there's also the problem that larry kudlow and others have been talking about which is the lack of pcaob audits, lack of disclosure of their corporate financials, their noncompliance with sarbanes-oxley and dodd-frank. i mean, china has cheerily not been playing -- clearly not been playing by the rules. the chickens have come home to roost. this is now out front and center at long last, and the president should be commended for that. but it was a very close call. we were within two weeks away from all that you're talking about becoming a reality. maria: right. and in addition, i asked the president about these companies that trade on the new york stock exchange and on the nasdaq that don't follow the same rules as u.s. companies. watch. >> you know, everyone wants to be a tough guy. look, i'm the toughest guy, but what happens is we we say you're going to do this and you're going to follow the rules of the new york stock exchange if or nasdaq, what do they do? they say, okay, we'll move to london or we'll go to hong kong. maria: let's review. china has a raised as much as $3 trillion or

called the public company accounting oversight board, pcaob. really all that board does -- i say all. it's important -- that board inspects the audits that the companies file, not because they think the companies are cheating think the companies are cheating not because they think the companies are cheating, though some do, but it's like when we play poker with friends. i played poker with friends. they are my friends but i cut the cards every single time. and that's what our sec does to this board. they say we will double check your audits. and everybody has to comply with that c rule. american companies, british companies, malaysian companies, turkmenistan companies. except one, chinese companies. they just say no. they just say no, we're not going to do it. and do you know what we do about it? nothing. zero. zilch. not a. this is not a two or three month phenomenon. this has gone on for years and years and years, and all of us in the executive branch, and yes, and congress, we half and we pop and we strut around and we hold hearings and we p

requiring china to allow pcaob inspection is a really low bar that's not going to stop fraud among these companies. i don't know that it would really do that much. the fact that china has always bought that tooth and nail is really telling >> thank you interesting. we appreciate your time. we should mention we did reach out to gsx techedu and we did not get a response >> there's been so much news going on >>> let's get back to the markets that are rallying in parts on homes of a new treatment or vaccine for coronavirus. some potentially big news for moderna. the dow is up 940 points we're pretty much sitting here at session highs disney is one of the dow leaders. they're all soorg on this optimism we'll have much more on these afr iscoming up right teth quick break. business as usual.ys, it's ant that's why working together is more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep yo

called the public company accounting oversight board, pcaob. really all that board does -- i say all. it's important -- that board inspects the audits that the companies file, not because they think the companies are cheating though some do but it's like when we play poker with friends. i play poker with friends. they're my friends but i cut the cards every single time. and that's what our s.e.c. does through this board. they say we're going to double check your audits and everybody has to comply with that rule, american companies, british companies, malaysian companies, except one. chinese companies. they just say no. they just say no, we're not going to do it. and you know what we do about it? nothing. zero. zilch. nada. and this is not a two or three-month phenomenon. this has gone on for years and years and years. and all of us in the executive branch and, yes, in congress, we huff and we puff and we strut around and we hold hearings and we press issue -- issue press releases and we do nothing. and where i come from what you allow is what w