in fact, the new key model for the $350 billion portfolio, including the synthetic credit portfolio is run manually using error-prone spreadsheets with operational flaws. teaching of mr. hagan was doing nightly manual data entry and sometimes staying up in the wee hours of the night to get it done? were you aware of that? >> i was nowhere the details of the work he was doing. i did know they were spreadsheets involved in mr. hagan often stated that it may. >> mr. bacon, the occ told us the spreadsheets, lack of a database, calculation and formula errors were shocking and absolutely unacceptable. do you agree? >> ideal. >> why did the bank model review say -- i'm sorry, why did they approved the var knowing the problems and allowed to operate in a shoddy action. why did the bank allow that? >> it's very disappointing. i have no idea. the risk modeling group is an independent group sat by while chained and educated phd's who run the models and certainly very disappointed in this review properly and delivered to me in poor form. >> did a hagan work for your group quick >> he didn't want i

if the value exceeds the borrowing limit established for the portfolio and it goes to the risk manager. synthetic credit portfolio breach both the cio and banking limits for several days starting on january 16th and breached them again for four days starting on january 24th, jamie dimon personally approved a temporary increase as a matter of fact until the cio rushed for approval of a new model that was referred to as effectively as an end run around risk limits and when it was activated on january 27th if it resulted in an overnight drop when a new bar limit was activated, 50% and the breach ended without having to get rid of a single risky investment. under the old model, it was $132 million. that is how much money was at risk in one day period. when the new model to affect even though the portfolio had the same risky credit derivatives its value was cut in half. now it is $66 billion and guess what? that new amount was under the limit. the new limit. how did you know the new model was going to be more accurate? >> it was a change in a review that had been met on going for not one or

now it's gone to 230 risk limits for the portfolio. this is the point. t wasn't this and other credit portfolio had too few risk limits. this risk management personnel didn't enforce the ones they had. i don't see a pattern in under 225 risk limits on sunday. do you want to comment on that? >> yes. i very much agree with you that the first failure is not to escalate and remediate when what she contemplates the use of names. so it i do agree with that. when is alteration to policies and procedures whereby automatically echo saw the way to the race committee containing mr. diamond, r. c. echo, myself, everybody. that is now automated. i think on the questions of whether it's necessary to have more than that of the this particular egregious mistake was caught by a small number of limit. there's other mistakes you could make it a nod of the cod by a small set, which is why we want to be safer than that. >> we are going to take -- senator mccain. we're going to take a five-minute rake and then widen our panel. give us enough or 292 use the restrooms for anyone

it was not that the portfolio had too few risk limits. it was that personal did not enforce the ones that they had. i do not see how piling on another risk limits solve anything. do you want to comment? >> yes. i very much agree with you. one of the changes is an alteration to policies and procedures whereby automatically if there is a breach for three days, it goes to the cfo, myself, everyone. of the question of whether it is necessary to have more limits although this egregious mistake was caught by a small number of limits, if you followed up on them, there are other mistakes you could make that may not have been caught by a small set of limits, which is why be want to be safer than that. >> thank you. senator mccain, m.d. have anything to add? -- do you have anything to add? >> no, i do not. >> we will take a five-minute minute break if anyone needs to use the restroom. we will be back in five minutes. [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute] >> here is a look at

i'm meredith stoddard and i helped create the fidelity guided portfolio summary. ve reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> couple hours into trading. directv is the biggest gainer on the s&p 500. up almost 6%. they are pulling out of the bidding for gvt. going among the flu blue chip winners, the university of michigan's consumer sentiment index coming in weaker than expected. the survey indicating the consumers are dissatisfied with the wrangled in washington over these matters. for the first time in a while to this the downside. >> yaer, we're still up for the week. doing nice today. five to four advance in the declining stocks. big volume. 're going to do well. the big story this week and it's happening again today. money into the united states and out of the merging market. this has been the big story. it's happening again today. south korea, south africa. the emerging market index is having a real problem. in fact, the whole week here. let me show you how the emerging markets -- remember, were up f

liz: plus is gold emerging as the new bond allocation for your portfolio? top strategist tells you why the old strategy of 60% equities and 40% bonds should be dead. clean it out and make room for shinier balance in your assets of your portfolio. he will talk about that coming up. ♪ . [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effo, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. liz: so might tomorrow be the day that the s&p hits the all-time record high? maybe the futures give us and indication. mark ses ban shumpb sebastion in the pits to see how the futures close. >> we had a big surge. still gave away half the surge we got on the bell. nothing too much out of that. if you're looking at all-time high and paralyzed by fear you can buy a s&p 500 future

the gse portfolio except on pieces that the credit here has not been interested in. they usually are not interested in providing affordable housing. have questions about the effect it will have on the goal of the policy of affordable housing, which we deeply support in the 30 year mortgage. i also have questions about what contracting will need in terms of the guaranteed fees of longer for closure times. better outcomes in terms of rates for closures. should we be looking at the result that rewording states or localities that keep people in their homes as opposed to reason their fees. i look forward to your testimony. >> the chair recognizes the gentleman from california for one and it. >> thank you, mr. chairman. the secondary market of merck investors develops a deep mobile market overtook to the advantage of the average american. the hybrid was fundamentally flawed. in fact it is private companies and public policy charters serving two masters for replacing the function they historically performed we still need a viable secondary mortgage market with sound underra

. >> as i understand it, those customers will receive the pg and e portfolio, soit's renewable at about 19%, a large portion of large hydro and nuclear and then the balance provided by other power sources like natural gas. when you sign up for green e, what pg and e is proposing to do is to buy their green e certificates to green up or cover, if you will, the natural gas fired portion, the nuclear portion, the hydro portion of the service, so that it would become a 100% renewable product, but only that 19 or so percent that is rps, you know, california renewable would be comparable to what we're offering because it's certified california renewable, the balance of that portfolio would be green e certified under pg and e's proposed application which doesn't meet the same renewable criteria that our 100% renewable portfolio meets. >> great, and the 30 thousand, is there a sense of where the residents who will sign up for pg and e's program, where they would come from, is there real effort to undercut the folks in san francisco that would sign up to our program? >> well, i would expect that

anybody had done that people bought that, up 20, 30% today you could have made money overall between the portfolio and the protection you had in the vix. what this goes to show you cyprus where most of the guys behind me don't even know where cyprus is and many people don't know where it is, something like that, something as small as that can cause a major impact in the marketplace. david: let me push back a little bit because. >> yeah. david: as you mentioned of course we didn't end in the green. we ended 60 points off on the dow. that is a significant down drop. what was it about that move in the middle of the trading day, looks like we might be going green and we pulled back again, what gave people jitters at the end of the day? >> i think it was almost buy the rumor and sell the news type of thing. everybody panicked last night. we opened the market today. everything got complacent. people started thinking again as off, cyprus is ten, 12 hours ahead of us. tomorrow morning at 10:00 or 11:00 a.m. central time here when that decision will actually be coming out of the so i think as the day progr

under the law those are the characterization of the process for a hundred percent renewal portfolio. what you see under no. 1 under the renewable mix, the annual impact if we shifted from 5 percent renewable energy credits which are the least expensive product to 85 percent renewable energy credits in our resource portfolio, if we were to leave rate, how much funds would that free up in just that choice free up each year? that would free up about $7.2 million to make that policy shift staying a hundred percent renewable but changing the product to make that renewable supply. on the second row we funded from our revenues $14 million from our start up funds for our clean power sf program and under the not to exceed rate we have proposed we would be recovered that $13.5 million in 4-and-a-half years. what if we change that recovery period to 12 years? we would see on annual bases it would free up $1.5 million. we would lower the rate that we charge customers or make the choices that affect our cost. lowering our cost, perhaps applying some of the savings to rates may present a better bal

chair can you force the resume of the portfolio? >> anyone on the public who would like to comment? good afternoon commissioners i'm jackie. i'm a member of the transportation authority. as you know i was one of the individuals that wrote prop b and got it passes back in 1989. i'm responsible for you who are sitting where you're sitting now. so far as choosing the executive direct director. i was appointed to the advisory committee back in 97 after attending all meetings. from what i understand when the executive director or anyone of the transportation authority steps down they don't - they go with what they've got. they work from within. they appoint their own individuals because their people they know they know transportation. they know the transportation problems in the city. they know what has to be done and the sales package he everything. i've known maria for many years and she's done a great job. i strongly urge you to have her move in as the executive director. thank you very much. >> thank you any other member of the public? and i see none come forward. commissioner campos

it could amount to something, what's going on in cypress but you stick to the same portfolio you're working on and buy the puts beneath the market. >> if you step back and take the emotion out, you say it's a very good thing for the euro and markets. here's why. the euro, they're basically saying we're going to sacrifice the smallest member, a half per seventh cent of the total gdps who banking section is eight times what the gdp is. if we loaned them whatever they need for the bailout, $17 billion instead of making them pay they could never pay us back. it's two times gdp. so angela merkel can stand up in front of their constituents and say, we drew the line here. the limit will raise up, the limit will go up. >> you think it will change. >> i think it will change. >> the genie is out of the bottle. >> here's the risk. the risk is people in other areas, spain and italy come out and say, you know what, we're fog going to take our money out. the backstop at interest rates 75 basis points compared to ours at zero and able to go in there and but the liquidity back in the system coming out of t

we're going to go from having the oldest portfolio in the industry to having one of the freshest portfolios in the industry by the end of this year. >> and we know china is a massive market for general motors, is that where you see most of your growth is going to come from? >> quite frankly, we are seeing similar growth patterns between both the u.s. and china, two biggest automotive markets in the world. we have the greatest market share in both markets. we're indexed and doing well in emerging markets like brazil, russia, and the middle east. so, it's not all gloom and doom. our biggest challenge is in europe, as many of our competition are experiencing the same difficulties we are. >> closer to home, we know that detroit is going through a financial emergency. what impact is that having on general motors and is there anything you can do to fix it? >> well, we try to be the good corporate citizen, but in a perverse sort of way, i think what's happening in detroit is kind of inevitable and it's almost as healthy and difficult as it will be, not dissimilar to what general motors and chrysle

. >>> the yacktman file, now he has names to add to your portfolio. jim agod frede is also going to join us. plus, the s&p 500 is pushing past the closing high. where does the market go from here and what's the best second quarter setup? we are tracking this with steve liesman, josh brown, josh, what's the best set up for the quart her? >> let's look at where we are relative to the s&p 500 has been health care by a long shot, secondarily, utilities is in the top five and consumer staples, that's not necessarily what you want to see at all-time highs. so i think it will be critical, that technology gets off the map and we see some kind of input here for materials to the upside. we need that rotation to happen for bulls to feel truly comfortable that something truly bigger is at play than just kissing that historic high. >> wise, the non-traditional rallies are the ones we're working right now. what's going to happen as we enter the second quart her? >> in the second quarter we'll have more uncertainty because of europe. so we'll have to take a look at e

well, you know, when it gets just a little too popular, you want to sort of tame it down in the portfolio. but, the fundamental analysis is this: it is an all-american stock with a dividend yield going to be over 3%, and it has a franchise that is not declining but is still healthy and vibrant. so when you look at all these facts lined up, the stock could easily get back to $500, get back to $550. > and you think the traders are out of this, the people who were using it as a trading vehicle as opposed to just a simple investment? > > right. it got too big last year. when it was rising so much and it became such a big part of the s&p 500, a lot of fund managers had to be in it. then the reverse happened this year. now it is a drag on portfolios. for instance, fidelity growth discovery fund had a large position in apple. its portfolio had not done so well this year. so now maybe i think that is creeping in, and some of the fundamental investors are getting in, and i think that's a good sign, because fundamentally, i agree, there is a lot of potential for the stock to get to $500, get to $55

that follows the customer's p g and e portfolio. when we describe what the premium is for the customer, it is included. we are making sure customers understand that that is a part of the cost that they will incur. >> okay. i had another question, i don't know if this was discussed but i know that earlier in the presentation there was a 60-day window to opt out without a fee, does that include the care folks. >> there would be no charge for residential customers including care. if the care customer joins the program there would be no charge for leaving the program. >> if they opt out after the 60 day period?

the next microsoft? plus herb is here to help hedge your retirement portfolio. we'll meet a man who allegedly went from pastor to art fraudster. >>> the dow has stayed in report territory, even though as we can see it's down slightly today. the s&p not wanting to be outdown is staying at its multiyear high, for the sixth straight daddy. if they did, though they're not looking likely, they would have gone for eight straight unbroken days of gains. today might be the day they break that streak. bob, i'm going to go technical. just how stressed is the s&p 500 on a technical basis? >> well, that's one of those old-school indicators, and i watch it pretty carefully. right now about as far above a 200-day moving average as it gets. let me show you something. this is one of the old wives' things that i watch fairly closely. here's the s&p 500. once you start getting above about 8% or 9% above the 200-day moving average, normally the market has a very hard time. it will have to move sideways. this happened back in september when the dow was about -- the s&p was 8% -- and

has done a great job restructuring the portfolio. by a third and derisked it significantly. the industrial side of the business has been restructured around some really good growth themes. principally oil, gas, water, energy. the aircraft engine businesses. they have very long ramps. huge backlogs involves. and i was very surprised yesterday to hear the comments out of sydney that it's not impossible that the financial business could be spun. and that is a real change of tone, as you know. you and i have been listening probably five years through the credit crisis. >> right. >> the party line, that it's an integral part of the corporate strategy. >> is it the right move, in your opinion? >> i think it's the right move strategically. i don't think it will create a lot of financial value. i think if you separate the two components and compare them to their peer group is full as it is. so i think from the point of view of reducing management distraction, from the point of view of redisking for a future crisis in the finance arena if ther

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gold trading at kind of the lows we have seen over the past several years, so, adding it to the portfolio here for the people who don't have it as a portfolio play, or as a short- term trade i think makes a lot of sense. > all right tim biggam, you have a good trading day out there. > > you bet. thank you. and that's a wrap. tomorrow in our movies and money segment, the bumpy road for warner brothers. but there's something on the horizon that could result in picture-perfect profits. from all of us at first business, enjoy your wednesday. as sequester cuts start to bite, furlough notices head out to the 1st of more than a million

it's not so much that we are loading up the portfolios with treasuries, but on a relative value basisear at around 2%, in the world we're in, look, it's going to be trading in a range. now, jeffry made the call about how he didn't like treasuries at the bottom in yields of july of this year. at 2%, with the fed and the quantitative easing machine fully turned on, in a diversified portfolio, there is a place for treasury securities. >> so, bonnie -- it's brian kelly. we see japanese government bonds and that's kind of the proxy here, well bell low 1%. are you guys thinking that the yield going below 1%? >> i'm not sure if we would make that bold of a call. but you know, i'm glad you brought up the japanese example. they are the kings of quantitative easing and two decades into this, quantitative easing really hasn't worked very well to spur economic growth. we may be facing the same future here. >> bonnie, it's karen. when you talk about, there's a place for treasuries in a portfolio, can you give me a sense where would high yield be, corporate bonds be relative to that treasury positi

he is the modest fund portfolio manager. ck to charlie here just to give you your chance. my goodness. thank you for being patient there. all right. it is the 10-year anniversary of the first physical gold etf. interesting to look at the history. back then there were just about 900 ounces in that first one. today 80 million ounces in many, many different gold ets. what is it becomes a popular? >> well, i think it is the first wave that investors could on gold and retirement accounts. the retirement, prohibited from owning commodities and similar type of assets in retirement accounts. with the advent of an exchange lifted -- listed etf owning gold you can put it in a retirement account and gold as a lot of great attributes for retirement planning. liz: let's turn away from gold for a moment because it is down $80 of the quarter, a belief. it is really suffering a little bit per ounce. let's get to the metal the you say as a catalyst ahead of it. what is it and what is the catalyst? >> well, of all the metals, gold, silver, pla

i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your financial professional how lincoln financial can help you take charge of your future. ♪ ♪ oh, oh, all the way ♪ oh, oh ♪ oh, oh, all the way i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics. they even reward me for addressing my health risks. so i'm doing fine... but she's still going to give me a heart attack. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. >>> welcome to a new week. at power launch, wh

fed doesn't have one single loser in the portfolio, and what's the reason?it bought at the bottom when nobody else would buy, that's why today. it came in about the stuff, in some cases at ludicrously low value. >> this will be our last question. >> hello. i'm eleanor bach rock, and i describe myself as a fiscally responsible democrat. >> good. >> and it's been a knowing the hell out of me year after year that republicans -- it's left to the democrats, virtually all of the bush administration we have guns and butter and more guns and butter. didn't go to the first day of economics 101. so we now, the democrats, have to try to work out stuff on the deficit. somehow the republicans overlook that. but my specific question is going back to the issue of the interest rates. as you say, they have got to rise at some point, and i'm concerned that the increase in debt service on the government bonds may wipe out or severely hamper the measures they are trying to take. >> yes, you are right to be concerned. the interest rate now on u.s. government debt held by the pub

you can take that and refund some of it in setting the rate, assuming a lower cost resource portfolio, so the program over all cost are lower, set the rate a little bit lower reflective of that but don't set it at $2.7 million because you won't have funds to dedicate to local investment fuchlt set the rate at the reflective of the lower cost of the resource portfolio because the mix is different. every month i'm taking more than i'm spending, therefore i can afford a bond that will fund a local investment into energy efficiency and local generation components. >> thank you, commissioner. >> thank you. i think this discussion gets us probably the more real choice we are going to have to make in the next several weeks and that is how to fund and how much to fund the robust program that everybody says they want. it has been suggested that we should add it to a billion dollars. that exceeds my willingness to fund. the actions of the board of supervisors took back in september not only provided $2 million for going solar but 2 million for energy efficiency and 30 million for local build ou

the dow. google is testing a same-day delivery service with retailers. which stock, amazon or google can deliver bigger profits to your portfolio ahead? is making moves into products like the chromebook laptop and the glasses. the lastin on those products and a lot more from google. stay with us. acceler-rental. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. >>> an historic day on wall street. the dow jones industrial average closing at an all-time record high. the dow ballooning past its previous record high hit before the financial crisis back in october of 2007. >> the dow has never been higher at any moment than right now. >> than it is right now. >> a lot of hedge fund momentum behind this rally. >> when the stock market gods push some chips out, they also pull them back. >> no shortage of opinions where we go from here. you okay? >> i'm okay. >> oh, good. amazon shares down after a report that google is going to test same-day shipping service with retailers. a move obviously into amazon's territor

we decided to put it in the portfolio so you could either frame at or have it on your bookshelf. >> socome to you, not just visual are nonprofits, but just nonprofits can come to you, and you will produce prints for them to sell, and the profits, they can keep. >> the return on investment is usually four times to 10 times the amount of investment. this is for the bio reserve in mexico, and this is one of the artists we represent. >> you also make prints for the artists that you represent. over here are some large prints by a phenomenal artist. >> he writes these beautiful things. anyone who has told you paradise is a book of rules is -- has only appeared through the windows. this is from all over coffee. we are contract printers for all kinds of organizations all across the country. >> thank you very much for showing us around today. i really appreciate you taking the time to let me get better acquainted with the operation and also to share with our "culturewire" team. "culturewire" team. announcer: b dreams and good grades aren't enough to get into college. there are actual steps you

>> my question is with the portfolio of popular brands such as holiday inn and express and crown plazawhat is your take on the growth prospects of maintaining smaller real estate footprint? i have to tell you because it is so great at hot and starwood i say no to that one, go with mine. got with h.o.t. let's go to mike in my home state of new jersey. >> hey, jim, big boo-yah to you. >> where you from in jersey? >> edgewater. >> nice. good zip code. what's up? >> my question is regarding caesar's entertainment. everyone is talking about the online gaming in jersey. but no one is talking about governor christie fighting to legalize sports betting. do you think this recent pop in ceasar's is priced in or is it going to have as much of an effect on the stock? >> i'm glad you called. i want to tell people to take profits in it. let's ring the register. there is better fish to fry. attention passengers. yes indeed. i'm recommending the airlines. the landscape is changing. you know it is and so do i. i'm seeing a bull market in the airlines and the best one is u.s. airways. you wanted stocks

the issue for us is we've worked over the last couple of years very hard at rebalancing our portfoliod our business with the retail independent community. four years ago we had 4,000 independents. now we serve over 7,000. we expanded our position in pharmacy and ambulatory settings and where acute setting tends to be growing and in china in the last day or so, the closing of our and we've rebalanced the portfolio so we have growth beyond the customers. >> you mentioned china. tell me about the venture in china and do you worry at all with some of the issues that china is facing now, their economy, inflation, and also some of the tensions, quite frankly, between the united states and china. >> china has done a great deal for us. we've grown substantially since their acquisition. we've made a number of smaller acquisitions in china. health care is different than in china. it's in its early stages and an industry that has 12,000 distribution players along the channel. highly, highly fragmented. the chinese government is very much aware of that pro i had vooing health cavoo providing heal

the portfolio managers and traders alike are always looking for leadership. er is receiving some pressure in equities, but we're concerned with the inventory spike. we're seeing a doubling of inventory in copper right now, and that's really a alarming. the last time we saw an inventory jump like that, it was 2008. we know what happened after that, jackie. >> all right. a lot of supply on the table, an also watching china. that's their take. now we want to hear yours. do stocks have room to rise? head to futuresnow.cnbc.com and vote while you're there. you have to catch our program live at 1:00 p.m., because mary ann bartels has a shocking call on where the s&p is going next. scott, back to you. >> jackie, we will be there online at the top of the hour. we're watching everything that's taking place over in europe today. simon hobbs is tracking the close and the overseas action from the new york stock exchange. markets closing in europe. simon? >> the european markets are closing now. >> and as we come towards the close, scott, i think the tenor of the markets i

one analyst says look to the south for portfolio boosting bond place. ill tell you where to place your bets ahead. david: plenty of advice from heaven. it may be cold but springtime in the real estate market in downtown manhattan. it is staging a skyscraper high comeback following hurricane sandy. we'll talk to a developer who signed almost 600 million in sales this month alone. that is next. ♪ . a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts. and a smartphone... withn e-trade app. ♪ nobody knows... [ male announcer ] e-trade. investing unleashed. ..melia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions...

>> i've had chesapeake in the portfolio and it's been red all year. it finally turned to green over the last two days. so i'm wondering if chesapeake has enough gas to keep going or should i take a modest profit and do something else. >> natural gas price is going up. this is not the nat gas stock i want you in. i think you wait until 23 and then sayonara! and that, ladies and gentlemen, is the conclusion of the lightning round! >> the lightning round is sponsored by td ameritrade. >> caller: hi, jim. this is bill from state college, pennsylvania. >> yes, nittany lions! >> how's pops? >> how's pops? we had the best time this weekend. went to dollar tree. it was just terrific. went to morning glory for brunch. got a lot of candy. met this woman. she said what are you doing here at the checkout? dollar tree. karen. in my home state of new jersey. >> caller: hi, jim. >> hi, karen. >> caller: i recently enjoyed a "mad money" burger at the hatch. >> you had the burger? did you like the dollar sign? i got a burger named after me. it's a cheeseburger -- it's

jerry sulliva is the portfolio manager. welcome to the show. of san stocks or vice funds as running counter to the economy. and the market. is that how it works? not really. >> well, mostf the tradition are not directly tied to the economy. tobacco tends to go down a little slower demopolis lower. so it is not -- >> some of them are recession-proof like alcohol and tobacco, but some of them, like damning, regular growth stocks. >> definitely. without a doubt of the economy turns, gaming. melissa: talk to me about your top five holdings and how you feel about these right now. austria and philip morris. i am surprised and these two in particular because are more americans quitting smoking? >> yes, but interestingly for the past 30-35 years, tobacco companies have been able to increase the price. more than compensating for the loss. somewhat -- melissa: it's like people are addicted to their product. >> and they are very brand loyal. melissa: okay. and you have las vegas sans as our number three pick. what you like that one? >>irst of all, they ha

the jpmorgan portfolio that racked up outstanding losses in excess of $6 billion. new senate report accuses jamie dimon from holding back information from regulators. kate kelley joins us now with the details. >> reporter: good evening. in a six hour hearing senator carl levin took a very hard line with current and former jpmorgan executives, highlighting the risk management failure, fudged trading marks and ultimately misleading public comments the bank made as it was racking up more than $6 billion in losses last year. ina drew appeared close to tears as she described the jpmorgan job as her life's work and her resignation as devastating. also singled out for grilling douglas braunstein and in senator levin's view misled the public. >> senator, my obligation on the call and the only thing i was thinking about was reporting based on what i knew at the time, the information as accurately as i could. in hindsight, senator, the positions and the portfolio did not act as a hedge, it changed dramatically. we misunderstood the risks. we misunderstood the complication in

everybody was excited about the patent portfolio. everybody was excited about keyboards. dell was not known for having a big r&d operation and they left that to others. >> good point. lots of things tech on the show. a big shake-up at best buy is a bit of a head scratcher. company founder got the boot from the board just last year but now he is back as chairman. joining us now with cbs contributor. how good a thing is this for the company and the stock? stacey? >> reporter: if you can't beat them join them, dick schultz tried to take the company private and now he is coming back in the end this is the best combination. you can stop the infighting here. no longer the outside versus the inside. now it's joining together and figuring out how how do we can ut costs here? how do we fix the online? so you have the new team full of energy and the old team full of passion that is very familiar with everybody so they are excited. >> okay. so even though you have got this new team there are fars thing thas can control and various things that they can't control. what would those be?

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as an educator i joined the team to oversee the portfolio of education and was given the opportunity to implement the country's education strategic plan over the southwest provinces. additionally i was given the national action plan for women and control of two female engagement teams which were marines trained to interact with the population of women because of the pashi culture, the males were not allowed to interact with the women. in order obviously to ensure communities stay strong you have to not only address the men, but you absolutely need to address the women. so we created the female engagement team. with our interagency partners, the u.s. department of state, danish and british governments and of course the afghans, additionally we reached out to the private sector for partnerships, and not for profits to deliver things that we weren't capable of delivering or to cover gaps that arose as we implemented the plan. we implemented the plan through 17 teams through helman and our two female engagement teams. this is actually just scrolling pictures. sometimes a picture says a t