they would package them up into securities, they would file documents with the security exchange commission that they had to be able to call them securities and then they would sell them to investors all around the world. and all along the way they were making money was almost like it was a perfect product that anybody who touched a mortgage, i made money off of it. the november 2nd of 2007, sitting at my kitchen table. i put together an email and i sent the email to robert reuben who the next day on sunday at the board meeting was name chairman of the board. i also sent to the chief risk officer, the chief financial officer, matina order. i said urgent, read immediately, financial issues. i put that in all capital letters i call for an outside investigation. i said come in here from the outside and investigate what is going on here. because everybody here already knows. and no one contact me throughout november through december there was no contact. no one said a word. i will tell you that that particular point in time before i would even get in my car, i was doing what they do when i was

men raising concerns from securities and exchange i am talking about defi posing risks allows users to operate without taking custody of funds securities and exchange commissionthis going in terms of potential digital dollar. >> again, we focused on investor protection, we are neutral about technology bitcoin the other crypto tokens i was honored to teach a bunch of this -- before i took this job, and this innovate technologies but, at the same time, we are not neutral about investor protection. so, if somebody is in a project that is proffering a security should come in register so-called decentralized finance platforms have a lot of centralization a group of endures running platforms they should come in, and to the extent work with us get registered. maria: i guess i am looking for us you know the bank of international settlements issued a report last week saying central bank digital currencies could expedite crossborder transactions bringing down cost we know using digit is cost-effective the regulatory framework is unknown tell me about regulatory framework as you seat it representing to public. >>. >> quite clear to public, making a profit based on effor

equities, as beijing has continued its crackdown on share sold overseas on friday, the security exchange commission and now it will require chinese companies looking to list on exchanges in the us.

as basia has continued its crackdown on share sold overseas on friday, the security exchange commission and now it require chinese companies looking to list on exchanges in the us to disclose the risk of government interference in their business. and further explain their legal structures. these firms must also reveal the chinese regulators, denied them permission to lift on us exchanges now with american markets sitting at or near record highs. chinese listings in the country have reached a record $12800000000.00 so far in 2021 according to data from our affinity data. now the increased scrutiny comes after ride sharing giant dd global wet public on the new york stock exchange at the end of june, shortly after beijing took issue with the company due to concerns over cyber security practices. and in the aftermath, dds. dr. more than 30 percent from its ip price on sunday, in response chinese securities regulators, said the to site need to uphold the spirit of mutual respect and strength and communications on regulating china related stocks. so what does this mean for the future of some

the securities exchange commission or is signaling a path for a bitcoin-traded fund.eech, he says an etf that complies with the strict rules for funds could provide investors with protection. it is an attempt to phase out they were commended -- contribute to climate change. blackrock and other institutions are working on plans to -- coal-fired plants in asia. proposals are buying coal plants and closing them on schedules. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> the key to nyc pass will be a first in the nation approach. it will require vaccination for workers and customers in indoor dining and indoor fitness facilities and indoor entertainment facilities. this is going to be a requirement. the only way to patronize these establishments indoors will be if you are vaccinated. jonathan: bill de blasio there, a shift in this country. from new york city, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here is your equity ma

was selling radios, seat covers and luggage, these ideas attracted the attention of the securities exchange commissionand eventually a grand jury indicted tucker on charges of mail fraud and conspiracy to defraud the public and there was a trial and the jury reached a verdict, not guilty. what can we conclude about preston tucker, he was not a swap with -- from this winter, he had a genuine innovative car decades before it's time. he was a champion of seatbelts long before seatbelt became a standard in the industry and the independent suspension and other options so he did have a good idea, energy and tried to set about building a new car to introduce to the industry, his effort founded on the rocks of finances, didn't raise the kind of money to go to mass production but he might have gotten his vindication, his dream died with financial legal problems, he did have plans to build a new car, in brazil he wanted to do this but this car looks a lot like a car that eventually did going to mass production. anyone recognize this car? to mass production in the 1990s. you get vindication in that way in the st

securities and exchange commission gary gensler, calling cryptos the wild west promising he will heavily scruitinize the digital currency trade, charlie gasparino will have more on that in just a moment. two hours ago treasury secretary janet yellen discussed the u.s. economy saying inflation is temporary and would return to normal levels in the not too distant future, but federal reserve vice chair richard clarita said today, that if federal reserve expectations for inflation materialize in the months ahead meaning they last a bit longer and they continue to go higher, then get ready for interest rate liftoff. >> i do believe that these three necessary conditions for raising the target range for the funds rate will have been met by year-end 2022. liz: with the fed possibly ready to raise interest rates next year, the sec and treasury bearing down, are their next moves going to raise or ruin the bull market run? let's get to our floor show traders david trainer and teddy weisberg. david, buyer beware of regulators who are looking to keep busy. robinhood maybe running up but gary gensler

. >>> the head of the securities and exchanges commission said the agency is planning tighter regulation of virtual currency. they said the markets ripe with fraud but free of oversight. he likened the situation to the wild west and called on congress to expand the sec's authority to protect investors. >>> americans aren't sanitizing like they did during the start of the pandemic. shares of chlorox fell after a 9% group drop in sales the executives blamed reduced demand for its products. >>> and that's your cbs money watch report. for more head to cbs money watch.com. at the new york stock exchange. >>> amid california's drought state water regulators voted to enact a drastic emergency order that bansthousands, mainly farmers from using stream and river water. state officials are calling the order unprecedented because it includes thousands of senior water rights holders across the state. >>> on the fire watch the dixie fire is forcing thousands more people to evacuate. strong winds have pushed the fire toward the town of chester. this video showing the flames. the flames engulfing trees

the agencies involved include the justice department, homeland security, and the securities and exchange commission about 125,000 of its tread-plus treadmills, that's all of them. the action came less than a month after the company denied they were dangerous despite one child dying and ren usin peloton says it intends to, quote, cooperate fully with each of the investigations. >>> and one golf club just sold for six figures. tiger woods' backup putter sold for more than $393,000 at auction. reportedly making it the most expensive golf club ever sold. woods used it in his 2002 season when he won the masters and the u.s. open. the club was personally produced by the manufacturer, scotty cameron, and came with a letter of authenticity. no word on the buyer. anne-marie? >> diane king hall at the new york stock exchange. thank you. >> you got it. >>> so up next, back seat surprise. a woman at a mcdonald's drive-through spots an unusual passenger in another car. usual passenger in another car. depression can make you feel like just... noooo. it comes with different symptoms... ...a whole grocery list of

equities, as beijing has continued its crackdown on shares sold overseas on friday, the securities and exchange commission and now it will require chinese companies looking to list on exchanges in the us to disclose the risk of government interference in their business and further explain their legal structures. these firms must also reveal if chinese regulators deny them permission to lift on us exchanges now with american markets sitting at or near record highs. chinese listings in the country have reached a record $12800000000.00 so far in 2021 according to data from or affinity data. now the increase scrutiny comes after ride sharing giant dd global wet public on the new york stock exchange at the end of june, shortly after beijing took issue with the company due to concerns over cyber security practices. and in the aftermath, dds. dr. more than 30 percent from its ip pry.

over the past decade, the securities and exchange commission requires publicly traded companies to disclose their highest paid executives total compensation and the pay of their median employee and regulatory filings. and according to the a, f, l, c i o tabulation. the s and p companies with the 5 most extreme disproportion ratios are and this is a hollow shame. number 5, chipotle, a mexican grill whose head honcho, w to doubt at 38000000. while the average burrito roller racked up a little over 13 k. now the company is quick to note that these are part timers who were 25 hour weeks and the 2020 was a tough year. still the ratio was 289821 more skilled full timers at the firm. number 4, pay com software average just over 71 fowl. while c, e o. chad richardson took home 211 mill, 209 and a half of it in stock awards. a 2963 to one ratio. dizzy yes. number 3 is the gap, which like most small stores, took a hard hit during the shut down, during which c e. o. sonia sin gall, came over from old navy where she made 4800000 and 20192020th a gap. just shy of 22000000, 831-1321 ratio runner up weste

according to this finally, southwest airlines recently made to the securities and exchange commission, it is a trend. the company says cancellations and fewer bookings are believed to be driven by the recent rise in covid-19 and the delta variant. for yvette go men's, flying comes with high risk. >> i was a little scared because i have had covered before. >> reporter: cove gomez was infected a couple months ago and has been experiencing long- term symptoms ever since. >> have i told you like if you get infected again? like how that is going to affect you? >> it to be bad. it left me with heart problems as the. >> reporter: other travelers are comforted by the fact that almost everyone is following all the precautions. >> we just came back from arizona. and they do a good job with compliance. and they are really strict on making sure. >> i think i feel safe but i am usually pretty cautious, so, i don't really take off my mask ever. >> they are enforcing the rules. and i feel comfortable. >> reporter: as air travel starts to see a decline, destinations are seeing business remains strong

really the program with the latest comments from the chairman of the securities and exchange commission here in the us, gary gansler as calling on congress to give his agency more power to regulate crypto currency. referring to the world of crypto as the wild west, he claimed it is rife with fraud scams and abuse in certain applications. therefore, the fcc need more congressional authority to prevent transactions, products and platforms from falling through regulatory cracks. it's comments like those that are music to the ears of a congress that has already been calling for more action to be taken to go further in depth on this. let's bring in boom bus. co host, an crypto analyst, christy. i know christy, let's start by following up on a topic we covered earlier this week, which was how the language of the by an administration infrastructure bill stood impact crypto holders. what has the response been there, especially from the crypto community? well essentially this was a very last minute addition into the bill and they really didn't expect there to be a big response from the crypto co

s. securities and exchange commission does not have jurisdiction over peer commodities or their trading venue, including crypto asset. what do you make of those comments? yeah, this really contradicted the position that gary against the fcc made earlier this week where he said crypto and all points are all securities. so quinn has a saying that crypt does is more like an asset, a commodity that does not fall under the jurisdiction of the s b c. and in his own separate tweet, former c f t c chairman john carlo said that the cnbc is basically the only agency with the experience to regulate the crypto currency market. and i think this is a very fair statement because the security is a financial instrument. but a commodity is not a security, just a commodity is a security is a monetary value. but unlike a commodity, a security is not traded between 2 parties. the fact that crypto is a peer to peer shows that it's traded between 2 parties and it's more along the description of a commodity commodities. something has value in it of itself, like oil, like gold, like cattle. you use it, you spen

the dive right in really the program with the latest comment from the chairman of the securities and exchange commission here in the us. gary gansler is calling on congress to give his agency more power to regulate crypto currency. referring to the world of crypto as the wild west, he claimed it is rife with fraud scams and abuse in certain applications. therefore, the fcc need more congressional authority to prevent transactions, products and platforms from falling through regulatory crack. it's comments like those that are music to the ears of a congress that has already been calling for more action to be taken to go further in depth on this was bring in boom bus co host, an crypto analyst, christy. i know christy, let's start by following up on a topic we covered earlier this week, which was how the language of the by an administration infrastructure bill stood impact crypto holders. what has the response been there, especially from the crypto community? while essentially this was the very last minute addition into the bill. and they really didn't expect there to be a big response from the crypto com

securities and exchange commission has issued his most direct warning yet of the risks of investing inompanies listed in the u.s. he said he ordered the sec to pause green lighting ipo's of shell companies that chinese firms. the agency wants improved disclosures, including warnings beijing may change rules unexpectedly. the number of people dying with covid-19 in u.s. hospitals is hitting previous highs in some hotspots with lower vaccination rates. in florida, an average of more than 200 people a day are dying with confirmed or suspected covid, matching the state's november peak. louisiana, arkansas, and missouri have also seen fatalities soar in recent weeks. the u.k. business secretary wants to unlock 4 billion pounds of investment in hydrogen production by 2030. the strategy being launched today will aim to use similar incentives for those that help boost offshore wind production. the government believes hydrogen could help provide as much as 35% of u.k. energy needs by 2050. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and

that is after the securities and exchange commission in the u.s.equired additional disclosures for chinese companies last week. beijing also ask for mutual respect in collaboration with the issue. joining us is bloomberg's china government reporter lucille lou. what are the regulators signaling with this weekend's statements? just asking for communication would not seem to justify the csi 300 up by 2.6%, but maybe it does if it tells us something about the way china wants to stay attached to the global financial markets. reporter: the csrc trying to call markets after beijing's crackdown. that is saying it wants to work with the sec to find a solution. that has been taken well by markets. we know the sec wants more information. they want to know more about these structures, more information disclosures on the chinese companies' communication with the chinese government. as long as the chinese side does not see these disclosures as compromising national security, there is room to finding a solution. mark: good afternoon. one other attempts have gove

exchange. >> good morning. the headst security and exchanges commission said the agency is planning tighter regulation of virtualy. the chairman said that the markets are rife with fraud but free of oversight. he likened it to the wild west and called on congress to expand the sec's authority to protect the investors. >>> american families in more debt now than ever before. according to the federal reserve bank of new york americans held nearly $15 trillion of debt at the end of june. mortgages are the biggest part. car loans are also on the rise. the fed said families putting more on their credit cards but that debt is still lower than before the pandemic. >>> americans aren't sanitizing like they did during the part start of the pandemic. shares of chlorox fell with a 9% drop in year over year sales. it was also down 9% yesterday. they blamed reduced remand for cleaning products. we have to pick this back up. people need to start cleaning. >> and i'm hearing that [inaudible] is cutting back on had the beer selection,. >> yeah. your favorite budget brew may be getting the boot. cooos will cut 11 of its economy

securities and exchange commission is demanding that more than 250 chinese companies better inform investorsolitical and regulatory risks. it's an expansion of the mandate imposed last month on china-based firms to get use -- u.s. ipos. it comes as a further response to beijing's ongoing clampdown on private industry. meanwhile, arc investment ceo and founder kathy woods told bloomberg radio that she doesn't believe china's government crackdown will stop progress in the world's second-largest economy. >> i'm not pessimistic about china in the long run. i think they are a very entrepreneurial society. sure, the government is putting more rules and regulations and. i don't think the government wants to stop growth and progress at all. >> tiktok and shop if i are reported to be working together to add the ability for consumers to shop directly in the short video app. the pilot program will allow merchants to add a shopping to to the profiles and link to products directly from tiktok for the very first time. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalist

the securities and exchange commission issuing new requirements for u.s.mpanies. dan david joins with me now to talk more about it. dan, there was a lot of conversation against investing in the chinese companies because they do not adhere to u.s. accounting standards. under the trump administration, they agreed that the companies will have to start adhering to oxly but for for 3 years. talk about investing in chinese companies? >> thanks, maria. the risks are huge. you have to ask at this point after ten years with the investor community filling congress on the issues and starting to get a clue on the trump administration, you know, we could lose it all and we lost hundreds of billions of dollars just in the past month with a lot of the china-based tech stocks. that being the case, we absorbed it. we are at a time where we can possibly absorb this rather than when the economy is weaker and losing the rest of the companies could be a real hit. i think we should accelerate the process. it's not going to change. maria: yeah, i was impressed with gary gensler

securities and exchange commission or gary gensler is warning hundreds of chinese companies in the u.sto -- more scrutiny or get kicked out. a three year deadline requires chinese firms to submit inspections of their financial risks. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> we are currently on a pace to finish by august 31. the sooner we can finish, the better. each day of operations brings added risk to our troops, but the completion of august 31 depends on the taliban continuing to cooperate. tom: the president of the united states striving for the conversation yesterday, as he manages the message. -- a wonderful conversation on germany. merkel now with the headline on the allied developments in afghanistan. an exceptionally difficult wednesday. the images are horrible but overnight, there was legislation of sorts in washington. greg hill d.a. -- annmarie hordern, the speaker of the house is 81. we heard yesterday that she is complete focused

or other crypto currencies are known as securities, under the 33 act that created the securities & exchange commission laws on wall street. they didn't foresee cryptocurrency as a stock or something like that as a security. so this is, this is a gray area and from what i understand, my sources who deal with the sec a lot, there is a debate inside the sec how far out they can go cracking down on this stuff because the courts have yet to rule why, if a digital coin is a security. now there is a case that is out there. jay clayton, former sec chair brought a case against a company called ripple claiming it sold unregistered digital currencies which are akin to a security. that's before the courts right now. we don't know what the courts are saying on that and if they're going to say it, they're going to rule in a way that is sort of indicative of precedent in this area. so gary gensler has some issues. i understand why he is going to congress. i mean he is going to congress because i think they, because there is a debate inside whether under the 33 act, applicable security laws he has the powers to do th

. >> security and exchange commission. >> in the early 2000s in the wake of 9/11 we see a stock marketincome inequality. >> listen to me. empty the account. >> we jumped to something darker. there was a lot that i wanted to explore about entitlement, power and fragility of the 1%. >> you have to cut back. >> southot suddenly, they have and pretend they do. >> so we don't have a car or jet? why don't we take an ad out in i'm poor magazine. >> they always have a line. >> there is $250,000 lining the walls of the banana stand. >> what? >> cash, michael. >> another set back for the once prominent family as their frozen banana stand burns to the ground. >> it was absurd but the idea is if you can make it seem realistic enough, you can carry the audience with you. >> why didn't you tell me that? >> how much clearer can i say there is always money in the banana stand. >> don't touching. >> no touching. >> no touching. >> "arrested development" began to make fun of the rich, sort of expose them for everyone to see. >> that coat cost more than your house. oh, that's how we joke. she doesn't eve

the chair of the securities and exchange commission is preparing more oversight of crypto currenciesinvestors. gary gensler has unusual expertise in assets, but says he's not on board with the oversight approach many enthusiasts hope to see. at the tokyo olympics, american gymnastics star simone biles made an emotional return and won the bronze medal in the balance beam final. that came a week after she withdrew from several events to focus on her mental health. meanwhile, in track, the u.s. won the women's 100 meter. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: discovery is the place where european sports fans can watch the events. so far, over 275 million viewers have tuned into the broadcast. here to talk about how the games can play to the bottom line, discovery's cfo joins us now. thanks for joining us in studio. it is a pleasure to have you. >> thank you for having me. alix: what has the a olympics done for you guys? it is about one million

last week, the securities and exchanges commission increased disclosure requirements for chinese companieswant to list in the u.s.. that came response to beijing's clampdown on private industry. in turkey, wildfires are raging for a six day. several of the country's beach destinations. seven people have been killed in a number of tourists fled in small boats. temperatures over 100 degrees and strong winds are making matters worse. the u.s. women's soccer teams hopes for a gold medal have been crushed. canada beat the u.s. 1-0. the u.s. will now play for the bronze medal on thursday. canada will play australia or sweden in the final on friday. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> i am very much encouraging all employees to get vaccinated. it is very important. it is possible we will come in with the vaccine mandate. we will certainly be very considerate about the best thing for all employees. we've not made a final decision yet. tom: the gent

need to be his relation and these comedies are a risk to america's investors and the securities and exchange commission needs to dive deep into their finances and if they want the american auditing standards that should be taking off our exchanges go back to china. >> i know you're on the doctor but you are smart guy and you're on the intel committee, what you think we are with this pandemic. we have about a minute left center. when you think we are, are we on the downside or another new various coming we should be scared of. cotton: obviously the delta very it had been more contagious but the good news is that the vaccine so far seems to be controlling the worst outcomes and especially if you're younger and healthy person and are much more likely to die in a car wreck or being hit by lightning or having the window air conditioning unit on your head if you can vaccinated of so grateful that so many americans are now protected from the worst outcomes of this virus. they be so have to be mindful and we have to take prudent precautions but we should not have is government mandates telling us the people wh

these ideas, these methods attracted the attention of the securities and exchange commission. and eventually, a grand jury indicted tucker on charges of mail fraud and conspiracy to defraud the public, and there was a trial. and the jury reached its verdict, not guilty. so what do we conclude about preston tucker? he was not a fraud or a swindler. i mean, he did have a genuinely innovative car that in many ways was decades before its time. he was a champion of seat belts long before seat belt withs became a standard -- seat belts became a standard in the industry and other things, the other features that i mentioned, the independent suspension and other attractive options for a car. so he did have a good idea, he had a lot to of energy, and he honestly tried to set about to build a new car to produce to consumers and the industry, but his effort foundered on the rocks of financing. i mean, he just couldn't raise the kind of money to go into mass if production. he might though, as i've written here, have gotten his vindication in at least a couple of ways. despite the failure o

plus treadmill the securities and exchange commission is also investigating the company's public disclosuresinjuries associated with its products peloton issued a voluntary recall of its tread and tread plus treadmills back in may after the consumer products safety commission issued an urgent warning with one child was killed and multiple small children and the pet were injured beneath the machines. >> so much more to come tonight here on kron. 4 news at 10 o'clock. some of the vta light rail services will be once again operational starting tomorrow. let you know which trains you can finally catch after 3 months. plus, some of robert f kennedy's children. now condemning the decision to grant parole to their father's assassin. we'll ser hanser on step out of prison any time soon. plus also take a look at several rallies across the bay area today wilson support for governor gavin newsome in the upcoming recall election and why they believe the entire thing is a waste of time an make this the summer you taught them what it means to serve. the summer of hauling happiness by the ton. and bringing

. >> it's the securities and exchange commission. >> in the early 2000s in the wake of 9/11 we see away we hadn't in a long time. >> dolores, listen to me. empty the account. >> with "arrested development" we jumped to something a little darker. there was a lot that i wanted to explore about entitlement, power, and the fragility of the 1%. >> lindsay, you have to cut back on everything. okay? i'm even selling the corporate jet. >> then suddenly they have nothing, but they go on pretending that they do. >> so now we don't have a car or a jet? why don't we just take an ad out in "i'm poor" magazine? >> that's the thing that's very astute about that show, is that the rich can never entirely become unrich. they always have a line to some money. >> there's $250,000 lining the walls of the banana stand. >> what? >> cash, michael. >> another setback for the once prominent bluth family as their frozen banana stand burns to the ground. >> of course it was absurd. but the idea was if you could make it seem realistic enough, then you could carry the audience with you. >> why didn't you tell me

the agencies involved include the justice department, homeland security and the security and exchange commission peloton recalled its tread plus treadmills. an action came less than month after the company denied they were dangerous. >>> amazon jumping on the buy now pay later trend. they have struck a deal. they will be able to split the total cost of purchases that are $50 or more into monthly payments. a firm said the two companies are testing the service with a pilot group of customers for now. >> i call that the new age lay away. >> i know. rent a center, right? >> right. going old school. all right. we hear more people getting their research on before making a purchase. >> yes. that is right. according to a new survey 54% of consumers read reviews before everything they buy. a little over a quarter of responders read ten or more reviews before making a decision. 5% don't read any reviews. >> listen, i don't care if it is $5 or $500, i will sit there with my coffee and read all the reviews before i hit purchase. >> they help. they really do. >> yeah. >> how do these people not read any? >>