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FBN's Charlie Gasparino on news that Bill Daley stepped down today as Obama's chief of staff.
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Ordered almost an hour ago -- director Jack -- replacing.
Bill -- as the new chief of staff at the White House the Obama administration Charlie Gasparino.
Have been reporting to all of you at home since September the mister Daley wasn't happy he joins me now here on sets -- -- not.
Surprise but -- number this was a long time coming in and he was telling people that he was agitated the job they felt caught out he did have the presence here that Valerie Jarrett a senior economics advisor.
For the president was really kind of running the show he put his name out there to be Treasury Secretary possibly boot plays into Tim Geithner if there's a second Obama term.
It looks like that that is not gonna happen that he was told he would become Treasury Secretary.
And I tell you before we get into my next sort of he's a pretty pretty pretty choosing -- about the CME in and the global.
Is this this is one of the is what Wall Street is not supporting Obama he is clearly pushing -- people from the business community from his inner circle.
And you know when you lose guys like Larry Summers which did over the -- you lose you lose you lose.
Bill Daley who's a moderate you know he's what you kind of want in that administration -- -- work for the Clinton administration.
This is not the Clinton administration this is not politics -- bottom line is this administration's gonna ramp up the anti business rhetoric he'll do it probably does not want to be around for that.
And -- campus when he twelve approaches that Kennedy presidential election and you know if you wondering why businesses aren't hiring more even though things again -- better.
It's because stuff like this they're worried about who's in the White House and who's calling the shots in terms of policy they'd rather have Bill Daly and Valerie Jack for didn't -- without -- not gonna get -- OB -- It didn't see any great story right I mean this what we know from sources close to -- to the regulators that are investigating the whole MF global -- -- L article was a commodities trading firm.
It's been it's been -- right now by just about everybody in the world including the CFTC but -- the SEC -- Justice Department.
And one of the things that's on the table and it's pretty interesting if they could prove that the -- and the somehow.
Because members and the global was it was a regulated entity by the -- and by the CME was a futures trading -- Did not properly regulate MF global in their investigating the C before that role.
If they if they have some problems there one of the issues that on the table is a break up of the -- -- now what do I mean by break of the -- the -- be something similar to what occurred in the NASDAQ Stock Market in the late 1990s mid to late -- guys when they found some sort of price fixing any -- -- -- basics.
-- busy travel Lotta shady stuff involving NASDAQ trading.
What they did was the SEC went in there.
Get an investigation and forced to break up of the market which is now called the NASDAQ Stock Market and its regulatory arm which is now closed called the NASD.
That is that is gone as well as you know -- just one regulatory arm right now it's separate.
From the exchanges but that's with the thing to do -- here may -- break up.
The regulatory function of the CME from the markets sick to -- it from -- -- market unit and that's a pretty -- you think that's what they're that is on the table.
I think it's gonna happen more but clearly -- -- table and we'll know they're gonna do it based on just what they find in terms as he mis conduct as you know.
We were first report that the Jon Corzine when he took over have a global really didn't have the compliance controls in place we've -- in the -- pick -- up we should point this point also point out.
That.
Barney Frank this will once headed the senate finance -- the house finance committee gonna retire he's now in the minority.
Actually would.
Threw that out there about about possibly break it up as a -- he said at a respect at the MF global hearings a couple weeks ago splitting up the -- brings it -- functions as a separate entity.
Would help restore investors' confidence pretty important voice this thing is out there.
Clearly regulars a look at what we should break up this -- will be basically came out a statement that -- -- -- -- position as a regulator.
The system did not fail they said the firm did.
By breaking the law.
Pretty interest pretty harsh words -- -- -- by breaking a law I don't see any charges and they're saying that kind of global broke the law.
That's at least that's come from the CME story continues even on -- from the beginning Charley thank you.
