Latest in business and finance from ABC news now. And you're watching live coverage of the opening bell on. Now bringing about this. She'll -- deficit Thursday January 10 hello everyone and Tanya... See More
Latest in business and finance from ABC news now. And you're watching live coverage of the opening bell on. Now bringing about this. She'll -- deficit Thursday January 10 hello everyone and Tanya Rivero in New York. Developing news this morning President Obama preparing to make his nomination for the next Treasury Secretary. Joining me now to discuss the top business headlines at this hour is Aaron task editor in chief -- our partner Yahoo! finance good morning Aaron good to see you. Good morning -- -- President Obama is set to officially nominate Jack Lew for Treasury Secretary. How -- things change if -- is the person that replaces Tim Geithner. Well. Lou he's a real budget and tax wonk and he was director VO MB twice in the past he was a big player in the Clinton administration on budget issues. And so he's much -- of a policy wonk I think it -- -- Tim Geithner came at a New York fed and is seen as being very close with the banks and Jack -- did work at Citigroup earlier his career but he's more seen as a as a policy guy as opposed to a Wall Street -- Senator Wall Street guys -- another outsider. I'm probably goes to forest outside of -- and what they see him as much of it as a friend and ally as they. I hope and think they had in Tim Geithner community Tim Geithner was very good to the banks and I think he saw his main goal -- to protect the banks in the banking system. I'm and in doing so did some things that a you know upset me a lot of other Americans I think he did what he thought was right but -- I don't think the Jack Lew. Looked at things through that same prison. Interesting that -- -- Beijing's state that -- out now. Out in just the past hour weekly jobless claims there were 371000. New claims and that is up 4000 from the prior week. Do you think -- -- fiscal cliff debacle had any impact on these numbers. Maybe at the margins but but I think these numbers are pretty consistent with what we've been seeing in the overall trend employment growth -- -- -- suffered December 155000. New weekly claims in this level it's sort of it's not terrible anything under -- -- thousands considered -- pretty decent but it's not good either so. It isn't just consistently this kind of muddling along economy we have. And the job market that is adding jobs but -- a very slow pace and certainly not. Fast enough to put the millions of people who. Out of work. Back to work needs a little jumpstart there for sure -- -- -- -- -- It is at the center of a battle between two hedge fund managers now president. A popular. Supplements have health supplement tell us what's going on here. -- this is it really fascinating story mean you have you have to that the biggest and best known hedge fund managers out there. Bill -- he's come out very publicly shorting Herbalife. He had Dan -- who's just yesterday announced he's taking a big long position and herbalist in these guys are battling either going head to head. This is not the first time they've done this. So is it her all of these guys I wonder if it is personal and I'm you know I'm reminded the original Wall Street movie in the Michael Douglas character Gordon -- there was sort of this European character who he was always butting heads with -- that a lot more money and he did and they were always. Going at each other I think what's happening. What would Akron and -- is kind of on a similar play I do wonder there's -- -- -- and I should know them a visit is a big shareholder in Yahoo! my employer right -- For obvious but that disclosure out there. Our shores so but what do you think aside from all of this posturing perhaps what do you think of the company. Well it's it's it's an incredible. Fascinating story mean bill Blackmon is basically saying that our belief is a fraud that it's a Ponzi scheme. And that the government would just look at -- they would shut the company down and -- Herbalife of course denies that they're doing anything fraudulent they have a business model that's that's been used by other companies in the past. And you know Dan -- is saying this is legitimate company a legitimate business and the other stock had fallen dramatically because in large part -- -- -- come out. Which is very lengthy presentation. Late last month the saved her life as a fraud and so little to -- there's value here on stepping in. And it's gonna be really fascinating to see how this plays out the bottom line is one of these guys is going to be really really wrong when it comes -- and really really rich Everest -- we asked her -- in my they're both really rich and either what I was getting. Indeed you know be suffering when this is also number one one's gonna make a lot of money and the other was gonna lose a lot of money. Interesting to me is that here's a company that 21 hedge fund manager takes a short position in and then comes out with a really long report about why he's done so. Therefore creating the circumstances to make his -- pan out -- some yes. Right that's what's that's was -- and -- and knew about this a new era of short sellers and I'm David Einhorn is another when he's done this is well. He and -- -- a couple of what folks didn't she knows. These guys are very public with their short positions they feel like they have -- -- It is -- short in the do you. And they're gonna go public within -- -- up to you. Other investors I think it's always a bad idea whether it's Warren Buffett on the long side or bill -- on the short side. For the rest of us to say oh he's doing this I'm gonna follow him. Without doing your own research first because there's always somebody to get decided to trade as we're seeing now and well and -- -- health and other a lot of sheep out there. I can't had a lot of -- every relates to be say well. To be told me do it it's like can blame them if it doesn't work out right -- -- piggyback on the view the great ones out there but. All the great ones you know Warren Buffett included in -- act we included the and they all had made mistakes in the past and -- -- not infallible that's for sure. Absolutely will certainly will be interesting to see how this one pans out for short now let's move on to the Consumer Financial Protection Bureau. Coming out with new mortgage rules for lenders now. Are these going to be powerful enough for any real change. Well if they become the law they will be there there. The CF. PB is described -- the calls a qualified loan. Where they're telling -- lenders essentially you have to make sure that the borrower has the ability to repay that loan. And if you do you all these things are certain percentages of ink com. That you know can be dedicated to repaying a loan things of that nature -- the type of loan is an adjustable rate is it fixed rate those kind of issues. They're telling the banks if you do this then you're gonna have this safe harbor provision which essentially will protect you from future litigation. Right now the banks in the last couple weeks and unsettling some these foreclosure cases and tens of billions of dollars. So you know I think it's a very interesting dynamic that's being set up here where the banks are being said OK you can't be as aggressive -- lender. But if you follow these rules right then you're going to be basically protected from litigation which might be an attractive alternative for. Absolutely under the circumstances any protection from litigation could be as you said very bright guy and I should say that that point though has some other consumer advocates very upset. At the consumer financial protection piercing why would you give these guys. Essentially you know carte Blanche to make these loans -- that any possibility of something going wrong in the future and then being held liable for surely it's -- there's going to be big fight over this for sure. It will be controversial not right Aaron must take a look at the Dow is for -- this morning I don't talk about 42 points though investors seem to be optimistic at least at this moment. So far so good so far so that -- errant thank you. Thanks.
This transcript has been automatically generated and may not be 100% accurate.
Aimee Copeland Gets Bionic Hands
Aimee Copeland Gets Bionic Hands
Touch Bionics donated prosthetics to Georgia woman, 25, who lost her hands to flesh-eating bacteria.