i'm delighted that we have the chair of the federal trade commission and one of the commissioners from the commission here with us today. and obviously i'm delighted to welcome my own brother, who carries either the burden or privilege of being so. but i'm glad that he's here today representing the commerce department. he's been working on this under two different secretaries now, as have many of us here on the committee. so i know that in his capacity as the general counsel together with the chair, they are going to set out today so the final findings of both the commerce department and the federal trade commission with respect to this question. it is not unimportant, i think, that both the commerce department and the federal trade commission frankly together with most of the privacy experts in the country have all come to the conclusion that we need to have a privacy law with respect to providing protection to individuals in commerce. and i think that the distinction, senator toomey, is is that the privacy experts have all come to that conclusion. obviously, some of the companies hav

and the c t c the clown who shoots a trading commission because they are not the direct regulators of j.p. morgan right at best they are ancillary to this story and so you know you should be starting with the bank regulators who should have the fundamental expertise about what actually happened here and that would be particularly important because j.p. morgan's plaques have been putting out all the information and they put out at least four stories each of which contradicts the other and each of which is financially illiterate so you know they're not true any of those four stories and we've heard nothing from the regulators who are supposed to know about what actually happened and how could you start with a discussion by the f.c.c. and the commodity futures trading commission when you still have no idea what actually happened yeah i couldn't agree more with your broader point as far as the as a theme which obviously has a very tangential role as not and regulator of the bank and didn't do you think that they missed anything with at least the risk reporting and j.p. morgan and of the v

. >> are we into the federal trade commission. >> that's right and food and drug administration. >> whatdo they do? >> almost nothing. >> why? because they have almt no r-affing and they don't have the motivation. if congress -- if industry would get congress to step it. >> that's pay dirt. in 2005, the food-makers and the food-marketers will roll out the next new thing. what will be that new year's food fad? we'll put that question to our guest but first, here are their distinguished profiles. >> born in new york, near rochester, 42 years of age, wife, amy, three children. cathic. politi, iependent. saint bonaventure university new york. b.s. marketing. state university of new york at buffalo, mba. marketing intelligence service, a subsidiary of data monitor, a company headquartered in london, england. general manager, naples, new york, 10 years and currently. lookout magazine formerly published by marketing intelligence service. editor eight years. productscan online, aatabe of new consumer package goo, execute etor 10ears and currently. health products, business magazine. a trade jour

. >> up next commodity futures trading commission chair gary gensler and mary schapiro told the senate banking committee tuesday they found out about j.p. morgan as $2 billion in losses through media reports. the fbi, sec are all conducting investigations on what happened. this next hearing focuses on the dlif tifz market and the regulatory law. senator tim johnson of south dakota chairs the hearing. it is about two hours. >> i will call this hearing to order. today we will review the progress being made to reduce systemic risk and improve oversight of the derivatives market, but before we get to the main subject of this hearing, i want to make a few comments about the recent news made by j.p. morgan chase. the company's massive trading loss is a stark reminder of the financial crisis of 2008 from that the necessity of wall street reform since the firm's may 10 conference call and members staff have jointly held briefings with regulators and briefing with the company itself. following this i announced last week i intend to call j.p. morgan's ceo jamie dimon to testify before the commit

gary gensler, the chairman of the commodity futures trading commission, thanks for your time. >> thank you. >> goog el won roar round, a judge ruled google could use part of auricle's programming code to create it's an droid operating system. these two companies have been fighting over google's use of auricle software. the judge today wrote copyright law does not cover all the ways java can be used. let's get to tonight's market focus. >> tom: stocks finished may in the same fashion they spent most sessions this month, down. on the backs of the disappointing jobs data ahead of tomorrow's employment report, the s&p 500 hit is worst level of the day just after 11:00 a.m. eastern. the losses were pared back, and the index actually popped into positive territory in the final hour, but it couldn't stay there, ending with a small loss. volume shot up on the big board, 1.3 billion almost twice yesterday's pace. 2.2 billion shares traded on the nasdaq. as erika reported earlier, may was miserable for stocks, nine of the ten major sectors are lower tonight compared to a month ago. investors ran

the federal trade commission has been a global leader in this area as well as a partner to the department of commerce and valued adviser to the council in developing the privacy blueprint. i welcome being able to join chairman liebowitz the commissioner at the witness table today. the explosion in the collection and storage and analysis of data and digital information offers new frontiers of knowledge and innovation and growth. but senator toomey asked the question, you know, what is the market failure here? we are now at a tipping point that presents a dual market failure. first, while many companies earn trust as responsible stewards of consumers' personal information, it exceeds the ability of even the most sophisticated consumers to understand and control what information is collected about them. and second, this asymmetry allows outliers and outlaws that are not good stewards of information to take advantage of consumers' trust and lack of information. that is why a graeme companies, consumer groups, the ftc, and the administration support baseline consumer privacy legislation. when

president clinton later appointed chairman shapiro chairman of the commodity futures trading commission where she served until 1996. from there chairman shapiro entered the leadership ranks of the financial industry's self regulatory organizations. in 2006 she was named chairman and ceo of the nasd. in that role she over saw nasd's merger with a member regulation operations of the new york stock exchange. she became ceo of the resulting organization, the financial industry regulatory authority. in january 2009 president obama appointed chairman shapiro chairman of the sec and she was unanimously confirmed by the united states senate. during her tenure mary schapiro and the sec carried out their investor protection mission on an amazing number of fronts, implementation of the dodd-frank act, the 2010 reforms of money funds, changing the role of credit agencies and many, many other subjects. for her extraordinary dedication and her extraordinary accomplishments over long year as a regulator, chairman shapiro deserves and she has our deepest admiration and respect. now, there is plenty to

and the federal trade commission looks at how many options a customer has. hundreds of local markets in the u.s. because you can only haul packaged gases 50 to 75 miles from the place where they are filled. so the ftc wants to know how many choices does the customer have? how many competitors are there in each of those local markets? and with 900 independents out there in most markets there are many competitors. >> now, peter, one of the things i thought was great about your presentation is you have a nationwide map and it looks like there's whole areas of the country, a lot of california, 1/5 of the country, a lot of florida, a lot of texas has very little representation for your company right now. >> well, we're in most major markets. but you're right. there are parts of our network that are a little thin where there are real opportunities for us to gain some critical mass through acquisition. and you know, we also do scratch starts, you know, open up new stores occasionally. usually, when a national customer wants us to go to a particular location to serv

to pay $40greed million to settle charges made the federal trade commission. argue the company deceived them intoby tricking thinking the issues helped shed pounds. the shoeswho bought able -- are eligible for a refund. >> and virgin atlantic airlines use allow customers to their cell phones on some overseas flights. allowed when it is york andtween new london. some rules, though. passengers can not make calls during takeoff or landing. because -- only 10 people will time.e to call at a >> metro has a new option for commute.ing ride a bike, take a train. the program picks up this week college park, maryland. kind the first of its facility. >> there will soon be some the memorial honoring president dwight eisenhower. his family says the current hisrial focused too much on in kansas rather than his accomplishments. the new design calls for a memorial park. stunts would also show eisenhower as president and ii hero. there would be a statue of a young eisenhower. innovative ways warriors to get around these days. >> a mysterious water creature pulled from the poto

commissions. i'm making the most of my money. and seven-dollar trades are just the start. i'm with scottrade. i'm with scottrade. i'm with scottrade. and i'm loving every minute of it. [ rodger riney ] at scottrade, we give you commission-free etfs, no-fee iras and more. come see why more investors are saying... iith scottrade. >>> welcome back to the "closing bell." oil prices snapping a six-day losing streak. sharon epperson at the nymex with the story. over to you, sharon. >> oil is holding on to the gains just barely. we have seen stabilization in currency markets, the euro and the dollar and we've seen stocks up a bit. that helped oil prices at least here in the u.s. finish above $97 a barrel. brent crude remains weak. it has actually been a better performer than wti or has held up better. today it's weaker. we're going to be watching the report on oil supplies and also on demand. that will come out tomorrow. that could have influence on the oil market. we're also going to be watching, of course are, currencies very carefully because what comes out of that european commission on outlook f

in the meantime, sources tell us google's chairman, eric set for questioning at the federal trade commission as soon as this week. googles, they say that in 66% of searches last month. i will tell you what it is and why it will be harder to get a knockoff bag in the next hour. reporting for abc 7 news. back to you. will see the next hour. 4:47 right now. on "good morning washington." a man behind bars after trying buy and ak-47. >> a gunman killed five people will for turning the gun on himself. >> >> thursday morning. 4:40 a.m. this morning. a beautiful day, really, with sunshine. of this thursday. 79 now in arlington. montgomery village only 65. and even, pleasant 60 degrees. high temperatures in the mid to low 80's. willthe lower humidity, it be pleasant and comfortable. tamara, similar temperatures, uptick in the humidity. a good possibility of late day storms.and it could get pretty active on friday. to lisa. >> we are hearing from the vdot .hat there has been a collision after you had over the bridge the exit for 12th street. i wanted to go to the geico center picture. i do not see any

other infections may increaseno carrierringconne0 >>> the thing is this morning the federal trade commission, what they're saying about the claims they're making. details on that just ahead. >>> also an adoption agency adopted by american parents. why the u.s. state department now says the little girl will not be sent back to her biological mom and dad. you're waking up to what's new now and next in baltimore as we go to break. a live look at tinner harbor. >>> some good news for people looking for seasonal work over the summer. a new study shows that almost 30% of companies are planning to bring in new workers. at this time last year only 20% of workers surveyed were hiring. four industries are taking the lead on summer hiring. manufacturing, hospitality and finance. they are looking for employee who is will stay past the summer season meaning that your temporary job could turn into a full-time position. >>> it appears that apple if you bought a pair of sketchers shapeups now you can get your money back. sketchers had agreed to pay $40 million that the shoe ads misled customers about the ov

trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.ommission-free for 60 days, if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. >>> welcome back, everybody. speaking with traders and investors ahead of this long weekend, folks are talking about worries of the greek default to the exit of the euro to the much hyped facebook ipo. it's been a tough month. some $800 million in market value has been wiped away so far in may. the biggest losers being the banking, energy, and sector technology. and $35 billion in market value in just the last three weeks. the focus is back to the united states. and to below 2%. analy analysts looking for 1.8 to 1.9%. nonfarm payrolls expected to rise 150,000 this month and of course we'll be watching europe with uncertainty and euro at a 22-month low against the dollar. riding concern about the spillover to

on facebook, but they just received a second request notice from the federal trade commission over the $1 billion deal for buying instagram. they're seen whether it violates any antitrust laws. >> this will be the blackberry first since 2004. united continental is being sued over racial discrimination. i will have all those coming up. reporting for abc 7 news. >> all right. we will talk to using. >> it is 16 degrees. >>> still to come, mets are now reviewing safety practices after a horrible accident. learn how a woman lost part of a leg. >> they're trying to pay their respects to check brown. first of the attached on. it led to 10 inches of rain. the national hurricane center says it'll skimmed along the south carolina coast. it is expected to strengthen again. >> we have some rain. >> we did. still in a little bit out there. >> avoid do we get some rain. sticky look at some of the rainfall totals. germantown 1.5 inches. sterling 1.69. these are some of the highest accumulations' i could find. temperatures in the 60's. lingering sprinkles in southern prince george's county. just some

the federal trade commission act deals with unfair methods of competition and uair and deceptive tradeices. government regulation has also reached into tharea consumer prottion by regulatin leling, and packaging pcts, nsum cret, reg of cre prottion anngconsumlatin leling, d collection practice in the a eonmeal proctn, the governnt regulates air pollution, water pollution, noise pollution, and pesticides. another area of government regulation is la thisertains to s, cking, and boycotts; the right to strike; labor activities that unions d management are forbidden to practice; an employee bill of rights and reporting requements for unn tivities; discrimination in employment onhe basis of race, religion, color, national origin, sex, or age;mployee heal and safety in the workplace; retirement and security income, including old age survivors, disability, insurance, and medicare; the operation of private pension funds; unemploynt compensation; and wages earned and paid, including child labor, maximum hours, and minimum wages. clearly, government regulation has a sspa on tondu of busine. h, 'r

the fedel trade commission act deals with unfair methods of competition and unfair and deceptivtre practicesrnment regulation has also reached into the area of consur protection by regulating, labeling, and cking of product consumer credit, rting t cret ngers, delectn pracces. in t a ofironmental protection, the government regulates air pollution, water pollution, noise pollution, and pesticides. d employme. is pertains totrikes picketing, and boycotts; the right to strike; labor activities that unions and mament are forbien to practice; employee billf rights and reportg requements for union activiti; discrimination in employment on the basis of race, religion, color, national origin, sex, or ag emploe health and safety in theorkplace; retirement and security income, including old age survivors, disability, insurance, and medicare; the operation of private pension funds; employment compensation; and wages earned and paid, including child labor, maximum hours, and minim wages. on conduct of buss. as sh, it'imrative atnyone concerned with t ratnship between business and government detand theou

. >> $30 million to settle the charges against the federal trade commission. shape up shoes were said to tone muscles and shed pounds. if you can believe that, no one is worried about texting as much as they are the first kiss. >> 32% of men say that their biggest concern is knowing when to text a woman. the most confusing aspect of dating. 22% said recovery from an awkward conversation was the worst. men were worried about texting too often or having concise conversations over text. my advice? step up, you used to have to talk to girls. >> pickup the phone. >> still ahead? a final look >> coming up tonight at 5:00, we built a to to a training session that shows life-saving medical emergencies. avoiding medical alerts before they even happened. how are they helping to extend lives? tonight at 5:00. >> it is your chance to win a brand new car. out -- all the you have to do is go to wjla.com, and make sure that you enter on facebook and you will automatically be entered to more times. tomorrow at 5:00 there will be 30 minutes to call in and claim the spots. >> g

trading. following the bank's announcement of the loss earlier in may, the senate banking committee held a hearing on the case on tuesday. securities and exchange commission chairman mary schapiro said that many trades in question were mostly handled by jpmorgan's british subsidiary in london. she said the commission is investigating whether the bank's earnings report for the first quarter this year had false statements or mistakes. >> our focus right now is on whether the company's public disclosure and financial reporting is accurate. >> commodity futures trading commission chairman gary gensler also testified and stressed the need to strengthen rulss to prevent risky trading. the senate banking committee called for the bank's cop executive jamie dimon to attend a hearing. >>> and now we bring you the weekly report from south korea. our reporter in seoul, sue choi, filed the following stories. >> reporter: business people are spending their lunch hours differently these days. they are not only enjoying time away from work but are pursuing hobbies or learning something useful for themselves. behind the change are some unique corporate strategies. this la

. >> reporter: the federal trade commission is working on guidelines to crack down on phony reviews.xtra mile before you buy. >> remember, online reviews are only part of your research. you still need to get three estimates. interview the company in person. and don't ignore your gut instinct. >> reporter: reporting for abc2 news. >> here's some tips on how to get the most of the online reviews. research the sites to determine how they work. review the reviewers. are the reviews positive or sound too good to be true. cast a wide net. zoo rely on just -- zoo -- don't rely on one source. >>> what do you do if you're too broke to file for bankruptcy. the average cost is more than $1500. that means many americans who valleyfair seen their debt get out of control can't afford their last financial lifeline. >>> all right. i know. i know. we're getting to be like a carbon copy. can't seem to buy sunshine. if you're a shun lover, several -- sun love are, several more days to g60 at bwi. humidity is 40%. winds are southeast at 15. gray skies over the city today. that was the rule all day long.

washington, and we are also pleased to have jill summers a commissioner with the commodity futures trading commission leading the commission's investigation into mf global among other things. megan. >> thank you so much, peter. thanks for being here. so our panel is the future of banking. we have a diverse panel. we're going to hit on a lot of topics. i want to start out by getting all of your takes on that very question, what are banks going to look like five or ten years from now? we've got so many unknowns with dodd frank, so many rules yet to be written. where do you see this going? jill, i'll start with you. >> so from the cftc's perspective, we have issued over 60 different proposals regarding title 7 implementation, we finalized over 30 of those rules. and you know, many of those rules are complex and complicated and they don't just affect banks. they affect a lot of companies that trade in commodities and energy and so from our perspective at the cftc this is much more comprehensive and the changes that will happen to the derivatives industry that we regulate certainly is much more broad than

the federal trade commission is looking to give the instgram purchase a lengthy investigation. the commission sent a second request asking the social networking company to provide large amounts of data for them to sift through to make sure that the deal complies with antitrust law. we heard the purchase price of instgram for $1 billion, but because facebook stock has dropped so low the deal is now only worth 163 million. this debacle is having a big impact on the taxing. one expert says there's a lot of blame to go around but at the heart of it, the stock price was just too high. >> facebook was always a troubled property. they rushed it to market. they try to get a high a price as they thought the market could bear. they got up price and of course the market caught on to what happened and the price continues to fall. there is a small difference between something like this and a con. i really think they sold a lot of people on a value that they just did not have. the end result is a many dock, that's. >> i have always thought the stock to be valued between $18.20 dollars. it is

according to the federal trade commission, skechers has been acting a little sketchy.d the company agreed to pay a whopping $40 million fine to settle complaints about the sneaker line, specifically unfounded claims that shape-ups would help people lose weight and strengthen and tone their buttocks. when it came to buttocks, skechers reached for the stars. >> i don't really know how to say this, other than to just say it. you're amazing. the best i've ever had. >> i'm sorry, i think that's the beginning of the kim kardashian sex tape, isn't it? no, it's not? oh, that's the ad she did for sketchers? all right, fine. let's take another look. >> but things just aren't working out. well, that's not completely true. i am working out. it's not someone else, it's something else. bye-bye, trainer. hello, shape-ups. nice shoes. >>> so kim kardashian did an ad for skechers shape-ups but the company cannot back up the implication that by wearing the sneakers you build up the best buns. the company also did ads with "dancing with the stars" co-host brooke burke. >> the newest move

trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. trade commission-free for 60 days, if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. >>> pep boys not so peppy. in fact, they're being pummeled. ticker pby down 25% on really disappointing earnings. the auto parts retailer is in the process of trying to go private. >>> still in the sector, the best april for chrysler in four years. a heck of the a month for the folks of vw. also news hyundai of south koor rae ya is going to be working round the clock literally to keep up with demand. are auto sales tells us a different story? jessica coldwell and phil lebeau. jessica, thank you very much for joining us. i want to talk about chrysler first of all which had essentially the best april in four years. sales are moving up. incentives are moving down. how did they achieve this? >> it's an i

of the securities and exchange commission, mary shapiro, and head of the commodity futures trading commission, gary gensler testified before the senate banking committee about financial regulations, derivatives, and the recent losses at j.p. morgan. our road to the white house coverage of the presidential campaign continues with a new hampshire speech on the economy by vice president joe biden. you can see that live at 1:45 p.m. eastern. >> i fight this is one of those markets where people vote for -- they don't vote for the party. this city votes for the candidate. you see more of that even though this is heavily republican, midwest, which is the dynamic and great but i think you are seeing more of that in the recent years here in the midwest. they are really voting a little bit more about what the person stands for. >> june 2 and 3, book-tv and american history to be exported heritage and literary culture of wichita, kan.. >> i want to show you the munger house. the only original remaining structure from 1860-8070 times. it was important in that it is a residence but it is also the headquar

. >> cooper: aren't cemeteries regulated by the federal trade commission? >> slocum: no.is a goal that we have been trying to get achieved for a long time. since 1984, funeral homes have been regulated by the federal trade commission's funeral rule. you can think of that as a consumer bill of rights at the funeral home. but those rights stop at... at the cemeteries. >> cooper: under that consumer bill of rights, funeral homes are required to provide their customers with a clear price list and other disclosures. those rules, however, don't apply to cemeteries. in 2004, when lucy perez pre- purchased a burial plot at mt. olive cemetery in chicago for $2,500, she says the salesman told her she'd paid for everything, and she believed him. but when her grandson died unexpectedly six years later, she was told the cemetery would not bury him unless she paid an additional $2,550 fee for digging the grave and covering it back up. that was a month's salary for lucy and more than she paid for the plot itself. so, they were charging you $2,500, or about $2,500, for... >> lucy perez:

why the federal trade commission is pulling the plug on some of them. >>> and at a loss for what to getd on father's day? we have a suggestion. man candles. we will explain. . >>> buying a piece of facebook will cost you $38 at least. in the last hour it was announced that's how much one share will go for when stock hits the market. that's expected to be tomorrow. facebook stands to Ñ-make more than $18 billion by going public. >>> Ñ-in tonight's alert if you own a honda important recall. the company is recalling Ñ-abou 53,000acura's because of a problem with the power steering hoses. in the 2007, 2008 models the hoses Ñ-apparently can break up and leak fluid causing to loose power steering. honda said no crashes, injuries or fire was reported so far. letters are scheduled to go out to owners in mid-june. >>> memorial day around the corner. popular time for the cook out. consumer reports has tested nearly one hundred gas grills ranging $100 to $2,500. several high priced grills were top preformers but they found plenty to recommend that cost a lot less. among them a 200-dollar chargrill

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as for sketchers shape-ups, the federal trade commission has spoken and we heard them loud and clear on the ridiculist. that's it for us. we'll be back one hour from now, another edition of "360" at 10:00 p.m. "piers morgan tonight" starts now. >>> tonight, how far will israel's defense minister go to protect his country from iran, and what does he want america to do? i'll ask him in an exclusive interview. >>> and billy bob thornton, a prime-time exclusive. anti-hero, oscar winner and angelina jolie's ex. >> i'm so normal that i would probably bore anyone to tears if they hung out with me. >> he tells all the rumors, romances and the one that got away. >>> and keeping america great with president obama's power fund-raiser, the man they call the george clooney of hedge funds, knows wall street better than anybody. what does he think of the facebook frenzy, jpmorgan chase and that $2 billion mistake. >>> plus only in america, why you should never, ever come between a man and his fish. >> they refuse to give us any more fish. >> this is "piers morgan tonight." >>> good evening. we begi

well, the largest consumer refund settlement has now been reached in the federal trade commission, everne ever. skechers has agreed to pay out $40 million. >> the shape-up shoes promised to help you lose the weight and firm it all up without having to work out. as abc's linsey davis reports, that was false advertising. [ whistle blows ] >> i came across the shape-ups. my knees were feeling better. >> reporter: joe montana, brooke burke, kim kardashian. >> bye-bye, trainer. hello, shape-ups. >> reporter: just some of the celebrities who helped peddle skechers' claims that wearing these sneakers would tone you up and slim you down. >> good morning, everyone. >> reporter: but the federal trade commission says skechers put its foot in its mouth. and as a result, the company has to cough up $40 million, one of the largest consumer class settlements in history. most of it going to the customers who paid up to $100 for shape-ups and three other toning shoes. >> unfortunately, for the millions of people who bought skechers toning shoes, the only thing that got a workout was their wallet. >> imp

and you're still getting calls from telemarketers to you can submit a complete to the federal trade commission now your 11 insta-weather + forecast with meteorologist ava marie. >> feeling a lot like summer. temperatures pushing into the low 80's across the metro area. this is the head of a cold front which will bring changes. looking at age de doppler, we have a couple showers of raising the southern part of the peninsula -- looking at hd doppler. a few clouds along the coast. other than that, sunshine towards the west. another front approaching the ohio river valley. this is cutting across ohio, and this could trigger more showers and storms later this afternoon in the east. let's look at the palate -- pattern. instability along the coast. not necessarily a friend, but it is causing a few showers on the coast. -- not necessarily a front. this is pushing across ohio right now. this will push down into our area later this evening and then clear out overnight into tomorrow. that high pressure builds in. cooler weather. pleasant weather for the next couple of days and possibly into the first hal

trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.ssion-free for 60 days, high schools in six states enrolled in the national math and science initiative... ...which helped students and teachers get better results in ap courses. together, they raised ap test scores 138%. just imagine our potential... ...if the other states joined them. let's raise our scores. let's invest in our teachers and inspire our students. let's solve this. >>> nothing at the maricopa county jail in phoenix, arizona, is designed to bring comfort to the 9,000 inmates housed there. >> we don't issue them pillows, so they either use extra blankets or toilet paper rolled up in a sheet. >> over the four months we shot "lockup: extended stay" we heard more complaints about the food than anything else. >> this [ bleep ] food. we need pizza, hot wings, greens, chitlins, we need all the good [ bleep ]. [ bleep ]. this would make people go crazy because it get to hurting people. >> many of the inmates came up with their own culinary concoctions using snacks purchased fro

this time, it's the commodity futures trading commission looking into that huge trading loss at the big bank. regulators testifying before the senate banking committee also said the blow-up at j.p. morgan shows the need for even tougher rules to protect taxpayers. darren gersh reports. >> reporter: for regulators, j.p. morgan chase's multibillion-dollar trading loss is both a real-world lesson and a political shield to fend off those who want to weaken oversight. >> it would be wrong for us not to take this example that's a real-life, real-world example of what can happen to use this example and see what the impact would be of all the things we've propose to do. >> reporter: j.p. morgan has lobbied hard to bring down the cost of complying with dodd- frank financial reforms, but gary gensler, a key regulator of the derivatives markets, argues there should be no special breaks for overseas offices of u.s. financial firms like the london trading unit that lost j.p. morgan so much money. >> yes, there are costs on financial institutions. yes, there will be differences overseas. but the bigg

and the commodities futures trading commission imposed new regulations on companies that deal extensivelyve 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. it's gonna be a casual thing. ♪ ♪ ♪ [ male announcer ] the tight-turning, space-saving, eco-friendly smart. escape your stuff. ♪ escape your stuff. high schools in six states enrolled in the national math and science initiative... ...which helped students and teachers get better results in ap courses. together, they raised ap test scores 138%. just imagine our potential... ...if the other states joined them. let's raise our scores. let's invest in our teache

i'm delighted that we have the chair of the federal trade commission and one of the commissioners from the commission here with us today. obviously, i am delighted to welcome my own brother carrying the burden of privilege, and i'm glad that he's here today, representing the commerce department. he has been working under two different secretaries now as have many of us on the committee. i know that the council with the chair, they are going to set out today for the final findings of both the commerce department and federal trade commission. with respect to this question. it is not unimportant, i think, that both the commerce department and the federal trade commission, frankly, together, with most of the privacy experts in the country, have all come to the conclusion that we need to have a privacy law with respect to providing protection to individuals within commerce. i think that the distinction, senator toomey, is the privacy experts have come to that conclusion. honestly, some of the companies have not, and don't share it, and the reason for that is very simple. the information eco

trade commission-free for 60 days, are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. >>> is facebook overhyped? >> facebook euphoria. >> facebook ipo. >> everybody i know is big with facebook. >> facebook, facebook. >> you're going to be hearing about it more than you want to. >> facebook. >> and mark zuckerberg. >> facebook, facebook. >> facebook fever going on. >> should i buy facebook? >> i don't know about facebook. >> facebook. >> facebook. >> facebook. >> no, not facebook. >> mr. buffett had some interesting things to say. >> facebook. >> facebook. >>> the proverbial f word. we are counting down to the big moment when facebook prices its ipo. stay with cnbc for continuing coverage on "closing bell," "fast money" and there's more at facebook.cnbc.com. this story on the dark side of facebook. another market flash now however with brian shactman. please don't let it be facebook, br

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the federal trade commission is an important step in making sure markets have validation. purchased the shoes will be eligible for refunds. >>> a dc food truck is under fire. the fojol brothers serve food. one man saw the employees' outfits and feels it a misrep sepation of the indian culture. there's now a position online calling them to change their outits. >> if you're going to sell indian or ethiopian cuisine and you're going to market yourself, do so in a respectful way. >> the kind of mockery they've made is the exoticism. >> they say they mean no disrespect with their outits. the organizers plan to gif the pe it is when it hits a thousand. >> today the blue angels will be flying into town. the legendary aircraft will help celebrate the 100th anniversary. in addition to that the golden parachutes demonstration team will wow the crowd this weekend. there will be dozens of military planes on display. the 2012 air show is tomorrow morning and free. also an amazing show. every time i see the blue angels come into town i need go do that. >> sometimes they allow members of

trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. ♪ >>> indeedthe young turks" power panel, and we are joined by washington, d.c. by joel legman and michael hastings is right by my side as always. gentlemen terrible news out of syria today. syria is the scene of so much carnage. this is the worst. let's see a little bit about the bombings in syria today. [ explosion ] >> two huge explosions in quick succession that shook the sirrian capitol. it is thought suicide bombers had been traveling in vehicles packed with explosives the attack was clearly planned to inflict mass casualties. >> sounds even more grave with an english accent like that. with the world sitting on its hands with syria, is it time? >> it is certainly terrible what is going on in syria, and i think understandably people are asking what can we do. but this is a really complicated situation, even more so than say libya, because there is a lot of dissension even among the opposition in syria. if you topple the government there might be a risk of igniting a civil war or a proxy war b

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the banking committee will hear from two regulators head of the sec and commodities future trading commission [ unintelligible ] jpmorgan chase's ceo jamie dimon is not scheduled to be at the hearing hess expected to testify next month. >>> 4 -- 4:45. president obama and mitt romney hit the fundraising trail. who a new poll says would win if the election were held now. >>> skill or luck? crash landing of a small plane that almost ended in disaster. >>> big change in medical advice given to men for years. why doctors now say men should skip a common test for prostate cancer. >>> record this tower opening in japan can claim today. e@e@e@q what's my secret for sunday lunch? my little helpers... and 100% natural french's yellow mustard. it has zero calories for me, and a taste my family loves. >>> welcome back. clouds at the coast today upper 50s there mid to upper 60s richmond, san francisco and san mateo everybody in the 70s antioch and fairfield could crack 80 around the country upper 50s around seattle mid 50s portland low to mid 70s boston new york to near 80 d.c. and st. louis 108 in phoeni