he is nominating tim massad, replacing the regulator. rked at the treasury department, overseen the t.a.r.p. program, the white house mentioned that in the announcement. wouldn't expect any confirmation difficulties with tim massad. >> thank you so much. wearing the hat of ceo means big responsibility. quite often, big money as well. a new study is concluding chief executives living opulent lifestyles are increasing chances others at their company will commit fraud. i can't connect the dots on this one. >> it's an eye-opening report. this is an academic study. goes on page after page by page. done by three researchers aren't the country. they found for every year ceo that likes to live big lifestyles, fraud raises by 6%. j.p., we have our own robert frank, who wines and dines with the rich and famous for us as well. j.p., do you buy this connection these researchers are trying to put together? >>. >> i think it's a bit of a stretch. especially conceptually. 30 million businesses in the u.s., 197,000 mid-market firms, most private, and les

tim massad served as assistant treasury secretary for financial stability and oversees the troubled asset relief program, also known as t.a.r.p. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by gary gensler and tim massad. >> good afternoon, everybody. have a seat. five years ago today, we were in some of the darkest days of one of the worst economic crises in our history. a financial catastrophe on wall street was rapidly fueling a punishing recession on main street. we were looking over the horizon and seeing the potential for a great depression, not merely a great recession. and so we prepared steps to rescue our economy and put people back to work. but one of our top priorities was also to make sure that a crisis like this never happened again. and the result was historic wall street reform that put in place smarter, tougher, common-sense rules of the road to protect consumers and to end taxpayer-funded bailouts once and for all. now, five years later, our economy is growing. our businesses are creating jobs. our markets have hit record hi