[duck former fdic chair sheila bair >>> welcome back. some earnings updates. box shares tarpgnking after quarterly results. >> kelly, you know, box's stock had soared more than 40% since the ipo heading into this report. as you say, down hard. a loss of $1.65. that was worse than expected. also operating expenses here up across the board. research and development, sales and marketing, it looks like total operating expenses about $94 million. that's versus $71 million in the year ago period. this conference call kicking off in 40 minutes. we'll be on it and bringing you headlines. back to you. >> thank you joshua. we'll have more on today's market and the looming stress tests. first though sue herera has this hour's update. >> it's been a busy day and at least six people were killed in baghdad today when a suicide bomber rammed his vehicle into a building. 35 people were wounded in that attack. the incident took place in one of the city's shiite neighborhoods which are frequent frequently targeted by isis militants. >>> the st. louis post dispatch is reporting

sheila bair was the fdic commissioner said let them try to stop it. also fit the may freddie mac i was too sanguine about fannie mae and freddie mac but by then in 2004 made me nervous then george bush since use of the increased the number of homes they bought below median income. by 2005 i joined the republican chairman to pass a bill in the house in the committee but it passed the senate republicans did not like it but i tried to work it out so the chairman of the of committee that nothing that happened with kidney or freddie said comet 2007 to become the chairman of the committee that haik paulson testifies with chaney's memoir is said the last time one of your officers so people know that is a washington read the. [laughter] and i can tell you all the politics which is benjamin franklin. sova chase says in 2003 we submitted a bill but financial-services committee chairman barney frank the problem was a was not chairman. nine tel 2007 and the house was run by tom delay. and they said if i was really at that time i had power but there are the things

financial reform, and this is something that people do not focus on, ben bernanke at the fed and sheila bairthe bush appointee the bob dole protÉgÉ, worked with us. much of the legislation that was passed was their idea. even the legislation was bipartisan in that the bush officials who knew about the crisis worked with us, even though all of the republicans voted no. al: there is dodd-frank, of course. in retrospect, could it be made less complex? senator frank: no. part of the problem is why is it so big? in the new deal, they passed two bills. one dealing with banking, one with housing. i thought we would have seven or eight separate bills and chris dodd says to me, pal, do you know what it is like to pass bills in the senate? 60 votes six times? they will hold me up. the other thing was the financial system had become more confident. there was no such thing as credit default swaps in the 1930's. part of the problem was there was too little interconnection. we added a few things. i don't think it could have been any farther -- smaller. al: you write that the powerful financial interest as

. >> you know, steve, one of the points that sheila bair was making yesterday, one way of looking at how risky banks are. what would you say about the total assets and liabilities and the extent to which, yeah they probably should have a significant buffer even if we're at 5.5% unemployment and not 10? >> i think that's one of the best outcomes of the dodd/frank bill and i think the efforts of the united states lend to lead to higher capital standards throughout the global banking industry. it's very, very important. i think there's a place where you need to let it off. i agree with what the former congressman said that there are regulations in the mortgage industry. the question is why the banks are not lending more and whether or not regulation has gone too far in terms of the level of their house and with all that land underneath unused. we had a banking analyst on saying that the fed is testing for not one financial crisis but for two. why 10% unemployment? is there a role for the market here in figuring out the right crisis? >> go ahead, barney frank. >> steve, i have to say, fi