>> that's typically how the sec does it. they come in after the crime has been committed, they toe-tag the victims, count the bodies, and try to figure out who the crooks were after the fact, which does none of us any good. >> stahl: the mastermind of the ponzi scheme of all ponzi schemes, bernard madoff, may be in prison, but he is hardly forgotten. his untidy little business that bilked thousands of people out of billions of dollars is no more, but the big question, "where did all the money go?" remains unanswered. irving picard is the court-appointed trustee assigned to find that money and return as much of it as possible to madoff's investors. it's a daunting and thankless task, for while he's suing whoever he can on behalf of the victims, he's also suing many of the victims, those, who he says, benefitted and should have known they were investing in a house of cards. in june, 2010, picard and his chief counsel david sheehan sat down with morley safer to update us on the legal battle. >> safer: just before the whole thin

you agree with what the sec is doing? >> well, we don't know yet what the sec will do.he staff has said they think there's enough here to recommend an action. but yes, i think that if you're going to make what is clearly a profound announcement and one that seems to have had market moving impact, you have to do that to the marketplace as a whole and not to 244,000 of your closest friends. >> it's become a little arbitrary, though, a little subjective as to what is profound, what is market moving. i know the stock did move up on the back of this, but reed hastings said he did in the believe that what he said was material. saying we've reached 1 billion viewers or 1 billion hours of viewing in june was not material to investors. is there a gray area here, harvey? >> there may be a gray area in some cases. i know that they cite a citigroup favorable report as being an impetus for the movement. but the stock went from approximately $67 a share to $81 a share, and the single most important event was this posting on facebook by hastings. it seems to me it was material. >> but

and sec and the cftc. my concern, and i think i can turn off a lot of us, and this is not blaming you. part of this is just the law and the ambiguity, it's ambiguous in parts. it's subject to different interpretation, is that there has come if we have conflict and definition on what's capital, for instance, which appears to be the case with the regulators, then, and even the global regulatory bodies, people can't seem to agree on some of the definitions, and then our financial institutions are having to deal with various interpretations, various different approaches by the regulator. and i would just urge you to try to sync those come because there's a real concern, i think on the hill, and this is, part of this is the law itself and the complexes of the law, so it's not, not something that you created. but it's absolutely essential that when this becomes operational, that it syncs together and its functional. and i would just urge you to consider, as this is implemented, its effect on the economy, the mar

the sec can continue to promote competition through special policies. to implement this part of the law the fcc is appropriately seeking comment on whether to establish spectrum aggregation limits or other rules to achieve these aims. the conferees on the public safety inspector have spent significant time debating and rejecting other proposals of unlicensed and better eligibility. no conferees, position with accept it out right and carefully crafted compromise is what became law. so out of attempts by some 3 litigate issues that were resolved earlier this year when the bill passed congress with widespread support after the fact that unfairly twists the language of the law to little weight by the commission or courts. my judgment is the sec -- the fcc is off to a good start in proposing incentive auction rules. i commend chairman genachowski for these efforts and look forward to hearing all of your testimony today. if anybody wants it -- i will yield back to hear from -- >> the gentleman yields back the balance of his time and with that we will proceed

>> apparently the sec found it more than odd. they found it to be in violation of their fair disclosure, and then hastings here is making the argument of, you know, on facebook, that was very broad, public detail. so he didn't view it as -- he viewed it as telling the public all at the same time. so it looks like he's trying to get out in front of it and said this is what i did. i didn't view it as a selective disclosure. that was a mistake. >> right. >> and i'm sorry. >> yes. going back to the facebook post. remember, that is the day the stock jumped 13% after hastings posted on facebook that the company saw record 1 billion streams in the month of june. that's the pop in the middle of the summer. it'll be interesting to see how this turns out because this will really determine how companies choose to share information with the public and whether or not something like twitter or facebook constitutes fair disclosure in this case. >> it's a whole new world. >> yes. >> i think start to look at these things a lot different than the

you take the sec position the past? >> guest: of course. i am not holding my breath. simon johnson was kind enough to suggest that i would be a worthy successor to mary schapiro, but, you know, i have done public-service. my greatest professional life was serving the government. if i was ever asked to serve again that position or act on it could really have a strong impact for positive change, i would do it in a heartbeat. with that said, and while i appreciate, greatly appreciate the suggestion and others to china and on behalf of this, i don't think it is incredibly lightly and will begin to nod. if asked, of course i would serve again. >> host: good afternoon. >> caller: thank you so much for taking my call. i would like you to name names. who are these criminals and how can we get them into prison? >> guest: well, unfortunately, we are running at a time. there is a five-year statute of limitations for most of the activity that would have led up to the financial crisis, so it is now late 2012, which means that anything, any criminal conduct that occurred before nov

this is a mindset that pervades each one of these of the sec enforcement chief to the fbi people workingcases to the justice department. they match up returns of these various guys. they say look at roche, look at how he did this and look at steve cohen. they believe it is just mathematically impossible to beat the markets every year. since the inception, steve cohen has had one down year. that was 2008. he lost 19%. steve cohen when all cash. that was the year of the financial crisis. when these all the stuff coming, he probably just sold a lot of it. he saw it early. there were only a few people that's all it as early as he did. he probably took losses on his position. that is why he lost a lot of money. he has not lost since. he is up 10% this year. he believes that it cannot be ran like this. again, my view is and it has always been he kind of insulates i really do not believe that matthew mark, was the fund manager involved, he allegedly had insider information from an expert network that was involved with drugs. that person worked at the drug company. he knew that they were watchin

the sec is taking aim at them allegedly haven't handed over the documents that the sec wants to see in relation to chinese companies listing in canada and the united states when those companies listed very often they performed really badly amid accounting issues as well. the sec taking aim at the accountants. >> all right, steve. >> actually, the london markets today are going to be crazy. when you talk to steve about that. >> out of hand. >> a lot of big news going on over there. >> yeah. i'm sort of -- >> popping, explode. >> i don't know how i feel about reporting on these things. >> then let me do it. it's official, kate middleton, the duchess of cambridge is pregnant. they went public with the news yesterday earlier than they wanted to because kate was admitted to the hospital with a serious case of morning sickness. the duchess is not yet 12 weeks pregnant. the palace expects her to stay there for several days. news of the pregnancy drew attention from all over the world with the #royalbaby. the couple's first child will be third in line to the throne after william regardless of

regulators, including the sec. employees say deutsche bank misvalued a large derivatives position known as leveraged super senior trades. probably shall wiggle room. they allege its capital would have fallen to dangerous levels that might have required a government bailout. a lot of people weren't marking things where needed to go. >> i have a lot of questions about this story. it's an amazing allegation. $12 billion in paper losses. >> a lawyer from one of the whistle blowers will join us at 6:50. in a statement to cnbc, the bank says that allegations have already been investigated and all accounting was proper. >> my biggest questions are the allegations say the bank was doing it 2007 to 2010 and nobody came forward until late 2011 to make any complaints. i just wonder if you had been complaining the whole time along -- >> we just had this discussion about how far away do you need to be to where it's a false mark. at least 10% wiggle room. there were no buyers. if there is buyers, does that make it zero. >> basel

that stock is up even though the sec objects to this.like it at 88 bucks a share and somebody is buying at that number. and charles payne has a comment? >> and i told my subscribers to buy the stock, too. >> did you. >> i love the way it's acting, i was hoping it would be down a lot because that's relevant to the grand scheme. >> what stands out to me, is a billion hours before viewing of netflix in one month. >> that's the new paradigm. and the new deal with disney, 300 million. clayton, you're with us. >> a huge deal, first run movies and disney avengers and plus, they bought "star wars" and now, disney on "star wars," cartoons, you name it on netflix and now what we're going to do, we're going to seal the content. and hold it on right there. charles: i got excited, i had to jump in. feel free. this could be the start of a troubling trend, ibm is keaninging the way it contributes to its employees, 401(k) accounts. and the match will take place in a one time payment, december 31st, so, if you leave the company before december 15th, that

how do you know that, look at the case the sec is bringing against him. it is basically if you read between the lines and how they describe it. that is what it sounds like. adam: it does not sound -- it does not sound like he will be the white whale. charlie: they need a flip. they believe he is too smart. i am doing a book about insider trading. listening to one of his main informants, and other fund manager for new castle, who is obviously in jail right now, those conversations are hysterical. i just cannot imagine steve cohen having those kinds of conversations. melissa: thank you so much. the federal reserve will hold a meeting next friday to talk about new regulations to u.s. operations of large foreign banks. they want to make sure they follow the same financial guidelines that the u.s. banks follow. interesting. fiscal cliff talk. john boehner says he is waiting for a counter offer from the white house. adam: wall street feers gauge barely pausing. our traders, are they not worried about going over the fiscal cliff quirks we are headed to the for t

sec title game should term the national championship matchup in >> mike: the game of the day, sec title alabama and georgia. winner gets a shot at notre dame for the national championship on january 7th. alabama is the defending national champion but the dogs don't want a repeat. late second quarter, bama appraisalling 7-0. lacy breaks through the georgia defense. 41 yards, and alabama led 10-7 at the half. georgia special teams come up big. the punt is blocked. scoop, and off to the races for the touchdown. georgia on top 21, 10. late fourth quarter, bama down three. then the 45-yard score. crimson tide goes up. georgia drives it down inside their own ten but the time ran out and alabama defeats georgia, 32-28, and head on to face notre dame and the bcs championship game. >> 23rd ranked oklahoma state pumped up for their game against baylor but baylor came to play. nick florence, and the race is on, and reese is going to win it. 75-yard touchdown. baylor bears go ahead 24-3. fourth quarter, baylor up 34-27. 179 yards on 16 carries. able to stomach pool the end zone. 76-yard touchdown.

neil barofsky, as the sec by the enforcement capabilities that the federal government has endowed to create an immediate limitation on what any regulator can create in terms of the permanence along the long reaching enforcement agencies? and has wall street, because of that, having benefited and exploited this to a point where perhaps no single entity, whether it's the courts or others in congress can alternate means which the city operates under the guise of this. could you comment on that, mr. neil barofsky? >> guest: you are touching on really broad issue of the lack of accountability that has arisen out of its financial crisis. we have seen some actions from the sec this week about some of the banks themselves to but we haven't seen a degree of individual accountability for criminal actions have taken place. i think your point is a good one. it sends a really strong message of the exact opposite of what you want to have in the system, which is deterrence. the message is that for these executives and individuals who broke the law, who pushed the envelope, who did so for financial

the fec said you didn't disclose this property, should have been a press release or filing with the sec and raises new questions about social media and fair disclosure. >> tom: this is all about how technology is changing and regulations have a hard time susie keeping up with it. we see it with high frequency trading for instance and how companies disseminate information using social media getting it out argue me to more people faster than what a traditional press release or sec filing. so we'll have to see how this one plays out. that stock did not move much today on the notice although we did have plenty other movement. let's get going with our market focus here. as we saw the influence of apple that it can have on the broad market really continue today. the jobs data helped the s&p 500 start in the green but the early gains disappeared as apple shares sank. the index was able to climb positive in the afternoon to finish up a 0.03%. trading volume slowed. 605 million on the big board. 1.6 billion on the nasdaq. the materials and financials gained 0.08%. the energy sector was up 0.07%.

the sec says that posting on facebook does not qualify as a pair public disclosure.the meantime, research from prudential shows that gays better at managing money spent the average american. according to respondents they had significantly higher annual incomes and less debt. that is the business news. have a great day. >> you do the same. enjoy your weekend. >> good morning. we started off pretty calm. nothing to tell you about around maryland or virginia. police and crews have responded to a crash on seven locks. you can see light volume. i will keep a close watch on the bat for you. we are flying over the rush hour with news doppler 7. the toll road was checking out fine as well. 66, a report of a crash near the 95. here comes the volume. pamela, steve, jacqui, back to you. >> all right jacqui, what is happening outside? >> lahood damp. not much more than sprinkles. it has been a while. sandy was probably the last significant measurable rain we have had. we can use it. we will have chances on and off throughout the weekend. consider yourself lucky. it is friday. we

the sec can still use manual steering if it breaks. starbucks will pay $60 million more in taxes and the united kingdom. the announcement comes in response to an out recent outcry in the u.k. that multinational companies are skirting taxes by shifting profits overseas divisions. the managing director of starbucks u.k. says they have always paid taxes to the letter of the law will make additional payments in 2013 and 2014 despite the fact that the u.k. unit is not yet profitable. the will and amazon have also been targeted as not paying their fair share and england. >> it is 6:11 a.m. and we'll be back in a couple of mess. minutes. you are just going to have to trust me, this is walnut creek. we will be right back. =dj local reservoirs' have seen a needed increase in water levels because of last weekend's storms. reserves and santa clara and proves it evidently with the rainfall. levels are still not exactly where they need to be though. since last wednesday the santa clara valley water district says average storage in their 10 reservoi

person, and eu person, and maybe not an sec u.s. person, and that market participant could potentially optimize around what person or combination of people they want to be. and that is that is potentially an unintended consequence. i think with the guiding principal, i think a u.s. person definition has to be addressed in two ways. number one, the immediate need for a clear consumable definition and specifically, the one to which we been implementing, so that we can go live with a number of very important rules, such as reporting business conduct that will really position as ensuring leadership to the rest of the world in key aspects of derivative reform. we need that clarity so that we can start in the next three weeks. and then, over time, in consultation with other stakeholders here and around the world, whatever dictionary of u.s. person is decided upon has to be something that is clear, consumable, and not debatable from firm to firm. we don't want firms competing on whether or not they see a specific entity as a u.s. person. a

. >> tonight the sec thinks the time to get rid of ccll phone bans on flights. wi the airlines agree? and despite the fiscal cliff, there are ny positives heading into 2013. we will tell you what the biggest one is. welcome to "the willis report." hey, everyone, i am tracy byrnes in for gerri willis. the only have 2 days separate in the u.s. for more than $500 billion in x hikes. while both sides say the lines of communicationre open. getting a deal to avert the fiscalliff, president made it ry clear he is holding the line on hiking taxes on the top 2% of earners. customizing a little bit with republicans. ining us, ter barnes. what exactly ihe willing to compromise on? >> on the big item, the big kahuna. increasingaxes on families earning more than $2,000 per year story leaving the door open to a compromise on higher tax rates, higher rates. when anas repea ask repeatedly s demanding thtop tes return to the clinton administration in and the top rate was 39.6, he does not say yes, have to have that to get a deal. but hes not backing f his demandrates up by some

the sec sober, with their public safety colleagues.econd, it's going to take a lot of coordination. the agency will need to work with one in 6000 to produce that outcome. finally it's going to take funding. to that end i would note in the middle-class tax relief as a result of the work of this committee company said to $115 million in grant funds available for next-generation 9-1-1 from a terrific resource and my hope for public safety answering points will benefit from. >> commissioner clyburn, if i could squeeze in a question to you. you can advocate for the importance of competition as more americans come especially economically vulnerable populations rely exclusively on wireless service. you believe consumers will benefit if the sec exercises already to promote competition in the upcoming incentive options? >> absolutely. competition in the markets are healthy and robust. there's more opportunities, more options, especially for lower income can tumors. it is not a one-size-fits-all. i don't take one-size-fits-all for regulatory sta

how will the sec determined the opprobrious says? >> based on the engineering we made a proposal on the work they did. we will consider all the comment that come in. >> why do you think that start- ups and technology companies care so much about unlicensed spectrum that i heard from the cable industry that it is critical spectrum located in the band's be made only madeable -- abndbands be available. >> do we expand on this the idea or do we let other countries do it before us? the innovation will go to whatever country bills the most robust infrastructure. >> have you explain the cable industry's support that what you're trying to do with regard to making sure there is an unlicensed spectrum? >> they have been innovating in the area, looking at the unlicensed and using it to provide broad and access to consumers. innovation can come from tiny start-ups in silicon valley or larger companies. >> he gave a speech or you suggested there is a war on why five -- wifi. >> i asked why anyone would want to launch a war on wifi. this has been

and joseph kennedy was the greatest chairman of the sec that we have ever seen. he knew every trick of the trade, and he passed so many regulations and so many tough regulations that when he was finished, she had to get out of the market. because every device he used to make his millions he had outlawed. from the moment that he left the sec, he began investing in real estate like the merchandise market in chicago, the largest building outside of the pentagon and the country, and he bought a block after block in new york, i don't think in philadelphia. he was concentrated in new york and chicago in westchester and albany. he wasn't yet where she needed to be. she demanded much from roosevelt and roosevelt gave it to him and named him the first ambassador, the first irish catholic ambassador to the port of saint james to great britain and was one of the worst decisions that roosevelt had ever made but he somehow believed he could keep kennedy in check, but he couldn't. he couldn't. kennedy was to men when he talked to his children he was a cheerleader, she was on o

sickly youth then you could have the vacation do over to make up for those days that you weren't that sec or hurt. john: if you say i have they cold? they havto give you that back? >> if it is dead doctor's note to to say she got the sniffles so she will need another seven days of paid vacation. john: italy first. if you start a business and keep it small, up that 10 workers you have some flexibility but number 11 1/2 to have the self assessment outlying every possible health and safety hazard? >> yes. we're not just talking about heavy machinery but how you deal with specific stress with your age, gender, a doctor, the overwhelming majority of italian workers work with 10 or fewer employees. john: number 16 employee you have to have you representatives that is entitled to paid leave? >> eight hours per month. >> if you hire one more he must be disabled? >> number 16 the next one must be disabled or you pay the fine. john: 51st, 7% of payroll must be handicapped. >> 7% must qualify as disabled. rates of disability are pretty high. john: 101 employees, more rules. spain has reformed the st

sickly youth then you could have the vacation do over to make up for those days that you weren't that sec or hurt. john: if you say i have they cold? they have to give you that back? >> if it is dead doctor's note to to say she got the sniffles so she will need another seven days of paid vacation. john: italy first. if you start a business and keep it small, up that 10 workers you have some flexibility but number 11 1/2 to have the self assessment outlying every possible health and safety hazard? >> yes. we're not just talking about heavy machinery but how you deal with specific stress with your age, gender, a doctor, the overwhelming majority of italian workers work with 10 or fewer employees. john: number 16 employee you have to have you representatives that is entitled to paid leave? >> eight hours per month. >> if you hire one more he must be disabled? >> number 16 the next one must be disabled or you pay the fine. john: 51st, 7% of payroll must be handicapped. >> 7% must qualify as disabled. rates of disability are pretty high. john: 101 employees, more rules. spain has reformed the

netflix ceo under pressure on the sec. a study showing that gays earn more and owe less. >> we will check back in with you soon. thank you so much for that. 4:30 it is your time. >> still to come and good morning washington, growing concerns over the crisis in syria. >> looking a lot more like christmas outside the white house. the first family of flipped the switch on the national christmas tree. it is the first year for this particular 30-foot tree. that is carrying on a 90 year tradition. >> very pretty. >> it was a little cold out. it is 4:41 right now. >> things are not too bad temperature-wise. we bottomed out yesterday with the thermometer. this morning, the clouds are back, and so is the rain. we have a spotty showers across west virginia and in north western maryland. this will be very sporadic throughout the day. our temperatures, feeling better, 39 degrees at reagan national. 38 at dulles. we will make up to seasonable averages this afternoon. a few showers, especially this morning. we will see some later tonigh

. >> sec. >> all in favor? >> aye. >> thank you very much, please call libe item no. 2?line item no. 2, reports to the commission, discussion. a, chief's report. review of recent activities. >> good evening >> i'm greg suhr, the chief of police of san francisco. we spent pretty much all of our time when we weren't in class studying in the restaurants and bars on geary street and clement street. if anybody ever wants any tips i could tell you where to go and you could help me out. i'm going to be relatively brief and defer my time to captain ferrigno, who actually i went to grammar school with. she was the may queen in 1972. [ laughter ] but i'm sure she will tell you more about that when she gets up here. it was quite an honor at st. brendan's. on november 19th we celebrated a dedication of the community garden -- i'm sorry, let me start with citywide crime stats. crime in san francisco, violent crime in san francisco remains down about 3%. despite the fact that we're down almost 300 police officers. however, through the efforts of commission, and mayor lee and cooperati

(eating) uh, excuse me or a sec. forget to wash your hands, honey? house needs, more pine. um, do you have company? just some lame actors my mom and dad invited to stay with us. we are having our usual breakfast, a full roast turkey dinner. smells great. i'd invited you in, except for your heat intolerance deal. oh, right. nothing more embarrassing than wetting the chair during dinner. here's some ice cream. hurry up, holly. i'm carving. see you later. but those ghosts ( door slams) my, my. it's nice to see such healthy appetites. well, without your health, where are ya? so, how do you do those amazing special effects? now, carol. maybe they aren't allowed to tell us. you know how secret these hollywood types are with their new technology yeah, it's all a trade secret. so, what's with all the trees? you guys got a dog with a lazy bladder or something? (laughs) it's for christmas! oh, that! what's the big deal? oh, what isn't wonderful about christmas? we love the decorations. and we love exchanging presents. but most of all we love the way it brings

the sec says that information should have been disclosed in a regulatory filing or news release.re than 6% o the day of the post and another 13 points on the next trading day. response to the sec notice hastings used facebook again to call the probe a fascinating social media story. wow! taunting them. and while the dow and s&p ended the week in the green, wall street seems pretty split how the market will perform in 2013. some analysts predicting gains as much as 14%. others a loss as much as 2%. scott martin, chief market strategist for united advisors joins me now. i can't say scott martin and stock market together. it is not working for me today. >> should i leave the business then and do something else, huh? melissa: i think we should talk about something else. i'm getting to talk about the santa claus rally. is there a santa claus rally? will very a true santa clauserally? >> i think it will be tough to get one, really do. there will be reposition portfolios at end of the year. people are getting nervous about the fiscal cliff. i wasn't that conceed a couple weeks ago. you

i recall some of that, but try not to recall all of it this sec. you could have the same efforts that happened with "run he had run," and progress for all," in the context of a write-in campaign and i'm not sure under this definition it would get captured. that is why i'm hung up on qualification versus election. >> may i ask you a question about that? >> sure. >> it's not clear to me why that is materially different from what we have? >> well, again it's not necessarily the election of a person. that is not necessarily the goal of the committee or the committee would assert that is not their goal. it's to get them to run and, in fact you might have a committee whose goal is to get someone on the ballot, not to get them elected, but to get them on the ballot to drain votes away from someone else as to help someone else's chances of getting elected that the whole thing is a big trick. you know? we're all operating in good faith in this room, but there are others outside of this room that may not be or may or may not be watch this. >> what was the la

(eating) uh, excuse me or a sec. forget to wash your hands, honey?use needs, more pine. um, do you have company? just some lame actors my mom and dad invited to stay with us. we are having our usual breakfast, a full roast turkey dinner. smells great. i'd invited you in, except for your heat intolerance deal. oh, right. nothing more embarrassing than wetting the chair during dinner. here's some ice cream. hurry up, holly. i'm carving. see you later. but those ghosts ( door slams) my, my. it's nice to see such healthy appetites. well, without your health, where are ya? so, how do you do those amazing special effects? now, carol. maybe they aren't allowed to tell us. you know how secret these hollywood types are with their new technology yeah, it's all a trade secret. so, what's with all the trees? you guys got a dog with a lazy bladder or something? (laughs) it's for christmas! oh, that! what's the big deal? oh, what isn't wonderful about christmas? we love the decorations. and we love exchanging presents. but most of all we love the way it brings you

the ftc and sec want to be able to go to the providers with subpoenas to get this information. from our perspective what they're asking for is a huge hole in the warrant requirement for several investigations. it turns the normal world upside down. we will give more access to law enforcement. they are looking at serious crimes. investigative agencies are investigating something within their jurisdiction. we're trying to avoid a world to where they go first to the people to whom we are entrusting of this very sensitive data. it is a much friendlier world force civil liberties the fed has to go to the targets to the providers. the down the road a few years. whenever we talk about civil investigations to providers, we're talking about challenges in terms of note is, about whether the person will be given notice -- no test, about whether the person will be given notice in a timely manner. >> criminal, not appropriate. the civil, and they should go first. >> a few weeks ago the story about david petraeus came out and how the fbi was investigating and looking into his e-mails. i wond

so regardless of where you lie, pick your poison, it's a perfect storm for why he should not be sec-defse an army colloquialism, he's a no-go. >> have you been getting pushback from your party about the ad? >> no. the party is a broad spectrum. there are folks that we work with on the nonproliferation issue regarding iran. we were longtime supporters of legislation that was advocated by leadership in our party. other coalition groups. also as far as our stance with our ally relationship, our bilateral, state-to-state relationship with israel, those are things that are corollary. pick a group. there's no surprise. there's been no pushback within the party on this. >> clarke, i have a bunch of questions for you. chuck hagel recently apologized for remarks he made in 1998 questioning whether in his words an openly aggressively gay nominee could be an effective u.s. ambassador. do you question the sincerity of that apology? >> of course we do. we just happen to be one of the organizations that's questioning that sincerity publicly. i actually was at an event earlier this week where there we

it is starting to sec to this south that plume of-moisture.tarting to push to the south of the satellite & -- radar. as we can see this is a second system will bringing a lot of rainfall to the west coast. we will deal with that first and then that the second system, on sunday. taking a look at the concentration of rainfall in the north bay not quite that heavy. perhaps first light rainfall continuing early tomorrow morning. the atmosphere profile shows instability. with low top thunderstorms are not going to be severe but bursts of heavy rainfall. here, there, mainly in the north bay. by 9:00 a.m., still chances of showers as to go for tomorrow. still, i think that we are willing to see spotty showers for the bay area. for the later evening hours a bit of a break before the next round. and it and is approaching the north bay and widespread by sunday morning. spreading south to the golden gate. this is when the raiders game is supposed to start. however, heavy rains even that possible of a delayed the game. as i mentioned earlier, the flood wa

apparently the company and ceo reed hastings received wells notice from the staff at the sec. the staff recommending that the sec institute a cease and desist proceeding, possibly bring civil action against the company and hastings. the wells notice cites violation of regulation and fair disclosure. now the company is saying, this is coming from the ceo, that they expect, and this is the quote, things to be cleared up quickly. melissa? melissa: great, thank you for that report. we'll get back to our roundtable on the other side of this break. and the next big government bailout, this time the federal housing administration heading toward collapse. it could cost taxpayers and homeowners billions. we'll get to that too. so much more "money" coming up! stay with us having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. you know how painful heartburn can be. for fast, long lasting reli

. >> do we have a sec? >> second? >> irene? roll call? commissioners, we have a recommendation, motion by commissioner ortiz to recommend approval of item 12. roll call commissioner adams? >> yes. >> dooley? >> yes. >> white is absent. commissioner ortiz-cartagena? >> yes. >> commissioner o'brien? >> yes. >> commissioner white? >> yes. >> [kwh-eurgs/] yee riley? commissioner yee riley? >> yes. >> commissioners that item passes 6-0. >> next, thank you item. >> next item 13 director's report. >> commissioners actually we have to be out of this room at 4:30. we have four more minutes and so i would like to make a recommendation that items 13 through 17 that we carry forward to our december 10th commission meeting. >> does that have to be a motion? >> yes, let's make a motion. >> yes, let's make a motion to carry it through. >> i make a motion to carry items 13-17 through to the next [spw*-rbg/] sbc meeting. >> second. >> before we take that motion, can we just for the record ask for public comment? >> yes, can i have public comment? on movin

it's not the job of an individual at the sec to decide a law should not be moved on.ear and it is not their job to continue to sit on it. congress has said, we have balanced these different interests. the risks and investors are willing to take versus need for capital creation and job creation and yet, they have not acted. these perilous economic times, we need every job we can create. with -- what makes america great is we're willing to take risks, willing to fail and try and try again. that's what distinguishes us from every other country in the world. we have to remember that. we can't let bureaucrats stop that. yes, people will lose money, but so what? that's the american way and as long as those investors know what they're getting into and taking these risks, potentially for great rewards, maybe the next google or apple, that's the thing here. we need the world of innovation. >> dave: maybe we start with killing the medical device tax, talk about hurting innovation and jobs here. gary, clayton will see new a few weeks. happy new year. >> next week. see you then.