>> when finra and the s.e.c. ask questions, you have to answer them. at process is still open. and so i really can't go -- >> the wells notice suggests that something is coming down the pike fairly soon. where is that process right now? >> it's open, so i'm not going to talk about it. but i do believe if there was anything the s.e.c. or finra saw that would be a concern for investors, fraud or anything like that, me and you wouldn't be seeing here. >> what you have, guys, is this interesting situation which really caught my attention because the company can't promote an ipo, the underwriters can't promote an ipo. but this is sort of like an outfit out there that has these shares and they're aggressively promoting it. they say what they're doing is they're sending the e-mails out to accredited and qualified investors which may be the case. i just think that with everything that's been going on, this adds just another level of intrigue and -- regarding second markets in general. this is sort of over here on the side, remember, it's a broker dealer on the

the s.e.c. itself has said in testimony before the house of representatives on this bill or one quite similar to it would assist them, the s.e.c. in guarding against insider trading by members of congress or our staffs. that is that the regular reporting, the 30-day reporting and the online reporting would assist them in preventing insider trading. so i know there are a lot of amendments filed -- actually, not -- thankfully not too many but a significant number, and seeing the presence of the senator from oklahoma, i hope that he may be here to take up one of his amendments because obviously we would all like to begin to debate the amendments and hopefully have some votes. i would yield the floor to the distinguished ranking member, senator collins. the presiding officer: the senator from maine. ms. collins: mr. president, before the senator from oklahoma offers his amendment -- and i will not take a great deal of time in my comments -- i want to respond to some questions that many of our colleag

and some sources have been telling me they wouldn't be surprised if the s.e.c. tries to make an example of facebook for various things and tries to change the law using facebook as an example. so that's why we'll see this company be incredibly careful about things like talking to david in davos. >> and back to david. julia now on the phone from davos. david, tonight is -- wrapping things up there but there's a big cocktail party tonight. it's like the vanity fair party at the oscars. >> the best wine in davos. >> and i'm sure there's some good wine in davos. tell me what you expect the buzz to be like. who will be there and what does this news do to change the conversation? >> well, i mean, at the party everybody goes who likes good wine, which is the majority of people here. i remember last year i was talking to paul jacobs of qualcomm, those are the kind of people. ceos and michael dell will be there. two competing venture capitalists but not too many. and sheryl will pop in. another senior executive with facebook is here. i just want to say i think it's intere

president, the s.e.c. sider trading cases under the general antifraud provisions of the federal securities laws, most commonly section 10-b of the securities exchange act of 1934 and rule 10-b-5, a broad antifraud rule promulgated by the commission. therefore, what constitutes insider trading has largely been determined by the courts, including the supreme court, on a case-by-case basis. under the case law, two different types or theories of insider trading violations have developed. one, where the defendant is a classic corporate insider using nonpublic information to trade on the company's stock. and a second, where the defendant has misappropriated insider -- inside information in violation of a duty owed to the source of the information, such as a lawyer who trades on advance notice of a business transaction. both types of cases, however, share common elements. there must be a breach of a duty, such as a traditional fiduciary duty or a duty of trust and confidence. the breach must involve material infor

people are wondering, are they really accountable to the s.e.c.? this is basically the members saying, yes, we are accountable. >> we're talking with rachel bade covering this story for cq/roll call. by all accounts, the bill is expected to pass the senate. it then goes to the house. eric cantor said that this needs to apply to the executive branch as well. >> today he came out and said that he wants to expand a disclosure requirement included in the s.t.o.c.k. act zit would include congressmen and their staff to disclose on an online database within 30 days. right now the bill -- that closure bill only includes the bade, writes for cq/roll call, her work is available online. thank you for joining us. >> thank you so much. >>> this is "washington today." c-span. >>> on the what street, dow fell 20. >>> new budget report from cbo predicting that government will run $1.1 trillion deficit in the fiscal year that ends in september. slight dip from last year, but still quite high. the cbo saying that annual deficits will remain in the $1 trillion range i

we know the quiet periods, that the s.e.c. puts in place, you can't be out there talking to investors, to audiences, to business school students, what have you, if your s-1 is out there. that's the window we're looking at, guys. >> we'll get more perspective on this. >> absolutely. joining us now, deborah brash d brashard, and brian blair. welcome both of you to the program. >> thank you. >> brian, we're talking about 75 to $100 billion in valuation, and we believe, i think, the figure that we had from julia was they had operating profits around $1.5 billion. >> right. >> what do you think about valuation? >> i think it makes sense. you know, you mentioned the revenues earlier. $4.5 billion in revenue in 2011. likely growing to somewhere in the mid-6 billion unit range for 2012. there's clearly meaningful revenue growth. we've seen 100% year over year revenue growth. this 800 million strong user base that's growing to 1 billion users in all likelihood, and they're just starting to mon i tiz them. i think the valuation, 75 to 10

where we have responsibility for determining at least initially the appropriation for the s.e.c., the cftc, ftc, the treasury department. while you're not subject to our subcommittee's jurisdiction, i can't speak for mr. durban, i would indicate to you a desire, a willingness to have conversations with you about the appropriations process through the federal reserve, and your funding, if you're willing to visit with me. >> be glad to visit with you and glad to have our staff come and speak to your staff and make sure you know everything you need to know about what we're doing. >> mr. cordray, thank you. >> thank you. >> senator? >> thank you very much, mr. chairman. i thought i'd focus on this issue of the remittance fee that has come up. it's not addressed in any detail in our report. i assume that's because your report was covering through december 31st, and the july was completed in january. but i just want to say my understanding is when people seek to transfer money internationally, this rule says they need to be told up front how much money is going to actually arrive. in other

the s.e.c. going to look at whether it's time to dump rules requiring cable and satellite providers to block out sporting events if teams don't sell out. a coalition of groups say the rules should be dropped because they prevent fans from accessing local games especially with ticket prices and unemployment levels so high. the nfl and other major sport leagues generally oppose lifting blackout rules. target planning to test apple stores next year. a spokesperson didn't say how apple products will be displayed or whether there will be apple employees to help customers learn about the products. apple has stores inside best buy but expanding its presence to target makes it more accessible to shoppers who aren't necessarily just looking for electronics. did you see the apple i44s launch in beijing? they opened like an hour late. people were so upset they were egging, you know how apple has beautiful glass facades, they were egging it they were so upset. >> got to get them now. >> thank you so much. >

multi-billion dollar ponzi scheme in 2009, he neither admitted nor denied the allegations in settling with the s.e.c. >> tom: that's "nightly business report" for friday, january 6. i'm tom hudson. goodnight everyone and have a great weekend. you, too, susie. >> susie: good night, tom. i'm susie gharib goodnight everyone. we hope to see all of you again on monday. "nightly businreport" captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

and a member of the s.e.c. speaking on behalf of marshall parents, many of who we have here tonight, stand up quickly, some students as well, we want to communicate our frustration and disappointment in regards to the district's involvement with moving occupy san francisco to mission street and mission and 15th street over the last couple weeks. as members of the 99%, we do support occupy and the movement, but as parents, we question the district's involvement in what would have been a city sanctioned homeless encampment around the corner from marshall elementary. and down the block from one of the most crime-ridden corners, 16th and mission. we have to raise the question, if there was a vacant lot on the other side of town neither another elementary school with a different school population, would this deal have been made with the mayor and the city? had occupy moved to mission street, we are certain it would have created additional safety concerns for the marshall staff, our families, many who live next door

public interest research group is asking the s.e.c. to require more timely disclosure of corporate contributions to super-pacs. >> i save up money because i really support someone or some issue, and i don't want to know that my pension fund is going behind my back and doing the opposite. >> reporter: many corporate executives have donated to super-pacs, but the only donation we could find from a publicly traded company so far in this election cycle is a $50,000 check from b/e aerospace to a super-pac supporting mitt romney. some conservatives argue there is nothing wrong with companies, public or private, funding the kind of ad campaign being run by backers of newt gingrich in south carolina. >> that seems to me classic political speech, and if you're saying that he should not be able... people should not be able to fund that kind of speech, then what does the first amendment mean, what does it protect? >> reporter: super-pacs that have reported spending almost $13 million so far in this election have not released any information about

although as ranking member collins said, the s.e.c. theoretically has the ability to prosecute members, there has been no precedent for it, and the state of law at this point is very, very unsettled. to remove any and all doubt, we need to act and we need to act now. in addition to clarifying that insider trading is indeed a criminal offense, we are increasing the trainers of members' trading activity to make sure that our investment decisions are out there for everyone to see plain as day. as president ronald reagan liked to say, trust but verify. in conclusion, i want to say that senator coburn has a phrase that i think is very accurate in this context. he talks about all the earmarks and contracts that -- in washington spending that ends up in the hands of those people he calls, and i quote, well heeled and well connected. in my opinion, no one is more well connected with more access to a wide range of privileged nonpublic information than members of congress, their friends, employees or family members. at a time when our economy is

i think it's ridiculous but the s.e.c. has fallen behind. >> up next, get ready for cramer's mad dash ahead of the bell. and golden cross or not, we're looking at a lower open here on wall street. >> golden cross, i love it. while some fiber ads use super models, metamucil uses super hard working psyllium fiber, which gels to remove unsexy waste and reduce cholesterol. taking psyllium fiber won't make you a model but you should feel a little more super. metamucil. down with cholesterol. all in one account. it's powerful, easy to use technology for trading stocks, options, and futures. optionsxpress, the broker smart traders deserve. open an account today at optionsxpress.com. but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint

so what the s.e.c. uld look to is are people getting out ahead of the documents, the filings, the prospectuses and trying to sell the stock on hype. >> let's talk about mf global. it does appear this money has disappeared. what a do you expect will happen to jon corzine? >> you know, the fact that the press is reporting that a billion got vaporized is amazing. money doesn't just vaporize unless you're the u.s. mint burning up old dollars, dollars don't just disappear like that. so someone transferred the money from these customer accounts to someone else. someone did that. i think eventually over time the u.s. trustee in their investigation, if they do it right, if the regulators, the law enforcement agencies, really do an honest to good bottom's up investigation, they're going to find out who it is that made those transfers. >> we have to run but as the question always goes, will jon corzine be able to have lunch in this town again? >> it's going to be tough for him. i think the further and longer you g

six consecutive titles for the s.e.c. and two in the last two years for alabama. >>> here is a look at the final standings. alabama ends the season at number one. lsu falling to second. welcome back state in third. -- oklahoma state in third. >> the wizards hope to finally win their first game of the season. they host the toronto raptors tonight. d.c. is 0-8. the last win for the wizards was last season. april 11th against the celtics. the capitals will be glad to end their west coast road trip. they were in l.a. last night taking on the kings. no score in the first. d.c.'s marcus johansen scored his eighth goal. season. caps went up 1-0. that would have been the last lead they had. in the second period, the kings jack johnson with the goal. he does a tim tebow impression. caps lose 5-2. they host the penguins tomorrow night. >>> last night at verizon center, georgetown looked like it was going to have its way with cincinnati until the bearcats defense showed up. in a big way. cincinnati held georgetown to four field goal

s from fannie mae and freddie mac testify in front of different panels and the s.e.c. civil fraud charges against the predecessors. and congress is saying we are going to reduce your pay and get rid of your bonuses. the fact he resigns is not surprising. >>shepard: i was sad to hear host southeast -- hostess is going bankrupt. >>gerri: rest assured we will continue to get twinkies because they will rate in bankruptcy. that company is saying, it is labor costs and pentagon costs that are keeping us from being competitive with provide values and they will try to get rid of that debt in bankruptcy but they will condition operating. >>shepard: ever had a fired twincy. >>gerri: no and i did not feel lesser for it. >>shepard: i am lesser now that i stopped eating them. >>gerri: were they good? >>shepard: gerri, everything fried is good. gear gore you are from the south. >>shepard: good. good. gerri willis, you say you cannot do that and you get all these pills. >>gerri: once in a while. >>shepard: she is part of the best team in business don't you know? weekdays on the willi

charles: he has done a fantastic job getting them to the point now where they are going to compete for the s.e.cwe talked about the seniors. look where they end up. 11 wins as seniors. >> gus: well, coming up we will have more post-game reaction. as well as our final thoughts. 29-16, arkansas. winning the cotton bowl. ♪ hey ladies. enjoying the film? of course not. because this is our movie. and dr pepper ten is our soda! it's only ten manly calories, but with all 23 flavors of dr pepper. it's what guys want. like this... catch phrase! so you can keep the romantic comedies and lady drinks. we're good. i'm 300 pounds, painted blue, and apart from the cleats. i'm completely naked. [ laughs ] [ woman screams ] [ camera shutter clicks ] go state! [ tires screech ] [ laughs ] oops. and if you got 15-minute insurance, it might not pay for this. so get allstate. you could save cash and be better protected from mayhem... whoo-hoo! like me. [ dennis ] dollar for dollar nobody protects you from mayhem like allstate. >>> welcome back to the at&t post game report where the night belongs to the arkansas razo

. >> what do you think about the s.e.c.', the securities and exchange commission's, performance since the meltdown? >> i think they have not been aggressive enough in going after compensation of these executives. i do think that they're understaffed, undermanned. they're always fighting for money. they have gone after some very large insider trading cases, but again nothing to do with the crisis. there has been a resounding silence, bill, from the prosecutorial function in this country to this crisis. there has been no one gone to jail from, that was really involved at a high level at one of these big mortgage companies. >> what did you learn about crony capitalism in doing "reckless endangerment" based upon the mortgage industry business? >> what i learned was going back in time and examining fannie mae and as you know that's the company that doesn't make mortgages, but it buys mortgages and it guarantees them. so it is a huge player in this business. that was really the quintessential crony capitalism, that company. they l

the s.e.c. has no hard-and-fast rules for those so-called s1s. first and foremost, the financials.n-depth earnings data going back the last three years finishing with the fourth quarter of 2011. also the company will lay out its growth forecast and what its margins are. facebook gets most of its revenues from advertising which, like google, it showed in 2004 in its s1 margins of 41%. people are saying facebook's could be higher than that. it will serve as a source of bragging rights for wall street banks and stock exchanges. but the company can exclude those details in its first edition of its filing. that's often seen as a good tactic to foster competition between the banks and exchanges on pricing that deal. the actual size of which will be replaced by a placeholder like 100 million bucks or so. mark zuckerberg's contemporaries issued colorful issues. but they have to disclose acquisitions and what their patents look like. and customer relationships. but the docs will show who owns more than 5% of the social network. as of now, we know of digital sky, the original harvard brain t

the major networks including nbc are challenging the s.e.c.'them with big fines for broadcasting bad language and nudity. nbc's justice correspondent pete williams has more on this. good morning. >> reporter: natalie, good morning to you. this may be surprising but most of the television programs that come into american homes are un regulated including what's on the cable networks and the internet. but the fcc does police what's shown by traditional broadcasters and they claim the rule no longer makes sense. when abc stations briefly showed parts of a nude woman in a 2003 episode of the police drama "nypd blue" the fcc slapped them and the network with a huge fine. the government started punishing broadcasters for letting even a single four-letter word slip by during live shows. >> it was really, really [ bleep ] brilliant. really, really great. [ laughter ] >> reporter: it's been more aggressive in patrolling for the fleeting expletives like this one from cher. >> i have had critics in the last 40 years saying i was on my way out every year. r

we all agree, i think, that the s.e.c. has been a by and large a very, very helpful instrument. a question of how far the regulations go. ali, in this case there's an additional question, which is serious. that is that the president is permitted to make recess appointments, that is appointments when the congress is in recess. republicans argue, and they have got a strong case here, that the congress is not officially in recess. so this appointment not only of cordray but national labor relations board members doesn't come during a recess and clearly was done with the political intent. the president wanted to stick it to republicans. he's running against the congress. i happen to think going into this last year of his presidency, running a whole year without getting much achieved here is a mistake for the country. it helps his campaign. i think we need -- we need to get some work done in washington and not just politics. >> mark, let's talk about where the tea party stands on this. the tea party does this pride itself being comprised of the wealthiest 1% of all americans. we've b

because facebook now has more than 500 private shareholders, the s.e.c.uires it to disclose its financials, in which case it just makes sense to go public and raise some money by selling shares of stock while they're at it. facebook reportedly aims to raise $10 billion which would value the company at upwards of $100 billion. to put that in perspective, that's roughly one mcdonald's plus half of walmart. actual ipo if all goes well could happen by late spring or early summer. >>> and this bud's for you. anheiser-busch is launching a new budweiser brand today -- but the lied platinum. 6% versus 4.2 alcohol content. it is expected to cost as much as bud light lime. the launch comes as overall beer sales fell 1% last year and budweiser lost its number two best-selling beer slot to coors light. >> thank you so much. ♪ >>> we have something coming up right now that i'm very excited about hearing. she's a rising star from right here in the washington area. tomorrow she will be releasing her new single and music video. her name is rashida jolley and she joins us

he's taking over now, the s.e.c. their chinese s.e.c. when stock prices in shanghai have plummeted 50%, 60% since the high. there's lots of government debt. so i would say they have a lot of things on their plate to worry about and they know that. >> rose: and what are their ambitions? >> i think right now it seems china's ambition is to be respected. and you can see that with the olympics and with other big infrastructure projects and with the trips that they're doing to the united states and overseas to be respected and to have an economy that maybe the biggest economy in the world and to have things sorof balance. that's their goal maybe, i don't know. maybe it's t their ambition. i think their major ambition is to get rich and be respected and right now they're doing a good job at that. >> rose: what skills do they have that we don't in thenited states? >> i wouldn't say it's skills i would say it's attitude. >> rose: okay, what's this? >> and that is... i'm not so sure i can explain why there's this attitude but it's what i see in ch