now, the s.e.c.'e was asked about this earlier today and she had a chance to answer the question. here's what she said. >> what i can say, and i've looked into this, is that the s.e.c. has one of the strongest compliance programs and trading area of any of the federal agencies. and a number of reforms and procedures put in my by predecessors, obviously. for example, every single purchaser sale of security has to be approved by our ethic officer. >> obviously, any question about s.e.c. employees and potential insider trading is something that's going to get a lot of attention from law enforcement and from the inspector general's office. but my own sense, maria, from reporting that i've done is that what they may be looking at here is a question of whether the paperwork was properly filled out by s.e.c. employees and whether or not they disclosed appropriately what assets they held and whether they're holding assets in the right buckets in terms of what was permissible and not permissible. don't get any

they're playing for the s.e.c. east next week against texas a&m. and they're going to atlanta. >> kirk: win on the road, knocked off ole miss. you're right. crazy to think about. yu johnny manziel going to missouri. both went into the s.e.c. last year. and now one, in this case, it's missouri trying to get to atlanta to the s.e.c. championship game. >> brent: smith replasces child. and this is jeremy. breaks free with a nice gain down the near side. he's to the 29 yard line. >> kirk: at the beginning of the year, they thought he would be the featured back. desmond roland took over. but i love the look of jeremy smith. especially once he finds that seam, he gets the shoulders square. bigger back, 215 pounds, he's a load to bring down. >> brent: another 23-yard gain. the love to the offensive line, koenig, at left tackle, brandon webb, left guard, jenkins, the center. graham, the right guard. chris grisbhy, the right tack. they have performed admirably tonight. done an outstanding job for the cowboys. >> kirk: when they look at this, it's easy to get

really since their championship run began in 2001 in the s.e.c. anything less than 10-3 would be considered a disappointing year for this bunch. for arkansas, however, the depth of despair at not having won a game at all within the south eastern conference since 2012 against kentucky, they're trying to get rid of a lot of demons today. on the road, on a short week, a day after thanksgiving known as black friday, it would indeed be that for l.s.u. if they were to lose this game today. third down and 10, after the time out l.s.u.'s last one available to them. jennings looking. he's wide open. touchdown. travin dural. how about that. beat jarrett collins, number 29, and a prayerful zach mettenberger happy to see the freshman get the job done in the air. can you say 99 yards with a freshman at quarterback? >> aaron: it was the freshman's arm, tim, that was the difference. >> tim: his first touchdown pass, dural has been on the receiving end before. had a big one against alabama, you might recall, in that game. the extra point by delahoussaye gives l.s.

the s.e.c.hings may not always have been as they seem. this city, this area, is actually at the heart of a nationwide crackdown on municipal finances and bond market and now the s.e.c. is taking a close look at a deal na already had a lot of people here fuming. it is a baseball palace, retractable roof, gourmet food. >> ever think you would eat this at a baseball game? >> never. >> reporter: even a swimming pool. >> your take on this. >> reporter: sports radio host adam cooperstein said the home of the last place of the miami marlins is a sight behold. >> massive, modern, doesn't look like anything else you've seen in miami. >> reporter: mostly paid for by the taxpayers who could be on the hook for more than a billion dollars. >> they used dollars that were taken away to fight slum and blight. >> reporter: billionaire norman brayman sued in 2008 to block the deal. >> they cashed in along the stupidity of our elected officials and thinking that a sports stadium is more important than the quality

like the s.e.c. like the states. want to we want to make sure those consumers are protected. and just like any investment, someone who's looking at making an investment, whether it's in virtual currency or a stock or a bond investment, they need to do their due diligence. >> do you follow anything that goes on in china and europe? it's my understanding they're increasing in volume in other countries. is is there any reason for this? would you have any knowledge? >> i don't have any direct knowledge, sir, no.kn >> jennifer? >> myow understanding is in som countries there may be an interest in bitcoin because it can -- where you have a home sm currency considered volatile itself, bit coin mightw behe considered a better place store value.ter and in other places it's also considered a good medium for edo transacting or transferring value. so if there's not a good internal system for transferring value efficiently, it might be used for that purpose as well. >> thank you. thank you, mr. chairman. >> in the category of shameless plugs, congratulations on n holding a hearing on some

i realize the s.e.c. is looking at this if the s.e.c.rove these plans, i guess my question is there a point that you would sell out? and trade your bit coin in for dollars? >> i mean, i think that right now you we are long-term goals and i think we will remain so for a long time. >> the s.e.c. whether or not they approve an etf does not -- >> like cameron said earlier, the fact that china send on the largest search engine that china will let bit coin flourish n china alone, 300 million -- there's more snow, china than there are people in america f bit coin flourishes in china alone it is going to be pretty big. >> your sense that governments everywhere are going to approve this or we are going to come, situation where certain countries say, you know what, no. no thanks. >> seeing countries like germany. >> said no? >> said it is okay. >> germany said it was okay. >> it happened. >> the only -- so belgium, finance minister said it is totally fine. canada is not going to regulate it now. the only country where it was misinterpreted was tha

>> i'm enormously impressed with the s.e.c. f is tremendous, works very hard, lots of expertise. what i tried to do was they have massive responsibilities to do. i really tried to make us as efficient as we could be. one of the things i did on the rule makings, which is a large chunk of what some the staff is doing is to create parallel work streams so you didn't have to different companies working on the same rule making. >> one of the reasons people see it as a tougher agency to deal with is your decision to, in some cases, ask for an admission of guilt. when you look at a case, what is it about the case that makes you decide we're going to push for that admission of guilt, even if there's a settlement or not? >> i think when there's a particular need for public accountability, and that can occur in different way, one is particularly egregious offense, large number of investors heart, big risk to a large segment of the marketplace, a need to make certain the public understands about this particular defendant so that for their

i applaud the justice department and s.e.c. to bringing this to fruition. >> interesting they were unable to bring any criminal or fraud charges against steven cohen individually. his name is on the door s.a.c. is steven a. cohen. why do you think was that? >> well, i don't know. i don't know what the evidence is, what the facts are. criminal prosecutions can be very hard to bring. we'll have to see what kind of further indictments might come down the road. but at least at this initial stage, this is a very, very steep fine. it will be hitting him obviously, since he is s.a.c., it will be hitting him personally as well, i can only assume. and i think it sends a very strong signal. gerngs i applaud the government. >> and the s.e.c. is expected to demand that steven cohen never manage outside money at s.a.c. or anywhere else. should that happen? >> yeah, absolutely. i don't know why someone with this long track record of improprieties at his firm should be interested with ever managing public money again. i think that's completely

now, the chainech shop set out to raise $60 million, practically the moment after the s.e.c. gave t go-ahead to solicitation. tech shop,ind of gym for creators. members pay a monthly fee to acss a factory really where they c make just about anythi. mark hatch is the ceo and co-founder of tech shop. tech shop revolutionizing manufacturing,atch using a revolutionary way oaising money. he's a former gre ret. he sort o foments revolutions. i'm joined by rich and levi. thank you for being he this i'll point out to the viewer that youave been onbefore, and we may get a chance to talk more about tech sh, b if we don't, on the wsite you and i talk about ituite a bit. i'm a enthusiastic fan. that said, let's tal about this way of raising money. you're trying to raise 0 million. >> that's right. >> the other day, last week barracuda network's rsed $72 milln in anipo. so we're talking about small ipo level kinds of money here. >> right, right. but the difrence is in an ipo you've g threeears of autoed financials. we'rstill a little too i don't think toe able to go through all that kind o

the home depot s.e.c. on cbs. the fighting tigers of l.s.u. and the crimson tide of alabama, numbers 13 and one with mccarron and mettenberger going at it. verne, gary and tracy standing by to bring it to you at the top of the hour. kaser gets it out of there and jameon lewis brings it back. does he ever bring it back. how about that. kaser makes the stop, and a pretty good tackle, a marker back at the 28 yard line. a 44-yard boot. a 38-yard return. we do have a flag. >> aaron: block in the back? >> referee: block in the back, receiving team, number 33, penalty is 10 yards from the spot of the foul, first down. >> aaron: there are lessons to be learned. if you're mississippi state, play to the whistle, if you're texas a&m with all the delays we had there with the time out and whether or not the catch was good, you can't let your guard down because if he had returned that kick and hit his head on the goalpost they could have got an onside kick and only needed a field goal to be able to tie this up. >> tim: dan mullen is not far away from having

from fincen and also david, if you want to make a comment as well, has fincen consulted at all with the s.e.c. or the cftc as you've started to develop your guidance? and then mr. cotney have you answered the question as well? is there any kind of international convention as you talked with the brazilians, how they're categorizing this development? >> so thank you, senator. i'll attempt to take those questions in turn.se so first on the issue ofna is ia currency? fincen is the regulator for anti-money laundering and counterterrorist finance ever purposes. we've never opined and still are not opining as to whether virtual currency is a real currency, a commodity, as those questions are really outside our purview. what we do recognize is that it exists and that it's operating and value is being transferred through the u.s. financial system and as such we need to th protect that financial systeatm from illicit actors. so we were able to cover it under our pre-existing definitions and regulations, which include the concept of other value that substitutes for currency. so we did not need to take a

we have the details on the settlement and a live interview with former s.e.c. eekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. every day of the week. centurylink® your link to what's next. but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can make better health decisions. that's health in numbers. unitedhealthcare. so i c an reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you

it's evidence of a tougher stance by both the justice department and the s.e.c. which have started demanding admissions of wrongdoing in these settlements in addition to penalties. the f.b.i. says the case is part of the largest insider trading investigation in history and today, scott, it's produced more than 70 convictions. >> pelley: and what exactly was s.a.c. doing? >> scott, here's one example: in 2008, s.a.c. told more than $12 million in dell scott two days before the company reported disappointing earnings. they avoided $1.7 million in loss it is government says by using confidential inside information. six s.a.c. traders already pleaded guilty, scott, two more are under indictment. >> pelley: anthony, thanks very much. elsewhere on wall street, the dow added to friday's rally closing up more than 23 points to 15,639. now looking overseas, there was a raucous scene in cairo today as egypt's ousted president mohamed morsi went on trial. this was the first we'd seen of morsi since the military arrested him four months ago during a coupe. morsi refused to we

>> reporter: the s.e.c. acknowledges that most passenger opposing phone calls and the chairman says, "i feel that way myself." on the white house website, 2,500 people have already signed a petition to stop the fcc. delta airlines polled its passengers, and two-thirds say no to phone calls. and flight attendants are ow wi a dozen people, can you hear me now, can you hear me now? and none of us want to experience that on an airplane. >> reporter: why such a negative reaction? researchers found when you're stuck in an elevator or plane and listening to a one-sided conversation, it steals your attention. making it difficult to get anything done. tonight, this is just a proposal. even if approved late next year, it will be up to the airlines to decide if you can make a cell call at 30,000 feet. david kerley, abc news, washington. >> david, thank you. >>> a reversal of fortune tonight for a lotly winner who hit a $1 million jackpot. the problem is, he was told he'd only one $1,000. abc's rob nelson reports tonight

slated to go into effect at the end of this year now the newly installed democratic commissioner of the s.e.c. chorus john has raised a number of concerns about the current version of the wall start and believes the rules allows banks to sidestep its intended purpose now these new objections are creating a frantic scramble by regulators to complete the rule which is intended to curb risk taking and ban banks from trading on their own games. now elsewhere when the u.s. was threatening to default on its debts last month big banks wasted no time coming up with a plan b. now it was reported by reuters that quote major u.s. banks set up war rooms spend many millions of dollars on contingency planning and in some cases even prepared to underwrite federal government benefits talk about cutting your losses and running the front runners maybe perhaps i don't know now this is all according to a series of interviews with top banking officials the planning for a worst case scenario situation it didn't come cheap either in recent years j.p. morgan alone has spent more than one hundred million dollars on c

the s.e.c. dget director for fraudulent disclosures, which they deny, settled with the operator of miami dade county's largest hospital after misleading investors in a $83 million bond offering and for telling investors $12 million in bonds for a shopping market is tax exempt when it not be. and then there's marlins park that could cost $1 billion by the time the bonds are paid off. the city, the county and the team have been served with subpoenas over the bond issue. philadelphia eagles owner does not take pride in saying i told you so. he called all public financing of sports stadium a fraud. >> there is no, zero, economic benefit to the community. they talk about -- they all give these ridiculous numbers of jobs that are created. what jobs have they created? >> reporter: while the s.e.c.'s probe here is at the issue of disclosure, whether bond holders or bond investors were told everything that's going on, we don't know if they're going to find anything. the subpoenas are a couple of years old

do you support the s.e.c. rule? >> the s.e.c. rule is not addressed the issue that is we're concerned about. what i'd thite create is a scenario where you're a self-directed investor and your cost go up many times because we have to be a fiduciary even though you're not turning to us for advice. we have to protect those who want to be self-directed but if you want our counsel we should absolutely by a fiduciary. there is a similar effort under way at the labor department. they say do you support the labor department rule making? >> i think the issue is similar which is if we're being compensated by you to offer you advice your interest have to come first. there should be no debate around that. we can't force self-directed people who don't want our advice to pay more because of a new legislative rule. >> we are in washington so those questions from time to time come up. in fact the labor department you could throw a stone from here if you wanted to. but we wouldn't be for that. >> i don't throw stones. >> getting back to the retir

the s.e.c. justice department, meanwhile, are expanding their probe of banks highing practices in china to including morgan stanley and citi group. the investigation focuses on whether they hire relatives of well connected chinese officials in an effort to win new business. in august, jpmorgan disclosed it is the subject of civil and criminal probes over the hires it made in china. the s.e.c. has taken enforcement action against seven companies this year for paying bribes and making improper payments overseas in violation of the u.s. foreign corrupt practices act. meanwhile, in europe today, shares of morgan stanley are down about 0.5% and citigroup has been up about 0.25% in trading so far today. finally, one more item concerning jpmorgan. reuters is reporting the bank tried and failed to satisfy the fed over its ownership of metals warehouses. long before that became a focal point in a debate over wall street's role in trading of physical commodities. reuters say letters show the fed was unwill

clear from the e-mails over the course of years beginning in 2008 she was in communication with the s.e.c the tax exempt status of the organizations. >> let me stop you there. why would the irs be talking to the federal election commission about a tax exempt group? >> the fec wants to know about the one organization, the america's futures fund, in the middle of 2008. >> conservative group. >> they have a conversation. they follow up with the subsequent e-mails of 2009. they have a conversation, information faxed over to the fec from the irs. lois lerner's staff starts poking around the databases looking for information on that and other organizations they were interested in. listen to this. in 2010 they are talking again about the america's futures fund. it looks to me like there is a google news story about the organization's involvement in harry reid's campaign fight. you see the attorney ask his colleagues, oh, ask the irs again about this group. >> to see if they are too political? is that what the fec should be looking into? >> they have a regular way of investigating organizations.

the harder challenge in this case would be the s.e.c. because the s.e.c.that's much more subjective and what the ftc would be looking at is would a cable company that would have 30% of all subscribers in the united states and 60% of all the cable subscribers in the united states, would that company have too much market power in controlling content and the diversity of voices. it's not an easy challenge to get its head around. >> if it is the fcc with, what kind of control over this market, there's already talk about comcast, given the vertical integration model controls too much. would they now allow for the significant addition to their business in that way? >> i think you're exactly right. it's a real hurdle. what they're going to focus on is, remember, not only would you have one company that would have de facto power to give the thumbs up or the thumbs down for any piece of content to exist, that is, in essence if you were a programmer, you either get the distribution on comcast or you just don't exist because without comcast you don't have enough scal

i mean, the ones you filed with the s.e.c. it seemed like there was a dispute about the way the accountant was doing the job and it sounded liked the accountant wasn't doing the job. >> well, without saying a whole lot -- >> yeah. >> -- it's very unusual for a company to fire a big four accounting firm. >> that's what freaked us all out. oh, they have to be good. >> where there's smoke there's fire. we hired the top fifth accounting firm in the u.s. they delivered an audit. no restatement, clean opinion. >> i'm glad you brought it up because i was worried there would be a restatement. i figured hey, listen, we all like this, we hear a big name, i'll not slag them, but that scared people. >> sure it did. >> obviously. >> scared me and the board of directors. >> i'm glad you mentioned that. >> it was the worst time of my life. running a public company. >> yes. here you are, you know, we figure that nobody fires an accountant unless something's wrong. you got a remarkable bill of health, almost instantly, which showed there were o

. >>> the s.e.c. ering a plan that would let airline passengers use their cell phones in flight. the proposal would lift the ban on airborne calls and data use once a flight reaches 10,000 feet. cell phone use would still be restricted during takeoff and landings. the plan would remove a regular hurdle, it's up to the individual airline to decide whether to allow it. >> could we talk about this? i would like to nominate this for the worst idea ever. >> why is that? >> who wants to hear people yepping on the airplane? >> i know. some people really have no idea how loud they are when they are talking on the phone for instance, you? >> besides that a second. the airplane is one place you can go not to be bothered by work or family, not that work or family bothers me personally but it's peaceful! you want to take that flight. i can't believe they are considering this. i have to damaimagine -- >> bad idea. >> if any of you think it's a good idea, tweet us here and i'll ridicule you. >> can you imagine the f

get a credit for that and the total additional payment beyond what has already been agreed to with the s.e.c. is $1.184 billion. other key terms of the agreement are that the entities agree to wind down in an order fashion their invest mpts advisory business to be approved by the sec, they have agreed to accept the maximum term of probation after pleading guilty of five years and agreed to retain with our consent and approval a compliance consultant so that person can make sure everything is going as it should go at the entities during the period of their wind down. there's another key point worth noting about the financial penalty. it's a burden that will not fall on third party investors. the sac companies have made clear no outside investor money will be used to pay the penalty. the settlement terms moreover provide for an orderly wind down and payment schedule of this record penalty to minimize any market disruption. i should also stress neither sac nor any person paying any portion of the $1.8 billion penalty will be permitted to claim any tax deduction or benefit in connection with thi

. >> the s.e.c. nts to know if jpmorgan gave family members jobs so they could drive business to the bank. >> as it turns out, bribing officials isn't illegal, even for jpmorgan. it cannot even step on to twitter for a harmless q&a. >> #badidea is just the beginning. >> reporter: yesterday, they announced a twitter chat. all you had to do was use the #askjpm. and the tweets started pouring in. >> "do your settlement lawyers and social media people sit at the same table for lunch or different tables?" and alex fareene from salon who's been critical probably summed it up best saying, "why did you think this would be a good idea?" my own favorite, "did you have a specific number of people's lives you needed to ruin before you considered your business model a success?" but almost as fast as the social media experience came out, it was canceled. >> you wonder, who failed at jpmorgan? i would like to suggest, older, dumber people. >> reporter: for america's most hated bank, it is back to the drawing board i

just this year the s.e.c. sued miami and former budget director saying they were cooking the books, essentially on city finances back in the depths of the recession and not telling investors about it, the city and budget director deny it. from here we're headed up the coast to boot mother. there's an issue of infrastructure and a city that has three major water main breaks a day and not a whole lot of money to cover it. got a lot more on our special report, cnbc.com/cities online and tweet us #savingourcities. >>> miami the latest city with fiscal woes. add detroit and 50 billion outflow from muni bonds since march, some say it's time to reconsider how safe munis are for the average investor. >> gives you pause. jeff cox says munis are a mine field right now but alexander labrenthal. jeff, why the caution? obviously, we have high-profile cases but why do you blanket the rest of the businesses? >> i think the word mine field is important to keep in mind. it's not that everywhere you go, munis are bad, but do you

then things about his brother's lawsuit with the s.e.c. gs about his household help, his health. and other lobbying clients that christie never answered to the vetter's satisfaction. they put that down. they gave it to romney and said here are the unanswered questions. we need more information if this selection is to go forward. the day after that report, romney pulled the plug. >> i'm not sure yet. howard, does it shock you that he may have overused the expense account and spent too much on food and drink at hotels and stuff like that? it doesn't shock me. >> i'll tell you what's amazing though. and it's a tribute to the reporting by my friends here. they also say that the report raised questions for the vetters about christie's relationship with a top female deputy who accompanied him on many of the trips. that's a quote from page 352 of the book a page i'm sure chris christie has memorized at this point. >> john, any further comment on that since you're looking glum. >> no. we reported it in the book. the vetters were concerned about it.

then things about his brother's lawsuit with the s.e.c. bout his household help, his health. and other lobbying clients that christie never answered to the vetter's satisfaction. they put that down. they gave it to romney and said here are the unanswered questions. we need more information if this selection is to go forward. the day after that report, romney pulled the plug. >> i'm not sure yet. howard, does it shock you that he may have overused the expense account and spent too much on food and drink at hotels and stuff like that? it doesn't shock me. >> i'll tell you what's amazing though. and it's a tribute to the reporting by my friends here. they also say that the report raised questions for the vetters about christie's relationship with a top female deputy who accompanied him on many of the trips. that's a quote from page 352 of the book a page i'm sure chris christie has memorized at mispoint. >> john, any further comment on that since you're looking glum. >> no. we reported it in the book. the vetters were concerned about it. it's

. >> so -- >> but the other way to win, you don't have to have the accounting firm blow up, or the s.e.c. wake up and decide that they actually enforce securities laws. you don't need those, and if those happen, that's great. the real problem they have is that this was theoretically a great razor blade business, and the product that's earned a high margin, excessive margin, or monopoly type margin is gone. anybody can make these things and people have. and now you have in the grocery stores, more than a quarter are being sold, have nothing to do with green mountain. and the pricing is just beginning to fall. and as the -- as you get -- we think there's ultimately going to be competition, commoditization and a price war, and a company like green mountain won't be able to earn excess returns as they've been able to do three, four years. >> why in the world does the stock keep going up? >> it's a very emotional stock. the company is very aggressive. now they want to do a buyback. they want to have a dividend. they want to double their capital spending, which is something that is completely

. >>> the s.e.c. is considering letting you make phone calls during flights. t's a good idea. >> yeah, is it something we live to regret if the s.e.c. gives the okay. alexandra field joins us from new york. are we getting ourselves in trouble with this, do i want to listen to everybody? do they want to listen to me? >> right, you think we all want the privilege until you sit next to someone talking the whole way from new york to l.a. the ftc is going to discuss this in november. and the airlines would have to have phones installed. passengers who want to use their cell phones, well, they could pay pretty dearly for that luxury. one consumer advocate suggests this cog big business for telecommunications companies. listen to this. >> this is potentially a multibillion dollar industry for cell phone companies and device manufacturers. once this ban is lifted, it's not going to be like your regular phone will just work perfectly. you're going to have to either sign up for extra service, or you're going to have to pay serious roaming charges. probably in excess of $

>> remember that cell phones are under the jurisdiction of the s.e.c., not the f.a.a. since they don't have any jurisdiction, they can't say anything about that. there was an s.e.c. representative on the panel, and of course, yes, as time goes on, we expect that the f.a.a. will be able to make those devices usable, although they don't have anything in the works just yet. the use of these electronic devices, of course, is up to the airlines, the individual airlines to make their own policies and say when and how people can use these devices in accordance with the f.a.a. rules. >> what is the definitive word on cell phones? i actually remember talking to an expert more than a decade ago. he said the devices back then, the big phones could cause a course discrepancy of about a degree, but technology changed so fast that is oh no longer the case. what is the real reason you can't use your cell phone on a plane? >> you'd have to ask the f.c.c. about that. i make a point when i travel to ask pilots what their experiences were with electronic interference. some pilots flying t

>> after the may 2010 flash crash, the s.e.c. lace regulations that essentially work at circuit breakers in the event the stock trades 10% below or above where it last traded. in the event that we open, if we trigger that, the stock would be halted for about five minutes and there would be a reauction to open up. importantly the underwriters and particularly the dmm would be layering the books on both sides to make sure the price moves smoothly through this process. >> your point is it's unlikely there will be a trading hold but those circuit breakers are in place and have been in place for a while now in the event that happens. >> they're essentially built to, again, establish confidence in the market that, hey, when the stock moves a significant amount, we're want to be able to pause for a second and go. >> once again, the indications right now are 42 to -- >> 5 million to buy 42 -- >> a little bit of a band. we'll be here with scott all throughout this morning until this opens and even after that. back to you. >> you might have

it's not a situation where you have two teams battling to see who is going to be number one in the s.e.cday. but purchase the game, it's all about the tailgating. and the tailgating here in jacksonville is truly legendary. with 82,000 fans having one heck of a time. >> many thanks to you. >>> also in the world of sports, the miami herld is reporting that dolphin's lineman jonathan martin has left the team and seeking treatment for emotional issues. he was apparently the target of a team prank on monday and he reportedly bottomed out of the lunchroom and not returned since. the player with the time who has spoken to martin says he's spending time with his family. >>> this is so unusual. >> yeah. it is. carol, young players, and this is a second-year player be. he started all 23 games that he showed up for the miami dolphins. he's a factor for the team. you usually hear about players being messed with when they're rookies. this is a second year guy. both of his parents are harvard educated. he went to stanford. there's a lot of reports about him being different. but it's quite unusual when

jack lew says the s.e.c. ld and he still supports the strong dollar. >>> plus, a painting, the tri something or other, fetches $142.4 million. and it's not even sigmund freud. it's one of the biggest auctions in history. >>> and elan musk breaks his silence. the tell us tesla ceo says the automaker isn't recalling model s cars. it's wednesday, november 13th, 2013. 11- 13-13, which means nothing. "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. the treasury department will release figures for september. speaking to cnbc asia earlier today, treasury secretary jack lew sounded optimistic. >> we obviously went through a period of economic difficulty. but what we learned is it did get to the 11th hour. but in the 11th hour, there was a broad bipartisan consensus in the united states to be where

do you support the s.e.c. rule? >> the s.e.c. rule is not addressed the issue that is we're concerned about. what i'd like to create is a scenario where you're a self- directed investor and your cost go up many times because we have to be a fiduciary even though you're not turning to us for advice. we have to protect those who want to be self-directed but if you want our counsel we should absolutely by a fiduciary. there is a similar effort under way at the labor department. they say do you support the labor department rule making? >> i think the issue is similar which is if we're being compensated by you to offer you advice your interest have to come first. there should be no debate around that. we can't force self-directed people who don't want our advice to pay more because of a new legislative rule. >> we are in washington so those questions from time to time come up. in fact the labor department you could throw a stone from here if you wanted to. but we wouldn't be for that. >> i don't throw stones. >> getting back to the re

fdr awarded joe kennedy with a number of high positions, chairman of the s.e.c. e as ambassador to great britain. and for a judgment call that ruined his own political career. nazi germany bombarding london in 1940, he advised the president there was no sense of the u.s. getting into europe's war. that miscalculation marginalized him into domestic politics. so joe kennedy sr. poured his efforts into his own children. his oldest son joe jr. killed in the war. second son jack stepped in to take his place. when the young jack kennedy ran for congress in boston in 1946, he was an outsider too. quite literally. his address was a hotel room. . he outworked his opponents and with his father's money he licked the competition. and in 1952, jfk ran for the senate in a terrible year for democrats nationally, the eisenhower landslide. this was then a republican friendly state of massachusetts. his opponent had a marquis name, henry kabt lodge. kennedy won an upset again. they replicated this model in 1960 in the wisconsin proom ima in the west virginia primary. joseph kennedy

that meets about once a month with representatives from big agencies like the fed, treasury, the cfpb, s.e.c we could keep going but about two weeks ago the group discussed whether asset managers should be deemed too big to fail, my sources say blackrock and fidelity. this designation called systemically important and requires steep capital levels and tight regulation. companies are fighting it. two dozen plus letters responding to a controversial october report from the office of financial research saying reaching for yield and hurting into asset classes put these companies at risk in volatile times. several trade organizations say the study ignores the way asset management works, others like invesco says history shows these firms don't play a role in financial crises. losses to the client not taxpayer. regulate them at the product level, not at the firm level. shouldn't have to hold capital against plain vanilla stock and bond funds. most say, we're smaller than the banks. blackrock at $3.8 trillion is the biggest money manager showing its balance sheet only $8.7 billion, a far cry from de

the long-running s.e.c. saga looks to be drawing to an end.teven cohen's group has pled guilty to a host of charges. it will pay fines and forfeitures around $1.8 billion and will no longer manage money for outsiders. the war of words, though, between the u.s. attorney in manhattan and mr. cohen goes on. he's basically saying it was a handful of men who pleaded guilty and whose conduct gave rise to sac's liability. the manhattan attorney for his part says substantial and pervasive insider trading was going on on a scale without preceden precedence. the war of words continues. >> it's a huge number, but no individual guilt. on twitter, a pew research center poll looked at not only how we use twitter, but who uses twitter, and it's pretty interesting. >> yeah, it is. and it's very interesting for the likes of you, who is a news man who tweets as well. 18 to 29-year-olds are the biggest grouping of people who use twitter and facebook as well. and around about half of them get their news from twitter and facebook as well. this is according to our

even though we'll probably have to give back our registration as an investment advisor to the s.e.c., family office. here's a quo from him. "over the next several months, we will wind down third-party investments and return capital to outside investors. he goes on to say, we can still run our business, and we believe we have in place a strong team for 2014. of course, s.a.c. will also have to fight civil charges against founder steve cohen with the s.a.c. about failure to supervise employees, carl. they're saying in this note, those are without merit, they believe, and we could see a fight ahead as they continue on as a manager of private capital. >> -- color at all about their access to leverage, their relationship with other players on the street? >> reporter: you know, there's no comment in the note about that. really just a review of why they settled, what their plans are, and kind of a thank you to employees. having said that, my early indication from other wall street firms that do business with them is they're going to continue on for now. they believe they are protected from l