the sec has sought paths to balance this. no one however could credibly claim that this task is an easy one. for example, one serious challenge arose in the 1990ed in the market structure for nasdaq listed stocks. certain dealers on nasdaq had taken action to discourage competition on quotes and to maintain wider spread. which helped preserve compensation for the dealers as intermediatearies providing liquidity. institutional investors respond ed finding ways to better negotiate better prices and take advantage of an alternative trading venue, electronic communication network. both institutional investors and traders traded retail investors had no access to the more favorable prices quoted on the ecn. brokers that handled retail ordering benefitted from the artificially wide spread created by the scheme because they trade with their customers directly as dealers or sold their order flow for a fee to other dealers. now the sec ultimately addressed these issues actually in 1996 by requiring the nasdaq quoting system be opened u

>> well, the sec is moving, we'll put it that way. [laughter] i don't know quite the pace at which it's moving. i know that they do take this issue also quite seriously. you'll remember that the fsoc did something in the mutual fund space called a 120 letter which, in essence, was a device by which the regulators talked about as a group, essentially, what risks they foresaw in this space and tasked the sec, so to speak, to come up with something that would be, in essence, responsive. >> all right. so our clock is red and has a bunch of zeros on it. >> right. we're going to have a few minutes now for q&a. questions from the audience, i have some on the ipad. anything from the audience? yes, please. >> my question goes back to the -- >> you identify yourself? >> yeah. question goes back to the growth agenda and your optimism about growth. as you look into the future, what in your view can the government or treasury do to propel, you know, the growth going forward? you know? because growth has been slow and anemic, i think something that

the former chairman of the sec. quite resist saying that whoever arranged for the yankees to sweep the toronto blue jays for my arrival, i will be grateful. i am really happy to be here on this particular day. i may not be able to say that the next time. what i want to speak to you about is the current state of our securities markets. an issue that i know is on a lot of people's minds and one that i think is well suited as a topic for the financial capital of the world where we are. the securities markets are the largest and most robust in the world. and they are fundamental to the global economy. they transform the savings of investors into capital for thousands of companies, add to nest eggs, center children to college, turn american ingenuity tomorrow's innovation. finance public infrastructure and help transfer unwanted financial risks. the state and quality of our equity markets in particular have received a great deal of attention lately with the discussion that actually has expanded well beyond those who regu

at the sec we are fully and continuously committed to that objective. thank you very much for listening. [applause] >> thank you very much, chair white for those very relevant, clear and insightful comments. as is our custom, two members have been selected to question the chair. floyd norris, who is the chief financial correspondent of "the new york times" over here. and glenn hutchins, cofounder of silver lake and a member of the economic club board sitting over here. also if you have a question you can email it to, questions@econclub ny.org. and our president, jan hopkins, may select it and read it. floyd, you're the first questioner. please. >> thank you, chair white, for an interesting speech. the whigs has proposed rules on money market funds and the president of the federal reserve bank are too weak and could worsen the situation if there were another financial crisis. at same time the money market fund industry rather the commission do nothing. what are your views on what needs to be done and do you think the commission will be able to get a majo

, and they would listen to what the sec had to say.hey were learning as they were going. >> that has scaled back, clearly. >> clearly. the courts now understand, and the sec as the risk of losing high-profile cases. >> mark cuban said he believed that this was going to be a big load to the sec. it does not seem like they scale back at all in light of that loss. >> well, you know, i have sort of a different take on the sec and it goes to the use of resources. i represented in a trial last year -- >> one of your big wins. >> yes, but i thought it was a curious use of scarce government resources to go after the most junior person that goldman sachs hear it i had very strong feelings about that case, and of course we came in second. we lost. but it was just announced that there would not be an appeal, although i thought there were strong grounds for an appeal. but it raises the question -- what cases do they pick and why? >> you cannot understand why they would pick that case? yes, he was a junior trader, but this is goldman sachs at a tim

the sec thus far has always approached it the opposite way. and i wonder what would happen if you thought about it prap differently? >> job look at the study. a tear from the story suggesting the statistical evidence they say is too strong to be dismissed as just random speculation. basically making the point that, as i sort of made with pete at the top here, where there's smoke there's fire. this just appears to be going on far too often and it's far more pervasive than anybody expected. >> scott, and andrew, maybe you no differently, but what no one is saying is the fact that that period of time they studied from '96 through 2012 correlates exactly with a hyperglobalization so many of the deals now are cross-border m & a. you talk about the brazilian deal for heinz in your story. and we've seen instances where chinese nationals in china were trading ahead of deals. first of all, the sec has no jurisdiction over a lot of investors in a lot of other countries and then second of all, how could we possibly contain that if we're talking about act

the sec has a direct regulatory authority. they are working on our will and i'm hopeful they will complete the rule this summer. >> mr. lew, thank you so much. i don't have much time but i do think the sec did push back on aspects of money markets. finally i guess you've heard the complaint that prior to designation, which is a big deal if you'r your designated a sifis is not an opportune at all to present their case to the full board of principles of the fsoc. or even to directly address the file information charges that are being presented to justify the decision. this seems to be just a little bit contrary to what we know as of due process. i just want to know what your response to that is. >> that's not correct. the nickel back to the money market fund the sugar i want to much everyone on this committee there was a real problem in money market funds in the financial crisis, and the challenge to solve that crisis fell not on the sec but it fell to the fed. so it was quite appropriate for fsoc to take of you and, frankly, it

en referencia a el camerunes etoo con quien fuera compaÑero del barza por aÑos sot : 15 sec out cue: camerun take full screen fs --estos son los encuentros de maÑana --termina el grupo a mexico camerun --inicia el grrupo b con el partidazo espaÑa, holanda --y en el mismo grupo chile contra australia angel esta noche le ponemos tarjeta amarilla... ya le digo a quien y la roja es para el arbitro de brasil croacia que tuvo las mas fuertes criticas en el mundo entero... take vo --el diario argentino ole lo llamo "ladron" en su edicion de la tarde... --el japones nishimura... pito esta falta en el area, inexistente a favor de brasil y que hizo meya en los croatas. ===chroma key=== aa take vo vamonos al baloncesto donde esta noche san antoneo apaleo sin misericordia a miami... vo le hablo del tercer encuentro del cuarto juego final de la nba... donde leonard anoto 20 puntos y parker 19 para que los spurs de san antonio vencieran a miami 107 por 86 y tomen ventaja de 3 juegbos contra 1... lebro hizo 28 puntos pero de nada sirvio... --en beisbol gigantes contra nacionales... -- segunda entra

on our account statements and on confirmation, required by sec rules. we have provided the subcommittee with a list of recommendations we believe could enhance our nation's current structure without compromising many of the benefits retail investors have realized in the past years. just as we seek to improve our client experience, our industry should do the same. let's not lose sight or compromise the improvements that have been made. we appreciate the opportunity to be part of the conversation. we start with you, mr. farley. the head of the intercontinentalexchange which owns the new york stock exchange which you represent here today has said that the maker-taker system is aligns the interests of rocher's and their customers and hurts everyone in the market. we should get rid of it, he says. do you agree with him? >> yes. the u.s. says -- capital markets are the best in 225 years the for new york stock exchange has advocated on behalf of esther mers and stood for improving markets, not just accepting a -- customers and stood for improving markets, not

that is the kind of thing that would not have been allowed under a stricter sec.e these things are going to allow to get this deal approved. >> all right, cory johnson, thank you. thank you all for watching "bloomberg west." we will see you later. ♪ . >> the following is a paid program. >> these statements have not evaluated by the fda. this product is not intended to diagnose, treat, cure, or prevent any disease. >> thank you for watching.

well, this is going to be a process that the sec will go through. they will be keeping the public up to date on where they are in this process. of course there is this review period that has to go on here. so this is definitely a work in progress. in a little wait and see mode to see one how the market is going to react to this and at which the speed which the sec can put some of these changes through. >> keri geiger with bloomberg news, we thank you. >> thank you very much. >> woodruff: again, the major developments of the day. general motors announced it has fired 15 employees over the delayed ignition switch recall, but an internal report concluded there was no cover-up. president obama said he makes "no apologies" for the deal to free army sergeant bowe bergdahl. and two senior senators agreed on a bipartisan bill to let veterans see doctors under medicare in a bid to reduce wait times at v.a. hospitals. >> ifill: on the newshour online right now how an apprenticeship can be a ticket to the american dream. we talk to a former marine who's gettin

sot trt:14 sec out cue: a quien mató angel --tremendo susto en las hustes cariocas, maÑana se ven laso en el entrenamiento de hoy vo --aqui esta el momento en el que el astro brasilero hace un disparo a puerta y enseguida se resiente del tobillo, al punto que el dolor le hace detenerse de la practica... --segun los medicos el problema no paso a mayores y maÑana sera de la partida vo --no fue ni messi ni ronaldo... fue james rodriguez el jugador escogido hoy como el mejor futbolista en la primera fase del mundial. --el colombiano suma tres goles, dos asistencias y el 73 por ciento de pases efectivos. --colombia maÑana se enfrenta a uruguay y el tecnico cafetero hlablo hoy sot trt:14 sec out cue : en todos estos ultimos años full screen take full screen asi seran los encuentros este fin de semana maÑana sabado brasil contra chile y colombia contra uruguay domingo mexico holanda y costa rica contra grecia jf on chroma tag-out ---por el momento esto es todo en la informacion deportiva,,, para las once... ---blanca - cesar adelante... cesar ---esta noche a las once... reveal #1 --autoridad

en referencia a el camerunes etoo con quien fuera compaÑero del barza por aÑos sot : 15 sec out cue:creen fs --estos son los encuentros de hoy --termina el grupo a mexico camerun --inicia el grrupo b con el partidazo espaÑa, holanda --y en el mismo grupo chile contra australia juanfra ---fjese que ya faltan apenas unas horas para que la seleccin del tri, se estrene en el mundial de ftbol de brasil, y en mxico la emocin se siente en las calles. ---jazive prez habl con algunos fanticos y nos dice cmo se estn preparando... take pkg :01 :13 :31 :51 1:17 1:40 1:46 imágenes los colores de la patria ondean orgullosos y llenos de esperanza..la cuenta regresiva a hoy le ponemos tarjeta amarilla... ya le digo a quien y la roja es para el arbitro de brasil croacia que tuvo las mas fuertes criticas en el mundo entero... take vo --el diario argentino ole lo llamo "ladron" en su edicion de la tarde... --el japones nishimura... pito esta falta en el area, inexistente a favor de brasil y que hizo meya en los croatas. ===espectaculo open=== lorena y tal parece que la batalla judicial entre marc antho

aqui esta sot trt: ;16 sec out cue: nosotros vamos con todo vo --camerun entrena en vitoria...el jugador mas reconocido en territorio carioca... --lo jugadores indicaron que sus demoras salariales no afectara su rendimiento en el partido del viernes contra mexico vo --honduras llego al brasil dispuestas a hacer ver un futbol dinamico y agresivo contra francia en su primer encuentro, por lo menos ese es el enfoque de su tecnico suarez que hablo hoy... sot trt:13 sec out cue: del pais de honduras vo --donde se apaga el optimismo es en las filas chilenas, muy preocupados por ----la lesion de su mas grande referente... "el rey arturo" --les hablo de arturo vidal quien no estara en el debut contra australia... angel --y nos vamos a locura mundial donde las figuras del futbol hacen locuras que no tienen nada que ver con su profesion... vo --como la de chicharito hoy... quien al no ser tenido en cuenta como delantero contra camerun se probo de portero y mire como le fue... --hasta el vigilante le anoto un gol... --el baile contagio a algunos como ronaldo que decidio bailar samba en el

would be thisdups back-and-forth with the sec that we do not see in the public was spotlight. we will see the actual questions that the sec had, but that is where things could be delayed until september. the fact that it came out today shows that they are still probably on track to do and august debut as long as the market holds up and the s&p revisions continue at this pace in this manner. >> we have been talking about the downs in the public tech markets recently. in alibaba in a league of its own? >> in a lot of ways. a lot of these comments from the sec is coming to light in terms of what they were trying to hide or reveal. the cursory numbers, the gross margins which are pretty particular -- spectacular did not get worse year-over-year. the margins were getting better. o, but there is a consistent trend in that change. they still are good, but consistently getting worse. when theyto wonder going to offer low prices and let those margins reflect that. >> the uniqueness of alibaba and how much of the chinese economy it really captures. what are investors saying to you? are

sot trt: 14 sec out cue; un buen examen en el debut 01 05 --20 minutos del primer tiempo y es vargas casillas --20 minutos del primer tiempo y es vargas quien dribla a casillas y a los defensas para el uno a cero... --a los 43, tiro libre que cobra alexis y al mal rechazo de --manaus... --11 olic --48 perisic --61 man-zu-kik --73 man-zu-kic vo --buscando reponerse de su reves contra costa rica, uruguay entreno en el estadio de corintians, porque maÑana tambien tiene su --buscando reponerse de su reves contra costa rica, uruguay entreno en el estadio de corintians, lorena las autoridades del condado de ''ogle'' en illinois dejarn tranquilo al oso que se encuentra escondido sobre un rbol... take vo el animal de unas 400 a 500 libras est aparentemente pasando el rato y disfrutando el panorama desde la cima del rbol... juanfra al parecer el oso ha sido visto en diferentes zonas y el departamento del alguacil ha pedido a los residentes a que no intenten seguirlo ni agredirlo... lorena continuamos en espera de informacion desde la casa blanca..donde en cualquier momento el presidente obama

mark cuban is someone who can tell us how they can't win at the sec.of insider convictions is really abysmal for the prosecutors. the question of the day is, do the smart guys always have an angle? guycarl icahn is a tough from queens committee good being smart and doing deals. is it a crime to be smart and get out front of clorox? >> when i came into the business i was told by smart lawyers that the way to stay out of any problems is if you have some information that other people if they had it would change the price of the stock for them, if you have an act on it and they sell a stock to you or by stock from you and you have an advantage, that is wrong and you will be in trouble. it is no longer the case. it is much different. you have all kinds of rules and regulations as make it almost impossible for the people with the advantage if they want to use it to get caught. to most people in the business do it? most people do it. burns made it clear to us. if that been any wrongdoing, it would've been carl potentially -- having a fiduciary responsibility

the sec is forging ahead this what it feels is a breaking of the market access rule. the great white way known as broadway enjoying such a profitable and and highly-acclaimed year. i know this because little known fact about liz claman, i'm a tony voter. i vote for the tony awards, and i've seen everything under the sun including denzel in re sin in the sun. -- raisin in the sun. after the bell i'll be joined by the executive director of the american theater wing, the creator of tony awards. heather's here to discuss the big business of -- here to discuss the big business of broadway and how the arts matter to the city of new york. ♪ple ♪6vl% o you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪ wbeca

sot trt: ;07 sec out cue no vale otro mas que el campeonato take full screen aqui las tranferencias dexicano martinez y reynoso llegan a leones negros lucas lobos pasa a toluca leobardo lopez a veracruz efrain velarde es de monterrey hamilton pereira al morelia y el "maza" rodriguez refuerza a cruz azul take vo --nos vamos al beisbol de los nuestros... --en nueva york --tercera entrada... le pega brett garner con alma vida y corazon y pone las cosas como quedaron al final... dos a uno vencieron los yankees. --"tanaka hizo de las suyas vo san francisco visita a cincinatti --alta de la cuarta entrada y es brandomn crawford al jardin derecho y si te vi no me acuerdo... anotan sandoval y colvin gigantes vencen 6 a 1 aa --de mi parte no es mas... maÑana todos los goles de los nuestros en los amistosos.... blanca con el apoyo de sus padres y blanca con el apoyo de sus padres y sus maestros varios jovencitos iran directamente de la escuela a la universidad cesar ellos comparten con orgullo sus historias y tamara centeno nos tiene los detalles en el poder de saber pkg 00:01 00:19 00:47 01:12 t

and the sec is the expert on these industries. so i guess i would like -- think it would be helpful for us to how you see the role of the primary regulators in these discussions. is there any deference to them? did they just dissent from the decisions so that they could -- so that they wouldn't be on record as being against their industry? what are we to learn from, from the experts of the fsoc seemingly having less than a voice? >> congresswoman, i actually think all of the members of fsoc have a voice they are listened to. ultimately not everyone will agree on every issue. i think if you look at those issues, you know, separately, i've spoken at some length on the review of the insurance companies before the designations were made. i believe the record was a robust one and it warranted the decision. obviously not every member of the, you know, counsel agreed. but, you know, the decision stands and the company has not appealed it through the courts as could it have and i actually think the process was one that reflected rigor and

--esto dijo jorge claros sot trt: 17 sec out cue: por la camiseta de la selección vo mientras tanto elmundo quiere demostrar que su derrota ante suiza fue accidental e injusta y su tecnico asegura haber trabajado mas la parte animica para enfrentar maÑana a honduras --el equipo disputo un amistoso contra el inter de porto alegre. aa blanca --enrique pena nieto y barack obama acordaron hoy integrar dos delegaciones de alto nivel... take vo ...con el objetivo de atender la problematica de los niÑos migrantes. --el acuerdo entre ambos mandatarios se hizo esta maÑana a traves de una conferencia telefonica. --estados unidos ya ha detenido miles de menores inmigrantes en los ultimos ocho meses. cesar --hay preocupacion por la situacin en la frontera y el nmero de menores que est en manos del gobierno federal y que continan llegando al pas de manera ilegal... roll open under blanca ---legisladores ponen sus planes sobre la mesa; desde washington randy serrano amplia. take pkg :01 ;16 ;37 01;16 ----pkg----- la crisis en la frontera agarr al gobierno desprevenido. los polticos estn buscando man

en referencia a el camerunes etoo con quien fuera compaÑero del barza por aÑos sot : 15 sec out cue:full screen fs --estos son los encuentros de hoy lorena tras cuatro aÑos de espera......arranco el esperado mundial de brasil y al parecer tras cuatro aÑos de espera......arranco el esperado mundial de brasil y al parecer dejo a muchas personas decepcionadas..... takevo juanfra criticos indicaron que la inauguracion resulto menos espectacular de lo pronosticada. se esperaba que un joven paraplejico con la ayuda de un exoesqueleto robotico, se pararia de su silla de ruedas caminaria 25 pasos y luego patearia el balon como saque de honor. juliano pinto, el adolescente elegido, debia recibir el apoyo del exoesqueleto robotico que traduciria sus movimientos a traves de electrodos implantados en su cerebro. al parecer las camaras del evento siguieron al brazuca por dos segundos y no se supo nada mas del pinto. lorena ademas, el primer dia del mundial tambien se vio empaÑado con la controversia del partido entre brasil y croacia, hay quienes aseguran que le robaron a croacia. lorena --- tiem

sot 20 sec out cue : a ver como va a estar con los estados unidos y con ghana 01 09 vo --la selecciongo a fortaleza para los ultimnos preparativos de su encuentro que sera de vida o muerte contra el anfitrion "brasil" que se ha mostrado muy reservado ante el choque con el "tri" --ambos con 3 puntos comandan el grupo a y ayer los jugadores pudieron pasar el dia con sus familiares... --por eso hablamos con el papa de javier aquino... trt: 7 sec out cue: hasta donde el ha llegado ahorita jf on chroma --a proposito, la tortuga que adivina a los ganadores dio como vencedor a mexico... --bueno y llego el momento de silbato la tarjeta roja... vo esta vez es para pepe de portugal, porque unque me parece exgerada su expulsion, su comportamiento fue fatal al intentar dar un cabezazo a muller... --fue expulsado y eso beneficio a los alemanes para darle esa poaliza a los portugueses... vo --tarjeta roja tambien para algunas barras bravas de la seleccion argentina que ayer hicieron esto en el maracana cuando su seleccion jugaba contra bosnia herzegovina. --saltaron una pared y frozaron una puerta

no clients were harmed in the sec does not disputed. toy jo white is proposing shine even more light on these dark pool operations and forced him to be more transparent going forward. this is an issue we are not going to hear an end of. involvesther case that securities, what can you tell us? >> the los angeles based brokerage is accused of violating market access rules. the firm is one of the biggest in terms of nasdaq trading volume speed from july 2011 until last year, they commissions and fees by failing to adequately police thousands of trade and a system even after red flags were raised. -- it allowed traders tracked access to the u.s. market without pre-approving them and without having control of their risk settings, creating a situation where these traders could engage in illegal trading strategies is part of manipulation and other schemes. >> among those accessing the , a latvian trader previously charged by the sec. the commission is going further than charging wedbush. -- they will determine if the firm will flee violated th

it's not clear if this is an isolated incident, or this is a sign of rising sec tar -- sec tar yin killings. there was dozens of bodies every day discovered often with signs of torture, hands bound, sometimes holes drilled into their heads. there was more bloodshed in baghdad today. a car bomb exploded, one of six bombs detonate in baghdad today. we got word there was a blast not too far from here, five or ten minute drive. we're not sure the division. we believe it was a road side device. several days ago, there was an actual person with a suicide vest that detonated themselves. this is early reports, three people are dead, a number of others wounded. we're trying to gather more information. normally we rush to the scene but in baghdad that's a dangerous thing to do. often there are secondary devices timed to explode ten, 20, 30 minutes after the first device so first responders that go to help those who are wounded or killed get killed in the secondary device. we'll hang back and try to gather more information. it's a sign how dangerous things are. 12 people were killed in the blast, doze

sot trt:10 sec out cue: y eso fue lo que nos dio la victoria vo a mexico se le acabo la vo a mexico se fue precisamente a la seleccion sino al bus que los transportaba en en la ciudad de santos de brasil del hotel a la practica... pues los jugadores no tuvieroin otra opcion que buscar taxis por todo lado para llegar a su habitual practica... vo -- a tres dias del mundial siguen los amistosos con los nuestros como protagonistas.. . --espaÑa venci dos a cero a el salvador con tantos de david villa. --jugo costa, le hicieron penalty y fabregas lo boto... --a pesar de la derrota, los centroamericanos dejaron una buena imagen... vo honduras le jugo de tu a tu a inglaterra, aunque sturech desperdicio un par de oportunidades... minuto 23 se retraza el partido por tormenta electrica --minuto 65 bryan bekeles deja a los catrachos con 10... pero con el cuchillo entre los dientes, el equipo de suarez saco el empate... 01 ;05 sot trt:12 sec out cue: de reivindicarte vo --con potente disparo de izquierda ricardo alvarez pone a ganar a los albicelestes... --maxi rodriguez le rompe el horizontal lueg

sot trt: 10 sec out cue que ha tenido el equipo vo -- 9 millones de euros habria vo -- 9 millones deienda el barcelona en el fichaje de neymar segun lo dio a conocer hoy la fiscalia espaÑola. --el precio del delatero habria estado por encima de los 170 millones de euros. jf on chroma la fractura de tibia y perone del chapo montes no solo afecto a la seleccin mexicana... vo el leon busca ahora desesperadamente el reemplazo del jugador para los torneos locales y su tecnico gustavo matosas dio parte de esta incertidumbre... take sot sot trt: 12 sec out cue buscar un sustituto vo --el buen hijo vuelve a vo --el buen hijo vuelve a casa... eso le dijeron a aquivaldo mosquera... quien podria vestir nuevamente la camiseta de los tuzos. --el america ya arreglo con pachuca y solo falta que el jugador cuadre el salario vo termino con el beisbol... atleticos en partido retrazado por lluvia juegan en estos momentos contra yankies... con la ausencia de su jardinero derecho "josh reddick", quien se lesiono cuando se estrello contra esta pared en el juego contra los angelinos... jf on chroma tag-out

when i was at the sec, you never go start at the top.r information and then go to everybody at the lower levels. i'm certain that's what's gone on. they had already spoken. if they had something, you probably would know by now. >> if i may, interestingly, to your point, you're right they go up the line. the fact that carl icahn is even danning knowledge is somewhat strike. because at least you're going to have some level of sec or fbi inquiry to someone like carl icahn asking him three years into an investigation about what communications have you had with these other people? there's something that doesn't add up here which brings it back to the professional impish. >> everybody here in the last hour went crazy on me. there's always an issue about whether a benefit is given from one side to the other. if walters gives something to mickelson, tells him, hey, this is an idea, does the the benefit have to come back to walters? >> ask could simply mickelson playing golf with him and his buddies be construed at touch? >> if you look at litiga

the fsoc made recommendations, now the sec has a rulemaking.d i'll also add that in the process of going through the asset manager review, the sec is fully a part of that process. they review drafts of the ofr study, they are part of the decision that fsoc will make because the chair is a voting member of fsoc and the staff work on all the preparation to it. >> i'd like to ask a question about getting back to too big to fail and whether it's been ended. you know, the president and this administration has a sad history of overselling its policy objectives and initiatives. the oversold clash 800 billion -- they oversold an $800 billion stimulus saying unemployment wouldn't go above 8%. they oversold the affordable they oversolith the famous if yu like your health care plan, you can keep it. they shockingly oversold -- i would say misled -- about the impact of a video in benghazi. they oversold the ability to reset relations with russia. they oversold the record retrieval capacity of the irs with the e-mail scandal. they oversold their ability to

the sec's website and ats reporting rule are recent positive steps. we would encourage further pursuits of transparency first standardization of data collection and reporting. second disclosure of routing and trading information in a standardized form between brokers and clients and third, disclosure of rules and services throughout all market centers. of the most important part is that it brings accountability to all participants in the market. this will allow the market to self regulate. we respectfully ask that if congress or the commission looks to further modify the structure of the equity markets, careful consideration is given to decide which issues are better addressed through free market solutions. in closing ix would like to echo ix, that the secondary markets exist for public company. their interest must be paramo t paramount. as we work through these periods times, none of us should forget why the markets existed in the first place. thank you. >> thank you mr. katsuyama. we will have as many rounds as we need. that's true with both panels.

sot trt: 13 sec out cue: la victoria del proximo sabado vo --nos vamos al beisbol de los --nos vamosncinatti -- alta de la segunda entrada michael morse le da con todo chao chao adios... jonron por el jardin izquierdo... entra sandoval ... y gigantes sube la pizarra dos a uno --alta de la cuarta entrada y es brandomn crawford al jardin derecho y si te vi no me acuerdo... anotan sandoval y colvin gigantes vencen 6 a 1 take vo --vamonos a nueva york --"tanaka" fuel el motor de los yankees para su victoria 2 a 1 sobre oakland --empezo bien atleticos "jaso"... batazo para solitario homerun... --pero no hay dicha eterna y tercera entrada... home run de brett garner pone las cosas como quedaron al final... dos a uno vencieron los yankees. vo y este sabado los terremotos de sna jose siguen en la lucha por escalar posiciones... su visita sera en toronto, donde espera ganar para salir de la septima posicin... los terremotos tienen 16 puntos producto de 4 triunfos, 4 empates e igual numero de derrotas... jf on chroma tag-out ---por el momento esto es todo en la informacion deportiva,,, para la

wait a sec. >> oh, no. >> his next landing isn't so nice. >> oh!is isn't the worst thing these three have eaten. >> the hard part's over here. tandem skydive successful. look at these guys. perfect landing, right. >> wonderful feeling when you do that. >> no big deal. the guy in the front, the passenger here, you could say, he gets off, but keep watching. takes off all of his gear. starts to walk. oh, boy, wait a sec. >> rumbling, bumbling, stumbling. >> wobbly until you think, oh, there's a fence. >> man. >> that looks like it hurts. the guy who posted it said go ahefd and laugh. he didn't suffer major injuries. he believes he was suffering from post adrenaline shock. >> oh. >> which makes sense. >> yes. >> from one person falling over to another. this is quite different. this is a apparently a french feminist protest saying girls can also do this and nominate the challenge of jumping in the water. she yells -- >> which means go, girl. >> go, girl. >> let's go, girl. >> [ speaking foreign language ] >> yeah, she can fall like a man. >> well, yeah.

>>reporter: but the transport worker union deny any involvement in the sec out. mean while san francisco muni says any work stoppage is prohibited under the contract and there will be consequences. >> if any case like this you have to provide a doctor note to 7 pay. >> tentative agreement gives the operators an 11 percent raise over two years. but they would have to contribute 7% in their pension. off camera some drivers told me that many of them are preparing to call in sick again on tuesday. in san francisco, allen wong abc 7 news. >> mup i offer would make san francisco bus taken operators the second highest paid in the country. just behind new york and ahead of chicago. but as alan mentioned that doesn't take that account such as other benefit such as benefit and pension payment. our coverage of the dispute continue on our web site as well as on twitter at 7 news bay area. >> traffic reporter will show us if there's any affect in the morning commute tomorrow on the morning news beginning at 4:30 am. >> coming up next on 7 news family controversial decision ab

wait a sec. >> oh, no. >> his next landing isn't so nice. >> oh! woah, this kitchen is beautiful!ive him the tour. let me show you! soft-close drawers, farm sink! um... where's my room? we had to take just a little bit for the kitchen. because your kitchen dreams can be big. ikea has it all. woah, this kitchen is beautiful! give him the tour. let me show you! soft-close drawers, farm sink! um... where's my room? we had to take just a little bit for the kitchen. because your kitchen dreams can be big. ikea has it all. the worst thing these three have eaten. >> the hard part's over here. tandem skydive successful. look at these guys. perfect landing, right. >> wonderful feeling when you do that. >> no big deal. the guy in the front, the passenger here, you could say, he gets off, but keep watching. takes off all of his gear. starts to walk. oh, boy, wait a sec. >> rumbling, bumbling, stumbling. >> wobbly until you think, oh, there's a fence. >> man. >> that looks like it hurts. the guy who posted it said go ahefd and laugh. he didn't suffer major injuries. he believes he was sufferi

take sot :10 secs take nat :03 sec jlo takevo/ juanfra --inician los rumores de una posible ruptura entrekevo/ juanfra --inician los rumores de una posible ruptura entre jennifer lopez y su novio "casper" tras la cancelacin de su presentacin en el mundial... todo a solo das de su inicio... --take fs/ lorena recuerde que estamos en internet telemundo48.co m... en facebook t48 y en twitter. take fs/juanfra adems tambin le ofrecemos una nueva herramienta para que se comunique con nosotros... escrbanos al correo noticiero t48@telemundo.com....recuerde que cada viernes tenemos cita con un abogado de inmigracin...ma ndenos sus preguntas... black ===open=== juanfra en nuestra rea roll open under lorena ya est aqu lucrecia borchardt de telemundo primera edicin con el informe del clima ... take 2boxes lucrecia buenos das... qu podemos esperar para hoy en la baha? ===weather open=== lucrecia toss to lucero --- peligrosas temperaturas si no se toman las precauciones necesarias... --- peligrosas temperaturas si no se toman las precauciones necesarias... roll open under lucero bentez de telemundo 48 p

one of the major holdups would be this back-and-forth with the sec, which we don't see in the public spotlight, we just see the revisions. it is only after they go public that we will see their actual questions about the initial filings. that is one of the things that could you lay it until september. they are of course also paying close attention to market conditions. the fact that it came out today means that they are probably still on track to do in august debut as long as the revisions continue in this pace and manner. >> we have been talking a lot about the public tech markets recently. is ali baba in the league of its is so big? it or will they suffer the same market conditions? >> when it is too late from anyone -- for anyone to benefit from what they were trying to hide or did not want to reveal, or the sec had questions about, those will be worth looking at after the ipo happens. with a cursory look at the numbers, the gross margins, which are spectacularly over 70% , did not get worse year-over-year, the first time we have seen that happen. one of the interesting things abo

sot trt: 11 sec out cue: que hemos mostrado hasta el dia de hoy vo --el domingo estados sot trt: 11 secmos mostrado hasta el dia de hoy vo --el domingo estados unidos quiere asegurar su clasificacion contra portugal que se juega la permanencia. --en la seleccion de todos estaran en la partida "demsey y besler", mientras que portugal no contara con "altidore" angel --y hoy es viernes de silbato tarjeta roja y la vamos a sacar a una mala perdedora... vo vo --se trata de la tenista alemana andrea pet- kovic que no resistio alemana andrea pet- kovic que no resistio perder su juego contra la sueka rivarikova a mitad de semana y la emprendio con su raqueta y con la juez del certamen. --la culpa no es de la raqueta, sino de quien la maneja aa gigantes perdieron 1 4 don dbacks de arizona mientras atleticos vencieron 4 a 3 a los medias rojas de boston cesar ---el futuro de la moribunda universidad nacional hispana ya est tomando forma... blanca ---hoy se anunci cmo el plantel, ubicado en el corazn de la comunidad latina de san jos, ser transformado... jaime peluffo tiene la informacin... take ja

take sot sot trt: 7 sec out cue: de ninguna manera vo --la seleccion colombiana de futbol abra maÑanaista contra su similar de grecia. --el equipo de pekerman estara conformado solo por jugadores que militan en europa, intentando disimular la ausencia del tigre falcao. --pekerman dijo como juega colombia sot trt: 14 sec out cue; equilibrado defensivamente full screen full screen estos son los proximos partidos donde jugaran los estos son los proximos partidos donde jugaran los nuestros --maÑana sabado colombia enfrenta a grecia --uruguay costa rica --el domingo suiza ecuador --francia honduras --argentina bosnia herzegovina el lunes ganha contra la seleccion de todos... los estados unidos chroma key aa a las 6 de la tarde le sacamos tarjeta roja a los arbitros que pitaron los encuentros de mexico y espaÑa... pero ahora la tarjeta roja es silbato para iker casillas take vo --el portero espaÑol cometio craso error al no saber despejar este balon, lo que ocasiono el inicio de la debacle espaÑola en la paliza que recibio contra holanda... muy mal seÑor casillas vo --y aqui de nuevo la roj

. ;01 ;10 sot's trt: 20 sec out cue: el equipo mejoro bastante sot's trt: 20 sec out cue: el equipo mejoro tambien fuera de ella. --han sido tantas las protestas que la policia se entrena con el fbi contra terrorismo y actos vandalicos y asi prevenir violencia que afecte el evento... vo --siguen los movimientos de jugadores en la liga mx... hoy hasta un canje hubo... --resulta que martin bravo de pumas se va para leon, mientras marcos britos del equipo campeon, llega a pumas.... cambio felino y todos tan amigos... ===chroma key=== aa --nos vamos al deporte de la pelota caliente... atleticos y gigantes de visita en nueva york y cincinati... --aqui las jugadas take vo vo --primera entrada y batazo de "meso-raco" para cuadrangular de dos carreras que aumentaba 4 a uno la ventaja de los rojos sobre gigantes de san francisco.... quinta entrada y "phillips".... hit por la izquierda y los de cincinati impulsan dos carreras mas... --mal dia de "lince-cum" ... rojos 8 gigantes 3 ---vamonos a nueva york atleticos yankees.... --octava entrada y "vogt" batea un doble al fondo del jardin central para a

asi lo dejo ver "brizuela" sot trt: 07 sec out cue: y mas comprometidos que nunca angel --esta es deedo creer... --hinchas chilenos destruyeron las oficinas de prensa del maracana buscando entrar a la fuerza al estadio... vo --fueron cerca de 100 aficionados chilenos que tumban las paredes de la oficina de prensa durante el partido que le dio la clasificacion a su equipo. --algunas personas resultaron con heridas leves... --autoridades y equipo de seguridad de inmediato reaccionaron y lograron controlarlos take vo vo --maÑana otro de los nuestros podria dar su paso a la siguiente ronda... --le hablo de colombia, que vencio en su primer encuentro a grecia y maÑana se mide contra costa de marfil... --pekerman hablo al respecto... sot trt: 14 sec out cue; un buen examen en el debut vo --buscando reponerse de su reves contra costa rica, uruguay entreno en el estadio de corintians porque maÑana tambien tiene su ultima posibilidad contra inglaterra. --a pesar de las especulaciones "rooney" seria titular... ===chroma key=== aa nos vamos para el beisbol local y arrancamos en oakland... take

take sot sot trt: 16 sec out cue: y nosotros tambien lo vamos a dar todo vo uruguay maÑana se juega la italia y necesita vencerlo para verse en octavos de final muy posiblemente contra colombia... --de ser italia el vencedor, sera el clasificado... uno se va... duelo a muerte... --luis suarez hablo al respecto sot trt 15 sec out cue: fue espectacular vo --maÑana colombia se juega el liderato del grupo d donde de empatar a japon lograra el primer lugar sin interesar los demas resultados y puede enfrentar a italia, uruguay o el mismo costa rica en la fase de octavos de final. aa --termino con una del beisbol local... --y es que gigantes de san francisco perdio esta noche 6 carreras a 0 contra los padres de san diego... --esperemos revancha maÑana.... cesar ---el presidente de mexico enrique peÑa nieto, disfruto cada instante del partido que su seleccion gano a croacia... take vo ---el mandatario junto a miembros de su gabinete celebraron a lo grande cada uno de los tres goles que anoto el "tri"... vo-blanca ---peÑa nieto tambien dijo sentirse emocionado por el triunfo y por que mexico lo

in the company's latest filing with the sec.o-pro plans to sell almost 18 million shares at about $24 a share. value the company at close to $3 billion. the company is taking care of its employees letting them sell their shares immediately. no word yet on the exact date of that ipo. we'll keep you posted. >>> look at how the rest of the market is doing and let's check in with seema mody live at cnbc world headquarters. good morning, seema. >> good morning, laura. the dow and the s&p posting their worst day in three weeks while the nasdaq had its biggest decline in two. traders point to the world bank and we do get data out on unemployment, retail sales and be sure to watch out for that and the dow dropping 102 points and nasdaq losing six. >>> at&t plans to defend its takeover of directv in a filing with the sec. at&t says the only way the companies can compete with the proposed comcast/time warner merger. the filing says directv is currently unable to offer high-speed internet while they only provide u-verse service in a few ma

>>reporter: but the transport worker union deny any involvement in the sec out. mean while san francisco muni says any work stoppage is prohibited under the contract and there will be consequences. >> if any case like this you have to provide a doctor note to 7 pay. >> tentative agreement gives the operators an 11 percent raise over two years. but they would have to contribute 7% in their pension. off camera some drivers told me that many of them are preparing to call in sick again on tuesday. in san francisco, allen wong abc 7 news. >> mup i offer would make san francisco bus taken operators the second highest paid in the country. just behind new york and ahead of chicago. but as alan mentioned that doesn't take that account such as other benefit such as benefit and pension payment. our coverage of the dispute continue on our web site as well as on twitter at 7 news bay area. >> traffic reporter will show us if there's any affect in the morning commute tomorrow on the morning news beginning at 4:30 am. >> coming up next on 7 news family controversial decision ab

the sec tear general of the united nations invitation to the geneva peace talks specifically said it was to discuss and negotiate standing up a nutrition government. the syrian government refused to do that once it got to geneva and the russians were unable convince the syrian government to alter that stanchion. >> ambassador robert ford, thank you for joining us on "al jazeera america ". >> my pleasure. thank you. >> guns... >> there are two to three million guns in a population of only 8 million people. >> ...and gun laws... >> after those laws came in, there have been no more mass shootings... >> how different countries decide... >> their father had a gun... their grandfather had a gun... >> who has the right to bear arms? 5 days: guns around the world a primetime news special series all next week only on al jazeera america . >> mick up the paper, watch the news, there is probably another shocking story demonstrating that the lives of women are cheap. when will they change that picture? that's the inside story. >> hello, i'm ray suarez.

the sec tear general of the united nations invitation to the geneva peace talks specifically said it was to discuss and negotiate standing up a nutrition government. the syrian government refused to do that once it got to geneva and the russians were unable convince the syrian government to alter that stanchion. >> ambassador robert ford, thank you for joining us on "al jazeera america ". >> my pleasure. thank you.

sot trt: 9 sec out cue lo que me preocupa mas es el arbitraje aa --san francisco perdio tres carrerasr ... maÑana es el dia nacional para hacerse la prueba del vih, un examen que ha permitido salvar la vida de muchos y ofrecer calidad de vida a quienes estn infectados con el virus... catalina beltrn domnguez nos tiene ms... ;01 ;14 ;43 pkg el 27 de junio es a nivel nacional, el dia para realizarse la prueba de vih, que como nos explica nohora chandler coordinadora del programa de vih sida de la agencia latina, es el virus que causa esta enfermedad que puede llegar a ser mortal, de no recibir el tratamiento adecuado.. sot: ".." y es que a traves de una sencilla prueba se puede determinar si se tiene el virus o no y hoy en dia, debido al avance de la medicina, toma tan solo 5 minutos conocer los resultados. sot: "una vez adquieren.." y este es el caso de juan escobar martinez originario de ciudad juarez quien descubrio que era portador del virus hace 13 anhos sot: " en el 2001, se desconocia mucho acerca de este virus, en el 2001, se desconocia mucho acerca de este virus, ademas, debido

the sec tear general of the united nations invitation to the geneva peace talks specifically said it was to discuss and negotiate standing up a nutrition government. the syrian government refused to do that once it got to geneva and the russians were unable convince the syrian government to alter that stanchion. >> ambassador robert ford, thank you for joining us on "al jazeera america ". >> my pleasure. thank you. >> i am thomas drayton, a rebel advance on baghdad stalls. we will giet the latest on the violence in iraq and the movement on the ground in baghdad. retaliation in eastern ukraine. army air strikes are hitting back after pro-pro-russian fighters shoot down a transport plane. israel's army searching for three teenagers including an american who may have been kidnapped. >> and more state ahead on al jazeera america. >> i am lisa flechaer. you are in the stream. today, what you wash your face with may be contaminating the country's water and fish. why one state has banned products with micro beads piling up by the billions in the great lakes. how consumer pressure led one of

--esto dijo jorge claros sot trt: 17 sec out cue: por la camiseta de la selección vo mientras tanto,ue su derrota ante suiza fue accidental e injusta y su tecnico asegura haber trabajado mas la parte animica para enfrentar maÑana a honduras juanfra un niÑo de cuatro aÑos de edad con una extraÑa enfermedad fue elegido hroe juanfra un niÑo de cuatro aÑos de edad con una extraÑa enfermedad fue elegido hroe por un da... lorena ''gavin quimby'' se convirti en ''super gav'' y en su camino ayud a mucha gente ... el pequeÑo pas el da en winona, minnesota donde recibi las llaves de la ciudad ...y las camaras seguian sus pasos porque la odisea sera llevada a un documental... juanfra. el pequeÑo tiene leukodistrofia, una extraÑo mal que deteriora [♪] [♪]