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It back to our own Charlie Gasparino has been looking at a myriad of things that -- It always before we get into the story about how the SEC is meeting right -- the Niederauer last week and -- the SEC.
On this whole issue of dark pools and price transparency I gotta ask you because you are the expert at this.
What do you think will succeed Buffett I mean obviously this is not quite content but he is get up there and agent they've got to be -- secession and nobody knows this better than you.
And so I think it -- do you -- David Roth came up with Greg -- mid American he's definitely American energy he's been -- -- you know but gave a clue what.
In his annual shareholder letter recently where he said the name has been chosen -- somebody who has been with us.
For several years now to me right away I thought.
Matt rose of Burlington northern has only been with the company about two years so he might copy the one Greg -- -- been around for several several years -- G Jane who runs the insurance business but I would think that somebody yeah right I know eight.
But think about it think about -- -- Berkshire Hathaway owns dairy queen 1 o'clock didn't -- knives click hall writes.
All kinds of jewelry stores Nebraska furniture mart.
It's gotta be somebody who cares enough.
To look at the all the religions and -- really uncertainty I would I'd like say Greg -- or Tony nicely of Geico but again Tony nicely is a little older and grow at a set.
We don't we go -- it's not we know it's not mr.
Right that we don't really get -- get -- my story I mean I I think that this is a bad thing stories assistant Berkshire.
And Liz is obviously the best that is -- what we know we know that the New York Stock Exchange with its CEO Duncan -- -- where we know that the NASDAQ with the CEO Bob Greifeld.
Are now plotting strategy these -- two former enemies together plotting strategy.
To not just get rid of dark pools liquidity that's when trades occurred off the exchange they say.
It deprives him of the of volume which is money in their pocket -- the -- also.
-- pricing if it's traded over there and we don't with a real price of of IBM -- we know they're doing that we also know that there's a bigger thing here.
And what they're going after is a lobbying effort and are devising it.
About getting rid of rule and -- -- -- -- largely revamping this rule that was passed.
About ten years ago it was designed to make the markets fair all these rules where you can actually trade -- -- -- usually.
This NASDAQ listed stocks are traded at the NASDAQ New York Stock Exchange stocks -- traded to New York Stock Exchange.
That rule was designed to great competition he created a lot of competition and a lot of fragmentation and now what we know is this.
Right fill the -- -- met with the SEC last week they met with Mary Schapiro.
This -- the chairman the chairwoman of the securities exchange commission from what I hear from people know about this meeting they had a friendly -- in Shapiro Shapiro asked for more information.
But I'll say Liz I don't know this for a fact they do know this they're gonna -- because -- over fact they're gonna push for a change in.
In rule and MS and you've got to think that some sort of revamp of -- this is my opinion is coming given the fact that Mary Schapiro understands markets.
And she understands that you can have 40%.
Of the volume.
Traded in secret that's what's going on now.
Average American's average investor should care about this issue because not your price of IBM may be different.
In reality because you got all this trading over here it's not occurring at the exchanges where brokers and their orders or -- or an -- sort of places where this transparency.
Act's New York Stock Exchange NASDAQ it's occurring some three guys Apple Computer's not kidding you when I say this.
Back to be an exchange that's what was created a rule and an MS and I Ted they got a -- the -- so if they do go wherever that is the first that the lobbying issue.
In the second step does the SEC actually revamped and MS they're gonna get pressure from both exchanges do it.
Mary Schapiro sees validity -- stand in their arguments.
This is going to be a big story I think if it is particularly if this if this lobbying effort has any -- getting credibility and update it at every incentive to.
40% of the volume is occurring off the exchange.
It really is an incredible story.
You know what two years ago we talked to Mary Schapiro about that she was on it she understands it now that you've got the big guns behind that we'll see what happens Charlie you're way ahead on this.
Story thank you very --