i'm quoting from the letter to the securities and exchange commission, red flag number 20: "madoff is suspected of being a fraud by some of the world's largest, most sophisticated financial services firms," and then you list some of the firms. >> yes, i do. >> kroft: the biggest firms on wall street and conversations with people high up in those firms. >> that is correct. and the sec ignored that. >> kroft: did they call any of these people? >> all the sec had to do was pick up the phone. they never did. >> kroft: if you had executives that's--at the biggest investment houses on wall street that knew something was wrong, why do you think they didn't go to the sec? >> because people in glass houses don't throw stones. and self-regulation on wall street doesn't work. >> kroft: in january 2006, the new york office of the securities and exchange commission finally opened a case file to look into harry's allegations about bernie madoff. despite uncovering evidence that madoff had misled them about his investment activities, the sec closed the case 11 months later without ever opening a for

as you may appreciate, the securities and exchange commission reached an agreement with respect to sac capital and those companies to the tune of $616 million based on conduct that is overlapping with some of the conduct we allege in our civil money laundering complaint and so if you subtract that out, according to the agreement we have, they get a credit for that and the total additional payment beyond what has already been agreed to with the s.e.c. is $1.184 billion. other key terms of the agreement are that the entities agree to wind down in an order fashion their invest mpts advisory business to be approved by the sec, they have agreed to accept the maximum term of probation after pleading guilty of five years and agreed to retain with our consent and approval a compliance consultant so that person can make sure everything is going as it should go at the entities during the period of their wind down. there's another key point worth noting about the financial penalty. it's a burden that will not fall on third party investors. the sac companies have made clear no outside investor mon

also again, you go to the securities and exchange commission website, you read the company's actually and also be sure if you're reading a document, you check periodically because they can ammend those documents and provide more updated information on how the company is doing. > > buyer beware is the basic point here.becky yerack, thank you so much. > > thank you michael kors is one of the great american ipo success stores. kors stock is up more than 200% since its ipo. and the market cap tops $15 billion dollars. adding to the list of accomplishments-- kors was added to the s&p 500 friday. designer michael kors debuted the stock in late 2011. since then the company has turned in a solid performance due in part to a strong demand for luxury products. kors reports earnings today. just ahead -- a trader who thinks it might be time to nibble on a pizza stock. chart talk is next i wanted to be in the military since i was a kid. i served a total of 16 years. and at 19 years old, that's the first time i ever saw somebody die. coming back, i was raging. i started having pretty horrible night

it was rejected at first, but if the securities and exchange commission doesn't get an administrativege to agree to ban it, and it's not easy to do that, this guy will come back and start another fund barring indictment. >> we had close to $20 billion in fines discussed or coming for the investment banking industry. i know this is a little different. is it contributing at all to the layoffs we've seen or the sour mood? >> this is going to be a week where you'll probably have two major setmetlements. i think the settlement with jpmorg jpmorgan, i think they inherited a lot of the problems, there is no doubt all these attacks on corporate america is having an impact pmt th impact. they are holding cash. not hiring. new york city, why our elected officials did not go to washington and stay stop the madness because you're hurting our economy here when you attack banks like this, when every day jpmorgan is paying another $5 billion. that's $5 billion that goes less to its employees or work force. >> it seems scary about you whining how cold it was. >> i didn't have my pumpkin latte with us

the securities and exchange commission often makes headlines for investigations of bad financial playerse s.e.c. is getting the tables turned on it. eamon javers with the story. over to you, eamon. >> hi. "the wall street journal" is reporting today that federal prosecutors and the s.e.c.'s inspector general office are looking at certain employees at the s.e.c. and questioning whether or not they broke internal s.e.c. rules about disclosing and holding certain assets. this would be an investigation of whether or not they were following up on rules the s.e.c. requires them to follow in terms of asset holding and disclosure. now, the s.e.c.'s mary jo white was asked about this earlier today and she had a chance to answer the question. here's what she said. >> what i can say, and i've looked into this, is that the s.e.c. has one of the strongest compliance programs and trading area of any of the federal agencies. and a number of reforms and procedures put in my by predecessors, obviously. for example, every single purchaser sale of security has to be approved by our ethic officer. >> obviou

including the company's billionaire owner steve coen facing a civil lawsuit from the securities and exchange commission his firm will no longer be able to manage money for outside investors. this is mid reports and federal prosecutors are on the verge of a $13 billion agreement with morgan chase over that bank's questionable mortgage procedures and both cases challenging the notion that some firms are too big, powerful to the economy to prosecute. some say criminal charges against chase would be a truer test. >> sec did not pose the same risk to the economy of too big to jail problem as one of the major money center banks like city bank, bank of america, wells fargo or jp morgan would. if you had one of those banks charged criminally it would limit their ability to transact business and have massive lay offs and a real problem for the economy. >> the fines topped the 157 million dollars that the hedge fund was ordered to pay and he is also serving a 11-year prison sentence. charges against coen are still possible and al jazeera new york. >> it's time for a short break on the news hour and when we come

including cowan, the owner, who faces a civil lawsuit from the securities and exchange commission. his firm will no longer be able to manage money. >> this comes amid reports that federal prosecutors are on the verge of a $13 billion agreement with jpmorgan chase. both change the notion that some wall street firms are too big, too powerful and important to the economy to pros kout. >> some analysts say criminal charge would be better. >> being too big to charge, like citibank, bank of america, jpmorgan et cetera. if you had one of those banks charged criminally, it would limit their ability to transact business - you'd have massive lay offs and a problem for the economy. >> the fines topped the 157 million that raj rockman was ordered to play. criminal charges against sac's cowan are still possible. >> cowan denied wrongdoing in the matter. the sac capital fund was not the only. johnson&johnson will pay $2 billion - accused of paying kickbacks to doctors and nursing homes and marketing jobs for incorrect usage. >> artwork has been discovered in germany, worth more than $1 billion,

this comes after wall street watchdog the securities and exchange commission sent a letter to goldman sachs and citi group investigating allegations of bribery and hiring relatives of top chinese government officials. in return, the companies may have received favorable business treatment. >>> and some of those same banks along with a few other top lenders may need to have a lot more money on hand to cover up bad loans or to cover i should say bad loans. credit did rating agency s&p says banks may have to spend $104 billion to resolve issues with investors and counter parties as they try to put the subprime crisis to rest. >>> applications for new mortgages dipped lower. for the fourth week in a row, the mortgage bankers association says the rate on the average 30 year fixed rate loan edged a fraction higher to 4.48%. >>> but higher mortgage rates don't seem to impact many buyers from china flushed with cash and leery of political instability at home. california real estate is fast becoming the place to park their cash and their families, and that's leading to a new boom for builder w

life of the citizens that live in the community. >> reporter: he lost, but now the securities and exchange commissionnvolved. the agency won't confirm it but the city of miami and miami dade county acknowledge they've gotten subpoenas. carlos jimenez the county's top elected official. >> i don't think that they'll find that the bond buyers were misled. i think at the end of the day, i was pretty one of the lone deals against it. >> reporter: the s.e.c. has been busy in miami. this year it sued the city alleging that during the depths of recession, it made material misrepresentations about its financial health. the city says the s.e.c. is trying to turn political and budgetary decisions it disagrees with into securities violations. the s.e.c. wants damages and ultimately real reform. >> and real reform not just here in miami, but nationwide. the municipal bond market is huge, about $3.6 trillion. people go in there because it's safe, because of the tax benefits but it's actually in many ways one of the least regulated markets around. how safe is your municipal bond investment? is the muni bond market

. >> reporter: he lost but the securities and exchange commission could get involved. the city of miami and miami-dade county god say pee n subpoenas. >> i don't think they will find the bond buyers were misled. at the end of the day i was loan of the loan voices against it. it was a bad financial deal for us. >> reporter: the fcc has been busy in miami. it sued the city alleging during the depths of the recession it made material representations about the financial health. the city says they are turning pop lit ki political decisions and they want damages and reform. the municipal panel market is huge $3.6 trillion and a lot of people invest because they perceive it's safe but in fact, it's one of the least regulated markets around and the fcc wants to change that. >>> tomorrow, we head to baltimore, an ageing city with three major water main breaks a day. we'll look at the infrastructure and lack of resources to fix it. scott cohn, "nightly business report", miami. >> if you want more on my iamia finances, go to nbr.com. >> tonight, a cleaning crew found more than a m

the vetting team, it had unanswered questions from early in his political career on a securities and exchange commissionlement involving mr. christie's brother. on names and documentation of his household help, and on his medical sister. the dossier was littered with potential land mines. we haven't seen the book yet, but this raises a question. meanwhile mitt romney had another issue with the governor. that would be chris christie's weight. romney marvelled at christie's girth, his difficulties in making his way down the narrow aisle of the campaign bus. watching a video of christie without his suit jacket on romney cackled to his aides, guys, look at that. that sounds pretty high school. chris christie, if i were him and i liked the guy, i would be ticked of something putting off questions about the vetting not getting answers. >> it was clear during the campaign and after that the convention that the relationship between christie's staff and christie in particular in the campaign were rough. and i think there were raw feelings. >> because he stood with the president on sandy? >> even before that. tha

ask the country, do you know who mary joe white is and -- >> she's the head of the securities and exchange commission. >> look, is occupy wall street important today as it was three years ago? i don't think so. >> she's a thorn in the side of the obama administration. she helped to scuttle the nomination the president wanted to make of larry summers, former treasury secretary, as head of the federal reserve. she organized that insurgency, right? >> absolutely, she did. she's also got a very great fund-raising operation going. she raised more than $40 million when she ran for senate last year. that is formidable. but, again, it may play well here in new york city, but i'm just not sure that she's going to get the kind of african-american/hispanic/ working class, white community she'd need to get. >> what are the chances hillary clinton will run? pretty good? >> i think they're very good. what marry just said. look, hillary clinton's base is minorities, the working class, blue collar workers. they almost allowed her to succeed against barack obama. and the thing i think that the problem that warren has

big quine then most likely that use of the protocol will have you regulated by the securities and exchange commission if you're using it as a money service then most likely your money service business those are highly regulated businesses and industries today so there's not a need for new regulation in the space it's just a matter of the service industry around being built up and integrating that into the traditional system so let's see how things turn out whether it's a currency or a payment network or both let's see how it shapes out a little over time before we rush to create new laws or regulations around this. now one of the world's largest retailer that's the british supermarket chain tesco is planning to install facial recognition technology to improve its advertising strategy and privacy campaigners are concerned about the program which identifies customers to targeting them with customized ads based on their age and gender laura smith explains. so you say it's the day morning i will kid to a shop it is all the usual stuff plus a special camera that scans my face it recognizes that i'm female

securities around then most likely that use of the protocol will have you regulated by the securities and exchange commission if you're using it as a money service then most likely your money service business those are highly regulated businesses and industries today so there's not a need for new regulation in the space it's just a matter of the service industry around being built up and integrating that into the traditional system so let's see how things turn out whether it's a currency or a payment network or both let's see how. we rushed to create new laws or regulations around this. trillions and trillions of calculations every second exactly what china's most powerful supercomputer is. leaving his closest rival way behind and find out how wide the margin is on our website right now. plus what can land you deep inside a kuwaiti jail for one local activist just one twitter post was enough for a five year sentence those details right now for this hour on the web site. to see. first rate. and i think that your. update starting with saudi arabia or at least fourteen people have been killed after the island w

big quine then most likely that use of the protocol will have you regulated by the securities and exchange commission if you're using it as a money service then most likely your money service business those are highly regulated businesses and industries today so there's not a need for new regulation in the space it's just a matter of the service industry around being built up and integrating that into the traditional system so let's see how things turn out whether it's a currency or a payment network or both let's see how it shapes out a little over time before we rush to create new laws or regulations around this or every hour on the hour loads of stories that are including right now trillions and trillions of calculations every second and that's exactly what china's most powerful supercomputer is capable of leaving its closest rival far behind you can find out how wide the margin is on the website at all it's a dot com. also there right now what can land you behind bars in kuwait one local just a twitter post was enough for a five year sentence those details on the website right now. for the meanti

that point then most likely that use of the protocol will have the regulated by the securities and exchange commission. if you're using that as the money service then most likely your money service business. those are highly regulated businesses and industries today. so there's not a need for new regulation spades. it's just a matter of the service industry around decline being built up in integrating that into the traditional system so let's see how things turn out whether it's a currency or network or both but see how it shapes on a little overtime before we rush to create new laws or regulations around us. i had always planned to ninety eight casing the corporations with the wrong ideas when it comes to match the pace and stopped at the home and finds our thanksgiving can pay to scandals past him as one of the weakest of the last state stores which has also been seized upon to paying its watkins. go online and call it a voice recorder from a constant refrain crushed into russia sees it as selling appears to be bitter and cling to all the details of the probe into that and it is on staff at somethin

big claims then most likely that use of the protocol will have you regulated by the securities and exchange commission if you're using it as a money service then most likely your money service business those are highly regulated businesses and industries today so there's not a need for new regulation in the space it's just a matter of the service industry around being built up and integrating that into the traditional system so let's see how things turn out whether it's a currency or a payment network or both let's see how it shapes out a little over time before we rush to create new laws or regulations around this this is still ahead for you this hour terrifying b.g. out of a buying seventy three seventy nine i was diving to i think donna raises more questions i supply data recorders that deliver the most that bond out of. this immediately but also we need to meet. the same motions your. party there's a. shoes that no one is asking with to get that you deserve answers from. politics only the market. dramas that try to ignore a two. story others to use in the. third since changing the world right. to

around calling then most likely that use of the protocol will have you regulated by the securities and exchange commission if you're using it as a money service then most likely your money service business those are highly regulated businesses and industries today so there's not a need for new regulation in the space it's just a matter of the service industry around big question being built up and integrating that into the traditional system so let's see how things turn out whether it's a currency or a payment network or both let's see how it shapes out a little over time before we rush to create new laws or regulations around this and there's always plenty online for you including the corporations with their wrong ideas what it comes to motivation stop. dot com and find out what frank's giving campaign scared of custom is one of the biggest u.s. stores which has also been accused of underpaying its walk a. long line a cockpit voice recorder from a passenger plane crash near the russian city of appears to be blind find all the details of the problem to the deadly disaster. a total of eight greenpeace memb

today as top regulators argue that the law is too soft on banks now officials from the security and exchange commission along with you see have to see are threatening to further delay its implementation the ruling was slated to go into effect at the end of this year now the newly installed democratic commissioner of the s.e.c. chorus john has raised a number of concerns about the current version of the wall start and believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games. now elsewhere when the u.s. was threatening to default on its debts last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting your losses and running the front runners maybe perhaps i don't know now this is all according to a ser

today as top regulators argue that the law is too soft on banks now officials from the security and exchange commission along with you see have to see are threatening to further delay its implementation the ruling was slated to go into effect at the end of this year now the newly installed democratic commissioner of the f.c.c. chorus john has raised a number of concerns about the current version of the wall strong believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games. now elsewhere when the u.s. was threatening to default on its debts last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting your losses and running the front runners maybe perhaps i don't know now this is all according to a series

today as top regulators argue that the law is too soft on banks now officials from the security and exchange commission along with you see have to see are threatening to further delay its implementation the ruling was slated. to go into effect at the end of this year now the newly installed democratic commissioner of the s.c.c. chorus john has raised a number of concerns about the current version of the law stein believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games. now elsewhere when the us was threatening to default on its debts last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting their losses and running front runners maybe perhaps i don't know now this is all according to a series of in

today as top regulators argue that the law is too soft on banks now officials from the security and exchange commission along with you see have t.c. are threatening to further delay its implementation the ruling was slated to go into effect at the end of this year now the newly installed democratic commissioner of the s.c.c. corus john has raised a number of concerns about the current version of the law all star believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games now elsewhere when the u.s. was threatening to default on its debt last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting their losses and running front runners maybe perhaps this is all according to a series of interviews with top

today as top regulators argue that the law is too soft on banks now officials from the security and exchange commission along with you see have to see are threatening to further delay its implementation the ruling was slated to go into effect at the end of this year now the newly installed democratic commissioner of the f.c.c. chorus john has raised a number of concerns about the current version of the wall star believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games. now elsewhere when the u.s. was threatening to default on its debts last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting your losses and running the front runners maybe perhaps i don't know now this is all according to a series o

as you may appreciate the security and exchange commission reached agreement with sac capital and thoseompanies to the tune of $616 million based on conduct overlapping some of the kind that we allege in our civil money laundering complaint. and so if you subtract that out according to the agreement we had, a credit for that so the total additional payment beyond what has already been agreed to his $1.184 billion. other key terms of the agreement are that the entities agree to wind down in orderly fashion investment advisory business in a way and a timetable to be approved by the sec. they've agreed to accept the maximum term of ovation after pleading guilty of five years, and have agreed to maintain our approval a compliance consultant so that person can make sure everything is going as it should go at the entities durq time of their winds down. there is another key point worth noting about. the financial penalties. its burden will not fall on third-party investors. the sac companies have made clear no outside investment money will be used to pay the 1.85 ilion dollars penalty. settlem

and as you know, mandy, they still have some other cases pending including with the securities and exchange commission. >> and kate, i'm going to put you on the spot here. we're minutes away from our exclusive interview with ken griffin. this is a rare interview. he doesn't often grant them. we're listening for what he has to say. can you give us a sneak preview of what we might likely hear? >> i have no idea specifically what griffin wants to address today, but i do know that he tends to be, when he does sit down for the interviews, quite candid and it interesting. one thing i might look for is that city dell is a huge competitor to sac and whether they're seeing a lot of resumes, the talent in their industry is being reshaped by the settlement. i would want to hear his macro economic outlook. we heard a bearish tone throughout the day on europe, as well as on the u.s. people thinking there could be a downdraft in the markets, also thinking the fed should start to taper as soon as december, at least in the case of larry fink. so i would look for griffin both on the macro points and also on the hedge

. >> narrator: but when the securities and exchange commission investigates, utsick dumps his partnerslike we got stuck holding the ball, and he goes off and escapes. >> narrator: and later, don't let his youth deceive you. david kaup is only in his 20s, but he's no child when it comes to running devastating loan and real-estate scams. >> i think he just believes he's supe t

the vetting team, it had unanswered questions from early in his political career on a securities and exchange commissioninvolving mr. christie's brother. and on his medical sister. the dossier was littlered with potential land mines. meanwhile mitt romney had another issue with the governor. his weight. romney marvelled at christie's girth, his difficulties in making his way down the narrow aisle of the campaign bus. watching a video of christie without his suit jacket on romney cackled to his aides, guys, look at that. if i were him and i liked the guy, i would be ticked of something putting off questions about the vetting not getting answers. >> it was clear during the campaign and after that the relationship between christie's staff and christie in particular in the campaign were rough. and i think there were raw feelings. >> because he stood with the president on sandy? >> even before that. that happened afterwards, but even before that coming out of the convention we had stories of christie being problematic behind the stage, being upset after the convention speech. >> he'd be a terrible vice presi

they report also to the securities and exchange commission. te -- not late, but former great chairman of the new york stock exchange will point out, the new york stock exchange is a public trust. so the bottom line is that floor generally as many times as i've been down b there is open as long as you're not being intrusive -- liz: they moved our producer away. >> our producer -- liz: specifically away. >> the least intrusive person. could you imagine if i was down there? [laughter] could you imagine trying to remove me? i will say this, the stock exchange is denying this. i don't believe them. the producer in question, i spoke with her, she basically said, listen, i was told to move, you know? from what she understood -- liz: they escorted her. and i don't know, but i'm going to guess twitter asked whoever to do it. >> it sounds that way. liz: they didn't like your reporting, charlie. >> probably. liz: and this from a very organization whose entire business is to disseminate information. >> that's why yesterday we were engaging in hyperbole to

his holdings were reported to the security and and exchange commission.would make his stock worth $2 billion. icon has been pushing apple ceo to buy back $115 in stock. >>> mcdonalds wants to be a bigger player in the international coffee business. the fast food giant is pinpointing coffee sales as a way to improve its total sales. customers say they like the value mcdonalds offers by selling any type of coffee. but mcdonald wants them to try their mccafe. it could also increase the body line by speeding up service both inside restaurants and at the drive through. >>> time is 5:51. crimes right out in the open on a downtown san francisco street. what is happening with cell phones on street corners. we were able to catch it on camera. >>> plus they were supposed to be going to a food bank but they never made it there. [ male announcer ] some things are simply better at home. like the enticing aroma and distinctive taste of nespresso. elegant capsules meet masterfully crafted machines, and one touch creates the perfect coffee, cappuccino, and latte. ♪ tempt

they are abuzz over the unanimous decision by the securities and exchange commission. their setup. s. it is explained via skype. >> pretty much anybody in america who has a retirement portfolio and wants to invest a portion of that in what they think may be the next facebook at a very early stage will be able to do so. >> the new regulations mean it could be a lot easier for entrepreneurs to bring specialized products like this to market, but they also may have to deal with something they have never dealt with before, investor relations. >> once you take equity you have partners and you have to manage that. it becomes an important task. >> the investors get no guarantee. you could lose everybody. that's why they limit the investment to $10,000. hatch believes that's just enough to bring more cool products to market. >> you will see the explosion of small companies that are doing remarkable and interesting things. >> the new law could be finalized by january to take effect in the spring. in san francisco. abc7 news. >> well, we've had a cool morning this morning, cool t

pharmaceutical business like i was, you have the food and drug administration and how the security and exchange commission a all these alphabet regulatory organizations. and to the extent someone criticizes the government or challenges and approach they're taking, they were that the government could be turned on them. and that is a mighty why this current irs thing is so critical because the american people don't want to feel that their government, it's their government, could be turned on them in a way that targets people. you can target one person, you can target someone else. it doesn't matter if you're liberal, conservative, republican or democrat. i think that's why that's so central. now, what i'd like to do is have sandy or somebody -- were are these people? do you have microphones? i think you do. i would be happy to respond to questions, as they say, and even answer some. and i'll do my best. and what you need to do i suppose is raise your hand and sandy will bring a mic. i always hate to the first question. [laughter] anyone who pops up like a jack-in-the-box with the first question -- >> hello?

back then wall street traders did not feel scared of prosecution, they thought the securities and exchanges commission their main regulator was essentially a joke. they did not take any of it certificate losely. now after today it is likely that people will be paying much more attention and it will be taken more seriously and file. >> and this case, of course, has been, was part of a much larger insider trading effort by the government against a number of firms. >> right, well in 2006 as they discussed at the press conference, they started getting alot of reports from informants and different sources on wall street that illegal trading was rampant it was very common. and since then we have seen a number of historic, very significant insider trading prosecutions, for example, there was the charge against ratman who ran the gallium group who is serving an 11 year sentence. go upthat, former head of mckenzie was convicted. they quoted the number, 75 guilty pleas or conviction, so this is a large number and it's growing. >> and finally let me ask you, we're talking about this criminal case against the fir

the question, what was the last securities and exchange commission case tried? mark cuban who won. there was no cause of action. stuart: but this is what the left wants, politically, they want to be able to say, the banks, wall street, hedge funds, they are responsible for the crash. they're crooks, they're robbers, thieves and liars and that's exactly what they're doing because they're making political capital out of it. >> where does the 1.2 billion come from? it comes from the profits of this corporation which will never again be available for investment. that's an extraordinary harm to the economy and to the people who work to achieve it. stuart: where does the money go, by the way. >> to the general treasury. well, it goes to the sec which will remit it to the general treasury. look, the sec is the king of the hill when it comes to sending money back to the general treasury at the end of each fiscal year. stuart: i don't think it's over, sac. >> i can tell you why it's not over they could still indict mr. cohen and this does not permit mr. cohen himself from managing his own or

justice department and securities exchange commission are looking into the hiring practices at jp mogen at hong kong offices. relative of chinese party officials got jobs there and the bank said in a regulatory filing that several u.s. government agencies requested information about the foreign exchange trading business and whether employees were rigging the market. >>> jp morgan chase isn't alone. citi group, the bank that conducts the most international business revealed that federal investigators are looking into the foreign exchange trading for evidence of possible market manipulation. >>> more on the trouble of the affordable care act healthcare.gov. they looked at what users of the website experience as they shop for health insurance plans and when they found may surprise you. bertha coombs has more. >> reporter: how bad was the first day of open enrollment on healthcare.gov? six people managed to enroll during the first day. by the morning of october 3rd, fewer than 250 because of the technology problems plaguing the site. while access was universally poor, the site's glitches ma