branch of the giant swiss bank ubs, the very bank that helped rich americans evade taxes. here, senator carl levin describes some of the tricks used by ubs -- >> here, swiss bankers aided and abetted violations of u.s. tax law by traveling to this country with client code names, encrypted computers, counter-surveillance training, and all the rest of it, to enable u.s. residents to hide assets and money in swiss accounts. >> quite a tangled web. one man who has strong views on all these cozy ties between wall street and washington is david stockman. in the 1970s, he was a young republican congressman from michigan and an early proponent of supply-side economics -- some call it trickle down. you know the theory. if you cut taxes on the wealthy, while cutting government, the economy will take off, money trickling down and creating millions of jobs. it was the centerpiece of ronald reagan's 1980 campaign for president. >> there is enough fat in the government in washington that if it was rendered and made into soap, it would wash the world. >> once in the oval office, presiden

it comes out of the ubs story you might remember from last year, where ubs paid $800 million becauseis ed, is like having a white elephant sitting in the living room. let me say this. offshore banking originated when organized crime tried to avoid letting us know what was going on with them. you will not find anybody in america who will come on television and tell you that there is any reason at all for having offshore banking except for several reasons. one is avoid taxes, you want to avoid taxes. the other is to camouflage who you're doing business with, ed. understand, the money is not put in a bank. it's not -- the money is not in a bank. it's sitting in investment funds. so the question then becomes who is his partner in the investment fund? who is he doing business with? understand, this is a man who has been in politics a long time. what if there is some type of political connection between the investment fund and a favor that he did for somebody when he was in politics before. these are questions that have to be answered. i will tell you this, offshore banking makes it very d

commission which not only benefits the commission, it benefits the city and it benefits the small businesses ub sab -- in san francisco. if we lose that spirit cannot get boots on the ground, we'll lose the fabric of the city which has made it so popular. for tourists, for the merchant corridors, for the public. it is vitally important that we have a commissioner that does that. her guidance during all of the meetings that we have had with the 15 stores, walking through a minefield of regulations, possibilities, city hall procedures, it would have been completely lost. none of us had the experience that it takes to go through the kind of minefield. with her expertise, with her encouraging comments and encouraging actions to keep me going as the president, which was invaluable. i truly believe that without her and her boots on the ground, with her coming all the time and guiding us through this was an invaluable lesson to me. [chime] thank you, glad to be in front of you again. >> before the next speaker, there was one letter of public correspondentce. page 11 there is a letter. >> good evening,

commission which not only benefits the commission, it benefits the city and it benefits the small businesses ub sab -- in san francisco.

called wall street "a holy place," and later would become a high priest at the global banking giant, ubs, and the democratic secretary of the treasury, robert rubin, former co-chair of goldman sachs and tireless advocate of taking down glass-steagall. in the weeks before its repeal rubin left government to join, are you ready for this, citigroup's board, the very financial giant made possible by glass-steagall's elimination. and so it was -- the fix was in, the path was cleared all the way to the top. >> sandy called his friend the president last night and invited me to join in on the conversation and we had a good talk. so the president was in fact told last evening about what was going to happen. >> you got that, i'm sure. wall street was telling the president of the united states what was going to happen. within two years, glass-steagall was deader than a doornail. with the stroke of a pen, president, bill clinton, signed legislation that eliminated its protections and gave citigroup the green light. john reed retired from citigroup a year later, after losing out in a power struggle w

. >> wendy's downgraded from neutral to buy at ubs. >> why was ubs recommending this at all?rson downgrades mcdonald's there needs to be opportunity at 96, 97. tuch yield. >> kla-tencor. >> best quarter. when that merger with knis through, you've got a power house. >> american electric. >> it's fine. it's got a lot of coal. don't shoot the messenger. that's what they are. they were told to build that stuff by jimmy carter. now they're paying the place. 30, 40-year coal plants. epa wants to shut them. >>> more on these stocks. a couple big movers on the networking space causing ripples. report from juniper as well as riverbed. the current quarter was decent. guidance not good. juniper one of the biggest losers on s&p 500. riverbed also down sharply. and cisco is down as well, although some would argue that cisco is causing the pain. >> i think -- i know juniper well. i think k.j., kevin johnson, struggling here with a product line-up that was meant to appeal to at&t. at&t didn't spend a lot because of t-mobile. >> they said yesterday, they've got to ramp up cap x at at&t. they

. >> these can go and ub hidden away. just like here we have some slides.just slides right in here. it is out of sight. it is great to color coordinate them for the kids. >> so your at-home cubbies for the kids. >> next week quell have free -- next weeble week we will have some free organizational tips at our stores. >> this looks nice. >> to be able to see your space and see what you are actually doing and to pinpoint have a zpw work space is important for organization. >> and we'll come out to your event next weekend. now that you have the house orgsg organized, it is time to work on getting your body together. how so lose some holiday pounds when we come back. plus john has another look athe forecast. stay wit [ male announcer ] get ready for some deli-style delic-ious-ity: the subway big hot pastrami melt. dive into piled-high pastrami, spicy mustard, pickles and melt-a-licious cheese. treat your taste buds to a fresh toasted subway big hot pastrami melt. subway. eat fresh. [ female announcer ] everybody loves that cushiony feeling. uh oh. i gotta go. [

the floor director for ubs says there is a gentle longing for a smoke-filled room 1234* yes, there is some yearning. it is a gentle longing. > he said a gentle long ?g. >> he did. >> tom reflects the same culture and sensibility that you want to win or you don't want to dilly dahlly yes, sir with the romantic challenge. some believe in newt and think he can win. what if the narrative is changing. i will tell you what is wrong with it, he is wrong. >> the thing about tom. he is a 1950s establishment guy. >> when did newt gingrich become tim tebow, by the way. >> hash tag subtle. >> you say he announces what he did is what he did. he is not saying he did it because he is normal. he is saying making mistakes makes him normal. >> right. i thought that is what i said. i could be wrong because i hash taged smoked sh mash. -- hash. >> you said cheating on two of the three wives doesn't make you a woman. it makes you a d-bag. how about three of three wives? >> that would make you a bigger d bag. >> john, judge not that he be not judged is the biblical expression you were looking for. >> yes,

that would be brian, and on the left is mike ryan from ubs wealth management. what do you think, guys? admittedly a lot of these gains were at the beginning of the month. we've tapered off at the end of the month. we're going into february. what do you think, brian? >> i'll throw the question back to you. we had a positive 4% in january last year. how did the work work out? not very good. i think sometimes when you look at these statistics and we love to play around with them. last year was a pre-year presidential cycle. let's take it for what it's worth. we think simply what's going on right now is a game of institutional catch-up. we had so many institutional managers that underperformed last year. that's why the market's gone up so strong as it has so far this year. >> mike, it doesn't matter what the statistics say. you've got to manage client portfolios despite the economic market. how are you allocating capital today? >> i would echo a lot of what brian said. when you don't have a global sovereign risk crisis, it's still looming. we've walked into this ye

newt gingrich incredibly ub unpopular. >> angry teddy bear. >> i've stolen that from you. >> and john mccain incredibly unpopular and mitt romney, the most hated man in the field. at least among their colleagues in this group -- >> is that doesn't look like a doubles game i would like to watch. rick perry was out of the race almost 12 hours now he's back in and set his sights on south carolina. what happens in the minds of rick perry? that's next on "now." this is an rc robotic claw. my high school science teacher made me what i am today. our science teacher helped us build it. ♪ now i'm a geologist at chevron, and i get to help science teachers. it has four servo motors and a wireless microcontroller. over the last three years we've put nearly 100 million dollars into american education. that's thousands of kids learning to love science. ♪ isn't that cool? and that's pretty cool. ♪ it doesn't cover everything. and what it doesn't cover can cost you some money. that's why you should consider an aarp medicare supplement insurance plan insured by unitedhealthcare insurance company. all

the swiss bank account, about $3 million in it at ubs. opened for the romneys in 2003, and then shut down in early 2010. and yet there is $1,783 in income reported from that swiss bank account on the ann romney blind trust. you don't see it in the financial disclosure form. confronted with this today, the romney people said they were going to amend this minor discrepancy, as well as include some other offshore investments in cayman islands and bermuda that in the same situation are mentioned, reported in the tax returns, but not in the financial disclosure. >> so in terms of the big picture here, what you're saying is that funds -- bank accounts in switzerland and the cayman islands and these other places weren't on mitt romney's candidate disclosure filings. they should have been. we didn't find out about them until now. but had he properly reported what his actual assets were, we would have known that he was offshoring some of his money, or at least some of his family's money, when he ran for president in 2008. we would have known this

. >> nick mody at ubs. >> i think if you look at many of the names he's talking about in this particulare's going back to the fundamentals of some of these stocks. it's interesting how he's shifting from one to the other. and it's really interesting how mcdonald's really did become part of this list. >> j.b.? >> i want to caution people because these names are so popular now and everyone is a freak. you would normally stay in a consumer staple. that's one of the areas i would stay particular aengs. the nasdaq drop, we'll talk to the animal who is shocking people in the street a i big, bearish price ticket. what makes scottrade your smartphone's most powerful trading app ? total access - to everything. from idea toresearc. including financials, indicators and real-time streaming quotes. whether you eck your investments every day or every minute, our app can take them from thought to trade. at scottrade, seven-dollar trades are just the start. try our powerful mobile app. it's another reason more investors are saying... i'm with scottrade. >>> welcome back to the half time report. appe

he approached the world's biggest private wealth manager, ubs, to help him gather clients for his madofffund at his company, access international. on his marketing team were prince michael of yugoslavia, and philippe junot, once married to princess caroline of monaco. at lavish parties, they marketed to people like l'oreal's lilliane bettancourt, the world's wealthiest woman. >> thierry de la villehuchet would say to them, look, "come to dinner. we'll have your friends, a good time, good wine." and then here comes the hard sell-- "i've got this great money manager in new york. he makes money whatever the ather. i can introduce you, put money into my fund and i'll hand it on to bernie madoff." >> narrator: his brother bertrand said thierry believed completely in madoff. >> smith: but madoff had one condition he had to impose on everyone. funds were forbidden from listing him as an investment advisor in any marketing materials. that's because madoff was unregistered with the sec, even though he had thousands of clients and billions under management. >> i met bernie madoff in the early '90s

ann ubelis of the beaufort tea party came out yesterday to see gingrich.is elusive in politics. so do you go for electable? >> actually, no. no compromise, no surrender. you go for your true principle. you vote on principle. and what shakes out in the end, you hold your nose and vote for the republican nominee. but no compromise, no surrender. >> ifill: next stop: florida. >> suarez: gwen joins us now from columbia, the capital of south carolina. >> completely upset there are new polls that seems every day but the one interesting one we're watching today came from clemson university, st. paul one of the urbanized told me on monday was leading by ten percentage points. by today we now have newt gingrich leading by six percentage points. you can use size of the sample but there are half a dozen polls that show momentum going this way and today for the first time we're hearing mitt romney say things like well i didn't really expect to do well here in south carolina which i don't believe he would have set even as little as a week ago. so there's a big shift un

two down rates today, ubs hash citing the company's corporate culture as a drag. that down 1.5%. cisco, rbc increasing estimates, rebound in north america. bowing, one of two companies, lockheed martin, the other, invited to bid on south korea's fighter pilot project, as 7.5 billion deal that stock down half a percent. exxonmobil selling a refining operation for $4 billion. u.s. airways report that delta might make a move on it as well as amr, looking at reportedly. that is up 4.5%. kellogg down half a percent. jpmorgan downgrading it from overweight to neutral, disappointing earnings not for two quarters, not for two months but two years. the prying target down from 62 to 48. then nike up 1.5%, touching another all-time high today, finally staples down 4.75%ful now a sell at goldman sachs. bill, back to you. >> thank you, brian. >>> stocks rebounding as we head into the close here. in today's closing bell exchange, senior economics reporter steve liesman is in philadelphia, mysteriously and mandy drury is back at headquarters as well. steve, we have had new data on the state of

[laughter] in logistics is our other, ubs global hub is located in legal. a couple things, i'm a relatively new mayor, about 11 and a half month ago. are keys for success revolve around lifelong learning. and when i see lifelong learning i'm pulling education into that and innovation and jobs. all time back to the joint learning that everybody is born with. and the second is out to be even healthier city, not just physical health but emotional health, spiritual health, and environmental health as well. been the third is, some people, some political advisers say don't say this but i said i'm going to say anyway. our 30 is how can we be an even more compassionate city. none of us have all the money in the world to solve our problems these days but hopefully with unlimited love in our communities, unlimited compassion in our communities. where friends can help friends, strangers can of strangers. and i can tell you, all my fellow mayors, every time i talk about compassion and love, this past weekend i talked about a lot with the martin luther king activities,