but what was amazing about that, was that it spencer bachus who came to jamie dimon's defense. spencer bachus is the congressman for the birmingham, alabama, region which has been decimated by the jefferson county swap disaster, which was caused by chase, which was fined $700 million by the sec. so here's a guy who represents the county that has been most affected by chase's bad behavior, and he comes to chase's defense in the hearing, which i thought was -- it set the tone for the whole thing. >> matt mentioned the toxic swaps. jefferson county isn't the only example. there have been a whole series of, you know, since jefferson county and other municipalities blew up by deals they did before the crisis, there have been a series of swaps done after the crisis with transit authorities, where they are losing a tremendous amount of money. you can look at the way jpmorgan has serviced mortgage loans. you know, they had to get up and admit that they had been basically breaking the law, and there were criminal penalties associated with this law, by foreclosing on servicemen in iraq a

congressman spencer bachus is our special guest.easons your account had done well because you owned apple for a very long time. >> that's right. the author of the book had graduate students that were reviewing this, and he actually, one of the most explosive charges he said that i loaded up on an etf that if financial stocks crashed i would make a lot of money. it turned out they were energy stocks. >> it was an energy etf, not a financial etf. there's a big difference. >> i gave them all my records for three years, all my memos, e-mails and they ruled 6-0 that not only did i not insider trading but i violated no ethical rules nor any standards of conduct. >> how long have you owned apple, what price did you buy it at? >> '97. >> you bought it in 1997? holy smokes! you don't need to work. >> i've since sold it. >> you've since sold it. >> when did you sell it? >> '99. >> oh, okay. >> but it had gone up considerably. >> you should have held that, huh? does that kill you? >> no. >> why don't we get back -- >> i made a lot of it within

chairman spencer bachus will join us with a preview. g-20 leaders wrapping up a summit in mexico today. according to a draft of the statement that they will release leaders will say they are united behind efforts to boost growth and job creation in an effort to repair a fragile global economy, larry summers has some interesting thought. we'll talk about that in a little bit. in corporate news oracle reporting better than expected fourth quarter revenues, three days ahead of schedule. these results came after news of pending departure of a sales executive, fueling concerns that business was stag night. his departure is linked to criticism of oracle's president. oracle is authorizing $10 billion for additional stock repurchases. andrew, let's get over to you. >> breaking news that's crossing the wires. a merger this morning, a two step deal. walgreen is buying a 45% stake in the european pharmacy alliance boots. walgreen will be investing approximately 6.7 billion in cash and stocks in exchange for a 45% equity interest ownerswne in boots

not to mention committee chair spencer bachus has received nearly $100,000 from dimon's back alone over his political career. in fact, banks are his top campaign contributors for 2012. and you wonder why this whole thing's kind of sideways. it's time for the final tuesday megapanel. the belief, karen, there really is the belief that if you say a lot of stuff on tv that sounds mean and then take a lot of money and don't do anything about the actual mean things happening like lack of capital requirements or giant banks or tax code, the list is many years old now. they actually believe this is a good leadership strategy. i'm just interpreting what i see on tv at this point cht. >> i'm not sure if they believe it's a good leadership strategy. here's what happens. all of that theatre is really for the cameras and news media back home. right. so the headlines that will appear in their local newspapers will be about the tough questions that they asked or the grilling that they gave. they'll be, there's somebody probably right now in those congressional offices taking clips that they're feeding

spencer bachus, the chairman of the committee actually came in to defend mr.saying he can't talk about this anymore because it might give some kind of advantage to his rivals as they try to wind down this trade. not a lot there. as far as the hearing goes and regulation, he said i'm not sure whether hearings like this can advance or improved regulation at all and probably better handled behind closed doors. >> mary thompson, appreciate it. we'll take a quick break and continue in a moment. [ male announcer ] trophies and awards lift you up. but they can also hold you back. unless you ask, "what's next?" introducing the all-new rx f sport. this is the pursuit of perfection. who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] d

of course, the chairman has received $11,000 in this year alone, spencer bachus. j.p.gan is the largest contibutor to pensione bachus giving him $95,000. >> that's why spencee bachus once famously said we are here to serve the banks. well for the first time, we've got a politician saying the god's honest truth. >> that's exactly what they are there for. it's sickening, and it's costing us billions of dollars. all right. now, when we come back, william, mitt romney -- well, mitt romney, guess who is not honest. marco renew rubio sne really? why. let's talk about that. >> senator marco rubio is not even being considered by team romney. [[vo]]joy behar is coming to current tv for one week only until the fall. what happens if you ask her to tone down her opinions? >>sorry, i can't hear you. what? [[vo]]or tell her she has to stick to a script? >>forget it. [[vo]]that will never happen on current. >>try to be a little more conservative tonight. al >> all right. when you talk about mitt romney's possible vp pick, marco rubio's name comes up. he is latino. he is from the crit

one of those attending was alabama representative spencer bachus, then the ranking republican membere house financial services committee, and now its chairman. >> schweizer: these meetings were so sensitive that they would actually confiscate cell phones and blackberries going into those meetings. what we know is that those meetings were held one day and, literally, the next day, congressman bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the fed chairman and treasury secretary. i mean, talk about a stock tip. >> kroft: while congressman bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. he would make a variety of trades, and profited at a time when most americans were losing their shirts. congressman bachus declined to talk to us, so we went to his office and ran into his press secretary, tim johnson. we're not alleging that congressman bachus has violated any laws. all... the only thing we're interested in t