through the treasury department said ok well i don't know me about only tell me about the tea party that's all about don't tell me anything else they said ok here's the stuff of the tea party and he goes hey we're going to spam we go to the burning turns out that they've been examining double examining the applications of everybody i just gotten up and they got in a knot ways and means committee and it turns out that statements falls they flagged progressive's they hailed the conservative applications flagging and holding only are two different. other me this is me and this particular nominee for us to be this is the office which is to be so. i don't think it's i think it's right now it is an unwise thing to do and vest in as far as sweeping changes to our climate when we have an economy that needs to be improved housing is really part of the electricity in texas now being produced by by wind in texas twenty percent no i think capitalism that's what i call no it's only capitalism. i don't think you want to read one aspect of this whole climate discussion we're talking about twenty percent

tomorrow treasury department investigators will release a report on excessive government spending which found the irs spent $50 million on more than 200 conferences for employees just between 2010 and 2012. this includes a fathering in anaheim, california, where employees watched training videos that spoofed, as you well know, star trek, gilligan's island and they cost at least $50,000 each. probably just for the costumes and set. they found the agency did not negotiate lower rates and some employees stayed in presidential suites that cost up to 3500 bucks a night. overall the cost of the 2010 conference came in at 4 million bucks. you're watching the video of them dancing. >>> meanwhile congressman darrell issa says the oversight committee is working to find out who is responsible for the irs's targeting of conservative groups. he also had tough words for white house press secretary jay carney. >> and the administration is still, their paid liar, their paid spokesperson, he's still making up about things what happens and calling it local rogue. there is no indication -- the reason lois

cells are emerging today about a secretive treasury department program backing nearly q. and a half trillion dollars in money market mutual funds here's the kicker congress never authorized it a lot of. the as he sees planned comes after a year of internal disagreement over how to draft the new rules now earlier this year we asked as you see and our own chairwoman walter about the proposal. we're working very far in internally on putting together a proposal to put it out for comment i would much prefer to see a proposal be put out by the f.c.c. and by the. end it was this proposal that was finally released yesterday so what is in it. as the rules stand now every mutual funds a net asset value is point nine nine five rather than a dollar fine round up and report that everything is valued at a dollar however the proposed rules require a net asset value to stay closer to a dollar specifically within one two hundredth of a penny a drop in value below this would cause the firm to break the buck however according to the f.c.c. rules they would provide exemptions to the floating

but we know that the committee is interested, and the treasury department's inspector general is investigating whether individual citizens may have been targeted because of their beliefs. >> what about the irs itself? any response? >> not to black's case citing federal law that prohibits them about speaking out about individual taxpayer's cases, however, we got a spokesperson from the irs that said audits in general, i'll read, the irs stresses audits are based on information contained on the tax return and the underlying tax law. nothing else. john, i believe that is somewhat of a defense from the irs about this story but again, it's the inspector general from the treasury department conducting this investigation. >> we'll sure you'll stay on top of it. we'll follow this one as it goes forward. drew griffin, thanks. >>> up next, at denver's airport planes weren't the only thing touching down. take a look. yes, that's a tornado. the latest ahead. >>> investigators believe colorado wildfire could be arson. tonight, we'll look at how investigators sift through the ashes to hunt down a culprit. w

the treasury department played a large role. this study was done in consultation with president obama's financial advisory council on financial capability and assisted by other agencies, organizations and researchers including the consumer financial protection bureau and s.e.c. over the last three years, the study has made its mark on the financial literacy world and beyond. the data has been used in more than 20 publications from peer review journals and white papers and this number continues to grow. outlets major media regularly cite the statistics. further, the data has been used in international comparisons of financial literacy to help policy makers gain a better understanding of how the united states compares to other countries in terms of understanding important financial concepts by compounding investment risk and inflation. we are looking forward to seeing how the 2012 data will be used to further our understanding of financial capability both in its own and in conjunction with the 2009 data that makes it unusually ric

investigators from the treasury department find the irs spent $50 million for 220 conferences over awo-year period from 2010 to 2012. >> the culture at the irs during this period of time was one that did not particularly care about whether they spent well the tack payer's money. >> congressman darrel issa the lead. they may have received their orders from washington the group seeking teax exempt status. they did an interview with one irs refused to say few agents targeted the irs. plush flush floir ee was asked this question, did you think there was something inappropriate about what was happening in 2010? fl a oo elijah cummings calls his claims reckless stating quote no witnesses who have appeared before the committee have identified any irs official in washington, d.c. who directed employees in cincinnati to use tea party or similar terms to screen applicants for extra scrutiny. back to you, heather. >> now to extreme weather around the northeast getting hit hard by severe storms overnight. take a look at the damage in maine. >> over 30,000 people left in the dark. more storms cou

sales are emerging today about a secretive treasury department program backing nearly q. and a half trillion dollars in money market mutual funds here's the kicker congress never authorized it a lot of. the f.c.c. plan comes after a year of internal disagreement over how to draft the new rules now earlier this year we asked as the sea and her own chairwoman walter about the proposal. we are working very hard internally on putting together a proposal to put it down for comment i would much prefer to see a proposal be put out by the f.c.c. than by the sun. and it was this proposal that was finally released yesterday so what is it well as the rules stand now is the mutual funds a net asset value is point nine nine five rather than a dollar the final round up and report that everything is valued at a dollar however the proposed rules require a net asset value to stay closer to a dollar specifically within one. a penny a drop in value below this would cause the firm to break the buck however according to the f.c.c. rules they would provide exemptions to the floating net asset

through the treasury department said ok well i don't know me about only tell me about the tea party that's all about don't tell me anything else they said ok here's the stuff of the tea party and he goes hey we're going to spam we do it in the bernie turns out the way they've been examining double examining the applications of everybody i just got an up and they got an update on the ways and means committee and it turns out that statement is false they flagged progressive's they hailed the conservative applications flagging and holding only want to differ you and. me this is me and this particular nominee for us to be this is the office which is to be so. i don't think it's i think it's right now as an unwise thing to do and vest an as far as sweeping changes to our climate when we have. an economy that needs to be improved housing is really part of the electricity in texas now being produced by by wind in texas twenty percent no i think capitalism that's what i'll call no it's only capitalism go tell you i want to think you want to read one aspect of this whole climate discussion we're ta

only within the treasury department? all the way to the white house and if it's within the white house, how high up in the white house or was this merely someone just in a high position suggesting, you know, it would really be important if -- and then someone deciding to take that ball and run with it. the point is there have been a lot of americans who have never violated the law that have been treated like criminals, incurred hundreds of thousands in collectively millions of dollars in accounting and attorney fees and somebody has to be held responsible for that. >> we're also learning up to 88 irs employees may have been involved, not just a few rogue agents supposedly acting on their own in ohio, as the irs first stated. what do you think about that? what do you make of that? >> uma, there has to be a really detailed thoughtful investigation where people are brought in under oath. it can't be this sllois learner duplicity, i will take the fifth and before i do that, let me declare myself innocent. she can't do that a

in the treasury department. very close to the treasury department.at is what he's telling his friends. this is breaking news. i still think it's young. liz: the princeton professor is to live here from certain sources. liz: why? >> extremely experienced, an economist, a great record. that is who i hear about. you are saying that you think that tim geithner is not done with the public arena. >> willing him to black rock. does he go back to the fed? think if i am palin to make a lot of money. but being the chairman of the federal reserve, if i was chairman of the fed. liz: i would rather not. timothy geithner has only ever worked in the public sector. liz: a brief time with kissinger associates. the new york fed chairman. i mean, listen, if you think about it on paper, i don't know if he is a classically trained economist. he took economics a dartmouth and as the economy pretty well, but if ou hit it on paper is of the choice. he got all those things. he knows the market. the fed is basically controlling the markets are now. the market's torrid it was

this was all in conjunction with the release of a scathing report by the treasury department's inspector general. his investigation revealed that between the years 2010 and 2012 the tax agency spent $50 million on 225 conferences for irs employees. now, event planners were awarded well over six figures to help the planning of these lavish affairs. $60,000 used to make videos. be the way, including the infamous star trek spoof. a single guest speaker handed nearly 30 grand. an artist was paid $17,000 for creating a drawing designed to help our brave civil servants "find their creative solutions to challenges" and the list goes on which is why things got so heated today on capitol hill. >> today more than any other hearing we revisit the kind of waste and the kind of failure to secure taxpayers' hard-earned money than i can remember in history. >> you cannot take the money of american workers and waste it. >> the irs effectively was guilty of tax evasion. >> mr. george, according to your report the irs conference in anaheim in 2010 cost more than $000,000 is that correct? >> yes, it is, si

treasury department is taking more action to try to stifle north korea's military development. it added a bank and firm in the north to the sanctions list. they said the institutions support the development of the ballistic weapons and missiles of mass destruction. the bank and the front company, d.c. b finance are prohibited from conducting financial transactions with american businesses and their assets in the u.s. are being frozen. the representative of d.c. b finance is facing the same restrictions. in march the department banned north korea's institution and the foreign trait bank from doing business from u.s. companies. officials stress they will continue to pressure north korea with financial sanctions. authorities in pyongyang appear to be toning down the provocations and engijed in missile development. it's worse than first thought. in the ouiger autonomous region, it left 35 people dead. members of the ouiger minority have risen up against the majority in the past. they said riders started stabbing people on wednesday at police stations and a local government building

yesterday, we told you that the treasury department was getting ready to sell 30 million more gm shares. today, those shares were put up for share and the proceeds will be about $1 billion. >>> google is another company that hosted a shareholder meeting today. not only are they talking to investors but is starring in a new hollywood movie that hits screens tomorrow. this weekend, fox opens up "the internship" in 3,000 theaters. >> google. >> you got us a job at google? >> reporter: fox's comedy follows vince vaughn and owen wilson. though fox is tapping into this media, the studio and companies took opposite approaches. sony didn't get any cooperation from facebook. fox and google went in the opposite direction. the internship paints the search giant as fun and quirky. they consulted on accuracy, provided 100 extras, including co-pounder and suggested changes. it sounds like the mother of all product placement, but no money changed hands. google said it participated because it wanted to get kids more excited about technology. now it could benefit from a surge in job and internship appli

a treasury department announced on thursday that it's sanctioning daedong credit bank and its finance company. the front company's representative kim chol sam is also included. they're prohibited from conducting financial transactions with u.s. businesses and any assets in the u.s. will be frozen. the latest sanctions follow a u.s. ban in march on north korea's foreign exchange institution ftb, the foreign trade bank, from doing business with u.s. companies. treasury officials stress they will put more pressure on north korea through financial spngs they say pyongyang appears to be toning down its provocations but it's still engaged in missile development. >>> military commanders in egypt say they're ready for the worst. their troops are on stand by in case anti-government protests turn violent. opponents of president mohamed morsi are marking his first year in office by renewing their call for his resignation. the protesters believe morsi is to blame for the deteriorating economy and worsening security situation. they're expected to clash with supporters of the president. both sides

. >>> the growing scandal surrounding the irs now includes that scathing treasury department report about overspending by the agency. it reveals that over $4 million was spent on a training conference in 2010. the irs was also under congressional scrutiny today for targeting conservative groups. >>> the leaders of six organizations testified how they spent years trying to gain tax exempt status only to be blocked by irs agents. three top irs officials have left the agency since the scandal broke. >>> the tornado that hit el reno, oklahoma, on friday is more powerful than experts thought. the national weather service says the tornado spanned 2.6 miles wide, making it the widest on record. they also upgraded it to an ef-5 with wind speeds of 295 miles an hour. the death toll went up to 19 today. >>> there will be no government intervention to get a dying 10-year-old pennsylvania girl a lung transplant. health secretary kathleen sebelius says the federal profession should make those decisions. there are about 20 preadolescent lung transplants each year. >>> the naval academy deals with aun f

the treasury department revealed his new clearer signature on a $5 bill this week that will be in circulation this fall. oddly enough, lou lew is not the first treasury secretary to change his signature. that will do it for us today, thank you for joining me next week, i will be heading to aspen. where i will be talking to movers and shakers from people in finance, politics and arts. keep it here where we are, "on the money." happy williams starts now. >> this is the national broadcasting company. >> tonight on "rock center." we've been with coleft since that terrible day in botch when she lost body legs. we've chronicled her grace and grit. tonight we report on a new milestone for her message. >> boston strong is fantastic. everybody pulling together for. but for the people who are still damaged, it's just not that easy. >> also, stella mccartney any. not the most prominent by the most talked about these days. and tonight shell see clinton

general under questioning said that he would have questioned the -- and investigate senior treasury department and any obama administration official if he thought they were involved. he testified under oath that there were not involved. i would like to submit the discussion between ms. jenkins and the treasury inspector into the record. it was the same inspector general that notify republicans including republicansdarrell mustin the summer of 2012, be for the 2012 national elections. i would like to submit the treasury inspector general's letter to him and the rsc chair confirming this investigation into the irish dated july 11, 2012. without objection. >> if there was political targeting during an election year that members of congress like chairman issa have sat quietly and not brought this to the public attention? i think the chairman speaks for itself. he did nothing and said nothing because there was no whistle to blow. the second chapter in less than a decade that the irs has been caught going robe. the when wrote in 2002, 2004 when they inappropriately targeted churches and the naacp. m

tomorrow a treasury department inspector general report will be released exposing excessive spendingt the irs and new acting commissioner danny warfel called the conference, quote, an unfortunate vestige from a prior era. he is expected to field more questions. democratic strategist. ann, let me start out with you. i want to start off with the dissension. the new reaction from lindsey graham, among others. >> the administration is still their paid liar, spokesperson, pictured behind -- he's still making up things about what happens in calling this local rogue. this is a problem that was coordinated, in all likelihood, right out of washington headquarters. >> the he that issa is referring to is -- lindsey graham became the latest to reject his statements that jay carney is a paid liar here. >> those are pretty tough words and, you know, we'll have to see whether congressman issa is able sto substantiate that claim. so far you haven't seen exactly what he would point to for that. look, these are going to be pretty riveting hearings, i think. there's going to be quite a few of them. goo

the treasury department said that the shortfall was more than 25%. it's part of the reason that stoo standard & poors raised the rating of the u.s. to stable. the product line of the mobile operating system at the annual developer's conference, the software will be developed this fall, and has easier sharing of photos. it's a nervous week for the markets for sure. worries about the federal reserve and other concerns, do you stand pat or make changes in your portfolio. good to see you both here. thank you for joining us. let's talk about this week, rebecca, it felt like there was a change in feeling this week, we know the fed will stop at some point, but really, really volatile markets. up 200, down 200 and then a big bounce back on thursday. were you surprised at the volatility this week? >> a little bit, yeah. we all knew this day would come, but we never knew what it would feel like, because we have never lived through anything like this before. the easing and the monetary policy in u.s., across europe and japan is something that there's no precede

he was a major raiser of money for the officer of war information and the treasury department. but by the vietnam war, not only had he married someone who brought out his most liberal tendency, new england schoolteacher, but he himself was so antiviolence. had been all his life. all his life. that the ambivalence that many people he trusted felt toward the vietnam war gave him pause. by the time he had to confront whether he was willing to contribute to the wartime propaganda pictorial wartime propaganda for that war, he wasn't convinced it was the right thing. finally because he was an honorable person, he said i'm not the right man for this. >> when he was the most popular? >> i guess 1950s. i say that with some hesitation. what surprised me in the research for the book was how popular from the beginning of his career -- i'm talking by 1920, when he was 26 years old. he had -- he made his fortune or certainly open the way to making it. he was well known. the press on him is huge. so this is a man who was famous throughout the first -- well, throughout a good four decades. >>

over the weekend the treasury department inspector general released a report showing the irs spent $50 million to hold more than $200 conferences between 2010 and 2012. the expenses included more than $50,000 to make videos for the conferences including this one. >>> today apple and the justice department go to court over charges that the cupertino company conspired to make people pay more for books. they were originally charged with working together as the ipad was being rolled out. the publishers were unhappy with amazon's low prices of the e-book. the publishers have already reached settlements in the case. >>> coming up big changes could bement cooing to muni. more than the new report that has the transportation agency looking for ways to improve the service. >>> the search continues for a missing teen in yosemite national park. what rangers say he was doing just moments before he disappeared from the top of the water. >>> northbound 101 approaching the 80 split that traffic is moving well. [ man ] get the 20 piece mcnuggets. what? that lovely girl, caught your eye? 20 piece mcnugg

embarrassing videos showing irs employees line dancing was released just days ahead of the treasury department's inspector general report on excessive spending at the agency. the irs says the video was produced for a 2010 employee conference, same as this "star trek" parody, gilligan's island spoof. total cost, more than $60,000 taxpayer dollars. acting irs head danny werfel said this is an unfourth national vestige from a prior era. travel and training expenses have dropped since 2010. obama administration under fire for targeting of conservative groups. with darrell issa accusing the white house of lying and claiming interviews with irs workers in cincinnati shows the targeting reaches back to washington. >> this is a problem that was coordinated in all likelihood right out of washington headquarters. and we're getting to prove it. >> house democrat elijah cummings blasted those claims as unsubstantiated calling them reckless statements, inconsistent with findings of the inspector general. democrats say it's an irs issue, not an obama issue. >> if there was somebody political involved in this,

officials of the treasury department are also banning 37 firms in iran, germany, south africa and elsewhere from doing business with u.s. companies and citizens. they say the firms are directed by an organization controlled by senior iranian officials including supreme leader eye ayatollah khomeini. they say companies profit which generate and control massive off-the-books investments to evade sanctions. earlier this week the obama administration authorized penalties against foreign financial institutions handling transactions in the iranian currency. the new sanctions come ahead of iran's presidential election scheduled for june 14th. >>> nato has decided to strengthen its defense against cyber attacks. defense ministers from the 28 member countries discussed the issue on tuesday for the first time. >> we must identify what more we need to do to address cyber threats which are evolving as we speak. >> rasmussen said that nato had to deal with over 2,500 attacks on its computer systems last year. the ministers agreed to boost the organization's capabilities to protect its networks. they pla

one of the areas we are pursuing under the treasury department, that looks atup national security concerns of any kind of a purchased by foreign company. , is usda going to have a presence there? are they going to look to the fda? u.s. national security? >> in terms of the process? >> exactly. right now they have been pretty narrow in terms of military security. food security is national security. is that process going to allow for a broader review of what security is in our country? we want to ask that, urging them to have usda and fda involved in the process. there are a lot of questions. i have not said i am opposed but i have a lots of questions concerns. great.erm it may sound 10 years down the road, what does this mean for our pork reducers? -- pork producers? what does it mean for food safety? what are the implications going ?orward questio this is the one area where we have a trade surplus, we are exporting more than we are in areing -- than we importing. we have to be thoughtful. >> does the agricultural committee have a role? >> we still can hold meetings and we may. we're going

on wednesday the treasury department will release a monthly account of the surplus or deficit of thet. on thursday, the retail sales report will be out giving us a window into the consumer activity and the producer price index will be reported on friday. and on friday the irs will shut down for the day due to the sequester. and what superstar athlete has the biggest take home pay? forbes released the highest paid sports personalties this week, tiger woods, back on top from 2001 until falling out of first last year. woods made more than $78 million in 2012, including $65 million in endorsements alone. rounding out the top five, roger federer, kobe bryant and lebron james and drew brees, all among the top earners. that will do it for us for today. thank you for joining me keep it right here where we are "on the money." i'll see you next weekend. [ male announcer ] citibank's app for ipad makes it easy for ann to manage her finances when she's on the go. even when she's not going anywhere. citi tablet apps. easier banking. standard at citibank. helps him deposit his checks. jay also lik

i don't believe that the internal revenue service, the treasury department should be providing tax subsidies to organizations that are not engaged exclusively in social welfare, whether the name is progress taxes or 9/12 patriots, or any other self-styled name they may want to apply to themselves. this is the second hearing on this subject in a very short period of time. we've now had some 37 votes on whether to repeal the affordable health care act. i'm sure this is not the last hearing on this topic, and the two are closely related. the internal revenue service has an important function to play in carrying out the provisions of the affordable care act. it is to assess those working and middle-class families who are entitled to receive some premium assistance in acquiring insurance. and the irs needs to carry out the job effectively and fully. the two are directly related to ensuring that the irs does not fulfill is a totally. i we'll back. >> i will will note for the record the inspector general report was in awe to come the inspector general indicated that he would be completing a full in

. >>> a treasury department report spells out some high end living by the employees of the internal revenue service. the excessive spending includes a conference that cost more than $4 million. meanwhile conservative groups testified what it was like when the agency singled them out for extra scrutiny. danielle nottingham reports. >> reporter: these six leaders of conservative groups say the irs unfairly signaling them out for their political beliefs. >> this was not an accident. this is a willful act of intimidation. >> reporter: becky gerritson testified the irs ignored her application for tax exemption for more than a year and then asked her alabama tea party group for all copies of emailed speeches and donor list. >> i'm a born-free american woman, wife, mother, and citizen, and i'm telling my government that you've forgotten your place. >> reporter: attorney john eastman claimed the irs committed a felony when it released information about his group's donors who opposed same-sex marriage. >> there's a reason some people want to have their activities confidential so that they don't get

on wednesday, the treasury department will release a monthly account of the surplus or deficit of the federal government. and on thursday, the retail sales report will be out, giving us a window into the consumer activity. and on friday, the producer price index will be reported, as well as industrial production. also on friday, by the way, the irs will shut down for the day. due to the sequester. and what superstar athlete has the biggest take-home pay? forbes released its annual list of the highest paid sports personalities this week. golfer tiger woods back on top. a title he held from 2001 until falling out of first last year. woods made more than $78 million in 2012, including $65 million in endorsements alone. rounding out the top five, roger federer, kobe bryant, lebron james, and top earning football player drew brees, all among the top earners. that will do it for us today. thank you so much for joining me. each week keep it right here where we are "on the money." have a great rest of the weekend, and i'll see you "on weekend, and i'll see you "on [ male announcer ] citibank'

>> that was coming out of the treasury department report. $50 million on a lavish conferences. a hearing on that takes place tomorrow. lawmakers heard from several conservative groups yesterday that were targeted by the irs because of comments they had posted on their website and meetings of political activities among other things. >> nikole killion, thank you. scene down ine new orleans four months ago, the ravens beat the san francisco 49ers. the ravens celebrated on the fields at the superdome. >> but today the ravens will celebrate in the halls of the white house. >> jerry sandusky will be with the team and will have a lot of reports coming up tonight. v 11 will bring you two more ravens games in prime time this season. a preseason game against carolina and a monday night game against detroit. 1 school will be watching those games. the jacoby juke. is cute. >> 6:10. person willl, one not have the title of a valedictorian all to themselves. >> a new way to help keep your little ones entertained by amazon. >> it is another beautiful morning. >> we have one problem spot on >>

the treasury department revealed his new, clearer signature on a $5 bill this week which will be in circulations fall. oddly enough, lew isn't the first treasury secretary to change his john hancocker. his predecessor, tim geithner, changed his signature before it was on the bills. >>> thank you so much for joining me. next week, i'm heading to aspen, reporting from the aspen ideas festival, where i will be talking to the movers and shakers from the world of politics and arts. each week, keep it right here where we are "on the money." happy first day of summer. i'll see you next weekend. ♪ ♪ [ male announcer ] if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. we've made major advancements in reducing the incidents of broken bones in seniors. we've received recognition for getting hypertension under control for over 80% of our members. we've made significant advances in asthma, immunization and maternity care. and j.d. power and ass

when the treasury department's inspector general's office investigated that scandal, it told congress it couldn't figure out who was responsible. but now congressional investigators have interviewed i.r.s. employees who have a lot more information. nancy cordes has read complete transcripts of those interviews and she reports tonight from capitol hill. >> reporter: at a hearing last month, the former acting commissioner of the i.r.s., steven miller, insisted the targeting of tea party groups was conceived and carried out by agents in ohio without washington knowing. >> people in cincinnati decided "let's start grouping these cases. let's centralize these cases." >> reporter: but congressional investigators are hearing a different story from i.r.s. agents in cincinnati. one of them, elizabeth hofacre, said started in 2010 she was instructed to clear all the letters she sent to tea party groups through an i.r.s. lawyer in washington, d.c. >> reporter: hofacre said the applications for tax-exempt status from conservative groups sat in limbo for months as the lawyer in d.c. became slow to