you might be shocked to hear that stolen identity refund fraud cost united states treasury $2 billion a year, every year. to me, that was a shocking amount. a lot of the stolen identity refund fraud is centered on puerto rican citizens because they have social security numbers but they're not required dofile 1040s unless they work in the continental united states. you have big pool of sources. members that will not already have a 1040s filed. ring in a case that i worked on with about 14 arrests and about $65 million in real losses to the united states treasury. that -- again, the irs knows where the online tax refund applications -- sorry, are being filed from. they can tell you that 56 1040s were filed from the same computer. we had one in the bronx that have filed hundreds of tax refund applications. that thereu can tell are hundreds of applications being filed from a computer, why would you accept anything beyond the first? if you want to say tol, h and r block is going file hundreds of applications from one computer, then fine, all text repairs should have to register with the ir

it is stolen from the united states treasury. it is the theft of real people's social security numbers and the filing of tax returns using social security numbers of real people. the fees fill out -- theives fill out tax returns that indicate that the applicant is due for a refund. they direct a refund check to an actors that they control. they deposit them into accounts. because the united states treasury $2 billion a year, every year. to me, that is a shocking amount . a lot of the fraud is centered on puerto rican citizens because puerto rican citizens have social security numbers but they are not required to file 1040 forms must they work in the continental united states. it is a big pool of social security numbers that will not already have a 1040 form. we broke up a ring in a case that i worked on with about 14 arrests and $65 million in real losses to the united states treasury. why is it that -- the irs knows where the online tax refunds -- where the 1040 forms are being filed from they can tell you that 56 were filed fro

today four years and nearly $50 billion later the united states treasury says it sold it's final staken g.m. in the end taxpayers ended up losing $10 billion. the company has earned $20 billion since leaving bankruptcy. this is a big week for wall street. five years after the crisis that cost taxpayers hundreds of billions of dollars. regulators are about to take a major step to reign in how much risk banks can take. five agencies are voting tuesday on the so called vol kerr rule. it would stop banks that take deposits from people like you and me from trying to profit by trading stocks or other securities. the fight over the rule involves a long standing debate over what a modern bank should be allowed to do. ♪ . >> in 1933, to protect the public, from the financial abuses that caused the great depression. congress passed the glass eagle act. federally ensure and prevent banks from placing those at risk we barring them from engaging in speculative. by 1999, was used as a ball and chain, shackling the the law was repealed. but when the 2008 financial crisis left taxpayers on the hook fo

required to file 1040s unless they do work in the continental united states. 2 2we broke up in a ring i was in real losses to the united states treasury. which is it that -- and, again, irs knowles where the on-line tax refund i'm sorry, where the 1040 -- the 1040s are being from. were filed l you 56 from the same computer. one in the bronx filed hundreds applications.ds if you can tell that there are applications being filed from one computer, why anything beyond the first? you want to say h&r block would file hundreds of computer?ns from one then fine, all tax preparers have to register and say, you this ip is -- >> we're -- we're -- look, all continuum, s are a right? corporations, the government, everything we're moving towards security and it's the cat and mouse game that was to before. and lots of steps can be taken secure and make t a lot more difficult to monetize, i think fraudulent information. id the difference between theft the other day it seems if you could compare the routines issuers with what seems to be in effect at the as, you wonder if the irs is good as catching fraud at say the american express. would we have? to

first, the united states treasury sold its last share of general motors stock, closing a remarkable five-year chapter in american business history. that got some media attention. the next day we announced that mary borrow will become the next ceo. that did not go unnoticed either. on that day, for the first time in decades, all eyes at general motors turned toward the future . the end of government motors era has cleared the way for general motors to truly soar forward. we are building a gm that america can once again be proud debt. it has not been easy. the path forward for mary and the team will not be easy either. the enormity of the task became crystal clear when i became ceo. the new gm was fragile. we had emerged from bankruptcy that lasted only 39 days, and that was good because we did not do it reparable damage to our brands or dealer networks. but a 39-day bankruptcy only gave us time to repair the debt side of our balance sheet. truly transforming a business would take much, much more. we had to remedy decades of poor decisions, indecisions, and no decisions that started to pile up

first, the united states treasury sold it last share of general motors stock, closing a remarkable five-year chapter in american business history. that got immediate attention. the next day we announced that will become the next ceo. that did not go unnoticed either. on that day, for the first time in decades, all eyes at general motors turned toward the future . the end of government motors era has cleared the way for general motors to truly soar forward. we are building a gm that america can once again be proud debt. it has not been easy. the path forward for mary and the team will not be easy either. the enormity of the task became crystal clear when i became ceo. the new gm was fragile. when they emerge from bankruptcy that lasted only 39 days, that was good because we did not do it reparable damage to our brands or dealer networks. a 39 day bankruptcy only gave us time to repair the debt side of our balance sheet. truly transforming a business would it take much more. we had to remedy decades of poor and,ions, indecisions, sadly, no decisions, that started to pile up. i categorized the

first, the united states treasury sold it last share of eneral motors stock, closing a emarkable five-year chapter in american business history. that got immediate attention. the next day we announced that mary borrow will become the next ceo. that did not go unnoticed either. on that day, for the first time in decades, all eyes at general motors turned toward the future the end of government motors era has cleared the way for general motors to truly soar forward. we are building a gm that america can once again be proud debt. it has not been easy. the path forward for mary and the team will not be easy either. the enormity of the task became crystal clear when i became ceo. the new gm was fragile. when they emerge from bankruptcy that lasted only 39 days, that was good because we did not do it reparable damage to our brands or dealer networks. a 39 day bankruptcy only gave us time to repair the debt side of our balance sheet. ruly transforming a business would it take much more. we had to remedy decades of poor decisions, in decisions, and no decisions started to pile up in the 70s and 80

@&c"pe hosting this 76th secretary of the united states treasury jack lew.has become a major influential voice on many of the toughest issues confronting society today. throughout 65 year history, pew has remain faithful to the guiding principle. tell the truth, and trust the people. be it healthcare, be it environment, economic mobility, pew has spoken truth to power to improve the lives of millions of people throughout the world. of course almost two years ago, pew along with the c.f.a. institute cofounded the council. which sought to give voice to the people's interest. i'm particularly pleased secretary lew will be speaking this morning on the importance of completing the financial reform. secretary lew came to the job as a widely expert on policy. his expertise and knowledge have proven invaluable as he steered the nation through budget and debt limit negotiations. he has brought a very free perspective to the cause of financial reform. he spoken eloquently of the need for regulators to finish the important task that the dodd-frank law before them. he s

we are very honored to be hosting the 76th secretary of united states treasury, jack lew. this event is a tribute to the pew charitable trusts which under the steady hand of our president has become a major an influential voice on many of the toughest issues confronting society today. throughout its 65 year history, pew has remained faithful to the guiding principle articulated by its founding patron joseph pew in 1946. to tell the truth and trust the people. health care, environment, economic mobility our democratic processes, pew has broken truth to power to improve the lives of millions of people throughout the world. and, of course, almost two years ago, pew along with the cfa institute cofounded the systemic risk council, and nonpartisan group of policy experts and former regulators which has sought to give voice to the people's interest in a safe, stable financial system. so i am particularly pleased that secretary lew will be speaking this morning on the importance of completing the financial reform agenda. secretary lew came to his current job as a widely respected

united states. that ay treasuries or is full hearty trade? >> i think the clarion call is now for risk. think it is going to be for equity and away from fixed income. we are thinking about going underweight fixed income and looking to increase our equity overweight. >> get back on the phone, speak to those clients and we wish you well for 2014. thanks for a much for being with us. it has been a great year to have you here. coming up, christmas comes early for airbus. a yearreak for eads in that was marred by job cuts and losses. that story next with caroline hyde. ♪ >> welcome back to "on the move ." i am manus cranny in london. vladimir putin is speaking at the moment. he is taking questions, particularly on the question of the ukraine and he is saying russia neverine -- used gas prices to choke off the ukraine. he says that russia is seeking a long-term solution and that the ukraine-eu pact would have printed russia to defend their position. agreed mind that russia to a $15 billion lifeline for the ukraine. let's leave it there. .ayer have agreed to buy algeta it is their partner in a

that's an indication that they see us to recycle their trade surpluses with the united states into the purchase treasury debt so that means if they stop doing that that the federal reserve to keep the bottom priced society will have to buy more bottoms. and we say that china has an agreement japan and australia to settle their trade imbalances in their own currency so that new single ball and we have the brics russia china brazil india south africa making a similar agreement that they will settle their trade imbalances between themselves in their own currencies so this means that the demand for doll as a as the world currency as a means of payment fog's and so in the current in market that should mean that the dollar's exchange rate falls relative to all the currencies. when all these mechanisms are already in place and while the use i would expect to see a lot of trouble for the value of the doll now that since united states is such an important kind of country. it means all that imports of things coming into the country which would then cost more so the inflation would be imported into the country str

that's an indication that they see us to recycle their trade surpluses with the united states into the purchase of treasury debt so that means if they stop doing that that the federal reserve to keep the bond crisis and he will have to buy a whole bottoms. and we say that china has an agreement japan and australia to settle their trade imbalances in their own currency so that news in the fall and we have the brics russia china brazil india south africa making a similar agreement that they will settle their trade imbalances between themselves in their own currencies so this means that the demand for doll as the as the world currency as a means of payment fogs and so in the current in market that should mean that the dollar's exchange rate falls relative to all the currencies. when all these mechanisms are already in place and while the use i would expect to see a lot of trouble for the value of the doll now that since united states is such an import dependent country. it means all the imports of things coming into the country which would then cost more so the inflation would be imported into the country for

credit risk is the united states government treasury. they will pay their bills so we assume. interest rate risks as if interest rates go up the value of your portfolio goes down. you need to look at how long your bonds are. shorter, safer than long and are there other fixed-income alternatives? other places to put money away from the fixed-income market that are not necessarily have the risk of equity, you need to seek out help from an adviser and walk through the frost and start to take risks off the table. connell: an adviser with specific advice for everybody today, the shorter the better, more to it. good to see you. see you again soon. dagen: the number of banks in this country is that lowest level since at least the great depression. and to blame regulation. connell: adults dressing in costumes. star wars cast is now a big player when it comes to the famous word sotheby's. dagen: you like dressing up as johnny carson. connell: johnny carson? dagen: such a nerdy thing to do. more than dressing up as darth vader. connell: thinking about it. dagen: and getting it right. th

that's an indication that they see us to recycle their trade surpluses with the united states into the purchase treasury debt so that means if they stop doing that that the federal reserve to keep the bottom priced society will have to buy more bottoms. and we say that china has an agreement japan and australia to settle their trade imbalances in their own currency so that new single ball and we have the brics you know russia china brazil india south africa making a similar agreement that they will settle their trade imbalances between themselves in their own currencies so this means that the demand for doll as a as the world currency as a means of payment fogs and so in the current sim market that should mean that the dollar's exchange rate falls relative to all the currencies. when all these mechanisms are already in place and while they use i would expect to see a long struggle for the value of the doll now that since united states is such an import dependent country. it means all the imports of things coming into the country would would then cost more so the inflation would be imported into the coun

. >> today we welcome the testimony of the honorable jack the secretary treasury of the united states. secretary lew appeared before our committee earlier this year so i believe he needs no further introduction. the secretary's written statement will be made part of the record. welcome to the committee. you are now recognized for your oral testimony. >> thank you, mr. chairman, ranking member waters, members of the committee, i appreciate the opportunity to testify today and thank you for the flexibility of rescheduling so a number of us could attend the memorial services for nelson mandela. economic concerns are improving in advance countries led by the united states. despite political head winds our economy has been growing. our business versus created more than 8 million jobs. we have more to do to create jobs, accelerate growth and put our economy on a firmer foundation. economic progress depends in part on the global economy and the global economy faces many challenges. the long recession in the euro area seems to be ending. europe is in a position to reduce unemployment which re

i believe it does damage to the ability of this senate to protect the treasury of the united states of america. i think it takes us down the road to eroding the power of individual senators to constrain spending and stay within the limits we agreed to, that we put in law. so i'm not happy about it. i wish i had more time to talk about it. i don't, i appreciate the opportunity to work with senator murray and i respect congressman ryan so greatly, but there are some problems with this legislation and we should not pass it and there's plenty of time for the house of representatives to respond to any changes we were to make in it. i thank the chair and yield the floor. the presiding officer: the senator from -- the senate pro tem is recognized. mr. leahy: the white house has released a group, the message is very clear, the message of the n.s.a. is now coming from every branch of government, from every corner of our nation. n.s.a., you've gone too far. the bulk collection of americans' data by the u.s. government has to end. review group came to the same conclusion that i have about the uti

the top 40% of taxpayers pay all of the federal income tax brought in by the treasury department in the united statesy pay it all. the bottom 40% actually pays nothing. in fact, they get some money back from the government in the earned income tax credit. now, shah galani, i know you're a stock watcher, that's what you do, you watch markets, but i'm sure you pay a lot of taxes. do you think it's fair that the top 40%, including you, pay for everything? >> i don't know that it's unfair in terms of the top 40% paying a lot of tax, but i think that's fair. what's not fair is the redistribution, i think there should be means testing and don't forget, this report was 2010. i would hate to see what 2013 is going to look like. i think the difference will be even wider, but i'm not against, you know, folks who are making a lot of money paying a bit more in taxes, but what i'm against is weak distribution and this report is called the distribution of household income and federal taxes 2010 and it should be the redistribution and this is the problem i have with it, because i think that the average of close to

export-import them to expire the bank which is never used one red cent of federal treasury or tax dollars, would that render the united states of america the only developed nation on the face of the globe without an entity something like the export-import bank? >> commerce and i have to do a little research to answer whether would be the only one that we certainly would find ourselves facing an unlevel playing field because so many countries have programs like this. >> thank you and now i want to return to the subject in my opening statement. i noted that it prompted a chuckle or two when i asked you about the rule of the department of treasury in providing access to banking services that constituted marijuana businesses in well-regulated states. in washington state in colorado last year the voters approved the use of adult marijuana. the department of justice said that the state is well-regulated they will stand down on enforcement of criminal activity and prosecution. these businesses still do not have access to bank services and in washington state it has been forecast by fairly reputable work that it will be about $1 bil

jack lew, secretary of the treasury of the united states. secretary lew appeared before our committee earlier this year so needs no further introduction. without objection, secretary lew at statement will be part of the record. after his quarrel remarks, welcome to the committee. you are now recognized for your oral testimony. >> thank you, mr. chairman, ranking member waters, members of the committee. appreciate the opportunity to testify, thank you for the flexibility and courtesy in reschedulings a number of us could attend a memorial service for nelson mandela. there are signs the economic conditions are improving in countries led by the united states. despite political head winds our economy is steadily growing. over the last 45 months our businesses have created 8 million jobs. we are moving in the right direction but we have more to do to create jobs, accelerate growth and go to upper foundation. economic progress depends on the global economy. the global economy faces many challenges. the long recession in the euro area is ending, si

united states was part of being heavily. really. did he consider the recipe a foreign relations issue? or the secretary of the treasury? >> about what of this a lot of folks of securing financing especially earlier there was a lot of complaints how difficult that had become the navigator fred michel factor are the innovations not just lincoln that congress made in financing those are more important of the united states faces like the issuance of greenbacks for the first time that began to knit the united states together like the first national income-tax to allow the government to extract a measure of our resources. >> this domestic financial innovations in they mostly came from congress but those savings are more useful but the united states barred heavily. >>. >> but this was the conundrum there is a historical animosity but to talk about european many. an end to build canals and roads. creating the nation something that people were always talking about. >> hq very much. [applause] the. >> 7.torrey says that i thought were critical to understand the critical for the people that we are i thought the first chapter was

treasury market. >> surely, there are higher interest rates for them to take up around the world than here in the united states i think they like the safety of u.s. treasuries. the yen has been weakening against the dollar. it is better than 1.5% we were at a year or so ago. japanese investors cob the stabilizing force in the treasury market. >> eric marshall. eric stein, is the nikkei a big reversal in 2014. that's the one index that has closed up shop for the year. 57%, all the economics aside, how much longer can that go on? >> eric marshall, why don't you answer that. >> we don't pay a lot of the attention to the nikkei. here in the u.s., we still see u.s. stocks as attractively valued. as we entered this year, everyone was very skeptical about corporate profit margins holding up and could you see further earnings, multiple expansion. we definitely got both, both improving corporate earnings and multiple expansion, which really drove stock prices this year beyond what most had expected. we think in 2014, going forward, stocks are still very attractive relative to bonds. but we think you are really going to

united states' bilateral relationship with the philippines is highlighted by the philippines participation in the obama demonstration's partnership. commitment tour this relationship, the u.s. treasuryst program of technical assistance to support the implementation of philippine economic policy. his program will become one of the most intensive and a assistance programs in the world in 2014. it was a pleasure meeting with the secretary and i look forward to continuing working together to boost global growth. mr. secretary? lew.ank you, secretary it is a pleasure to meet you. thank you for giving me the opportunity. i am pleased to be here in washington, d.c. at this time to of the u.s.outlook economy. a strong u.s. economy is good for the global economy. your support is assurance of america's supreme commitment to ushering in an era of shared prosperity. has been avernment staunch ally in our crusade to issue good governance and inclusive growth. growth isrship for newsting us in exploring frontiers to sustain economic gains. the motto of the it ministration is good government is good economics. we have proven that, averaging growth of 6.3%. the support of the u.s. administration in

the payment directly from the united states of america to illegal aliens that could pay for these cuts itself. indeed, the only inspector general of president obama's treasury department has said this loophole needs to be closed and would save a substantial sum of money, and it's an open gate allowing massive fraud and illegality. so we simply wanted to do that. we asked that if we had to pay for this new spending, pay for it by closing this loophole that the treasury department has basically asked us to close instead of reducing the retirement benefits by as much as $70,000 for a sergeant who served to age 42 in the united states military. so how can this blockade be defended? how did it happen? why can we be in such a position? is there any member of the majority that would really defend the practice that we are undergoing now where legislation that clearly needs an amendment to fix a problem in it is just blocked and no amendments are allowed and the legislation is rammed through the united states senate, without any amendment at all ever being voted on. this has been the pattern around here for much too long. the majority leader is eroding the senate's

treasury as fully priced for lasting recovery. why not? >> our view is that the recovery in the u.s. may be underestimated. between the energy revolution in the united states, having gone through four or five crises and the last year, the last of which being the budget crises, we think the u.s. is poised for good growth. we are advising our clients to hedge interest-rate exposure. the 10 year could end up that 350 or 375 next year. those are our basic views. >> the dow, s&p and nasdaq are all up an average of 25%. if this is due to the fed's stimulus, what happens now that they are taking some of that away? yesterday the fed announcing that tapering will begin in earnest in january. >> we don't think the result in terms of the stock price appreciation is due to the fed alone. easy money was part of it. if you look at earnings today compared to what they were in 2007, we are not active the price earning ratio we had pre- crisis. we are pricing stocks significantly less than we were at that time and we think there is considerable upside. we are overweight about six percent -- 6%. -- isbal trade in 2014 there going to be a rebound and where would you reduce e

nothing brings more money to the treasury of the united states than investing in education and all that brings to our competitiveness as well as helping people reach their aspirations. so we have a values debate on this subject, but you can't say certain percentage, yes, certain percentage, no. it depends on what certain sectors of the economy geographically are affected by it. >> so you have said the last couple days, it's going to be up to your members to vote how they want. > that's how they always do. it's our consensus -- >> you guys have pushed in and depending on pieces of legislation, i guess my question is in the past three years, we have had several dozen major pieces of legislation that passed with more democrats than republicans. is this able to -- you say this is a draw. this isn't what you guys want. are you basically saying to republicans, you guys are in the majority, you lead, you pass this budget? >> no, no. as i said, it all depends on what the bill is that people are going to vote for. it all comes down to what is this. a matter of days ago i would have said there we

that economists have found that for every dollar the united states invests, particularly in health care investigations, they get $20 back for the treasury. 1987, when all the changes were made to the false claims act, somewhere between $35 billion and $40 billion has been recovered through the false claims act cases. some of the top false claims act settlements to show you, glasses smith kline had $3 billion -- glaxosmithkline had three good odds in criminal summons. pfizer, $2 billion. johnson & johnson, recent one, $2 billion. the johnson & johnson announcement came out just at the beginning of last month. talk a little bit about that case. aest: that case was actually number of cases put together, and johnson & johnson opted to seek a global settlement of all the claims. those cases involved a variety of illegal conduct by johnson & johnson in marketing of pharmaceutical, including offering kickbacks to doctors and fraudulent off-label marketing of drugs, including drugs that can be extremely dangerous when doctors prescribe where therecontext has not been any scientific evidence that they can be safe and effective. in that case, lik

and signed legislation chartering the bank of the united states headquartered in philadelphia and under the direction of our first secretary of the treasury alexander hamilton. hamilton believed that a national bank was essential to stabilize and improve our young nation's credit standing improved handling of the financial business of the federal government under the newly enacted constitution. after hamilton left office in 1795 the secretary of the treasury oliver walcott junior informed congress of the poor state finances to provide funding need for the government walcott advised selling the government shares of stock in the bank which would end up banks limited role as the central bank for the united states. subsequently in 1811 america's first national bank does not receive congressional support needed to continue operating. five years later in 1816 the u.s. congress again established a national bank creating the second bank of the united states also located in philadelphia with over 25 ranches. the primary function of the bank was to extend credit to government and private interests for the purpose of bank raising public works and ec

washington signed legislation chartering the bank of the united states head quartered in philadelphia and under the direction of our first secretary of the treasury, alexander hamilton. hamilton believed that a national bank was essential to stabilize and improve our young nation's credit standing to improve handling of the financial business be of the federal government under the newly-enacted constitution. after hamilton left office in 1795, the new secretary of the treasury, oliver walcott jr., informed congress of the state of the poor government finances -- guess that's not new, is it? walcott advised selling the government shares of stock in the bank which would end the bank's limited role as central bank for the united states. subsequently, in 1831 america's -- 3811 america's first national bank does not receive congressional support needed to continue operating, and its charter expired. five years later in 1816, the u.s. congress again established a national bank creating the second bank of the united states also located in philadelphia with over 25 branches. the primary function of the bank was to extend credit to both government and pri

treasury for all of you. another story. [ male announcer ] here's a queion for you: where does the united states get most of its canada? or the u.s.? the answer is... the u.s. ♪ most of america's energy comes from right here at home. take the energy quiz. energy lives here. >> hackers behind a massive the breach at target uncompromising personal identification numbers. the bank is concerned seat of the will be able to crack the encryption code with the consumer bank account. bp failed to persuade a federal judge business seeking to recover money from the 2010 gulf of mexico oil spill should provide proof their losses were caused by the disaster. bp will live gets early interpretation, certain businesses could be presumed to have suffered harm if their losses reflect certain patterns. japan's offering to acquire t mobile through sprint, the deal would be $20 billion. that is the latest from the fox business network giving you the power to prosper. any machine... ♪ ...to wash any size load. it dissolves in any temperature, evecold. tideod pop in. stand out. became big business overnight? ♪ like, really big... the

treasury website. and when they suspended the individual mandate for certain preferred people, that was announced in a letter from secretary sebelius to six democratic senators. so this was the law of the united states this change today wasn't announced, it was sort of discovered by the washington post and it was made on the pretax that they are gearing up for a surge -- expected surge of traffic. the one person we know signed up today, the president, doesn't even get his health care from anything associated with obamacare. >> but we know he was successful with his bronze selection. his staff did it for him. he picked the plan but did not do the signup process. >> he was there in spirit. >> but there are people going on the website and think they are signing up and there are still questions about whether those people when january 1st hits, when payments hit, whether they are actually ensured. >> and that is the big problem. there is a rush of traffic today and anticipate that there will be similar traffic into tomorrow. i don't know how your december 23rd went, but i won't have any more time tomorrow than i did today, but i have none. but someone will hang in if they didn't get in tonight and sign u

the united states bilateral relationship with the philippines is an important one in the region and highlighted by the partnership. in line with our commitment to this relationship, the u.s. treasury is providing a robust row gram to support implementation of philippine and cannot -- program to support implementation of philippine progress. it was a pleasure meeting with the secretary, and i look forward to working together. >> thank you, secretary. thank you for giving me the opportunity. i am pleased to be here at this time for the outlook of the u.s. economy. a strong u.s. economy is good for the global economy. to the an assurance commitment to stability and the global financial landscape and ushering in an era of shared prosperity. the u.s. government has been a governancey in good and productivity. our program and the partnership newssisting in exploring frontiers to sustain economic gains. good governance is good economics. in three and a half years we have proven that, averaging growth of 6.3%, and the support of the u.s. administration, not only technical but furthering of bilateral relations is important in sustaining that. we are deeply thankful of the assistance suspen

treasury, and thanks to the cars married's been turning out, they've been up in double digits all overlong, up, i think, 14%, in united statesal motors of the past. and i'm very encouraged -- it's great for america, because they're bringing manufacturing back to the u.s. they're expeanding in china, an winning in their market. i'm pleased to see general motors is back and probably the best u.s. investment the obama administration has made. i'm very pleased. >> let's talk about what this means for women, and i'm looking at a profile from this past summer where they mentioned her time in hr at gm, and in the words of one consultant, she had a difficult time getting credibility, because she was in hr before, even though she is obviously an electrical engineer. are we done with that are we out of that phase for good now? >> boy, i sure hope so. the fact that she's a great people leader, what's wrong with that she knows finance, but particularly because she's an engineer and she knows cars, and that's what general motors has lacked for, like, 30 years, they haven't had anyone at the top, other than bob stimple, and we're getting

washington called upon alexander hamilton, his treasury secretary, to figure out how to grow the american economy. they were interested in manufacturing. the united states was basically exporting raw materials to great britain. george washington wanted to build the american economy. so he said, alex, give me a plan. so alexander hamilton came back a couple months later with a plan, an economic development plan based on manufacturing. and in that economic development plan he said, we need to do about about a dozen things. he said, we need to build the infrastructure of the united states. he said, we need to build canals, the roads and the ports. he said, we needed to protect american manufacturing and so make sure that there are proper duties and tariffs on imported -- s so that they could not so that they would not overcome american manufacturers but rather level the playing field, so that american manufacturers would have a shot. . he said we needed to make sure that we had good international trade agreements and use the american taxpayer money to buy american manufactured goods. it's all there, so for those who want to pay attention to the founding fa

treasury return from the sale of g.m.. that's about a $10.5 billion taxpayer loss. question for you is, was this a good deal for the united states i think it became a necessary deal, given the precarious nature of the economy at the time it all was unfolding, because this really overlapped two presidents. it started at the end of the bush administration, then continued on in the obama administration. but i think they found themselves a very limited option. the government is also culpable here in some respects because we tend to gloss over the impact of regulatory policy on companies, sometimes we have companies that, you know, find themselves in deep exetive trouble, in part because -- competitive trouble, in part because the burden put on them versus the burdens that are faced by their competitors are much more. and i'm not going to suggest the automotive industry didn't have and create a lot of its own problems. i think most people have watched it for years, worried that -- [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] >> good evening. i am happypy to report th