the s.e.c. by cutting nearly $300 million or nearly 20% from the requested level. wall street's cop is woefully underfunded already. and one need only look as far as its i.t. budget compared to just a few of the entities it oversees. in fiscal year 2013, the i.t. budgets of the six largest financial institutions equaled an amount more than 100 times that of the s.e.c. although my republican colleagues suggest that they are generously providing ancrease, they use budget gimmicks to mask real cuts to i.t. infrastructure. the world's capital markets have grown and -- at an ever-accelerating rate and likewise so have the s.e.c.'s responsibilities. today the s.e.c. oversees 11,000 investment advisors, 10,000 mutual funds, 4,000 -- 4,450 broker dealers, the securities exchanges, clearing agencies, credit rating agencies and other self-regulatory organizations. the s.e.c. also reviews the disclosures of nearly 9,000 public companies. and following the 2008 financial crisis, congress significantly increa

the s.e.c. sunk sync. ry halt, though, the halt because of the concerns regarding the accuracy and adequacy of information in the marketplace and potential manipulative transactions in the stock. it didn't take a brain surgeon. cynk appears to have no office, no employees, to attorney, less not anymore, yet took off like a rock. people were still buying yesterday. here's what's weird. there was very little in the way of paid promotion, no press release, none of the usual warnings signing that regulators work for. the s.e.c. does have a mike roar cap fraud tack force. one of the things that they look at, according to sources is volume. even as the price of cynk was skyrocketing, the volume was almost nonexistence. that's the day an outfilled called aim high research highlighted the company. the stock average just 78,000 shares a day the following week and 69,000 last week before hitting 386,000 yesterday at which point the s.e.c. stepped in. one possible, according to some estimators, is that cynk was about

the addition of comcast means the s.e.c. e available in at least 46 million households. comcast a parent of this network trading up 0.7, so lots of football on tap, walt disney, the parent of espn, is up nearly 1%. get ready for the big ten. >> no, no, i love comcast, but i will never waft the s.e.c. network. i'm an acc fanned. >>> not football, as in s kreismt, but football, as in soccer. let us bring in david bank. david, fox has the rights to the next two world cups of soccer, obviously a huge win for espn this year. how much do you believe that sports is playing a role in murdoch's reported interest in time warner? >> i think -- i think it's playing a role. i think -- you know, i don't think it's central to the investment, but at the end of the day, if you take the assets that sit at tnt, and tbs, the major league baisch franchises, the ncaa franchises, the nba franchises, and you can somehow roll them together is what fox is try you to do. you put together something that is not quite in the league of espn, but it's start

in fact, the company notified the s.e.c. s year that it would no longer be filing financial reports at all. hasn't reported any revenue at all. the s krrks c filing lists one employee, that is ceo and president marlon sanchez at the time of the filing. we just talked to him. he told us he's no longer associated with the company. the company purports to run a business social networking site called intro biz. it is hard to tell looking around that site just how active it is. the stock was trading as low asics cents a share last month. today trading in the $16 range. we've been trying to determine just what this business is. that is not easy. the company purports to be based in belize but the phone number listed on the s.e.c. filing is out of service and under the supposed neighbors in the building where the firm is located haven't heard from it. we found another address for the company in las vegas but the building management told us the firm hasn't been there since last month. an attorney who wrote to regulators just last mont

aggressive, because relying on quick responses from the s.e.c., typically the case.reat deal of back and forth between the s.e.c. and potential company planning on going public and those back and forths continue. at this point, two turns with the s.e.c. expectation is, there may be more than that, and they dutifully noted and, therefore, have pushed back the initial public offering, because they would have had to get on the road, kayla, as soon as next week. >> and having questions about the company, when investors didn't get information about the road show that would have had to start next week across the country, and across the world, really, for such an international company, and investors started to think, wait. a problem with earnings? we're expecting to get another quarter of earnings in this next filing. is there a problem with something else in the company we're not getting any of this information, it appears it's just the communication with the s.e.c. taking a little longer than expected. >> that, according to the people i've spoken with, is the reason. we'l

. >> well, nearly 100,000 people have commented so far on the s.e.c.'s open internet policy set at the may 15th meeting of this year. we're going to have a policy discussion today on the communicators about what the f.c.c. is proposing and get different points of view. one of our guests joining us is from philadelphia, kevin werbach with with the university of pennsylvania up there. legal studies and business ethics professor and also s.e.c. veteran and -- f.c.c. veteran and worked on the obama stradigs team. what do you think of what the f.c.c. proposed at the may 15th meet something >> the f.c.c. proposed a set of open internet principles. the f.c.c. tried in 2010 to put rules in place but most of those rules were overturned in court so the f.c.c. tried to in a pragmatic way put into place rules that ensure there's not blocking of traffic, there's no degradation of traffic on the internet and so forth. but they also sought comment on a variety of different other approaches. so i think given the complexity of the situation, given all of the politics in

as he said, the s.e.c. recently announced that issuers and underwriters of municipal securities are required to self-report violations of the federal securities laws relating to representations in bond offerings. and i understand the gentleman's concerns that this is a massive undertaking and to identify all of the series of bonds sold and to make sure that all disclosure are made accurately and timely, a huge undertaking. and so i look forward to working with you regarding your concerns and to find some solutions. i yield back. mr. stivers: thank you, mr. chairman. the chair: the gentleman yields ack. for what purpose does the gentleman from new york seek recognition? >> mr. chairman, i have an amendment at the desk. the chair: the clerk will designate the amendment -- report the amendment. the clerk: an amendment offered by mr. engel of new york. at the end of the bill before the short title insert the following -- section, none of the funds may be used to lease or purchase new light-duty vehicles for any

to pressure the president to keep access to the internet unrestricted and equal but the chair of the s.e.c. is threatening to do otherwise. >> the danger of a two-tiered setup where some information moves faster than others and only corporations have the ability to take full advantage of the internet, the federal communications commission is currently considering a proposal that would end net neutrality and we think it's very important that president obama come out strongly in support and make clear that the internet should be treated where everybody has access. >> reporter: the protest between 9:30 and 11:00. not clear how large a protest right now the moveon.org spokesperson who you heard from says they've got 30 to 40 people who rsvp'd. live in los altos hills, bob redell, "today in the bay." >> thank you. >>> the presidential visit going to tie up traffic as well. >> as it usually does. mike inouye. >> it's because of the president's visit, the presidential motorcade and security, as stephanie talked been let's show you, at the intercontinental hotel, where they are located 5th and how

amazing. >> the only other question i have about this, does the s.e.c. o something about it? do the regular laters in canada do something? and what kind of steps can they take? >> well, in this environment, the s.e.c. would love to do anything possible, right? >> i don't know about that. i don't know about that. >> we will see how this all shakes out, and see if the company makes any comment on either side later today. >> so we do have a lot of earnings but geopolitical stories are definitely on the front burner this morning, eamon javers joins us now from washington. and we led the show with the two that are up front and center, eamon, i guess you'll talk about both. >> yeah, that's right, joe. we start off the day with secretary of state john kerry, who is on his way to cairo, egypt, the united states here hoping to broker some kind of cease-fire or peace deal between the palestinians, and the israeli sides over that violence that we've seen escalating in the gaza strip. here's secretary of state john kerry yesterday on "meet the press." >> israel has e

the old brokers believed -- that's in part to the s.e.c. both the democrats and the republicans looks the other way when shorts rate stocks with bogus stories, put them on the websites that are unedited and people read them. it's easy to do. stock owners no longer have the benefit of the rules. they make -- used to make it really hard to create bare rates. waiting for the higher price before you could short, that was a good rule that the government got talked into abolishing. in order to make trading quicker and more fair for the shorts. really for the brokers. it's a leading reason why so many home gamers have left the building. we established these rules in order to stop the fomenting of panic. something that happened during the great depression, but the government seems to think that panics are no longer possible. human nature has changed. so we have to be more careful not to succumb to panic by short sellers who need the pace prices to go lower and they plant stories on the websites that people do not check before hand. they read it, oh,

. >> well, nearly 100,000 people have commented so far on the s.e.c.'s open internet policy set at the may 15th meeting of this year. we're going to have a policy discussion today on the communicators about what the f.c.c. is proposing and get different points of view. one of our guests joining us is from philadelphia, kevin werbach with with the university of pennsylvania up there. legal studies and business ethics professor and also s.e.c. veteran and -- f.c.c. veteran and worked on the obama stradigs team. what do you think of what the

. >> you need the s.e.c. >> adam smith said that markets fail. arkets fail because of monopoly, pollution, they fail because of public dpoods like the need f a police force, they also fail because of what economists called asymmetric information. i can exploit you because i coerce you with the tip of a gun or use insider information and use it to moyemy own gain. that's why we need the government as well as a well-functioning safety net for the poor. absolutely. >> but how do we get good public policy when congress is under the thumb of the big donors who contribute to their election on their reelection? >> for one thing i don't want to make it so stark. it's not true that every member of congress is under the thumb of businessmen or capitalists or public secretary unions. i know a lot of people in congress who are very serious about their independence, number one. number two, it's in the hands of citizens to demand a representative government. we can get this. the problem that we have is that we have a little bit of a conspiracy between the right

the s.e.c. ast 45 college football games this season. >>> unemployment rates dropped in 22 states last month, according on to the labor department. employers added jobs in 33 states. illinois saw the biggest drop in the unemployment rate which is now at 7.1% from 7.5%. >>> and workers at walt disney world could be getting a raise. union officials say they've reached a tentative agreement with the amusement park. starting hourly pay will be $9.50 and move up to $10 in 2016. next month union members will vote on whether to approve the contract. that's your "money watch" report. for the latest go to cbsmoneywatch.com. in new york i'm jericka duncan. >>> hiv rates are declining in the u.s. new research shows the annual hiv diagnosis rate in the u.s. has decreased more than 30% from 2002 to 2011. while declines have been seen in several groups including women between 35 and 44 cases among homosexual men have remained stable and increases were seen in groups of young men. >>> a new study found most of

while the s.e.c. made some limited efforts in 2011 with cybersecurity, there's no finish line so it's incumbent on all of taos continue evolving as the threat evolves. in my current positions on the armed services and intelligence committees irk devote a significant am of time to tackling this continuing problem. i remain extraordinarily concerned about this systematic and wholesale theft of corporate property for economic advantage. i firmly believe that we need to do more as a country to secure our nation against the threat of cyberpenetration and attack. would the gentleman yields an additional 15 seconds? mr. se raw noack: i yield. the chair: the gentleman is recognized. mr. langevin: i believe we need to do more to protect our country against attacks and investors need the best information available when making decisions. i yield to mr. serrano for any comment he is has. mr. serrano: i thank the secret for bringing this to our attention. cybersecurity is of critical importance to our national secu

passengers still can't text or make calls although the s.e.c. ing whether to lift a 1991 ban on in-flight cell service. the report says that may be making many flyers say, why bother? at least for now. tracy, back to you. >> morgan brennan with cnbc. thanks. >>> a $30 million government housing grant tops today's headlines from the philadelphia business journal. philadelphia is one of four cities to receive that grant from housing and urban development. the money will be used for revitalization projects in the north and north central part of the city. >>> food and craft beers will be served at the new venue which overlooks the liberty bell and independence national historical park. >>> there's a new way to have in your way at burger king. they are serving up a gay pride burger called the proud whopper. it comes in a rainbow colored rapper with the inscription that says "we are all the same ç inside." it's being sold through tomorrow at one of their san francisco restaurants. the proceeds will be donated to an organization that benefits lbgt high

have you ever reported it to the s.e.c.? >> not up until the time this became known have we made any disclosures to the s.e.c. >> the time you knew it, not your legal department. >> no i'm talking about from the time i knew forward, including that. before that, no, we had not. >> the time you recalled, you told the s.e.c.? >> subsequent to that, we may have made a filing with the s.e.c. about the ignition switch recall. that is correct. >> what about the legal obligation to inform the board of directors? were they aware your lawyers were telling you this car was going to cause you punitive damages? >> they were not. >> what about financial reserves? were you entering into the books the financial reserves necessary to cover this liability which is your obligation as a general council? >> we were not entering any reserves to cover punitive damages no, we were not. >> okay. i don't get how you and lucy clark doherty still have your jobs. can you explain that to me? ms. barra, i think you've done a lot of work as took over. i thi

>> well, kelly, one interesting thing here is that reed hastings is continuing to oppose the s.e.c.'neutrality and the time warner/comcast deal, saying the doj/fcc to block the merger of comcast, time warner cable that the combined entity be prevented for charging for interconnection. obviously, they would be one of those companies that would be charged. kelly? >> that's exactly right. brad is still with us. brad, is that a part of the reason why you're short netflix here? >> i'm certainly problems that they're going through that's certainly not part of our short thesis. >> interesting. so, because this is always highlighted as a key risk for them. is it just too far out at this point for it to be material for them right now? >> it's somewhat unknown, and we're really looking at the earnings quality of the company. and we just -- the dvd business is, like i said, 50% of the company right now, and it's a race to zero, so -- >> but chris still watches dvds, right, chris? >> well, and they haven't transitioned the old content to streaming. that's the interesting thing. if they were goin

on the issue of this product defect and the problems surrounding it, have you ever reported it to the s.e.c.? >> not up until the time that this became known have we made any disclosures to the cell. >> the time that you knew it, not your legal department. your legal department knew it. >> no, no, i'm talking about from the time i knew forward. i'm excludeing that. before that, no, we had not. >> so at the time you recalled you told the s.e.c.? >> subsequent to that we may have made a filing with the s.e.c. about the example niche switch recall, that is correct. >> what about the legal obligation to inform the board of directors? were they aware that your lawyers were telling you, this car is going to cause you punitive damages? >> they were not. >> and what about financial reserves? were you entering into the books the financial reserves necessary to cover this liability, which is your obligation as a general counsel? >> we were not entering any reserves to cover punitive damages. no, we were not. >> so i don't get how you and lucy clark dougherty still have your jobs. can you explain that

sanctions. >>> the s.e.c. s looking atrophies buyout firms get for securing discount prices such as coffee and computers. "the wall street journal" says it's part of a stepped up probe into private equity fees. the agencies confirm investors who did buy out firms cash to takeovers aren't getting enough information about fees they earn on these stock programs. >>> coming up, a there's on flights. to build something smar. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ >>> welcome back to "worldwide exchange." these are your headlines. jobs, jobs, jobs, another strong month of hiring expected in june. analysts predicting a fifth straight month of growth. >>> last month, mario draghi prommed more to come from the european central bank. could today be the day? >>> and tropical storm arthur reaches hurri

i know the s.e.c. ly announced a test program to raise the size for some of these smaller stocks. do you think this is going to make a difference? >> yes, we do. we applaud president obama and congress for announcing the jobs act a couple of years ago, which we believe were the jennings of improving the ipo market which for 2014 is dramatically better than 2013. but we also believe we need to do more and we believe that president obama is focused on this by asking the fcc and finca to do a pilot program and that's a positive step. we would he curve the s.e.c. to expand that pilot program to about three years to get a better foundation. but we believe that's a very positive step. and a couple of other things are required, such as getting guidance on crowd funding, so you can reduce capital over a portal. these are all positive steps and we're moving in the right direction. but in the meantime, we are losing opportunity to create a significant number of jobs. >> it's great to see the -- to report here and

the s.e.c. poised to adopt reforms for money market funds. re looking at adopting rules to float share price. some say moving from the current stable $1 per share net asset value to a floating value would help prevent investors from getting spooked by the prospect of funds breaking the buck. there has been a lot of attention over the past couple of years, or a lack of attention on the risks involved in the money market world. this may help that. >> this has been something that the s.e.c. has been looking at since the financial crisis. it was supposed to be done under schapiro several years ago. it was top of mind for mary joe white when she joined. it's interesting to see. >> and joe will not forget, but that thursday at aig -- or wednesday when -- remember when the buck was broken? >> i do. i do. there are a lot of people that said if we had just prevented that on a 250, you know, sbic, couldn't do anything else. >> so here we are, five years later, six years later. >> six commercial paper, it would have fixed everything. instead, here we are

you that someone in charge as part of an official for the irs who is a former official as well for the s.e.cby the way speaking of trying to stick the system is writing about one part of the american public in such a way. >> i completely agree. i think this happens no matter which party is in charge when the republicans were in charge, they audited the naacp and did everything to go an naacp. this is on both sides of the aisle. the only way to solve it -- >> that's not true. >> it is true. >> i'm going have to leave it there. i apologize. you guys can continue the conversation in d.c. i would love to have you back to talk more about it. these are e-mails we're talking about today but obviously bigger issues. let's check in with shepard smith reporting live from the fox news becdeck. >> more on the war in the middle east. 15 people have been killed and dozens more wounded. israeli forces say they were firing back after somebody launched mortars from near the school. in the next hour, we'll talk to the former u.n. ambassador bill richardson. why he says the u.s. is playing the proper role in t

. >>> now, the s.e.c. is poised to finalize long awaited rules on money market funds aimed at preventing a repeat of the financial crisis. "the wall street journal" reports the s.e.c. will vote on plans to require certain funds that cater to institutional investors to scrap the traditional fixed $1 share price and float in value like other mutual funds. >>> still to come on the show, just the ticket? how does ticketing company stubhub plan on increasing growth in a competitive market? we speak to the president right after the break. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast? go to ziprecruiter.com and post your job to over 30 of the web's leading job boards with a single click; then simply select the best candidates from one easy to review list. you put up one post and the next day you have all these candidates. makes my job a lot easier. [ female announcer ] over 100,000 businesses have already use

i think the s.e.c.'ed because frankly people really criticized them and they came this close to being engs tinge wished, frankly, on the last crisis. so i think they've been given a lot more and i think enforcement has been pretty active. no one can say they've not been robust at the s.e.c. on activity and the enforcement area. >> eric want to thank you for coming in. >> thank you. good to be here. thank you. >> all right. coming up are you checking in any time soon? a hilton hotel. there is an app for that. you can make reservations, special requests, check in, check out right from your phone. what does it mean for sales? ceo of hilton worldwide will join us next. and at the top of the hour, pfizer and merck earnings are out. they both beat. we're going to talk about the future of pharma, maybe more about the tax inversion issue, and drugs in the pipeline all when "squawk box" rolls on right after this short break. in a world that's changing faster than ever, we believe outshining the competition tomorr

as part of the dodd-frank bill, the s.e.c. odities futures trading commission imposed new regulations on companies that deal extensively in derivative products. as a result of that action, credit default swaps now clear through exchanges or clearing houses, but they're still exempt from insurance regulatory oversight. [ticking] coming up, the harsh reality of state finances. the state's a deadbeat. >> yeah, i mean, the state of illinois is known as a deadbeat state. you know, this is a reputation that has taken us years to earn, and we've reached, you know, the heights of, i think, becoming the worst in the country. >> it's the day of reckoning when 60 minutes on cnbc returns. when you're awake and can't sleep an ounce, unwind with tide, downy, and bounce. the sweet dreams collection is so relaxing, so you can tuck in and turn off after a day oh so taxing. tide, downy, and bounce. official products of the national sleep foundation. if yand you're talking toevere rheuyour rheumatologistike me, about a biologic... this is humira.

it's thursday night, time for our weekly tribute to the s.e.c. where we bleep and blur things. "unnecessary senatorship." [ cheers and applause ] >> 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 ]. for this bag of money. >> 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. from transforme

i don't like to own stocks the s.e.c. investigates. >> caller: thanks for the money you made me.bout lannet. >> i prefer parago. >> caller: a big morris county, new jersey, boo-yah. >> local guy boo-yah back at you. >> caller: rite aid. >> the stock doubled and had a bad quarter. it's recharging and said what's happened is the next quarter is going to take back the earnings it missed. i believe rite aid. it is a great stock to own. understand it's much more speculative than either walgreens or cvs. max in washington. >> caller: boo-yah, how you doing? >> all right. how are you? >> what is going on with wind stream? >> it doesn't have growth but people like windstream. me, i don't like to reach for yield. i'd rather be in enterprise product partners if i want yield that badly. it's got more growth. andy in new york. >> caller: my question is general electric. >> it has been hurt by this. i like to talk about my winners. ge has not been able to break out of this range. it needs to make a clear statement when it reports. jeff emmelt has to explain why the future is brighter than the

with tyler promoted to the s.e.c., garrett proved he had what it takes. meridian high school had a third undefeated regular season but lost out in the state championship rematch against a very fast biloxi high school team. garrett developed stars too. greg ames worth in three years as an ole miss running back ran for 1,361 yards and 17 touchdowns. mack barnes, garrett's quarterback for the 1969 season, became a coaching star in his own right. he went on to coach meridian high championship teams as well. mr. speaker, though of meet oaker athletic -- mediocre athletic ability, i gained tremendously from my experience as a meridian high wildcat under both bob tyler and charles garrett and also their very able assistant coaches. any achievements i have made in my life and career must be credited to a large extent to what i learned on the practice field. concepts such as personal discipline, commitment to excellence, personal sacrifice for a unified team goal, preparation for success and the meaning of teamwork. it is said, it is a commitment to a bigger goal a

>> yes, sir, these are the 65 schools that are members of the five largest revenue conferences, the s.e.c., the big 12, the big 10, the pac-12, and the a.c.c. >> would you agree with me in my final first round question? that college sports has long forgotten the word amateurism? i'm talking particularly about the 120 major -- but you know, there's a lot more than that, that it's just a business? and the more money you can make, i mean, west virginia university signed on to the big 12, which guarantees one thing and one thing only. that means that most of the people of west virginia who are not high income or even moderate income cannot go to any games out in the southwest, but west virginia university sure makes a ton of money from it. how do you respond to that? is that right, is that fair, is that progressive? >> if i may, senator, there's two questions that are being asked there. the first is, do i believe that the 120 or so dominant schools, fbs schools, perhaps to whom you're referring, have abandoned the concept of amateurism? i would say, no, they have not. i certainly agree with y

so we'll see how this goes, and we'll see what happens, carl, with the s.e.c.'e with the stock halted. >> unbelieve werable. all the attention on twitter the last 48 hours, scott. you've been all over it, too'sthanks to you, scott cohn, at hq. >>> and comp positive due facebook and amazon. adding to the nasdaq 100. retailers continue to deal with weakness. gap, weak for june, as a result, gap, ross stores, limited brands, urban outfitters, laggard. that does it for us. over to scott wapner and "the half." >>> welcome to a special "halftime" show. may be the worst for stocks in some months but today we focus on winners. today a big one with us. david miller of catalyst funds, the country's best performing mutual fund. according to the "wall street journal's" winner circle contest. returned nearly 40% over that period. here to share big investing ideas with all of you. welcome. >> good to be here. >> congratulations on the performance and winning the winners circle contest. >> thank you. >> what's

your read is different than what the facts -- >> maybe they're making him head of the s.e.c. who knows? coming up, when money manager robert chatman was on in march, he knew herbal life wasn't for the investor. >> stake takes a stomach of iro steel. >> he was buying aggressively yesterday as bill ackman's comments on this show drove that stock down. and now the stock is bouncing back today. what's his play? we're going to find out when he joins us live. first a federal appeals court panel says most obamacare subs cities are illegal. up next, how your portfolio could be impacted. many of those related stacks are on the move. that and much more straight ahead on "the half." but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. my motheit's delicious. toffee in t

but the lack of funding for critical agencies it's supposed to carry it out like the s.e.c. and cftc. you have anything to say about that? >> i am proud of the fact that we insulated the consumer protection bureau from that strangulation by nonappropriation that happened to the cftc. again, i think i started to answer but ms. moore ran out of time. i think the republicans chairman said that it's as bad as the health care bill. but the reaction of the republic party to these bills has been very different. there's been no bill to my knowledge, to repeal the whole of the bill and or even any substantial part of it. there have been some things at the margin testimony some of which i think are good and some that aren't and there's been no attack on the thrust of it and they do it by funding. >> the time of the gentleman is expired and the chair recognizes the gentleman from north carolina. mr. pittenger. would you yield a brief moment. we're going to take time in this committee to get it right and we've already dealt with the gse and we will soon deal with too big to fail and i lo

shares of smith & wesson are higher at this hour settling with the s.e.c. illion over charges of improper payments to foreign officials. also shares of family dollar store still surging. dollar tree buying the company in a deal valued at $8.5 billion. investors wanted that deal for years at this point. tyson foods higher on third quarter earnings and news the company is selling its mexican and brazilian poultry businesses to jbs and pilgrims pride. price tag on that deal $575 million leading tyson up 2.5%. >>> where are ultra wealthy p y putting their money? >> they are drawing down cash and fixed income and boosting private equity holdings. private equity makes up 22% for the portfolio of those members polled. that's almost equal to equities holding at 23% and way above fixed income now. spectrum group says that the richer you are, the faster your private equity holdings are growing. worth 5 million or more, 15% own private equity now way up and those worth $25 million or more, more than half of them now own pe. so what's the appeal? they want long-term ret

outlined about high frequency trading, and i believe it was in june mary jo white, the chair of the s.e.c., gave a very important and very detailed discussion of high frequency trading outlining where she saw problems and whan potential solutions might be to those problems. >> the quantitative easing. do you believe unintended consequences of qe 1, 2 and 3 may be with all the bond buying that it's forcing people into the stock markets, creating this bubble? >> well, i think an environment of low interest rates in general, which have been promoted by our, both our keeping the federal funds rate at zero and additionally by our purchases, low rates do have an incentive to push individuals to look for -- look for yield, to reach for yield, and that is both a good thing and a bad thing. on the one hand, we need healthy risk taking in order to spur a recovery. and low interest rates, i think, have had a positive effect on helping the recovery, but, of course, we have to be careful about looking for situations where low rates may be incensing behavior that can be dangerous to financial stability

right now the s.e.c. e playoff this year. a lot of people have been waiting for it for years and years and years and years. here it is. how does the change the season for you? how should we look at this season differently than others? >> it's going to be interesting with the selection committee. they're going to start in october every week releasing their rankings so you'll have a sense of who the top four are and what kind of flexibility there is there and what people need to do to break into that top four. so i think it's going to be -- obviously, as you said, people have been waiting for this for years so it's going to be an interesting dynamic to see how this plays out. how much they put on strength of schedule, winning your conference. >> do you think the ncaa goes to eight games? like four is the start. this is the test tube version and see if we go bigger with it? >> i think there's some that feel there's an air of inevitability about that. >> you cut it off at four, there are always going to be thr

regulatory authorities in quebec and here in the states, s.e.c., of course in the states to get on allerganit says false and misleading statements. allergan says we stand by our comments. we call on valeant to report complete and transparent details on its business on an ongoing basis. at end of the day, investors will make their own decisions. we've got percentage numbers but there's a debate about the actual numbers. in other words, giving us percentages now because they haven't reported their quarter at valeant, not the numbers. they want to see those. but a lot of back and forth. perhaps the most important, single data point, though, the cap rate, no wronger really owns the stock. one of the largest shareholders, i was remiss on when i ran into it it's reported in the "wall street journal," it is correct, one of the bigger long onlies, big supporter, they've sold. they didn't want to get perhaps valeant shares, allergan could argue but sold at a nice price. a lot of shares owned about by paulson. >> they don't care about -- >> they are not going to be in the pyott corner than may end up

while they have backed off with their proposal, the s.e.c. is soon to vote on a rule on certain funds. i share many of the concerns that how a floating net asset value would adversely impact money market funds and the people and organizations that rely on them. in fact, it is worth noting of the 1,428 comments on the rule, 98% were against the floating net asset value. before regulators impose any additional changes, they must be certain that the cost and benefits have been weighed and ensuring that the tax changes that will need to be considered will be reviewed by the public in an open and transparent manner before moving forward. we should not eliminate money markets to grow and thrive. in closing, i would like to thank the committee for positive report language with respect to money market funds and thank the chairman for his consideration of this important matter. mr. crenshaw: i appreciate the gentleman giving attention to this issue. we have included money market language within the bill. we are concerned about the issue and will work

the s.e.c. st auction of spectrum since 2008. >>> there was a near miss in barcelona all caught on video. a russian airline boeing 767 from moscow making its final approach just as an airbus a340 prepared to take off. the pilots of the russian flight quickly aborted the landing. they cleared the plane -- clearing the plane on the ground. they needed to circle around for another landing which was successful. but, yeah, amazingly close call caught on video. >> saw the plane, pulled up. so -- there was one in this country, too, i think in houston, and it was within eight football fields horizontally. and it's supposed to be three miles away. >> that is -- >> i think it's supposed to be five miles away horizontally and it was within eight football fields. so that -- yeah. >> wish we didn't do this story on a day i'm getting on a plane. >> you fly sorkin air. oh, you can't. if you're bringing your child you cannot fly sorkin air. >> stop. >> anyway -- you see that? stocks soaring further in unchartere

whether it's the s.e.c., the irs, the department of justice, or any and all of government activities that led to the unfair treatment on the eve of campaign elections of conservative groups. it is clear that there was a convenient loss of far more data by far more people than is explained by the normal arrhythmatic probability. today, we'll explore not only the timeline but when this committee received that timeline. it was your watch to give us accurately and keep us up to date on developments related to lois lerner and other parts of our investigation. it is my view that you could have done better. you will and have paid a price in public opinion for not being as forward leaning and proactive as you could have been. but that was yesterday. today, what we're asking you to do is continue working with your ig and if we're fortunate enough to get a special prosecutor, work with him or her, and of course work with the groups that now have federal judges ordering the irs to show particular information and bringing it all together back to this committee. because this committee has an inte

alibaba is still waiting for the s.e.c., which vets all new listings to give final approvals for the. the ipo market has been strong this year. the u.s. has priced the most deals by this point in any year since back in 2000. a number of other chinese tech companies have enjoyed success since their debuts here in the u.s. online retailer jd.com has seen its stock up 32% since its debut in may. the final price and valuation of alibaba's ipo will depend how much stock and the investors plan to sell. alibaba is going to list its shares on the new york stock exchange under the ticker symbol baba. baba. it's appropriate. >> bertha, thank you. have a great friday. >>> now, amazon is pushing ahead with the plan to use drones to deliver packages to your doorstep. the company is asking the faa's permission to use this outside of seattle. last year, the u.s. designated six sites to test for broader commercial use, but seattle is not one of them. amazon drones could deliver packages in 30 minutes or less and one day will be as normal as seeing mail trucks on the road today. >>> back to one of ou

and the ceo listed on the company's last s.e.c. he only employee says he no longer works there. cynk's office in belize doesn't appear to exist and the phone's disconnected. yet, somebody has been buying the stock and pumping it to a market cap in the billions. if promoters have been paid in company stock, they've made a lot of money. the s.e.c. has declined to comment. >> yeah, scott, stay with us, if you will. i want to get some thoughts here. dr. j., let me just pose this question. let's say the five of us here wanted to create $4 billion in market cap, would we be able to do so out of thin air? >> you would, because you can't borrow these shares to short them. so, in other words, as we all know, there's a buyer and a seller every time you have a stock that trades. well, in this case, there's simply no shares that you can go out and borrow, kelly, so you're doing a fail to deliver if you went and shorted these shares because you can't borrow the stock. >> that's amazing. >> so, could you do it? yeah, but this does seem something

>> yes, sir, these are the 65 schools that are members of the five largest revenue conferences, the s.e.c., the big 12, the big 10, the pac-12, and the a.c.c. >> would you agree with me in my final first round question? that college sports has long forgotten the word amateurism? i'm talking particularly about the 120 major -- but you know, there's a lot more than that, that it's just a business? and the more money you can make, i mean, west virginia university signed on to the big 12, which guarantees one thing and one thing only. that means that most of the people of west virginia who are not high income or even moderate income cannot go to any games out in the southwest but west virginia university sure makes a ton of money from it. how do you respond to that? is that right, is that fair, is that progressive? >> if i may senator there's two questions that are being asked there. the first is do i believe that the 120 or so dominant schools, fbs schools, perhaps to whom you're referring have abandoned the concept of amateurism? i would say, no, they have not. i certainly agree with you th

ackman's claims prompted investigations by the s.e.c., federal trade commission, fbi and two state attorneysral. herbalife has responded monday on its twitter account saying it's confident in the integrity of its marketing model. herbalife stock 11% on monday and is down about 14% since ackman anoins ed. so specter ba life to be a stock in focus on wall street today. lisa. >> seema, good seeing you. >>> coming up next, apple posting third quarter numbers. later will investors have the appetite? we'll preview the tech giant's earnings in just a couple of minutes. >>> hi, everybody. welcome back. ma ris sa mayer is pushing yahoo! further into mobile. the company is buying flurry for more than $200 million. it helps marketers figure out which ads resinate most with iphones and android users. now, apple has reportedly asked suppliers to produce up to 80 million large screen iphones by the enof the year. the iphone 6 is expected to come with a 4.7 or 5.5 inch screen. appearing releases third quarter results after the closing bell today. let's talk about what we can expect. scott kessler, senior e

the advisory business. that was in early 2005 with s.e.c. auditors on sight. in fact the complaint says family members and other employees were behind the scenes deleting e-mails. the sons have always claimed they knew nothing about the advisory business, but an e-mail from andrew to his brother in 2005. i spoke with dan who conferred with danny, the -- everything is in balance, so we don't have to worry. i love my job, i love my job, i love my job. oops, dad is calling again. but earlier he was singing a tune. >> what he did was awful, and affected the lives of so many people, stole people's dreams and futures and, um, us among them. i'll never forgive him for that. >> there's no word on where federal prosecutors stand in their criminal investigation. the fraud blew up in december 2008, 5 1/2 years ago, believe it or not, brian itches wow, very interesting breaking news on madoff, sort of rehashing old wounds. scott cohn, thank you very much. all right. >>> a lot more to do. in fact herb and i a year ago made a bet. we'll see who won that bet coming up. >> ind