o & b agreed to treasury implements. i'm very please bed that.but i would say that sustained congressional oversight is also very warranted in this area. for our part at gao, i'm giving this high priority. our work, legislation calls for a first report to be in 2017. but you didn't look for a report from us next year. we're going to track every stage of the implementation over the period of time. not just look at after the fact reports by the ig sts. i want to make sure that the data standard are complete and consistent. agencies are poised. implemented. successfully. consultation worked successfully and we're off to a good start implementing this. also, and i plan to continue to give a high priority to making sure that we have complete and accurate reports on the government's financial condition. in my statement today i've included the results of our last audit of the government's financial statements in which we are unable to render an opinion because of serious control weaknesses. mentioned three major impedements. and problems with the treasu

and former treasury secretary timothy. geithner talks about his book, stress test that begins at 8:30 p.m. eastern on c-span two. here is a look at some of the programs you will find christmas day on the c-span network. holiday festivities start at 10:00 eastern on c-span with the lighting of the national christmas tree, followed by the white house christmas decorations with first lady michelle obama and the lighting of the capitol christmas tree. just after 12:30 p.m., celebrity activists talk about their causes. then at 8:00, samuel alito and former governor jeb bush on the bill of rights and the founding fathers. on c-span2 at 10 a.m. eastern, venture into the art of good writing with deep thinker s --teve pinker. pamela paul talked about their reading habits. on american history tv on c-span3 at 8:00 eastern, the fall of the berlin wall with outage of president george bush and bob dole. with speeches from john kennedy ronald reagan. at noon, fashion experts on first lady fashion choices and how they represented the sty

that the treasury department can do.ose who support the ending of the cuban embargo have said if americans are allowed to go and be tourists in cuba that would somehow prompt changes in the island. those are things that the president can do unilaterally with relations to cuba. what he cannot do is remove the embargo codified in law and asked for three specific things. calling of free and fair elections, freeing of political prisoners, and freedom of expression freedom of union, freedom to organize. the president can do a lot more. that's why it's so important that we hear what the president has to say today at noon 9:00 pacific. we'll, of course, be bringing you his comments live from the white house. i want to bring in msnbc. this is a rapidly developing story not only affects one family or the release of three cuban spies. it also may have major political implications as well. >> right. and another thing i would add to your great long list of what the president can effect and what his administration can do as you said

record tax money flowing into the treasury. they spend it all and then some. you pay 400 billion in taxes. results, a massive deficit. the more you pay in, the more you spend. president obama wants you to pay even more and he will spend even more. we are watching oil slide again. there is a big market rebound, two. we have it all. varney and company is about to begin. ♪ stuart: well, would you look at this. i go away for two days and the market goes down for two days. the retail sector there seeing its biggest gain in two and a half years because we had a report that retail sales were very strong recently. still a long ways to go. the other financial story is the price of oil. it has dropped to a fresh five-year low. oil is at $60 a barrel. gas, that was down almost $0.02 overnight. national average for regular, 262. ipay 241 in jersey yesterday morning. first, this. the government. they just cannot stop spending your money. look at these numbers. a record $404 billion in two months. at the same time, they spent a total of 582 billion. a deficit of 178 billion

treasury yields carried on going lower when everybody expected the fed to start tightening and for treasurys to rise. they have not. they dropped 2% in the last week. we are up to 2.22% now. does that change next year at all? does the global story keep these yields low? >> we will get more to of european yields from treasuries. europeanecoupling of yields from treasuries. six years into the recovery, this is much of a recovery in the u.s., either. get a 3% plus quarter, everyone gets excited. this is six years in. after monetary stimulus. so, i would not get too excited about that. what you could see is gilts yields continuing to migrate near to bund yields. and treasury yields remaining the highest of the g7, most of the g7. so i think that is going to be the pattern next year. even in the u.s., i cannot see the fed moving quickly on rates. everyone is assumed they will goy by the spring or june at the latest. signalsgnals -- yellen this could be deferred. they are not sure where the natural rate of unemployment is. >> there's a risk, as we look to next year. there were two sides of janet

a senior treasury official publicly knowledge -- publicly acknowledged it.y people at jobs -- have jobs based on who they know and not what they know. too many others who might have brought a different perspective to this work get crowded out. i know that there are experienced and innovative -eìá% who are qualified for top economic positions in government. when i set up the new consumer financial protection bureau, i interviewed, i hired, and i worked alongside many people would wall street experience, and i was glad to do so. in the senate, i have voted for plenty of nominees with wall street experience. but we need a balance. not every person who sweeps in through the revolving door should be offered a top job without some serious cross-examination. qualifications matter. weiss doesn't have them. this is about building counter pressure on wall street bankers. members of congress, their staff and regulatory agencies, are going to hear the wall street perspective loud and clear, each and every minute of each and every day. that isn't going to change. but we

a senior treasury official publicly knowledge -- publicly acknowledged it. too many people at jobs -- have jobs based on who they know and not what they know. haveany others who might brought a different perspective to this work get crowded out. i know that there are experienced and innovative people in financial industries who are qualified for top economic positions in government. the new consumer financial protection bureau, i interviewed, i hired, and i worked alongside many people would wall street experience, and i was glad to do so. in the senate, i have voted for plenty of nominees with wall street experience. but we need a balance. not every person who sweeps in through the revolving door should be offered a top job without some serious cross-examination. qualifications matter. weiss doesn't have them. counterabout building pressure on wall street bankers. members of congress, their staff and regulatory agencies, are going to hear the wall street perspective loud and clear, each and every minute of each and every day. change.'t going to but we need

treasury. i spend a lot of time with sarah dahlgren, who was also handling it for the new york fed. they told me about the financials. i questioned them about the financials. and my assumption was that they did their due diligence. >> when they briefed you on what was going on at aig and what they knew, were they better or worse than you thought? >> the world thought they were worse than they were. they were in line. >> you did not? >> i didn't think it was that bad. but it is a question of, if the outside world thinks it is that bad, i have to get you to stop talking about how bad it is. >> and bad it was. aig was expected to be broken up and it's best parts sold off. in 2009, then-treasury secretary tim geithner said he wanted aig just successful enough so the taxpayer can get out. benmosche had different plans. he was going to revive the company and pay the taxpayer back. did you ever think you might not? >> no, i did not think i could not get it done. when i looked at everything, i could se

the data act calls on treasury to build on innovative technologies and ideas. the rock that were used in the rock and extend its applications to across the government. it specifically provide for the technology currently in place at the rock. if treasury acts to establish the new data analysis center, it will be a vital tool of law enforcement agency and the inspector generals in their investigations. the center will also help agencies protect against improper payments. today we will hear from treasury department officials about the progress in establishing the center. we also expect to hear from omb about progress made toward establishing a pilot program. hundreds of billions of federal taxpayer dollars are spent by state, local and tribal governments, universities and private constitutions every year. today, these entities may well and often do waste millions of taxpayer dollars complying with duplicate and complicated reporting requirements. in a modern era, there is no reason for an entity to fill in mindless forms with the same information time and time ag

we also prevented the treasury from -- a rider that would have prevented the treasury or stopped the treasury from designated certain insurance companies as too big to fail. it's not like beeper asleep at the -- it's not like we were asleep at the switch here. it is not like we were saying wall street, our dear friends. these were hard fights. so what did we do? this is the appropriations committee. we would have preferred to do individual bills, open in debate. but guess what? it wasn't meant to be. we had to fund it. we had to do it all, 11 committees with the homeland security on a continuing resolution. and we worked, we debated, we argued, we fought. we won some and we lost some. one we did lose. this is the subject of great controversy and debate here. but i want everybody to know it was one out of six. one out of six. it's a big one, but it's one out of six. and i want everyone to know we added 11% more for the securities and exchange commission to do their job in enforcement. and we added 15% more for the commodities future trading commission to do their job. and that every o

treasuries. mia saini, bloomberg news. moving and shaking this hour, on a different note, the ceo of .endy's, emil brolick a fast food revolution in the u.s. -- hit by protests and the rising cost of obamacare, wendy's is trying to stay about the issues of mcdonald's and burger king, which means staying out of the breakfast wars. i sat down with him and we will bring you the exclusive interview coming up. emil is trying to find a sweet spot between mcdonald's and chipotle. will 2016 be another clinton versus bush race in the white house? wouldld be if jeb bush make up his mind pretty seemed to give a bigger hand over the weekend. and we state focused on the markets. why the words "considerable time" might be a laced by "patients -- might be replaced by "patience." >> jeb bush knows how to get the political world buzzing. while the former florida governor still hasn't announced his 2016 candidacy, recent moves have the feel of a burgeoning campaign. greenr, bloomberg's josh and miles weiss reported that he has been extendin

democratic presidents have had citigroup affiliations before or after their treasury service. weiss defenders are all in, loudly defending the revolving door and telling america how lucky we are that wall street is willing to run the economy and the government. in fact, weiss supporters even defend the golden parachutes like the $20 million payment that weiss will receive from lazard to take this government job. why? they say it is an important tool in making sure that wall street executives will continue to be willing to run government policy making. >> she's really hitting at the very thing you have been writing about, talking about, and advocating. but nothing is going to change, as you yourself have said and written, unless the grip of the moneyed interest on our parties and on democracy is broken? how can you fight that much power, that much money? >> you have to run primary campaigns, cheap primary campaigns against incumbents, like the tea party, in the democratic party, like the tea party does against incumbent republicans. you've got to actually take political action

you saw that today, liz with the movement of the two-year treasury yield.onger term interest rates, i'm not sure they have to go zooming higher. i don't think they have to be significantly higher. if we don't have inflation, if the fed is going to be patient, meaning they do hike but maybe they take it easy and slowly out over the next couple years your longer term interest rates don't have to be dramatically higher. david would point out, maybe we go back to 3 to 4% on longer term treasury but we don't have to be dramatically higher than that but bond can be a place, liz for clients to find income. it is still a good time for that where we stand today without inflation on the landscape, in the macro landscape let's say. liz: thank you, jeff. david: smart guy. he had the word patience in his note which came utterlier today before the fed announced it. he nailed it. >> jeff cleveland. david: well the u.s. and cuba planning to restore relations over from the past 50 years if the president has his way. will they be able to erase years of hostility? we got it c

but i'm double counting here because he's now the secretary of the treasury., that's a lot of powerful people, all from one bank. but they aren't the only way that citigroup exercises power. over the years, the company has spent millions of dollars on lobbying congress and funding the political campaigns of its friends in the house and senate. citigroup has also spent millions trying to influence the political process in ways that are far more subtle. and hidden from public view. last year, i wrote citigroup and other big banks, asking them to disclose the amount of shareholder money that they have been diverting to think-tanks to influence public policy. citigroup's response to my letter, stonewalling. a year has gone by, and citigroup didn't even acknowledge receiving my letter. citigroup has a lot of money. it spends a lot of money. and it uses that money to grow and consolidate power. and it pays off. consider a couple of facts. fact one, during the financial crisis, when all the support through tarp and from the fdic and the fed is added up, citi received

democratic presidents have had citigroup affiliations before or after their treasury service. weiss defenders are all in, loudly defending the revolving door and telling america how lucky we are that wall street is willing to run the economy and the government. in fact, weiss supporters even defend the golden parachutes like the $20 million payment that weiss will receive from lazard to take this government job. why? they say it is an important tool in making sure that wall street executives will continue to be willing to run government policy making. >> she's really hitting at the very thing you have been writing about, talking about, and advocating. but nothing is going to change, as you yourself have said and written, unless the grip of the moneyed interest on our parties and on democracy is broken? how can you fight that much power, that much money? >> you have to run primary campaigns, cheap primary campaigns against incumbents, like the tea party, in the democratic party, like the tea party does against incumbent republicans. you've got to actually take political action

controlled by the government, the profits go straight to the treasury. they have spent a quarter of a trillion dollars into the u.s. treasury. it's $38 billion more than the bailout. they paid that back plus 38 billion dlarls. you know what? here is the thing. these are revenue sources for congress, for lawmakers. >> i don't like the name, fannie mae and freddie mac. ben stein, what do you think? >> i think if they are doing favors, why not have nothing down mortgages. this is begging for problems. the slightest deviation in a work habit, they are under water, put the house on the market and we have a new crisis. i think the stock market is better for people than a house in any event. the idea is when you have little skin in the game, you don't really have skin in the game. you are not really caring that much about what's at stake because you don't have a lot at stake. >> i agree. i don't think they should be involved in anything less than 20% down loans. i agree with ben, it's stupid. where i disagree is i don't think the young people have no faith in t

was it good he was the treasury secretary? some good, some not.hen elizabeth warren makes the case that people in government have too close ties with the financial sectors. that resonates. i'm glad hank was in charge -- liz: greenberg was not. charlie: that's another story. paulson kind of knew what was going on on wall street, where the crisis was. so i can make both sides of the argument. i can just tell you, with the populous wing of both the democratic and the republican party, that -- the anti wall street stuff resonates. i think it will hurt -- liz: charlie gasparino tbraikdz righbreakingit right here. seventeen minutes before the closing bell rings. afraid you missed this healthy, healthy move in the market. you might want to consider not here, but abroad. actually not even abroad. just north. we'll tell you where to go, canada. while the markets close at the top of the hour, come on. how many times do i have to tell you, we're on call for you. go to foxbusiness.com/oncall. lately we've had so many headlines breaking in the after market ses

the other is the treasury secretary nomination. obviously, senator warren has come out against his nomination. a couple of other democrats have. there are a number of democrats that are incensed about the nomination. ven some republicans are incensed. i want to know why you think it was a good idea to nominate an investment banker for this particular job at treasury. what he would bring to it. and, does it unnecessarily exacerbate the tensions within the party over whether it is to close to wall street, and should move away from those relationships? >> i have gotten to know antonio over the last year. he is an incredibly talented ndividual with great values. i think he has very relevant experience. when you are putting together a team for a company, you think through a broad set of experience and skills and talents. the same applies in government. when we have our team at the national economic council, it is the same thing. with the treasury, you need people from different backgrounds, people with academic grounds, people have serv

our treasury secretary. that he does not have enough to do, so we should put him to work. me give more detail about the prospects for tax reform. out a white paper, a general concept on corporate tax reform, several years ago. when timothy geithner was still treasury secretary and, i think, -- brt has been and we have discussed the possibility of some ofle to bring in the money trapped outside the country right now. in a one-time transaction potentially using that to pay for infrastructure improvement. i think that there is some openness to that. the current house ways and means butittee chairman put out overall conceptually he also agrees in lower lip -- lower rates," polls, and the minimum tax oblique that ensures that folks are not gaming the system but also allows you to be based inve with folks other countries operating on a territorial basis. so, there is definitely a deal to be done. there are two big hurdles we will have to get over. the first is a classic problem, which is that people are in favor o

before the treasury department's new rules came out, we were experiencing inversion mania. anything and everything that was involved in some sort of tax inversion transaction was owned by these event-driven hedge fund managers. it was a no-brainer for the big boys as they collect big-time on the close of pretty much any inversion deal. but then the regulators basically knifed those hedge funds in the back, when the treasury department released new rules that would make tax inversions much less lucrative. in the case of abbv, this was a company that was viewed as a total one-trick pony and ran slow growth castoff. abbv's biggest drug counts for 60% of the company's total revenues. expected to start seeing threats from generic competition by 2017 or 2018 at the latest. in other words, the drug that represents more than half of abbv's sales goes patent in a few years, which is a big reason the company tried to buy shire in the first place. abbv thought they needed shire's pipeline diversification. since they're based in dublin, ireland, they get the natural tax break. but then

he said as a top treasury department official in the clinton and obama administrations.runs asset manager of -- as a management firm. welcome. clearly, you've had a great run an amazing track record. what do you like for 2015? >> we really like to allow follow chile to guide -- volatility to guide us for potential opportunities. no section has been more volatile than the energy sector. sharp selloff in oil, created weakness -- we think great opportunities within the sector, within different companies that are dependent on oil prices. basically, a lot of these companies are also in a position where because everyone is so scared with the drawdown, they no longer have access to capital what companies? >> i won't go into specific names, but oil-based companies that often have difficult times accessing capital. that is where we like to step in a selectively selected for companies. not from an equity standpoint, but more from a secured debt-type standpoint. a lot of these companies don't have access to capital still have great balance sheets and great secured assets, so we can

a lot of people have lost a lot of money in shorting treasuries. the next equivalent could be, everybody is short the euro. that, make sure that those who do that, make sure they limit that exposure. it can well become the widow trade, just like shorting japanese yen. >> pau morilla-giner of london and capital stays with us. there is one stock on the move. look at greg's. full-year profit ahead of analyst estimates. stock is up almost 4%. up next, we talk oil. opec says they can handle $40 oil as they try to shake out the competition. more on the commodity war that could cost billions after the break. here is a picture of the markets right now. ftse 100 opened lower. turning around, up 0.25%. plenty to discuss. we will do that in two. ♪ >> welcome back. about 10 minutes into the trading session, 15 minutes actually. the ftse 100 is trading a little bit higher. the commodity markets dominating the headlines. you can see why. 45% from theound highs hit in june. the stunning collapse in the price of oil, an expensive one for oil producers, but not exp

treasuries. they've had a great windfall in addition to yields falling by the american dollar depreciating. >> dan, karen, thank you for joining us. >> thank you. >>> coming up, oil prices have been plunging and the ruble sliding. first, as we head to break, here is a look at s&p's 500's winners and losers. >>> good morning, everyone. if you are just waking up, futures are starting to take notice of what's been happening in other markets. right now, the dow futures are up by 58 points above fair value, s&p up by 6. if you watch what's been happening in some of these other markets, take a look at what's happening in european markets. they are still posting gains at this point. the ftse up by 1.05%. russian stocks taking a tumble, down by another 14%. a lot of this because of what the central bank stepped in to do that doesn't seem to be working. very quickly, take a look at asia, what's been happening there. asia overnight one saw the market hang seng down by 1.5%. the nikkei down by 2%. shanghai

treasury prices.ly the fact that it hasn't been as robust than the rest of the world. >> thank you very much for joining us today and a very happy new year to you. >> thank you. >>> now, indonesia's search and rescue agency has confirmed it has found a large, dark object in the java sea which it believes it has the airasia jet. >>> now, we know the rescuers have already discovered debris from that area, including luggage and plane door. bad weather has been hampering the search effort. the plane disappeared from radar screens on sunday with 152 passengers on board. a number of bodies have been rofd off the coast of bornea, but one of those bodies recovered was wearing a life jacket. indonesian authorities are collecting dna samples from the families of the missing passengers to help identify those found. air asia's ceo has described the crash as his worst nightmare and says he takes full responsibility. >> i apologize profusely for what they're going through. i am the leader of this company and i take

. >> treasury inflation protected securities. is this where this interview is going? >> the downside is the adjusted price. you can boy a ten-year tip, now, with the inflation cessation of about 1.5%. it simply can't reach their objective, they can't print enough money. i think they can, to the extent that inflation goes to 12ki67b89s. >> bill gross in his first tv interview with the cdc, he likes treasury securities. he is concerned about the price of oil, indeed, he feels a bit misunder stood. from colorado, i'm brian sullivan for nbr. >>> our next guest has been closely following the saga of bill gross, broken many of the news nuggets as a part of today's "wall street journal,"-two need to be getting over their ugly divorce. greg zuckerman describes how pimco is doing since the exit of the founder and sar manager. he's a special writer for the wall street journal. greg, always good to see you. has pimco steadied the ship after all the heavy withdrawals that they went through? >> yeah, i think so. i mean, it was an ugly divorce and you could argue maybe that they're

treasury position today. that's the biggest trade. just like in 2014 when nobody expected rates could go lower. in 2015, you could get a rate spike and the economy get worse. i think that's the biggest thing when you're talking about the global financial war. that would be my move. if i was russia, the first thing i'd do is start selling treasury bonds. i'd take those dollars and use them to fund my companies and/or perhaps buy cold. >> you look at differentials between the u.s. tenure and europe, why wouldn't the u.s. dollar -- excuse me, the u.s. treasury market continue to get bid every time you see these differentials go even further? what are they going to be doing, buying european treasuries? they have an enormous treasury position and they're not going to throw that at their currency. >> so listen, does it happen tomorrow? probably not. what i'm saying is if i were russia, i would be selling it on the layout. there's no reason why -- i agree with you -- that u.s. tenure can't go below 1%. i'm just saying the move that we had in

moore introduced fixes the law for that centralized treasury unit way of doing business. it makes sense, it does not add any risk to the system, and it allows these companies that are all over america to manage their risk in a smarter way without being charged two or three times as more -- two or three times as much and without risking that they are violating the law even though it won't be enforced. i applaud the gentlelady from wisconsin for changing the law, fixing the law, making it work for a lot of small, medium, and even large businesses across america so they can use their cash to hire americans in this tough time and hire more americans and not waste it on unneeded costs that does not provide any safety to anyone. i want to thank the gentlelady from wisconsin and as well as the gentleman from new york and the gentlelady from ohio for all their work. i was proud to be a small part of this. i would urge my colleagues to support this bill and i yield back the balance of my time. the speaker pro tempore: the gentleman from ohio yields back the balance of his time of

. >> what does this mean for the treasury market. the bet was that the fed would move and yields would have to go went lower.se they what is the outlook for the treasury market? >> there is the fed being the marginal buyer and inflation falling away. than itss attractive was. i do not think the total will be that appealing. with inflation what it is, it is more of a support. >> i want to talk about the story very quickly. yields have gone lower and commodity prices are lower. that a little bit of -- is that a little bit of a head fake? catastrophe for venezuela. >> there will be some pain felt -- some pain felt. it is a development for the world. >> will get more of that after the break and his view on the central banks. here is a stock on the move. we will talk about the ecb and a weight the results of the latest effort to expand the balance sheet. stay with us for that. >> welcome back. it is time for talk. i want to get something that the ecb president said. we are convinced that a program involving sovereign bonds falls within th

the ten-year treasury yield closing at 2.1%. its second lowest of the year. and energy, the biggest component of the high-yield market, the high yield etf down more than 1% in today's session. this s this finally the dip we've come upon that you should not want to buy? pete najarian? >> i don't agree with that. i think this is a dip i do want to buy because it started with energy. energy continues to accelerate to the down side but i think that provides opportunities in other areas of the market that are getting sold off that really probably shouldn't, at least to this degree. one name off the top, how about costco? costco came out with incredible numbers. we look at this name all the time. it was $146, now it's $138. it's made a pullback but everything they've told us has been the opposite of what the stock reaction has been. i look for opportunities. i think that's one of them. >> it feels different today versus a few days ago even. >> it's definitely more panic today. that's for sure. it started -- when oil started the rollover it's felt more panic which t

treasuries today. to accept 2% yield and turn down 10%, 11% yield on very healthy stocks particularly in the energy sector. what you saw today is panicked selling, if you will, particularly accelerating through the key levels. 2016 on the s&p. so as we broke through that, we caught, picked up the momentum. so i'm not afraid of it. corrections are healthy and they're buying opportunities for long-term investors. >> kevin, are you worried about the dip in oil? happening too far too fast closing wti below $58 a barrel. >> he doesn't look worried. >> no. as an investor, this is a third pass through the cycle of oil and i have learned that oil's a commodity and when it decides to correct, it doesn't touch the sides on the way down. no yield to support it. much lower than the lowest estimate everybody's talking about. that's the nature of a commodity correction and then stabilize. i look at this and say to myself, oh my goodness, what a fantastic side of the s&p not tied to transportation and coming into q-3

>> i think that the treasury and omb and the agencies are off to a good start. they've got a task force set up by hhs to look at the award data and dod to look at the contract data and come up with some, -- comment data others. they're laying the initial framework. they have a long way to go though before they're going to have the standards in place. we will be evaluating their progress and commenting on those standards that they will be issued in a. so we're tracking them very closely, but i'm encouraged at least they're getting organized across the government to address these issues, and d to use something that already in place which will help expedite implementation. >> is permitted, is that an achievable goal to get there by may of next your? >> that is our goal. as mr. dodaro mentioned, we, look at some these aggressive dates we put in place not just the government and the plan process but we have put together the working team between hhs and dod to actually start working on what we believe is critical. >> what are the major threats to not achieving that go

>> the treasury department is struggling. it is difficult for them to identify the actual middlemen that are transporting the oil, selling the oil, manufacturing crude oil. having ahey're difficult time identifying those people. i think the progress for designation and blocking assets has been slow and coming. sanctioned for dealing with ins? >> i think that should be a target. if we are talking about $1 million to $2 million a day in funds being generated from the illicit oil trade, those moneys are not being placed in a shoebox and hidden under a mattress. those moneys have to work their way into the financial system and that is through traditional banks. >> thank you for joining us. you're watching bbc world news america. the protests continue in america over the two grand jury decisions. we go to a california community where the cameras on cobb said been a practice for years. the dow jones industrial average has fallen 300 points today as a drop in oil prices continues. has seen therowth price of oil fall by over 40%. >>

but i'm double counting here because he's now the secretary of the treasury. that's a lot of powerful people, all from one bank, but they aren't the only way that citigroup exercises power. over the years, the company has spent millions of dollars on lobbying congress and funding the political campaigns of its friends in the house and senate. citigroup has also spent millions trying to influence the political process in ways that are far more subtle and hidden from public view. last year, i wrote citigroup and other big banks asking them to disclose the amount of shareholder money that they have been diverting to think tanks to influence public policy. citigroup's response to my letter -- stonewalling. a year has gone by and citigroup didn't even acknowledge receiving my letter. citigroup has a lot of money. it spends a lot of money and it uses that money to grow and consolidate power, and it pays off. consider a couple of facts. fact one -- during the financial crisis, when all the support through tarp and from the fdic and the fed is added up, citi received

thre's talk about the treasury market. zpwr mow does this play out? i have to go higher. >> some of traders were talking tos. treasures lead to bo. so we do a statistical analysis. >> there's very strong. thrfls before herbries. and we think the reason for that is because of this massive spread in yield between treasuries. this means that the one low rate is keeping it to a low rate. so we think of high. >> so some of the outlets looked here when they're looking at fed rate. that's not what you guys are looking ifer. >> certainly not for the long . y less than you'd expect italy, both of them work more on that un and then they see the dollar appreciate. very . nd spons at is 17b98%. coming up, the shanghai cop eaches new highs child . >> welcome back to "on the move." time to bring you up to speed with some companies. biggest ain with the statement. infosys he founders of said the founders will sell more shares. illion low ther shares a two year after reporting a bigger than expected drop. it is down more than 37% this year of the luxury retailer reco

into the treasury.alk you through this -- can you show pulling money out of an air? >> the goal is making money. >> the government is making a lot more money than anybody expected. it was buzzed to bring in $12 billion year at a brought in $44 billion. these companies are realizing there is not a lot of spectrum left that will be freed up, so this is their last best chance. we are already seeing credit rating companies taking a hard look at at&t and considering downgrading it because -- >> because of their cash outlets? >> because of what they may be committing themselves to with these spectrum auctions. the problem is, all of this money is supposed to go to the treasury, but it is a drop in the bucket. $44 billion against a debt right now that is $13 trillion. >> the interesting thing is you always see options in fiscal negotiations as some minor provision that will raise x- amount of dollars to her thinks about the broader implications. >> it is maybe one line in a story about a massive spending bill