she wants the s.e.c. to really look inside firms algorithms and explore how they're doing risk management in terms algorithmic trading. she also said research suggests that it may be the case that low latency tools tend to advantage certain types of prop trading strategies. that's been a point of some controversy here. and also she says a fairness concern is the latency difference between the direct at that time data feeds and consolidated feeds, in theory for there to be an absolutely fair market, there should be no difference between the consolidated feed and the direct feeds. she also says exchanges have an obligation to provide data to the centralized feed in a way that is not unreasonably discriminatory. and she says we must consider whether the increasively expensive search for speed has passed the point of diminishing returns. so a fascinating and important sweeping speech from mary jo white as she unveils her thoughts on high-frequency trading and what the s.e.c. ought to do about it. and important

first, the s.e.c. dragged its feet, took way too long to take any action in this matter or to give anyone in the real world notice of what was clearly happening in the stanford case, four years-plus. and then the s.e.c. finally acted and finally agreed that these victims required compensation under the law. they told sipc to set about giving them this compensation, and in a completely, completely unprecedented way -- never before, never since -- sharon bowen, sipc said no, we're not saying -- we're not doing what the s.e.c. has told us to do. we're refusing to do that. they had to be sued by the s.e.c., and that legal matter is system tangled up in court -- and that legal matter is still tangled up in court with the victims still with no compensation. mr. president, we can't prevent every bad thing from happening in the world, but surely, surely we can ensure that agencies in washington, regulatory bodies do their job, follow their mandate, follow their mission and work for investors, citizens, not be c

before the s.e.c. published the midas data and before fnra had their ats reporting rule, we had no idea how we compared to other markets. other markets would make claims that could or could not be substantiated. as you're competing, how do you compete in a market that's completely opaque and primarily dictated by word of mouth or self-generated reports? i think that, you know we -- i don't think we've fully had a chance to solve this problem from an industry standpoint because the data was just not available for people to make good decisions or better decisions. >> do you think the average investor can make a decision on where a person -- where a broker will get best execution? >> that's a good question. i'd say probably not. but the key part is that the people that do spend the time to look at it, some people in the media are very sophisticated. they understand the heart of this issue, and i think as they report on things that are happening, as the retail investors who do look at it start to make decis

both the manhattan d.a.'s office and s.e.c. are looking into whether the christie administration or port authority violated securities law in the course of making this deal. "dozens and dozens of lawyers from both sides of the river approved the financing plan and approved it. i relied upon the advice of lawyers on both sides of the river to come to that conclusion. i'm confident if the s.e.c. reviews it, they'll come to the same conclusion." joining me, matt flegenheimer from "the new york times," he's been reporting on this story. okay. first of all, why securities law? why the s.e.c.? so you've got this financing plan to renovate the skyway. it's not immediately clear the skyway is in the purview of the port authority. the port authority foots the bill, anyway. the lawmakers are concerned this doesn't work. where does securities law come into this? >> amid the pressure from the administration that's happening after the cancelation of the tunnel which was this tunnel canceled in october of 2010, he takes this money that was su

>> well, right now the s.e.c. is bearing the costs and of course by extension, taxpayers are bearing the costs of enforcing, if you want to think of this information, some information as property, i say let the companies bear the cost of enforcing. they can certainly make arrangements with their own employees not to exploit information in certain ways, but i don't think it's in the public interest to keep this information out of markets. i think it's very clearly -- well, as the study shows, a lot of money spend by the s.e.c. to fail to enforce these laws. >> but is the information really out of the market if it's possessed by a limited number of insider individuals who have a special knowledge that may have been acquired if in ways that aren't really fair? how is it in the market? >> i mean, i guess all kinds of information that people trade on is information that only certainly individuals had. if everyone had it, it would be incorporated in the price and wouldn't be worth bothering. the notion there's somehow th

certainly at the s.e.c. level. they will bring the case and that will be an ugly picture for everybody concerned. >> nicholas, are your sources talking felony prosecution here? >> depends on what's turned up and who is charged with what depends on their involvement. we have seen so far in the reporting a lot of evidence that the christie administration leaned on the port authority. was very intent on getting the money reallocated. whether or not anybody in the administration had any involvement in this bond prospectus that would be the exact subject of fraud. i'm not sure we know yet. >> let's look at another point here. the one that grabbed me from the beginning was dawn zimmer saying she was approached in a parking lot by the lieutenant governor and told although it shouldn't be this way, those were her words, if she doesn't back the water front development she won't get government money for hurricane relief. that struck me as having the ring of truth to it. esquire reported that's one of the three live investigat

cftc and the s.e.c. rules conflict, the r.i.c. can defer to the s.e.c. rules. despite that accommodation by the commissioner, having lost both the regulation and the litigation, the financial community is here now with this legislation. the garrett amendment attempts to accomplish what the financial industry couldn't achieve in the courts. the amendment would pemple innocently remove from cftc jurisdiction over r.i.c.'s registered with the s.e.c. regardless of how big they play in the futures or swaps market and regardless of their reach in retail customers. the amendment supporters will say that this is only -- that this only applies to investments in futures and swaps and financial commodities, as opposed to agriculture or energy commodity but i would remind members that it was financial swaps that contributed to the financial collapse in 2008. it wasn't energy and agriculture swaps. and the s.e.c. failed in its oversight in 2008. so i don't want to have to rely on them to keep an eye on financial instr

. >> yeah, but not -- i didn't declare the area of weak government that had nobody at home at the s.e.c. before the financial crisis. >> i agree with that, too. i agree with that, too. >> so let me just say something about all this stuff. >> i do agree with the president. >> if we are trying to crush energy, we are doing a poor job of it. the unemployment rate in north dakota is 3.6%. >> well, look at new york. >> and texas is doing oil and gas but they also generate on a good day 25% of electricity from wind. in other words, people that live -- we need to live in the real world here. people are scared of fracking, carly, who live in states that have never dealt with it. i was governor of a state with a lot of natural gas, but you can sure have a lot of meth an releases and a lot of pollution of that land around if you don't do it right. i mean, i think we need to, you know, not get carried away here. we need to figure out practically what we have to do to work 20g9 together on this. we need to describe the world as it is. people, if you live in a place and you're worried about the wate

. >> a victory for the s.e.c. of sorts. d the controversial practice of settling a case without require aring an admission of guilt. remember a couple of years ago judge raykroft rejected a settlement between the s.e.c. and citigroup over mortgage-backed securities. a proposed settlement that didn't require an admission of guilt. the judge wanted to bes satisfied that his court wasn't used as a tool to enforce an unfair, unreasonable, inadequate agreement. the second circuit court of appeals said that ruling was in error. the judge applied the wrong legal standard. now the case will go back to that very judge who is declining comment. citigroup declining comment. the s.e.c. has not responded to our requests for comment. back to you. >> thank you very much. when we come back, cutting the cord has a new meaning. the way intel wants to simplify the p.c. experience and behind apple's bet on hk technology. the zocdoc is here to tell us what it means for the average person. and men, how do you rate on a scale of 1 to 10? a scale t

high-frequency trading, the impact -- is there a sense from the ceos, a lot of discussion about what the s.e.c. may or may not be doing in the next several months? what's the sort of consensus? they're the ones who talked about the s.e.c., what if anything will be done. >> i think they think something will be done. we tried to take a balanced view of market structure here today for certain, but i think everybody believes the s.e.c. will use data rather than react to a single book or add gentive. they'll be more judicious in their approach. >> in the panels i have sat in, two points seem to country out. they're expecting a small-scale pilot program, increments other than that penny, and also discusses which would require uniform rules for testing of technology to make sure we don't have a problem like the one that knight had to reduce the incidences of mini flash crashes, things like that. is technology a big issue, improving the technology, making sure it doesn't fail, an issue? >> that is an issue of what we saw last year in some of the problems with the markets, so those are fixes that i thi

. >> if you look at the s.e.c. filings. >> right. know, i can make the argument you can't blame them. they are not in the business of satisfying patriotic duty. her in the business of making money for shareholders, ensuring their customers are cared for and the employee base is solid and stable. >> right. >> that doesn't are have anything to do with the tax regime. >> i asked sandy cutler why eaton is in dublin? why is the annual meeting at a beautiful four seasons that i got a very big discount using travel zoo at one point. is answer is, we are not there is when you ask sandy. we're not there. they are as cleveland as the indians are. long-suffering. eaton's not. it doesn't matter. you get away with it because you can. it's congress's fault. you're supposed to try to avoid as much tax. it's your patriotic duty. the code is clear. you should not pay more than you need to. the code is clear. >> right. >> these guys are doing exactly what the code says to do. who is to fault them? not me. >> nope. >> they are bringing it out, making mo

if the deal doesn't happen the s.e.c. ike they put blinders on and forget it ever happened. >> they figure you get hosed? >> it goes down. >> well, it depends how they're doing it. >> in wall street, the movie, you see those guys there. they seem like they know everything. i mean they see immediately see some trading in blue star, or whatever it was and they immediately go to james spader who is on the hit show, the "blacklist" now. >> awesome. >> and he's buddy fox is using him for -- but they immediately find out. so it's not like that. you can get away with it. >> must be able to. i will never forget getting a phone call in davos, switzerland, from a hedge fund manager who said, i think it was guidance austin scientific something and said do you think this deal's going to happen or not. i said i don't know. >> you were in davos way back then? >> this is a long time ago. anyway finally he says to me, i know the answer. i said how do you know? >> he says i got guys on motor bikes behind this car with the ceos in it, they

and the five major conferences including the s.e.c. their spending abilities to better compensate their student athletes. >> this is a big question. i've been -- four years i've been -- i'm going to the nfl. tunnel vision. now it doesn't happen. do you feel like players when they leave college, after all that they've given, do you feel like they kind of get abandoned? >> i think everyone struggles with that. when that last game happens, where do i go? who do i turn to? they're not coming back to the gym to practice. they'll come back and they'll clean out their locker room. so i think we have to do a better job. i think we've really got to send that message, you've got to get your degree. you've got to have a fallback plan that if that doesn't come true here's your opportunities. because it is over. it's over in a flash. >> that's right. >> morgan! >> i pray you give our team wisdom to make great decisions, that we give each other enough love but please keep our kids safe. >> last day right here. you all have got to get some props, man

the s.e.c. ve household indebtedness poses an imminent threat to stability. these families are more responsible than they were in the past. how, as we've seen time and again how quickly responsible the uk economy. the fcc is concerned an associated significant increase of highly indeaded houd holds to pose direct interest in the future so worry taking actions today to prevent this from happening tomorrow. t this is the single largest housing class. the it is mitigated by considerable progress in recent years. to ensure benefits substantially resilient to with stand a severe shot, the fcc and the poa are currently conducting major stress tests. . >> to financial and economic stability arises because mortgage mortgages representing 80% of household debt. history shows that people do everything they can to pay their mortgages. that means expanding the economy sharply. rapid credit growth like record ones, the record recession that the uk is on. the s.e.c. is making two recommendations to limit the r

the s.e.c. losely at decisions that diverted $1.8 billion in port authority funds to pay for new jersey road projects projects usually paid for by the state and projects that were initiated at the urging of the christie administration. the question is when the christie administration pressured port authority officials to find ways around state laws that require the agency to spend money only on its own facilities unless it gets approval from lawmakers in new jersey and new york. if so, it could mean the port authority misled investors. the s.e.c. is not the only investigative body looking in to the use of port authority funds for new jersey road projects. the u.s. attorney's office in new jersey and the manhattan district attorney's office also have their own probes. these are probes the port authority also acknowledged on thursday. in april christie said he relied on the advice of attorneys. he's confident the s.e.c. will agree. how big of a liability are these open investigations for governor c

what if anything do you think will come from the s.e.c. onse to high frequency trading, or is the response necessary? >> i think it's a complicationed shy. it has multiple factors to it. what we should really do to identify, and which i aplay the s.e.c. for, let's identify the problem as opposed to a actor or type of actor, but what is actually the problem? i think the areas is transparency for -- i think they'll look at differences in data speeds between the fixed and proprietary feeds and they'll look to eliminate those differences, to sort of eliminate the problems that were identified. >> before i let you go, what is about the technology? that would require standard technology testing to make sure we don't have as many technological glitches. do you think that regulation will pass this year? >> i do think it will pass this year. there are some real questions, does it cover enough people and enough of the issue? i think one of the problems with regulation generally is that we're always solving yesterday's problems. we have not yet figure

a key point on the five companies, none of them reported to the s.e.c. about the breaches. i -- i am saying this because i know they know this. if you're a plaintiff's bar lawyer, wait a minute, you knew about the breaches for how many years and didn't report to the s.e.c. it might have a material impact on the stock price? there's going to be a mini industry which sprouts up around the breaches that's going to -- the stock value front as well and that's going to drive an additional degree of economic impact for companies. >> speaking of problem for product companies one of the things you hear in the tech world how the internet of thing is coming to life, companies are building products more and more that connect to the internet, whether it's your toothbrush, thermost thermostat. there's going to be 50 billion devices connected to the internet by 2020. is it not rational to panic and assume that all of these things are going to be compromised in some way, or am i paranoid about this? >> the chinese need a lot of server capacity to steal that data. >> i spend a lot of time l

the key now is to see what kind of follow-through the s.e.c.a very broad and fairly bold speech for the s.e.c. chairman. >> bobby flay, you trust the u.s. stock market? >> do i trust it? it scares me. it scares me because we've been making a lot of money for a long time and it almost seems like it's been too easy to make money. it reminds me of many years ago, you'd buy at the low -- buy at the low and sell at the high. and it just seems like it just keeps going up and up and up. as somebody who has very little experience as a stock picker -- >> did you spend a little time on the floor of the stock market today. >> i did. i was a clerk. but i knew nothing. >> i think you said you were like -- i've got enough of a glimpse. i know i don't want to be in this business. >> well, that's true. i'm definitely much better off in a kitchen than on the floor of the exchange, for sure. >> an interesting point, peter. i think there is a greater truth for people who say they don't trust the stock market. it is just not because of the some of the technical gl

if that were the s.e.c. saying that or one of the banking regulators, these guys would be shut down and this stock would be zero, so granted that's not going to happen, i don't believe. >> one caution on schneiderman. he puts out a press release every day about something. >> but doesn't talk about fraud talking about a bank. did that with arthur anderson and you shut them down so you can't go there with this. i don't think the s.e.c. will go there, but this is going to be a monster fine. >> look at this more from the standpoint of market structure. >> right. >> what this is the same thing we saw with the cds sales where they were building products they knew were screwed up and then lying about the way they sold them to quote, unquote. >> this just means closer regulation or electronic trading. >> and that will solve everything. >> real quick. >> coming up -- >> you said would you buy it, no, and you look at performance of this bank versus the rest of the banks, not even close. this one has been failing. >> co

. >>> at&t defends its plan to $48 billion takeover of directv in a filing with the s.e.c. at&t says the acquisition is the only way the companies can compete with a proposed comcast time warner cable merger in bundle video and broadband internet service. richard? >> all right, sima, thank you so much. >>> just ahead, some live pictures of the corinthian stadium in sao paolo, brazil. the globe about to be mesmerized as the world cup gets under way. >>> and sports headlines. want a fiber that's clearly healthy? benefiber is clear, taste free, and dissolves completely. and unlike other fibers, you'll only know you're taking fiber by the way good digestive health makes you look& and feel. and benefiber is so easy, you can feel free to add it to everything you love. and that's clearly fabulous. benefiber. clearly healthy. see benefiber work and save on facebook. revlon colorburst™ matte and lacquer balms two moisture rich finishes velvety matte and high shine lacquer each infused with moisturizing shea, coconut and mango butters... find your finish. revlon ♪ padvil pm gives you

in the irs, the ones supposedly gone, those she might have sent to the justice department or to the s.e.c. or to the white house, for instance. so now you have republicans calling on those other agencies to search through their files and hand over any lois lerner e-mails. we don't know if they're going to do that yet. there is a big push for a special prosecutor. that's a bit of a divisive point, even among the republicans, who are not always sure special prosecutors are a great idea, and i have some sympathy for that. but you're right. if eric holder says he won't do it, then there isn't really that much recourse. >> what should they do, dan? >> i think where it's going to end up, paul, is in the courts. the z-3 case that collin just described to us, this is sort of like watergate, john certify okaya stepped in and ordered the white house to release the tapes. i think we're going to find a judge that's going to tell the white house, just as the supreme court did with these recess decisions, that you have got to comply with the law. that i think is where it's going to end up in a district

a report says the s.e.c. will look into operations. governor christie has denied prior knowledge of the plan to create the traffic jams on the bridge on purpose. >> governor christie is taking a lighter approach to the bridge scandal. >> he poked fun at the situation last night when he was on "the tonight show" with jamie fallon. it was here on nbc 10. it's pretty classic. take a look. ♪ >> you had a little scandal happen. >> what are you talking about? >> i don't know if you heard about it. you have a family. >> sure. they are here. believe me, that wasn't nearly as bad as them watching me dance out there with you. i guarantee you that. they are so much more humiliated with that because i actually did that. >> "the tonight show" had to have told thyme exaggerate the moves right. come on. christie is not going to be in our area today, he's headed to san francisco for political fundraising. >> there is new information this morning on the sale of the high school building to drexel university. drexel the city and community groups have reac

now the s.e.c. ll explore new rules to make traders with the best, fastest computers and fiber lines don't have unfair advantages. >> the clear message is the markets aren't rigged, we have the strongest, most resilient markets in the world. again, it doesn't mean they're prlt, and we obviously are constantly working on them to make them fairer and to better serve all investors and companies, trying to raise capital. >> among the proposed rules, white wants to see private high-frequency traders registered as dealers that would put them under s.e.c. oversight. >>> how much money do you need to retire? is a million dollars enough? some answers coming up. >>> as we told you yesterday, two giants of the telecom industry, spribt and t-mobile edging closer to merging which would leaf consumers with fewer choices when selecting a wireless carrier. morgan brennan has more on the proposed deal and whether one fewer player could mean you'll pay more. >> reporter: it's not official yet, but sprint and t-mobile

the f.b.i. and s.e.c. are reportedly looking at two others, billionaire investor carl icahn and sports bettor billy walters who was profiled by "60 minutes" in 2011 and is said to be mickelson's friend and golf partner. michael rothfeld is a reporter for the "wall street journal" who broke the story. what first caught the eye on investigators? >> there was suspicious trading in clorox which is a company carl icahn took a big stake in and actually made a big offer for. >> reporter: the journal reports in july of 2011, days before icahn launched that offer, large trades in clorox options were made. once icahn made the bid the options rose. the papers says regulators traced the suspicious trades back to mickelson and walters and are now trying to figure out if icahn tipped off walters about his buy out plan and if

were any of the s.e.c. reports run the rusk -- were or the risk and compliance folks notified that millions were being paid out for claims as a result of some of these problems? how does it break down that bad in a company that is, you know, publicly traded? >> i can't speak to specifically what was in an scc report but what i can tell you is it's unacceptable the way things broke down. that's why we've made dramatic process changes but as congressman ipd dated we have to make substantial changes in the culture and we're well on our way toing to that and i believe the men and women of general motors want to be make sure that we have the safest and highest quality vehicles on the road. >> thank you, mr. chairman, i yield pack. >> and now we recognize mr. tonko for five minutes. >> thank you and welcome to our panel. as we examine what went wrong in this terrible tragedy the most important job i believe for congress is to strengthen and improve auto safety laws to ensure something like this never happens agai

were any of the s.e.c. reports or risks -- were the risks in compliance folks notified that millions were being paid out for claims as a result of some of these problems? how does it break down that bad in a company that is, you know, publicly traded? >> i can't speak to specifically what was in an s.e.c. report, but what i can tell you, it's unacceptable the way things broke down and that's why we've made dramatic process changes. but as congresswoman degette indicated -- we want to make sure we have the safest and highest quality vehicles on the road. >> thank you, mr. chairman. i yield back. >> welcome to our panel. as we examine what went wrong in this terrible tragedy, the most important job i believe for congress is to strengthen and improve auto safety laws to ensure that something like this never happens again. we owe that certainly owe to the families of the victims of this tragedy, many of whom are in our audience today for the hearing. that being said, one area that i believe we need to address i

the employee, dan rice, no longer works there and hasn't since december of 2012, but the s.e.c. s taken the preliminary view that blockrock advisers' disclosure as it related to this whole investigation situation was inadequa inadequate. now, again, this is a wells notice. this is not a formal allegation or any kind of a finding of wrongdoing, a heads-up, if you will, about a possible situation. so, we'll bring you more details, but for right now, the shares are down, but they're down marginally in the after-hours session. so, again, a wells notice served for blackrock advisers, a subsidiary of the bigger blackrock organization overall, kelly. back over to you. >> all right, dom, thanks very much. more still to come on amazon. we'll talk to bill miller about it. he's one of the company's biggest bulls. >> the sales growth will be probably 20%, 25% the next few years and the stock should at least double in that time. >> he called it the best run company in the world right here on the "closing bell," but is it his top stock pick? he'll join us in a few minutes. and don't miss "amaz

. >> the house of pain >> freeport was at $87 when the s.e.c. released the showing. not long after the recession hit and guess what? the stock went down to $8, yes, 87 to 8. all the work the firm may or may not have done didn't matter and shortly after that, the firm closed. i was able to escape my position before it did too much damage to my charitable trust, because i did my own homework which showed the profits were decelerating rapidly. that got the trust into trouble. when i talked to individual investors about positions they're thinks of taking, way too often i think so-and-so bought it, and i know the manager is terrific. believe me you don't know why he bought it or even if he'll be right. if the idea goes awry, the manager won't be there to tell you what went wrong. he doesn't care about you, and you shouldn't care about him. end of story. in fact all the years i'm only found one big-name manager who's worth following into a position. that's nelson pellets. pellets is what's known as an activist investor. he try little, pellets is fabulous, giving you huge r

the fbi and s.e.c. nfirmed to abc news, they are pursuing an insider trading probe involving mickelson. las vegas gambler, william "billy" walters and outspoken billionaire investor carl icahn. the investigation centers on trades made by mickelson and walters. a golf course owner and poker buddy of icahn. a source says both men traded chlorox stock in late 2011. just as icahn was mounting an attempt to take over the company. now officials want to know if he shared information related to the failed bid with walters and whether walters passed along that information to mickelson. >> i have done absolutely nothing wrong. and that's why i've been fully cooperating with the fbi agents and i'm happy to do so in the future, too. >> reporter: icahn telling "the new york times" that to suggest he did anything wrong is, quote, irresponsible. billy walters had no comment. experts say determining exactly what information mickleson and walters were given is crucial. >> it's not a crime to trade stocks based on a tip y

you knew about these breaches for how many years and you didn't report it to the s.e.c. that might have a material impact on your stock price? there's going to be a mini industry which sprouts out around these breaches that's going to on the stock value front as well and that's going to drive an additional degree of economic impact for companies. >> speaking of problems for product companies, one of the things you always hear in the tech world is how the internet of things is coming to life, how companies are building products more and more that connect to the internet whether it's your toothbrush or thermostat and they can talk to each other, et cetera. by one estimate there's going to be 50 billion devices connected to the internet by 2020. is it not rational to panic and assume that all of these things are going to be compromised in some way or am i being paranoid about this? >> the chinese will need a lot of server capacity to steal all that data, that is true. it's an economic opportunity. >> in this space i spend a lot of time looking at, you know, marriage of phys

it's thursday night, time for our weekly tribute to the s.e.c. where we bleep and blur things. eek in "unnecessary senatorship." >> major incident in the world cup. a player appeared to [ bleep ] another player. >> i was watch thing game live and i'm like did he just [ bleep ] that guy? >> we'll be back after a [ bleep ] break. >> i've never been more nervous than getting butt [ bleep ] on camera. >> premieres july 22 on nbc. >> how was the [ bleep ] any different than last year? >> it felt really good. >> keep them down. that was the biggest thing that kind of hurt [ bleep ]. >> he's the only person i've allowed to come inside my [ bleep ]. >> on the high seas. >> i want to see you [ bleep ]. >> okay, man. >> yeah, nice. look at that, sexy. >> this guy came up to you and said he used to [ bleep ] your butt and you ended him a [ bleep ] job? >> is that true? >> there's be many people that [ bleep ] my butt. >> the [ bleep ] is squishy so you can keep cold air out. [ applause ] >> jimmy: we have a good show for you tonight. nicola is here. music from spoon and we'll be right back

are continuing to pressure google because it has power to make changes and they are overturning the s.e.c.'s internet orderer which gives them verizon and they can afford to pay higher themes and they are earning them to take us in they are looking and they are waiting to hear back. ktvu channel 2 morning news tara moriarty. >>> some are angry with the city about the plan to build a new soccer field near the montague park near the montague expressway. some say they need the park for their kids to play in and they have created a website about more open space if it is build are built. this will -- built. this will affect nearby soccer fields. >> this will take a big chunk out of this park especially if they are planning on more than one field. >> now santa clara said the simply is simply trying to keep up with the booming rates and they are trying to hold out eight kuwait dash at kuwait information at jenny train parts and they are expected on how many deaths and serious injuries can be prevented. last year several people were hit while crossing san francisco streets and the goal is to redu

inside the federal reserve and my understanding is that that is a matter that is under the purview of the s.e.c. >> the epa proposed new rules recently to-to-reduce new greenhouse gas emissions from power plants. an epa official will take questions about the proposal before a house subcommittee hearing on energy and power. live coverage at 9:30 a.m. eastern here on c-span 3. and later in the day, republican senators ted cruz, mike lee and marco rubio deliver remarks at the faith and freedom coalition conference. the organization was founded by ralph reed and our live coverage begins at 12:30 eastern, also on c-span 3. >> up next, former iraq administrator paul bremer talks about the current situation in iraq. he joined us on "washington journal." >> we are back with paul bremer. as many of you know, served as the administrator for the iraq coalition, provisional authority from 2003 to 2004, headed up the reconstruction of iraq and the setting up of its government back then. mr. bremer, let me begin w the hear and now in the situation in iraq. you've got the front page of the "wall street journa

the s.e.c. has unveiled plans of a one-year test of petroleum sales in five cent incancerments. the s.e.c. is drekting the major stock changes in wall street to develop a plan for the ipo within 60 days. >>> meanwhile, the obama administration has quietly opened the door for the first exports of unfined u.s. oil. it would let energy companies chip away at the full decade ban on selling crude overseas. it was put in mays to protect against volatility and price spikes. it says it can legally export the type of ultra light oil that's become plentiful. with minimal processing, the oil exports could begin as soon as early august. >> i am concerned about the volatility of oil prices. there's a lot of other things going on around the world to move those. we know what's happening in the middle east. it's one of the reasons why this oil exploration and gigantics findings are so promising. one of the most promising things for the united states and for other cups. it's going to reduce the amount of oil com

so the lois lerner contact with the s.e.c., with the department of justice, all of those came about becauseour litigation. what's curious is, they never mentioned a word, not a peep, to us or to the court about these supposedly lost e-mails. so, we forced them into court. they need to appear on july 10th and explain to judge emt sullivan, why they have misled the court and ourselves. >> but here's the problem. why do you have to take these steps for them to doht thing? and what are they going to say to the judge? the dog ate my homework, the dog ate the hard drive and we didn't pay our bills. we were too dead broke and couldn't afford to get the backups. this to me just flies in the face of common sense, that anybody would buy this nonsense. >> well, the real problem with the irs in this case is, they did a communication with the court, and they have never told the court about these missing or lost e-mails. so they've made what appear to be false and misleading statements to the court about the records themselves and how they're producing them to us. they've painted themselves into a corner

coming up the fbi and s.e.c.r trading probe against carl icahn, golf legend phil michelson and big-time las vegas gambler, all parties denying any wrongdoing. could this do irreparable damage to michelson's career even if charges aren't brought and the more than $40 million he brings in a year from sponsorship deals and if you're waiting for exciting news from the apple developer's conference. keep waiting. could this put apple's recent rally at risk? that when we come back. nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. become the next business to discover the new new york. in a we believe outshining the competition tomorrow quires challenging your business inside and out today. a

if there is a silver lining and andrew ross sorkin mentions this in the article, the s.e.c. has hired palintar technologies which used data to find terrorists for the government. if three professors could show this, i'm sure they can come up with a program to show the same type of activity as well. >> what about the fact -- and this is outlined in the piece. we know it from a lot of pieces in the news now regarding clorox, green mountain. so much activity is happening in the option space. >> because it's easier in the option space, less expensive than the equity space. it's not a surprise. i don't think people should be surprise bid findings in this article. it's been going on ever since the start of human kind, right? >> secret sharing. >> right. except now the technology exists to be much more on the top of it, catch it, follow and trace it to where it begins and who's taking advantage. >> rick, i bet you have thoughts on that as well. i'm curious how the markets are trading ahead of tomorrow's fed announcement. probably no big expectations there. >> no. you have to remembe

and today, the s.e.c. along with the manhattan attorney's office, is investigate exactly what chris christie did with that money. joining me now is steve karnaky. steve, walk us through what we know about this investigation now and it's just stunning to me that that big decision, which may be the biggest decision he ever made as governor is the one that's coming back to haunt him in this way. >> yes. it's really kind of arcain here. we were talking with the update i gave about the u.s. attorney for new jersey looking into bridgegate and other things. >> bringgate -- the george washington bridge is a much simpler thing to grasp right off the bat than this is. >> this gets into specifically a new york state law called the martin act, which gives prosecutors, new york state prosecutors, incredible discretion and latitude in pursuing cases. the past several attorneys general for new york have used this to go after wall street. it's how eliot spitzer made his name. to you the district attorney for manhattan is h

. >> the head of the securities commission is the s.e.c. says it want as level playing field for all investors. the new rules are aimed at making the, mas more track patient to glitches. the release of beau berghdal is causing controversial in it his hometown. also, the world cup kicks off in one week's time. but many brazilians can't afford to go to the games so some are holding a colder one of their own. commerce says it was of innone dated with with complaints and threats. complaints and threats? the town has evening canceled a welcome home celebration it was planning. the controversy with some haley residents and more on the story for us. >> the chamber says some people say it was a disgrace for the city it would be a disgrace for the city to celebrate his return, and they even said they had candled plans to fish or camp in the area. we reached out to some businesses. one manager said she received quite a few complaints. these yellow ribbons were supposed to welcome beau back to his hometown. >> everywhere you go for the last five years

. >> yeah, but not -- i didn't declare the era of weak government that had nobody at home at the s.e.c financial crisis. >> i agree with that, too. i agree with that, too. >> bottom line, one thing we need to do to take a positive step toward dealing with this kind of income inequality that's really affecting workers? >> understand how talented the group of people is in the united states who don't have education and who don't have much experience and also the immigrant population. understand how talented they are and that they have characteristics that you can't train, but they have these fundamental characteristics that will allow them to be incredibly powerful future workers in our country dprks we only empower them. >> i think we have to realize that the era of big work is over and people are going to be working project to project, job to job and that sin her recently nimble, but we have to imagine this in the context of the future where the question that we ask ourselves is this enabling people to be meaningfully independent? >> ronald reagan reminded us that the best investment we

when the federal election committee considered fahrenheit 911, michael moore's movie the s.e.c. said it was fine because it was a commercial movie for profit so that was not prohibited but when citizens united came in and asked about hilly the movie the s.e.c. said, no, sorry, that's banned. i cannot for the life of me tell the difference except one says bad things about george bush, a republican, the other says bad things about hillary the democrat. if you say bad things about the republican you are fine. if you say bad things about a democrat, perhaps you're going to be banned. what about pastors and churchs? this is an issue that comes up every so often. can the government get in there and tell a priest he can't talk to his congregation because it may have something to do with politics? this amendment would seem to permit the congress to do that. what if you're not the corporate media and citizens united trying to make movies and documentaries of the sort that the corporate mainstream media deem not to be part of the exclusive club they are already in. can congress regulate th