to do all those three things. it's not a simple answer. >> well, we covered an enormous range of theology and very detailed philosophy across a wide range of issues today. let me encourage you to pick up the book, to go to the new institute for new economic thinking and of course to the senate for american progress that www..american progress.org. and also finally ask you all to join m i thaing r panel. [applause] >> here's a look at the upcoming book fairs and festivals over the next few months here. >> please let us know about book fairs a

virginia sec to my are outpatient and take about 20 minutes.least one day of work following surgery. >>> here is a look at what is coming up next on the "news edge at 6:00". controversial new program taking center stage at a d.c. council hearing. >> should suspects fingerprints be passed on to the feeds after the arrest if it means the suspect could be deported.  >>> a california family is celebrating. the bitter of a -- birth of a newborn was a family affair. her two other kids called 911 to help deliver the baby brother. take a listen. >> she said the baby is coming now. >> you are calling for your mom? >> yeah. >> okay. where did she go? are you in a different room from her? >> the baby's already here. >> they sound like little bitty kids. the baby brother is doing fine. dad said he is proud of everyone for doing such a great job. the news continues now. here is brian bolter with the "news edge at 6:00"

there are several other sec related provisions that as presently drafted would not solve the problemshey attempt to address. the three key areas of credit rating agencies, securitization and sec funding, all of which would need to be addressed as we move down the road. mr. chairman, those of us who have worked on this legislation, i guess all of us for a year now or more, know how difficult and how complex this undertaking has been. nevertheless, we made significant progress and chairman dodd's dedication, patience, and persistance have been instrumental in bringing us this far. although i have raised a number of serious concerns, i remain today optimistic that we can over time reach an agreement that will garner broad bipartisan support. i just don't believe we're quite there yet. chairman dodd has made it clear that he intends to move forward without republican support, which is his prerogative. it is not our intention to turn this markup into a long march offering hundreds of amendments that will inevitably be defeated. we don't think that would be constructive or productive to the

i also would like to thank the sec for its hard work on the national broadband plan. it is clear that a great deal of effort and thought went into this effort. i see opportunities for the committee and commission to work together to increase investment and opportunity. in a general sense, i think the approach to universal service is promising. further, i believe most of us agree the goals of the plan are admirable. who among us does not want to facilitate capital investment and increase constituent access and increase constituent access to bro members of congress also have goals. my goal is to support policy to create jobs for my constituents. therefore, i have to question a plan that calls for a heavier hand. a sector of our economy continues to attract capital investment. the high-tech sector is best served to enact policies in capital investment. -- additionally, -- the creators and owners of content should have the property protected by law and should we should reward entities, not punish them. when i see sections that relax protections, i m become concerned. i wo

the sec has exercised this in the past.in the wake of an era where the sec was criticized by this congress for failing to follow good administrative practices, maintaining integrity would appear to be particularly important. any other solution suggests turning review into something that hurts consumers, creating bad policy, undermining democratic values and the integrity of the agency process. >> thank you. thank you for your testimony. i indicated the senator rockefeller that i would come back for the second panel to share it. i will make a brief statement before asking questions. i have a history of this committee would senator lott, first exercising the legislative veto on media ownership. i have long been concerned about concentration, particularly in media ownership. i do not think that big is bad and small as good necessarily, but we should always ask the question about what it means to the free market. it works best with robust competitors competing. the question, i would have some disagreement with you, professor, i

i know that the sec is fighting in court to different -- to defend the current free market.hopefully the court will uphold that. if that does not, cool heads will prevail and we will work with the sec to ensure that all of the goals that are in this broadband plan, universal service, investing in the competition, privacy, disability access will all be implemented. the agenda for connecting america does not change. i know that there are some people out there saying they should not have the authority under title 1 or title two. they turn it into a ditch that is enforcing the law without any ability to do rulemaking. i disagree with that. history says that that is completely wrong. -- i disagree with that. this is the next innovation of that. this is broadband planned #two going into the 21st century. do you agree? >> your live did. it could not possibly be wrong. during those years, from 1998- 2008, i was in the private sector. i am very sensitive to the effects that policies can have on investment. i am confident that this fcc will tackle all of these issues in a way that has

urologists say the number of scheduled the sec is increases by 50% of the which -- the week march madness begins. it is a phenomenon that urologists have been noticing for several years. there is a 50% jump in vasectomies. >> they are prepared by the time the games get started. they are icing down and ready for a good weekend. >> doctors have noticed a similar job in surgery just before the super bowl as well. >> now, your forecast with cheap meteorologist tom tasselmyer. >> that assumes you can watch a basketball game and just sit there without jumping off the couch and cheering. i have to be walking around and moving. 67 degrees today at bwi marshall. a warmer than normal st. patrick's day. in 1945 it was 85 degrees for the record high, and 15 was the record low for st. patrick's day in 1900. we did have some tree pollen in the atmosphere today, pushing up into the moderate range. other than your spring allergies, it has been a perfect weather pattern, and will get a little better. probably up around 70 in the next few days, before changes come in later in the weekend. the normal high i

sec baseman brian roberts recovering from herniated disc in the back, finally made the spring debut tonightgainst the twins. unfortunately though it was not the start the b rob was hoping for. but he is back out there. went 0-3 in the loss to the twins. tillman with a rough start. went 4 and a third. giving up two runs on four hits. but walked four. burk enthrough four shutout innings in relief. and reimold his hit a first homer. they host red sox tomorrow. >> orioles announced today, they have sent nine players to the minors. josh bell and schneider will report to triple-a norfolk and hughes and aubrey. relief pitcher heads to minor league camp. >> a big lacrosse match up tomorrow as virginia hosts johns hopkins, and annual showdown for the doyle smith cup. cavaliers are ranked number one for the third straight week and blue jays struggle, have fallen to 12 and trying to break a losing streak. blue jays lost to virginia last year twice. once in the regular season and again in the quarter finals of the ncaa turn and look closer at the series. this is the 82nd time the two schools will face

the sec it was the capitol building. and on the third sight, congress build a permanent home for padlocked. -- patent law. one of the side jobs of the chief justice is to serve as the chancellor of the smithsonian institution. it now serves as the home of the national portrait gallery. but as chief justice, i have to note that congress left the court without a home of its own. the absence of a permanent home in the early 19th century when the justices let outside washington and spent much of the year hearing cases as regional circuit judges. the justices turning to washington only twice each year to hear cases as a supreme court. but the supreme court still here to help -- still had to hear those cases somewhere. so in 18 01, the court met in temporary quarters within capitol building. and john marshall became chief justice, he promoted camaraderie and encourage the justices to all logic the same boarding house when they came to washington. -- to all largodge in the same boarding house when they came to washington and di

so the dda that the sec is good but dean, the data through the census, we can take all that data finish in, piece it together and try to come up with the best way to attack he unserved areas. and that's where it all starts to come together, that all the great technology that's here today, most of it meets the internet. and if you live in rural areas, in particular rural tennessee and broadband is not available, then all discrete applications are not usable. so this allow us to know where those gaps are, know where those areas are in the best decision we can about addressing those areas. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> what is yahoo! demonstrating today here? >> well, today we're demonstrating our ad interest manager and what we call clear out notice. so congress has been looking a lot at the issue of online privacy. actually last year he testified in front of the chief commerce committee over this issue. we're trying to give users under notice about what kinds of information are collected and used for online behavioral advertising and get

those wells have worked in the past and will work in the future we are willing to discuss with the secm access rules bind us even if they were to be overturned by the courts. in the past decade comcast is going to washington twice to seek merger approvals. when we acquired approval system from at&t and adelphia. each time mixing of consumers would benefit and in each case i believe we have delivered. we spend billions of dollars upgrading cable systems to make them state-of-the-art. we created on demand, which our customers have used 14 billion times and from a standing start four years ago, we now give millions of americans their first real phone choice. we have created thousands of jobs and promoted diversity in our workforce. once again, we described how consumers will benefit want to assure you that we will deliver. mr. chairman, we are asking for the opportunity to make one of the great icons of american american broadcasting adjudications one of the broadcast family. we promise to be reliable stewards for the national treasures of nbc and nbc news. it's a breathtaking and humblin

. >> members of the sec met tuesday to discuss expanding access to broadband.p fcc wants to connect households liking broadband today. the plan is part of the $787 billion stimulus package passed last february. rick boucher is the subcommittee chair. this is about 3.5 hours. >> the subcommittee will come to order. good morning, everyone. in the economic recovery act of 2009, we directed the commission to prepare a plan to expand abroad and access to and increase broadband adoption among those who have access to it. today, the united states stands 16th among developed nations in broadband usage. for the benefit of our national economy and our quality of life, which simply must do better. the commission has done a soup -- has done a superb job developing the plan. i want to thank the members of the commission and the staff who have devoted a year and thousands of hours to listening to public comments and carefully constructing the blueprint before us. i think you have truly done a superb job. i am going to comment this morning on several core recommendations of t

then the 2006 orders of the sec as well as the 2004 golden globe awards and said that those expressionse and express change from the fcc's prayer policy and ultimately the court upheld the fcc's decision narrowly because they found that the isolated words could be considered blatantly offensive, even isolated utterances could be shocking and vulgar and with the court described as a harmful first blow. >> you make a strong argument that the language that we've identified and both parties have identified might be characterized as background but it is supreme court background. xdhow do we ignore it? particularly when it seemsw3 to fly directly against what this court found? let us assume that we still thinkfá that our initial interpretation was the correct one and let us assume that we even think that your reading of çççfox is the correct one. we are still betting our headst5 against what the supreme court said about it. if you could spend a few minutes as to why we should ignore it. >> certainly. we are not asking the court to ignore the reference to the 1987 pacifica decision. what we

i know that the sec is fighting in court to different -- to defend the current free market. hopefully the court will uphold that. if that does not, cool heads will prevail and we will work with the sec to ensure that all of the goals that are in this broadband plan, universal service, investing in the competition, privacy, disability access will all be implemented. the agenda for connecting america does not change. i know that there are some people out there saying they should not have the authority under title 1 or title two. they turn it into a ditch that is enforcing the law without any ability to do rulemaking. i disagree with that. history says that that is completely wrong. -- i disagree with that. this is the next innovation of that. this is broadband planned #two going into the 21st century. do you agree? >> your live did. it could not possibly be wrong. during those years, from 1998- 2008, i was in the private sector. i am very sensitive to the effects that policies can have on investment. i am confident that this fcc will tackle all of these issues in a way that ha

situation, the reproductive issues, it was important to recognize that we were dumping not just in sec decides, there were synergism is. no one could figure out what was affecting what. >> a quick question to both of you, is our environment cleaner today than it was in 1962? >> yes. looked at the air quality and the water. you can measure things to the equivalent of one second in the thirty-two years with modern detection technology. that wasn't the case back then. ddt does break down rapidly. not so much in the soil but water and sunlight and breaks down into various other components. but the question is at what level does something like that actually have an affect and what about the oil and other things. >> we are in much worse shape than we were when rachel road. in charleston we are unable to dredge the river out to where the boats can lay a anchor because of the layers of pollution and toxins that would be released into the water if that dredging occurred. that is just a small example. i don't see the birds i used to see. i think our whole biota has been poisoned. >> we are discu

. >> i am formally from the sec and the world bank. assuming for a moment that proprietary trading is severely limited but not excluded from commercial banks as well as proprietary derivative trading and is confined to non-banks, since virtually all proprietary trading and certain derivatives are highly leveraged, what is to prevent that non-bank, as it must, from leveraging and putting the risk right back to the commercial banks who will be at risk on lending rather than proprietary trading? if you can control lending by commercial banks to prevent that risk, why can't you control it also in those who do proprietary trading? >> you anticipated my answer with your last question. there would be an alert to the fact that the banks must lend to these other institutions there are special programs of brokerage and through the brokerage in particular, a supervisor can review the practices to make sure that you are not comparing the liquidity of the bank by being overly liberal. if the traders are big enough, there is an assumption that there

among those speaking, chairman of the sec, julius genachowski. live at 1:00 p.m.assador to the u.s. will speak later today on rebuilding afghanistan and building long- term institutions there appeared live at 5:30 p.m. eastern. >> this weekend, john dean is our guest on "book tv's" "in- depth." author of 10 books, including updated edition of "blind ambition." sunday, live at noon eastern on c-span2's "book tv." >> throughout april, see the wonders of c-span's student camp video documentary competition. middle and high school students from 45 states it minute videos on one of the country's greatest strengths or challenges the country is facing. what to the top of videos every morning at c-span at 6:50 a.m. eastern just before "washington journal." at 8:30 a m. during the program, meet the students and for a preview of all of the winners visit studentcam.org. >> "washington journal" continues. host: with us is gil kerlikowske, director of office of drug control strategy. what is the big problem these days? reisch guest: now we are watching closely prescription drug

lloyd from the sec listen to this >> we are in a possession where you have to say, who is going to stepdown, so someone else can have power? it is the moral thing to do, your child they a good childhood all the things going for them, they have to go to a college that isn't as good and give that to somebody who didn't. it is social justice. here's what came to me. what makes us a moral people? at the top of this, what makes us a moral people and they are counting on this, is god. god teaches us how to be a moral people, because we are a god-fearing people. god teaches us to be moral that makes us care about these things. we're looking at this way, let's say you were a dope smoking hippie in the 60s and you were thinking gosh we can't destroy this country, how do we do it? were you progressives and saw the progressives started doing with it religion in the turn of the century you kind of lost your way on that what happens if you were a marxist and said i really want the forced redistribution of wealth, let's call it socialism, no that doesn't work. how about if we call it social justice?

they performed together in a rap band at the sec and wide shelter in washington -- at the ccnv shelteryes. >> did you ask them about that? how did they get shot? >> some of them had the same man that -- the same explanation. they were involved in things that they shouldn't have been involved, and some of them were just victims of robbery. >> did you hear their music? >> when i work with them, they did not have their cd ready yet. >> had all kill you center, the infamous youth correctional center in laurel, md. -- the oak hill youth center, the infamous youth correctional center in laurel, maryland. >> of oakland was a long time ago. >> why is it infamous? >> for many years, it had a lot of human rights abuses and issues inside. it was finally closed after social activist tried to close it down. >> a 14-year-old boy in his cell at oak hill. no disclose them. do you like the light like that? >> yes, i like it. >> of boy and his fellow players at the detention center. and then you have an oak hill in may it had sold or -- inmates at a cell door. did you ask him to do that? o>> no, he was

. >> yes. [ cheers and applause ] >> jimmy: wait a sec. that was just more number ones.- i mean, do you ever just look at this collection and go "i can't believe i did all these songs?" >> you know, the only time i really even listen to my music is when i'm putting together a show and i think "wow, that's a pretty big body of work." >> jimmy: yeah. i mean, that's such a collection. it's so influential to so many people because i think when i was growing up, we had "control" in our house. we had -- >> really? >> jimmy: yeah, my sister had the "control" album, and -- all right. i had the "control" album. [ laughter ] but, i mean, we would always trade albums, me and my sister. we would have -- she would have her collection and i'd have mine and we'd share, but that was so huge. i mean, everyone had that, and i remember there was when "rhythm nation" came out. >> yes. >> jimmy: that was so huge in my high school, that everyone did it for the talent show. >> oh, really. [ laughter ] >> jimmy: and it was like 25 different versions of you at our talent. five, four, three, two.

encourage you to exercise your restraint as best as you can, and allow us to release this panel and the sec to go with the next panel immediately after this series -- and let us be able to go on with the next? immediately after this series of votes is over. @p@p> >> the interconnectedness of any man -- the rejection of the fannie mae, the largest shareholder is the united states and every loan that is originated today in fannie mae is explicitly guaranteed by the treasury. when the mortgage -- when fannie mae packages the mortgage-backed securities, the fed is a principal holder of mortgage- backed securities. you have $1 trillion with authority to go to 1.5 -- $1.25 trillion. fannie mae, every month, is incurring a loss, but loan that the treasury is making and the treasury is assessing fannie mae at a rate of 11% every month. in loaning fannie mae the money to make the interest payment. slows? does the treasury lower the interest rate to fannie mae so the losses are less? ford does the fed exit the mortgage-backed security, its holdings in mortgage-backed securities? which part will move

i also would like to thank the sec for its hard work on the national broadband plan. is clear that a great deal of effort and thought went into this effort. i see opportunities for the committee and commission to work together to increase investment and opportunity. in a general sense, i think the approach to universal service is promising. further, i believe most of us agree the goals of the plan are admirable. who among us does not want to facilitate capital investment and increase constituent access to broadband? however, like the broadband plan, members of congress also have goals. was there at high unemployment rates in our district. i plan to create jobs for my constituents. i have to question portions of the plan that require a heavier governor -- heavier government plan. i am unconvinced that a sector of our economy that continues to attract investment is in need of more government interference. as a matter of principle, i believe broadband and the high- tech sector are best served if we enact policies which incentivize capital investment and promote greater e

and what did i do for the sec called my name. sam's friend as low as one of his most important clients about what he was doing for him in washington and sam roach it took me a week to draw congressional elephants favorably touching all projects i can get the furniture bill passed in a day but how did sam carell those elephants? new eight days she knew any recipe for success showing promise before the war he used and means to the end. one of them wanted to see that one of his dinners. call me at 10:00 a.m. we'll find me at breakfast and i will unfold my plan. end off tin begin with pat day and champagne with someone else to attain the bill. when a new york he favored delmonico but in washington he rotated the larger lobbying dinners for more than a dozen guest among hotels and metropolitan clubs and occasionally john chamberlain's new club. when he came to special dinners for only seven or eight to test all made the rest on 15th street olden days shown by a belgian would do. arguing for paraguay before the war he gave his most sel

despite this intense on-site presence, the new york fed and the sec stood idle while the bank engaged in balance sheet manipulations detailed in the report. this raises serious questions regarding the capability of the fed to supervise banks. it is not clear that oversight release informs monetary policy. it supervision does not make monetary policy this -- policy decisions better, the to do not need to be coupled. one said that the responsibilities in one institution is like asking a plumber to check the wiring in your basement. it seems that when the fed is responsible for monetary policy and bank supervision, its performance in both suffers. macroeconomic issues cloud supervisory judgments and therefore impaired safety and soundness. there are inherent conflicts of interest that they may conducting monetary policy that heights mistakes by predicting the supervisors. an additional problem arises when the supervision of large banks is separated from small institutions. under senator dodd's proposal, the fed would supervise 40 or 50 large banks. 7500 banks or so would be under the reg

an sec provided nominal and temporary conditions on various mergers. so says in review can you tell us what is going to change? he mentioned in your statement that some have questioned in particular cases with the commission's press the seas were sufficiently open and reflected a sufficiently thorough analysis of relevant data. so given the increasing consolidation is that is occurring he could affect diversity, competition, localism, and dependence. not negotiating fair deals for those who are not, you know, connected with comcast. .. >> in the context of merger reviews at the fcc. in this case we have very different ground rules. the d.o.j. has to stay confidential. ours should be, and on the record, open process and we are exploited best ways to conduct a process to do that, as you know. in other proceedings that we have managed over the last few months, we have revolutionized the way the fcc does business. over 50 public workshops around broadband, reforming our export tables. so we take this very seriously. with respect to coordination, we each em

there are several other sec related provisions that as presently drafted would not solve the problems that they attempt to address. the three key areas of credit rating agencies, securitization and sec funding, all of which would need to be addressed as we move down the road. mr. chairman, those of us who have worked on this legislation, i guess all of us for a year now or more, know how difficult and how complex this undertaking has been. nevertheless, we made significant progress and chairman dodd's dedication, patience, and persistance have been instrumental in bringing us this far. although i have raised a number of serious concerns, i remain today optimistic that we can over time reach an agreement that will garner broad bipartisan support. i just don't believe we're quite there yet. chairman dodd has made it clear that he intends to move forward without republican support, which is his prerogative. it is not our intention to turn this markup into a long march offering hundreds of amendments that will inevitably be defeated. we don't think that would be constructive or productive

the sec investigators whereafter madoff again and again from 92 on. they always missed it. why was that. their defense was they were inexperienced and incompetent. i don't know if that's a satisfying answer. >> a set of the investigative unit for abc, when is the first time you heard of bernie madoff? >> tonight he was arrested. we just finished reporting on rob okoye veg and my friend got an e-mail from the fbi saying bernard madoff arrested, $50 billion scam. i soon found out. >> what kind of resource dated you and your unit turnover? cannot clear the entire abc investigative unit immediately launch into action. much of it for broadcast but there were so many great details and facts that just could not sit into the world news pipeline for 2020 so we just ended up doing this book. at the first book i've written. >> it is your first book. >> i'm a rookie at this. and here i have as much as i wanted. >> how cabbage how did she say writing this into your work? >> 430 caulk in the morning was a good time to write and they gave me time off over the july 4 weekend. so over june

be with you in two secs, okay? >> thank you. thank you. >> narrator: deborah agreed to let us spend a week with her at the salon. >> lori, you good? you need tea, coffee, or some cold water? >> no, i'm fine. >> it's a little too early for wine, but... so, you good? all right. so sit and relax. ( telephone ringing ) >> hi, how are you? >> narrator: barbara, deborah's sister, was answering the phones. >> wednesday at 3:00? that good? >> narrator: fatima, the assistant, was washing hair. and deborah tended to her customers, while i listened. >> so, how you doing? >> great. >> good, everything's good? >> yeah, it's been a good week. >> sharon, when you say "good," it's really, really good or hmm? >> you know... >> how is it actually going, in other words? now that we did the pleasantries. >> okay, now that we did the pleasantries. you know, the whole thing is this-- why complain? because everybody else is, too, you know. it's sort of like why should i complain, i know the fellow next to me is losing his job. but, i mean, if you said

seat, congress -- [laughter] -- occasionally something good comes from it, they put pressure on the sec what they call the financial accounting standards board, mark to market was amended. i wish it would have been suspended or prohibited, but it was suspended, or at least modified. that's when the stock market turned, and that's when the criticism started to work again. so, where are we at now? thanks to the ending of at least suspension to mark to market, credit is partially working but not whole again. still small businesses and individuals still have a hard time getting credit, very uneven because regulators, i love it, the present goes out and says land, banks. he is not bashing him. and his own monitors go to the bank and say sure up your capital, tightened lending standards. that's very much encouraging loans. so the system is a fully working yet. and it gets to the value of the dollar. we could dollar means weak recovery. we should have learned that from the 1970s. if you have a weak currency, you're not going to get a strong and durable recovery. you will get some recovery, eco

yu, i will ask you -- i did not quite understand if you were saying that the sec should decide yes ornditions because you do not think there are appropriate. you think should be approved or not approve but you do not support conditions? a fair piece from what most of us would expect with conditions attached to a fair number of mergers recently. i will turn to my colleagues in a moment and we will have ample opportunity to answer. we have heard much testimony about what you are trying to do and the request for testimony over the issue of the smaller enterprises. the contention about the worry over hulu. give us your response to the questions that have been asked in terms of the kind of leverage and what it will mean for the consumer. >> i would start with your point about time warner and aol. the people where i was sitting at the time had many fears about that transaction. as you pointed out, history proved that they made a mistake and they paid a heavy price. many have said, as we heard, time warner and time warner cable have separated. they both feel we are approved through similar p

despite this intense on-site presence, the new york fed and the sec stood idle while the bank engagedance sheet manipulations detailed in the report. this raises serious questions regarding the capability of the fed to supervise banks. it is not clear that oversight release informs monetary policy. it supervision does not make monetary policy this -- policy decisions better, the to do not need to be coupled. one said that the responsibilities in one institution is like asking a plumber to check the wiring in your basement. it seems that when the fed is responsible for monetary policy and bank supervision, its performance in both suffers. macroeconomic issues cloud supervisory judgments and therefore impaired safety and soundness. there are inherent conflicts of interest that they may conducting monetary policy that heights mistakes by predicting the supervisors. an additional problem arises when the supervision of large banks is separated from small institutions. under senator dodd's proposal, the fed would supervise 40 or 50 large banks. 7500 banks or so would be under the regulatory

three sec difference between the game and shot clock. detroit by 12. went up. that ends the 3rd quarter. will bynum with his 2nd field goal a moment ago, but he has tied a career high with 14 assists. he is leading the detroit charge right now after the wizards got as close at 7 on is ioing ny fson. d ent m, dre youults are ally at ri for 1n1 rus et's togethe and the getour ccin you'tectelf lp p e spf th flu vs ar e tst tiv evenflu. getactsu.go >> steve: com it's a sportscast net coverage brought it you by geico where 15 minutes can save you 15% or more on car insurance. sony pictures, "the bounty hunters in the in theaters march 19. and by nissan. get to nissan for >> steve: wizards fans, connect with your girls on saturday, march 13. to purchase your ticket, please call or visit washingtonwizards.com. wizards trail with 8:28 to play in regulation. there's rodney stuckey. here's the situation. a week ago in cleveland in the 3rd quarter, stuckey had just come out of the game. he appeared to be okay. when they went to the bench, you can see he's embraci

clearing houses, bring transparency to the markets, make sure that our enforcement authorities, the sec have the ability to police, to go after, to deter fraud and manipulation. we are going to work very closely with the europeans to support the reforms. part of the imperative is bring as much transparency as we can. >> now to the question. >> i can't comment on any on going investigations. but, of course, as you heard the federal reserve chairman say, we're taking a careful look at these things as you would expect them to do. >> and so you have called goldman sachs and said what's up? >> i'm not going to kplent on anything specifically, but i will draw your attention to the statements made about it chairman of the federal reserve board and the sec. >> okay. >> they're going to take a careful look at this stuff, again, as you would expect them to do. >> as treasury secretary, you oversea much of the enforcements regime of the united states. we passed legislation in 1996 and the clinton administration to sanction any entity which invests more than $20 million in the energy sector of iran

he's to out gam >> en the sec e. w. th aren't going syracuse's way. >> when smart got his chance to enter the fray once again -- >> here he comes once again into the ball me. >> -- k over the gam >> has tathlete. what an athlete. a n hanfpla >> thr con asfor the be, h ds then it he's shis y a taesh s s te as and the rs, intoks. >> b y pro ny fson. d ent m, dre youults are ally at ri for 1n1 rus et's togethe and the getour ccin you'tectelf lp p e spf th flu vs ar e tst tiv evenflu. getactsu.go together, we can all fight the flu. >>> the 1992 east regional final pitted the kentuckywild ains n >> an yuck >> t >> it was a heavyweight championship fight, back and forth. >> and back and forth again. >> duke eryb >> woods got ball. when he ca r aro the foul ch wn ma do ball at full he we're g could throw it and christian if he could catch it. >>es t e >> straight to who was the 10 rom e-th st -- ger played. >> christian perfect of ways. onal @úúúúúúú gaittrth olinnstorge an ith had ops as mathe s. he g gotnderwa me app

really pushed through a major process of purging and especially of the national police which was heavily secrianne. the re-gluing of that force. and there was also -- there was a critical intel contribution made in one of the programs called seven fail and they really relied on iraqi officers to provide insight into this influence, the political change of influence going up to the prime minister's office. and so, i think that it's a long-term effort, we spent a decade in salvador. we need to look at this as a long-term process of helping to mentor and train a professional force. and that's one of my topline lessons. i mean, i think the lessons of the sport is we cannot anymore think of war as a short exercise. we must pay attention to what comes after end of building a viable security forces, nonpartisan professional security forces for the long haul is really a generational project and i think and i understand the political reasons why president obama says, we are getting out, the war is over. well, for the americans in a resume for the iraqis. but we must pay attention to the long-term sec

for instance, we recently provided the sec with a detailed market analysis of broadband competition as part of the commission's ongoing preparation of a national broadband plan. we provide similar analyses to other agencies and policy makers, sharing our industry expertise and understanding of market dynamics and transportation, agriculture, finance and many other sectors. in my prepared statement, i described in some detail the procedural framework that governs the justice department's review of the transactions such as comcast and nbc. one point in the discussion is worth emphasizing is the justice department's review is confidential. customers and industry participants with views about the transaction must know that the law places significant, meaningful restrictions on our ability to disseminate information provided to us during our merger investigations. however, with appropriate waivers from the parties, we may share confidential information with the commission. in the course of our review of the proposed comcast-nbc merger, we will also use our analytical skills and tools to det

other big problems we've had on roadways, not just the one i'm standing on but secs of i-95 have beendown. side streets and back roads are in the same condition you see here, water all over the place. speaking of water, two wastewater facilities in warwick and west warwick have closed down due to the rising floodwaters. things are expected to get better but it's going to take time. thankfully we don't have any major rainfall in the forecast for this particular region, which is great news, but still we have to wait for the water to recede and the cleanup will begin. that's the latest from here. back to you. >>> thanks, reynolds. see the end of the world? just click play. this is a video of what a black hole would look like as it gobbles up the earth. so what prompted this doomsday scenario? and this is what they got. sorry, no food, no service, no sympathy. now get out. a texas couple says that's pretty much how it went down at a restaurant and how they were treated. i guess sensitivity isn't on the menu. more on the story now. cnn affiliate wfaa jason whitley brings us the story. >> h

five senators at that summit voted for the economic growth and tax relief sec silluation act.gain, five republican senators who were present at the summit voted for the jobs and growth tax relief reconciliation act. now, jump ahead a little bit to 2005. there was a reconciled deficit reduction act. we heard senator tom coburn saying it's not a good idea, it's not going to work. wait a second. he also voted in favor of that act in 2005. then in 2007 the remaining republican senator who was in that room last week of wyoming voted in favor. holding people accountable, david axelrod was actually right. that every single republican senator who was in that room last thursday during the 7 1/2 hour summit has voted in the past for reconciliation. >> so any time i think it's important to point out to our viewers, any time we see something at cnn pop up, a guest pop up on our air and we think, wait a minute, is that right, you're the gal. >> exactly. the fact check des k. we have a whole team of really bright people. reach us at factcheck.cnn.com. let us know. we're going to check it an

clear that the leaders of our bank supervisors across the country, and this is the fdic, the fed, the secthe a t is cannot make sure they are at me against the tendency to over correct. just briefly on the job front. >> what is the baseline? >> i'm sorry, the baseline. i have to a check. i think we said at the level in 2009 we designed that in a way. we think that is a realistic baseline. you know, the pipes of the price of this financial system are still clogged. you can't force money through the pipes. we can't force banks to lend. we think we designed this in a way that would substantially increase the odds that we are really helping mitigate the small business credit problem where it remains. on the jobs front you won't have jobs without growth. growth has to come first. there is always a lag. most economists would say we are on the verge of seeing a sustained level of positive jobs growth for the company as a whole. i think the best story looking back of white unemployment increased so much and by job losses were so steep was that you saw it just shattering damage to business confide

we had an energy hearing this week where the sec and the ferc were still debating on who should have certain jurisdictions. my sense of what we should do in the senate is get things right. it is important for us, before we pass legislation, to get it through this weekend, except for derivatives, we probably could have gotten it right. introducing a truly bipartisan bill. by the way, i always felt that the committee's, in major ways, could amend these bills. i think that much of the public discourse around this bill -- by the way, i feel very free to talk about policy issues today. i no longer feel constrained. [laughter] in fairness, i think it was happening was that members on the left were getting very nervous about what was going happen. i think that what chairman chris dodd will do is introduce a bill on monday that is a bid to the left of where we were, ok? trying to make sure that he can get as much as he can i am aware democratic support. hopefully what he will do is move to the right. having a better course of action would have been to go down the middle of the road. to put a

. >> formally sec world bank. assuming for a moment that proprietary trading is severely limited if not excluded from commercial banks, as well as proprietary derivative trading, and that is confined to non- banks, since virtually all proprietary trading and certainly all derivatives are highly leveraged, what is to prevent that non-bank as it must from borrowing and leveraging and therefore putting the risk right back to the commercial banks who will be at risk on the landing rather than the proprietary trading? if you can control the lending by commercial banks to prevent that risk, why cannot you control it also in those who do proprietary trading? >> you anticipate my answer until you got your last thought occurred i would expect through normal approaches they would be alert to the fact the banks to lend to these other institutions. they have special programs of so-called prime brokerage and that through the prime brokerage, a supervisor can review the practices of the prime broker to make sure you are not aff

in terms of that question and the sec data that comes into was quarterly from all of the makers, yes, it is similar. under question of data recorders, there is a difference between the detroit automakers which use a commercially- available tools and we have the ability to read it vs toyota where we could not up until one week ago. >> now that you have this equipment, that was the only hindrance to having access to the black box? >> we can access it. we still need a toyota representative to help decode the data. it is not fully transparent even when we download the box. i believe we still need to of the representation to assist us in decoding what happened five seconds before crash and one second post-crash. >> is that something they are required in any way to do? is that a voluntary offer? >> at this point, we are undergoing the rule change. by 2012, it and all the maker chooses to have an edr on board, it has to comport with data standards. they do not have to have electronic data recorder on board. it is not mandated. >> that is interesting. we will have to follow that and see what