and so he has to beg the support of the--the us treasury, and he goes off to washington to plead for it and again doesn't see himself as somebody who's caught in this very complex set of events and circumstances he doesn't control. he's just impatient that he can't persuade them to do what he wants as fast as he'd like. so at the end of his story, when he has finally, through the help of the us treasury and the bailout of that loan, being able to revive the fortunes of the chrysler corporation, he's still thinking about the next phase in his destiny, and he--which he intends to make, and his closing chapter sounds very much like the early stages of a presidential campaign. and, in fact, his candidacy was muted for a little while in--in the period after his great success at chrysler. so his--his story to me is a fascinating one, a very intelligent man who simply is never able to look around and see what complex network of--of causation he's enmeshed in in which he can have some influence. but he really has to recognize some of the determining forces as well. what... c-span: let me jus

wednesday banks investment firms and the rice us dads were left with the smallest share of the us treasury ten year note auction in more than a year amid rising demand from pension funds and foreign central banks the markets are mixed and the nasdaq down to a three week low end but the snp on the dow jones up the dodgers faring best that with a risible was three quarters of a descent. this was a zealot in the english premier league matches this season to this that close to winning the title by thrashing aston villa to goals from andy and jack allen ago a pastry wheel that age and to a sealed a comfortable win. see teachers hated chore now from that final game of the season it's hard to west town to seal the title. elsewhere so the man in show that premiered a survival for another season by beating west brom that you know when it means no originally the final team to the renegade sit alongside for the mankato. that is is now in defending champion ross ramadan is safely through to the third round of the madrid masters after thrashing one monica. the one on the wall was in sparkling form as h

wednesday banks investment firms and the rise in u s deaths were left with the smallest share of the us treasury ten year note auction and more than a year amid rising demand from pension funds and foreign central banks. the markets down to three week low end but the snp on the dow jones up the dodgers faring best and the rise of almost three quarters of a descent. this was the stalin in the english premier league matches the city to this that close to winning the title by thrashing aston villa to goals from andy and jack allen a goal apiece from gilbert h and to re sealed a comfortable win. said teachers needed torn out from their final game of the season a time to west ham to seal the title. elsewhere so the man in show that premiered a survival for another season by beating west brom that to know when it means no originally the final team to the renegade sit alongside for them and caught it. that is is now in defending champion ross ramadan is safely through to third round of the madrid masters after thrashing one monica. the one on the wall was in sparkling form as he looks to win an entry f

economy will lose one hundred and fifty billion dollars because of the sanctions according to the us treasury such measures have already cost significant capital of clothes from russia and said the crows in the gdp almost to the old set price is said to the boston stock exchange. but fifteen percent the central bank was forced to spend eighteen billion dollars despite the rubble. the cost of buying loans for moscow has gotten so much that the government's top selling debt obligations at the end of april. the consent of the yucatan own memphis ukraine. the kremlin steps back. president reagan appointee and called separatists in eastern ukraine to defraud the so called referendum to the back that i can make such a statement after his meeting with the president of the osce reading a book contest in moscow. i read that he called the upcoming presidential elections in ukraine the right direction at the same time the russian president once again xd and to still be anti operation in the east. immediately you it means that no one was him a new and awesome to see august of that allegation he's trained

>> most other agencies use treasury-direct dispersing. i don't recall saying in testimony that is best practice. we are testing that out. we have seen other agencies do so. of aystem is capable changing of environment systems, and that is why we went to a procure to pay pilot. >> i have one other question for you. given the air force's success on supply, wouldn't it be nice if another agency went and learned from general orphans burger -- wolfensberger what she did? item of the size of it, but it would seem to me you would not have to -- i don't know the size of it, but it would seem to me you would not have to reinvent this, andif you did may be transferred motivational .echniques, and processes it could consider -- it could significantly increase consistency and accuracy. that is money that is all tied up, and we all know that is a problem. >> yes, sir full stop in fact, i wrote that went down to go back and follow through with the air force on that one. we are very interested in it. and we are going through our own and we areility tryi

to be concerned because the chinese were pretty good investors and most of their buying treasuries would like usto produce more treasuries at that time. there was a corn tradition about the politics and it is generally not a good idea when you're outside your country to claim we are going to end in hyperinflation. >> you famously enjoy the occasional expletive -- >> he was pretty responsive when i said that. >> were you gentle with him in that conversation as you describe it or was it more of a heated conversation then you are letting on? >> i was very direct with them. he was very responsive. we did end up working -- i don't want to impugn his credibility -- we work together on consequent to issues. >> one last summer's question. he didn't get the fed chair when you hope for it. he was once again for the last time around. >> that was a question about timing at that point, not merits. >> you do want to change a fed chair in the midst of a rolling economic crisis. >> if the fed chair is deeply confident which ben bernanke is. i thought larry was excellent about this. i think he thought the presid

insurance companies in the united states are sending a bill, an invoice to the treasury saying here's how much you owe us for subsidies for the month of april and the treasury is simple writing a check on that basis. >> because they didn't develop the back end, they still don't have it developed and it's not clear it's going to be developed any time soon. >> on top of that, some supporters of the law are calling for the president to appoint a ceo to manage both the federal and state exchanges, some of which have been miserable failures. >> i think this is a tacit admission that kathleen sebelius failed in her oversight of the implementation of obamacare. >> so supporters want someone to hold accountable other than the president or the administration. >> but, of course, you can't just create positions in government out of whole cloth. there needs to be statutory authorization for these things to have real authority and i don't see how they could do that easily. >> officials say income discrepancies aren't surprising since this is a new process. but for now, any fixes will be done by hand. what one critic

us. they thought treasuries would selloff in yields would rise.monthly bond the purchase. that will send yields higher. prices will be lower. that has not happened. yields on 10 year private -- 10 a benchmark.es are this is the lowest in more than six months. this is against what everybody thought. a lot of hedge funds were betting on volatility and they have lost. they hate this rally. >> are they scaling back? how are they position themselves? are betting against treasuries. the consensus is that yields are going to rise. now is not necessarily a time to pile on because this has been the trade so far this year. i do not see the catalyst for what would make yields drive. i think a lot of people are saying the same thing. this is cycling back into treasuries. a lot of central banks globally are holding onto treasuries and not selling any time soon. or they are not signaling that. where is the pressure coming from? >> there is another point. people are getting older. toy want more conservatively position their cash. they don't want in a higher beta

moving to the treasury market, prices are higher. use -- yields are down on the 10-year.here is speculation the ecb will stimulate the economy, perhaps through quantitative easing, which would make u.s. yields look relatively more attractive and for that reason the euro it is to weaken against the yen. mario draghi signaled lawmakers would be that he to act in june. we have continued unrest in ukraine and questions over what russia's intentions are there. we are on the markets again in 30 minutes. >> let's count down the trades you need to know about today. scarlet fu stays with us, and julie hyman as well. number 10, canadian solar, announcing a new partnership with ikea australia to build and install solar systems on the rooftops of seven stores. the project is the company's largest to date. --rect number nine, so does >> number nine, sodastream international, posting a sharp the klein last quarter, hurt by a challenging holiday season. lossmber eight, with a net increasing more than eightfold in the first quarter due to a charge related to stock related sales for flood

, no reason to be concerned because the chinese were good investors and most were buying treasuries, would like usroduce more treasury at that time but i was worried about that. a little quaint tradition about water's edge in politics and not a good idea when you are outside your country to claim we are going to end in hyperinflation. >> you enjoy the occasional expletive. >> very responsive when i said that. >> were you with gentle with him in that conversation as you were in describing it or was that a more heated conversation than you are betting on? >> i was very direct with him but he was very responsive. we did end up working, you might say this, i don't want to impugn his credibility, we did end up working on a bunch of consequential issues. >> one last question. didn't get the fed chair, made a lot of sense to keep ben bernanke in the job. was once again a leading candidate last time paramount. >> the question about timing. >> that is what i am saying. you don't want to set change the fed chair in the midst of a ruling economic crisis. >> if the fed chair is deep incompetent which ben bern

be sure to join us wednesday when i will talk one on one with the former treasury secretary. >>> texas republican senator ted cruz is asking for his colleagues for consent on request to establish a select committee on benghazi. democrats have had no interest so far and it would only take one to reject the procedure. cruz is also questioning the president's whereabouts on the night of the assault. >> the bottom line is that would that have saved anybody? i don't know either. >> if the chairman of the foreign relations committee two years later cannot answer that question, it make abunt danly clear that the response of the administration and senate democrats has been partisan stone walling rather than trying to get to the truth in the immortal line of jack nick ol son, it makes one perhaps they can't handle the truth or at least they don't want to know it. >> the house is putting together its select committee right now and while it is likely, democrats have not officially announced whether they will take part. we are learning more tonight about the huge obama care price tag for state sys

us from washington. thank you so much. former treasury secretary tim geithner joined a legion of former government officials who released insider accounts of the darkest days of the financial crisis. and there are more to come. our white house correspondent, phil mattingly, joins me now with more on the business of the financial crisis memoir. good afternoon. >> they are the people who were leading the effort to save the economy back in the darkest days of 2008 and now they are telling you about it. we've seen a number of former top officials involved in the bailout process and financial reform releasing tell us -- releasing tell all. she let there, the former fdic chairman and hank paulson, the treasury secretary, now we have tim geithner, who was at one point ahead of the new york fed and moved over to be president obama's treasury secretary. we see an effort here to set history. there will be a number of others ,oming out -- ben bernanke currently at the brookings institution working on his book now. also barney frank, the democratic c

basically you can sell a treasury to somebody or you could give them a treasury and borrow money from them. or borrow money and useurities to the market and you soak up cash. at least overnight. >> right. >> you do a bunch of that. you take that cash, put it on the sideline. that's not all the fed has. they always have -- where is the camera now? a term deposit facility. this is like a big cd. joe, do you want to hold this? >> no. is this your idea of -- >> no, definitely not. >> whose was it? >> i'm not saying, joe. don't undermine in the middle. undermine after. >> making economic jokes. >> that was bruno eight years ago. >> it was a good idea. isn't this ancillary? >> it is just a way of showing -- >> how many do you have? >> the longer you interrupt the worse it gets. the longer it goes on. >> i won't undermine. >> here's the axe. >> this is dangerous. >> now we know that they won't steal richard fisher's car when he uses those cars. >> interest on excess reference. moving along here. >> sharp tool. >> finally, there's the pal sheet. they could actually sell assets. >> they said they wouldn't do that. >> here'

that takes us to the treasury market. a slightly lower. the yields on that 30 year. 11 months. of course this is ahead of tomorrow when the reserve chair janet yellen will testify to congress on the u.s. economic outlook. i wouldn't take a look at oil prices -- i want to take a look at oil prices. it was over $100 a barrel. morgan stanley coming out and saying that the supplies and stockpile cushing are not at their minimum levels. there is a lot of room to build. you have the energy information agency raising its 2014-2015 forecast. you see a check in on gold in the midday relatively flat. goldman sachs saying gold is headed for a slow grind lower. it has been a confusing time for gold in terms of global growth and also in terms of stock. you tend to move inversely to each other. there is a physical demand from china that tends to weigh on gold. that could mean a slowdown for the gold market. for on the market, on alix steel. ♪ forhis is "taking stock" tuesday, may the sixth, 2014. i am pimm fox. the theme is balance. angeles isel air los trying to find balance betw

million facial images and that should never be in the fbi databank am a 52 million of us will have this. the treasury department has also been collecting data. and they have to be taken from what the government always knew. >> off right and should we be about all this? >> i'm really concerned because what is behind all of this reign john podesta is the one who is running this operation. and you see a is a good and a public service and i think that is what we should have our and cannot work. and what is this really being used for. >> we believe the government would not use this as a weapon. so how can you in the aftermath think that we are working through these scandals that haven't been resolved. >> some people are going to say the same thing. what's interesting is a lot of these agencies are actually piling on and adding more surveillance opportunities, if you welcome the dhs actually had plans that were scrapped and so -- >> certainly surveillance as surveillance. data collection, i think that's what we really start to get concerned. what are you going to do with this data? >> they are gathering in

liz: scott, you were watching that auction of 30-year treasuries. tell usppened and why you think the float was the way, how it behaved? >> you know, there's just some, you know, discontent on the marketplace right now. and what i was looking at earlier, liz, about ab hour ago was this nasdaq market. we saw the rally almost the whole day today. what happened was the qs, the triple qs almost hit a major, major resistance level. just look at an hour, hour and a half ago. and from there we fell out of bed again. now, you just had a chart up about the cov vixx, and what i look at there is we're making lower highs over the last three months or so. that tells me contrary to what, you know, your last guest just said is that in the short run, in the short run we are going to be in a trading range. yes, we're going to have this up and down, but from the macro level we're going to be in a tight trading range here, and if you just go out and look at the vixx futures, that tells you that for at least the next four to six weeks. liz: well, okay. and by the way, we've se

the former treasury official is using part of money to launch his first tv ad across the state. he has struggling in the polls against assembly man and previously said he would not contribute to his own campaign but a spokesman now says the state of the race is now different and he wants to do everything in his powers to win. >> a california condor suffering from lead poisoning is being treated at the oakland zoo, the first bird to be treated at the condor recovery center. the bird arrived last thursday after undergoing several days were therapy officials say he is doing better. when she fully recovered the condor will be released back into the while at national park, lead from spent gun ammunition is the way condors are usually poisoned and it is a problem for the breed. a law passed last year has banned lead ammunition in california. >> cool for spring and we well check with mike nicco, the a's fans will be chilly. >> and the breezes show 14 miles per hour in novato and 12 at sfo and 15 at half moon bay and they are calmer than they were when we joined you at 4:30 but they wil

us with plenty more on all of these stories. eunice, let's kick off first of all with mr. lew an his trip. every time a treasury secretary turns up in beijing, he talks about the strength of the currency. what the chinese government has done is gone into the markets, to make it clear that the u.n. is no longer a one-way bet for the markets. what is the direction of travel? >> so far, what u.s. secretary -- u.s. treasury secretary jack lew has been doing is really sending a cler and consistent message throughout his meetings. he is meeting with the premier. he also earlier today was meeting with other senior chinese officials. the main message is this, that he believes that china should speed up its economic reforms especially when it comes to the currency. now, for many years, as you were talking about, for many years, bay sjeng has been heavily

next is a discussion about the greenlight to see of former treasury of the timothy geithner. follow us on facebook, and follow us on twitter. we welcome ian katz, he covers economic issues for bloomberg news. inc. you for being with us. test,ok is titled "stress elections on financial crisis." what is your brought take away as we drill down some of the specifics? it is pretty readable for a book that a 600 pages long and it goes over some pretty dense topics. this is a lot of washington inside stuff in there. i think they did a good job putting it together and making it readable. there are some interesting behind-the-scenes stuff from the financial crisis. not full of huge surprises for those of us that followed geithner are closely over the last few years. interestinglot of things about him, his background growing up, and some of the things that happened at crucial moments that will certainly add to the store of knowledge on the financial crisis. and: did he want the job when he faced that fears criticism over his own taxes, why did he decide to stay in the nomination? guest: he was a

. > > the treasury did see some fireworks yesterday. tell us what happened there, and what to anticipate for today. > > yesterday yields got down to 251 let's keep in mind a lot of this is arbitrage opportunity. our yields are looking very attractive when you consider ireland's at 2.6 and italy's at 3% our country's in better health, our rates are just a better deal. so with that said june the fifth when the ecb speaks people are waiting for them to take action that might be the end of the bond rally. > > we do have some housing economic data coming into the market this week. how critical is that to traders? > > i think it's very important especially when we have the fed on top of that maybe speaking about housing. existing home sales thursday with new home sales on friday, it's going to add to the narrative. let's keep in mind our gdp last month turned out so weak we need something to move this market one way or the other and hopefully up. > > always a pleasure, larry. thank you. > > thank you. bus loads of protestors are expected to roll in f

the treasury department at this point, has no intention of restarting negotiations with russia with respect to the reciprocity that russia would get if they were able to enter into an agreement with us. >> beyond those banks that may be able to put themselves in compliance, has treasury analyzed how it would impact russian financial institutions without an iga in place or if the government does not change domestic laws to allow russian banks to register with treasury? >> well, if russian banks do not register with treasury because they're prohibited from registering with treasury because they decide not to register with treasury, then they would be subject to the same penalties that any other bank would. >> and those are pretty pervasive, are they not? >> they are strong penalties, certainly. >> so you, meaning the treasury department, is not pursuing at this point any further negotiations with the russian government? >> correct. >> you are not pursuing negotiations. >> correct, we are not. >> okay. lastly, there was a very extensive article in "bloomberg" about how russia moves billions offshore in a handful of tax havens may be critical to the question of our sanctions ability. ar

we begin the program with united states treasury secretary jack lew. thank you for being with us, mr. secretary. you're taking off for china on sunday. unimportant trip. chinese growth slowed from 10% to seven point four percent. how likely is it that the chinese will introduce new stimulus hoosiers at the extent of their economic reforms? >> À la, good to be with you today. al, good to be with you today. it is roundly interested to the chinese and to us. thathave a lot of tools they will continue to grow but they have to make the right policy decisions. the challenge they have is the trade-off before reform and short-term growth. there's the market determining prices between domestic and international. we all have to balance short and long-term decisions that we make. what they cannot do is treat the long-term reforms on something they can just put off. >> property prices are falling and there is a prospect that china is in a bubble about to burst that will affect the global economy. is that a real angel? -- is that a real danger? tochina has the capacity deal with its problems

we begin the program with united states treasury secretary jack lew. thank you for being with us. secretary. you're taking off for china on sunday. an important trip. chinese growth slowed from 10% to 7.4%. how likely is it that the chinese will introduce new stimulus measures at the expense of their economic reforms?

they're buying treasuries. joining us on the phone, the director of u.s.ies at credit suisse -- >> the consensus -- we were part of the consensus -- yields were going to go up because you were going to have better growth this year. we expect better growth in the second-quarter purity of tepid growth in europe as well. we just cut the gdp data out of the euro area this morning. it was a bit lower than expectations. now, you have central banks talking that they're going to cut. you have the second thing going on, a bit of a tail wagging. the difference between the whitest ithat the wil ever gets -- you end up with treasuries following that. >> you talk to her chief economist, is this about the bond market catching up with better economic data? or do the smart people like you have it wrong? really combination of bad positioning. almost everyone that we have spoken to at the beginning of the year was either short treasuries were underway treasuries in their portfolio. secondly, everyone thought this year would be better growth and more hawkish policy from the

we begin the program with united states treasury secretary jack lew. thank you for being with ustary. you're taking off for china on sunday. an important trip. chinese growth slowed from 10% to 7.4% percent. how likely is it that the chinese will introduce new stimulus measures at the extent of their economic reforms?

first of all, the secretary of the treasury, it's now against the law for him to use public funds. he can advance funds, he has to, he's mandated to recover them from institutions. secondly, the statutory authority that ben bernanke used section 133 of the federal reserve no longer rifts in remotely comparable form. so the -- no longer exists in emotely comparable form. >> do you think that congress would support something right now? >> i think, a, they would itch peach and convict of itch peachment any official who -- impeachment any official had who would do that. we had a hard enough time getting tarp passed. we had a republican president, a democratic congress, that was before bipartisanship ended and what ended bipartisanship was the selection of barack obama and the republican response. bush's side. we worked hard on something that was essential and i think it's very clear, history will record that the tarp program was the most highly successful, wildly unpopular thing the federal government ever did. and the notion that you could do it again is bizarre. so we have definitely

the senate billions of dollars the financial institutions. >> the secretary of treasury is now against the law for him to use public funds. he has to recover them. secondly, the statutory authority that ben bernanke no longer exists. thehe argument is that chairman of the federal reserve and the secretary of the treasury would he pressed by overwhelming political pressure to violate the law to give more money to a large failing bank. no. >> do you think that congress would support something right now? >> they would impeach and convict of impeachment any official who did that. we had a hard enough time getting -- we had a republican president, a democratic congress. that was before bipartisanship ended. what ended it was the election of barack obama and the republican response. orked hard -- we w on something that was essential. i think it is very clear. history will record that the tarp program was the most highly successful, widely unpopular thing the federal government ever did. the notion that you can do it again is bizarre. >> we have definitely had a conversation this morning about too big to fail and t

come after us and deal a crippling blow in terms of financial penalty, you could affect the entire economic infrastructure of the company. >> that's been the argument the banks and the treasury department have been using the past several decades. that was the argument behind the federal debt bail outs and the sub-prime crisis. there is the notion banks are too big to not be supported and if not supported they will fall and crash the economy even more so than they have been shown to do. but what could have happened is, while they have been subsidizing these banks at the top, rather than allowing them and their chairman as mark pointed out to get off scot-free and not go to jail, why give them trillions of dollars to sustain their practices? thrsked a decision at the level of the white house and washington to say we're going to help the individuals, the mortgages, the economy, not going to help these institutions continue. to that's the problem of why we are continuing to subsidize faulty institutions and not throw people in jail who created criminal activity. >> woodruff: let me quickly cut in. mark, there are signs, though, that the administration is looking for other banks

clarify what happened after henry paulson's volume, timothy geithner, secretary of treasury out with "stress test." usf joins washington correspondent, and lived what the secretary writes about. is this the business -- revisionist history? whenever you see able, to washington, do you know somebody's tried to adjust their reality? it ison't know if revisionist history because we know timothy geithner's history so well. as a first responder they had to fight the fires with all the tools they had and i think he makes the justification. we heard that when he was the secretary. a few more details. i have not read the whole thing but i read excerpts. littler maybe he was a more aggressive about helping out lehman brothers. maybe there was an opportunity but at the end of the day they didn't do it. not too many news nuggets but you will hear his direct perspective. >> the arch question, including reviews in "the journal lowe's quote and "the new york times lowe's quote is was timothy geithner qualified to be new york fed president? he did not study a lot of economics and the policy. >> his professors were bo

secretary we're pleased to have you with us this morning to discuss the president's budget for treasury. like the chairman, i have some very significant concerns. about the request. we worked on this committee in a very bipartisan, nonpartisan way for the most part, to construct bills that comply with the budget control act, and the ryan murray agreement the administration's request for treasury seemingly cast these statutory budget caps has cast them aside as merely suggestions. we obviously understand that it's more difficult to operate in these constrained budget environments, but, these challenging times calls for leadership and tough choices. not a $480 million gimmick that the congress has patently and repeatedly refused and rejected on a bipartisan basis. it's sort of like deja vu all over again. in contrast, the fiscal '14 omnibus package is a prime example of what we can accomplish by working to the under regular order. this committee was able to provide every facet of the federal government with adequate, responsible funding while continuing to reduce federal spending totally

actions have translated into little in terms of sanctions america for example jack lew who is to us secretary treasury says that sanctions are hurting russia the kremlin sas they really have there's nothing to these sanctions they're very they're not effective at all so who's got a poker face are we hurting our enormous letters so that they could. side by side but by pot how can we estimate the influence of the sun shines. to have as i said before some very targeted most personal sanctions and of course they had that kind of. performance cannot really influence economy it's journo. right but. the influence of the behavior of investors. some of that a lot of them in that situation cannot. decide to finalize than mr druce who was prepared before will have a lot of a lot of deals which are very. perfectly good nice to know and was were very close the final ization. but now they still in the standby position. paid they're ready but they working for some massive change. from western side of the russian side but anyway we're still waiting and that create a kind of. investment break. and it costs us of cours

assistant to the secretary of the treasury paul roberts tells us the west and that did pull out did so symbolically. i think it's just a symbolic way you know commentating washington i don't think it means that we do not think of the firms in germany for example to form their relationships with russian nor do the ones in france so i don't think it means much what i think is much more signal is the number of asian countries are coming to this forum and i think the energy deal signed by russia and china is an indication that the world will be moving away from the american financial hinge on it goes this lawrence energy deal will be conducted outside the dollar system and surely it is the beginning and b. the dollar as a ship is the beginning of the merkins asia. elsewhere taliban fighters have kidnapped twenty seven police officers during an attack in northeastern afghanistan that comes as the taliban have begun their annual spring offensive with the security situation in turmoil and international forces preparing to complete that withdrawal a bloody future is threatening. reports. a lif

secretary timothy geithner really thinks about former treasury secretary tim geithner. stay with us ♪ ♪fame, makes a man take things over♪ ♪fame, lets him loose, hard to swallow♪ ♪fame, puts you there where things are hollow♪ the evolution of luxury continues. the next generation 2015 escalade. ♪fame grossemisconduct... ortho crime files. ...disturbing the pantry. a house, under siege. homeowner calls in the big guns. say helto home defense max. with the one-touch continuous-spray wand. kills bugs inside... ...and prevents new ones for up to a year. guaranteed. nothing to see here people. ortho home defense max. get order. get ortho®. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. >>> passers by shouted he ruined the country. hank paulson said his signature policy pulled worse than torture and the president said he was treated like a fire hydrant. these are some barbs timothy gijener received. in the new book, str

assistant to the secretary of the treasury paul roberts told us the western firms that did pull out did so systematically. i think it's just a symbolic way of accommodating washington and i don't think it means anything and i do not think the firms in germany for example want to harm their relationships with russia nor do the ones in france so i don't think it means not to what i think is much more significant is the number of asian countries that are coming to this forum and i think that the energy deal signed by russia and china is an indication that the world will be moving away from american financial head johnny because this large energy deal will be conducted outside the dollar system and so it is the beginning of the deep dollar zation is the beginning of the americanization. now some the details of that castiel are yet to be worked out but russia and china have settled on the basics and here they are while the agreement is worth four hundred billion dollars that's for thirty years worth of gas supplies russia's promise to pump thirty eight billion cubic meters to its neighbor on

us updated. >>> an insider levels an explosive charge against the white house. former treasury secretary tim geithner claiming in his new book "stress test" that president obama's political team asked him to bend the truth for the sunday talk shows writing, "i remember during one roosevelt room prep session before i appeared on the sunday shows, i objected when dan fire wanted me to say social security didn't contribute to the deficit. it wasn't a main driver of our future deficits but it did contribute. pfeiffer said the line was a dog whistle to the left, a phrase i had never heard before. he had to explain that the phrase was code to the democratic base signalling that we intended to protect social security. fox news digital politics editor is here. chris, what do you make of these excerpts from the geithner book? >> well, look, this is not unheard of in washington that you would prep up a cabinet secretary before they were going out to make remarks. but, i think in this case here's something that we can take away. we have dan pfeiffer who is still a senior advisor to this p

continued to investigate and only today, nearly a year after a subpoena was issued, the treasury, the i.r.s. gave us like 12,000 emails and earlier emails, they indicate a deeply political individual, partisan in her views, who apparently was at the center of deciding that when the president in this well objected to citizens united, that it meant they wanted us to fix it and she was prepared to do it. that's for a different court to decide. the only question now is did she, in fact, give testimony and then assert the fifth amendment and then give some more testimony and can we have that kind of activity? we have dismissed other people who came before our committee, asserted their fifth amendment rights after enough questions to know they were going to continue to assert, we dismissed them. we have a strong record of respecting the first, the fourth, the fifth, the sixth amendment and so on. that's what this congress does and we do it every day and our committee does it. rather than listen to debate here which was filled with factual inaccuracies, refuted in documentation that is available to the ame

we're excited to be hosting the former treasury secretary ben to us about his test.stress i'd like to thank the bank of mek for making these possible.ons we appreciate their partnership on this forum to talk about the most inhat matter washington. so we appreciate bank of america for their sponsorship and their of play bookport programming. >> thank you, mike. here.you for being it's exciting to see people actually eating at one of these you enjoy your lunch. it want to urge people who have questions for secretary it to us hash tag play book lunch. the got the actual copy of ink which is underlined plane places. i did pay for this at barnes and jersey we'll be questions.itter we don't have a lot of time, so let's welcome to the stage, former treasury secretary, timothy geithner. [applause] >> secretary. i would make the former goldman jokes --r >> do you guys have jobs? work at goldman? i can't believe it. >> any way, thank you for joining us. of ground we'd like to cover. i want to start with the main geithnerround the tim story, and that is that on the one -- >> it not just one. >>

continued to investigate and only today, nearly a year after a subpoena was issued, the treasury, the i.r.s. gave us like 12,000 emails and earlier emails, they indicate a deeply political individual, partisan in her views, who apparently was at the center of deciding that when the president in this well objected to citizens united, that it meant they wanted us to fix it and she was prepared to do it. that's for a different court to decide. the only question now is did she, in fact, give testimony and then assert the fifth amendment and then give some more testimony and can we have that kind of activity? we have dismissed other people who came before our committee, asserted their fifth amendment rights after enough questions to know they were going to continue to assert, we dismissed them. we have a strong record of respecting the first, the fourth, the fifth, the sixth amendment and so on. that's what this congress does and we do it every day and our committee does it. rather than listen to debate here which was filled with factual inaccuracies, refuted in documentation that is available to the ame

us with more. >> with the rise in treasury yields over the past year, federal student loans tied to the ten-yeare are going up as well. for stafford loans, the bump in yield, a little less than a percentage point means that the interest rate will go from the current fixed rate of just under 4% to over 4.5%. and for loans that are disbursed between july 1st and june 30th, 2015, that's when the rate hike goes into effect. for graduate students, the rate on the stafford will rise from just over 5% to a little over 6%. plus loans for graduates and parents are still the most expensive federal student loans with rates rising to over 7% for the next academic year. but many student loan experts that i talked to weren't surprised by the jump. treasury treasury yields were so low a year ago they had nowhere to go but up. how much more will it cost borers? it will amount to $4 more in monthly payments for every $10,000 in federal student loans based on a 10-year repayment period. even with the increase, federal student loans are still generally cheaper over the life of the loan over private loans. >> sharo

using the is. after russia's takeover the crimea and ongoing operations on the border with ukraine, u.s. treasury officials are planning to use a tax evasion law. under the law u.s. banks are required to levy a 30% tax on certain payments to countries that don't have an information-sharing agreement with the united states. this would be a big problem for russian president vladmir putin. the penalties could prove to be more damaging to the russian economy than sanctions. interesting attempt there. bill: martha, 13 minutes past. new fallout in the va scandal with a major veterans group calling on agency leadership group to step down. head of american legion, as national commander of the nation's largest veterans service organization it is great sadness that i call for resignations shinseki and undersecretary of benefits allison hickey. he served as president of the va under president george w. bush. good morning to you. if anyone deserves a fair shake, this group of men and women. would think you would disagree with that. story in fort collins, colorado, exploded last 24 hours, show they're manipul