cohen and he says the securities and exchange commission it seems has finally lost its mind in april motivated by what i consider pure maliciousness the f.c.c. initiated a cease and desist administrative proceeding it deems necessary for the protection of investors and the general public interest against jones rating agencies and its principal owner sean egan why max why did they yes because remember they downgraded us to you know they talk about the aaa rated list and for that reason unlike fitch unlike moody's unlike s. and p. that are on the take either directly they get money for ratings or they just get under the counter money for ratings. independent they downgraded u.s. debt as any sane person would do so now they're being attacked the trouble started for even jones on july sixteenth two thousand and eleven when even jones first downgraded u.s. sovereign debt by one notch to double a plus from aaa two days later how the f.c.c. wrote to them and seeking information about why they downgraded u.s. debt remember they're saying they're protecting investors in a way that they are pro

. >> tom: david ruder is the former chairman much the securities and exchange commission, and joins us from the cme group in chicago. professor, it's great to have you back on the program. was together right decision to close all trading for the past two days? >> i think so. exactly. we should not have closing on the exchanges when there's great uncertainly. that's the last thing investmentors want. so telling the public it will close in advance was the right decision. >> tom: you led durihe 87 market crash, and electronic trading now accounts for a majority of trading volume. why not allow for the electronic trading only even if the physical building was closed? >> the electronic trading feeds off some of the physical trading. but most of it is electronic. you would not want the electronic trading to go down. that to me is the greatest wor neour markets today s. what's going to happen when those algorhythms kick in. you need to have people running the algorhythms. without people in the building, i think the electronic trading wouldn't have worked. >> tom: wasn't it a matter of regulat

. >> i have asked the director, actually, to give this securities and exchange commission and the public an update on an e-mail i received yesterday regarding the festial which is supposed to take place this we on urban prototyping. i could not even actually capture the abbreviation up, but i don't want to speak, but have him speak texplaiit t us. >any other commissioner comments? >> thank you. commissioners, if we can move on to item number 5, we are still under commission matters. we should have an update -- commissioner antonini has giv you an update. so, the commission can actually engage in discussion of the commission secretary search process. just as commissioner antonini has stated and commissione moore and commoditier can chime in, we are still at somewhat of an impasse on the classification issue. since that meeting last wednesday, commissioner, who is the vice-chair of the subcommittees has spoken with dhr who would like to try to resolve this. so, he has asked for a meeting with the officers of the joint subcommittee and myself. we are trying to set that up for next wednesday

has been strike down federal regulations like securities and exchange commission and epa. it enrages regulators that has an intimidation campaign to get judges appointed to back off doing this kind of stuff. so it's really an ugly scene. this a hit for the judges for sticking to the law and not politics. >> paul: steve? >> more signs that government motors just isn't working for taxpayers. obama administration has put five billion of taxpayer money behind the development of an electric car but one of major battery companies for these cars went bankrupt. now another major producer looks like it's in financial trouble. we should have a policy in this country that says separation of car and state. >> paul: all right, steve. thanks very much. if you have your own hit or miss and follow us on twitter. that is hit for this week's show. thanks to my panel and all of you watching. i'm paul gigot. we hope to see you right here next week.

. >>> the securities and exchange commission has opened and informal insquarery into the district of -- inquiry into the district of columbia's office of chief financial oimp. the cfo's office says the fec is seeking copies of all internal -- fcc is seeking copies of all internal audits from 2010. the cfo was recently criticized for his failure to release audits that uncovered problems in the office. >>> several respect departmentses at an apartment building on north van dorn street were forced out of their homes because of a carbon monoxide leak. alexandria fire crews discovered high carbon monoxide levels in three amounts around 6:30 this morning. -- three apartments around 6:30 this morning. two people living in the building were taken to the hospital for poisoning. residents living at the willow run apartment complex have been allowed to return to their homes. >>> a woman who crashed into a squad car and tried to run over an officer will go before a judge for a bond hearing in less than an hour. she led police on a high speed chase yesterday from walter reed national military med

cheryl: mary schapiro looking to leave early as chairman of the securities and exchange commission? her come in the next. dennis: the ten year treasury and all the fear out there. demand up. tracy: i am tracy byrnes. the bears on wall street continuing after big-name companies reported weak quarterly earnings and lowered forecasts for the rest of the year. right now the dow is down 218 points. america is selling its $6 billion consumer credit portfolio to td bank, the retail giant expects to use 90% of the proceeds of the sale to repay the debt and the rest for stock repurchasing. td will take over all target operations for seven years. bankrupt video game company 38 studios begins its second asset option today. 2100 items are being offered including several prints autographed by the former red sox and philly pitcher. 38 studios default on a $75 million loan guarantee back in 2010. that is the latest from the fox business network giving you the power to prosper. let cheryl: praised by some for rescuing the securities and exchange commission in the aftermath of the bernie madoff scand

supervisor olague incorporated most of the modifications recommended by this securities and exchange commission and hopefully with staff and director on additional minor changes. supervisor weaner had voted against the ordinance at committee and this week at the full board he proposed some amendments to the ordinance. supervisor weaner expressed the desire to produce a more complete picture of our housing production. he was especially interested in not only showing low-income developments, but also middle income developments, senior housing and various sizes of units. he proposed adding these additional categories to the dashboard as well as he proposed a change when the dashboard would be required. supervisor olague's ordinance would require that this dashboard be provided for any report associated with buildings that have five residential units or more. his amendment would only require that the dashboard be added for those projects which are heard by this commission. and it was this amendment that supervisor olague objected to. she expressed concern that the plan areas would enable additional

stock trading after complaints were reportedly made to the securities and exchange commission about keeping markets open, even for electronic trading. banks and evacuation zones including goldman sachs, citigroup and american express closed their offices and advised employees to work from home. a number of insurers are already scrambling rapid response teams as estimates of sandy's possible damage swirl around $5 billion. home depot, lowe's and walmart were flooded with customers prepping for the storm. sandy has forced several stocks to postpone third quarter earnings. jpmorgan chase is waving a number of overdraft and late fees for new jersey, new york and connecticut consumers and businesses impacted by sandy. >>> still ahead, the latest details on hurricane sandy. senator marco rubio's daughter airlifted to a hospital after a golf cart accident. >>> we have your sports next. your forecast also coming up. >>> very good morning to you. welcome back to "early today." here are other stories making news this morning syrian military jets bombed opposition areas in damascus and other parts of

in a securities and exchange commission filing today the company said it'll now price it's ipo at 24-$26 a share up from 21 to $24. trading is set to start on friday. workday was founded by executives who left the company after its acquisition by oracle. they offer cloud based human resources, software. >> san jose fire investigators look at remnants of a serial arsonist. >> and back here in just a few minutes. light scattered showers off shore. they are in the forecast for tonight and sprinkles in the forecast tomorrow. the timing on the chance. . >>> jerry sandusky will spend the rest of his life in jail in the child sexual abuse case that shook penn state university. in a statement at sentencing the 68-year-old still denied the allegations and said that he was the victim of a conspiracy. he said that he plans to appeal his conviction. the judge sentenced him to a minimum of 30 years in jail. three of the eight victims that he was convicted of abusing also spoke, some crying. >> a tina ceus of a drive by shooting, stealing a car and breaking out of jail appeared in court today. they

watching what the most effective company is telling its wall street analysts pursuant to security and exchange commission rules, amazon.com told analyst is last month, and said, you're about to start collecting sales tax, 10% in california. isn't that going to put a dent in your sales? it's the one/seventh of the u.s. economy, the largest market frame. the answer from amazon was an unequivocal, no. they've began collecting in many states and they don't see a lowering in sales. it proves people aren't buying on amazon to avoid the sales tax. they pay for shipping and have to stand in line at the post office or ups store to return something. so it's not a saving of sales tax, and if california businesses are looking for this to save them, they have another think coming. the biggest threat is the wal-marts and tarrings and shopping malls and not the internet. >> in terms of fairness -- and let's take it to the small business -- collecting sales tax seems to be a huge burden on -- maybe some of your small businesses are going to be below some of the thresh holds but still some that are relatively small, have

david ruder former chairman of the securities and exchange commission weighs in on what it takes to close the markets, and what it will take to reopen them, after hurricane sandy. as we mentioned, the last time the u.s. stock market closed for >> tom: that's "nightly business report" for monday, october 29. good night everyone, and stay safe, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.

the plan was to trade remotely while the building was closed by the securities and exchange commission decided before midnight to close trading completely. the fcc says the whole bond trading will likely continue into tuesday. >> hold on trading will likely continue until tuesday. >> verizon says is setting up a portable cellular sites in the mid-atlantic and northeast to help recover from any damage caused by the hurricane. the company has suspended non- emergency work in the east united states to ensure better customer service before and after the storm. >> coming up the mother of vince vaughn is here to talk about fighting obesity in america. >> and their report on life expectancy after the nation gave up their smoking habit. ♪ ♪ [ male announcer ] jill and her mouth have lived a great life. but she has some dental issues she's not happy about. so i introduced jill to crest pro-health for life. selected for people over 50. pro-health for life is a toothpaste that defends against tender, inflamed gums sensitivity and weak enamel. conditions people over 50 experience. crest pro-health

the most affected company is telling its wall street analysts and purr sunt to the securities and exchange commission rules, amazon.com told analysts, they probed them and said you're about to start collecting sales tax, isn't that going to put a dent in your sales? one-seventh of the u.s. economy is the largest market for amazon. the answer was an unequivocal no. they've begun collecting in many states, and they don't see an appreciable hit to their sales. people aren't buying on amazon to avoid the sales tax. they pay the shipping, they have to stand in line at the post be office or ups store if they want to return something. so it's really not about the sales tax. and if california businesses are looking for to save them, they have another thing coming. the biggest threat is the walmarts and targets and shopping malls, and it's really not the internet. >> but in terms of fairness, and lets kind of take it to the small business, collecting sales tax seems to be a huge burden on -- and some of your small businesses are going to be below some of the thresholds, but still going to be some of those tha

gerri: the securities and exchange commission hosting a roundtable discussion over high frequency trading. in attendance were industry executives, and issues whether the markets have become an uneven playing field for small investors. joe is the author of the new book, how high frequency trading and predatory practices are restoring confidence in your portfolio. i'm glad to know that you're not on the middle on this, that you have actually taken a position. the former sec commissioner was on our show last night and he said that he wasn't expecting much out of this roundtable. >> you know, unfortunately, i didn't get to see the beginning, but it wasn't much. it was more of a technology oriented roundtable. these issues have been going on for years. the only reason why the roundtable might come up is because of the industry saying, look, we are doing something. gerri: when they are saying the industry, they are talking about a kill switch. mary schapiro had this to say today. technology has evolved and when it doesn't work right, consequences can be severe. >> the markets are operating at h

has been strike down federal regulations like securities and exchange commission and epa. it enrages regulators that has an intimidation campaign to get judges appointed to back off doing this kind of stuff. so it's really an ugly scene. this a hit for the judges for sticking to the law and not politics. >> paul: steve? >> more signs that government motors just isn't working for taxpayers. obama administration has put five billion of taxpayer money behind the development of an electric car but one of major battery companies for these cars went bankrupt. now another major producer looks like it's in financial trouble. we should have a policy in this country that says separation of car and state. >> paul: all right, steve. thanks very much. if you have your own hit or miss and follow us on twitter. that is hit for this week's show. thanks to my panel and all of you watching. i'm paul gigot. we hope to see you right here next week.

first, a security and exchange commission chairman, mary shapiro. then an analysis whether regulations can protect the u.s. from another financial crisis. and a discussion on when and what could cause the next financial crisis. >>> securities and exchange commission chairman mary schapiro expressed the importance the financial res laying act known as dodd-frank. chairman schapiro said it would make markets more transparent, stable, and efficient. from the george washington university law school, this is 45 minutes. >> good morning. i'm the debris of the law school, as art said, and i want to welcome you to this conference, and obviously welcome mary schapiro, the chairman of the u.s. securities and exchange commission. so, one of the things i think makes this law school, the george washington university law school, distinctive, and different from other top law schools is the degree to which we are integrated into the real world of law and policy practice in this country. and so one of the things we are always striving to do is not be an ivory tower a

securities and exchange commission looking like approximately 5.4 million shares through icon capitalding to reports, but, liz, you and i know that he's been known, obviously, for instituting a media change in some of these companies. he's worked close with clorox, motorola who was then sold to google. they look as a takeover target, maybe by microsoft. what's carl really thinking for netflix when he steps in putting the huge stake out there there's a big pop indeed. back to you. liz: thank you very much. the best late plans, okay, charlie and i were just starting to talk about, well, hey, move to fresno. after 9/11, a lot moved operations to new jersey. guess what? new jersey lost power as you know. the story of the banks, even with the stock exchange shut down, moving oaring'ses to jersey city, still managed to weather the storm and stay open for business when they had to shut down the jersey city operations. the north american corporate banking ceo joining me now. charlie was saying, wait, the french kicked our -- well, the word for tuckus you know. >> thank you for hosting me, and

the former chairman of the securities and exchange commission joins me now by telephone. airman, thank you for coming on the show tonight. great to talk to you. it's been yeahs since i talked to you, and i want your opinion on this move, this free-for-all by small investors out of the market, runs away. 46% of americans say they own stocks today. 53% did in 2001. what's causing this? on the phone: i think there's general fear with all the scandals seen, the insider trading episode, the glitches that shut the market down, high frequency trading that nearly drove securities out of business, a whole seeshz of events like that since 2008 scared the heck out of the average investor and forced them to lose trust in our market, sell their funds and sit on the sitelines. gerri: you were a proinvester advocate, cleanedded up the bond market at the time, longest serving fcc commissioner. how do we fix this problem? how do we reintroduce confidence in the system? >> caller: well, i think that it almost comes as a result of the system getting better. by that, i mean, the regulators ha

gerri: we got a comment from the former securities and exchange commission chairman, harry pit, and here's. we called him up because he's our favorite sources when things go wrong. he said this is another nail in the coffin, nail in the coffin for investor confidence. now, i got to say that's -- that's strong words. what do you make of them? >> too far there, and when you look at it, again, it's not like they were hiding something and then we found out something of wrong doing. again, somebody hit the button to send information four hours before it should have came out. it was an error, yes. hurt people? yes. should investor confidence go away? no. that's not the point. we have to look at google as a company, realize mistakes happen. now, if google made a mistake in terms of their accounting or did something wrong, then it would be a different story. gerri: or if they were not making money, but i have to say this is the time you to make sure all the t's crossed and i's dots. >> you do. gerri: you wonder if the poor soul has a job spill. >> probably not. going with probably not. the industr

securities and exchange commission says it found no evidence that the social network withheld material information. withheld or not it's been a disaster for investors that bought at ipo price. shares down a whopping 50%. according to sec case is not bettett closed. they're looking at other issues including whether retail investors were harmed from misleading nfs or selected disclo sur hurt them as well. yahoo's new ceo made another move for the number two search engine. the company shutting down operations in south korea, saying the units faced challenges unquote that held the company back world wide. they had about one percent market share. maybe not a big deal in south korea but a big deal forra hoo. chief roger ale's responsibilities include overseeing fox news and acting as a senior advisor to rupert murdock. launching in 1996 turned into the most-watched cable news outlet. they're paid about $21 million in the last fiscal year. air b and b local start up in discussion with kez sez the deal was valued the start up about $2.5 billion. this helps people rent out homes and apartments.

in the wake of recent trading errors, the securities and exchange commission is set to hold a roundtablecapitol hill tomorrow to discuss their risks technology poses to the markets to stocks and to investing. hey, you remember the flash crash of may 2010. it said the dow plunging nearly 1,000 points in a matter of minutes. more recently over the summer when trading glitch caused the company called night capitol $440 million. so, what does this mean for you and me and all the other small investors? former sec chairman tried to renounce. thank you for being with us today. i appreciated. are you expecting much from this rental? >> i am expecting there to be a spirited discussion, but in terms of results i think there will be very little that comes out of it at this particular juncture. the goal is really to educate the commissioners and staff and start focusing on some sensible ways in which some of these technology glitches can be capped ended. gerri: educate the staff. high-frequency trading has be around for awhile. it sms to me these folks should know everything about it. why don't they

fact surrounding his very weird departure from citigroup last week that it may take a securities and exchange commissioninquiry to figure out what really happened. ashley: charlie gasparino on the story has the very latest. what can you tell us which mark speak of is a pretty bizarre story. going out and hiring people who look at speech patterns to try and figure out. vikram pandit see it coming when he was, remember, he was given a conference call the day before the actual announcement of the firing and they have hired these analysts, former fbi agents and basically look at people's speech patterns to see if they're telling the truth. they hired them to listen to the conference call and what they're concluding is this guy was pretty confident, talking a lot about the long-term future of the company. they think he had no idea. later that afternoon the chairman of the board of citigroup would say i think you should go. now the question becomes should they have disclosed that they were about to fire him, that during the conference call, wall street is divided on this, no consensus on this. legal experts l