defends its hiring of wall street players wall street attorneys on this theory that they're the only people that understand the securities laws securities laws aren't that complex smart people can figure them out criminal lawyers prosecute all kinds of cases and they don't have to be an expert in any single territory of the criminal law what happened for example recently with robert kusama. mr kusama who was there he was an integral part of gearing up his crackdown on insider trading and brought. i think he claims something like one hundred fifty cases against various parties for insider trading and i'm reading that those investigations are ongoing it pundits of people they expect for these cases to be filed over the next five years are you going to have got a backlog this thing that this the system is now is almost running on automatic control and investigating and kicking out these insider trading cases well at this point mr coo saami jumps from being the enforcement director to the other side door to a bank now well no he goes back to a private law firm now you might think. is the

there is an excitement on wall street. so my book is written for the intelligent investor who is interested in applying a new school of economics. not that familiar, the austrian school and seeing if they can make them a little bit better investor. >> host: mark skousen, it is worked on the back by laurence hayek. escobar and kayak, who is in an e. was the son of friedrich hayek, the nobel prize-winning economist. i just found that quote. they put it on amazon after reading one of my books and studies the only guy i can understand. he speaks to the common man. laurence hayek was not an economist. he was an nda, so he wasn't trained as an economist. so i do try, since i live in the real world, i'm not just an academic. i have a phd in economics. because i am a practical investment advisor who's written a newsletter for 34 years, people are interested. i have a writing style that is more

now when it comes to wall street and big banks so much do we really know about the people working in america's financial institutions well a recent article by the c.f.a. institute charade economy claims that one in ten people in the financial industry are get this certifiable psychopath but i'm not talking about chainsaw slinging serial killers that moviegoers have come to know over the years but the psychological condition that includes superficial charm conning and manipulative behavior lack of empathy and remorse and get this a willingness to take risks sound familiar well political commentator sam sachs investigates if psychopaths are naturally attracted to wall street or if the business creates them. i know my pager can be correct i think sometimes. yes this is just a movie about a psychopath a banker but really we all know there's something a little off about wall street given recent behavior even the financial times wonders surely only someone with a serious personality disorder could have thought it was a good idea to sell a highly risky financial instrument like a c.d.o. squ

bankers got a bailout millions were left unemployed and left to suffer from the poor economy occupy wall street branded the slogan we are the ninety nine percent and occupied zuccotti park until forcefully removed now just two years later the occupied money cooperative is enjoying the very end the street they demise banking and first on their list is a prepaid debit card in industry with a history. a predatory practices and. so let's profile this co-op and try to find out what they're all about the occupied money cooperative was founded by a group of experienced financial professionals who met through an occupy wall street working group they are said to be fed up with business as usual and committed to creating positive change the board members include a former british diplomat and whistleblower cornell law professor former financial engineer and former bankers their mission is to offer high value transparent and low cost financial services to everyone including the thirty million. they just launched a round of fund raising and are accepting members at this time but why would an occupy group wa

one up on wall street and beat the street by peter lynch at amazon. this is a rule of thumb that never let me down, a rule that can really help us figure out when a stock is overvalued or undervalued based on what they the growth and money managers would be willing to pay. listen, if the stock has a price to earnings multiple that is lower than it's growth rate, that's the definition of cheap. any stock that is selling at a multiple which is twice the size of its growth rate or greater is probably too expensive and should be sold. so if a stock is trading at 20 times earnings and has a growth rate of 10% it won't go higher than that. it's reached the two times growth ceiling. here's another piece of gibberish that can help you simplify, it's the p.e.g. ratio, price to earnings to growth rate. a peg of one or less is extremely cheap. and two or higher is prohibitively expensive. a high octane super fast grower like google could sell for 30 times earnings and be inexpensive because it had a 30% long-term growth rate giving it a p.e.g. ratio of one. righ

top story in the wall street journal, eric holder going to war with wall street, red eyes next. >> youficial announcement, we have an excuse, stupid americans, we see a guy dressed like that, that is doing their thing you should have known better. so shame on you. join us at projectluna.com a quarter million tweeters is beare tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. and this pk is the inside of your body. see, the special psyllium fiber in metamucil actually gels. and that gelling hes to lower some cholesterol. metacil. 3 amazing benefits in 1 super fiber. stuart: another big name making the big move, sears, weak sales, bigger than expected loss down 7% at 40. guess who is at the cme today? wait for it. there you go! she is back? sandra smith back from maternity leave. is it baby cora? >> baby cor

so it seems wall street regulation is really just like the middle east peace process. no one goes to jail and it all ends with a bunch of half assed settlements that seem to make everyone angry. (applause) >> so we might not get the emotional closure of having them admit what they did or the physical closure of having them go to jail so how about some financial justice. can we at least hit them where it hurts. >> goldman sachs the giant wall street firm has agreed to pay $550 million in a settlement with the sec. >> okay, that's not nothing, half a billion dollars, i don't care who you are, that has got to hurt. >> 550 million, by the way, is about three days revenue for goldman. >> three days? a stomach flu lasts longer than three days. if federal regulators really wanted to punish the bankers they would have skipped the fine all together and just fed them some old sushi instead. (laughter) are we somehow supposed to feel satisfied with this kind of justice? because this feels like, um, yeah, what's another analogy t feels like the banking equivalent of hey, i don't k

so i call it a -- waltz down wall street. the reason i call it not to connect it to the school, but also because the traditional view is that stock prices are a random walk down wall street. i took my title from i reject that notion completely. i would argue that wreath is more like a dance. human. they they make deliberate decisions why they are buying and selling. why are you here today? it's purposeful human action. you have a purpose in. coming here. we can be fooled by randomness they are not random. they are purposeful. the problem is there's a lot of uncertainty. we don't know always what motivated a person to buy and sell. >> does the government do anything, in your view, that assists markets, that makes markets sphwhrt. >> absolutely. i'm a limited government-type of person who believes the rule of law is established. most of the time i believe in common law or natural law. common law in particular where it kind of develops on the own. it's a hayek began concept that is at the discover i are process that involves new

it is all the word on wall street. you won't believe what is going down. >>> "who made money today." she made so much. she made oprah look bad. not sure how that is possible. not sure who it is? even when they say it is not it is always about money. melissa: right off the top, the new treasury or fed nominee will be former larry summers. what will he mean for your market and your money? gerald o'driscoll, former dallas federal reserve vice president joins us with his take. what do you think? >> i don't think it will be a big change. i don't think it matters much for monetary policy which candidate, yellen or summers got picked but i think it may matter for regulatory policy. melissa: why? >> summers is perceived to be and i think is, pro large financial institutions. he thinks there good for the economy and efficient. right now they're getting roughed up by regulators and i think he might ease off on that. melissa: everyone is assuming this would be good for the big banks but do you think that is a safe assumion? we ha

is vulnerable is to is shame wall street is vulnerable to shame occupy prove that so in a way the occupy movement was just trying to hold an intervention for the bankers unfortunately wall street and its friends weren't ready to listen and they likely won't be ready to listen anytime soon as long as all that a few money keeps flowing in in washington observing wall street from a very safe distance same stocks are two. and finally the idea of unpaid internships is historically accepted as a way to get your foot into the door but not everyone has the luxury of being able to afford to work for free and oftentimes these end terms are doing the jobs that paid employees should actually be doing themselves now a federal judge has taken notice prime interest producer just seen underhill brings us this story. i'm going to keep on making the case and fighting for the fact that we need to raise our minimum wage because right now. but for hundreds of thousands of students and young adults raising the minimum wage won't change their income because they are unpaid well i feel like i've been doing unpa

consider this show your wall street to english dictionary.elevised glossary to help you navigate your way through tough markets and more important, the tough sounding terminology that keeps so many people out of stocks or makes them scared and the fact is all of this investment terminology sounds difficult because the pros that speak wall street gibberish fluently, they want it to sound difficult. they want you terrified and feeling ignorant and at a complete loss when managing your own money. judging what i read on twitter, @jimcramer and you know i go there all the time. i'm here to enlighten you because i know that you can do better for yourself and the professionals who just want your fees and commissions and i know you can top them. i don't want the fees or commissions by the bay. i don't want that at all. i'm not managing anyone else's money and i don't own stocks except for my trust. so i give away my winnings, 1.8 million to charity. it's not enough to come out here and tell you which stock i like because you can't own them if you can

he has let wall street run amok.nd thanks to immoral, financial practices, greedy people and down manhattan have ruined countless american lives. bloomberg is workers like firefighters who save lives. not destroy them. now if anything, that i believe bloomberg should be taxing the massive profits made on wall street to provide these health care costs and requirement costs, that the city is obligated the pay to these workers who have put in no less than 30 years. we only praise them when there is a disaster. let's go back to 2012 alone. wall street paid out a whopping $20 billion in cash bonuses alone. i say, tax the profits instead of paying out these absurd bonuses. and institute a transaction tax in manhattan. or maybe a quarter cent sales tax. try it for one year to see what kind of money comes in. do something a little different instead of protecting the wealthiest residents in this city, instead of going out and blaming boringers. this is the kind of money that's just blocks away from this studio and it is float

and help you find the aarp medicare supplement plan that's right for you. ♪ melissa: whether on wall street street, here is "who made money today." elon musk along with anyone that owns tesla motors. sale of the model s sedan trumped expectation in the stirring t post ad surprise profit, strong revenue growth. that sent the stock surging 14%, striking a new record high. it is up 353% this year. wow! elon musk owns 27.2 million shares of tesla. that means he made nearly, wait for it, $524 million today. not bad. >>> also making money, investors in jcpenney. bill ackman is ramping up on pressure on jcpenney to find a permanent ceo. ackman is the company's largest shareholder. in a letter to jcpenney board he wants a new ceo named in 30 to 45 days. investors clearly on board with his demand. shares of jcpenney gained more than 6% today. >>> making jackpot money today, the first of three powerball winners from last night, paul white, a project engineer from the minneapolis area, came forward to collect his winnings. he is getting 149 million of the 448 million-dollar jackpot. two other winners

wall street recruit?ie gasparino here with the exclusive. >> here is something interesting for a 40% of the incoming class of bank of america failed the standardized brokerage test. it says something about what is going on with wall street. the kids are dumber? what you think? when 30 percent last year in 40% fail this year if you think these numbers are exaggerated but they will not deny the trend. liz: it is exaggerated?@ >> it is probably 309-point 5% but the trend looks like wall street finally after all these years with the financial crisis, the smart guys are not going to wall street but private equity and it says a lot with what is the wing on on wall street. liz: but who wants to pick up to start buying a surge in stock? >> but the recruits. liz: more difficult? >> no. basic stuff that is scary. it is not like construction of a seedy but what is a bond, derivatives, but the increased failure and we called around this is happening bankamerica is so much of the basket case but the stock is up double

purpose of dodd frank and bills like that is to restrict wall street regulation now but i regulate wall street or you. i certainly would the republicans are against that but that's the thing that can get us into a massive recession now a little more government spending on infrastructure and so your thoughts on the federal reserve is they're just keeping interest rates artificially low and they really don't have a hand in any of this i mean what happens if they decide to bail out wall street again isn't this setting another president we should not bailed out wall street and the federal reserve is keeping our artificially low interest rates but that's ok because in the inflation rate is artificially low if inflation starts kicking up to two three four percent i'll be against quantitative easing right now unemployment's water problem that into then inflation so that's why the federal service doing what they're doing mark levine thank you so much for joining me always a pleasure yes. joining me is a mirror from break in this lovely producer that. we're going i'm doing great to talk to troy

you hear the bell ringing of wall street. what a difference. a very positive date. triple digit gains. does not negate what happened yesterday, but it comes close to showing the power of this market. this market wants to improve. it was to keep gaining no matter what wall of worry start and it. even 50 points to the up words. the biggest winner. cheryl: and here's a look your front-page headlines for the day. the second straight month of decline. fight the drought. david: treasuries, we mentioned earlier the pullback followed a three day rally. stocks did rally. the ten year treasury rose six basis points. ending the day. yields have jumped from may and hit a high last week. cheryl: the likelihood of u.s. military strikes against syria is growing. one goal may be to deter further use of chemical weapons by the syrian government. u.s. officials believe this syrian military may now target the country's largest city. david: an intense temple of days. applications for u.s. home loans fell for a third straight week as average mortgage rates continued climb. mortgage appl

it misses wall street estimates. wall street wanted $981.1 million in revenue. it got only $967.2 million. that's growth of only 12% or so for a pretty high-flyer. david: the interesting thing though, coffee prices come down. that is clearly why they're getting earnings they're getting on the bottom line but the top line is bothersome, dennis. a lot of people going to their competitors i guess? >> earnings per share last year were 52 cents. really nice when you bring in earnings per share 82 cents versus year ago quarter. that is better than 50% growth in eps. liz: let's bring in todd horowitz. i'm looking for some of these hits. as we look at wires all of the news here, a beat on the bottom line. a miss slightly, not slightly. enough on the top. look at the stock, todd. it is trading higher in the after-market session. >> hi liz, hi, david. it is trading higher but we're at the upper end of the range. we've been in a range from about 70 to 80 over last three months earnings. this will probably hold up in this area here. the top line miss is probably going to co

cheryl: and the bells are ringing on wall street. i look at how the stocks are finishing up as you can see on the screen, 156 points, 169. the market will continue to move for the next few moments. the nasdaq losing ground as well. a rough day for the market. david: looks like we are testing those. small and midsize cap's getting hit the hardest. front-pagfront page headlines, e case-shiller index shows u.s. home prices rose 2.2% in june, a slower pace than in me. sounds good but fudging on whether it was good in the long run. led by the 24.9% surge in las vegas. cheryl: place your bets. the conference board reporting confidence rose 81.5 from 80. consumers more upbeat about business, jobs and earnings progress. david: syria for ministers said they would use all means available to defend itself in the event of a u.s. strike, one day after u.s. victory of state said there was no doubt this odd receiver thasad regime was usin. cheryl: sparking a rally in oil of $3.09 settling in at 109.01 per barrel. this is the first time that contrac

-- wall street more than a street. gerri: i hope he will look in your crystal ball to see any problems that may come up. >> i have been worried about a middle market bubble a couple of years because remember with the dead housing market they came out years ago to say i want to push rental properties. i am not saying this is because of that but when you combine 1.7% economic growth , declining real household income, obamacare income, obamacare, where will people get them ready to buy a house? i think this is the rental market and they have a right. this is the wave of the future. gerri: by the way ahead of housing and urban development. i think the president has been increased for the wealthy and will street and if you job -- if you have a job be feel secure if not you are worried. we appreciate it. thank you. >> you to. gerri: more coming up the quarterback gets caught up in a controversy over a $3 tip. we will talk about that next and to come back from vacation to find out people were living in their house? but millio

. >> after onyx shot down that deal, the shares spiked, wall street expected the company could sell for as much as $135 a share. today's deal doesn't match th e those. shares are down about 6% from them, they're still up big on the year. >> today's deal ranks among the five biggest ever by a biotech, and is the second largest tickover for amgen. in an industry where taking over a proven drug is seen as a shortcut to profitability. many analysts think we could see more deals in the works soon. >> the focal areas is in the rare diseases and in oncology, company like biomerin. there have been rumors that roche is going to make a bid for alexion. there are a bunch of companies out there that the market is speculating may be next. >> that amgen/onyx deal was not the only big merger announced today, you also had astrazeneca bolstering its pipeline of new cancer drugs as well. agreeing to approve privately held u.s. company for half a billion dollars, also oil and gas producer is selling part of its stake in a natural gas site off the shores of mozambique to an indian company. and pittsburgh's

-- next step for occupy wall street? >> what is your main interest in the issues raised by occupy wall street? if it is money and politics, you should join with those who are occupying the supreme court, fighting in states for clean money reform, and fighting for an amendment strategy to overturn the citizens united decision, and fighting in elections to change the supreme court. >> what would you think of having a national general assembly modeled on the original continental congress in philadelphia beginning on july 4 of 2012? coming up with a list of grievances that this assembly debated. >> lawrence blessing has talked about a new constitutional convention. i think it is early. i think it is tricky. i do not mean to sound too conservative. when you say to make a list of grievances, we could sit in this room and come up with a list of six ideas or grievances that need to be made real and lead to change. you need to find your issue, work in your community. work in the organizing around the issue. link up with groups do

. >> watching wall street this morning.bless claims will be released by the labor department. freddie mac will release the weekly mortgage rates up later this morning. the stock market edged higher yesterday as the price of oil increased. here is a it looked at the closing numbers. the dow rose 48 points. the nasdaq gained nearly 15 points. the s&p came up four points. >> there are pretty good numbers and it looks like a good day on wall street. the opening bell as 6:30 a.m.. >> the time is 6:27 a.m.. we will continue our coverage of the traffic due to the bay bridge closure. it is building at the richmond san rafael bridge, the san mateo bridge all because everyone rafael bridge, the san mateo bridge all because everyone is using it. unbelievable. shhhhh! in our day, we didn't have u-verse high speed internet. yeah, our babysitter didn't have a million ways to serve mom up on a silver platter. we had to count sheep to fall asleep. and i always worried that i was creating an overcrowded sheep farm. in my head... never looke

you were actually arrested at one instance you were a fervent supporter of it i mean occupy wall street you're looking at what happened brutally suppressed by militarized police federalized crackdowns across the border what do you tell people who are scared to protest because they're worried that they'll get arrested or just simply surveilled in the massive surveillance that exists today. when i was blessed to go to jail because i was willing to bear witness and deal with the consequences i would do it again but there's no doubt that the increasing repression is an attempt to create a culture not just of side is but a culture of fear specifically the younger generation to intimidate them to make sure they're so afraid that willing to step out bear witness in public and have to deal with the consequences of of civil disobedience we just simply have to have more courage that would we're dealing now with a much more autocratic and authoritarian state and you have to be more courageous she has been more courageous to tell the truth you have to be more willing to deal with the costs and in s

dennis: cracking down on wall street.eric holder may be drumming up new cases against financial firms for the role in the economic meltdown over five years ago. holder speaking to the wall street journal warning, quote, anybody inflicted damage on our financial markets should not seize to believe they are out of the woods because of the passage of time which sounds ominous, and congressman from michigan is pressing justice to invest gait jpmorgan joining me now on the phone from flint. we appreciate you being here congressman killdee. if there were really rampant criminality across all of wall street that led to the meltdown, those guys would have been convicted by now. this is five years later, maybe wall street was stupid and careless, but was it criminal? what do you say? >> caller: well, i think whatever the time attests, doesn't erase it back. it may be arguable that the justice department says this is earlier, and i suspect that makes for a complicated case. the energy case, for example, that i press is the justice

the big buzz on wall street today, the strength of the american consumer. four retailers came out with earnings and the results are mixed raising questions about how comfortable consumers are about spending and how that could impact the u.s. economy. first up, home depot. sales soared 11% helped by the turn around in housing. sales are so good they uplifted the sales and earning look for the rest of the year. >>> barnes & noble doubled, hurt by a 20% drop in sales by the nook e reader. j.c. penney lasts tripled and sales dropped 11% as it tries to recover from sales strategies of the past. the biggest surprise is from best buy, earnings up a stunning 22 times from a year ago. it looks like the electronics giant once left for dead enga neared a turn around that could be the envy of the sector. courtney regan has more on the comeback. >> reporter: this is the type of shopper best buy is trying to attract. the kind that's willing to come into the store and spend money. >> there is usually quite a lot to choose from and if you can't find it here, it's online. >

one the smartest guys on wall street. we adore him. gap was down 3% at the close, of a close of $44.10 a share. there were a couple of things that occurred. they projected fiscal second-quarter earnings that would be ahead of wall street analyst estimates. what was below was the same-store sales numbers for july that were slightly weaker than expected. that was a mixed bag. the other thing was a downgrade today over at susquehanna. that was due to valuation. it is worth noting that the stock has run up and run up really nicely. it is up over 40% this year but they did raise the price target to $49 from 46 but they downgraded the firm and that is because of the valuation and the great move that we've seen for the gap, which really is outpaced the s&p and the dow, et cetera. back to you. david: nicole petallides, have a great weekend, nicole. thank you very much. liz: so activist investor bill ackman escalated the war of words with jcpenney's board. today i called for the replacement of the struggling retailer's chairman and the chairman

prostitution scandal he's the man once referred to as a client nine in federal courts and the sheriff of wall street for his aggressive actions is new york's attorney general he's now running for comptroller of the silly former governor eliot spitzer joins us next on politicking with larry king. live a long way eliot spitzer and i we used to sit in the back table at the regency hotel in new york leave with his attorney general of new york but he would dine for breakfast alone. into that breakfast that was the power breakfast invention there spot people who may be culprits now that lead them back table at the reason that you make it sound a little more sinister than it was and since they have it is enjoyed by yoga weaving the new york times exactly exactly why why why are you running for the trail why why why it's a great position and i've spent five years since i resigned as governor and i've done fun things we were colleagues at c.n.n. for a premier of time in our history of doing things together what i miss is public service and what i look forward to is a different type of position the controller

lead story in the "wall street journal today, attorney general eric holder is going after wall streetcrash. charles is with me. i see this as a war on wall street, and it's not over. >> no, it's not over. it will never be over with this administration. here's the way you do it. first of all, make him a demon. when president obama talked about is wall street and such a negative terms, right now, at this moment, millions of people went to work, inside a factory that was financed on wall street. they will never know that. the hatred, the venn -- venom, this nature any time we speak of wall street, it's always negative. they are evil. they are greedy. they are out to destroy the country. now you set them up for any kind of punitive punishment that you want including stuff that's stupid. hey, they hire influential people in china. are you kidding me? okay. you mean to tell me that the chinese premier's kid goes to the most elite schools in the world, greatest contacts in the world, and i'm not supposed to hire the person? are you nuts? of course i'm supposed to hire that person. that's aga