the s.e.c.'s annual budget is determined by congress, which is continually -- which has continually shortchanged the s.e.c. the s.e.c.'s budget has been in the crosshairs for years and their funding has been so inadequate that they have been compromised in their ability to pursue their core mission. third, the budget proposal in the house would continue the shortchanging of the s.e.c., cutting $40 million from its existing budget at a time when it needs resources more than ever. and finally, a word about the current demands on the s.e.c. we gave that agency significant new responsibilities under the dodd-frank act in particular to oversee the previously unregulated derivative markets. that's an enormous undertaking that everybody agrees is necessary after seeing the role that unregulated derivatives play in the financial crisis. in closing, i would strongly suggest to my colleagues that if self-funding makes sense for the p.t.o., it makes sense for the s.e.c. i'm not going to call up my amendment

as darren gersh reports, the issue comes as the s.e.c. is asking congress for more money to police wall street. >> reporter: the man at the center of today's hearing declined to testify today. former s.e.c. general counsel david becker inherited money from his mother that had been invested with bernie madoff. becker disclosed that fact, but was still allowed to make recommendations about which madoff victims should be allowed to file compensation claims. darrell issa, the chairman of the house oversight committee, called that a mistake. >> i believe, as we look further into the becker matter, we're going to find the s.e.c. failed to have the highest level of care so that public confidence could be maintained. >> reporter: becker told s.e.c. chairman mary schapiro about the investment, and she said she expected becker would disclose the matter to an s.e.c. compliance officer, which he did. >> i did not... because the account was closed years before, i did not think that the account of a long-deceased relative would raise the issue of a conf

. >> i think that the top two i would say for the s.e.c. regulations, they're getting bombarded right now because the industry, you know, lost that battle on the hill. and they are mad, and they're coming back with the los of lobbyists to try to press the s.e.c. to water this thing down. like you said, so keep the cork? the champagne yet, you're absolutely right. number one, i think that there be stiff fines for companies that do not fly with the intent of the law. do not open up the books to demonstrate that their supply chains are indeed free of conflict. and if they're not, they're acknowledging we got it from there and yes we know where it came from and consumers you can make your choices. but if you try to hide it, circumstance uvent it, then ser fines. secondly, i think is the question of when this all should come into effect. and i think one of the big things that you're seeing lobbyists push for now is a significant delay in implementation. we haven't yet seen the state department make its own recommendations in this regard, but i ta

. >> i think that the top two i would say for the s.e.c. regulations, they're getting bombarded right now because the industry, you know, lost that battle on the hill. and they are mad, and they're coming back with the los of lobbyists to try to press the s.e.c. to water this thing down. like you said, so keep the cork? the champagne yet, you're absolutely right. number one, i think that there be stiff fines for companies that do not fly with the intent of the law. do not open up the books to demonstrate that their supply chains are indeed free of conflict. and if they're not, they're acknowledging we got it from there and yes we know where it came from and consumers you can make your choices. but if you try to hide it, circumstance uvent it, then ser fines. secondly, i think is the question of when this all should come into effect. and i think one of the big things that you're seeing lobbyists push for now is a significant delay in implementation. we haven't yet seen the state department make its own recommendations in this regard, but i ta

what we learned is that as they were leading up to 2008, they were outside many of the s.e.c.'s regulatory structures because they were privately placed transactions. and so with regard to the definition of delinquency or being in default, or the classification of the mortgages or how those mortgages are worked out when they get in trouble, there were not those standards in place because generay they were considered transactions involving the big board. so would it be helpful and what suggestions would you have in this regard of having standards, greater disclosures and structural reforms put in place to perhaps revive the private mortgage-backed security market and bring back more private mortgage capital into the residential market. >> well, a number of steps were takenin the dodd-frank act that tried to address this. for example, one of the problems in the crisis was conflicts of interest or shopping around for credit ratings. and so the -- there are some new regulations, regulatory authorities, s.e.c., to reduce those -- reduce those conflicts of interest and th credit rati

the d r -- the dr requestor is now satisfied with the s.e.c. and the size. the only thing she is asking is that more than a 5 ft. setback to the deck -- or at the end of her testimony she said she wanted the deck pulled back from the rear of the building, which was never requested before. i am a little puzzled as to what she wants. it does not come close to being extraordinary or exceptional. we have modified the project to make it" compliant. we have also kept all the prior setbacks that were previously negotiated. we have a very compact development on this fourth floor, consistent with others in the neighborhood. the only issue i am hearing because it is such a small fourth floor, i think it is important to have a generous back. in the room is not a bedroom. it is a living room. we are not talking about any impact on privacy in the bedroom. it is strictly a living room. a deck that looks into a living room is not unusual or extraordinary, and it meets residential design guidelines. i would also point out that a railing further separates the deck from her r

then came the s.e.c., the big east, the pac-10, and the big 12 >> we found that in many cases even thees don't know the full extent of players' criminal history. >> reporter: at the annual football coaches' convention, we asked several top college coaches how deep they dig into the background of the players they recruit. most answered along the same lines as jim tressel, head coach of big 10 power ohio state. >> we don't really good into anything outside of the school system. hopefully, through the school system, we can find out just what we would need. >> reporter: in fact, we found only two of our top 25 schools did any kind of regular criminal background checks, and we couldn't find a single school that searched juvenile records. yet we discovered in the recruiting hot bed of florida, they are accessible and revealing. 318 athletes in our sample hailed from florida. 22 had a juvenile record. >> in the state of florida, you can do a complete criminal history from juvenile to adult for $20, $25. i think that schools are going to be in a position where there's really no excuse not to d

the s.e.c. is backing a proposal to make top executives at big wall street firms wait at least three years to be paid at least half of their annual bonus. it also sports dumping a requirement that money-market funds invest only in securities with dre ditt ratings. and they the funds could assess the securities -- credit ratings and then the funds could assess the securities themselves. >>> amazon.com may cut ties with 10,000 -- of its affiliates. they are fighting a tax on internet purchases. one california official calls the move by amazon a threat to california jobs. >>> it's ten minute now -- ten minutes now before 8:00. a girl reported missing is found safe. why she was hiding from her family. >>> and what's keeping serena williams off the tennis court? ♪ [ female announcer there's only one you. that's why sutter health created thedoctorforyou.com, where you can find a doctor based on criteria important to you. and because it's sutter health, you can choose a doctor from some of the most resp

what we learned i that as they were leading up to 2008, they were outside many of the s.e.c.'s regulatory structures because they were privately placed transactions. and so with regard to the definition of delinquency or being in default, or the classification of the mortgages or how those mortgages are worked out when they get in trouble, there were not tho standards in place because generally they were considered ansactions involving the big board. so would it be hpful and what suggestions would you have in this regard of having standards, greater disclosures and structural reforms put in place to perhaps revivehe private mortgage-backed security market and bring back more private mortgage capital into the residential market. >> well, a number of steps were taken in the dodd-frank act that tried to address this. for example, one of the problems in the crisis was conflicts of interest or shopping arnd for credit ratings. and so the -- there are some new regulations, regulatory authorities, s.e.c., to reduce those -- reduce those conflicts of interest and the credit rating age

will pay the s.e.c. $10 million to settle bribery charges. i.b.m. was accused of giving cash to south korean and chinese government officials for more than a decade to get computer contracts. regulators say the payments, including trips and meals, broke federal law. i.b.m. did not admit or deny guilt. the settlement must still be okayed by a federal court judge. >> susie: here's a dilemma for the job market: not enough job openings, and where there is an opening, often there aren't enough highly skilled workers to fill the job. to get around that problem some companies are following a centuries-old tradition: apprenticeships. anna olson takes us to northrop grumman's apprentice school for shipbuilding. >> reporter: kimberly jarvis is learning how to build parts that fit into aircraft carriers and nuclear submarines. >> this is a theory class we go through the apprenticeship program where we learn how to put different angles and bends into the pipe. >> reporter: jarvis is one of more than 700 students enrolled in northrop grumman's apprentice school.

agency's proposal would require wall street firms to submit detailed accounts of proposed bonuses which the s.e.c. could ban if they find and deem excessive. >>> and finally, sick of hearing about prince william and kate's royal wedding? well one woman hopes her souvenir sick bag will be a hit with anyone who needs to throne up if they hear any more about the big day. >>> a close call for a tennis star, an unusual college basketball suspension, and a shattering high school experience. plus, lately, the huskies of uconn seemed stuck in a bad place. your early morning sports headlines are straight ahead. >>> the winter chill continues from the great lakes to the northeast and more rain showers on the west coast. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, the antics of young men in college are often dismissed with the phrase boys will be boys. well that is apparently not the case at briingham young university. here is nbc's fred roggin with an early look at all your sports headlines. >>> good morning. with

the s.e.c. has charged a former goldman sachs director with insider trading. rajat gupta is accused of leaking confidential information to the galleon group. galleon's founder raj rajaratnam is awaiting trial on securities fraud and conspiracy charges. now, investigators say gupta gave tips to rajaratnam about goldman, including berkshire hathaway's plans to take a $5 billion stake in the wall street firm. gupta's lawyers call the charges baseless. goldman sachs has not commented. >> tom: a corporation is not a person and doesn't have the same protections when it comes to the release of documents held by the government. that's the ruling today from the u.s. supreme court in a case involving at&t. the telecom giant wanted to prevent the release of thousands of company documents gathered during a f.c.c. investigation into billing practices. competitors sued under the freedom of information act to see those papers. a lower court ruled in favor of at&t. that was overturned today. >> susie: with the launch of a >> susie: with the launch of a new ipad expected tomorr

i identify with the s.e.c. said was assigned at birth. before lyon-martin, i received adequate care at san francisco general hospital. in 2005, and left the county briefly. when i returned, i could not access health care. it became a full-time job to try to do this. i was referred to lyon-martin and by my friend and neighbor, and i became a client within one week. now i receive exceptional care. lyon-martin did save my life. it was in really bad shape when i got there. since i have been there, my health and my life have stabilized a lot. also, i have received a referral from lyon-martin to community vocational enterprises. i am currently in a work adjustment situation with the san francisco health department. that is after being out of work since 1999 due to health issues. lyon-martin -- it seems like it would take very little to help get lyon-martin back on track. if it does, it will really help a lot of people. otherwise, they will not have that help. i agree with ms. russo. i do not believe i would be able to find another care provider

an additional and i can actually name you a program that is going to affect them it's going to be the s.e.c. watchdog finding on the table here is cuts to essentially the wall street reforms that are important wall street and the mess there took took its economy down and these are some of the most wealthy billionaires in the country exactly and so they i think we're going to cut as he sees coming to watchdog the very people that threw us into this economic mess so i mean that's why you look at things like the whistleblower provisions which are a pure giveaway to the trial lawyers they can get a huge take out your you don't have to put on a seventy we're off a lot of the somebody just ripped us off for trillions of dollars that look longer i think that when you want to set it up as a minority and women inclusion the every special interest got something in the twenty three hundred page bill i think we've got i think i think the fact is i think if we cared a great deal of course and that the american people have an interest in seeing their being reform on wall street so yes if the american peo

. >> i think that the top two i would say for the s.e.c. regulations, they're getting bombarded right now because the industry, you know, lost that battle on the hill. and they are mad, and they're coming back with the los of lobbyists to try to press the s.e.c. to water this thing down. like you said, so keep the cork? the champagne yet, you're absolutely right. number one, i think that there be stiff fines for companies that do not fly with the intent of the law. do not open up the books to demonstrate that their supply chains are indeed free of conflict. and if they're not, they're acknowledging we got it from there and yes we know where it came from and consumers you can make your choices. but if you try to hide it, circumstance uvent it, then ser fines. secondly, i think is the question of when this all should come into effect. and i think one of the big things that you're seeing lobbyists push for now is a significant delay in implementation. we haven't yet seen the state department make i own recommendations in this regard, but i talk

the acc, s.e.c. and the big ten. as for yesterday's highlights, here is espn news. >> good morning.steve bunin with this espn news update. it may feel a little bit early. but we had some march madness yesterday at madison square garden in new york city. st. john's in white. rutgers in red. rutgers down one. ten seconds left. contact inside. no foul called. all right. going to let the players play. looks like a foul. maybe offensive. maybe defensive. okay, fine. we'll let it go. st. john's, now, a chance to ice the game with free throws. no good. contact underneath again. no call. the ball appears to go off rutgers. mike rice, the head coach, can't believe it. rutgers with the hail mary. that doesn't work. st. john's steals the ball. then, it looks like justin brownlee walks out of bounds. walks with the ball. committed a foul to get the ball. no call on any three of the options. with 1.7 left, he is out of bounds. nearly bumps into st. john's coach. the referee didn't see it. didn't call it. lets the time run out. and rutgers' season is over, just like that. rough day for the offici

the s.e.c. supporting eliminating the requirement invest only in securities that have credit ratings. that would reduce the influence of credit rating agencies and also require top executives at the largest wall street firms to wait three years to collect half of their annual bonuses. >>> well, some luxury hotels are taking a page from what might be considered lower class establishments. they are renting rooms for less than a full night or day. manhattan's will parker myarian inoffers a valentine's day special of $150 for four hours. that includes paid movies, champagne, strawberries and whipped cream. other high end hotels say the idea also appeals to people who have a long wait between planes or perhaps looking for some quiet time alone. >>> time now 5:54. southern california company defending a publicity stunt that has angered a lot of local environmentalists. check this out. the company thq released 10,000 red balloons over san francisco yesterday promoting their latest game. there's at least

the s.e.c. says the tips went to a hedge fund manager. according to the charges, the hedge fund group made more than $16 million in illegal gains. the nato death toll in afghanistan grew by three more today. one soldier was killed by insurgents in the south. the alliance said two others died in a bombing in the east on monday. that brought the toll to 36 for february, and 68 for the year so far. this was a day of mourning in new zealand for the estimated 240 victims of last week's earthquake. people across the country stopped to observe two minutes of silence. it began at the precise moment the quake rocked the city of christchurch, one week ago today. hundreds of rescue and recovery workers also paused from their efforts. those are some of the day's major stories. now, back to judy. >> woodruff: the house of representatives took a critical step forward today in averting a potential government shutdown. >> a joint resolution is passed. >> woodruff: the two-week spending bill approved today was supported by nearly all house republicans and

so i worked for legal time covering the s.e.c. and a number of regulatory agencies and i worked for the american banke i covered the savings and loan crisis, if you remember in maryland. i got to be in on the entire savings and loan crash of the 1980's, when the whole system crashed. i covered a lot of that, it was actually quite exciting, i went to "business week" in los angeles, and then decided that that wasn't really for me. i had been writing some freelance pieces for the "the los angeles times" sunday magazine, and i went to shelby coppy, who i knew to be a fan of my writing, and i said please, shelby, give me a position here and he did. and i covered entertainment. that was available at the me. i covered the entertainment industry, and then went to the subpoenaed magazine. -- sunday magazine that's when i was able to do the kind of work that resonated with me. >> how long were you and ron brown together at "the los angeles times"? >> well, he was at the national journal for many years. i started at "the los angeles times" tw

hill and they're mad and they're coming back with lots of lobbyists to try to push the -- press the s.e.c. to water this thing down. like you said. so keep the cork in the champagne, we're not done yet, you're absolutely right. number one, i think there need to be stiff fins for companies that -- fines for companies that don't comply with the intent of the law that don't open up the books to demonstrate their supply chains are indeed free of conflict and if they're not, they're at least acknowledging, yes, we got it from there, and now, consumer can make the choices. if you try to hide it, circumvent it, then let's see serious fines. secondly, i think then is the question of when this all should come into effect. i think one of the big things you're seeing lobbyists push for now is a significant delay in implementation. we have yet -- we haven't yet seen the state department make its own recommendations in this regard, i talk to the senior -- talked to a senior member of the administration who said they were not going to advocate for a delay. i hope his opinion is the u.s. government's op

housing finance agency, john walsh, the acting comptroller of the currency, mary shapiro, the head of the s.e.c., the honorable sheila bair the head of the fdic. that is a very august group. they are in the process of promulgating the rules to carry out the intent of dodd-frank with regard to residential mortgages. and the rumors that are coming out of those negotiations -- and i say rumors because i can't verify them because i'm not in -- but i do know the articles i've read in the papers the last couple days send a very troubling signal to me. and just for a few minutes i want to make the point that i think are so critical. number one, it's my understanding that to consider memorializing 80% as the maximum amount of loan-to-value for a loan that would fall as a qualified residential mortgage and do not address private mortgage insurance for coverage above 80%. without getting technical, what that would mean is the only qualified residential mortgages that could be made and not require risk retention would have to have a minimum of a 20% down payment. in the olden days of standard lending in t

host: after watergate we saw the creation of the s.e.c. where you had candidates accepting donations. we have had candidates saying no to matching dollars. they still have to abide by the restrictions and how much they can raise per individual. now we have these outside groups that really are taking the place of these restrictions where there is very little control, if any. guest: it has really moved them out of this area where they have influence over a race or sear yiffs races. and it has taken some of the money away from the parties, but i think, again, 2012, the stakes couldn't be higher, with obama trying to stay for his second term and a host of individuals lining up to win this g.o.p. nomination. they have millions of dollars already raised for that fight. it's going to be at least a $5 pill bill and pob reply a $6 billion election when all is said and done. host: $6 billion? >> the lobbying is billions more. $3.5 billion spent just last year. this is big, big money. these individuals and organizations would not be spending it if the

to hold accountable independent agencies, which are exempt under his executive order -- the fdic, the s.e.ce.p.a. -- that resident covered under president obama's executive order. the e.p.a. came up and said, well, we're doing the public good and then they followed that crazy paragraph i'm going to read in just a minute and said, well, we're okay, we're not issuing any regulations that hurt anybody. i just attended the commodity classic made up of all farm organizations, all commodity groups out in great bend, kansas. number-one issue -- regulations. why on earth are you putting out all these regulations that are about to put us out of business? and you just go right down the line in any group, any association, any business all throughout america -- pat, what are you doing strangling us with all these regulations? what are you guys doing? our response is, i'm an "us" guy, i'm trying to do something about it. specifically, my bill moves to hold accountable these independent agencies. it also removes from the executive order highly subjective language that directs each agency to use the best

commission was not equipped to find the bernie madoff episode, their answer to it was let's cut out the s.e.c. or let's reduce this budget, not make it more efficient so it could stop the kind of fraud and abuse that was taking place but let's just -- let's just starve it to death. and that's the same philosophy that's being applied in this context, mr. chairman. because the program is inefficient, which all of us agree it has been. their answer is let's close it down. ours is to make the program more efficient and work for the purposes for which it was intended. and that's what we ought to be devoting our attention to today, not terminating the program. i yield back. the chair: the gentleman yields back. the gentlewoman from illinois. mrs. biggert: i yield 15 second to the gentleman from north carolina. the chair: the gentleman from north carolina is recognized for 15 seconds. mr. mchenry: i'd respond to my colleague, mr. chairman if we can't eliminate this failed program what program can we eliminate? and i yield back. the chair: the gentleman yields back. the gentleman from massachusetts i

not only paid no federal income taxes, it actually received $156 million rebate from the i.r.s., according to s.e.c. filings. so instead of throwing children off of head start or cutting back on community health centers, maybe, maybe we want to ask exxonmobil to actually pay taxes rather than get a refund. bank of america, number two, received a $1.9 billion tax refund from the i.r.s. last year. bank of america received a a $1.9 billion tax refund. although it made $4.4 billion in profits. maybe they might want to contribute a little bit more before we cut back, as the republicans want, on the social security administration. over the past five years, while general electric made made $26 billion in profits in the united states, it received a a $4.1 billion refund from the i.r.s. chevron received a $19 million refund from the i.r.s. last year after it made $10 billion in profits in 2009. so if you're a working stiff, you're making $30,000, $40,000 a year, you're paying taxes, but if you're chevron and you made made $10 billion in profits in 2009, you don't have to pay any taxes. you get a $19 million