This week on q a, a professor and former federal prosecutor randall allies and who writes a blog called sidebars talks about the federal Corruption Case against u. S. Senator bob menendez new jersey. Eliasson, before i ask us about this case, give some background about how you got into the business of the law and the relationship between the federal prosecutor and somebody in politics . i came to washington for my first job at a private law firm. I worked there as a federal prosecutor for 12 years. Both of the time in that office i was in what they call the public corruption and government fraud section. I was focusing on cases involving public corruption and fraud against the government, both medical both federal and local officials. By the time i left, i was serving as the chief of that section. I was supervising the attorneys focusing on those cases. I left the office in 2000 want to help test so i could start teaching and writing on a parttime basis. Teaching whitecollar criminal l
Would have. I was so stunned by the conversation that i just took it in. Lordy, i hope there are tapes. I remember saying, i agree hes a good guy as saying im not agreeing with what you just asked me to do. That, of course, former fbi director james comey in the d dramatic testimony on capitol hill this morning. Welcome in this morning. Im in for kel ly evans. The dow hit a record intraoday but now we are down 22 points on the trading session. Well look at whats behind the reversal. Looking ahead as well to the u. K. Elections, polls there close in just under two hours, and the house back here is set to vote on its plan to roll back parts of the doddfrank financial reform law. That vote is expected sometime this afternoon, probably within the next couple hours. Well go live to capitol hill as soon as it begins, so, yes, still a very busy day here. Absolutely. Plus, a high profile departure over a jpmorgan. The man often seen as the heir parent to Ceo Jamie Dimon is leaving. We have the
Ftse 100, italy, spain, all up. Looking at crude. Wti sitting at 50. 91. Lets get to that microsoft story. It is the top corporate story. Shares of the tech giant popping on better than expected quarterly results. The big driver, the cloud. The shares of the microsoft product doubling in the most recent quarter. The stock hitting an alltime high in afterhours trading breaking through a level hit at the peak of the tech bubble back in 1999. Its going to close in on a half trillion dollars again. Its great day to have ballmer on. He took a lot of flack for not turning it into something it wasnt. In hindsight, now that we have the benefit of hindsight, he kept that thing moving along. Increasing revenue. Maybe the share price didnt go all the way back. Got pretty rich himself. How much does he have left . I expect him well have him for an hour. I expect him to be in a really good mood today. Because of the stock price. Very few of us get like 4 billion richer on wake up in the morning. I
[inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] the meeting will come to order without objection. The chair is authorized to declare recess at any time. This hearing is entitled examining the sec agenda operations in fy 2018 budget request. I now recognize myself or three minutes to give an opening statement. I warn everybody i will take a lot longer because there is unanticipated news. First, before proceeding to the purpose of this hearing, i do want to know for all my colleagues that as we begin this hearing today, in 318, b3 18 of this very building, the rayburn building, our friend, our colleague, the Great American hero and patriot sam johnson is being honored by having that very room b3 18 named after him. I think we all know he is a decorated war hero who served his nation with great courage, great valor in korea and vietnam and spent seven years and ex
Even the initial drop was not a huge one, not even 1 . All three major averages are down. The dow is down 30 points. At one point, it was down about 100 points. Iscould be worse, i guess, the way to look at the averages. This is despite the job report coming in much weaker than estimated, and on top of that, we got a Services Report that was weaker than estimated, showing the slowest expansion last month going back to 2014. Interesting phenomenon we are seeing. Take a look at the groups on the move to see what is supporting the gains we are seeing. It looks like it has to do with the drop we are seeing in bond yields. Utilities are up and Telecom Stocks are up, and those tend to be the groups that benefit when yields are lower. Consumer staples also representing the defensive groups. Financials are far and away the worstperforming group. Look at what is happening with the banking stocks. A big drop here in Companies Like jpmorgan, wells fargo, bank of america, and citigroup. The percep