tv Closing Bell With Maria Bartiromo CNBC August 9, 2012 4:00pm-5:00pm EDT
there. >> that wraps up another day on wall street. maria bartiromo will pick up the second hour of bell bell in about ten seconds. it is 4:00 on wall street, do you know where your money is? i'm maria bartiromo, here is what we're following after the bell tonight. concerns about europe overshadowing better than expected data. they're in danger of snapping a four-day winning streak. somebody here says stocks are cheap. and the treasury department has a secret, find out what it is, the dow jones turning negative about two minutes before the
close. down about 11 points on the session. the nasdaq and s&p holding on to the gains but they too gave up much of the earlier rally. we get straight to the markets, we'lls fargo advisor is with me as well as rick santelli. how are you treating this rally here? a lot of momentum but volume deadly. >> yes, and what we've been telling our client social security we don't want you chasing this rally. this is right in the target gone for the end of the year. i think we could go more, but i think traders should fade this rally. >> where are you? >> i would not chase anything. baeken down stocks like starbucks, caterpillar, and
mcdonald's that hit short term blows. nobody believes the rally or wants to get involved. we're going to 3,000, be in cash, and the market continues to defy all of those predixes. >> what about you, rick santelli, the market has been saying something in fixed income for a little while here. >> yes, i have two observations. europe is the excuse here but if there was nervousness, why would the safe harbor trade not be alive and well. interest rates are not acts like there is an issue in europe, and one second point when it comes to stocks, i really think that it doesn't matter if it's fundamentally driven or not, if it's liquidity driven it's good
enough. >> that's what it's been, but do you want to be buying stocks? >> mo, i don't, but it might not change. the world is going to see the issues of europe and solvency for a very long time. the central banks created a lot of liquidity. it doesn't not represent the state of the economy, and it keeps going on with big shocks. >> maria, there is not many retail investors jumping in here, a lot of people gone this month. big moves happen in august just when people don't think they're going to happen. this time around, we could have a little more upside here, i feel very good we'll have opportunities to buy stocks lawyer. we want these economically sensitive stocks. we're down 60 or 70 points in a
couple days. >> how about the fact that we have all of this unfinished business in the united states. are you worried about going off the fiscal cliff with no decisions on the tax cuts and the spending programs? >> here is my guess on how this will play out. we will not get anything done before the election. the new guys come in in the new year and make everything extended. we're not going off the fiscal cliff, i don't think so, we will kick that problem down the road. our clients are worried about it, that's for sure. >> seems like business is worried about it, including a couple firms saying it's the uncertainty of the fiscal cliff. >> businesses are saying they're not doing anything until they
get some clarity. >> we're moving into september, they're not doing anything for the west of the year anyway. they can say they're not doing anything, but they're budget is spent. in the lame duck session, there is a lot of work done that sets the teenage in the next congress, irrespective of who the president is. from what i hear, it's not something people are thinking about in washington. >> i hope ron is right and we see something in the lame duc congress. >> you're saying the lame duck congress, when? this year? >> of course, they come back, they will have to do something. they already passed a sixth month budget that gets us through march of next year, they have to do some things to stall
that. if the republicans take the house, keep the senate, irrespective of what happens in the senate, it will be fiscal rectatude. >> up next, they supported his election four years ago but wall street and corporate america may be closing the wallet on president obama. >> they are spending more time raising money than they are working on the fiscal cliff. new york city has been very good, one reason mitt romney has been outraising president obama already, look at these numbers. you see all of the major fimpls, goldman sachs, jpmorgan chase, citi, morgan stanley, all had a
majority. 75% of their money went to a democrat, a different environment because of the situation, the dodd-frank piece of legislation. mitt romney is dominating the money. and here is what that money goes to, of course, attack adds that we see mitt romney has very heavy spending behind this ad attacking barack obama on welfare. this week, alone rather, $32 million being spent by obama, romney, and pacs associated by them. we're going to see if that can move some of the undecided voters, there are not many of them left. >> there are not many undecided voters left. that's right, it looks like the president lost the independent, john? >> no, i would not say that yet. the president still has a lead over mitt romney nationally, and we'll see if mitt romney can
change some of those numbers. he has a convention, a vice presidential selection coming up, they're chances for mitt romney to try to move the nee e needle. thank you, my next guests says businesses want a business goo in the oval office. steve, this is a huge change from just four years ago, is it not? >> yes, the numbers speak for themselves. i want to emphasize that these are individual contributions, not decisions made by the companies or corporate contributions. >> yes, that's important, thank you. do you think that because romney is a business guy or people perceive president obama critical of wall street. >> i'm a supporter of the president so i don't always agree with my friends on wall street, but i would say it's both. most preserve romney to be
moderate, and frankly, some of them are unhappy with the state of relations between wall street and washington. >> goldman gave three quarters of their campaign contributions to democrats, and now 70% to republicans, where did they go wrong here? >> i'm not sure the administration would say they wept wrong, i would say a lot of mistakes were made on wall street, we needed new regulations and dott-frank, and they did what was in the best interest of the could be try. and if the consequences are they don't have as much support, than so be it. >> is the damage done? can they be won back? >> i think people would say the damage is done, but i think as we get closer to the election and i talk to my friends on wall street. i know there are not many undecides left, people do change their mints and they will focus
on the broader issues that are of concern to americans. >> it does not look like the narrative that the president has been going on, this deviciveness, he said romneyhood, stealing from the poor to pay the rich, it doesn't look like that narrative is changing, will he stick with that or try to back pedal away from it? >> i think the arguments the president made, and i would characterize them a little different, are working politically. when you see what the president is doing nationally and in the swing states, i think his points are resonating. i don't want to see him engage in class warfare, i don't think that's what he's trying to do -- >> if romney were to win, is romney better for business? >> if you characterize business
as the rich, romney is better for the rich in the narrow sense of tax cuts and things like that, i believe there are a number of people on wall street and in business that look beyond their own pocketbooks. >> let's talk about unemployment, right? so what do you think will need to be the unemployment story if romney is in the white house and the president in the white house. who will have the better plan to create jobs? >> first, romney has really not specified a plan. he tried to avoid that as you know and focus on the president's record. he talked about 20% across the board tax cuts that he has not proposed yet how they would be paid for and research suggest they can't be paid for. he talked about large smending cuts but we don't know what that would mean. i think the president has a better plan that's balanced with raising taxes to deal with the fiscal cliff and dealing with our long-term fiscal problems.
the immediate issue is that congress is unwilling to do anything. the president has proposals in front of kopg. you can like them or not, but congress will not even address them. until congress gets off the dime, we're not going to make a lot of progress in this country. >> they just went away for a five week vacation. >> it's unbelievable. >> it is, and as you know they passed fewer laws in this congress than any time in modern history by a wide margin. i'm among those that believe we have problems and congress's job is to pass laws and they won't do it. >> unbelievable. the fiscal cliff, all of this is expiring, no conversation, europe is a mess, and they're not shortening the vacation, or saying now is not the time to lead, but the president has not had any meetings on jobs, when did he meet with his jobs
council? >> that's form over substance. he has a lot going on -- >> he is campaigning. >> it's an election year,ly concede that, they issued a whole set of recommendations, the president endorsed most of them and they're in the hands of congress now. we're right up to the edge of the fiscal cliff, if not over it, and it's one of the most destructive things the congress can congress is making it wors. >> we agree on that. the ceo of standard chartered cancelling his interview with me at the last minute. we'll talk about why the interview may have been pulled so mysteriously, and taxes time, obama economic advisor saying americans need to face the hard truth and pay up in taxes.
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steve what do you think about sands pulling out? >> i think we have all been here before where you have lawyers telling them to do one thing, and public relations wanting to tell their side, and invariably, the lawyers win. >> jordan, what are the reasoning they would pull this interview. >> i agree there is often a tug of war between the lawyers who want more information and to be very cautious about their statements and then the communication times that want to be in control. also the lawyers can learn
something. it was a big decision to come on the show. >> yes, and i think they wanted to discuss what happened. you say it's a cost to the bank whether they talk or not. >> they're dammed if they do, dammed if they don't. i also want to add i think part of the dynamic is you have really seen in the last 24 hours, they have reasserted themselves to take control of this case, and i think the philosophy and the way they dealt with this, we saw igg settle something back in june, federal regulators are more likely to settle this, and they have taken an eliot spitzer model of trying it in the press, so it depends on who is the lead in the case.
and i'm not jumping one or the other. >> maria, mark has an excellent point there because one other tlengs be do we try this in public or do we try to work a deal behind the scenes. and the person their dealing with may have a possibility of creating a settlement behind the scenes and you don't want to make a regulator angry when you're going to do a deal with them. but if there's something to be banged in the court of public opinion they would avail themselves of it. >> what's the next steps? the grounds they have if they wanted to counter sue. tell us what you see happening at the about the bank going
forward? >> reputational damage is significant, and when you have so many regulators with an sfwhers this matter and potential class actions in the u.k., this is something they're going to want to put behind them. >> yeah, it's interesting, i was reading research earlier that says why is the u.s. dollar clearing license so important for a predominantly asian bank? and you wonder if this is going to have over global banks second guesses the presence in the united states. any impact there? >> i'll jump in, i think that's absolutely a concern. there was a time you had to be in new york, but if you do a small percentage in new york, our trade relations are more
difficult than my countries around the world, and banks will ask if they're reputational legal risks in the united states and in the government. >> that's really a big issue, and -- >> i want to make a point that i think we're at a point right now given the changes to the law, and i'm interested in mark's comments on this where the iranian sanctions seem to have an effect from what i understand, that they have now plugged the leaks in terms of the global financial system to deal with iron. whether or not they request go outside of the country here, i'm not sure that's true right now, the brits themselves have sanctions or rules similar to the u.s. now they have gotten rid of the ability to do u-turn transactions, that is done, and
changing made up to two weeks ago is isolating. >> i think one of the unrecognized things is we have been successful with iran and terrorists in general. i think steve is right, there is changes that are figtenned that up. i think u.s. laws are more stringent. so i think there is some question other whether you might not want to be in the u.s. because certain things might not reach that threshold in the u.k. >> jordan, what do you think in terms of other banks second guessing. >> there is no question that other banks will we valuate their money management procedures in right of this case, but i would be surprised
if they leave the u.s. market. >> because it's an important market -- >> absolutely. and the suspension of the license or revocation of the license is such an extreme financial remedy, that it's rarely if ever used post enron. >> i have to add that i think standard is maybe the 7th largest dollar clearing bank in the world. i'm not sure you can be a global bank without having a u.s. based dollar clearing operation. maybe it's possible, but i think it would be very difficult. >> they need to stay, but you look at other people, you could argue they don't need to be in america. i think on a bank by bank bay his, it's hard to say. >> thank you, we appreciate your time tonight, see you soon.
we want to get bryan shactman right now. >> retail has been all over the map, and nordstrom has been interesting. they were beat by a penny, they restated their revenues in line with what they previously reported, and they increased guidance. i looked inside the numbers to see in i sound find out why, one thing for full year gooins with margin compression. they broke four consecutive quarters, down 10% year over year. so a mixed we port, back to you. >> we'll leave it there. up next, how does this happen, the trsh ri department puts $2.4 trillion on the line in a bailout guarantee without congress authorizing it or
america knowing about it, and jared bernstein says everybody needs to pay more in taxes. we want to know what you think. end us a tweet. at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade.
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secretive treasury department program backing $2.5 trillion in money mutual funds. congress never authorized it and that's a lot of taxpayer money on the line with nobody knowing about it. john carney joins us with more. >> maria, you mremember we had panic in the markets, people were pulling their money out of money market mutual funs and the treasury wanted to tact to stop it. they decided they didn't news anything like the tarp authorization and they used an exchange rate stabilization fund to guarantee trillions of dollars of the money market mutual fund world. we never knew what funds got the bailout, now we're finally getting details thanks to a friend of line and a guy i have worked with for years, names
linus wilson, he did a question and got them to cough up some of data about this program. >> so you bring up the idea that it can cause moral hazard, can they trust government and wall street? >> when the government does these sort of things, it takes away the incentive for them to police the way funds more managed. the government will come in and step in and bail it out. this put pressure on the fcc, dodd-frank, and they have come in and done more regulations, but it's not clear that will really fix a thing. and the government charged very low fees for this thing. we could have gotten up to $8 billion in fees and instead we collected like $1.2 billion. so very little fees for all of the insurance that we basically
gave away to these money market funds, and these things were churning out money until they got in trouble. so it's questionable if they should be giving a subsidized guarantee to them. >> john, thank you so much. up next, do you think all americans should get a tax increase? that's what former obama administration advisor jared bernstein things. and later the bad economy is wagging the dog and the cat. tough times in america are tougher times from fido and mittens. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something.
welcome back, one former member of the obama administration says you should be taxed more. in a financial times op-ed today, the former economist for joe biden says americans are under taxes, and not just the rich. joining us now is jared bernstein himself. good to see you. you have explaining to do. you say we're taxed less than 30 years ago and americans need to pay more in taxes, is that the middle class as well or across the board or what? >> i'm neither running for office or going to have a lot of friends after this airs, but the fact is that if you look at numbers from the congressional budget office which i feature in
my piece today, you fip the effective tax rate, the share of their income that americans across the board are paying in taxes is lower than it's been in 30 years and we're paying less taxes an any other advanced economy. now, this wouldn't be a problem, i'm no fan of highest taxes because i think it's a good idea, it's a problem because we're collecting less revenue than we have in four or five decades and we can't fund an ample functional government at the current level. >> what about the other side, how about all of the waste, fraud, and government. last week we learned that the irs is paying billions to those perp rating fraud, shouldn't we fix things like that for people putting more money into the system? >> i agree, i think before we ask people to pay another dollar in taxes, things like that
should be cleaned up. there is no budget line for waste, fraud, and abuse. if you look at the way we tried to achieve some level of fiscal responsibility so far, it's been exclusively on the spending side of the budget. that's in part because so many members up in congress have signed in pledge they never ever raise taxes. so as i pointed out, we have a similar mat trick policy. >> how much is enough, jared? let's talk first for the high part of the income scale. if you're living in new york at the high end you're probably paying more than 50% of your income to the government, for federal, state, and city. should folks pay more than 50% of their income to government? >> no, i think you're raising a good point. first of all, i can only speak in the context of the federal
government. everything i said so far has to do with federal taxation. there's nothing that folks in washington can do about that, i suggest going back to the tax structure that prevailed under bill clinton and the top folks instead of paying 35% paid about 40% at the top of the scale. that's a broad robust growth and surpluses, so i think they can absorb that kind of a tax structure. >> so you say go back to the tax rates under bill clinton, but that's not what sparked growth at that time either, right? bill clinton was able to have a budget surplus, but we were in a different moment, the internet middle age and the market was booming. >> you're making one of my key points. the tax debate has inflated two things. growth and tax policy, and i don't think their nearly as
connected as you suggest. it running on innovation and the kins of waves like an internet boom, a housing boom and bubble, you want to avoid the bubbles and the booms. you want to collect ample revenue to avoid the fiscal train wreck we're looking at right now and the surpluses we'll have at the end of the clinton years. ask any nonpartisan person and they will tell you we're headed for a fiscal train wreck because of our tax policy. >> let's talk about right now. right now we're at a moment in time in the economy where we're still in a fragile situation. can you really say taxes, you know, should be going higher now? can you junction make a blanket statement that should be at any moment in time? if we raise taxes now, doesn't that make it tougher for most people and we are at such a
fragile moment, how will we get jobs created. >> not now, most of these tax increases i'm advocating have to be fazed in overtime. we have to work our way back to the type of tax structure that prevailed in the 1990 rsz. strong growth and budget surpluses. right now i think the president has the right idea when he talks about finally allowing those high end bush tax cuts to sunset. at the heart of this problem, that we're paying less taxes than we have in 30 years, are the bush taxes, they're scheduled to sunset. they should at the high end. >> the corporate tax is the highest in the world in the u.s. so you're saying we don't have high taxes, but in fact, corporate tax are the highest in the world. >> right, that gives me an
opportunity to clarify, i'm talking about effective tax rates. >> let me ask you about these loopholes that are driving everybody crazy. they need tax reform, you say everybody should pay higher taxes, what about the americaning that pay nothing in income tax? >> that's federal income tax, and one of the points i make is if you look at the middle class, they pay 10% or 11% for federal tax asian. for most middle income families, the payroll tax is where their burden falls. so it's simply not the case that people don't pay federal tax, they just don't pay federal income tax. >> i'm talking about income taxes -- >> 40% of the country doesn't
pay income tax. >> i think allowing the income tax to increase not just at the high end, but resetting as it were under the clinton years where middle income fairways pay more as well. i consider that $250,000 threshold to be pretty arbitrary. the low income folks should be held harmless. folks middle income on up will have to face slightly higher tax bills. >> we have to talk about this threshold. i was with my deer friends just the other night, they both work for government by the way, and collectively they bring in $250,000, they have two kids, and they do not consider themselves rich. >> that's a good conversation to have. >> thank you very much. so what do you think about jared's comments? we asked and you tweeted and here are some responses, shawn disagree that's we are not taxed
enough, he says property, sales, transfer, excise, federal, state, city, highway, gift taxes, ernesto says i wouldn't mind if if everyone's is raised and equalized. and keith says the more they tax us, the more they waste on programs. thank you for tweeting in, continue to send us your comments so we can get them on the air. we have news on a stock that wiped out nearly half of it's value, herb greenberg with that. >> this is a battleground stock. the name is ubiquiti networks. the guidance is cut by about half on both earnings and by revenue. the company is claiming counter fit goods, this has been a very controversial company. i have to tell you this, maria,
all the way along, so controversial that the ceo, robert para made a lot of news about a month ago when he went out and led a group to buy the memphis grizzlies. we'll see how this trades tomorrow, but that is quite a hit. >> sure will, thank you so much. when you hear the term this economy is for the dogs, it really is bad for the dogs. why millions of dogs and cats no longer have homes, and what will move your money first thing tomorrow morning. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my mother was so wrong about you. next, we get priority boarding on our flight i booked with miles. all because of the card. and me. okay, what's the plan? plan? mm-hmm. we're on vacation. this is no plan. really? [ male announcer ] the united mileageplus explorer card. the mileage card with special perks on united. get it and you're in.
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money conscious people are not just cutting back on coffee and gas, they're also cutting back on fido and fluffy. less people are adopting pets. doug, good to see you, thanks for joining us. >> hi, thank you, maria. >> how significant are these findings? >> i think they are significant, 2.8 million fewer households had pets last year than in 2006. we think that's a real cause for concern. pets offer so many advantages to humans. >> why? >> why do we think there are fewer households with pets? >> that's right.
>> i think there are a couple reasons, but certainly the economy is a big part. we're in the middle of a long recession, and this particular study coincides with that period of time. and while people are not necessarily giving up their current pets, they're reluctant to accept the responsibilities of new pets into they're households. >> because it is an expense, the slowing economy and changing demographics, what kind of an expense are we talking about here. >> we're talking about the expense of owning pets, not inconsiderable, but don't want to overstate that, but also a sense of another responsibility to take on in a household at a time when many other responsibilities are competing for attention and for financial support. >> yeah, it's interesting, do you see any signs this could turn around? >> well, i think that people are
committed to pets. pets offer so much physical, emotional, and psychological support for people, we don't believe that this study shows that people are less committed to pets, but they are less committed in this current economic time to acquiring new pets. >> all right, we'll leave it there, we so appreciate your time tonight, interesting findings. >> up next, how will the markets kick off the final trading day of the week? three stock jocks run through the morning playbooks with us. and my observations on the u.k. coming to the defense of standard chartered this week.
tomorrow morning, gfi's group is with me, and cameron skrs scribbons. >> last night they came out with weak inflation data, weak production data, trade balance and bank lending data. we'll see if that gives us a heads up on any reserve requirement this week or in the future. form morning we have jc penney earnings, a big mover, and risk reversals in the last couple days, and then the crop report out, soy beans were up today and we'll see how that is. >> john, you decided against the
goatee. >> yeah, we're back to dry land and clean cut now. >> what do you watch for tomorrow? >> we're expecting continued moderate 1% to 2% gdp growth for the u.s., but no recession. so we're looking so see if the data spoupports that view. we're looking for the receipt side and government receipts associated with an increase in activity, and i'm also looking at stronger import prices. i would like to see that as well. >> we'll be watching that, cameron, you're up. >> thanks, tomorrow is a light day for economic data, but we'll be looking at jc penney's earnings and see how back to school shopping is going.
the department stores posted pretty good earnings and jc penney is a turn around story. also, we're looking at the levels on the market. we want to see the s&p try to push through 1422, if it gets through that the market is going higher. >> thank you, we'll all be watching that tomorrow, let's get to bryan shactman. >> seems like yahoo is reviewing it's business strategy. the stock is down in after hours and people are focussing on reevaluation of what to do with the proceeds from the ali babba investment. it has been benefitted instead of giving that back they might want to keep it in the fold and be aggressive in the accusation space. >> lucky he is not american, my observation on the british accomplishment commending standard charter bank.
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and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. and finally today, my observation on this competition between london and new york.
some are making claims that the reason standard chartered did business with iran is about the u.s. attacking the u.k. and it's banks rather than defending the law of the land. isn't it interesting that the u.k. establishment is now closing ranks around standard chartered and defending peter sands, and no one was more instrumental in pushing out bob diamond, the american ceo, than the bank of england governor. they were pushed to step down. so the entire u.k. establishment went over barclays that pushed for bob diamond's regulation, but also that the chief operating officer step down and they all did resign very quickly, but the same group are now rallying to the defense of standard chartered accused of
doing business illegally with iran. would this defense to be vigorous if standard chartered was run by an american ceo. i'm not sure, but on this i'm sure, the argument of the government at any level could conspire to launch charges against a bank because we're jealous of london against new york. before we go welcome take a look at wall street. the dow jones ended lower today, no five day winning streak for the dow, the do you dow trading in a narrow range before giving points back. >> and the first five day winning strike since midmarch. the nasdaq climbed seven points today to a three month high. up for a fourth day in the last five. thank you for being with me, keep it here on cnbc for our continuing coverage