sec. billingslea: first of all, it is great to be back. i got my start in washington sitting back on the bench back there. thank you for the opportunity. i will say that those of us in the treasury department share the views that you and the ranking member and many of the senate have expressed regarding the significant and continuing national security threat posed to the u.s. by the russian federation. continuing occupation of crimea, current military operations in ukraine, malicious cyber attacks, illicit regiment of restricted u.s. technologies, violation of crucial arms treaties, support to the assad regime's barbarism, the impossible use of the nerve agent in the u.k., and ongoing efforts to interfere in our election process are some of the unacceptable behaviors of the putin regime. countering russian aggression is the top priority for the treasury department. the net effect of our actions is an unprecedented level. of financial pressure mounted against the kremlin, oligarch proxies,

sec. mitchell: will indulge me, i want to start with a piece of welcome news unrelated to this morning's testimony. yesterday, the u.s. government removed a former nazi camp guard. this process took far longer than we wanted, the removal of this individual can bring some comfort to holocaust survivors and others who suffered at the hands of the inhuman nazi regime. i will use my prepared comments today to outline and brief form the overarching strategy of the united states towards the russian federation. the foundation for this strategy is provided by three documents as directed an approved by the president. the national security tragedy -- which is the recognition that america has entered a power -- period of big power competition. the central aim of the administration's foreign policy is to prepare our nation to confront this challenge by systematically strengthening the military, economic and political fundament of american power. to be effective, u.s. diplomacy must be act by military

sec. mattis: the reality is the battlefield is a humanitarian field. we recognize the tragedy there and that is why we emphasize we are working with the un's special envoy to try to end this and drive it to a u.n. brokered negotiation. we did review the support for the arab coalition when we came into office. as you know, it was started before we arrived here. we reviewed it and determined it was the right thing to do to support them in the defense of their own countries but also to restore the rightful government. our conduct is to try to keep the human cost of innocence -- innocents being killed to an absolute minimum. that is our goal in the coalition. in yemen, as a general statement, we stay out of the war ourselves, and we are focused on defeating isis and al qaeda in the arabian peninsula. that is where we conduct operations. again, our goal is to reduce this tragedy and to get it to the u.n. brokered table as quickly as possible. >> are you considering or reconsidering reviewing ag

sec. mattis: we are constantly reviewing what's up we are giving. we had an army lieutenant general in riyadh almost immediately following the early august tragedy to convey our concerns and ask for a swift and complete investigation. we will continue to do everything we can to limit this kind of tragedy. the most effective way is to get this to a u.n.-brokered negotiation. >> for general dunford, bring us up-to-date on the training with turkey and joint trial. gen. dunford: two months ago, we worked with the turks more broadly in northern syria. there are two phases. one is independent patrols with coordination and communication between turkey, u.s., and coalition forces. the second is combined patrols. we are conducting independent controls and we are still planning with the turks with combined patrols. in order for combined patrols, we need a command and control construct set up. we need joint training to be done in turkey and we need an agreement on rules of engagement. satisfied, the

coming up, tesla versus the sec.ok at how the regulatory agency could be standing in the dream oflon musk's taking tesla off the public market. that's next. this is bloomberg. ♪ erg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. emily: this is "bloomberg technology." i'm emily chang in san francisco. it was a tweet that started it all. "i'm considering taking tesla private at $420. funding secured." elon musk turned tesla's world and his own upside down. since sending that tweet, the stock has been on a roller coaster as everyone tries to figure out what is going on insi

coming up, tesla versus the sec.ok at how the regulatory agency could be standing in the way of elon musk's dream of taking tesla off the public market. that's next. this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. whether you use your phone to get fit. to find meaningful, thoughtful, slightly-weird gifts. or just to know which way you're facing right now. however you use it, your wireless bill is about to cost a whole lot less. ask how you get xfinity mobile included with your xfinity internet. so you just pay for data -- by the gig or unlimited. saving you hundreds of dollars a year. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. emily: this is "bloomberg technology." i'm emily chang in san francisco. it was a tweet that started it all. "i'm considering taking tesla private at $420. funding secured." elon musk turned tesla's world and his own upside down. since sending that tweet, the stock h

as he said, i am codirector of the sec's division of enforcement. before i begin my remarks, i would like to thank u.s. attorney geoffrey berman and his prosecutors, as well as the fbi, who worked on this matter. filed securities fraud charges against congressman christopher collins, his son, candace smith -- cameron collins, and three others. thats complaint allege christopher collins learned of the negative news incapacity -- -- of innate.s in addition to cameron collins is selling his own innate shares, he is alleged to have tipped his girlfriend, her mother, and her father. thatec further alleges after trading in his own account, cameron collins' fiancee's father tipped others. this bars christopher collins from serving as a director of a public company. being the director of a public company comes with responsibilities and is a privilege. christopher collins is accused of breaching his responsibilities. the defendants, on the sec alleges each avoided losses by selling all of their innate shares in advance of the company's negative announcement,

i have asked the sec to study this."ve asked blake burman to study this and you asked the president about his tweet this morning what did he tell you? >> if he asked me to study that's the best kind of answer or grade you could get a straight answer from the president of the united states. he did speak with us on the south lawn earlier and that tweet left left open the doors to a couple big questions who gave the president essentially this idea or this thought and secondly, does the president want to see or does he at least stand by the concept of companies only having to report twice a year instead of four times a year? well the president is saying that it was the outgoing ceo of pepsi who he spoke with last week at the dinner that he had in bedminster with business leaders who gave him this idea and the president threw his endorsement behind this concept of potentially bringing reportings down to twice a year. listen to the president. president trump: i'd lick to see twice which we're going to see and i thought it made

sec. whitehouse: this memo was dated may 31. mr. wheeler: this year or last year? sec. whitehouse: 2017, so it has been in place for a while. if you have to run the ability to ask an information request through headquarters, that gives them the chance to create institutional delay or put the kabul -- on an investigation -- kabash on an investigation. mr. wheeler: i will point out, we did not have a senate confirmed person until december of last year. i believe that is the longest time the agency had ever gone without a senate confirmed person. i think the numbers have gone up significantly since susan beaudoin took over the office. i think the program itself has improved. sec. whitehouse: i would like to ask you to get back to me on whether this memo is still in place. additionally, one of the edeviled people

would ask those same questions as well >> sec dow jones reports sec is inquiring why disclosure wase on twitter. they have a rule anything posted on social media is considered, you know, qualified under regfd to be dispersed to the entire market but lack of detail on such a big statement is the problem >> the company gave one big clarification, the statement from the board discussion started a few weeks ago. that was a small step from tesla. start to prove some truth behind these tweets but just a small step there needs be a big step on the funding issue and sec will add pressure to get the answers to those questions. >>> let's move on. two international stories have been moving markets. first the turkish l ira continue to sink against the dollar as a delegation meets with washington officials over the detention of american pastor andrew branson if we can bring back the turkish l ir lira chart it's up another three quarters of a percent or so today and turkey certainly feeling the heat with its twin deficits. >> also second story, tensions between canada and saudi arabia continue to

the sec knows harpooning him is not good for the stock.ne thing i will tell people as i don't think they want to put the company out of business. >> you think you'll let them fly? >> i'm not sure they will let it slide because the fcc does have an interest of ensuring from a public good that they're enforcing the rules. that's really the purpose. they doesn't necessarily mean that it will be a company take down. this could be anything from a sanction to a case filed in federal court. also that doesn't leave out the possibility depending on what the sec fines in the context of their negotiations. more problematic is the civil lawsuits filed by the shareholders regarding what they say is market manipulation. lauren: wondered elon musk is saying to himself i shouldn't have said that tweet. let me ask you this a little in the weeds. can the company still explore or go private while the sec investigation is going on? >> certainly, but the sec investigation is going on whether there's truth to the statement that financing was secured. if they ha

it doesn't fully address the issues that worry the sec.nied that most bitcoin trading occurs outside the united states on unregulated exchanges that are subject to fraud and manipulation that's a big barrier overcome. to its credit, the van eck application tries to address these issues by putting a hefty $200,000 price tag on the initial entry to join the club thus scaring oil out of retail investors and they also add a layer of insurance to protect investors in the event that the coins are hacked or stolen, but this is not likely to satisfy the sec. now does it really matter if we get a bitcoin etf or not i think it does matter i think it matters or not. the whole summer rally going from 6300 to 8300 in a couple of weeks. that was the middle of july and that was largely based on speculation that a bitcoin etf might be approved. no surprise the recent top in bitcoin was july 25th and that was the day before the sec denied the winklevoss application and it was down eight of the last ten trading days and it's right back to where it was befor

she served as an attorney for the sec.he inquiry is serious if they are issuing subpoenas, so there is a formal investigation in place. once there is a formal investigation, that is when you get the subpoenas. thethe sec is acting very swifty and quickly and pursuing this investigation full force ahead. secured?" teresa: the funding secured thing, that you have funding secured when you do not as $420 per share offer price wassecured?" arbitrary, was not based on any kind of analysis, and it is better karma .or 2014 rather than 2019 that was problematic. additionally, what was alarming was thatthat interview elon musk does not seem to think he has done anything wrong and the sec will look at that as someone continuing to act in this reckless manner without any idea or concern about what he has done. emily: what penalties could musk himself face, as well as the company? as i understand, each violation or each false statement, to each --son it is made could sound count as a separate infraction? teresa: every time he made a fa

the sec decided that was ok. to this point of funding, max, what do we know about who could be supporting it and if indeed they are? max: the universe of possible funders is pretty small. we are talking about sovereign wealth funds. of course, the saudi's -- reports came out just before the tweets started that the saudi public investment fund had up to 5% in tesla. so, you could imagine a big sovereign wealth fund, a big tech venture investor like soft and -- softbank, for a big tech company -- or a big tech company, like apple or google. companies that are normally targets for leveraged buyout's have profits, and that's not something tesla has, so it would be more like trying to turn tesla into something like uber. a high potential private company with a very high valuation. emily: meantime, this is a company -- librarythis chart in my showing tesla's free cash flow. this is a company that has never made money and has been burning billions of dollars of cash every year, essentially. ben, what are your sources on

>> the sec has great lawyers, too.'s no reason to think this will necessarily end up the same way that that case did, if it does get there. we don't know what will happen. that all said, if you are a billionaire and you have access to the best lawyers around. : gtv is your function if you missed out on any of our charts. live from toronto and new york, this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. even when you've got serious binging to do. wherever your phone takes you, your wireless bill is about to cost a whole lot less. use less data with a network that has the most wifi hotspots where you need them and the best 4g lte everywhere else. saving you hundreds of dollars a year. and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. scarlet: it is 2:00 p.m. in new york, 11:00 in san francisco, and 7:00 in hong kong. scarlet: i'm scarl

next, tesla versus the sec. regulators could stand in the way of elon musk's take private dream. and bloomberg technology is live, streaming on twitter. check us out on bloomberg technology and follow tictoc on twitter. this is bloomberg. ♪ xfinity mobile is a new wireless network designed to save you money. whether you use your phone to get fit. to find meaningful, thoughtful, slightly-weird gifts. or just to know which way you're facing right now. however you use it, your wireless bill is about to cost a whole lot less. ask how you get xfinity mobile included with your xfinity internet. so you just pay for data -- by the gig or unlimited. saving you hundreds of dollars a year. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. emily: through elon musk's emotional interview, he made mention of his quick trip to spain for his brother's wedding. he even expressed having barely enough time to savor the moment, saying he arrived two hou

and they are just eyeballing it so that's the sec potential charges as we reported yesterday , sec rampedp its investigation it's now a formal investigation with subpoenas flying. okay on top of that, there's the private litigation and that's where this could add up. if you take it the market losses from just short sellers, right? ashley: uh-huh. charlie: that lost money on his tweet that funding is secured, remember that? ashley: yes. charlie: we're talking about one to $2 billion. there's a lot of money and here is where it really becomes problematic. ashley: could he be liable? charlie: i don't know but the company could be. ashley: someone will pay. charlie: there's a lot of daylight between an investigation, a lawsuit and there's three, they're bracing for a lot more to come and the payment of money but i will say this play it, lawyers like this are paid to go worse case scenarios, so here is what they are looking at. they are looking at the possibility of an sec charge on musk's tweet. the possibility, he says he's done nothing wrong but they are looking at that. if in that possibil

coming up, tesla versus the sec.look at how regulators could stand in the way if elon musk's takes tesla private. check us out at technology and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you m

both tesla and the sec have declined to comment. you may remember last week, musk tweeted this, quote, i'm considering taking tesla private at 420 bucks. funding secured. it turned out this, funding not exact lly screwed. musk has only held primary conversations with investors. my old friend jesse westbrook is the sec editor for bloomberg. we've been talking about this for a week. the level of scrutiny a ceo is under when they're making any statements is extraordinarily high. elon musk who is obsessed with his detractors, with media critics and with short sellers comes out of nowhere and says yes, we're going to go private. when the math doesn't add up and there's not anyone to actually give him the money. what is the sec doing? how serious is this subpoena? >> well, i mean, the subpoena shows that the case is progressing pretty quickly. the sec gets a lot of criticism for moving at a snail's pace. what's interesting about this matter is it's all going on in public. the sec really prefers to have their investigation sort of under wr

have potentially multiple sec inquiries here, issues around potential sec, market manipulation is this something investors and analysts can easily forget former -- forget, or is tesla going to be plagued by uncertainty for the foreseeable future? --there will be futures issues surrounding musk and their tweets. i believe he will be fined. i believe he will be able to keep his ceo role, but this was just an issue of bad governance and was motivated by elon's production issues and analysts and journalists and short-sellers. >> what our broader investors and analysts, what is the community saying? do they still want elon musk in this job? >> absolutely. even critics would be cautious about tossing him out because the fact is, the company over thedo so much next couple of years to justify its evaluation -- valuation and even in ways elon musk has failed to live up to expectation, it is not to -- easy to see how you bring in regular car executive and do a whole lot better. the fact a lot of these investors see it as a bet on him, not on tesla or even on electric cars. it is this weird box t

sec. cardin: let me just ask you about your vision as to what you need in support in order to carry out your mission. the epa is responsible for clean air, clean water, a clean environment. you have a new toxic chemical that has been working on. there is concern that chemicals are not being treated as intended by congress. you pledged to work with us and outsized -- outside interest groups to make sure we get an independent evaluation of issues such as toxic chemicals, to make sure they are given the independent evaluation as to whether they need to be regulated? do.wheeler: yes, senator, i i started my career in the toxic 1991cals program at epa in and i am excited to be part of my implementation for the new chemical law. we want to make sure we implemented in the same manner that congress intended when they passed it. if you have information, you will consider the information sent to you? mr. wheeler: yes, senator. sen. barrosso: senator bozeman. bozeman: thank you, chairman, thank you f

she served as an attorney for the sec. the inquiry is serious if they are issuing subpoenas, so there is a formal investigation in place. once there is a formal investigation, that is when you get the subpoenas. the sec is acting very swiftly and quickly and pursuing this investigation full force ahead. emily: what is the most problematic part of the tweet? is it those two words, "funding secured?" teresa: the funding secured thing, that you have funding secured when you do not as problematic, because that is not true, which is fraud. that would be a fraudulent statement. another rule says you cannot make a tender offer unless you have the funding or reasonably believe that you do. saying that was problematic. the blog indicating that funding was not secured. "the new york times" interview was also alarming in the fact that it appears that the $420 per share offer price was arbitrary, was not based on any kind of analysis, and it is better karma for 2014 rather than 2019. that was problematic. additionally, what was alarmi

harvey pitt, former chair of the sec.t coyou do with the stock in the meantime >> go ahead, david. >> you can't touch the story right now in my opinion. i think the board could react and throw him out essentially and i think there was commentary and tesla made a comment about the fact that they would go after a wide swath of investors. i thought they had funding secured and to me there are too many missing links and i don't think that's a story you can touch. >> look at that chart and it looks like 380 is an area where the stock wants to fail again, and again, i think the news will get better >> semis getting smacked today the charts pointed to even more pain for one name reporting next week we'll tell you what it is. in the meantime, here's what else is coming up on fast. five, four, three, two, one. happy 1999 >> a number of web 2.0 stocks are surging like it's 1999, and one name looks poised for even more gains we'll give it to you plus -- >> it all comes down to a few moments. >> and it will be a key moment for a numb

a kilometer long winding its way slowly through the streets of barcelona towards the church of the sec rather família. thousands of people lined the streets on the twelfth of june one thousand twenty six to pay their last respects to perhaps the most unusual architect ever known antonio gowdy economist. gowdy had long since become a national hero in catalonia the government wanted to bury him in the crypt of his then unfinished church with the pope's consent goudie was laid to rest in the cathedral to which he had devoted the last forty three years of his working life. gandhi and his work are inseparable from barcelona is how life was spent within the city boundaries he studied there lived there and what's more developed his unique form of architecture than. almost all his buildings out to be found within the catalan capital and can easily be visited in one afternoon. for the last two decades of his life guardian lived in this park the park well one of his masterpieces here he was able to put all his imagination into architecture for the first time. nature was his source of inspiration

so i have no experience dealing with public statements and the sec. on one hand, keeping pressure on industry and government to move quickly is a good idea, making sure everybody is honest, transparent is a good idea forcing people to make short sighted decisions is a really bad idea because most big problems in the world are not going to be solved by 90 day wonders. >> one thing you have expertise in, dean, creating something, a prototype, and taking it to scale. that's the crossroads musk is at help viewers understand how you make the leap, what stresses do you go under making that leap. how much do you rely on others to create things at scale? >> again, i think the status quo is very good at keeping things stable and making incremental improvements every year, bringing down costs by a little or performance by a little and that's a good thing. but the disruptive changes, the light bulb was not an incremental improvement over the candle i think that again it is individuals that maybe have a little more imagination, a little more courage that introduc

great piece about the sec and elon musk.ews, reuters reporting saudi arabia has said to call off the aramco ipo. saudi arabia had called off both the domestic and international oilk listing of the state giant, aramco. that is according to four industry sources. we have yet to confirm this information. but, this would have been a huge ipo, the largest in the world. this would behat worth at least $2 trillion. david: the crown prince has ambitious plans for the kingdom, including building the new city. and going into entertainment and all sorts of modernizing of the kingdom. the question is if he does not have aramco, how will he raise the money? important also money for wall street banks who were trying to get a piece of the deal. now we are hearing the financial advisors working on the proposal listing have been disbanded. live from new york, this is bloomberg. ♪ ♪ scarlet: i'm scarlet fu. this is "bloomberg etf iq." we focus on the access, risks him and rewards offered by traded funds. ♪ scarlet: after five months of losses

it's embedded in the sec 34 act. it is in the original act.was there for a reason because they had problems with individuals not knowing what was going on with these companies. >> here's the reality that for some companies like a bircha hatch away, a lot of these companies that have traded, that don't need to raise capital a lot, these are companies that basically don't worry about quarter to quarter reporting in any case for companies the issue is kind of a red herring if you're a bank though or financial institution it is a much bigger pain to do quarterly reporting. >> how about changing the way companies report their earnings? how about going to just generally acceptable accounting principles and not adjusted numbers. maybe that would help us understand markets a bit better. i'm just giving you a list of things that bother me. >> no, that's good but when you look at how their reporting, i don't think it's the earnings themselves that cause such an issue, but the guidance if you look in the past it's the guidance numbers that actually move

how elon musk infamous tweet on taking the company private play have been the icing on the cake for sec. cheryl: following the u.s.-china trade development, the shanghai only turn today red. lauren: dax in germany is down 3 points. cheryl: now you can rent a super cool new fast sports car from hertz celebrating 100th anniversary, fbn:am starts right now. lauren: all right, 5:01 a.m. in new york. i'm lauren simonetti. cheryl: good morning, i'm cheryl casone, what day the market had, thank you, wal-mart. lauren: we haven't seen that in months. thought we begin with tesla and more trouble for the company, turns out that regulators have been investigating tesla long before elon musk tweet about taking the company private. wall street journal reporting that sec began probe last year trying to determine whether tesla mislead investors with unrealistic numbers with model 3 car production, meanwhile tesla workers say the model 3 production is way behind schedule and employees say goal for each shift is produce 300 cars but one worker lames that was only met 3 or 4 times in the past month. chery

i want to read and sec rule.ful for any person to make any and true statement of material fact in connection with the purchase or sale of any security. in fact, he did not have funding secured, if so, how much trouble what he and tesla be in? >> i think they are a very inviting target. recognize that something like 1.3 billion dollars was lost two days ago by the short-sellers. they're are going to be very bitter and protective. -- the indicative. they will claim that he was trying to manipulate a price spike to punish them. he put up his flamboyant statement that he had secured funding. that is a super material fact. it sent the market price up, hurting them. that is one group. there are the people who bought the stock two days ago after this announcement. the market has begun to recede a bit, and it may fall off sharply once he discloses finally the transaction structure he has in mind and the limited funding he has today. if the stock price declines, those people will also politely sue. the sec have to prove o

neil: that's not an sec matter, that's a separate -- still more noise. kevin: they were talking about basically getting payments back from vendors and also along when they are going to pay them instead of 60 days, maybe 90 days, the issue that you're seeing is having cash flow problems, production problems, management issues and now the sec is in there not only investigating his tweet and funding secured which is material statement especially people investing decisions off the tweet say i bought the stock and now below, i certainly have recourse to the company that i could say, listen, it was material, i base an investment decision off of that, who will be paying in the end, tesla shareholders? neil: if you were burned by that on the back and forth, you too are grounds on that, where is this going? >> making cars is complicated, when you ramp up -- let's give elon musk credit for visionary, innovation, the reason why there's been established players for 100 years in automotive market is because it's complicated business and working capital and eing exper

a report this afternoon by bloomberg saying that the sec has been looking into elon musk's tweets and communications regarding sales or manufacturing production guideline that has people saying look, is this a broader probe than simply looking into this one tweet on tuesday about potentially going private and securing funding at $420 also, a lot of people have been asking what's the reaction of the short community because this stock went dramatically higher on tuesday how much did that flush out the shorts not a whole lot. we did some checking with some of the folks who regularly track the shorting community and basically when they came out with was, look, 34.7 million shares shorted right now that's 27.24% of the float that is out there really hasn't changed much this week even though you would think a lot of people would cover or bring down their positions and there has been limited short covering since tuesday and, brian, the interesting thing is as you take a look at shares of tesla, you know this, everybody knows this, the market hates a vacuum and that's what we have right now b

talk to us about the timeframe the sec operates year.e moment, what is the next right, what is the next story, where is the whatever, from the sec's perspective, how fast can act? keith: i'm sure they're moving quickly. if the subpoena went out, that is quick for an investigation of this type. i suspect they are getting cooperating for mr. musk and the company and they will move quickly. it does not appear, or i would not have thought there would be a documentary diligence. they probably want to ce mel's going back-and-forth on possible sources of funding and discussions that happened. it is not going to be a complex investigation. i think it would be in the sec's interest to wrapped up quickly as well as mr. musk. lisa: what could be potential consequences for elon musk as well as tesla's board if the sec comes down hard in this circumstance? generally speaking, what you would expect in a situation like this, if they found he had violated the law, you expect some sort of a fine and in an amount that would send a message that this is con

all and this big story of the day, charlie gasparino reporting that tesla has been subpoenaed by the sec over elon musk's funding secured tweet. there you have it folks the dow coming off session lows in the final hour of trade we go after briefly dipping below 25,000, come back a little bit, still a big sell-off but nevertheless it's coming back a little bit the dow and s&p are on pace though for the sixth down session in the last seven trading days with the nasdac down three of the last four sessions. oil let's get to that falling sharply along with the markets today after the latest data show ed an unexpected rise in crude inventories, expecting a drawdown of more than 2 million- barrels, we're up at least 7 million-barrels according to the energy information administration, those analysts had expected as we say 2.4 million-barrels oil as a result dropping 3% or over $2 to settle at $65 per barrel that's the lowest level since june 6 and energy stocks taking the biggest hit on the inventor ies reported as you can imagine some of the bring its decliners include marathon oil, pioneer na

sec. cardin: a former staffer, you understand the questions coming. that's good. let me just follow up on that. you said you wanted to to respect the recommendations given to you by your scientists and professional staff. i assume that also means the science advisory board. that is a resource that you have and it has been called into challenge in the last two years. are you committed to allowing the experts to give you unfettered information for you to make decisions that need to be made, and will you commit to allow that to participate in policy conferences so you can have the interaction which we ofe seen over a long period time with epa. mr. wheeler: yes, i would commit to both of those. sec. cardin: let me just ask you about your vision as to what you need in support in order to carry out your mission. the epa is responsible for clean air, clean water, a clean environment. new you have a new toxic chemical that has been working on. there is concern that chemicals are not being treated

so, the sec doesn't confirm or deny. that's their standard language.s we've reported and others that there is an ongoing investigation going. emily: but what do we know about the likelihood? we've had former sec lawyers on the show who said given that they are clearly sending subpoenas out, that means there is -- signals there is an open investigation. matt: a subpoena is a formal request for information that says we want all the communication from elon, the board, what was discussed and when. another thing to point out, these investigations take years. the average investigation takes about two years. we've written about how the agency is probably going to want to move faster than that here, given the tweet. it's a finite amount of time. there's a pretty definite amount of evidence to gather. they should be able to turn around, make a determination of ifs securities laws were violated on that tweet more quickly than other investigations that they do. emily: bloomberg's matt robinson. i know you will keep us posted as we continue to cover this story. th

tesla is a big target for an agency like the sec. he did, the king, you best not miss. i imagine they are still investigating -- if you come at the king, best not to miss. i imagine they are still investigating. emily: most analysts say there is zero chance of this happening. have you talked to anyone else who says otherwise saying this is a realistic option and here is how? dana: it's hard to say. i guess i would recall but when musk proposed to buy solarcity, everyone thought that was bananas and it ultimately passed with 85% of shareholders saying yes. it's a question of their ir team and what investors he has in their pocket. if you can flip big shareholders, and convince some of his personal friends to go along with him, there might be a way to do it. spacex seems to be the template of what you would like to do. i think the question is also, what are the limits of the big shareholders in terms of their ability to go private. he is a very determined guy, and he has made his intentions public. there will be a huge agar on his face -- huge egg on his face if he cannot

would have to be the sec? >> congress can do whatever they want congress as we like this for we are going to pass a law, the has to get on board. there have been proposals in the house passed bipartisan proposal to do this. one thing that every lawmaker, they get money from companies. companies broadly like this. it is not shock that there is bipartisan support for this. scarlet: thank you. we will check back in with you as it develops. for more on the move to abolish quarterly earnings, let's welcome will from california. talk to us about your take on what this would mean, a shift potentially from quarterly results to semiannual results. is this a good thing? >> i was startled at the suggestion by trump to do away with quarterly reporting. i did not expected at all. it will be demonized because it is trump suggesting it but it is brilliant. we have gone from over 7000 companies in the united states to 3500. there was an index called the 5000 was publicly traded companies. you could not create that today. that

i'm co-director of the sec's division of enforcement. before i begin my remarks, i would also like to thank u.s. attorney geoff berman and his prosecutors as well as the fbi who worked on this matter for their assistance. today, the sec filed securities fraud charges against congressman christopher collins, his son cameron collins, and three others, alleging that they engaged in insider trading ahead of innate imunion know thera-- innate's announcement of a failed drug trial. t >> you're watching the enforcement officer of the sec, following the fbi and also geoff berman, the u.s. attorney who replaced preet bharara, i believe, as a trump nominee. this is totally separate from the mueller investigations, as chuck todd was just saying. i want to bring in kasie hunt. kasie, congressman collins is on the ballot. and according to new york state law, there is no way for him not to be reelected, if the voters choose to reelect him. donald trump won that district by 59% of the vote. chris collins was the first member of congress, completely, th

now the sec may be getting involved.e'll have the latest for you. >>> president trump's lawyers responding to a request from robert mueller to interview the president. saying not so fast. should he sit down for a one-on-one? that is next. >> why do you want to get him under oath? do you think we're fools? you want to get him under oath to trap him into perjury. two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hunreds of dollars a year. plus get $150 when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. we're all under one roof now. congratulations. thank you. how many kids? my two. his three. along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for th

was itnoh eugfor the sec and investors. more "squawk alley" after this ok, show me what you got.g to vote for myself using nothing but this remote and the sound of my own voice! vote for... -wait, wait, wait. that's not a talent. any xfinity customer with an x1 voice remote can do that. watch this. i want to vote for... obviously not you. ooh, that guy. cast your votes during every live show. just say "vote for agt" into the x1 voice remote. >>> vimeo the latest to remove alex jones' content citing violations of terms of service others have already removed that content. twitter feeling pressure to follow suit. with us now, kara swisher, your title is not executive editor. at rico, latest column rules won't save twitter, values will, it sparked a lot of conversation this is interesting. vimeo had little info wars content on it, seemed like info wars was trying to move content there after it was blocked elsewhere, and they shut it down why is this so difficult for twitter. is it just that they want to finish the internal review process so they feel like they're not reacting >> the