melissa, back to you. >> seema, thank you. seema wrapping up in the newsroom.only is iep debt in hyg and as seema pointed out, energy is a big component of hyg. and what are biggest bets, the energy and materials sector. so this is ironic about the guy warning us about the dangers here, right, pete. >> and he is putting huge bets on cheniere and lng and freeport macmaran. and i know dan sees the same thing i do as we look at the market options. if you look at fremont, there has been some gigantic put-buying for a while now, fighting against folks trying to pick the bottom in that area. u.s. steel, huge put-buying in that. so there is the retail space and energy space and huge buyers down side as well -- >> maybe he is long the stock against being short all of this debt. this is the message that he's sending here. and so i'll just say, if you want to look at the hyeg and speaking to risk aversion, to me wall street a warning bell that has been screaming in silence all year long here. and it is putting it together. the name of the video is danger ahead. i'll put

melissa, back to you. >> seema thank you, seema mody back at headquarters. what's your forecast here for these stocks? >> if we're all thinkingled market is going to come in another 100 handles in the s&p, nothing on that board is going to be safe. on a relative basis, utilities probably continue to outperform because you can't hunt for yield in any other marketplace. it's the utilities, but everything is going down, make no mistake about it. >> all of these stocks have seen big pull backs from the highs, all in correction territory at the very least and should we see them fall in line with the markets overall in terms of the pullback? >> i think google is defensive and to lump it with the other stocks. jim made a nice acronym and to be say all the stocks should be trading in the same regard. google is not expensive, trading at 18 times and there's cat lifts and that should be more defenseive. >> i was surprised, not google, but maybe tesla, so f.a.n.t. shots. >> i would be short the "f" and the "a" and the n" and long the "g." >> facebook actually until tod

it was seema's last show. she was meant to win today. i appreciate your call.'s bring the discussion back to the short-term. what are you expecting and what number does it have to remain above to keep a rate hike this year in play? >>> well, 200 is the psychological number. i don't think the fed is going to do anything as far as the situation stands right now because i'm more concerned about deflation than inflation and there's no real reason to raise the rates right now. it's not going to change the dynamic or the choice for people to get out of stocks and go into treasuries if rates go up an extra quarter percent. it's important to see how the market behaves on a weekly basis after the positive reversal last week. let's see if we can stabilize this week. we're down by 1% early but you've seen the vix come down this week. it's half of what it was last month. things stabilize a little bit. if you remember this same exact movie played last october and things rebounded and it came back and made new highs once again. >> is good news on the jobs front good news for

seema, back to you. >> thank you so much. now speaking more about china, china's development bank is planning on being less stringent when it comes to lending rules. they will not ask them to privatize loans like it's rivals. they have come in for criticism in the past with some saying it imposes unreasonable conditions on some borrows. the aiib has not commented. >> the venezuelan president says beijing lent the nation $5 billion to boost it's oil output. any loan deal would demand chinese companies are hired in the extraction and refining procession. i can't get extraction right this morning. >> here's another interesting story. the u.s. is urging beijing to be more mindful on how it communicates policy changes amid the global market turmoil driven by fears over china's slow down and doubts over it's response. the financial times says the white house has been careful about criticizing china's recent moves ahead of the state visit later this month but concerns over china's economy and market volatility are expected to be top

you can find us on e-mail -- worldwide@cnbc.com and also on twitter @seema cnbc. we'll see you after the break. >> thanks. i'm watson. and today hundreds of companies are putting me to work. i'm teaching watson to help your vet speak dog. you're a dog, right? i'm teaching watson to help you make healthy choices. i'm teaching watson to help design a vacation around your personality. don't judge. i'm teaching watson to answer endless questions. how big is infinity? where do babies come from? why can't i have chocolate for breakfast? i'm watson and i'm ready to work with you. >>> welcome, everyone to the second hour of worldwide exchange. >> these are your headlines from all around the world. >> shaping up for a rebound. u.s. futures indicate a triple move higher for the dow but in european equities giving up gains following a mixed session in asia. >> oil still in retreat after another rise in u.s. crude stocks. one bear calls for wti to hit $25 per barrel this year. >> reports suggest ge could be about to get the green light from eu regulators f

seema iyer thank you for your legal analysis.seema on the docket by the shift on msnbc. >>> baltimore officials have reached a wrongful death settlement with the family of freddie gray. gray died back in april days after he was arrested and placed in the back of a police van. that deal still needs to be approved by baltimore's board of estimates. stephanie rawlings blake said the settlement would resolve any civil claims against the city. but no impact on the criminal cases against the officers, all six have pleaded not guilty. >>> one dead end and a promising lead in the search for the people who killed illinois police officer joseph gliniewicz. three men seen in a video from a home near where the fox lake officer was killed were not involved in that shooting, but there was a clue left at the scene. dna from an unknown donor. >> i'll just tell you that it was recovered from the crime scene and it is relevant. >> gliniewicz was found shot to death september 1st in a remote area shortly after he radioed that he was pursuing three

thank you, seema. >>> earning season is quickly approaching and according to the s&p capital iq we can expect to see a 4.6% decline in the standard and poor's 500s earnings per share. joining to us talk about that sam stovalt from s&p capital iq. we were talking during the break. not a lot of people are focusing on earnings yet, we have too many other things to look at right now. >> right. and also in a sense earnings estimates have been crying wolf for quite some time. i wrote in my report fool me once, shake on you, fool me continuously shame on me. and that's exactly what's happened over the last 14 quarters. the actuals have outpaced the estimates by an average of 4 percentage points. >> one of the reasons why it's been so easy to overlook the perceived weak innocence earnings is because we like to look at things excluding energy, excluding financials and when you strip out some of the worst extrapolations of what's happening in different sectors, it looks pretty good. >> oh, it does. actually, if you -- as you said, take out energy, which is expected to be off 66% this quarter, th

let's get a market flash with seema mody. >> brian, well, shares of chipmaker atmel after an offer to acquire atmel was submitted but it's expired. cyprus was preparing to bid atmel and disrupting its deal to be acquired. atmel shares up nearly a quarter of a percent. brian? >> thank you. believe it or not, there is some good news. it is outside the world of commodities and oil and it comes courtesy of apple. apple saying it had record sales over the weekend of its new iphone models. josh lipton in new york with all the apple numbers. josh? >> well, brian, i'm at the iab mix conference in new york but the big news, you're right, in tech coming from apple today with the tech giant saying it sold more than 13 million of the new iphone 6s and 6s plus models over the weekend. and that was a record. now, a big reason for that, brian, remember, this year china was included in the launch. last year it was not. analysts estimate apple sold some 2 million of those new iphones in china over the weekend and that helped boost those numbers. then the next date to circle on your calendar will be oc

seema, thank you for now. seema mody. >> let's go to our closing bell exchange as we try to make sense of the third quarter, which is ending in about 45 minutes for the markets. keith fitzgerald from moneymorning.com joins us. keith bliss is with us here at the new york stock exchange. and rick santelli is with us in chicago. we were just handed the stats for the quarter so far. the dow down 7.9% for the quarter. nasdaq down 7.9%. keith fitzgerald, what does it all mean? i mean, this is the third consecutive down quarter for the dow. third consecutive for the -- the second consecutive down quarter for the s&p. and the nasdaq finally is having its first down quarter in quite a while. so put this in prif for us. what happened this quarter? >> well, for a long time, the meme was what's good is bad and what's bad is good. i think that bloom is now off the rose. traders are beginning to recognize that hey, we do have a serious problem here and bad may actually be bad. so i think you're taking money off the table. t

seema, thank you very.celebrating mass in the eastern city of holguin. the pontiff in the middle of his trip to that country which will wrap up on tuesday, tomorrow, before heading to the united states. let's hear just a few seconds of this. ♪ ♪ >> religious music to the beat and sound of the cuban musical dna. what impact will this visit have on cuba? columnist for the young voices series of the national catholic reporter, kate, good morning. thank you for being with me. what do you think this trip means for cuba? >> you know, i can't speak to cuba but i think that we're seeing a lot with this trip to cuba that we'll see right here in the united states. a little bit of diplomacy, a little bit of kissing babies and a lot of straight talk on poverty and service and issues that this pope has made really clear matter a lot to him and should matter a lot to the world. i'm looking forward to the pope coming here tomorrow to talk to our elected officials and challenge all of us really on these issues that matter

. >> i'm seema mody. here are your headlines from around the world. >> the nikkei tumbles to a 7 month low. the negative sentiment spreading across equities. >> pessimism on china is overdone this amid rumors that fears over a hard landing will be left out. secretary general tells cnbc he welcomes the stock market correction. >> it was a super bubble. a bubble of a bubble where you go there and the taxi driver is telling you what stocks you should invest in. it's wrong. >> ready, willing and able. the ecb pledges more easing as needed. this as the former greek finance minister tells cnbc that mario draghi is trapped in an ire cage. >> the central bank of europe is a paradox. on one hand it's extremely powerful. on the other hand it's utterly powerless. >> vladimir putin shrugs off the sharp fall in the oil price but how much of a threat is the china slow down? we have the prime minister later in this show. >>> welcome, everyone to the show. it is one of the most critical jobs reports in recent memory. thi

above forecast guidance for the year but same store sales growth slowing from a year ago because you, seemaaven't been there. the company is also disclosing in an sec filing that it's found the material weakness in the internal controls waiting for technology choices and the invoices. planet fitness falling by 2% in german trade. >> i workout outside. the model x is will be out on september 29th. it will be priced between 132 and $144,000. it comes in a unique red color and includes options such as self-parking. now in a tweet tesla ceo elon musk said they'll start production of the lower cost model in two years. it will reveal the look of the car and begin take pregnancies orders in march. shares of tesla are higher by 4% in europe. >> i like the self-parking business. you can be like cooking a cake or something and people driving by honking. it's not me. it's the car. >> you can't cook a cake. >> bake, whatever. >> kidding. >> a key shareholder meeting coming up this month. details of that after the break. you're watching worldwide exchange. good morning, everyone. nt's eveg of the campus

>> good morning seema. well, i'm looking for solid growth in the quarter.he street is a little bit below my estimate. i wouldn't be surprise first degree the number comes in closer to the street number. we heard from dollar general last week and that's a good peer to dollar tree and they came in light with same store sales for the second quarter but that will be the big focus along with anything they say around the family dollar acquisition which they're just a month into it. they closed that acquisition a little bit more than a month ago. >> let's talk about expanding stores. 93 stores in the first quarter. sounds like a lot in this environment s. that the right sort of number that they should be expanding at the present rate? do you think that will continue? >> i think it is. these stores are small and they draw from a pretty small trade area. same thing with family dollar and dollar general. they're growing by 6 to 7% annually. we think they can sustain that number. dollar general is planning to add 900 stores next year in fiscal year '16 so they're huge

i mean, the oil price, seema, over the last month is extraordinary when we factor in that risk assets sold off massively for the first three weeks in august in general and rallied in the final week and the fact that the final week rally ended in positive territory. such a strong rally. quite extraordinary. >> it's also interesting to see how there's a multitude of factors impacting the price of oil. it's no longer the stronger dollar or global growth picture but you have to keep into account saudi arabia production and when the oil comes back online. that's what is resulting in this erratic trade in the price of oil. >> and as we have seen today we're off sort of 4% but it was a 27% rally of the previous three trading sessions so that 4% decline got to be in perspective. when we think of the 27% rally of the previous three trading days another factor people were mentioning yesterday was the possibility of russia and opec teaming up and as our resident opec fellow, he was saying that's been every year for the last decade. if it did happen it could be positive for the oil price but it n

seema. thank you.hopeful jeb bush saying he will push to appeal five regulations including dodd-frank. joining us barney frank and larry kudlow. welcome to you back. barney, let me begin with what jeb bush said. i will work with congress to appeal significant works portions of the 2010 dodd-frank at any time law and will reform the rules that govern financial institutions. is he wrong for trying to do so? >> well, he is wrong it seems to me first of all to say that without any specifics. i haven't read the article. he is certainly wrong i think both substantively and politically to say that we're going to repeal much much what was done in response to the crisis and not tell us how to replace t one point ought to be clear, we are not talk being a partisan bill. that legislation was adopted with significant input by hank paulson beforehand and then while we were debating t while we were writing it, ben bernanke and sheila bear bush's fdic share had a major role in this. we had serious problems from irres

seema mody on how important volkswagen is to germany's broader economy.this crisis had been going on for a while i gather behind closed doors. what do we know about that and how do you handicap how they've handled it so far? >> you have to understand that vw has failed twice. it failed in its ennearing and failed to keep the regulators on board in this country. on friday when they came out with that accusation that they'd misled regulators, it was a free for all. that's why you have lost $24 billion on the stock and all the other regulators around the world will dove tail behind them. their job was to prevent the regulator from doing that in negotiations and they have failed to do that. here is a time line i have constructed from german ministers and great work from reuters. the decision to rig was made prior to 2007, almost nine years ago. it was in may of 2014 that u.s. regulators were alerted to what was going on by the icct which mentioned it to the epa and also the california air resources board. if we can go back to that graphic, it was then in apri

. >> thank you seema. >>> still ahead, market sentiment at a five year low according to a top strategist but that could mean the best time to buy. we'll explain. >>> and as the third quarter wraps up, could there be a q4 comeback. dom chi has the details. >> when we talk about the fourth quarter, it is all about santa claus and rallies and whether the market has the seasonably strong time. we'll go through the money after the break so keep it height here on "fast money." we've got trouble in tummy town. peptocopter! ♪ when cold cuts give your belly thunder, pink relief is the first responder, so you can be a business boy wonder! ♪ fix stomach trouble fast with pepto. >>> welcome back to "fast money." stocks closing at a very ugly third quarterment on a high note, with the dow gaining 235 points but the dow barely made a move. and among s&p sectors, energy was the worst performer, falling 18% on materials and health care also dropped double-digits. here is what is coming up in the second half of "fast money." tesla finally unveiling the new car with plenty of fanfare but the stock underpe

kelly, back to you. >> and, seema, i'm glad you mentioned that.oracle at this point? >> i don't think so. the company is not growing very well. a lot of these pay structures are set in years in advance and you can't really tie it to one particular year's growth, but i don't think people look at oracle as a growth company anymore, they are a good kper tries r price and good business. these kind of pay schedules, though, are supposed to be tied to growth. they are not supposed to be tied to maintaining a business and oracle feels like it's been maintaining a business for a long time. >> larry ellison has always paid himself boat loads of money. wall street works the same day, the guy at the top wants to get paid a lot of money, he pays himself a lot of money, the people under him has to get paid a lot of money. i'm not saying it's right or wrong, that is the way it's done. >> the goal between that and the stock performance even wider. scanned snool boat loads. >> yeah, exactly. scandal continues to playing one of the top energy kms in the emerging m

. >> joining me now, msnbc contributor seema iyer, former prosecutor as well. right now, we know there was a legal filing yesterday, davis' attorney arguing that it will irreparably violate her conscience by directing her to issue same-sex marriage licenses bearing her name and approval. you also heard mike huckabee's argument, the kentucky constitution versus the u.s. constitution. >> all due respect to governor huckabee, that's not the law of the land. laws are built by case law. when the united states supreme court says something, that is a law of the land. that is the law that must be followed by all the states and all the counties. >> yesterday on lawrence o'donne o'donnell's show, he had other clerks refusing to issue marriage licenses to same-sex couples. they say the law of the land isn't the law of the land. lawrence o'donnell pointed out segregation and the laws that needed to be changed in this country versus what state laws would have upheld, including not allowing marriages of different races. let me play what this other clerk had to say on lawrenc

. >> seema, thank you. back at headquarters. and the key volkswagen story is they've been trying to gain a foot hold in north america but they want to be stronger here in the u.s. so if all of a sudden the reputation is at risk, could ford or gm step in, not just auto -- just toyota with an ev. >> i'll give you one other. how about this -- tesla. >> there you . >> any clean car. because people are clean diesel people. >> and take a look at the way the stock reacted. in august it plummeted, got back to 220 and bounced above the bay at 230 and held the 50 day today and finished in positive territory in a negative tape where we see the auto manufacturers going lower. and i think very interesting and i think you go the electric route and with the volatility, i would not be in the stock. i would look at the options because we're on the lower end. they were trading 60 on the implied volatility and now at about 40 and 30 is the lower end and you could put it on call spreads and be involved in the name. >> and i like the alternative ene

i'm seema mody with breaking now. valiant share dropping on news of a request for a subpoena over drug pricing. valiant had been sent a letter in august by the house oversight committee inquiring about recent drug price increases. you can see the stock is reacting negatively, scott. we're looking at valiant down 10% on the day. we'll keep you updated on this developing story. >> thanks so much. the campaign issue du jour it seems, the issue of drug pricing after that controversy last week, the hillary clinton tweet which sent a lot of stocks on the downward swing. valeant down nearly 10%. a couple minutes left in the show, a few hours left in the trading day. jim lebenthal, what's on your mind? >> intel is on my mind. one of the lone green stock this is the otherwise sea of red. it's had a few upgrades recently. last month it joutpmerformed th philadelphia semi index. despite all of our worries the economy is growing enough to get enterprise spending at the corporate level going, and if that happens that will be more

. >> joining me is seema, host of the docket.s also a criminal defense attorney and former prosecutor. a welcome to you. first question here, is there a first amendment case to be made on the grounds of religious freedom? does the state have an obligation to accommodate her religious objections? >> not any more. after hobby lobby we don't have that religious freedom. in this case specifically she is not a private vendor, for instance, owning a bridal shop, refusing service. she is a government employee and there was a 2006 case involving a prosecutor where the case held that government employees have limited freedom. she has to act within the authority of the government, and issue the licenses. so, absolutely not. >> okay. so much of this story has focused on the fact that kim davis is an elected official. >> right. >> so how does this play out in your mind as the lawyers try to fight this in court. >> great question. okay. number one, she cannot be fired. in order to have her removed she would have to be impeached by the state l

now over to seema in london. >> >> thank you, a strong correlation between oil prices and stocks.opean stocks have been moving in tandem and that's what we're seeing in today's trade. add to that dispintiappointing chinese manufacturing data. the people's bank will devalue it's currency again which is bad news specifically in the auto and luxury space so investors are selling stocks. we're down about 2 to 3% in today's trade. they're selling stocks but they are are buying the euro. it's been seen as a safe haven currency when volatility rises over the past two weeks. we also had a solid read on german manufacturing. expanding at the fastest pace in 16 months. there's an ecb meeting coming up on thursday. qe here in europe is open ended. >> perhaps you will mention it but we have a couple of days. put an even sharper focus on the data coming up later this morning. >> coming up more on china's big issues. does beijing have more up it's sleeves? check out the futures. you're watching squawk box on cnbc. first in business worldwide. ♪ every auto insurance policy has a number. but not

seema mody joins us now with a closer look from london.i to you seema. >> hey, european stocks sea sawing between gains and losses. this after losing about 2% in yesterday's trade but a lot of traders are talking about a bullish call from morgan stanley. their chief strategist there says despite china woes they're positive on european equities forecasting a modest rebound. they like the banks and they have italy as their top pick. italy is the out performer up about .2%. china is the epi center of traders concerns. it's expected to be the topic of discussion tomorrow. economists say expect mario draghi to possibly hint to an extension. in the meantime, holding on to 112 ahead of the meeting. >> thank you for now. currency wars are heating up and taking a toll on the global market. let's bring in nick. good morning to you. >> good morning. >> when people look at china and we've had everyone saying they sparked the next round of global currency wars, are they right? >> i don't know. maybe it's an equity war because the currencies are relativ

almost fireworks seema. >> greece's former finance minister telling cnbc in a first on interview in greekty including syriza is capable of implementing a reform and fiscal agenda that would stabilize the economy saying even a child could see why the greek bailout was not going to work. >> a 10-year-old with basic mathematic skills would know if you had an unsustainable debt and you tried to solve it by pretending it's a problem with liquidity and piling up on it the largest loan in history on conditions that would shrink the income from which the old and new loans would be repaid a 10-year-old knows that cannot end up. >> he also says greece's economy is imploding and that he will no endorse the former prime minister alexis tsipras calling the political situation toxic. he also weighed in on the migrant and refugee crisis taking place here in europe. more than 20,000 refugees arriving on crease's shores this past week alone. he says europe should keep their doors open and share the burden saying europe has lost their soul. for more on our interview and his controversial comments head to c

seema mody is back. fabulous to see you once again. >> fabulous to be here. we are seeing a big fallout in the auto sector. let's start with the names that this high exposure to volkswagen. if we look at the supplier, delphi automotive, gentex. analysts say these are some of the names that could be impacted if we see a decline in vw volumes and that's the big fear and the reason why all of these stocks have been selling off over the past two days. but it's not just suppliers. other european carmakers are underperforming in the wake of the emissions scandal. analysts citing brand reputational risk to bmw, ren kno renault, and daimler, all down. that's caused the etf to tumble 20% from the 2015 high hit on april 27th. analysts at citi say they're awaiting further information to accurately estimate the global impact of this scandal as ts possibit is possible reviews and investigations could begin in other regions. jpmorgan writing we could see stricter co2 emission controls going forward. as people try to get their head around this story, investors hitting the s

seema, great to have you here.hank you as always. >>> still ahead, the atf heading to the scene of a deadly shooting at delta state university. much more on that breaking story where one confirmed person of that staff is dead. we know that there is at least one shooter that is on the campus. the campus, the students and other staff members have been cleared. back with more. wow. sweet new subaru, huh mitch? yep. you're selling the mitchmobile!? man, we had a lot of good times in this baby. what's your dad want for it? ..like a hundred and fifty grand, two hundred if they want that tape deck. you're not going to tell your dad about the time my hamster had babies in the backseat, are you?! that's just normal wear and tear, dude. (vo) subaru has the highest resale value of any brand... ...according to kelley blue book ...and mitch. love. it's what makes a subaru, a subaru. it's more than tit's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology sol

explaining the numbers he found >>> let's get to seema moody at headquarters for movers as we head intolose. >> good afternoon, michele. let's start off with mcdonald's, credit suisse upgrading the stock from outperform to neutral, increasing its price target from $112 to 100. reynolds american trading at new highs after the tobacco producer announced it will sell its natural american spirit business, japan tobacco group will pay $5 billion in cash for the brand. >>> a number of macau casino stocks falling to fresh multiyear lows after one of the biggest junkets which facilit e facilitates loans for high rollers warns it mate have to wind down operations if gamers continue to decline. >>> panera rated outperform a new coverage at tell zi advisory group pointing to optimism about changes in food, marketing and restaurant design, shares up just about 0.8%. michele? >> thank you so much. >> we have about 14 minutes before the closing bell. the dow jones industrial average is lower by 13 points. well off the lows. the s&p lower by 5 and nasdaq lower by 46 points. nasdaq definitely taking it

. >> joining me now, msnbc contributor seema iyer, former prosecutor as well.

hospitals have a 27% increase in high poe cly seema cases among low-income individuals at the end of the month as compared to the gidge of the month. you might wonder why that is. the sad truth is that these cases of hypoglycemia or low blood sugar are likely more prevalent at the end of the month because this is when snap benefits run out for many individuals and their families. when families don't have enough to eat, their health suffers. we hear time and time again the current monthly snap been fit is inadequate. that families must scramble to cobble together enough to eat from food pantries and charities. seniors are especially vulnerable to hunger as a health issue. many seniors live on fixed incomes and often faced with the tough choice of paying for their medications or paying for their food. for seniors, taking medication on an empty stomach can be especially dangerous and may land them in the hospital. it is astounding that some of america's most vulnerable families must face these challenges month after month, year after year. but the good news is that hunger can also be on

you can seema mariah in the background. >> i wasn't sure who she was talking about. >> anyone left you star struck after years of doing this job? >> sting. first time he was here in studio, i was like, ah! i couldn't talk. >> clapton. >> when mr. dinero is here. >> dustin hoffman. >> always. >> maybe the pope. carson, thank you very much. mr. roker, check of the weather. >> we have an anniversary to take a look at. 2005 was one of the worst hurricane seasons ever in this country. we're tracking rita, one of the deadliest on this day that made landfall. passed 46 miles south of key west on september 20th, 2005, then made its way, strength bd bdened on september 21st, causing one of the largest evacuations in u.s. history. then on this date, it made landfall in texas. september 24th, category 3. 120 miles per hour winds. it was devastating. fifth major hurricane of the season. lowest pressure in the gulf of mexico caused 120 deaths. it's effects were felt all the way into illinois, spawning at least 90 tornadoes, causing $12 billion worth of damage. our weather today, not quite as bad. h

where we see seema lishs things we have the capability to prevent and deter bad activity. >> thank your. chairman, i want to ask a question, perhaps more parochial, if you will. we met several times to discuss the situation with respect to remittances to somalia and the united states, the second largest xhucommunity. a few months ago, we met with the president of somalia. i know you have been working to mitigate the banks, ensuring terrorist findings are upheld and the treasury and world bank are providing assistance to the somali government but i remain concerned about this issue. can you give the committee an update on treasury efforts in this area and progress toward restoring free flow of remittance from somalia to columbus? >> i was just in minneapolis last month to meet with the somalia committee, to meet with their banks, to meet with mgos and other state and local officials. obviously, minneapolis, too, has a huge concentration of somalian americans. they are very worried. the funds woes have not stopped. they are worried because they see a pattern. they see that bank accounts