the sec was horrendous in this. did not want to agree to the most important part of the recommend iremedy, which is to drive the fees down because he down to explained how bad the sec has always been. and then we find out jamie dimon, now the ceo of jpmorgan chase was personally involved in this trying to find out what had gone on at morgan chase. do you think he was aware of the magnitude of what was going on? >> well, he was remember, it was the time that bank one had merged with jpmorgan chase. he was the president and coo. this was late in 2004 october of 2004. i think he was probably trying to get his hands around what was going on with this investigationish and there are a number of e-mails involving jamie dimon and the general counsel of jpmorgan joe goingen haimer what was going on here. one of the things that was discovered was that jpmorgan chase was financing the hedge fund to do the late trading that was, of course, costing consumers the millions of dollars you were just talking about. >> eliot: when the

the president of op sec, former navy s.e.a.l. named scott taylor, who appears in the video, once ran for congress as a republican. a spokesman for the group has done similar work for the bush administration and republicans in congress. ben smith, that former seale, told me he's an independent voter. but says on his facebook page that he was once a spokesman for the tea party. and op sec lists its headquarters as being in this building in a certain suite. we found out that also in that suite are two republican strategy groups and no other groups. we were not allowed to film inside but were told by someone in the suite that op sec doesn't have much more than a desk there and that no one was there to talk to us. and op sec's spokeswoman told us where they're located has information to do with the message they want to get out. could that message hurt president obama like swift boat damaged john kerry? >> it could hurt obama politically in the sense that it's a very competitive election. it's going to come down to 20,000 or 25,000 vot

including you sec. i'm not backing down. stay with cramer. whoa! don't want you spilling that hot latte on my driver's seat. this is my car. who are you? i'm the second owner. the what? i will own this car after you. look, i'm not telling you how to drive our car. our car? if you're gonna have a latte in the car, keep a lid on it. it's a cappuccino. still needs a lid. [ male announcer ] the highest-quality cars plus an exceptional certified pre-owned program. good news for the second owner. take care of my car! [ male announcer ] experience the summer of audi event with 1.9% apr for 60 months and a complimentary first month's payment on certified pre-owned audi models. can help make you a better investor. our e-trade 360 investing dashboard shows you where your money is, live. e-trade pro is so usable you'll actually use it. and our apps are the ultimate in mobile investing. become a better investor at e-trade. [ female announcer ] the best things in life are the real things. nature valley trail mix bars are made with real ingredients you can see.

the sec is extremely happy about that and we will move forward. in terms of the investigation as cases, there were 376 new cases and we closed for 27. we close 51 more cases than we opened. we closed the quarter with three and 25 cases. 102 left pending cases and these figures are as of june 30. i give you some updated figures. in terms of caseloads, caseloads were down. that number looks better so things are looking up. sustained cases, the rate was lower in the second quarter of 2012 compared to the second quarter of 2011. 5.3% sustained rate in 2012 compared to a 2012 sustained rate. the sec sustained allegations in 12 cases but the number of days to close has increased in the second quarter compared to the second quarter of 2011. we had some emphasis on our legal unit. one of our lawyers a lot of time on policy recommendations. we only have our two trial attorneys and policy analyst attorney who edits the reports. and we are becoming more comprehensive in hour sustained report so it is taking longer. and moving on to the type of sustained alle

[inaudible] -- with the sec, please? has consulting relationship with the sec. >> it was always an informal relationship. he was sent a a noted figure in the security trading industry. that's another to retail investors because suppressing if he didn't have any retail customers. he was a behind-the-scenes guy, and infrastructure guy. so the fcc consulted him and his brother frequently about rulemaking that would affect wall street trading. he was in the vanguard of pushing towards more automation of treating, 24 hour trading, globalized trading, things that have all come past the madoff was an advocate quite early years so he would serve on advisory committees, roundtable discussions. he would be part of the delegation that the industry would spend the fcc to argue that sun will change or another. but he never had official consulting relationship with them. >> how important was the notion of affinity fraud? i am from minnesota and at least in minnesota a large part of the jewish community was involved, not so much becaus

more government regulation or more sec regulation isn't going to solve this issue. unless you lock your kids up, kids are going to be exposed to this. this is about parenting. >> laura: we should not expect on the public airways, during what is traditionally family hour television, prime time television that these broadcasters have any responsibility whatsoever? and this clip that we are seeing now. i mean, first of all, it's not even good television. it's completely extakennous. it's -- extraneous. not necessary to the plots here. i don't want to be a prude here. obviously just gratuitous stuff. it's easy to do. they think that's going to get me the eyeballs. i have an idea for hollywood. why don't we start writing great stuff. when you start writing great stuff, you get a lot of people watching. that's my view. >> i think you're right. i think you are right, laura. i think people can turn it off though. they have other options. if we start regulating this more, we have already found out government regulation is not the answer here. it doesn't work. >> laura: so yo

bond underwriter jp morgan settled with the sec, paying the county $25 million and the sec and a. the bank alleged to have bribed friends of jefferson county commissioners. >> there was definitely malfeasance in the whole use of the swaps et cetera. >> but the president and ceo of assured guarantee which reinsured. so sewer bonds says the sins of wall street and corrupt politicians shouldn't let jefferson county off the hook. >> i didn't vote for that project, they did. >> what really steams federico is that they killed a deal that would have avoided bankruptcy. bond holders offered to forgive a billion dollars of the sewer debt if state lawmakers allowed the county to raise taxes to pay the rest. now, assured guarantee has to pay up. we should work together. >> at a certain point when you can't meet your financial obligations and the settlement that we had was getting farther he away instead of closer to us we had no choice. >> is it a cautionary tale for other counties across the country? >> absolutely is. you have got to live within your means. >> welcome back. lou dobbs from t

the circulation is that -- tropical storm i sec. the band's keep coming. the radar can only get so far off shore. there is a lot more to come given the rotation -- top was only about 70 miles an hour. over the next couple days, we will see sunshine and warm temperatures and it's going to be delightful. a bit of a front will come through late saturday evening. the big story is what could happen on sunday and monday when their remnants of isaac a lot closer to us. we will drop into the '70s and overnight it will be delightful. sixties in overnight and possibly below '70s by morning but it will be a refreshing start to the day. through the afternoon, it looks like temperatures will wind up in the mid '80s. a bit warmer as we head into the end of the week. temperatures won't be too bad because the humidity levels well below. if isaac moves just the right way, maybe we can pick up some showers sunday and monday. >> coming up, tropical storm a isaac is having an impact across the country. gas prices skyrocket overnight. we will tell you how much more you can exp

. >> kevin: sec down and two, two timeouts remaining for the skins. cousins, a nice catch on the sideline by robinson. oh has he had a game, a great second half, that is a first down, a ten-yard pick up, and a first and ten. >> joe: and the anticipation he has, he throws this before robinson comes out of his break. the ball is in the air long before he cops out of that break. >> kevin: a pretty catch. first and ten. some traffic and incomplete. terrance austin was double teamed and mugged, it looked like. incomplete. kirk cousins oh, a flag is thrown but it came in late after discussion among the officials. the replacement guys are out there. >> referee: unnecessary roughness, 93 of chicago. >> kevin: gibson. >> tony, nice acting, nice job -- that was very well done. >> kevin: i like that. >> joe: 6'5", and a feather blew you over. >> kevin: from the 37 of chicago, and just before the two minute warning, first and ten. kirk cousins, in midstride, and the er buccaneer. >> joe: he is the type of a quarter back that people will not be afraid to go after

the sec sec also gave goldman a pass. this time on accusations a the bank misled investors on a $1.3 billion subprime mortgage deal in 2006. even though the sec informed gold manned sixes months ago that the charges were planned goldman announced thursday that the agency had told the banks, the investigation into this offering has been completed and the staff do not intend to recommend any enforcement action. the chain coaxer must be popping at goldman today. maybe not at the 18 banks that fixed the libor rate. british regulateor martin wheatley saying today that the enter bank lending reality faces major changes. after a rate fix scandal that cost barclays bank more than $450 million in fines and triggered investigations into a major of lenders wheatley told reporters, i quote. existing structure and governance of libor is no longer for purpose and reform is needed. for more on goldman sachs' big day. i'm join by ben white and joe wisen tall. they're clean as a whistle? persuade me. >> arguing that goldman is clean as a

the sec very recently blessed it. they blessed it in a no action letter where they talk about how a lot of this bundle and etfs that they really can affect prices. the market is too deep. we don't have a deep market. consequently these products are whipping around. don't expect them to reverse it now. it's too embarrassing for the people who wrote, who opined that it was okay. russell in missouri. >> caller: what is the disadvantage of triple leverage afs? >> the disadvantage is they are marked to market every day. what happens is their trading vehicle frs the day and reset at the the end of the day. you could have a negative, you could have an etf that bets against bank stocks and they can go down very big. because they didn't go down on a given day, you're going to lose money. they're not way to bet against bank stocks over the long term. it's way to bet it on that day. it's a flawed product. everybody should get rid of these. dave in wisconsin. >> caller: how you been, man? >> pretty good. how about you? >> caller:

greenberg settled with the sec for $15 million. and a judge in written opinion found evidence to deceive investors originated with greenberg. they even covered greenberg settlement saying, ex-a.i.g. greenberg settles fraud charges with the sec. so mr. langone factors matter. these cases were absolutely correct, important and went to the heart of the type of corporate fraud that nearly destroyed our economy. now langone also made noise about fabrication of evidence. >> there is a case recently heard, of court of appeals in new york state where the judge is allowing the case of a docket to go forward because the judge says there is indications that spitzer and his staff fabricated information. evidence. >> eliot: baloney and i'm editing that for tv. what that has to do with langone langone, greenberg or his buddies or me, that's hard to see. but if you would like to read the opinions, they're learned to our website. perhaps surprising, he claims that i'm a bully. believe me, i've heard this before. let me say this, most folks thought

she said what they filed with the sec said he was running bain. she says either he was lying to the sec -- which is a felony, which he didn't do -- or he's lying to the american people saying he had nothing to do with bain during that period of time, which he did do. he's not a felon, a liar. and, brad, there's nothing wrong with showing that he is lying to the american people about bain -- which he obviously was doing -- because he wouldn't have filed, they didn't file a misstatement with the sec claiming that he was -- >> he wasn't, he wasn't -- >> wait a second now. >> -- he wasn't doing a criminal act. >> he wasn't doing a criminal act -- >> so why did she allege it? >> well, because you put it in the context of he would not have done this criminal act of lying to the sec, so he must be lying to the american people when he said he had nothing to do with bain in 2001 when the sec filing says he's the ceo of bain in 2001. megyn: the president was also asked about this campaign and the ad put out by priorities usa which is the super pac supportin

when i listen to the conversation today, eliza, i am glad you brought mcconnell verses sec. mcconnell was one of the people for disclosed, he saw good things in that, but when he came -- when it came down to disclose, he voted it down. robert, as you said, you think anxiety is good for and democracy, but if our political, elected officials are anxiously campaigning and not governing for the people, how is that democracy? thank you. >> well, i think the founders intended for us to have a vibrant campaign season. if you look back at american history, before the federal election campaign act in the 1970's we had a long history of competitive races, particularly house races, and it has been the case for a long time that members of the house are engaged in a continuous campaign because they have a two-year term. i think that is a healthy thing for us. it was disturbing when we reached a point not so long ago that house members felt relatively assured that after they made it through their first term of office and were reelected once that they were basically locked in to that seat

what they say is they will be hit with the sec. how much money but they wanted current management. better with this new group of people but they point* out to the obstacles are the land mines are their regulatory sanctions. the focusing on the lack of management, they say that could cause tom joyce to leave the firm. liz: it was brand new equipment. >> new york stock exchange found out and said there was a problem and they called five times and got moved to different desks. they had no clue. they pinpointed but the damage was done. the trades are so voluminous the firm was toast without the help. liz: thank you very much. charlie gasparino. 10 companies with the market cap that tennesseans stock gains but we have less ceo of one business. warren buffett pulling out of the debt to pulling out five years earlier. what is he dumping? next. if you have copd like i do, you know how hard it can be to breathe and what that feels like. copd iludes chronic bronchitis and emphysema. spiva helps corol my copd symptoms by keeping my airways open a full 24 hours. plus, it reduces copd flare-ups

the sec decided not to file charges against goldman related to portfolio. the ftc has slapped go with a historic find. the company will pay over $20 million to settle. it also agreed to stop tracking apple users. the company this time it to any wrongdoing. google well continue paying. the oldest global employee is 83 pe. dishwashers heating elements apparently can't felon and cause fire. she has received several reports of the fire. no one has been injured yet. if you have 01, and unplug it and coppe, ge, they will preparr free. this today the state senate approved legislation to increase fines. is there for cisco fund raising numbers for next month's grace it our way down. organizers believe it was related to the organization's plan to cut funds because of their stand in abortion which was immediately reinstated. >>> i will say people who are traditionally register in august and september, our registration numbers are way down. >>> the president will lead the organize organization next montr one of their leaders step down. >>> without it right now serve as

the sec is allowing verizon to charge the fee to recover certain reduced revenues. thedcm says that virginia customers are currently exempt from that fee. >> a disturbing story in south carolina. what police are saying about a man accused of pouring bleach into dialysis machines. >> more reasons to watch >> coming up at 6:00, before gregg williams was busted, some former redskins defenders accused him of running a bounty program in washington. we have the results of the nfl investigation. >> and find out what it takes to spin the wheel of fortune. a miniature version of it. the process is the same. >> a college student who survived a drive off of a cliff tells us how this happened. coming up at 6:00. police believe they may have found the person of interest in a fatal hit and run in herndon that we talked about yesterday. one woman was struck and killed on center street early yesterday morning. hours later, police listed her husband as a person of interest, fitsum gebretatios. police found a man's body near the scene of accident yesterday afternoon. they are trying

. >>> there is zero chance that other sharks and humans will give the sec from this. >>> justin says a break in the case came when a friend spotted the bike on christless. >>> a complete stranger that i've never met before offered to go retrieve my bike for me. >>> with the help of a police officer, the bike was found he hopes to get his bike back sometime next week. >>> and oakland parking operator team with the high-tech firm to make parking more convenient. you could pay it right there you're smart phone. >>> down load the app, and gps knows exactly where you are. last 71 toupee and you say yes. >>> your face could be worth some money 8 by an act that is being tested right here in this city. participating dbusinesses will be able to recognize you as soon as you walk again. >>> if you walk into our establishment or a restaurant in san francisco, it has a program, it sees you, it recognizes you, it offers have othe your food. >>> we like to know which to be willing to give up a bit of your privacy to get a discount? e- mail your responses >>> a cheating scandal is spelling cheating.

the sec will be a little delayed. >>> baghdad here there's a hurricane. >>> of some you can't be assured what would happen on monday if you add a full or been at and then committed people out of here. it's an obvious choice. safety first. >>> i think we can get it done in three days. i figure done-if we have to. >>> republican senate to have two jobs. first to prosecute president obama for the job he's done on his first term. the second to introduce mitt romney to american people. >>> she's the featured speaker on tuesday night. the run east spent sunday afternoon practice in their speeches at a private school in new hampshire. what he said he's concerned about the folks that isaacs' path from the also says he's looking for to the convention. romney will be lookin >>> the two dozen a republican national convention was in st. paul minnesota was also elected but a major storm. tropical storm isaac was also changing plans for the democrats on the campaign trail. vice-president joe biden is also a trend his trip to florida this month. he can plan to do swing through florida during the republ

bond underwriter jp morgan settled with the sec, paying the county $25 million and the sec and a. the bank alleged to have bribed friends of jefferson county commissioners. >> there was definitely malfeasance in the whole use of the swaps et cetera. >> but the president and ceo of assured guarantee which reinsured. so sewer bonds says the sins of wall street and corrupt politicians shouldn't let jefferson county off the hook. >> i didn't vote for that project, they did. >> what really steams federico is that they killed a deal that would have avoided bankruptcy. bond holders offered to forgive a billion dollars of the sewer debt if state lawmakers allowed the county to raise taxes to pay the rest. now, assured guarantee has to pay up. we should work together. >> at a certain point when you can't meet your financial obligations and the settlement that we had was getting farther he away instead of closer to us we had no choice. >> is it a cautionary tale for other counties across the country? >> absolutely is. you have got to live within your means. >> welcome back. lou dobbs from t

bond underwriter jp morgan settled with the sec, paying the county $25 million and the sec and a. the bank alleged to have bribed friends of jefferson county commissioners. >> there was definitely malfeasance in the whole use of the swaps et cetera. >> but the president and ceo of assured guarantee which reinsured. so sewer bonds says the sins of wall street and corrupt politicians shouldn't let jefferson county off the hook. >> i didn't vote for that project, they did. >> what really steams federico is that they killed a deal that would have avoided bankruptcy. bond holders offered to forgive a billion dollars of the sewer debt if state lawmakers allowed the county to raise taxes to pay the rest. now, assured guarantee has to pay up. we should work together. >> at a certain point when you can't meet your financial obligations and the settlement that we had was getting farther he away instead of closer to us we had no choice. >> is it a cautionary tale for other counties across the country? >> absolutely is. you have got to live within your means. >> welcome back. lou dobbs from t

bond underwriter jp morgan settled with the sec, paying the county $25 million and the sec and a. the bank alleged to have bribed friends of jefferson county commissioners. >> there was definitely malfeasance in the whole use of the swaps et cetera. >> but the president and ceo of assured guarantee which reinsured. so sewer bonds says the sins of wall street and corrupt politicians shouldn't let jefferson county off the hook. >> i didn't vote for that project, they did. >> what really steams federico is that they killed a deal that would have avoided bankruptcy. bond holders offered to forgive a billion dollars of the sewer debt if state lawmakers allowed the county to raise taxes to pay the rest. now, assured guarantee has to pay up. we should work together. >> at a certain point when you can't meet your financial obligations and the settlement that we had was getting farther he away instead of closer to us we had no choice. >> is it a cautionary tale for other counties across the country? >> absolutely is. you have got to live within your means. >> welcome back. lou dobbs from t

quintanilla with a hit right into the sec. this was just the start of a huge second inning come back. chris davis came to the plate, based loaded and he unloads to left center field that was his first grand slam of his career. the o's score seven runs in the 2nd inning. the yankees didn't score again at all. it ends up a 7-5o's victory. they finished july with play off hopes alive. >> we had our own expectations, we didn't worry what everybody else wanted us to do. we know we're going to play our division the last month and have an opportunity to climb back un. >> and looking at the rockies tomorrow afternoon. the o's have not swept at the yankees since 1996. o's and yankees tomorrow afternoon at 1:00. >>> football now, it is a broken hand for david pettis yesterday. he could be ready to play the season opener. training camp continues in owins mills. everybody respects the montra next man up. the team is practicing with replacement guys. >> everybody is fighting. we all want to be a great team. i'm busting my tail. >>> other n

four big players, two of them are telling the sec, let's take the money. two of them are unhappy. gerri: we have been all year. the settlement, $64 million, 63. exchange members are reminded that they may seek financial accommodation from nasdaq pursuant to nasdaq room number 4626. >> and other parts of this. emmy, you mentioned the fact that investors have obviously lost half their money, and that had nothing to do with the nasdaq execution. this was an overpriced stock. gerri: you think it's overpriced right now. >> i think so. sixty times earnings when it came out, half the value, which means it 30 times earnings, and this is a company that has shown declining revenues and the first. if you're 60 times or even 30 times earnings are you better have a hockey stick of our revenue growth chart. this is a company that had declining revenue. gerri: out of the gate at 38. here is what they had to say. nasdaq proposal, facebook related claims to mostly inadequate. ubs on the same side of city. >> granted, you know, i think citadel and the other from that i mentioned to not lose nearly

bond underwriter jp morgan settled with the sec, paying the county $25 million and the sec and a. the bank alleged to have bribed friends of jefferson county commissioners. >> there was definitely malfeasance in the whole use of the swaps et cetera. >> but the president and ceo of assured guarantee which reinsured. so sewer bonds says the sins of wall street and corrupt politicians shouldn't let jefferson county off the hook. >> i didn't vote for that project, they did. >> what really steams federico is that they killed a deal that would have avoided bankruptcy. bond holders offered to forgive a billion dollars of the sewer debt if state lawmakers allowed the county to raise taxes to pay the rest. now, assured guarantee has to pay up. we should work together. >> at a certain point when you can't meet your financial obligations and the settlement that we had was getting farther he away instead of closer to us we had no choice. >> is it a cautionary tale for other counties across the country? >> absolutely is. you have got to live within your means. >> welcome back. lou dobbs from t