You are on page 1of 27

Show: NIGHTLY BUSINESS REPORT> <Date: July 19, 2013> <Time: 18:30:00> <Tran: 071901cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for July 19, 2013, PBS> <Sect: News; International> <Byline: Tyler Mathisen, Sue Herera, Brian Sullivan, Julia Chatterly, Scott Cohn, Eunice Yoon> <Guest: Ron Insana, Mark Luschini> <Spec: Detroit; Cities; Economy; Steve Cohen; SEC; Business; Crime; Energy; Utilities; Technology> <Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Susie Gharib, brought to you by --


TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The day after. In Detroit, reality sets in. So, what happens next to city workers, bondholders and mutual fund owners now that it`s become the largest municipality ever to go bankrupt?

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Charged. SEC says Steve Cohen, the billionaire hedge fund manager, the government seemingly loved to hate, failed to prevent insider trading by his employees.

MATHISEN: And, peak power usage. The mercury is rising and grids are under pressure. But what if the utility could store electricity before a heat wave hits?

All that and more tonight on NIGHTLY BUSINESS REPORT for Friday, July 19th.

HERERA: Good evening, everyone. I`m Sue Herera. Susie Gharib is off tonight.

It is the day after the largest municipal bankruptcy in the nation`s history. And today, the reality of just how bad things really are in Detroit and how bad they can get is just sinking in. What will happen to the city`s 100,000 creditors? How much will bondholders recover? And what about the pensions of current and former policemen, firemen and other city workers?

The unknowns, along with the growing number of lawsuits already being filed and are many, they will likely take years to shake out.

Brian Sullivan is on the ground in Detroit where city and state officials are hoping this drastic move will save the city.


BRIAN SULLIVAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: For years, Detroit is living on borrowed money and borrowed time. And now, it seems the city may have run out of both -- Detroit filing the largest municipal bankruptcy in the history of United States, listing billions in obligations, hundreds of millions in deficits and more than 100,000 creditors.

The city blames a number of things for the filing: the declining population, which has sent the population down by more than half over the last 50 years and with it, a declining tax base. In fact, by some accounts, in a 77-block area, just one home per block on average is paying taxes, and there are more than 76,000 abandoned homes and structures in the city.

We went out to see some homes and structures that are being torn down to try to make the city a little more pleasant to live in, in what has been a very difficult time for many Detroit residents. Now, the case is far from certain. In fact, there are moves to block the case from going into court, however, if the case does indeed go into bankruptcy courts, the mayor and the governor of Michigan are hoping that the courts will wipe out

many of the debts and obligations that are strapping this already cashstrapped city.

And though many may look in Detroit and say it`s unique that way, the mayor of Detroit, Dave Bing, in an interview, saying other cities may face the same fate in years to come.

DAVE BING, DETROIT MAYOR: Detroit is just the first city of many dominos that will probably fall. There are several cities in the same kind of situation that we`re in. If it does it for us, everybody say, why Detroit and why not us?

SULLIVAN: Whatever the outcome of this bankruptcy proceeding, the ripple effect will be far and wide. Unions pushing bank against the bankruptcy because they are afraid their pensions might be cut.

CYNTHIA FALSKA, RETIRED DETROIT POLICE LT.: My husband and I have no source of income coming in because we`re both retired police from the city of Detroit. We would lose everything.

SULLIVAN: No matter what happens, this is the case that is going to ripple through the courts for months, if not years, and could change the face of Detroit for good or bad for a long, long time.

For NIGHTLY BUSINESS REPORT, I am Brian Sullivan in Detroit.


MATHISEN: And on the heels of that Detroit bankruptcy, the Securities and Exchange Commission today accused Miami and its former budget director of securities fraud stemming from three muni bond offerings in 2009. The SEC says the city issued false and misleading statements about the offerings and that, quote, "Miami cannot play shell games with its finances." The city was reprimanded for similar alleged improprieties in 2003.

Steven A. Cohen is one of best known hedge fund managers on Wall Street and SAC Capital, with approximately $9 billion under management, is one of the most successful fund firms of them all. But all that could change.

The Securities and Exchange Commission today announced that it has filed a civil complaint against Cohen for failing to properly supervise two of his trader employees. They are separately accused in a massive insider trading scheme. Now, the SEC is also looking to bar Cohen from managing other people`s money.

In a statement, SAC Capital said Cohen has done nothing wrong and will fight the charges vigorously. So, why now, why civil charges and do today`s SEC moves foreshadow criminal charges to come?

Ron Insana is with us. He`s a journalist who once worked with Cohen.

Ron, good as always to see you.

RON INSANA, JOURNALIST: Nice to see you.

MATHISEN: Why is there so much attention that surrounds Steven Cohen?

INSANA: Well, certainly, by any measure, he`s one of the most successful hedge fund managers in the history of the industry, like George Soros or others. He`s returned about over 25 percent a year. Since he started his fund back in 1992, started with $25 million, he himself is said to be worth $9 billion and at its peak, SAC was managing $15 billion or $16 billion.

So, quite a big success story, and he`s also known for some of the accoutrements that have come with that excess. Success, I should say. A large house --

MATHISEN: Or excess.

INSANA: Or excess, depending on your point of view. A large house in Greenwich, Connecticut. A huge art collection, a lot of real estate.

And so, in some ways, I think probably the government, and maybe others, identify him as the poster boy or poster child, I should say, for the hedge fund industry.

HERERA: What about the civil charges? They are easier generally to prove. Is that why you think the SEC take this -- took this particular move? No?

INSANA: Well, Sue, what`s fascinating to me is that, you know, we`ve gone from reading in the papers that there was going to be racketeering --

HERERA: Exactly.

INSANA: -- a set racketeering charges leveled at Steve Cohen and then it was -- maybe that`s not going to happen. So, the SEC will sue. The SEC didn`t sue. This is an administrative proceeding.

And so, of all the possible charges, for lack of a better description, they could have brought against Steve Cohen, this is the least among him. Now, they do want to bar him from managing other people`s money, which would change the financial structure of SAC. As a hedge fund, it would seize to operate, but it would still be his own family office at the end of the day with $9 billion or so to manage.

But it`s a big deal in one sense but in some ways, probably prevents

or probably foreshadows the fact that there will be no criminal charges filed.

HERERA: That`s what a lot of people think.

INSANA: Yes, yes.

MATHISEN: You know, one of the reasons individuals care about this case is that there are a lot of pension funds and endowments that have some money with SAC Capital.

Let`s say that these charges go away, he is never really -- doesn`t go down for it and that the insider trading cases against two of his former employees, that those do not result in convictions. Can he survive as a manager of other people`s money?

INSANA: Oh, yes, sure. I mean, listen, he`s got $9 billion of his own money, which is the lion share of what they manage, anyway. So, he`s going to be up and running for a period of time, while they fight this. He`s not closed. People have withdrawn a rather serious amount of money from him during al the allegations that were made in the press, even before this administrative proceeding has been brought.

But let`s say I`m -- you know, the two insider trading cases that are currently outstanding and don`t go to trial this year, if those two

individuals are found not guilty, the SEC would have very little basis for admonishing Mr. Cohen. And I think -- it would be interesting is, does he let people back in who abandon him during this period or does he take on new investors and stay with those who stuck with him during the same period.

MATHISEN: Ron Insana, thank you very much. It`s good to see you.

HERERA: Turning to Wall Street right now. Slumping text shares weighing on the market, following disappointing earnings late Thursday from the tech bellwethers of Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOG). But strong earnings before the bell today from industrial giants, General Electric (NYSE:GE), Honeywell, and Ingersoll Rand help offset that sale off.

General Electric (NYSE:GE) was the biggest gainer in the Dow, up nearly 5 percent, after reporting a big boost in new orders. The biggest decliner was Microsoft (NASDAQ:MSFT). Its shares tumbled more than 11 percent after it missed earnings estimates because of declining sales of PCs and writing down $900 million for its surface tablet that apparently no one wants to buy.

In the end, the major averages managed to close near their highs of the day. The Dow ending just 4 points lower, the tech heavy NASDAQ was down 23, and the S&P 500 managed to gain two points, closing at fresh new

record high.

MATHISEN: Well, Sue, three years after the massive Gulf of Mexico oil spill, billions in payments from the oil company BP to victims of the disaster are still being sent out. Just today, a federal judge refused to temporarily shut down a settlement program for victims of the 2010 oil spill, refuting claims from the oil giant`s investigators of widespread fraud among the tens of thousands of residents and business that made claims.

HERERA: G-20 finance ministers and central bankers from the world`s biggest industrialized nations begin meeting in Moscow today and there is a lot on their plates, including slowing global growth, balancing federal budgets and, of course, volatile markets.

Julia Chatterly has more from Moscow.


JULIA CHATTERLY, NIGHTLY BUSINESS REPORT CORRESPONDENT: The opening gambit to talks here in Moscow was an op-ed by Treasury Secretary Jack Lew, telling these countries and in particular, Europe, they need to do more to support demand and they need to make job creation the heart of this recovery. It may not be a message that they want to hear, but they need to hear it more.

Ninety-three million people in the G-20 countries unemployed, a third of them unemployed for more than one year. Yes, the G-20 can talk the talk, but ultimately, it`s going to come to the national government to implement policies to improve the situation.

Jack Lew then flies to Athens on Sunday to ram that message home with Greek politicians, too. But here, the talks continued. Debates about proposals for tax policies to address the tax trickery for some of the multinational corporations. This is going to impact the likes of Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN) in particular. It`s been a hot topic over recent months.

Then, the discussions continue as the central bankers of the G-20 nations arrive here tonight. They`re going to be talking ultimately about U.S. tapering tremors (ph). Can these emerging market countries in particular come together and find ways to build financial safety net? To be honest, from the discussions I`ve had here, it`s going to be similar to policy to support jobs and to support growth.

We`re going to be waiting a while. For now, though, back to you.


MATHISEN: Julia Chatterly, reporting.

Back in the U.S., it is day six of a massive heat wave affecting nearly half the country and it is also taxing our power companies. In New York City where temperatures topped out at 99 degrees today, officials at Con Edison, the local power utility, say the city reached its all-time electric peak usage. If you`re keeping score, that`s more than 13,000 mega watts and so far, there have been no outages in the Big Apple (NASDAQ:AAPL). I probably just jinxed it.

HERERA: You might have.

Some folks, though, in southern California are not quite as lucky. San Diego Gas and Electric reported a blackout late last night, with power lost for hours to at least 123,000 customers in San Diego and Orange Counties. The exact cause has not been determined, but officials do report that power has now been restored to all of its customers.

MATHISEN: And that massive heat wave has put utility companies across the country to the test, scrambling to keep up with record demand but relief may be on the way, not only for that heat wave but for utilities, too, thanks to a breakthrough new technology.

Scott Cohn has the story.


SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): They are sweltering in New York, in Boston, across the country. Living in this heat is hard enough. Utilities have to work in it. That means delivering power the instant you turn on a switch.

STEVE HELLMAN, EOS ENERGY STORAGE PRESIDENT: As a result, the electricity grid is built in an extremely complex fashion, and it`s built for the very, very peak consumption.

COHN: But what if a utility could score electricity ahead of time for days like this, generating power when demand is low, and then selling it when demand is high? That`s what they are working on in this lab in Edison, New Jersey.

Eos Energy Storage is developing batteries that could, they say, replace entire power plants.

Steve Hellman is Eos` president.

HELLMAN: It changes the whole economic. It changes the entire infrastructure. It changes the whole paradigm of how we produce and consume energy.

COHN: The idea has been around for decades, but the challenge has

been the cost.

ALEX KLEIN, INS SR. MGR. POWER & RENEWABLES SERVICE: There needs to be a pretty significant decline in the cost of batteries. We would say basically 50 percent to 70 percent cost decline from where we are today.

COHN: Eos uses zinc, cheaper and more plentiful than the lithium in most rechargeable batteries.

(on camera): There are 400 batteries in this module and this alone will be enough to power a small home for an entire afternoon. By next year, Eos hopes to have a much larger version that could power a small neighborhood for days. Business development manager Philippe Bouchard is working with utilities and regulators.

PHILIPPE BOUCHARD, EOS ENERGY STORAGE BUS. DEV. MGR: It`s about putting pencil to paper on the business case for this technology and demonstrating that we can, in fact, save utilities and their rate payers a lot of money.

COHN (voice-over): But it`s not just utilities that are interested. Among Eos` investors is a commercial real estate company, with the idea that buildings in the future could come with batteries included.

For NIGHTLY BUSINESS REPORT, I`m Scott Cohn in Edison, New Jersey.


HERERA: And still ahead, Glaxo is accused of bribing doctors, officials and hospitals in China. Now, the Chinese government is going after the drug company in an unprecedented way.

But, first, a look at some stocks that hit all-time highs today.


HERERA: Western companies that are doing business in China often face many challenges and cultural differences, and now several executives at British drugmaker GlaxoSmithKline are finding out the hard way being detained as they face acquisitions of bribing local officials and doctors.

And as Eunice Yoon explains, this may be business as usual in China.


EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): This isn`t something you see every day on Chinese TV, this week, state-run CCTV featured an interview with an executive of British drug giant GlaxoSmithKline, being questioned after detention, shocking the international business community in China.

JIM MCGREGOR, CHAIRMAN: What`s going on with GSK is really unprecedented. I`ve never seen the government go so strongly and loudly after one company. It makes such a big deal out of it in a criminal way.

YOON: The alleged crime -- bribery of doctors, officials and hospitals in hundreds of millions of dollars. Four Glaxo executives have been detained, the finance director, a foreign national, ordered not to skip town, part of the crackdown on the first foreign form to be ensnared in Beijing`s anti-corruption drive.

"It`s like catching a big fish," this lawyer says. "It`s a warning."

One industry in need of a cleanup, healthcare. Walk into a hospital and dysfunction is evident right from the start.

(on camera): This is where people buy tickets to see a doctor. They normally cost a dollar but their staffers will sell them to you for $85.

"The salary of our doctors is about $1,000 a month," he says. "Commercial bribery and China`s drug sector is very common. It`s an open secret."

Big pharma has faced trouble breaking into this market, complaining the local drugmakers are entrenched into the hospital system. Now, Glaxo

scandal is feeding the perception among international firms, China is even less welcoming.

MCGREGOR: What maybe happening is that they are going after foreign companies right now to soften up the political ground because they`re going to be going after state enterprise later in the year.

YOON: A tip off of possibly even bigger change.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.


MATHISEN: We begin tonight`s market focus with earnings from Whirlpool (NYSE:WHR), the world`s largest seller of washing machines, refrigerators and other large appliances, reported a 75 percent rise in profits and raised its full year earnings outlook.

The company expects appliance demand in North America to improve more than previously thought. However, its earnings per share did miss analyst expectations. Investors though brushed that aside and sent shares up 8 percent, to $128.91.

Investors ate up shares of Chipotle Mexican Grill (NYSE:CMG) after the fast food burrito chain topped earnings expectations and increased it the

full year same store outlook. Chipotle opened 44 new restaurants in the second quarter and said it has no plans to raise prices for the rest of the year. The stock closed the day higher by 8.5 percent, at $408.97.

HERERA: A different story, though, Ty, for Community Health Systems (NYSE:CYH). The hospital operator slashed its earnings forecast, blaming lower patient admissions. The company also said that it was served with an additional subpoena from the Justice Department as part of an investigation into Medicare admissions.

The stock was under pressure the entire day. It closed lower by almost 9 percent to $43.16.

And shares of Intuitive Surgical (NASDAQ:ISRG) tumbled after that company lowered its revenue forecast and said it expects sales of its robotic surgery systems to remain under pressure. The company also said it received a warning letter from the FDA following an inspection of its facilities back in June.

The stock finished the day down almost 7 percent, to $392.67.

Retail Me Not made its Wall Street debut and the stock soared. The online coupon company opened above its offering price of $21 a share. Retail Me Not offers digital coupons for everything from clothing and electronics to food and entertainment. The stock finished its first day of

trading, up 32 percent, to $27.70.

MATHISEN: And tonight`s "Market Monitor" has an upbeat outlook for the market overall, as well for some specific stocks. Let`s welcome Mark Luschini. He`s chief investment strategist at Janney Montgomery Scott.

Mark, welcome back.

Why are you sort of constructive on equities as you are and what do you think the second half of the year is going to look like?

MARK LUSCHINI, JANNEY MONTGOMERY SCOTT: Well, I think the second half of the year will look better than the first half, Tyler. I think that we`re going to see a capital spending uptick. We`re already seeing that in capital goods orders activity that has been increasing sequentially now for three consecutive months. We look for the housing market recovery to continue on over the course of the remainder of the year.

And, finally, the consumer deleveraging process has advanced. We`re seeing some job growth and we think that collectively is going to lead to accelerating economic growth out over the back end of the year, and I think that bodes well for risk assets, namely stocks.

HERERA: All right. Speaking of stocks, we have viewer questions for you tonight, Mark. Janney of Minnesota writes in and said, "I brought 300

shares of Apple (NASDAQ:AAPL) last year at about $600 per share. Do you think I should sell Apple (NASDAQ:AAPL) at this price or hold on for a higher price later?" What do you think?

LUSCHINI: I think, Sue, she should hold on for a higher price later. Unfortunately, that $600-plus is a sunk cost at this juncture. But the fact of the matter is, Apple (NASDAQ:AAPL) is still an iconic brand, is generating over $15 billion of free cash flow a quarter. It pays today -today`s price a 2.9 percent dividend yield and we`re in kind of a (INAUDIBLE) between their product cycle at the moment. So, I would wait to see what they might be launching this fall, which could grab some sponsorship back in their share price and drive it higher before you`re willing to part with it.

MATHISEN: All right. Let`s talk about a company that is sort of related, at least it`s in the phone business.

Alexis from El Paso (NYSE:EP) wants to know, "How does the outlook for the Vodafone Group (NASDAQ:VOD) look over the next year?"

LUSCHINI: We think pretty good, Tyler.

Vodafone, obviously, a global wireless carrier developing activity for its businesses in both emerging market countries and as well-developed markets. The stock pays a 7 percent dividend yield, which is exceedingly

handsome and, obviously, gets you a long way towards realizing an impressive total return. Plus, it owns about 49 percent of the Verizon (NYSE:VZ) Wireless footprint here in the United States, which is a lucrative proposition and there`s increasing talk if, perhaps, of Verizon (NYSE:VZ) is going to either buy them out or do something in a way to pay them a huge dividend as a consequence of their ownership stakes.

So, I would hold on to Vodafone.

HERERA: All right. Next, it`s David from Blue Hill, Maine, writes in and asks, "As a long-term holder of Intel (NASDAQ:INTC), I would appreciate a discussion of the company`s prospects, competing in markets such as mobile rather than PCs."

What do you think? Do they have what it takes there?

LUSCHINI: Sue, we think so. I mean, Intel (NASDAQ:INTC) again is an iconic franchise, a mote business, if you will, given all the industries impacted by its chip-making capacity. Obviously, it stumbled here recently, particularly being rather slow in making the transition, supporting PC -- PC sales that is, to smartphones and other tablet-like devices.

But we think they`ll get it. In the meantime, you get nearly a 4 percent dividend yield at today`s price. The stock seems relatively cheap

at about 11 times forward earnings so it has evaluation support. And again, it`s a cash cow.

So, we continue to think the longer term prospects for Intel (NASDAQ:INTC) look very attractive.

MATHISEN: Let`s get to couple of your picks. Kind of bonus time now -- two stocks that you like. We got about 45 seconds left. So, 20 seconds apiece on PNC, and Helmerich & Payne (NYSE:HP). Why do you like them each?

LUSCHINI: PNC is a recovery on two things. Recovery story on two things, really -- the housing market and it has a big footprint in the Southeast, which is a growing populous area. In addition, obviously, a recovery in distressed sales, particularly in the Floridian marketplace, and as well as domestic recovery. So, it`s a 1-2 punch that we think is going to be profitable for PNC.

And, obviously, as it relates to Helmerich & Payne (NYSE:HP) -- here`s a company in North America, has a state of the art oil rig portfolio, active in the Bakken shale and has impressive day rates. And we think again strongly about the long-term prospects for the energy in the United States, which we think HP is going to be a benefactor of.

MATHISEN: Any disclosures on the last two, Mark?

LUSCHINI: We own them all for clients, Tyler.

MATHISEN: All right. Fun -- Mark Luschini, have a great weekend.

LUSCHINI: Thank you. You do the same.

MATHISEN: Mark is with Janney Montgomery Scott.

And coming back, since -- coming up, since the financial crisis, most people look at Wall Street and think of greed. There is one symbol that has endured.

First, though, some food stocks that hit all-time highs today.


HERERA: A visit to the New York Stock Exchange is always high on the list of things to do for those visiting the Big Apple (NASDAQ:AAPL). But just a few blocks away from the exchange is an even more popular New York landmark, the iconic Wall Street bull that over the years has come to represent the good and the bad of the financial capital of the world.


UNIDENTIFIED FEMALE: We don`t know exactly the meaning of the bull,

but I think it`s strength.

HERERA (voice-over): This is the famous bull of Lower Manhattan.

UNIDENTIFIED MALE: It`s a classic. It`s a classic.

HERERA: It has become one of New York City`s biggest attractions. People from all over the world come to see it, to be near it, to touch it.

UNIDENTIFIED MALE: Some people tell me that if you touch the bull, you will get lucky. So, I did it.

HERERA: The bull is the star of a short film by Mark Nickolas called "My Life in the Canyon of Heroes".

UNIDENTIFIED MALE: Back in 1989, just before Christmas, I was impounded and put in a warehouse in Queens.

HERERA: It`s captured a lot of attention, enough for the Smithsonian to notice. It`s now a Smithsonian in motion short film finalist.

MARK NICKOLAS, DOCUMENTARY FILMMAKER: While the film isn`t meant as a political statement, in some ways, I`m trying to take the bull away from the bankers and sort of bank to the people.

HERERA: The 7,100 pound 16-foot long bronze bull was sculpted by this man, Italian artist Arturo Di Modica.

(on camera): When you made the bull, what was your vision behind your sculptor?

ARTURO DI MODICA, ITALIAN ARTIST: The vision was give strength and power to young people for a better future.

HERERA (voice-over): We introduced him to the man immortalizing his bull on film.

(on camera): So, you gentlemen met for the first time. And, Arturo, what do you think of Mark`s work?

DI MODICA: The work is fantastic and I think he did a really, really good job.

HERERA (voice-over): The bull was a Christmas gift to the people of New York City after the 1987 stock market crash. Arturo claims the New York Stock Exchange wanted a bear, too, but that wasn`t in the cards.

DI MODICA: After the stock market, you know, crash, that`s my idea. What I`m going to do, I did the bull because the bull means power.

HERERA: The sculpture moved downtown just a few blocks to Bowling Green Park where it still sits today.

DI MODICA: This is the perfect place for the bull.


HERERA: It sure is.

By many accounts the bull is the second most visited landmark in all of New York City, second only to the Statute of Liberty.


Be sure to join us on Monday, folks. We`re going to begin a five-part series how to not outlive your money. We will cover everything from rethinking the time-honored 4 percent rule, to protecting your retirement stash. That`s Monday right here on NIGHTLY BUSINESS REPORT.

HERERA: I have to set the DVR for that.


HERERA: All right. That does it for NIGHTLY BUSINESS REPORT for tonight. I`m Sue Herrera. Susie Gharib is back on Monday. Thanks for

joining us.

MATHISEN: And thanks from me as well. I`m Tyler Mathisen.

Have a great weekend, everybody. Stay cool. Inject liquidity. See you Monday.


Nightly Business Report transcripts and video are available on-line post broadcast at The program is transcribed by CQRC Transcriptions, LLC. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Nightly Business Report, or CNBC, Inc. Information presented on Nightly Business Report is not and should not be considered as investment advice. (c) 2013 CNBC, Inc.

<Copy: Content and programming copyright 2013 CNBC, Inc. Copyright 2013 CQRoll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.>