mary shapiro is stepping down as head of the s.e.c. and president obama is designating commission member elise walter as her replacement. eamon javers is in washington with the details. >> reporter: this is a bit of a surprise announcement. a lot of other names had been speculated over the past couple of days here on who might succeed mary shapiro over at s.e.c. but the tap goes to elise walter today. she is a sitting s.e.c. commissioner now. that means that the president will not have to face a bruising confirmation battle up on capitol hill for her to take over as the chair of the s.e.c. what we're told is the president is likely to appoint somebody to fill out that term after elisse walter finishes up mary shapiro's term in 2014. we expect that the president will name somebody else to follow on after elisse walter. a little bit of complicated moving and shaking here but already the consideration in washington turning to mary shapiro's legacy. she took over at one of the darkest points in american financial history in january of 2009

host: you are on the line with ira shapiro. caller: there were ability presidents i got this country out of trouble from the banks. we got into trouble trying to bring the banks back to their solvency. the greenback got us out of trouble. we have to get the little man out of the picture of the money and let america start controlling its money again and bring it back to the congress. that is my statement. thank you. guest: i think president obama provided leadership to save the banks. it was necessary to save the banks in order to get the economy going. he then provided leadership for some regulation of the financial institutions through the dodd- frank legislation. we can argue about whether that is adequate regulation. we are going to have a debate still over whether these too data to failed banks are too data to exist and should be broken up -- too big to fail banks are too big to exist. caller: i have two comments. first of all, i see some inclination here to over romanticized what the senate was in the past. one example i t

. >> 89 years old herman shapiro is a world you war one veteran and remembers a night when u.s. ships were attacked in the english channel. >> bodies were floating all over and people who were still alive, if you didn't try your best, people were going to die at only 18 shapiro became a hero that night. >> i got into a row boat and started pulling people out. itwas horror, complete horror to see people like that. >> he was scared to go into battle but believed it was the right thing to do. >> the stories that came out of noz sooe germany naz sooe germany were horrible and being jewish, it affected me more. >> this 94-year old man served as a doctor in the philippines during world war ii and to me, either we won a war or wound up dead or slaves. >> lee leland says being a physician during the war saved his life. >> if i hadn't been in the hospital o or in ridology, i radiology i would have been in a bah tal i don't know aid station which would be on the front line. >> the war was still a difficult time for him, he left his pleaded guilty wife behind to serve his country. >> your

already folks looking at the legacy of shapiro. s.e.c. pointing out today that they've got a record number of enforcement actions in the past two years. 1,469, to be precise. also huge expanse of dodd-frank rule makings will be part of her legacy here. and response to the flash crash, another item that's going to be long lasting after she leaves this building on december 12 p. exchanges there forced to create an audit trail for the first time. financial historians will be digging through what mary shapiro's done for years to come. speculation that the president will nominate somebody to succeed her at some point after her full -- she succeeds mary shapiro to fill out that full term which expires in june 2014. a lot of moving pieces. >> eamon javers, thank you very much. >>> staying in washington now, there are just 35 days left to fix that fiscal cliff. congress is back to work after the holiday. they have a lot to do. have they made any progress? >> they haven't really made much substantive progress, mandy. we've had an initial meeting b

adam shapiro with more details.so congress releasing a new report on the scandal at mf global that left billions in customer money missing. they're pinning most of the blame on jon corzine. what are the details in that story? you want to get this, coming up. liz: bp agreeing today to pay a record 4 dal billion settlement for the 2010 oil spill. david: the settlement is the largest criminal penalty in u.s. history. adam shapiro is on the story. adam, what is the latest? >> that $4 billion is to settle criminal charges which bp agreed to plead guilty, 11 counts, roughly with the department of justice. 3525 million with civil charges from the sec. when you look at charts and what happened with bp's stock today keep in mind while bp already booked $38 billion towards the disaster in 2010, it still faces fines of anywhere from 5 to 21 billion, again, five to $21 billion from the environmental side as the u.s. government and different regulations come into play. this settlement is the criminal side. but they could have a

adam shapiro at the fulfillment center in phoenix, arizona, with more. think that is so cool where you are. >> there are 50,000 seasonal employees, 20,000 full-time employees worldwide getting your orders. the guy behind me is part of a series of different lines where boxes are being packed with items you order. this part of it being automated. we're talking about a process that is going to generate revenue for amazon anywhere in the fourth quarter from 20 to $23 billion. i want you to meet larry wolter, he started as a seasonal employee, worked his way up to aiarea manager. i want to talk you well the photographer shows the process. speak what is different about this cyber monday compared to others, not a lot. we are shipping a lot of units. make sure everybody's getting the things that they order. >> i understand it is a little bit later because you opened another facility. this is the largest of the 40 in the continental united states. >> we experience a little bit, but the orders are coming in today, we're doing everything we can to keep up. >> last

that is matt shapiro, president of mws capital. thanks matt. > > you've got it. it's time to wind it down for us today. coming tomorrow, why small business owners are finding plenty of reasons to celebrate this holiday season. from all us of at first business, thank you for watching! . >>> a poll standoff has shut off treasure island. >>> live in milpitas where there is a lot of police activity, we will tell you what is happening at this hour. >>> a 14-year-old girl was killed while riding her bike, they are helping her fellow students deal with the tragedy. >>> it is all ahead on the ktvu channel 2 morning news. >>> and good morning, it is tuesday, november 27th, i am brian flores. >> very different morning as far as weather goes on the drive in, steve. >> there is still some fog but not like yesterday and it is going to be a cloudy gray day and we see a lot of that cloudy gray weather and that will be here on wednesday morning but cool to mild, 50s and 60s, here is tara. >>> okay and we have the access an entrances to treasure island blocked off and

walters who's a democrat serves as a democrat, she takes over for mary shapiro, shapiro leaves next month in the wake of the 2008 financial crisis. the president needs to nominate a permanent successor. >>> vandals spray painted a vietnam memorial. the public works department said it received a report of the vandalism at newwall park. but a few hours emery -- the public works department got another call and crews made a second trip this isn't the first time that that memorial has been targeted. vandals chilled the plaque off two years ago. >> the state of aims to rake in more revenue on this cyber monday because you will be paying taxes on the things you buy, but only sometimes. >> and a sudden turn around for cash-strapped law enforcement agencies, the new job option and the starting salaries. >> wet, windy weather is coming to the bay area, when the next series of storms will arrive. >> the preliminary figures are in and this cyber monday is turning out to be the biggest online shopping day in history. the research firm com score estimates that online shoppers spent up to hundred manife

walter served as interim chairman before shapiro took over. the administration has until next december to nominate a new chairman for a full term. sylvia hall, "n.b.r.," washington. >> susie: joining us now with more on the s.e.c., john coffee, securities law professor at columbia university. you know, jack, mary schapiro got lots of criticism for her years at the sec, whether you want to talk about lax supervision for the whole persony maddoff scandal, she gets criticized for it. as she leaves the sec what kind of shape is that agency in? >> well, i think it is in improved shape. remember that no sec chair in the long history of that agency has ever faced a more difficult, more demanding or more thanksless job than she took on nearly four years ago. she was not responsible for bernie maddoff, he was before her time. but she took on an agency that was at his hor-- historic low point as far as people's respect and morale. she changed some of that. there was talk about disband the sec and merging it into a conglomeration of other agencies. i thi

you heard adam shapiro. a lot of this has to do with the tanker locations where they're storing the gas. they have damage. they don't have power. whh means that we' going to start stealing supply, we are starting to steal supply from our neighbors. this is a problem that is fanning out impacting neighboring states and will keep going. >> yeah. i don't see a real quickix to this. the supply terminals and other damage we don't even know about yet will be ongoing for a long time. i think wishful thinking it will be over anytime soon. it will improve and probably improve dramatically the next cple weeks but it will be still sluggish for the long term. i'm very concerned about heating oil supplies for this winter as well. refineries have not had time to shut down and do maintenance they need for the most part. this is disruption could drag out and winter is early and already is in the northeast and lasts longer than normal. prices could ranch choa up for heating oil when consumers can't afford it, bottom line the

adam shapiro reporting from new york. liz: time to go off the desk?to arrive on the destination on time. might not want to fly american airlines. according to u.s. transportation department, only 58% of american's arrived 14 minutes late making it the worst performer. major topping the list on on-time arrivals, delta 99 america blames its poor performance what it call as illegal work slowdown by pilots who we reported are not happy with the cost-cutting measures being taken as part of the airline's bankruptcy process. david: we saw those guys. saw them outside. also "off the desk", if only abc were really as easy as one two three. king of pop's older brother, jermaine jackson filed a petition to change his name to jermaine jacssun. liz: why? david: he said artistic reasons motivating for the change. the hearing is february 22nd before he makes anything official. seems like a big effort. prince was a much bigger one, remember that? liz: the symbol. next is money with melissa francis

dennis: thank you very much, adam shapiro.ine, that is actually a new record. shoppers spent $59 billion over the four-day holiday weekend. winners and losers from the stock's perspective. you were worried about wal-mart going into black friday, how big of a deal? >> they did extremely well, they were the best prepared of anybody in my opinion. they got everything down to where they wanted it to be. they had layaway working, promotions going to bring people in the door, opened at 8:00, the protest did not seem to hurt them at all. they were the best prepared of anybody i looked at. cheryl: wal-mart despite the protests: number two website to wal-mart.com number two. the sets a price to? >> online 20%, the guys who do brick and mortar sales up 40%, 50% online sales. if your macy's or wal-mart or target or kohl's, their online sales are increasing faster than online sales in total. cheryl: you are happy with macy's and the gap. >> i thought the gap was great. i was really happy with them. macy's i thought was a big winner, the g

that's matt shapiro, president of mws capital. thank you matt. some women tend to be more charitable than men. an indiana university report on philanthropy shows baby boomer generation women and older donate more money more frequently to charity than men. analysis found that men tend to think about donating to non- profits as a "financial transaction," while women enjoy the benefits of a relationship with a non-profit organization. the number of americans living paycheck-to-paycheck is starting to show signs of improvement. according to a survey by careerbuilder, 40% of workers report always or usually living paycheck-to-paycheck, versus 42% in 2011. the percentage peaked at 46% during the financial crisis. a group known as ampleharvest.org is making it easy for backyard gardeners to find food pantries eager to receive their excess bounty. it began in the garden state of new jersey and inspired a nationwide movement fighting hunger in america. in our cover story, how that fight is gaining strength in chicago. shortly after joining kam isaiah isra

connell: adam shapiro in vegas for us.: stocks now and right now, nicole petallides watching the big loser for us. nicole: taking a close look at cablevision. cablevision down 5%, talk about what went off, turns out the costs are significant for a name like cablevision saying customers of hurricane sandy have to call in and get rebates. sandy will be worse than irene for cablevision. substantially larger impact from hurricane sandy, $16 million impact it saw from hurricane irene. that is what we are looking at. significant costs could be related. that is the chief financial officer coming off and talking today. take a look, dow jones industrials doing quite well at 1.1%, 150 points for the dow. connell: ron paul is coming on to talk about today's election. is never boring. ron paul coming up next. dagen: easy to find winners across the market. take a look. dagen: we have been arguing all morning off the air about the right to vote and the need to exercise it and those folks in new hampshire, small town which opened its pol

shapiro: the purpose of the smurrf is to treat dry weather runoff, which is coming from storm drains. dry-weather runoff occurs when people waste water through washing their cars in the street, hosing down sidewalks and parking lots, their irrigation systems overspray. narrator: in a city of 12 million people, those seemingly small bits of wasted water accumulate to enormous amounts. shapiro: so all that ends up in our streets, ends up in catch basins, storm drains, into our storm drain system, and for some of the city, parts of the city, it ends up here at smurrf. 350,000 gallons come here on a daily basis, producing recycled water, and that can be reused for landscape irrigation and indoor toilet flushing. the pumps can only handle so much water, which is generally when it's not rain, the dry-weather runoff, so if you get a storm of a decent size, the pumps will shut down automatically and the water will just continue to flow out into the ocean and it carries a lot of bacteria and people can get sick when they're swimming in the water near a flowing storm drain. everyone knows you d

host: you are on the line with ira shapiro. caller: there were ability presidents i got this country out of trouble from the banks. we got into trouble trying to bring the banks back to their solvency. the greenback got us out of trouble. we have to get the little man out of the picture of the money and let america start controlling its money again and bring it back to the congress. that is my statement. thank you. guest: i think president obama provided leadership to save the banks. it was necessary to save the banks in order to get the economy going. he then provided leadership for some regulation of the financial institutions through the dodd- frank legislation. we can argue about whether that is adequate regulation. we are going to have a debate still over whether these too data to failed banks are too data to exist and should be broken up -- too big to fail banks are too big to exist. caller: i have two comments. first of all, i see some inclination here to over romanticized what the senate was in the past. one example i t

we expected that mary shapiro would leave at some point this year. who might succeed mary shapiro at the s.e.c. a couple names are out there. mary miller from treasury department is one that people have talked about a little bit. i have sources who wave us away from that name. also "the new york times" reporting today that a former top executive at citigroup and ban bank of america may be in the running and enforcement chief at the s.e.c. is a name floating out there as well. a couple names floating out there. no obvious choice right away to go to over at the s.e.c. and obviously with all of the insider trading investigations that have been going on, big, big news in recent days, whoever is selected who head the s.e.c. is going to have a big impact on wall street, carl. >> all right. people will start talking about her legacy as well as we talk more about a successor in the weeks to come. thanks so much. >>> still ahead, the winklevoss twins are stopping by post 9. find out why they are investing in an online shopping service and next up, close and p

adam shapiro. thank you. dagen: long lines of cars waiting for gasoline.abeth macdonald will bring you the latest next. ♪ >> i have your fox business brief. delta airlines expected to resume a full flight schedule. sandy cut into the october profit by $20 million is still affecting the impact. microsoft is testing a smartphone design with component suppliers from major. the company is not sure it will go into mass production. the white house increase in value. it increased 1.5% since 2008. the $284.9 million valuation is still lower than what it was worth back in 2006. that is the latest from the fox business network. giving you the power to prosper. ♪ the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the better business b

the next thing we want to talk about, this is fascinating, a window into how our work goes, jordan shapirok this at the brooklyn bridge, half with power, half without. we went to extreme efforts to make sure it was real. this is absolutely real, now an iconic shot of the storm. and finally, number three, here is another ireporter who spoke with us, george nicholas, with his fiancee, he spoke to jane velez-mitchell. >> i want to show you right now, we opened up the window. and it is really like a massive hurricane out there if you can hear it. it is very, very bad out there right now. >> there is always -- wow. >> he got it closed, he is safe. that is very important to know. don't go to any danger for photos. a photo we showed you all week, the flooded taxis in hoboken, new jersey, our other ireporter captured this from hoboken, and this other is from the cruise ship, take a look. he says they were on the 13th floor, fred. and a lot of areas on the ship got flooded. at one point the furniture went flying. it has an incredible number of views and it is still climbing. so i want you to know,

adam shapiro has been covering the story all day and it's you with the details.also have former u.s. attorney and federal prosecutor. i will start with adam. this is staggering. >> here is the very simple problem. you have hp under former ceo buying this firm, now saying after mike lynch, who was the founder and ceo, after he left, and executive comes forward to hp and says there are problems. there are improprieties. the dude due diligence? melissa: basically stood by the books and said we looked at them, here are the books. >> so, hp, how is that million dollars b he spent on the econo. what kind of due diligence really was done? hp or sony former executive under the us and mike lynch, nobody else. melissa: what is your take on this? on the surface my response was didn't hp do the due diligence? they did not spend enough time looking at the books of the company they were buying to mention the revenue streams and everything else were on the up and up, but they had this top-notch accounting company standing behind the books, what do you think the real story is? >

you can never have too much "money." ♪ >> fox business adam shapiro is back. know who is right next to him, that is monica crowley. what was that about? >> i did not write tha melissa: check this out, this is nascar's first and only female pit crew member. listen to this, ladies who cannot change their own tire. holds a speedy time record of less than 12 seconds to change the front tire position. look at this. amazing. can you do that? >> now come i cannot. it is not that hard to change a tire. melissa: have you ever done it? >> no, i haven't. she is very cool, her name is christmas. i'm surprised it's taken so long for women to do this.3 they can move ster. she is amazing. >> it is like it was so logical to get danica patrick out there, now it has caught on. i have been involved with auto racing with the indycar racing for years and years. meliss which watch closely. i think it is fabulous. this next one may come as a shock, the study, people who live in the tropical climates on average live seven years less than those in non-tropical areas. the major factors

adam shapiro, thanks so much for the report. stay warm.ori: if the plate ends in zero that is considered even number for gas rationing. melissa: i did not know that. lori: right. if you have a letter i think you're even also, but i might be wrong about that. if you have a vanity plate. melissa: all right. there is no controlling mother nature. we certainly learned that. in the aftermath of sandy one new jersey state senator wants us to at least be better prepared. her campaign to keep the fuel pumping even when the lights go out. that is coming up next. lori: also, will the president's re-election mean another giant leap for mankind? nasa's new plan comes to light after the obama administration victory. look at interest rates. were people feeling scared, flocking into treasurys today as they had been in the last few sessions? well, not so much as you see by the no change in the yield on 10-year. 10-year at 1.62%. out the curve, 30-year duration unchanged as well. yield is 2.76. back after this. [ male announcer ] this is joe woods' first d

tracy: adam shapiro, thank you cell you -- shapiro.been alluding to this, the latest e edition to the james bond series raking in records. dennis kneale joins us now, i was one of the many. >> and so was i. and it is the biggest opening ever for a james bond film, and we are talking 50 years and 23 flicks. skyfall hauling in almost $90 million over the weekend in the u.s. and clearing the half billion mark worldwide. it opens overseas ten days before, daneing to come to the u.s. scheduled to beat casino royale, it was daniel craig's first bond film, could even be the all-time leader in inflation-adjusted terms. thunderball, really with a great cost, dramatic death of a key character, incredible special effects and way too much torso shots of daniel craig. i saw it on saturday night at an imax theater, and can it was fantastic. tracy? tracy: maybe i saw a different can movie. i think he had his shirt off twice, there was no romance, there was no sex. >> actually, you go see james bond for special effects and killing people. tracy: what

. >> reporter: 89-year-old herman shapiro remembers a night when u.s. trips were attacked in the english channel. >> bodies were floating all over and people were still alive. if you didn't try your best, people were going to die. i got into a row boat and started pulling people out. it was complete horror to see people like that. >> reporter: he was scared to go into battle but believed it was the right thing to do. >> the stories that came out of nazi germany were horrific. you were dead or alive basically. >> reporter: this 94-year-old resident was a doctor in the philippines during world war ii. >> there's an enemy there. to me either we won a war or wound up dead or slaves. >> reporter: lee land says being a physician during the war saved his life. >> if i hadn't been in a hospital or radiology, i probably would have been in the baaalon aid station, the front lines. >> reporter: even though he didn't fight battles, the war was still a hard time. he left behind his pregnant wife. >> your wife is not there, you're half living. we existed day by day u

. >>> let's bring in constitutional law expert robert shapiro. he's also a former clerk for retired supreme court justice john paul stevens. good afternoon to you, sir. >> good afternoon. >> as more states legalize same-sex marriage, is there going to be more pressure on the justices to address this issue? >> absolutely. i think the justices inevitably react to the trends that they see around. and as more and more states do it, this issue of what is going to be the federal treatment of state declarations of same-sex marriage is inevitably going to a rise. and that's why i think it is likely that the supreme court will address the challenges to the defense of marriage act to really decide that issue about whether the federal government can have its own definition of marriage or whether it will have to defer to the state's definition of marriage with regard to this issue as it usually does with regard to other aspects of marriage. >> if the high court takes up doma, if they decide on doma, if we get a decision sometime in the summer, what will that

jeffrey scott shapiro at the st. lucie board of elections, thank you.e will be on this to see the final results in 10 minutes. of course, if you suspect problems where you live, hoar's the address, voter fraud, fox news. >> jamie right now, fox news alert. the air raid sierence are continuing to be heard in tel aviv. we are keeping an eye on it and will bring you the latest on the ground, right in the heart of israel, straight ahead. he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if

adam shapiro in nevada. peter is moving. peter is on the trail with governor mitt romney in fairfax virginia. peter, you get it first. peter: thank you, liz. we are on the press bus actually following governor romney to his next event. it is here in northern virginia, george mason university. governor romney is barnstorming through four key battleground states today. started out in florida this morning. he's making two stops here in virginia. this is his second one. then we go on to ohio and then he finishes up tonight in new hampshire with a victory concert with kid rock. but we have learned that governor romney will now actually be campaigning tomorrow on election day. this is not totally unprecedented. he's going to go to the cleveland area and the pittsburgh area, back to ohio, and of course to the key battleground state now of pennsylvania. in more get out the vote events. he's not going to be really having campaign type rallies in those states. but turnout is now critical to the romney campaign. governor romney wants t

shapiro became the first woman to lead the s.e.c. announced she will leave her post.y the way she is getting rave reviews from "the wall street journal," t"the washington post" you name it for revitalizing the s.e.c. as a regulatory agency with potential death. the white house has named current s.e.c. commissioner elisse walter to chair the agency going forward. walter can serve through december 2013 but then the president must name a permanent successor who must be approved by the senate. the commission will have a party split so there may be pressure for the president to appoint somebody more permanent more immediately. >>> a long, drawnout fiscal cliff negotiations aren't to go the market any favors. becky quick is here with the market rundown. becky, i'm just thinking, how is the market going to handle what i'm sorry to say is going to be a very repet it tiff next couple of weeks? none of the real deal making is happening. >> reporter: there's some serious issues out there. we had roger atman on the show. >> potential treasury secretary. >> reporter: a former depu

she is set now to replace mary shapiro who took over in the middle of the worst financial crisis sincedited with leading the response but critics say she should have been more aggressive in pursuing those charges against those responsible for the crisis. a christian college can keep fighting the president's signature healthcare law. that's the ruling today from the supreme court. we're talking about liberty university in virginia. it challenged the requirement that large employers have to provide workers with healthcare coverage. the suit claims that forcing the school to cover birth control violates christian religious principles. it also challenges the so-called individual mandate. that mandate requires every american to get health insurance by 2014 or pay a penalty. last year, a federal appeals court threw out the university's case but it was on jurisdictional matters. today the supreme court cleared the way for the lawsuit to proceed in the lower court. earlier this year the high court upheld the individual mandate in a 5 to 4 vote. well, the u.s. may keep 10,000 troops in afghanis

talk on this election day, we are going to play a game of true-or-false about the market with matt shapiro, president of mws capital. matt, true or false: the market will rally if gov. mitt romney wins and sell off if president obama is re-elected? that's one of the stories i've been hearing circulating around. > > it is, and i couldn't disagree more, because obama has been positively correlated, his momentum - for instance, the prediction market in the polls is positively correlated with the stock market. handling accounts for many people, actually, i have my red state shirt on, but i really think a change in administration would not be great for the markets, and a lot of big money managers also are concerned about perceptions of the u.s. deficit if romney wins. > > now what about what the market has already been telling us? the markets are very smart. the market is forward-thinking. has the market already priced in this election? > > well, i don't think it has, and i would be very surprised to see if we know who the president is by midnight tonight, so it's priced in, actually, a lot of

electoral system i'm joined by a week shapiro in richmond he is a senior fellow in constitutional studies at the capitol institute and in philadelphia we crossed and then he is a writer and blogger for counter approach all right gentlemen cross talk rules in effect that means you can jump in anytime you want ok when i'd like to go to you first in philadelphia how would you describe the selection here and how is it different from the election of two thousand and eight because we had citizens united in between time and i think you know where i'm going well in two thousand and eight there was a lot of optimism after eight years of bush there was a lot of hope specially among american progressives that change was coming and it hasn't really hasn't at all actually so this time is more measured enthusiasm for obama and i'm surprised as anything we see as a model and this is certainly not an endorsement of romney because what we've seen is a continuum of american policy especially american foreign policy so from bush to obama to whoever comes next whether romney or obama in the next four years o

enforcement and after night capital called mary shapiro to cancel their trade and she said no take a listen. we have seen significant scenes of the birds. in the sun to do so. we say my suspicion is that the reason the scenes of these troops themselves it's because. they're not see the room the wall. so he says he actually has seen a visible decline in manipulative activities literally after these enforcement actions came through that was that stood out to them and they look at these markets twenty four hours a day all the time so the question is why we have to regulate more rather than move to just enforce more is an actual enforcement what instills confidence and get these guys out of the market they're doing the wrong thing. if you can get them but again remember what i said about manipulation you got to show intent so that's a tough hurdle to some of these things you're talking about of course the stock exchange or nasdaq you know bets the securities exchange commission not the commodity futures trading commission you asked if we were investigating h.f. to use the answers yeah bu

well yes it's unfortunate for ms shapiro who just departed the c.c. that she wasn't able to get the reform she wanted maybe it's better for the money market fund investors and maybe not so the ball is essentially been kicked into the court of the financial stability oversight council that you mentioned and they are now in charge of implementing their own reforms if the f.c.c. does nothing over the next few months so the most likely scenario is that we're going to get some kind of floating net asset value for money and money market funds with that means as me historically money market funds have been held pegged at one dollar and what we would see now is they could rise above or below that and it would be very easy for some of these more conservative money market funds to break the book in the early days after this announcement if they're not guaranteed in some way aha so the concern would be that money market funds would break the buck what impact do you think new regulations would have on where money market funds are invested well again it's not that