. >> narrator: steven cohen came to wall street after graduating from wharton business school in theate 1970s. >> steve cohen is a legend on wall street and he's widely admired for the thing that people on wall street generally admire, which is making a tremendous amount of money trading. he's amassed one of the great american fortunes almost entirely on his own steam as a trader. >> steve cohen developed a reputation as having this sort of gifted ability to read the tape and to trade stocks. he was at a firm called gruntal, which is kind of a middling brokerage firm on wall street. >> and the environment was very much wild west, eat what you kill. you got to keep a large percentage of your profits, which wasn't really possible at a lot of other firms. and that was sort of his formative period. that's where he learned how to trade. >> if you talk to people on the street, they would say that's the type of place where you learn about insider trading in all its capacity. >> gruntal as a firm encountered a number of regulatory issues. there were people sanctioned for insider trading. the

treasury official is 40 years old and has an nba from the wharton school, university of pennsylvania. his campaign will be focused on jobs and education. >> sweeping views, unfinished rooms and graffiti everywhere. a party house goal for sale. >> it sten only a matter of time. it can build houses. >> think you've got game when it comes to your march madness bracket? how it could save a million bucks. >> we are clearing out and cooling off quickly. some of you will drop down to freezing. half-moon bay, 73. larksburg 72. any end in sight for this warm and dry stuff? your forecast is next. ,,,,,,,,,,,,,, rtin shows us what >>> we're getting our first look at candle stick point will look like without candle stick park. allen martin shows us what's in store for 700 acres of prime real estate. >> we've said bye bye baby. we relived the catch. we even managed to conder up a warm feeling the stadium fans love to hate. now it's time to pull back the curtain and see what's coming to candle stick point. >> i think we'll get the building sometime between august and october of this year. and then

the republican has an mba from the wharton school at the university of pennsylvania and is running for governor of california. democratic jerry brown is expected to run for re- election. up to now state assemblyman has been the only republican campaigning. abel maldonado dropped out last week. >>> fuel going through a bay area town hits a roadblock. the person expressing concern about a disaster. >> with the 9ers move to santa clara in the fall, the stick is scheduled for a makeover. this morning a first look at the plan for the future coming up. >>> we are getting our first look at what the stick with look like without candlestick park. allen martin shows us what's in store for more than 700 acres of prime real estate. >> reporter: we've said bye-bye baby -- >> it's a madhouse at candlestick! >> reporter: we've relived the catch. we even imagined to conjure up a certain warm fuzzy feeling for the stadium fans love to hate. now it's time to pull back the curtain and see what's coming to candlestick point. >> i think we'll get the building sometime between august and october of this yea

earlier current problems on 880 south bond at the wharton have also been clear.here is another accident that has the right back up all the way to san leandro. there is a new accident on the bay shore for white. this is already slowing the ride coming down from burlingame. >> will take a quick break. >> there is a large fire in redwood city. there is a machine shop that is in flames. there is now a fifth alarm that has been called. the personnel are calling an additional fire crews and to help out. this is just two blocks south of 101. this building is going up in flames. you can see fire trucks are all around tried to put water on this. but big smoke is in the area and we will continue to follow this. we will be right back. female announcer: female announcer: get beautyrest, posturepedic, even tempur-pedic mattress sets, at low clearance prices. and through monday, get three years interest-free financing on selected models. don't miss sleep train's year end clearance sale. ♪ your ticket to a better night's sleep ♪ >> we began in this our with our breaking story.

i have been thinking about it since i was at the wharton school of business.hought it would study the lives of the great entertainment visionaries. i was wanting to know how he -- >> tell people who he was. >> brian epstein discovered the beatles and brought them to the unprecedented success that we know. they were unknown. he package them, presented them, give them the suit and the haircuts. no label was interested. he he convinced ed sullivan to give them a break when no british brand had ever made an impact. on the personal side, he was gay, jewish, and from liverpool. it was a felony to be gay. it was literally against the law. and that feminism was rampant. here was this gay, jewish man running around liverpool and saying that they're going to be bigger than elvis. he will body was crazy. but he was right, obviously. and he chase that dream with an incredible amount of passion and persistence, and he realized it spectacularly. that is why it inspires me. >> how did this lead to the graphic novel? >> i do not want to claim to have certain obstacles in my l

my blind aha is overwhelmed by the want the movie producer wants me to have that looks a lot like wharton sent to me. they have the power to manipulate us. it has the ability as a producer journalist, a movie producer or record producer, mccann post their view on us rather than allowing us to collaborate and purchase a pate with the world to come up with our understanding of what the world looks like. what can we do about it? i will close with this and then you can ask questions about the book and ideas. one of the things is to stand for and with what is sometimes called the good, the true, and the beautiful for those who produce the a good pitcher in the beautiful. our world magazine the powerful tool is what we call biblical story telling. it is a process to use scripture as a standard of truth and using some of biblical lore to make a truce, life. so for example,, it is not enough to say abortion is bad if you believed it was but more powerful or effective to tell stories of women, children, the families and communities that abortion has impacted until the consequences of abortion or w

in virginia, culpeper and wharton schools are closed and in maryland, washington county. and then in west virginia, berkeley, jefferson, morgan, and hampshire counties. >> and the list is likely to grow. doug hill is in the weather center with a word on how much longer we can expect the snow to fall. >> several more hours. fewome point over the next hours, we will know when the snow was headed out. look right now, add the snow, a little bit of daylight, even the flags, the wind is picking up. the blue area is very intense. moderate to heavy snow. that is why the big totals, more snow from the -- from southern maryland. it is cold. 18 degree ratings. the storm along the coast intensifies and moves out, not only will it take the snow but it will bring in the bitterly cold air and really crazy windchills. in frederick. 11 degrees in washington. that is what we will be watching. the snow ramping down tonight but the wind picking up in velocity and the temperature are starting to drop. an advisory goes into effect until 6:00. that is the latest. >> now to the yeast where inves

schools -- at wharton, for example, he has been promoting the skills. there is not really looking at what makes an effective workplace. forave been giving an award effective and flexible workplaces that contain these characteristics. we know because we survey employees. do they offer sick days? those sorts of things. do they treat people with respect? we have had several thousand companies whin. ,e are trying to make it clear having the contagion factor, all employers need to look at this if they want employees who are more engaged and more likely tuesday. -- likely to stay. >> we keep talking about the importance of small companies getting started. they will argue they cannot provide all of these things. i find there is this disconnect because big companies are not hiring people anymore. a lot ofngly enough, them are those start up companies. -- maybe not everything at the same time, but they can move into that. the thing that is so cool about , they are dealing with overwork, some of the things that corporations are not necessarily dealing with. not j

he has an mba from wharton in pennsylvania. democratic governor jerry brown is expected to run for re- election. up to now, state assemblyman tim donnellly was the only republican campaigning. >>> there is a backlog of rape kits from victims untested in the bay area. they use dna to help identify suspects. and now a new bill sets time limits on processing sexual assault evidence. >> extremely important and it gives the victim a sense of security, a sense of closure, a sense of acknowledgement that what happened to them was a crime. >> one person's took more than two years to process. 1900 are untested in alameda county alone. >>> potential jurors may not be removed from a trial during selection solely based on sexual orientation. it was handed down by a federal wales court yesterday. they say striking someone from a jury pool because someone is homosexual is unlawful discrimination. it came from an antitrust and contract dispute between two rival drug companies over the price of popular age drug back in 2011. >>> happening toda

when i was at wharton, a professor came to me and said, "you know, there's a river of wealth that runs. just a very small number of people know that it exists. some people can stand on a high hill and see it off in the distance, some people can get up to the edge, and there's other people that are swimming in it." that's the perception american people have about what's going on on wall street right now. they believe there's a small number of people who are swimming in this river of wealth. >> there are a lot of people out there who think that the stock market is rigged, rigged in the sense that there are people out there who have advantages: the insiders, the big companies. >> yup. and i think that we have to do a better job of, first, obviously making sure it's not the case. but we can't be evasive about it. we have to make changes that make sense, that give people more confidence in the market, add more transparency, and make people feel like, "this is a place i can trust my retirement savings to." >> since we first aired this story, the securities and exchange commission has propose

the republican has an mba from the wharton school at the university of pennsylvania.overnor jerry brown is expected to run for re- election. tim donnelly was the only republican actively campaigning up to now. former lieutenant governor abel maldonado dropped out. >>> potential jurors may not be removed from a trial because of sexual orientation. it says striking someone from a jury pool for that reason constitutes unlawful discrimination. it came from a contract dispute between two rival drug companies over the price of a popular aids drug back in 2011. >>> happening today, the government is calling for new standards for child safety seats. the national highway traffic safety administration wants the seats to protect children from death and injury inside impact crashes. under the new proposal, new crash tests would simulate a t- bone crash. officials say most child deaths and injuries in that kind of crash happen when the child is in a car that is stopped. >>> mini cars are small and lightweight but they didn't farewell in the latest crash test. the insurance institu

i in using my wharton numbers. of 38, twoease 41's. total 356, about 178 average.rage for the year is 180. looking over the last two months when everyone was shocked by the increase in november, all we did was flatline. we are taking a longer view, we are at the flatline. a lot of volatility. back in 2012, it was zero and everyone said oh my god, then we had 250. this is a pathetically poor number. >> you weigh in. has janet yellen's job just gotten harder two days in? >> we have had the debate about go $10 the fed would billion in reduction every policy meeting or perhaps $20 billion at every other policy meeting. this suggests they may wait until the march meeting to decide. there is plenty of time to observe these trends. bear in mind, seasonal adjustment is pretty difficult in december, it is going to be even worse in january because you get the end of the holiday shopping period. you want to take these numbers with a grain of salt, they get revised and we have annual bench mark revisions. >> the other problem when he says a grain of salt, salt all over the roa

>> wharton's family today, in the business it is in and the focus on clients, is different from mostes seven or eight years ago -- morgan stanley today. >> less fun. >> it is not true. if you want to come to work and do good jobs for clients -- real americans. we have 4 million clients and our wealth and is meant business. saving foreal people retirement, vacation, to build a business. good things. we are helping with that. >> i know you are trying to reach out with the great american banking story. thank you so much good >> greg fleming is president of wealth and investment management at morgan stanley. he has been with us for the hour. we look forward to having him back. >> approaching 56 past the hour, which means bloomberg is taking you on the markets. let's look at u.s. markets, u.s. docs are thinking, erasing yesterday gains. investors continue to be concerned about the earnings forecast and the fed is preparing for the policy decision. what is going on in emerging markets really has investors spooked. no longer are people just searching for yields and buying in, they are scare

has a ba in history and graduated from the advanced management program at the wharton school of business at the university of pennsylvania. thank you, sir. let's get started. i am going to start off with you, jeff. for some time, he is a working to better understand how lenders large and small are prepared or the ability to repay. can you talk to us about the q.m. standards and the changes? >> absolutely. first of all, thank you for having us. this is an important issue in our industry. when we have been tracking for a number of months. years, actually. we are glad to have the opportunity to comment on it this morning. is hard to argue with the concept of the ability to reach standard. every lender wants to make a loan that the borrower can repay. that is our ultimate goal. b has done an admirable job of striking the balance between the difficulties of q.m. and the difficulties of making that analysis. pb has been very detailed in the manner in which they have written their regulation. however, the devil can be in the details. there are some lingering issues that we foresee with q.m. and

i have a son who goes to wharton . >> my mama motter. alma halma motter -- my mater.areas you will not go into now? >> no, we believe in the real estate marketplace. and then we hunters believe in the execution side of the deal and that's what we do. dynamicscan find those , we are buying. we don't have a specific view. we entered miami because it was at a bottom and new york city we just believe in. it is because of the former mayor bloomberg. >> the current mayor, and bill de blasio, there was another article on him saying he is adamant to raise taxes on the rich to pay for pre-k. the one percent here are up in arms over this determination despite the fact that the state government has said we will actually fill that funding gap and pay for that. he is still adamant on hiking taxes on the rich. how much of a detriment will that be for properties like yours? >> i don't think it is that big of a detriment. i think some of the messaging is off. messaging with regard to the tax -- if you listen intently to what he is saying -- i believe he surprises on the upside -- wha

if you look at what we are doing at wharton in our social impact work there is a huge expansion of thestudents are clamoring for more and more opportunities to do well and do good. ashley: is that why, he did put it this way, why wall street is having a hard time finding the next generation of industry leaders? >> great question. wall street and other industries are looking to reshape their employment brand. you have to demonstrate you have to give an opportunity to young person not only to develop their talents and to grow in terms of their future capacity but also make a meaningful contribution to the world. the companies that do that will be more successful in the labour market. ashley: we are out of time. thank you so much. appreciate it. tracy: they learned watching their parents work themselves to death, they missed everything. wine with me segment, private equity can teach you how to make money these days. ashley: twitter shares higher on word it is moving into ecommerce. ♪ ♪ [ male announcer ] you're watching one of the biggest financial services cpanies in the country at work.

he has a ba in history from grinnell college and graduated from advanced management program at the wharton school of business at the university of pennsylvania. thank you, sir for joining us today. let's get started. i'm going to start off with you, jeff. for some time in our a has been with lenders nationwide to better understand how lenders in large and small, are prepared for the building to repay rule. can you talk to his obit about the qm standards and the changes would you think how to change the way business is done today? >> absolutely. first of all thank you for having us here today. this is an important issue in our industry, one we've been tracking and many in and get contracted for a number of months, years actually. and are glad that the opportunity to comment on it this morning. director cordray i think said it very clearly and very eloquently. it's hard to argue with the concept of the building, at its core every lender wants to make a loan that the barbican repay. that's our ultimate goal in this entire affair. the cpb has done i think an admirable job of striking balance b

. >> james wharton, but that's not the end of the.is bill still has to be scrutinized by the house of lords and his peers are likely to have plenty to say. europe is bound to be a big subject in 2014. at the end of may, elections to the european parliament are taking place, and before that, what are known as the accession rules means the first time the free movement of bulgarians and romanians across eu member states. the uk independence party, the party that wants britain to say goodbye to the eu has predicted a mass influx and there have been warnings the new parliament spent i do think today dereliction of duty of her majesty's government do not even attempt an estimate of the numbers who make them in from romania and bulgaria on the first of january. i can understand ultimately why they decided not to publish an estimate, because they don't want to make the outrageous mistake of the previous labour government which said that the numbers from the eastern european countries would all be 13,000 a year. i understand that the populatio

you are on with wharton witkin.- with gordon clear the purpose of the media is to help the public.t is demonstrated by the -- the third tower to fall on 9/11, which wasn't hit by a plane, had to have been -- host: we are going to move along. we are talking about the state integrity investigation process. let's go to richard waiting in fairmount city pennsylvania. good morning. good morning. i am thankful i got through. i have a couple of questions if you permit me to get them in. i take a dollar bill from you, is that stealing? i go to a have to be store and take a hundred dollars out of your cash register? echo one is stealing money that stealing money echo -- which one is stealing money? of ownership they kept a barrel of apples and they constantly throughout the rotten once so did not spoil the whole barrel. when our collect did officials take it upon themselves that they are above us that they can take what they want, how much of that to we permit before we get rid of them? mr. witkin? upon: i think you touched a number of important issues. the existence of systems that require

. >> i took your course 22 years ago at wharton, it was fantastic. >> thank you. >> when i look at evaluationage bull markets, right, you have a peg ratio for the amount of corporate earnings we're getting almost three times to where you were back in 1995 or, you know, same number back in 2006, 2007, and so i'm actually bullish on equities but maybe for slightly different reasons than you may be. how do you square the -- you know, the evaluation for the amount of growth we've been seeing and while margins are slipping? or trending down and not trending up. >> well, i've been saying over the last two years, the bull market was going to be driven by multiple expansion, not by earnings growth. my feeling is we all know well undervalued 2009, 2010, 2011, then i looked at the interest rates everywhere and said where are the alternatives to invest in? those other periods of time you could invest in 4%, 5%, 6% in treasuries, 4%, 5% in money markets. right now when it's zero people are saying, hey, i'm going to go for the 2.2%, 2.5% dividend yield with some growth, any growth, even with no growth, it

was one of them, the wharton school, a lot of their scientists came up and they said, what the cost would be if we were to pass global warming legislation that had been proposed was between $300 billion and $400 billion a year. yes, that would constitute the largest tax increase. i took this to my state of oklahoma. i did -- my calculation is as i always do i get the number of people who file federal tax returns and it would about $3,000 per year per family. yet by their own admission as lisa jackson said, it would not reduce overall temperature -- even if you believed that was the problem which i don't. charles rivers came along with very similar costs. it was $350 billion a year. so with awful those costs in there, we wanted to look at it and see if in fact the scientists -- the science was there. we determined it was not. if you look at the regulations of e.p.a. right now the national association of manufacturers has a cumulative impact study not including ozone or greenhouse gases of $630 billion annually in some 9 -- ans and some million jobs lost. the regulations on ozone they'd all