. >> in fact, according to a civil suit filed by the securities and exchange commission, countrywide'shief executive officer, angelo mozilo, knew as early as 2006 that a significant percentage of its subprime borrowers were engaged in mortgage fraud and that it hid this and other negative information about the quality of its loans from investors. when the case was settled out of court, the s.e.c.'s director of enforcement, robert khuzami, called mozilo "a corporate executive who deliberately disregarded his duty to investors by concealing what he saw from inside the executive suite-- a looming disaster in which countrywide was buckling under the weight of increasing risky mortgage underwriting, mounting defaults and delinquencies, and a deteriorating business model." mozilo, who admitted no wrongdoing, accepted a lifetime ban from ever serving as an officer or director of a publicly traded company, and agreed to pay a record $22 million fine, less than 5% of the compensation he received between 2000 and 2008. what did you think of the settlement with countrywide? >> i'd think a lot of

street could miss the significance of picking a former federal prosecutor to lead the securities and exchange commission. the president drove the point home saying mary jo white had taken down the head of the gambino crime family, the terorists who bombed the world trade center, and many others. >> i'd say that's a pretty good run. you don't want to mess with mary jo. >> reporter: the s.e.c. has struggled to rebuild it's reputation and stature following the madoff scandal and the financial crisis and white signaled she would be an active reformer. >> the s.e.c., long a vital and positive force for the markets has a lot of hard and important work ahead of it. i would welcome the opportunity to lead those efforts. >> reporter: the president says white isn't easily intimidated, a requirement for the job facing the s.e.c. >> we need to keep going after irresponsible behavior in the financial industry so that taxpayers don't pay the price. >> reporter: the president wants to keep another cop on the financial beat. senate republicans blocked a vote on richard cordray's nomination to be the first head of the c

street could miss the significance of picking a former federal prosecutor to lead the securities and exchange commission. the president drove the point home saying mary jo white had taken down the head of the gambino crime family, the terorists who bombed the world trade center, and many others. >> i'd say that's a pretty good run. you don't want to mess with mary jo. >> reporter: the s.e.c. has struggled to rebuild it's reputation and stature following the madoff scandal and the financial crisis and white signaled she would be an active reformer. >> the s.e.c., long a vital and positive force for the markets has a lot of hard and important work ahead of it. i would welcome the opportunity to lead those efforts. >> reporter: the president says white isn't easily intimidated, a requirement for the job facing the s.e.c. >> we need to keep going after irresponsible behavior in the financial industry so that taxpayers don't pay the price. >> reporter: the president wants to keep another cop on the financial beat. senate republicans blocked a vote on richard cordray's nomination to be the first head of the c

is a skill set, the way of approaching the job that should make her the head of the securities and exchange commission regulator, not necessarily a prosecutor. there's an office of enforcement in the securities and exchange commission that often prosecutors will get the job there. you know, that's where prosecutors, because the enforcement division goes after people, you have to ask whether she as that regulatory person has the sort of broad scope of knowing the markets and should she be in that job? a lot of people are doubtful. that doesn't mean she can't learn on the job. it doesn't mean that she isn't smart. but think of it this way, what is the biggest issue facing the small investor today? that's what the securities and exchange commission is generally designed to help and promote and make sure they get a fair deal in the markets. well, not really insider trading, that's an enforcement issue. it is the structure of the market. whether the price you get for a stock is a real price. and how do you ensure that? well you ensure that by making sure that markets are somehow cohesive and they are not f

irish catholic and an incredibly smart man that roosevelt appointed him chairman of the securities and exchange commission at the time it was horrifying. why are you putting a fox in control of the chicken. and joseph kennedy was the greatest chairman of the securities and exchange commission that we have ever seen. he knew every trick of the trade and pass so many regulations in such tough regulations that when he was finished, he had to get out of the market. because every device used he had outlawed. he began investing in real estate like the largest building outside the pentagon and the country. i don't think in philadelphia but in new york and chicago and westchester and albany. he does not where we wanted to be. he demanded much from roosevelt, and roosevelt gave it to him. he named him the first ambassador, the first irish catholic ambassador of the court of st. james. he became the ambassador to great britain. it was one of the worst decisions i ever made. he knew but somehow believe that he could keep kennedy and check what he could. when kennedy talked to his children, he was a cheerleader and a

not the commodities futures trading commission but the securities and exchange commission approved they essentially legalized hoarding. in the form of a controversial fund designed by j.p. morgan chase that for the first time will lead investors buy shares backed by physical warehouse copper to use as a form of investment well you know it's interesting to use the word hoarding who are nervous because according to economists in america and the obama administration saving is a bad thing because of somebody one person savings is another person's loss of spending and that we need people to just spend spend spend and warning is bad and yet the f.c.c. has given the green light to wall street to hoard vital commodities why why is wall street interested now hoarding vital commodities is the day of the pawn paper apocalypse upon us yes it is the day of the three hundred year high bull run in bonds upon us with a magnificent spectacular burst and bond prices yes that's baked into the cake for twenty thirteen that's why they're hoarding things like copper because they know that as inflation hyperi

enforces the agency's rules is on the way out. 7. >> reporter: four years ago, the securities and exchange commission a laughing stock. the agency charged with policing wall street had misthe the largest financial fraud in u.s. history, bernie madoff's billion-dollar ponzi scheme. then robert khuzami, a former federal prosecutor, took over the s.e.c.'s enforcement decision division. >> the results from the enforcement division alone the last three years have been the three highest number of enforcement cases we've ever brought. >> reporter: including 180 insider trading cases involving 430 defendants and nearly $900 million in illegal profits. what's been the most important case, in your view? >> that would probably have to be the galleon cases for the simple reasons it really focused on kind of insider trading as ad about businessmodel. >> reporter: in 2011, the head of the galleon group investment fund, raj rajaratnam, was convicted of paying for confidential information and leading the biggest insider trading scheme ever. now serving 11 years in prison, raj rajaratnam was fined $92 million, and th

and that's why today i am nominating maryjo white to lead the securities and exchange commission andd the financial protection bureau. this guy's bothering me. as a young girl, maryjo white was a big fan of the hardy boys. i was, too, by the way. >> good, good. >> as an adult, she's built a career they could only dream of. as a u.s. attorney in new york, she helped prosecute criminals and money launders. in the early 1990s, she brought down john gotti. and she brought to justice the terrorists responsible for bombing the world trade center and the american embassies in africa. so, i'd say that's a good run. you don't want to mess with maryjo. as a former chairman said, she does not intimidate easily. and that's important because she has a big job ahead of her. the s.e.c. played a critical role protecting the financial system in the worst of the financial crisis but there's much more work to be done to complete the task of reforming wall street and making sure that american investors are better informed and better protected going forward and we need to keep going after irresponsible b

because he's selling shares in these physical assets so the securities and exchange commission which is far more bought up right there in the center of new york rather than over in chicago they're the ones that gave approval for this was up because it's an exchange traded fund but it is a derivative it's the claims of owner of blackrock would have a senior claim to anyone who owns the shares in a copper or exchange traded fund same thing with the precious metals exchange traded fund that's why if you're buying precious metals you wouldn't buy an e.t.f. because it's you're going to get paper and exchange for your shares are not going to get metal and this is really interesting because we've gone full circle on the entire history of the financial ization that's taken place in the global economy starting in the late seventy's early eighty's with the introduction of listed options in chicago which quickly became the market for listed financial futures and options in chicago so for the first time under reagan deregulation you had they believe the train treasury bill futures currency futur

. >> i am not nating mary jo white to lead the security and exchange commission and richard cordray to continue leading the financial bureau. >> a fly landed right on the commander-in-chief's forehead. the president famously killed a fly during an interview with john harwood back in 2009. oh, it looks big when it's a still shot. and that was tat the white hous, too. second day of stingle digit rivers causing rivers to freeze in the boston area. check out the river in lawrence. despite the sunshine, it's completely frozen over with ice and snow. the low temperature today in the area, 1 degrees. the arctic blast made it feel like 5 below at times. so we do know it could be worse. >> pretty dramatic. turning now to our weather, more snow is our way. veronica johnson breaks it down to tell us when it's going to arrive. >> not so much the size of the system that will be problematic, but the time the snows into the area. so starting about 2:00 p.m. tomorrow we're going to see the snow develop to the west. it will stay with us through the afternoon and into the evening and wrapping up around

and that's why today i am nominating mary jo white to to lead the security and exchange commission anddray to continue leading the protection bureau. this guy is bothering me here. mary jo white was a big fan of the hardy boys. i was too, by the way. she built a career the hardy boys could only dream of. over a decade as u.s. attorney in new york. she helped prosecute white collar criminals and money launderers. in the early 1990s she brought down john gotti, head of the gambino crime sendcate and brought those those who brought down the world trade center in 2007. as one form ear sec chairman said, mary jo does not intimidate easily and that's important because she has big job ahead of her. the sec played a critical role in protecting our financial system during the worst of the financial crisis. but there's much more work to be done to complete the task of reforming wall street and making sure that american ip vestoinve are better informed and protected. we need to be sure taxpayers do not pay the price. i'm absolutely confident mary jo has the experience and resolve to tackle these

. >> i am nominating mary joe white to lead the security and exchange commission and richard core -- to continue leading consumer financial protection bureau. this guy is bothering me here. >> you see the fly flying around there. it rudely disturbed the president landing on his forehead. he has a history of run ins with pests. remember this incident in 2009. he killed a fly while sitting down to talk with cnbc's john harwood. >> somebody you need to bring in somebody to get rid of the bugs. more winter weather to talk about. local plow companies working through the night to clear and prep roads for the next round in virginia it's the small businesses that are getting the call because vdot won't plow secondary roads unless there's more than 2 inches on the ground. those potentially dangerous conditions have residents asking fellow drivers to take it easy. >> what concerns me is the kids walking on the sidewalk. if you get in a good spin, you could go over the sidewalk and harm somebody. it's very treacherous. >> vdot says that you should try to getter rands done early today so when th

. >> that's why today i am nominating mary jo white to lead the security and exchange commission, andhard cordray to continue leading the consumer financial protection bureau. this guy is bothering me here. >> the incident left us with this unfortunate still photo of the president. and while we presume secret service wrestled the offender to the ground, the president has a history with flies, famously dispatching one during an interview with our own john harwood. >>> the roar that could be heard for miles today around huntsville, alabama was the test-firing of a vintage rocket engine that was first built to take the apollo 11 mission to the moon. nasa's firing off old ones to learn lessons for the next generation of engines. one of the engineers on the project today, 27 years old, 13 years younger than the rocket they test-fired. >>> and attention all late-night tv and infomercial aficionados. tonight's "rock center" broadcast will feature a profile of the man who became the best-known pitch man of the tv era. maybe the best salesman of all-time. tonight we go inside the world and bev

president barack obama has picked mary joe white to head the securities and exchanges commission. obama made the announcement on thursday. he said the sec played a critical role during the financial crisis but it needed street.uch more to reform wall >>e need to keep going after irresponsible behavior in the financial industry so the taxpayers don't pay the price. i'm absolutely confident that mary jo has the experience and the resolve to tackle these complex issues and protect the american people in a way that is smart and in a way that is fair. >> white served as a u.s. attorney in new york and led investigations on financial crimes and terrorist attacks, including the 1993 bombing of the world trade center. white said she'll devote herself to protecting investors and ensuring the transparency of u.s. capital markets. the obama administration is pushing for financial reform to avoid a recurrence of the financial crisis. japan's toyota motors and bmw group have teamed up. executives from the two automakers announced the collaboration in japan. >> we have high hopes for this proje

he has nominated mary jo white to lead the securities and exchange commission. she spent a decade prosecuting white-collar crimes. her experience mr. well- positioned to implement the president's reforms on wall street. it is the amount that has sparked national conversation. military women will soon be moving to the front line of combat. outgoing secretary of defense leon panetta is expected to lift the exclusive -- exclusivity ban. it is an opportunity but is also stirring controversy. >> today the pentagon will announce it is listing the -- lifting the two-decade and of not having women on combat role. recently the front lines of or have been blurred. women already make up 40% of the 1.5 million active-duty personnel. more than 100 women have died in afghanistan and iraq. congressman tami duckworth was a helicopter pilot who lost both her legs serving in iraq. >> women have been in combat. in fact, many have been awarded the purple heart and combat action bench, both of after engaging in direct fire from enemy forces. >> under the new policy, womenwill offici

the securities and exchange commission has officially cleared david sokol of insider trading.he investigation spanning nearly two years. you may remember, he used to be a top executive at berkshire hathaway, even considered to eventually take over for warren buffett. let's explain this and how the scandal began. bacchant late 2010 to about $10 million worth of a company. soon after he suggested to warren buffett, berkshire share by the chemical company. buffett looked at it and said, let's do it. he bought the company. as usually happens when warren buffett buys companies, the shares bike with. the entire time, sokol insisted he did nothing wrong, even though he profited by knowing in advance that warren buffett listens to have and warren buffett would probably take his advice because warren buffett respected death. well, it became a huge issue and so-called resigned in march before it became public, but then everyone wondered why you really resigned. i sat down with warren buffett. he called his actions in excusable and said that he misled berkshire hathaway. back then he als

his two latest cavan nominations include mary jo white to be the head of the securities and exchange commission. she specializes in prosecuting white-collar crimes, terrace, and even brought down john gawdy. -- brought down john gotti. >> still ahead, lucky in love. >> is even better to be a super ravens couple. one some sweethearts are even more excited about saying i do. >> who is your favorite child? the tough question posed to the hearts of parents. >> the doppler shows more snow headed this way. the forecast is coming up. each with an appetizer, and dessert? whoa! no wonder they call it a complete meal. 3 courses, one diner price. complete skillet meals, starting at $8.99. only at denny's. >> you can now be part of the ravens sendoff crew, and send them off in super bowl style. the city is preparing a rally that will be held at the inner harbor amphitheater. it all officially starts monday morning at 11:30. gerry sandusky is the emcee. the celebration will include ravens cheerleaders and members of the original ravens of super bowl winning team. >> it sounds like fun. and sports be a catal

that's why today i am nominating mary jo white to lead the securities and exchange commission and richardleading the consumer financial protection bureau. this guy is bothering me here. as a young girl, mary jo white was a big fan of the hardy boys. i was too, by the way. as an adult she built a career the hardy boys could only dream of. over a decade as a u.s. attorney in new york, she helped prosecute white collar criminals and money launderers. in the 90s, she brought down john gotti, the head of the gambino crime system and brought to justice the terrorists for bombing the world trade center and american embassies in africa. that's a pretty good run. you don't want to mess with mary jo. as one former chairman said, mary jo does not intimidate easily. that's important because she has a big job ahead of her. the sec played a in protecting our financial system in the worst of the financial crisis, but there is much more work to be done to cleat the task of reforming wall street and making sure that american investors are better informed and protected going forward. we need to keep going

president obama has nominated mary jo white the head of securities and exchange commission. white is a former prosecutor with a reputation for toughness. she will replace mary schapiro and must still be confirmed by the senate. timothy geithner spent his last day as secretary on friday, stepping down after a tumultuous four years in the financial system. president obama's chief of staff jack lew has been nominated to replace geithner. >>> every time you turn around the market seems to be setting a new five-year high. the dow jones industrial average rose this week thursday and up ten the last of 11 days, while the s&p 500 followed suit. the markets continued up on friday. the markets were happy about a battle that seems to be postponed now. the house extended the nation's borrowing limit until may 19th. the bill now heads to the senate where the vote is expected in the next few days. >>> mixed news on the earnings front to tell you about. apple had disappointment with the revenue miss and guidance feel short, mostly because of slower iphone sales. among other technology sales

the securities and exchange commission says the firm and its founder, sean eagan, agreed to the 18-month ban. the deal settles allegations the firm misrepresented its operations and violated conflict of interest provisions. tom, egan jones is one of nine credit ratings firms registered with the s.e.c., and it specializes on assigning ratings for corporate debt issues. >> tom: it really focuses on the firm's ability to rate government securities and government asset back securities. we spoke with sean egan when the s.e.c. first levied these charges last april. the agency, sean, isn't calling into question your ratings. instead, it's talking about your application itself. what about the information on that application? >> that is the issue, and, according to the s.e.c., we think it's a paperwork issue that we... i was responsible for filling out that form. i filled it out in accordance with our lawyers' guidance. they said, "fill it out as honestly and accurately as possible," and i did. if i had to fill it out again today, i would do exactly the same thing. >> susie: it will be interestin

to that yes it certainly looks like someone got away with a crime when i was at the securities and exchange commissionwe as part of our enforcement program monitored broker dealers and one of the fundamental things we tried to achieve was to make sure the broker dealers never read a customer perspective of trading so that should never happen the fact that it happened is bad enough but worse yet is the fact that a politically connected very powerful individual completely escapes prosecution as does everyone associated with this worm that does not pass the smell test there is something wrong with our system of criminal justice when i am a global can happen right before the world's eyes and money can disappear from customer accounts and no one traces any criminal are accountability when so ever that's an outrage. going back to the resolution trust corporation in the crimes of the savings and loan crisis their response by the industry after that scandal of the eighty's early eighty's was to change the law to make it easier to commit massive fraud sunset of trying to curb abusive behavior the lobbyist for

not the commodities futures trading commission but the securities and exchange commission approved they essentially it legalized hoarding in the form of a controversial fund designed by j.p. morgan chase that for the first time well the investors buy shares backed by physical warehouse copper to use as a form of investment according to economists in america and the obama administration saving is a thing because of somebody one person savings is another person's loss of spending why or why is wall street interested now hoarding vital commodities because they know that as inflation hyperinflation currency collapse rears its ugly head j.p. morgan wants to be in there after having made money and totally destroying the system with the revenue and they want to repeat the trick by totally destroying the economy by horning commodities. because a report coming your way into later here in r.t. well lobby but with more news here in about ten minutes from now and meantime more business and money matters in the latest world of business with tasha she'll be with the very shortly but cyber attacks the