the s.e.c.'responsibilities. the s.e.c. was thrust into the driver's seat for issuing nearly 100 new rules, creating five new offices, issuing more than 20 studies and reports, overseeing the overcounterderivatives market and hedge fund advisors, registering municipal advisors and security had-based swap market participants, and setting up a new whistle-blower program. the jump-start our business start-ups act of 2012 added more to s.e.c.'s plate for further rules and studies on capital formation, disclosure, and registration requirements. turning to the cftc now. the cftc carries out market surveillance, compliance and enforcement programs in the futures and swaps arena. it detects, deters and punishes abusive trading activity and manipulation of commodity prices helping to prevent negative impacts both on consumers an on the economy. four years ago the cftc's mission was substantially expanded to include new oversight of the swaps marketplace. the vast once-in-the-shadows world of over-the-coun

the s.e.c. was thrust into the for issuingt nearly 100 new rules, creating issuing moreces, than 20 studies and reports, over-countere derivatives market and hedge fund advisors, registering mew nighmunicipal advisors and swap market participants and setting whistleblower program. the jump-start our business added moret of 2012 to s.e.c.'s plate for further rules and studies on capital formation disclosure and registration requirements. to the cftc now, the cftc carries out market surveillance, compliance, and enforcement programs in the futures and swaps arena. detects, deters, and punishes activity andng manipulation of commodity prices helping to prevent negative both on consumers and on the economy. four years ago the cftc's mission was substantially expanded to include new oversight of the swaps marketplace. the vast, once until the shadows-- once in the world of over-the-counter derivatives. it is a significantly transformed and highly diversified marketplace, one that is globalized, electr

he was the s.e.c. defensive player of the year.

>> you know, right now ply political instincts say no, and the s.e.c. ys it's doing an overall review of market structure, but doesn't give you a time frame of when that's going to come out or what the work product will be. what's going to come out of that. that is ongoing right now. whether it leads to any actual changes is an entirely different question. your question about political appetite is a good one. does congress want to do anything. maybe in the way of the michael lewis book there would be interest. mary jo white was testifying last week, a lot of members of congress asked her about the book and whether the markets are rigged or not. >> my bet is you're going to be very limited action. i think you'll see a limited toward a trade at rule. >> i think they will likely do some kind of test pilot for that within the next few months. other than that, i don't think you'd see massive moves. i think they're very afraid of making any wholesale changes. >> very quickly, kenny, and i got to go. >> until such time that maybe they realize there's something

the latest s.e.c. s show during the last quarter he was buying some stocks so what's been on his shopping list? he added to his position to google class qa" and facebook, expedia and priceline. >>> so that's what the whales have been doing. also the thoughts of ralph acampora with us from new york. good morning to you, carter. i don't know whether you heard the warning from ralph acampora. what do you think? >> well, ralph is one of the long-standing market observers that we have and, of course, there are a lot of technical things going on that are not good. we do know one thing, yes, that we have the precondition for trouble which is we have a long, mature bull market. we have a five-year bull, bull markets do have expiration dates and the fifth year, 2013 was particularly robust. 30% s&p. and thousand this stall so the bulls think it's the pause that refreshes. this sideways action, the bears and i mean that category that it's a stall that foreshadows trouble ahead. so we're definitely in ralph's camp

the s.e.c. just approved new rules on net neutrality. net neutrality, the idea that broadband providers like comcast, which, by the way, is the parent of this tv station, must treat all internet traffic equally. the s.e.c. plans on preventing broadband companies from blocking or slowing down websites, but it will allow some deals in which content providers like netflix can pay for a fast lane for extrestreaming videos. >>> another twist in the bizarre disappearance of radio legend, casey kasem. late last night, he was found in washington state, just hours after his daughter filed a missing persons report. so far, no word on his medical condition. the 82-year-old suffers from dementia. kasem's children are tied up in a legal fight with their stepmother over his health care. >>> let's check the weather today with christina. i was outside briefly, it's not hot, hot, but at least one single hot. >> you were out there doing your reps, weren't you? that's what scott mcgrew does in the break. >> if you

the s.e.c.edly probing whether hedge funds may have acted unproperly when they made bets on herbalife last year. reports say the s.e.c. is investigating which hedge fund managers attended a so-called ideas dinner last year and what was said about herbalife shortly before a group of funds took long positions. no one has been accused of any wrongdoing. >>> an fda advisory panel is expected to vote on whether to recommend the agency, approve merck's asthma drug, singulair. an over-the-counter version could generate up to $1 billion in sales every year and could be a big asset in merck's consumer health business which is up for sale. merck's stock up nearly 2% in frankfurt today. >>> and berkshire hathaway is buying canada's ultalink. it's a yaw tilt company, more than 280,000 substations and 7,000 miles of transition lines. it serves 85% of the population. it will continue to operate as a separate company under berkshire and be headquartered in calvary. >>> still to come, kiev has launched a milita

that's coming a december letter to the s.e.c. that google just released. so in that letter, apparently google passed on a $4 billion to $5 billion deal for an unnamed foreign company late last year, and then more google news. the company de-throning apple, taking the top ranking in terms of brand value, but everybody is watching the s.e.c. letter, trying to figure out what it could mean. >> i love this letter. it's like a parent reprimanding a child. like the government saying, google, why do you have this money overseas? and they're saying, i made need it to do an acquisition. they're, like, google? okay, i need it for cloud infrastructure. i have all of the reasons i need this cash. it's a little bit -- they're responding to the s.e.c., which is being tough with them on this. >> i have the same take on it. it's been a long time, five months since this was sent. we haven't seen any blockbuster deals. we do hear tech companies have this cash overseas. cisco being one, saying, hey, look, we're looking to invest more over there. that's the reason why we're no

the s.e.c. repeated failures to operate in accordance with exchange rules. they're saying that the nyse and affiliated exchanges are being charged for failure to comply with the responsibilities of self-regulatory organizations. they're also saying here that the nyse exchanges have agreed to settle the s.e.c. charges and are paying a $4.5 million penalty. so big news there from the nyse and the s.e.c., carl. >> eamon javers, we'll get more on that in just a little bit. in the meantime shares of t-mobile rallying this morning, up about 8%. the company reported it added 2.4 million net customers in the first quarter. that is well above year ago levels. i think it's the first quarter ever of plus 20 million. the ceo, john legere, tweeting about his results earlier this morning saying "we've outpaced the competition again. 12 times over. i blank you not." joining us this morning for another first on cnbc interview, john legere, the ceo and president of t-mobile. nice tweet, john. you like to break th

in the early '70s i added with others the s.e.c. institutional investor report which was looking at whether there was conscious parallelism on the part of major investors. it stands to reason that people are very bright and are well resourced they may well come up with similar investment trends, so the mere fact that we see a confluence of investment decisions does not by itself suggest that there's anything wrong. on the other end, if there were collaboration. >> right. >> and communication, that would be a very different kettle of fish. >> but how would you prove that? >> well, it is difficult, but what you would look for are communications and trying to get at the substance of whether people were trying to move simultaneously or collaboratively. it's highly unusual with respect to most portfolio managers, many of whom go to great lengths to prevent others from finding out what their positions are. >> what's the lag time on the 13-f files? i mean, from the time they take the position until it has to be revealed in those s.e.c. fil

last year, he led the s.e.c. in sacks and also tackles for losses. ould be a huge pickup for the rams and even for the national football league. >> l.z., what kind of impact do you think this might have on other players and maybe those who are considering coming out? because michael sam has talked about saying he has heard from others. >> you know, i've been tracking this conversation, you know, for well over ten years. you know, me and many others who have worked in this sort of advocates player that than be denied than coming out of the closet while still playing and what has come to pass. if you check back and you start to look at the landscape of division i you're seeing more athletes of all sorts of sports coming out. i think what this would do is simply encourage me collegiate athletes to live their truth and not fearful of that. as far as those veterans maybe they will find encouragement seeing michael sam and jason collins who is playing in the nba playoffs right now, maybe they will be encouraged by their presence and come out as well. >> is

when the s.e.c. co-defensive player of the year came out in february, there was a lot of talk about teams shying away from choosing him because of his sexual orientation. the rams coach jeff fisher. >> you know, this is the second historic moment in the history of the franchise. the rams in 1946, i don't know if you're aware. we're the first team to sign an african-american player. a year before jackie robinson signed the contract. >> reporter: meanwhile, people in the sports bar reacted quickly. >> really excited that he got drafted. i'm excited that a team took a chance and they didn't worry about, you know, whether he was gay or straight. in the nfl they said they didn't care. now it proves that they don't care. >> reporter: the 49er general manager reacting. he said he is happy for michael sam but he wishes he had gone into a a different team. not looking forward to playing against him. >>> more details on a move to change the definition of marriage in california. they're working to change the phr

the s.e.c. lty on six of seven counts. >> three words that have rocked the financial world, high frequency trading, a hot topic among wall streeter and retail investors alike and the topic of michael lewis's book in which he claims the stock market is rigged. former ceo tom joyce is joining us now. welcome. >> thanks a lot. >> our bob pisani is here as well following this whole story for us. tom, first of all, you left knight last year, in the meantime this book from michael lewis has come out where he says the u.s. stock market is rigged. is he right? >> no. he couldn't be further from the truth. in point of fact, he's dead wrong. let me ask you a question. who is rigging the market? is the s.e.c. rigging it? i doubt it. it duncan -- >> he's accusing the high frequency trading if firms more like a knight capital of front-running and skimming from their clients so over a period of time sophisticated players are paying millions more than they otherwise would have to. is he wrong about that? >> wro

now, the s.e.c. is fining sprint $7.5 million in the largest do not call settlement to date.ment follows an earlier one made three years ago in which they approached 400,000 for similar complaints. the company blames the issues on technical and inadvertent human errors. they are vowing to improve their oversight and compliance. >>> now, chipotle wants to crack down on guns in its restaurants. the popular burrito chain is asking customers not to bring firearms into its eateries. this is after it says gun rights advocates brought military style assault rifles into one of its texas sites over the weekend. chipotle says it has traditional complied with local laws regarding open and concealed firearms. what we want to know, is chipotle right? should businesses overrule local laws when it comes to firearms? it's ridiculous when a restaurant even has to tell people to not bring guns. you might be right. josh tweeted saying have the right to do so doesn't make it right. having the right to have a gun or having the right to ban guns? restaurants? not quite sure which one he's referrin

is the s.e.c. rigging it? i doubt it. is duncan? i doubt it. an has more integrity than your family unit. >> so do you want to answer to what tom joyce said? and again, the conversation went on and he brought the example of everybody has an advantage over somebody else and whatever line of work or whatever you're doing throughout your life. you have documented with ammon a specific advantage that certain brokers have other others in the way they trade on ie sxch echli. so answer tom joyce e's charge, please. >> again, it's whether intentional or not, what has happened is that the markets themselves have in a way provided certain advantages. back to the point i was making is that the exchange really, the dark pool, the markets, their whole goal should be to be neutral, to be fair. and technology has evolved. again, selling technology automatically changes your perspective. so i think you can't criticize someone who says here is an evolution of technology, i'll use this to trade smarter and faster and cheaper. again, it's free market forces. there

he played in the s.e.c. there's some phenomenal players in the s.e.c. that did not get drafted. some did. and a lot of them are going to be cut afterwards. guys that were drafted before him will be cut, guys drafted after him will be cut. so yes, it would be awful if he didn't make it maybe because it's not the happy ending that he wants, but he's also going to be in great company if he doesn't make the team or he doesn't have a long career. you're dealing with the nfl, the average player is a couple years plus some months is your average nfl career time span, if he gets a season or two in based on his ability, i think that would be above and beyond success based on his talent. >> your thoughts, how do the rams benefit, do you think, from having michael sam on the team? >> the rams benefit a lot because you got to remember that last year they were second from the bottom in the nfl and total attendance, so this is partly a gimmick for them to try to get more fannies in the seats. you have a university of missouri star coming to play -- forget the gay thing -- and they need all th

. >> reporter: sam is the s.e.c.'s co-defensive player of the year, played college ball in missouri. now he is a ram. history has been made in professional sports tonight. we'll have more reaction here in san francisco coming up at 6:00. reporting live in san francisco, i'm cheryl herd, nbc bay area news. >> cheryl, thanks very much. >>> an officer-involved shooting in the east bay ended with at least one man injured and another under arrest. alameda county deputies say it started with a robbery at a 7-eleven store in san leandro this morning. they attempted to stop two suspects at the scene when one man reached into his waist band. that's when one deputy opened fire. deputies say the other man took off in his car. he crashed his vehicle near highway 92 after a high-speed chase. >> we did confirm that the store had been robbed. we recovered the money on one of the suspects. and the clerk was smacked around a little bit by the suspects during the commission of this robbery. >> deputies say they have not found the suspe

what will the s.e.c. n light of the michael lewis book, and the my sense talking to people, it will be pretty modest changes. i know they are concerned about dart pools, and there is an issue with 40% of the trading occurring off the exchanges. i think they will start a very limited program that will require some of the dark pools to improve pricing overall. a limited program, not a systemwide program. >> gentlemen, thank you. good to see you. bob, we'll see you later. >> thank you. >> heading off the close, dow off 108 points and that's no flash crash. the s&p 500 off 14, 47 on the nasdaq. you know, the day of the flash crash, i had gotten off a plane and remember checking e-mail and seeing, you know, these alerts, market off 600, 700, 800 points. >> i was on my sabbatical at that time. no idea what was happening. >> blissfully unaware. >> i was somewhere. wall street's bracing for a barrage of after-the-bell earnings, disney, groupon, whole foods among them and many more. which numbers analysts are expec

nbc news reached out to the s.e.c. and fbi and the s.e.c. cannot confirm. >>> a record high close. the dow closed at 16,717 and three points above its previous high. s&p 500 finishing at a high record. the nasdaq dropping five points. >>> in the big easy, a public gathering and a big one of republican leaders. a who's who of republican leaders on tap to give a talk today. you'll hear from one of its featured speakers a relate tv star. >>> new bickering between edward snowden and american officials. he says the u.s. is hiding some critical notes that he sent. with priority mail flat rate shipping. our priority has always been saving the day. because our priority... amazing! ...is you! the amazing spider-man 2 delivered by the united states postal service. [female announcer] we grow big celebrations,o. and personal victories. we grow new beginnings, and better endings. grand gestures, happier happy hours. so let's gro something greater with miracle-gro. what will you grow? they're about 10 times softer and may have surface pores where bacteria

the disclosure came in response to the s.e.c.'question about google's overseas profits and how it plans to spend them. let's have a look at google shares in frankfurt. twitter passes on a deal to make sweet music. reports say the company considered buying german music streaming service sound cloud and walked away from the talks. twitter led an explosive negotiating debt line pass reportedly because the numbers didn't add up. the deal could have been the largest ever for twitter. sound cloud which allows users to post and share music files has more than 250 million members. and twitter shares in frankfurt off by 0.7%. >>> salesforce.com reports a wider first quarter loss as rising costs upset strong revenue growth. adjusted results beat analyst forecasts. revenue rose better than expected 37% and subscription and support fees which make up a bulk of the company's sales rose 36%. the cloud based software vendor also giving upbeat outlack and is raising its full-year guidance. >>> mcdonald's is not loving it these days. the fast food

sam is the s.e.c.'s co-defensive player of the year. he played college ball in missouri. now he is making history in the nfl. reporting live in san francisco, i'm cheryl hurd, nbc bay area news. >>> an officer-involved shooting in the east bay ended with at least one man injured and another under arrest. alameda county deputies say it started with a robbery at a 7-eleven store in san leandro this morning. according to deputies, they attempted to stop two suspects at the scene when one man reached into his waist band and that's when a deputy opened fire. deputies say the other man took off in his car. he crashed his vehicle near highway 92 after a high-speed chase. >> we did confirm that the store had been robbed. we recovered the money on one of the suspects. and the clerk was smacked around a little bit by the suspects during the commission of this robbery. >> deputies say they haven't found the suspects' gun yet at the crime scene or in the getaway car. >>> well, there was some gusty winds throughout the bay area today. here's a live look at san jose, it's gorgeous out

if the s.e.c.'rule goes into effect, it means providers could charge heavy fees to allow netflix and other content providers to distribute at faster speeds across the internet. so this weighs into the whole net neutrality issue and should the fcc be arbitrating on this and forcing these companies to pay higher amounts of money to get their content across at a faster speed. keep your eye on this story. there's going to be a lot of talk about it over the next day or so. >> it's like a toll road. the toll is going up. >>> still ahead on "way too early," the heat looking to punch their ticket to the eastern conference files. did they have the power to hold off a brooklyn surge? >>> and then a scary moment for a little boy turns into an opportunity for heroism from the family pet. the incredible video you need to see. i'm enamored by this video. watch this. see. the dog gets this little kid. we're going to show you what happens after this. ♪ >> his condition is surprised as stable yet critical. possible

i created this app it was in reaction to my experiences with the s.e.c. >> reading e-mails out of context? >> out of context. >> the information is there forever you can put together a paper trail, whatever you want? >> yes. i would say the sky's blue. they would say, what you really meant to say, the sky was gray but you knew we'd be watching and added their own context to it'sit's to the point now we have such large digital profiles. >> right. >> that i wanted to start shrinking my digital profile. then it occurred to me every text i've ever sent, the minute i hit send i lost ownership of it. it doesn't mean the texts were bad or anything wrong, it can be the most innocent thing ever. if someone decides to save it, keep it, post it on twitter, on facebook, forward it to a friend, it can take on its own context. so we created this app. and it's available on iphone now and it will be available on android and it's a stimp concept. you sandy text to another user, a message, 30 seconds after they open it, it's gone. it's deleted. >> the few billionaires coming out saying that they feel perse

of course, they are in registration with the s.e.c. for the ipo and i'm sure the s.e.c. are. we're still looking for them who announced terms mid-july to mid-august. at least that's the timetable for the s.e.c. to hold that up. >> thank you, robert. see you later. >> so we're going out with minus signs. no new all-time high for the s&p. four in a row and we'll stop this week with three in a row. stay tuned now. you've got the ceos of uber and blackberry from the code conference in california. that's coming up now on the second hour of "closing bell" with kelly evans. see you tomorrow, kell. >> and welcome to "closing bell," everybody. i'm kelly evans on this wednesday looking to see if we can finish here for the fourth day in a row with new highs for the s&p 500 but it looks like at the bell we're falling just short that. broad market index giving up two points on the close. the dow off 40 and the nasdaq off about 12. let's bring in today's panel and talk about what that means along with what's happening in the rate space, of course, our very even eamon javers, stefling l

the s.e.c. defensive player of the year at mizzou. when he came out in february, he made history., he's hoping to become the first openly-gay football player. i had a chance to talk to him about his coming out and the possibility of playing in the nfl. so good to have you here, michael. >> thank you, robin. >> thursday, draft day. how long have you been thinking about that? >> i've been thinking about this moment since junior year of college. it's a very nervous time and exciting time. i'm ready for it. >> nervous and exciting, all at the same time. those are good emotions to have. >> this whole process is just amazing. i'm glad to be a part of it. >> mow important was it for you to make the statement that you did, that you're a proud, openly gay man, before the draft? >> i came out to my team during camp. and they didn't have a problem with it. they helped me. i gave it all to those guys. and the end, that was amazing. >> in m, they took the "m" from missouri and spelled sam. >> when i saw that, i had tears in my eyes. >> defensive player of the year in the s.e.c. how does that t

the s.e.c. and fbi are trying to determine if icann tipped walters and if he in turn shared that information with mickelson. icahn who may have had dealings with him in the past told "the wall street journal" says he duh not know of any investigation and added that his company is always careful to observe all legal requirements in all of our activities. walters, one of las vegas's best known professional gamblers who was the phil mickelson. sources say fbi approached mickelson as he competed in dublin. he did not immediately respond but he told "the wall street journal" that, quote, phil is not the target of any investigation, period. icahn, walters, and mickelson have not been formally accused of any wrongdoing. under the laws that governor insider trading, it is not always illegal to leak information about a corporate bid for a takeover and it should be noun that icahn'sed by to bi-color red sox ultimately failed. >> thanks, marlie. >>> now on to the scandal regarding the veterans affairs admin

the s.e.c. accused him of hiding the fact that hedge fund company was involved in putting the deal together and was shorting it. in a statement, he said while his lawyers told him he could appeal, he prefers to move on with his life and finishing his ph.d. in economics. interesting. >>> moving on, japan's major semiconductormaker decided to sell its subsidiary. we go live to the nikkei for the story. >> the subsidiary holds a 30% global market share in a core component for smartphones that controls the picture quality of the smartphone, displays as well as response speed. a component that's used in all iphones, initially was in discussion with apple to sell its entire 55% stake. the deal apparently didn't go through as the iphonemaker was outbid by $500 million. it's likely to move forward with the deal and an disagreement could be reached by spine this summer. one twist is in the story is the semiconductor company decided not to sell its unit to apple citing difficulty with supplying its rivals.

when you're a business person and you go to the irs or when you're a business person, you go to the s.e.cey look to see the name brand. they want to be sure you're actually with someone that you trust. when i, if i use quintiles, i have to assume it is, at least it is quintiles. >> it is hard to speak for the fda. we do have a good relationship with them. we hosted top statisticians from all the major pharmaceutical firms. our guys facilitated meetings. talked about missing data, high responding populations. these times of issues and the fda was present. and it was really a partner in trying to make sure the industry moves forward. >> did you a secondary and then it went very well. and then you brought 3.3 million shares. it is a very fine outfit. and people were surprised. why was not that part of the secondary? and some something we should worry about? >> we went through the process where we are private equity owned. we're still a controlled company at this point. and essentially, the secondary was very successful for our investors overall. we had a little extra cash in the books and we

there was a lot of discussion about the s.e.c. and maybe the federal election committee would help to remedy this problem, i think was the phrase when she was talking about these political groups, many of them tea party type groups who were requesting tax exempt status. and they were being held up and stonewalled all over the place. so there were some initial e-mails that came out. my question is, when we see e-mails turned over these days, they tend to be heavily redacted. do you have any kind of assurance you're going to get the full e-mails in these cases? >> the interesting thing about the ways and means committee is we're the only committee that has jurisdiction to get sensitive taxpayer information. so there's actually no information in lois lerner's e-mails that should be redacted when forwarded to the ways and means committee. the different situation with the government oversight committee, darrell issa's committee. we should be able to see everything she had in her e-mails. there was some fighting over the e-mails we got.

." >>> the s.e.c. tedly probing schwab and merrill lynch for violations in their brokerage accounts. some of the accounts which held millions of dollars were reportedly linked to mexican drug cartels. it's unclear what penalties the s.e.c. would seek. in 2008 it fined etrade $1 million for failing to verify the identities of more than 65,000 account holders. schwab, bank of america, charles schaub up 2% and bank of america up 0.2%. >>> mary barra briefs about the switch recall. they plan to compensate victims. both could be done in a few weeks. barra also told lawmakers gm can't keep up with demand for replacement ignition parts though it should catch up by july. >>> the tobacco industry has come under harassment for years now. it still generates hundreds of millions of dollars of sales. seema has more for us. >> reynolds, american and lorillard are reportedly in advanced talks on a merger that could reshape the tobacco industry. a deal would combine such cigarette brands as camel, pall mall and newport

the intersection of sports and culture. missouri defensive line man and 2013co-s.e.c. the year michael sam embracing his boyfriend after hearing the news he'd been drafted by the st. louis rams become being the first openly gay player to be drafted in the nfl. local st. louis paper proudly called it a place in history and just ours before the news came, many wondered if the team would step up and be part of that history. the nfl.com even highlighting it with sam watch on its home page. that watch ended in the final moments of the draft. here was sam's reaction to a reporter from our local nbc affiliate ksdk. >> i am overwhelmed. i'm excited and i'm proud to be a ram. >> as the weekend went by, what were you feeling like as draft pick after draft pick went by and kind of the picks were dwindling to precious few? >> i knew i was going to get picked somewhere. and every team that passed me i was thinking how i'm going to sack their quarterback. >> even the white house weighed in this morning in this statement to nbc news -- "the president congratulates michael sam and the

equity crowd funding will be interesting when it happens and the s.e.c. signs off. >> you talk about the institutional money that some of your people are getting in the second round. >> yeah. >> do you have a pop a certain amount of the microlevel before you get that attention? is it a function of that? >> i think it's a function of what kind of level institutional money you want. so if you're looking for $1 million or $2 million, it's okay to get 100,000 on indiegogo. if you're looking for 10, 15, 20 million, you probably need more than that. we see something like ihear, which is a technology for hearing, you know, they needed just a couple hundred thousands on indiegogo and followed a $2.5 million equity investment. >> that's incredible. slava, we have breaking news. please come back. >> sounds great. >> slava joining us. we are getting breaking news, and it's on gm. we go to phil lebeau on the phone. hey, phil. >> carl, another -- a number of recalls to announce for general motors. this time, another 2.4 million vehicles are being recalled for a variety

they take grand juried that the s.e.c. will do, though times they left their guard down, too. that's why i'm only recommending vip shop. though it comes with some pretty unique opportunities. even a momentum like this one. in this case of vip shop, if a company like that were to operate in america, it would face competition like brick and mortars. hey, you know, any one of the bill sales that j.c. penney shows, but china is not a developed country, and they southeastern don't have well-developed retail infrastructure. however, the overall discount retail category in the vip shop taps into is growing in explosive pace, from 2012 through 2015 it's expected to expand at 52.6% compound growth rate, with much of that from the web. it's like middle-class chinese shoppers have passed the whole brick and mortar retail experience, going straight to the internet, vip shop isn't just an off-site retailer. they use a flash sale model. every day at 10:00 a.m., the company launches ten sales events which last foss five days, hundreds of products, everything from apparel to household goods.

and the parlance of the draft, this guy, the s.e.c. player of the year and openly gay athlete michael sam was still on the board. with everyone watching and time running out on the draft, the question lingered of whether the nfl was going to, well, frankly pass the social test set before it and bring an openly gay football player into the game. then the call finally came. >> the 249th pick for the 2014 nfl draft, the st. louis rams select michael sam, defensive end, missouri. >> and then the reaction from michael sam himself. [ inaudible ] >> the reaction to that instantly iconic man when michael sam celebrated by kissing his boyfriend went two fays. fans inside music radio hall were head chanting his name. even president obama said in a statement, from the playing field to the board room, lbgt americans prove every day you should be judged by what you do, not who you are. the other side, i'm not watching this espn until this michael sam story dies. it's got. cameron, take me through what you guys were thinking in saturday morning, int

he's the s.e.c. defensive player of the year. that's a very hard league.not get drafted but he'll get a chance. >> we're coming off of donald sterling's comments that prompted this sports conversation about sports teams whether or not they have caught up with the 21st century and that inevitably leads to a conversation about the washington redskins. >> yes. >> whether or not they will change their name. harry reid on the senate floor last week spoke to the redskins franchise and said what tradition of tradition of racism. okay. so is dan snyder any closer to changing this? i will remind everybody, this is the 30 most valuable nfl franchise. and the eighth most valuable franchise in the world, the washington redskins. >> on the contrary, i think dan snyder is farther from changing the name of this team. and he has the support of roger goodell, the commissioner. dan snyder came out and said he was creating this foundation and going to give this money to native-american groups. he said our fans overwhelmingly support the team. he cited polls, one of them was

when the s.e.c. -defensive player of the year came out in february, there was a lot of talk about teams shying away from choosing him because of his sexual orientation. rams coach jeff fisher. >> you know, this is the second historic moment in the history of this franchise. rams in 1946, i don't know if you're aware, were the first nfl team to sign an african-american player, a year before jackie robinson signed a baseball contract. >> meanwhile, people gathered at a sports bar in san francisco reacted to sam being drafted. >> i'm excited he got drafted. i'm excited team took a chance and didn't worry about, you know, whether he was gay or straight because in the nfl, they said they didn't care, and now it kind of proves they don't care. >> the next billionaire could be a west coast rapper. the wall street journal reports apple may buy beats electronics for $3.2 billion. they make high-end head phones. according to the paper, the rapper and hip-hop producer may join apple in a senior role as well. ind

udall again, i look forward to working with you as we consider the fiscal 2015 budget requests of the s.e.c. and cftc and i look forward to the testimony and the opportunity to ask questions. thank you, mr. chairman. >> thank you, very much, senator johanns. at this point i invite chairman white to present testimony on behalf on behalf of the cftc you each will have five minutes. i know you have very thorough statements which will be put into the record and you can use your five minutes as you choose. please proceed chairman white. >> thank you chairman you don't make a member johanns for allowing me to testify in support of the presence fiscal year 2015 budget for the securities and exchange commission. now more than ever investors enter markets with a strong vigilant inadequate resource as you say. to put the fcc's extensive responsibilities and it's 2015 budget request into context from fiscal 2001 to fiscal 2014 printing volume in the equity markets more than doubled to a projected $71 trillion complexities of financial products and the speed with which they are. increased at eventually

with all that said, i'm not expecting the s.e.c. e very broad reforms because of the michael lewis book. here's why. i think they're not that unhappy with the overall market structure right now. decent pricing in terms of the cost. they were concerned about mini flash crashes. i think they want to tighten some of the bands somehow, but by and large i think they're pretty happy. here's one thing, dark pools, 40% of trading in the dark pools. i think that worries them. i think you are going to see some proposals, very modest one that might require dark pools to provide better pricing, price improvement than the exchanges provide. if that happens, and i think it will, it will be a limited pilot program and they'll see what the effects are. >> we've had a bunches of flash crashes since then. they were just small and individual stocks. >> the reality is, the scary thing is the dependency that investors have on electronics trading, electronic trading represents the vast majority. as soon as somebody sees a chart that breaks down, all the m

google has informed the s.e.c. -- i'm going to put this down. at it hopes to one day put ads on refrigerators, car dashboards, thermostats, glasses, watches, and many other items. i guess the idea is google would sell you these appliances, or whatever, for a deeply discounted price and then in exchange every time you use it you will see an advertisement. like if you wanted to turn the air-conditioning on they'll try to sell you a sweater, i guess, or something. it's diabolical. and what a waste. this is what the smartest people in the country are working on. instead of wing a nobel prize, their obituary is going to say bill used his 187 iq to figure out how to put commercials on your windshield. he crashed into a mailbox and died. [ laughter ] in other invasive technology news, facebook has a terrifying new feature. this one, and this is real, uses the microphone in your smartphone to listen in on what music, movies, or tv shows you're watching or hearing, and then it posts that information directly to your facebook page. it turns everything you'

is this something the s.e.c. overnight, for example, at least with regard to the biggest publicly traded companies? >> i don't know if they could do it overnight. >> theoretically could they? >> theoretically they could put in some kind of a proviso, but they will to hear from all party and believe it or not law enforcement actually want it to take longer usually because they want to understand and they want to shore up the walls, so you've got a lot of different components, but companies have to put their eye on their consumer and if they don't there will be hell to pay. >> thank you both for that perspective. now, a new report says climate change can be primarily blamed on food companies. up next we'll hear from someone who says companies like kellogg's and general mills are the real culprits. wait until you hear what they want these food-makers to do and why not take a helicopter to your next beach vacation. that's exactly when a new company is offering. robert frank, did you really get a list out today? >> som

there are now reports that the s.e.c. usion among hedge funds regarding the initial investment into herbalife. >> sure. >> did you leak information to anybody before you unveiled that? >> absolutely not. the problem with our strategy is that we have to build a position quietly before people know what we have in mind. we were build begun our herbalife short position up until the morning of making our presentation. i'm not aware that there were any leaks. >> the target ceo, my last question, the target ceo is out today. you have experience with target and rea little? n general. >> yes. >> what's your reaction to that? >> look, i thing gregg steinhafel is a good person. got to know him and did not agree with elements of their strategy. interestingly we wanted them to sell their credit card business, felt it was a business better managed by a credit card institution. ironically it's the credit card business that ultimately cost him probably his job because of the privacy and data and other issues. he's a first class person. he

he said i should have been in the first three rounds, s.e.c. of the year and all american. the rams are embracing michael sam. they are retweeting something he tweeted. >> there may have been teams that looked in the other direction from him, the rams are going to benefit from picking him. the rams are going to benefit from all across the country in different ways. they may end up being even happier about the decision than they would be for that reason. >> so, jay, he brings up a very good point. don't you think that some of the teams who passed on him may have seen that kiss and said, see, boy, we did not have to deal with that. >> yeah, and by the way, they're not saying he did not do well at the combine. i hate to say this, but i don't know if that's true or not. but they say they have times and strength tests and say he did not do well in the combine. i also believe and go back to jeff fisher again. i believe that jeff fisher spoke to team leaders and his ownership. they do all of this research. and i think the other teams looked at their lo

the s.e.c. wants to know whether mr. icon told a well-known vegas gambler insider information to buy clorox, and and if he passed it on to mickelson. mickelson said they are unaware of any investigation. >>> the number of drops are growing and so are the crowds. the hidden cash phenomenon invaded thursday night and thousands more are following the anonymous donor on twitter. hundreds swarmed a los angeles park hoping to find money in an envelope. a tweet posted yesterday promises today's drops will be the biggest scavenger hundred in l.a. history along a stretch of beach. police are monitoring social media. they worry large crowds could turn rowdy. >>> this is the last weekend to take in a san francisco landmark. for 17 years now furniture has been creeping and crawling out of a hotel in hugo. but tuesday it comes down. we explain why. >> what started as a six month exhibit stretched into 17 years of furniture dangling, dropping and dancing across the hugo hotel. >> i feel i've been a custodian for many years. ryan's wor

i believe the s.e.c. s got some studies under way in that regard and we view that as a good thing. we caution people, though, not to overreact to some of the commentary, because when you look at the consequences of the act passed roughly 20 years ago, what you now have is an equity market that has it more than 50 different trading venues. >> decentralized. >> very. and one can argue the hfts are part of the central nervous system, and you have to be careful that a knee-jerk reaction to them could cause undue consequences in the equity markets. >> right. >> i would say to the question whether the markets are rigged, we don't believe so. our studies would say that if you look at our index funds, the cost of transkt aing -- transacting in the equity market have come down. >> spreads have narrowed, liquidity has been a plus. in some ways. >> it has. and if you look at -- we can measure this. >> right. >> you can see our tracking error has gotten bet over time because the implicit costs are lower. >> bill mcnab

earlier is because he was the co-defensive player of the year in college football's best conference, the s.e.c it makes you wonder. you saw players that got drafted from smaller schools and players who were less accomplished obviously than michael sam, and it makes you wonder whether or not his sexual preference had something to do with that. >> and let me play the devil's ed a v advocates, because was the critics have said that the combine performance is not that gre great, and he is small for the db, and, you know, what do you can say to that? how do you respond to that? >> well, those are valid points, because when you start to talk about projecting how a player is going to excel on the next level, yeah, you have to be going beyond just what happened on the field. i think that is still the bottom line in a lot of case, and what do you see on film from this player? we have seen the players before who are undersized who do not have the 40-yard dash time that is pro to typical. so, it is not a definitive process when you get down to the bottom of it, and so if you have a player like michael sa

we think if you go outside the market, you lose certain leveling factors such as the s.e.c., gaap accounting, fair markets and exchanges, we stick to what we know. we're bottom-up investors. plenty of stocks out there we think are still undervalued. we don't really want to get involved in emerging markets. a lot of trouble out there. >> thank you very much. good to see you again. lee, thank you as well. ty, up to you. >> sue, thank you. >>> a harsh winter weather and falling interest rates had some hoping for a spring rebound, a surge in housing. but the numbers so far aren't exactly panning out. diana olick in washington now. diana? >> well, tyler, signed contracts to buy existing homes in april were up just barely. 0.4% from march and are down 9.2% from a year ago. the expectation was for bigger gains as april brought warmer weather and slightly lower mortgage rates. still, sales were up the most in the midwest and down the most in the west. really unchanged everywhere else month to month. a lot of blame has been placed on higher mortgage rates. but rates are falling again today as the ten

voted one of the best players in s.e.c.? e. it's definitely the best conference. >> has to count for something. >> it does, but went to the combine and ranned 4.9. not good. vertical, 25 inches. >> do they ever take into account, nervous? no. >> well, this is a game where you have to perform. you go out on the field, nervous. that's why we didn't win that game. when the spotlight is on, you have to perform. >> that's just it. he grabbed the public's attention but not the scouts attention. some guys just don't perm well in those measurables and perform better when the lights are on in the game. he had a good senior season but nine of his sacks against pretty poor teams. not great teams. 9 of his 11 sacks. he's all heart and hustle. does that translate into the nfl game? the general managers thinking, we're in the war room. we've got to pick. take michael sam or some other guy? take michael sam what comes with that? this and i discussed earlier. what happens if they bring michael sam to the team, put him on the field and in aug