tv Your Money CNN March 15, 2014 11:00am-11:31am PDT
11:00 am
at a company that's bringing media and technology together. next is every second of nbcuniversal's coverage 0f the 2014 olympic winter games. it's connecting over one million low-income americans to broadband internet at home. it's a place named one america's most veteran friendly employers. next is information and entertainment in ways you never thought possible.
11:01 am
11:02 am
one week ago exactly, malaysia airlines flight 370 disappeared and the mystery of what happened to that boeing 777 is sharpening the focus on the business of flying. the modern jet is likely the most complicated global product you'll ever sit in. it has the ability to transform economies and erase borders. with a price tag starting at $261 million, the boeing 777 has 3 million parts provided by 500 dissuppliers, all around the world. that is the global economy at work, and while the boeing 777 has one of the safest records in the industry, boeing stock still took a hit this week. most analysts say long term, whatever happened to this flight won't hurt boeing's business. why not? because countries and companies want these planes. for emerging companies like malaysia a fleet of shiny aircraft and a sparkling airport is a foothold in the economy.
11:03 am
just this week, india's fourth biggest firm confirmed an order worth more than $4 billion. in beijing, dubai, bang koshgs international visitors find state-of-the-art airports. but when a flight disappears into thin air how these nations wee spo respond means everything. the a consulting expert and retired captain for united airlines, talk to me about if this happened elsewhere, let's say the united states, do you think the process would be significantly different? >> it would be. absolutely. anytime you have a multi-national effort on doing something, there are some limitations and someone will step on somebody's toes, duplicate things. you can't get all the information in. i think this has to be concentrated, not necessarily
11:04 am
united states by one country, and then obviously have global help from everybody else, but just like any other major project, you need one captain in a cockpit. >> we asked sir richard branson who has run three airlines over 30 years, what he thought, listen to what he said. >> obviously, you know, there was some kind of catastrophic failure, i believe, and, you know -- and i'm hopeful they'll find out what it was, and every time that something like this happens, on the rare occasions it happens, you know, airlines need to learn from it to make sure it doesn't happen again, and, you know -- and it's very rare that the same thing happens twice. >> absolutely lessons will be learned. 3 million parts on the boeing 777 from all around the globe.
11:05 am
boeing won't get more specific on where the parts are from, but you've talked about this. right? tell us how much of the current technology in commercial aviation today has resulted from mistak mistakes, accidents of the past? >> i would say perhaps a majority. every time there is an incident or accident, a major one, there's improvements to the safety. in the industry they learn from it, and they improve the product. aviation is the forefront of these improvements. we've learned from all of our mistakes, previous crashes, and i -- i agree with mr. branson that this -- this needs to be another lesson to all of us. whatever happens, the outcome is, although i personally hope for a major failure of this
11:06 am
airplane. i don't want to look into some other scenarios. that scares me. >> do you expect long-term this is going to impact malaysia airlines as a business, from what you've seen in the past? >> i hope not. no. the good thing is that people forget. and airlines have tricks up their sleeve. all you have to do is lower your fares for a while after something like that, and people will come back. especially if they don't have too many all rigternatives. malaysia is not like the united states where you have multiple major airlines. if one goes out of business, others could fill the void. so i think they will survive this. whatever the outcome is, but obviously, they're going to be affected. >> aeroconsulting expert, appreciate you coming in today. thank you.
11:07 am
>> it was my pleasure. the search for flight 370 covers thousands of miles, nearly 100 ships and planes from a dozen countries are searching day and night for any sign of this boeing 777. but people like you are also helping, thanks to some cutting-edge technology. anna cabrera joins us from denver where the latest movement from crowd sourcing is adding a lot of eyes to this search. tell us about it. >> hi, poppy. certainly this mystery captivated the world, leading to what one crowd sourcing company calls their biggest campaign ever. in fact, we're told millions of people are logging on to their computers to help look for clues. joe from huntsville, alabama is on the mission there is an awful lot of ground to cover. >> reporter: he's one of many around the world crowd sourcing. using satellite snapshots to search for ma lash shalaysia ai flight 370. we searched with him through his
11:08 am
computer, joining what organizers say are more than 2 million volunteers poring over the digital images looking for a trace of the vanished flight. >> it's important to look to the families to know that people are helping in the search. >> reporter: it can be an arduous task. sometimes there's not much to see. >> today's images are -- >> reporter: crowd sourcers on social media are sharing what they've seen. maybe a raft. what appear, to be wings. >> you never know what's going to pop up. >> reporter: the search area has been divided into small sections. each picture or tile represents 250 squared meters. roughly ten city blocks. the key is, if you see anything, wreckage, a raft, an oil slick or an opt, you flag it. >> this is a real needle in a haystack problem. >> reporter: launching the campaign monday, saying every pixel has had eyes ton at least 30 time. so far more than 745,000 features tagged. right now experts are working to determine if those tags are real
11:09 am
clues. >> i have not seen anything of any particular, you know, interest aft this point. we'll just keep searches. >> reporter: he's looked at the equivalent of about 4,000 city blocks himself. and refuses to give up. >> now, digital globe temperatures us the most commonly tagged's, ships, also involved in the search. this is such a huge people people have to look at and an overwhelming number of people looking this is still a developing operation. they're still collecting images and still analyzing what people have tagged. poppy? >> absolutely. you know, it's interesting, when you look at crowd sourcing used in way like this, it's not that uncommon? right? used after natural disaster, aiding in federal investigations? >> absolutely. so we're seeing all kinds of scenarios where technology is really coming in very useful. for example, the typhoon that happened in the philippines back in november.
11:10 am
typhoon haiyan, so devastating, crowd sourcing hedged identify within 24 hours some 60,000 objects of interest that helped aid in the recovery and response effort there, even in the boston bombing we saw investigators use crowd sourcing to help identify the suspects. collecting images from the public and able to use algorithms that zeroed in or highlighted the tsarnaev brothers. poppy? >> let's hope in this case it helps. appreciate it. great report. two men on missing flight 370 were traveling with stolen passports. that may have nothing to do with the plane's disappearance, but just how big it the black market for stolen and forged passports? >> there's a huge black market for stolen passports. it's absolutely huge. it is probably on a daily basis an average fraudster buys five or six. >> a convicted forger tells us more, straight ahead.
11:11 am
so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally.
11:12 am
11:13 am
so do the solutions. like multi-policy discounts from liberty mutual insurance. save up to 10% just for combining your auto and home insurance. call liberty mutual insurance at... [ thump ] to speak with an insurance expert and ask about all the personalized savings available for when you get married, move into a new house, or add a car to your policy. personalized coverage and savings. all the things humans need to make our world a little less imperfect. call... and ask about all the ways you could save. liberty mutual insurance. responsibility. what's your policy?
11:14 am
two men onboard flight 370 were traveling with stolen passports, and that might not have had anything to do with the disappearance of the plane, but they represent a big problem. black market passports. i want to bring in zane asher. you talked with a convicted forger. right? someone who did this. >> i did. >> did it for a living and is now teaching companies how to spot it. >> exactly. he says that, you know, possible forgery is relatively easy. started when he was in his 20s. take apart lost and stolen passports, practiced ripping them apart and putting them back together. for a true mast per piece, top quality fake passport charge between $8,000 and $10,000. look at this. >>--did take week to make a passport or a few hours. depending on the quality of passport that the forger's actually making. >> reporter: tony spent 15 years forging passports in the uk
11:15 am
before being sent to prison in 2009. >> by gently picking the edge of a passport and now you can start to peel the passport back. >> reporter: here he is changing the name on this passport to mine. >> anything can be faked. someone actually made this passport. that means it can be repeated again. you can see how close through to the picture we actually are here. >> reporter: according to interpol, approximately 40 million passports have been reported stolen since 2002. some sold illegally to people who look similar enough to the original bearer. >> even if you look agents b lit like that person, that's good enough. >> reporter: others end up in the hands of counterfeiters. >> a huge black market for stolen passports. it is absolutely huge. probably on a daily basis, an average fraudster buys five or six. >> reporter: forensic document examiner eddian epstein says a counter fit passport is more likely to raise red flags at
11:16 am
airport security than a stolen one because many countries implemented features to prevent alteration. for example, the first page, an eagle with 13 arrows. a fake passpart might have just 11 or 12. watch as the letters usa change color under ultraviolet light. >> we are working to introduce a next generation passport with additional forensic features but no matter how good you are, somebody's always trying to beat the system. >> reporter: especially when it comes to threat. not every country's regularly checks the date abase to see if passport is stolen. two men were aloud to board with pass ports stolen in 12012 and 2013. one solution, designed to prevent them from being useed by the wrong person. >> border security officials around the world can read that data and validate that you are who you say you are. >> reporter: many countries, particularly in the developing
11:17 am
world, are still behind on implementing them. >> we've seen a lot of the new electronic passports come in, that have made definitely forging a passport much more difficult, but, of course, every system has its weaknesses. >> and tony got out of jail in 2010. he now wants to educate companies on all types of fraud forging passports. the most important thing, if you notice it is lost, it's important to report it right aw away. >> the most valuable thing when traveling. fascinating. he said, someone made this, so someone can make it again. fascinating report. thank you. >> of course. coming up on "your money" from rundown, u.s. airports, to crumbling schools, one of the top economic minds in this country says now is the time to fix it. >> ask yourself this -- should any american be proud of kennedy air force?
11:18 am
kennedy airport? >> larry summers. what he says is working in america, and what's not. first, choose unlimited soup or salad. then create your own pasta with one of five homemade sauces. and finish with dessert. three courses, $9.99. at olive garden. and better is so easy withrning you cabenefiber.o something better for yourself. fiber that's taste-free, grit-free and dissolves completely. so you can feel free to add it to anything. and feel better about doing it. better it with benefiber.
11:20 am
afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current and former military members and their families is without equal.
11:21 am
begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. u.s. companies are building industry leading planes lie the boeing 777 but some u.s. airports are flying in and out of are anything but impressive. larry summers thinks it's time to fix that serving as treasury secretary under president clinton, a key member of president obama's team during the economic crisis and part of a university when a dropout, mark zuckerberg, was just know college kid. it there is a great money challenge of our time, larry summers propose add solution. he was asked why the country isn't doing to improve its infrastructure and create jobs at the same time? >> should any american were proud of kennedy airport? compared to the airports that
11:22 am
people fly to in other countries? and i ask you, if a moment when we can borrow money for the long term in a currency we print well below 3%, at r and when the construction unemployment vat near double digits, if that is not the moment to repair kennedy airport, when will that moment ever come? we tell our kids that science and the technology education is the most important thing, but across america, kids get sick because the ventilation snip their chemistry lab no longer works. we tell our younger children that there's nothing more important than their education, but what do we show them? when there's paint chipping off the walls as there are in more than 10,000 schools? >> and the country that has the best infrastructure and the best workforce will lead the 21st century and we're falling behind on both. how to ensure our work force can
11:23 am
compete globally? a big part of that is providing the best education for our students. larry summers says that might mean, like it or not a long are school day. here's more of his conversation with christine. >> you tweeted recently that the battle for america's future will be won or lost in public schools. vie a question. are longer school days the way to narrow the gap between rich and poor in america's schools? >> there's no one silver bullet, but that's got to be a part. when kids go home to empty houses at 1:30 that is not the way to be prepared for the challenges of the 21st century. you know, you look at studies that, sociologists have done, and you see that the number of enrichment hours being read to, going to a museum, being coached or trained, that the kids of the affluent receive, is almost 6,000 hours more than the kids
11:24 am
of the less -- kids of the less fortunate, and that's got to be something that perpetuates inequality of opportunity. so if question have a longer, enriched school day, that will make an enormous difference. >> the ski the enrichment part of it. the enriched school day, because i asked a -- a principal of a school in chicago about this. a palestine stars in our series "chicagola "chicagoland" we're airing. she says a longer school day is great unless you don't have quality teachers and it's not a safe environment. enrichment is key. not just more hours. >> absolutely. i've been enormously honored to become the chairman of an organization known at citizen schools that provides exactly those kind of enriched extended days. some of it is core of volunteers under americorps. some of it is citizens coming in and talking to kids about what
11:25 am
it is that they do in building various kinds of hands-on experiments. for experiments and activities for kids to do. you know, you can light a fire, if you do the right thing under any kid. >> all right. now, from main street to wall street where bonuses are getting better and better. the average amount of this year's check, stunning. what could that cash buy? next. your education is built to help move your career forward. here's how: we work with leading employers to learn what you need to learn so classes impact your career. while helping ensure credits you've already earned pay off. and we have career planning tools
11:26 am
to keep you on track every step of the way. plus the freshman fifteen, isn't really a thing here. and graduation, it's just the beginning. because we build education around where you want to go. so, you know, you can get the job you want. ready, let's get to work. [ male announcer ] she won't remember this, being carried in your arms. but after a day spent in the caribbean exploring mayan ruins and playing pirates with you in secret coves,
11:27 am
she won't exactly be short on memories. princess cruises. come back new. [ female announcer ] plan your seven-day cruise from just $549. call your travel agent or 1-800-princess. he was a matted messiley ent in a small cage. ng day. so that was our first task, was getting him to wellness. without angie's list, i don't know if we could have found all the services we needed for our riley. from contractors and doctors to dog sitters and landscapers, you can find it all on angie's list. we found riley at the shelter, and found everything he needed at angie's list. join today at angieslist.com (voseeker of the sublime.ro. you can separate runway ridiculousness... from fashion that flies off the shelves. and you...rent from national.
11:28 am
because only national lets you choose any car in the aisle... and go. and only national is ranked highest in car rental customer satisfaction by j.d. power. (natalie) ooooh, i like your style. (vo) so do we, business pro. so do we. go national. go like a pro. bankers having seen bonuses like this since before the 2008 crisis. the average bonus on wall street in 2013 up 15% to get this --
11:29 am
164,000 dollars. that's one bonus check. all right. here's what 164 grand could bip you. what a flashy car? how about three? buy three chevy kovetcorvettes more practical? how about a house? $164,000 could easily buy you a house in nashville, tucson or las vegas. if you're planning for the future, send two doids a four-year public university all costs included, and you'll still have some money left over for grad school with just one wall street bonus check. for more stories that matter to "your money" give me 60 seconds on the clock. it's "money time." a major gm recall being investigated by congress and the justice department. none of the affected cars have been fixed yet, because there aren't enough parts. gm has sent letters to owners of 1.4 million vehicles, but they haven't been told when to bring
11:30 am
their cars to dealerships. lech track carmaker tangling with emergency says tesla must stop selling cars directly to the public and use dealerships instead. tesla is fighting that decision. some shoppers don't trust target. the chain saw a 22% drop in foot traffic at its stores following its massive holiday hack. >> amazon crime -- >> pays nor for crime, amazon's premium service will now cost $99. up from $79. customers still get all the same perks including free two-day shipping. it's the first price hike in amazon prime's history. freddie mac andf fannie mae, lawmakers say a draft of legislation is coming soon. [ buzzer [. >> thanks for spending your saturday smart with "your money." have a great weekend, everyone. "cnn newm"
179 Views
IN COLLECTIONS
CNN (San Francisco) Television Archive Television Archive News Search Service The Chin Grimes TV News ArchiveUploaded by TV Archive on