sheila bair, thank you. up next, talk about bad weeks. from lawsuits to rape allegations against drivers, uber is on the hot seat again. kate rodgers tallying up the hits. and we'll look at uber investors. are they starting to worry about the $41 billion evaluation? and sony's e-mail hack revealing executives making racially sensitive jokes about president obama. how this hack attack is changing culture in hollywood. stay tuned. once there was a girl who always mixed and matched. even in her laundry room. with downy unstopables for long-lasting scent. and infusions for softness. she created her own mix, match, magic. downy, wash in the wow. >>> welcome back. some breaking news on united technologies with our courtney reagan. >> that's right. so these headlines are crossing as far as united technologies' guidance is concerned for the fourth quarter. both their earnings guidance and their revenue guidance coming in below street expectations. united technology is looking for fourth quarter earnings of $1.60 per share. consensus is about $1.6

. >> until july 2011, sheila bair was one of the government's top banking regulators as chairman of theal deposit insurance corporation. you just described it as pervasive. >> yeah. it is pervasive. it absolutely is pervasive. and it was just a matter of cutting corners, not spending enough money, not have any quality controls. >> although banks say the courts have been accepting their paperwork, that's changing as desperate homeowners countersue the banks over the document fiasco. this leaves houses unsold indefinitely, undermining the recovery. >> i'm very worried about, if this starts getting out of hand, the kind of impact it will have. >> these are lawsuits by homeowners... >> yes. >> who are being foreclosed upon saying-- >> or are in the process or have already been foreclosed on. >> saying, "prove it." >> yes, exactly. >> "prove that you own this." >> exactly. >> chairman bair thinks rotten mortgage documents are so threatening to the economy that the government should force banks to pay into a massive fund. but you think there needs to be a cleanup fund... >> i do. a cleanup fu

sheila bair, a republican, responded that "only in the wonderland of wall street logic could one argueis looks like anything other than a bribe." she went on, "we want people entering public service because they want to serve the public. frankly, if they needed $20 million incentive, i would rather they stay away." why does the revolving door matter? because it beans that too much of the time, the wind blows from the same direction. time after time in government, the wall street view prevails, and time after time, conflicting views are crowded out. consider the deregulation that the banking industry -- the deregulation of the banking industry, followed by a no strings attached the bank bailout in the aftermath of the 2008 when angel crisis. most recently, the anemic efforts to help homeowners who had been systematically cheated by financial giant. the wind always blows in the same direction. the impact of the revolving door can sometimes be subtle. ignoring phone calls from former colleagues, advancing policies that could hurt future employers. relationships matter and anyone who doubt

we'll hear from former fdic chair sheila bair and the chair of the house services committee, jeff hensarling. this is 30 minutes. >> -- conclude dlad bthat big i. i concluded that bad is bad. the question is, is this organic market growth or not? i can say that since the passage of dodd-frank, and i guess we could debate causation, but the big banks have become bigger. small banks have become fewer. and i do believe that there is causation here. so what i think what i would like to do is, in dealing with the too big to fail phenomena, is the house just literally passed i believe yesterday bipartisan bill to add a new chapter to the bankruptcy code to deal with our larger financial institutions. i do believe that should be paired ultimately -- there's so much sheila and i agree on but we may disagree on this -- i am concerned about the ability of fsot to designate -- >> that's two big acronyms. explain those for the poor people who work in the real world. and not washington. >> okay. yes. we have excel at acronyms in washington and little else. but we really have cornered the market on acrony

this is with sheila bair and jeb hensarling, who chairs the house financial services committee. >> we haven't concluded that that is bad that the data is bad. the question is there organic market growth or not. i can't say that since the passage of this, and i guess we could debate, the big banks have become bigger, the small banks have become fewer and i do believe that there is causation. so what i would like to do is the too big to fail phenomenon which is the house this past yesterday a bipartisan bill to add a new chapter to deal with the larger financial institutions and i do believe that that should be paired ultimately and there's so much that we agree on and we may disagree on that. and i am concerned about the ability to designate this. >> explain those for the people that work in the real world and not washington. >> okay. you know, yes, we excel in washington and acronyms, but we've really cornered the market on acronyms. to this council is a group of regulators that i would argue have the ability to effectively control large financial institutions in america by designatin

sheila bair, a republican, and former head of the fdic responded that "only in the wonderland of wall street logic could one argue that this looks like anything other than a bribe." she went on, "we want people entering public service because they want to serve the public. frankly, if they need a $20 million incentive, i would rather they stay away." why does the revolving door matter? because it means that too much of the time, the wind blows from the same direction. time after time in government, the wall street view prevails, and time after time, conflicting views are crowded out. consider the deregulation of the banking industry in the 1980's and 1990's. followed by a no strings attached bank bailout in the aftermath of the 2008 financial crisis. most recently, the anemic efforts to help homeowners who had been systematically cheated by financial giants. the wind always blows in the same direction. the impact of the revolving door can sometimes be subtle. no one likes to ignore phone calls from former colleagues and no one likes to advance policies that could hurt future employers

it has been opposed by current fdic, rmer leaders of the including sheila bair -- a republican who formerlyhair agency -- and thomas, the current vice-chairman of the agency. who are keeping score, this is the agency that bailing responsible for out wall street when their risky bets go sour. now, i know that the house and senate negotiators from both parties have worked long and come to an agreement on the omnibus spending legislation. leaders deserve for preventing the house from carrying out some of their more aggressive fantasies of financial reform. but this provision goes too far. citigroup is large and it is powerful, but it is a single private company. the hould it get to hold entire government hostage to threaten a government shutdown order to roll back important protection that keep our economy safe. this is a democracy, and the american people did not elect us to stand up for citigroup. for elected us to stand up all the people. in the my colleagues house -- eespecially my democratic colleagues, whose votes are essential to moving this package forward -- to until ld support from i