the disclosures are required by the s.e.c. they do not include tax returns. >> do stay with abc news for the latest results. live team coverage later on on "good morning america." >>> in the meantime, we move on and happening right now more hail, rain and high winds slamming the san antonio area. pictures just in to us showing vehicles stalled in high water up to 4 inches of rain have fallen in the area since last night. authorities say there are several vehicles that are stuck on interstates 35 and there are reports of numerous water rescues taking place. >>> then in florida, several tornadoes reported there causing damage to homes and knocking down trees and power lines. this one you see here is in ft. pierce. another one touched down right on interstate 95. extensive flooding in central florida reported along the atlantic coast. closing many roads. >>> and look at the radar. you can see the storm system and it's now over the southeast while another is in west texas and that means texas will still see some thunderstorms, but

>> there are registered broker deals to connect investors to companies as of friday the s.e.c. gistered eight. we are waiting for them to release the names. and once again warning investors they have to do their research before putting money into one of the ventures. if you lose the full investment, it could be for as long as a decade until you start seeing that. it's definitely risky. >> kate, thanks so much. kate rogers. >> a takeover offer for tribune that he is where we begin tonight's market focus. the owner of usa today of this all-cash bid from 22% to $475 million. the news comes after the owner of the chicago tribune and los angeles times previously rejected the unsolicited offer and went so far as to adopt what is known as a poison pill defense. the company has acknowledged the new offer and now says we're going to go ahead and review it. shares up 2% to $15.98. tribune up fractionally to $39. >>> berkshire hathaway's ceo warren buffett has offered financial support to a group bidding for yahoo!'s internet asset. quicken loans is among the group of potential and buffett

and the s.e.c. has failed to deal with traders. he uses the flash boys, why? because he says the hedge funds run ahead of him. they're allowed to do wit the high-frequency trading. he has an indictment of the short serls. he bought $100 million of stock. he says he goes in every time the short sellers knock it town. the casinos are regulated much better. the stock markets get more volatile and stupid as a gambling game than ever before. he's saying casino gambling is much more regulated than stock gambling. he says, i take advantage of it. it's fine. when they drive the stocks down for reason that are irrelevant, he goes in and buys. but he has an indictment of the s.e.c. and short sellers. i was cackling. i was cackling. it was so brilliant. steve wynn. >> not afraid of taking on anybody. >> he does not play for dinner. every day, he gets up and says, today is the day i tell the truth. he says that casino gamblingambf they had the same regulators in the s.e.c. as in gambling, our markets would come back. they would stop hitting on 19. hit me. >> is that your

rajaratnam's predictions were-- were accurate. >> whitaker: michaelson joined the s.e.c. this was one of his first cases. he remembers combing through stacks and stacks of galleon's trading and phone records, instant messages and emails. how many documents are we talking about? >> michaelson: hundreds of thousands. >> whitaker: hundreds of thousands. >> michaelson: sometimes you would have to sit there with a ruler to make sure that you're getting exactly who is talking, what phone number is calling which phone number at-- at-- at what time. >> whitaker: so you're connecting the dots. >> michaelson: we're connecting the dots. and then the next dot to connect is, "well, where's raj rajaratnam getting this information?" >> whitaker: finally, after six months of searching, they found the needle in the haystack in a single, careless instant message from roomy khan. >> khan: i texted him. and i said, "don't buy polycom." >> whitaker: and in writing? >> khan: and then in-- it was a text message. >> whitaker: in electronic writing? >> khan: yes. and then-- and it said, "until i

. >>> well, the s.e.c. says fill mickelson will not be charged for an insider trading scheme. it involves stock of dairy company dean foods, based on a tip, he bought 200,000 shares and made $1 million. he was charged as a relief department, and will pay back all ill-gotten gains. he is pleased the matter is over. that's what the spokesman says. >>> a vote during an amendment that would have barred hiring federal contractor whose discriminate against the lgbt community. that vote was scheduled for two minutes, it looked like it was going to pass, but then the clock didn't stop. it was held open for an additional six minutes, while republicans convinced a few of their own to switch their vote. in the end, the measure was defeated by one single vote and this is how the democrats reacted. there you hear it, shame, shame, shame, democratic shawn patrick maloney tweeted every single republican who voted against my amendment should be ashamed of themselves. your children will remember your hate. that's one way to get into weather. >> it's like the parliament. >> i know. i feel it's

the s.e.c. says phil mickelson made $931,000 after getting a stock tip. a noted sports gambler. investigators claim mickelson used some of the money to pay the man back, money he allegedly owed. mickelson, so far, not charged with a crime. >>> well, there's going to be a big party tomorrow. the second jewel in horse racing's triple crown, the preakness stakes, is tomorrow. the kentucky derby winner, nyquist, is the favorite. >> nyquist is wearing number 3 tomorrow. the main rival is exaggerator is also being mentioned. you might remember the name exaggerator, he was second at the derby. the 11-horse field can expect a sloppy track. rain is in the forecast. both horses have to contend with that. >> exaggerator says he'll win it all. exaggerating. >> over, and over, and over. >> exactly. >>> one blogger's comments about how to keep your marriage. >>> and one of the most well-known sites in the world, the eiffel tower, is getting ready to host some overnight guests. stick around. world, the eiffel tower, is getting ready to host some overnight guests. stick

the s.e.c. iming mickelson made that after getting a tip from billy walters because mickelson, a well-known gambler, owed walters money. so the golfer bought nearly $2.5 million worth of dean food shares, that's far larger than any other investment he had in his portfolio. he had to borrow money from his broker on margin loans to do it. a week later the stock shot up 40%, he cashed out and paid his debt off. now, this is important here, you touched on it, mickelson is going to have to pay back that -- those profits plus interest. but he's not being charged with insider trading because apparently there is there isn't enough evidence to show he knew the tip was illegal. but listen to, this again and again they were asked was he getting special treatment. >> i don't think it sends that message. i think it sends the message we make charging decisions based upon the evidence and the law. >> as you heard, mickelson released a statement taking personal responsibility, expressing regret. sponsor kpmg whi

. >>> the s.e.c. has announced that golfer phil mickelson won't be criminally charged for his part in insider trading. it centers around the alleged insider trading of stock of dairy country dean foods and based on the tip, mickelson bought 240,000 shares of the company and made nearly $1 million. he was charged as a release defendant and has agreed to pay back all ill-gotten gains. a spokesperson said the golfer takes full responsibility and is pleased that the is over. mickelson who was inducted into the world golf hall of fame in 2011 has a reputation of being an avid gambler. >>> things got ugly on the house floor thursday. it happened during a vote on an amendment that would have barred hiring federal contractors who discriminate against the lgbt community. the vote was scheduled for two minutes and looked like it was going to pass but the clock do not stop. it was held open for an additional six minutes while their own to switch their vote. in the end the measure was devoted by a single vote. thi

alababa shares have fallen the most after the giant says they're being investigated over the s.e.c. accounting practices and whether they violate federal laws. the regulator is looking at data reported from the company's single day promotion, the biggest shopping day, and how the firm consolidates results from other companies. hillary clinton's use of a private email system while she was secretary of state did violate the department rules. that's the conclusion of the report by the agency's inspector general and will handle an additional line of attack against the democratic presidential frontrunner as the campaign gets underway. businesses have warned of economic damage as protests in france continue. strikes at the country's refineries and railroads are set to intensify after the government refused to back down on a labor law. six of france's eight refineries are on strike and the union has called for electrical workers to calk off he -- walk off the job today including 19 nuclear plants. the international railroad is entering the eighth week of protest. global news 24 hours a day

the jump-start our business act or jobs act is looking for today for s.e.c. to write all the rules.little local brewery will raise money selling private shares to its own customers. >> the s.e.c. is concerned with protecting investors and that is very important. this country is built on innovation. america is all about leading and starting companies and being an entrepreneur. that's what got us to where we are today. i'm excited about where we are going. >> vincent bradley represents one of the websites you can buy shares on. you are seeing a small family farm growing organic food you can invest in. if you think this sounds like kick starter, kind of. the difference here is when you invest in a brewery on kick starter, you get a prize for your $100 or $1,000. free beer for a year or whatever. under the jobs act, if you invest in that brewery, you literally own part of the brewery. what that means for you is going to be up to the company offering the share. it could mean you get a profit, a check every month based on the profit. >> they'll work it through this website, for example. >

and exchange commission says it is dropping its investigation as mickelson gives his profits to the s.e.c dean foods own berkeley farms here in the bay. this guy from horm he'll is really going to close that bell. uber's eventual plan is to replace drivers with robots. we talked in the past about automation replacing lots of jobs. technology costs are coming down at the same time labor costs are going up. you're starting to see self-serve technology. chili's uses a self-ordering kiosk. they don't replace the waiter, but they serve more tables. we are getting so used to this idea of self-serve. you do it all the time at the grocery store. you would go into mcdonald's and see burger, fries, whatever, doesn't seem that strange. >> exactly. >> we were saying a second ago it's amazing it's taken this long for restaurants to be using this technology because it's not that advanced. >> it's been in grocery stores for years. >> two all beef patties, special sauce, lettuce cheese and pickles. >>> now they can buy lunch. >>> 6:16. this guy could use a good burger. back to civilization after being st

it took forever from the s.e.c. to put rules into place.t allows small businesses to offer shares to mom and pop investors. talking little businesses will be able to raise money selling private shares to its customers. >> we have cool mom and pop, i can see this being very effective with breweries, local breweries. that's what excites me. you have a business with a great community around them. >> bradley representing one of the websites called flash funders. you are seeing a small family farm growing organic food that raised money. the minimum investment is $2,000 and all the previous rules you had to be an accredited investor, gone. if you think this sounds like kick starter? kind of. if you invest in a kick starter for a brewery, you get a prize for your money like a free year of beer or whatever. if you invest money using the jobs act, you own part of the brewery. that means whatever it means to the company. interesting news out of arizona where the governor there signed a bill into law that bans futurç restrictions on short-term rentals

mickelson will pay the money he made to the s.e.c. around will not face further charges. one person who will never settle is landon dowdy live at cnbc world headquarters. >> good friday morning. wall street will try to rebound from another day of losses. stocks falling thursday on mounting fears that the federal reserve could raise interest rates as early as next month. the s&p index, broadest measure of the markets dropping into negative territory for the year. the dow dropping 91 points to 17,435. nasdaq down 26. >> i told to you get this on your calendar. i'm giving you a reminder, this weekend is the maker faire at san mateo fairground. craziness. general admission starts saturday at 10:00. they call it the greatest show and tell on earth. i highly recommend you go. i also highly recommend you understand that this is going to be your entire saturday just getting there, parking, walking to the event, the crowd, et cetera. easiest way to get there would be by helicopter. >> it's a big deal, start early. >> mike went in a tourist bus and went to the wrong location. he en

the jobs act dates back to 2012, but it's i taken this long for the s.e.c. o figure out all the rules. it will take till monday to figure out how to implement it. basically it says small businesses can solicit you for an investment. you could be part of the company, own part of a company even if it's not on the stock market. this all happens monday. >> that could give a big boost to small business. >> it would be tremendous. that's why they did it. >> you know how we know it's taken that long? president obama wasn't completely gray? >> that office ages everyone. >> thank you very much. >> somebody still has a job right now would be sharkey. he's going strong. everyone's bay area hockey mascot will make an appearance in the south bay. there is no hangovevç for sharkey. circled the shark tank late in the evening. sharkey will appear for the annual friday the 13th festivities at the winchester mystery house. at 1300 hours, that is 1:00 p.m., sharkey will ring the tower's bell 13 times. >>> being that the l.a. angels of anaheim play in orange county, perhaps it's

the s.e.c. said he made a profit of more than $900,000 the next day. the associated press says attempts to reach him for comment were unsuccessful. >> to decision 2016. donald trump will visit mercer county later today as a favor to chris christie. the presumptive republican presidential nominee will appear with christie at the lawrenceville national guard armory. the event will raise money to help christie pay off debt for his own presidential run. trump also will attend a separate fund-raiser for new jersey's republican party. >>> meantime, trump used the word rape regarding a decades-old allegation against bill clinton. he made the comment in a fox news interview. he was referring to a controversial claim in the '90s by a woman saying she was assaulted. clinton denied the allegations. he was never charged. the clinton administration cl m claims he is attacking. >> and bernie sanders is vowing to stay in the presidential race despite the fact that hillary clinton is very close to securing the number of delegates needed to clinch the nomination. in tu

. >> the s.e.c. is concerned with protecting investors and i think that's very important but this country is built on innovation and america is all about leading and starting companies and being an entrepreneur and i think that's what has got us to where we are today so i'm excited about where we are going. >> you are seeing a small family farm growing organic food. if you think it sounds like kickstarter, it's kind of like that but here's the difference. when you invest in kickstarter, you get a prize, let's say free beer for a year or something. under the jobs act when you invest your money in a brewery, you're literally getting part of the brewery as an ownership. >> right. >> exactly what that means, whether you get a share of the profit, that's up to each company offering the shares but you can literally say, i'm a part owner in this business. >> is it safe to say that you're supporting companies that you believe in? >> you're not probably going to make it rich but you will support that corner b

. >> and now, the s.e.c.that golfer phil mickelson raised profits by trading in dean food s after a stock trading tip from gambler mick walters. ta will discuss penalties for walters and dean foods at noon. >>> and sports authority is going out of business. once the nation's largest sporting retailer are will shut down all of the remaining 450 stores after failing to find a buyer for them. you are up to date, and that is the news update at this hour. back to you. >> thank you, sue. and now, back to the update for europe, and it is about as red as our own. >> yes. and the fed caught the down dravt from the fed news, and europe was not open, and it uniformly moved to the downside. and then you have extended the losses in the course of the session, and despite the fact that the egypt plane was traveling like this through europe, it is not the reason that the stock market is down, and i will show you that in a moment. the example, the oil majors, the hea heavyweights in the indices are lower, because oil is lower

. >> and tell the companies on file with the s1 and the s.e.c. ket they might disagree. >> thank s as a lot. >> mike santoly, and the government is releasing the hurricane outlook for 2016, and let's go to eamon javers. >> yes the government is forecasting a more intense hurricane system than what we saw in 2016. the oceanic and atmospheric agency is holding a conference, and they are saying there could be 10 to 16 named storms including 1 to 4 major hurricanes which is a increase from the below average season which produced 12 cyclones and 11 named storms, and four hurricanes, and two major hurricanes around the u.s. government saying if you take a look tatat the picture, they are keep a look at the low pressure system off of the coast of florida, and that is a system to develop in more significant weather challenge on the u.s. coastline over the weekend. they say that people from georgia to the carolinas ought to be keeping an eye on the system as we are going through the memorial day holiday here, and bear in mind that you might have the change

industry and some in congress have called for the s.e.c. to issue its own fiduciary rule before the labor department. the wall street reform bill required the s.e.c., the securities and exchange commission, to consider its own rule. i urge them to move forward as well, but there's no reason for the department of labor to wait for the sometimes too slow s.e.c. congress gave retirement accounts tax-favored status and significant protections under erisa. the labor department's rules build on the statutory framework under erisa and now the fiduciary rule reflects the reality of the modern retirement landscape. it's time to move forward to help protect this generation and future generations of american savers. i urge my colleagues to vote "no" on the resolution so the implementation of this rule can continue to move forward to protect the interests of millions of hardworking americans who are saving for retirement. mr. president, i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: mrs. mu

while the company is disappointed with what the s.e.c. nounced, it accepts mickelson's statement of personal responsibility. >> are you hearing anything about the court of public opinion yet? >> not yet. this is interesting. it's very tough to prove these kinds of cases now. the court ruled basically the defendant, someone like mickelson would have to have complete knowledge of the scheme and intent. it's not clear he knew where this tip came from, but it was a single trade he made over $900,000 on. >> all right. thank you, anthony mason. always good to see you. >>> technology brings whitney houston and christina aguilera together but houston's family does not want you to see it. the performance pulled from i don'or wonder whether i theshould seek treatment.c. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients who've had no prior treatment. it transformed treatment as the first cure that's one pill, once a day for 12 weeks. ce

issued a grand jury subpoena for lendingclub, and it is the subject of at least the inquiry from the s.e.c., and that is going to represent at least what it looks like here, the first time a state regulatory body has put the attention on the shares of lendingclub. back over to you guys. >> thank you, dom. pete, at that point and you were long on the options, but you are gone? >> yes, and this is the beautiful thing about the options, scott, it was trading at $4 when we saw the activity, and they were trading about 45 cents on june, and 45,000 or something like that traded on the day we saw it. so we cited it and talked and it, and yesterday, the stocks down to $3.50 and the options was still there, and i said, it is a mess, and the doj is all over them, and soy exited yesterday. it is not to say that the thing can't take off and the options could perform, but i thought it was a good idea to get out of there and move on. >> so now over to apple ready for primetime, and toni sagunacchi is back with us, and now, how is this going the work for apple? >> well, the challenge for apple is that it

. >> reporter: the s.e.c. the successful pitchman made an almost $1 million profit from stock in nearly one day. >> simply put, mickelson made money that wasn't his to make. when you make money that you're not entitled to, you should not get to keep it. >> reporter: it all stems from a stock tip he snooefd 2012 from friend and noted gambler billy walters. walters allegedly telling mickelson to invest in dean foods. the problem, walters' tip was allegedly the result of inside information he received from thomas davis, the now former chairman of dean foods. mickelson has agreed to pay back the full amount with interest. michakelson reps telling abc ne overnight he feels vindicated but takes full responsibility for the decision and associations that led him to becoming part of this investigation. phil mickelson has not been accused of any criminal wrong doing. he was not charged with insider trading. his spokes person telling abc news phil feels vind gated. >> all right, rebecca. thank you very much. >>> coming up