president obama's record on keeping candidate obama's record promises on the economy. one of america's biggest banks discloses a shocking $2 billion trading loss. we will ask someone if the rules put in place after the 2008 xin nangs collapse, whether you could end up paying again. same-sex marriage dominated the press's week, suggestions he might have taken part in a bullying incident in high school complicated mitt romney. the two got back to their central cha challenge debating the economy. the president was in nevada, key to his 2008 win, but a toss-up because of high unemployment and a housing crisis. he defended his record and said, governor romney has it wrong. >> we want to cut more taxes, especially for the wealthiest americans. they want to cut back on the rules we put in place for banks

and financial institutions. they have said they want to let the housing market hit bottom and hope for the best. that's it. we have heard those eye yas before. that's their economic agenda. i'll be honest with you. i don't buy it. i think they are wrong. >> it was battleground north carolina for governor romney. the president also won there four years ago. we are leaning republican maybe even this time. as he made his economic case, governor romney also suggested president obama was far from the unifying figure of his hopeful 2008 campaign. >> one of the things i object to the most in the president's policies, not just his foreign policies that i think by and large have failed, not just his domestic policy, which also have by and large failed but something else, which has been very disappointing. to watch the president engage in this divisiveness, this pitting of one american against another american. >> virginia is also a toss-up this time. as governor romney tries to return it to the red column, he

will deliver tomorrow's commencement address at liberty unversity founded by the late reverend jerry falwell. jim acosta has just gotten off a call with romney advisers. a major evangelical university. how much of the speech will be geared to the social conservatives. >> not much. i have to tell you earlier, the romney campaign sent out excerpts of this speech that mitt romney is going to give. it is primarily going to be about jobs and the economy. this is their bread and butter issue, their sweet spot. why vary from that sweet spot. myself and other reporters who covered this campaign were peppering the staff with questions all day long. will he talk about some of these issues that matter a lot to social conservatives? >> they said, well, hang on a second. listen to this conference call coming up at 4:30 this afternoon. it was a background briefing where they talked to reporters about what to expect from the romney speech. they did say, he will touch on the issue of mafrnl. he won't specifically get out

there and talk a lot about same-sex marriage and the reversal on the part of the president. they said he will talk about marriage as an institution which deserved to be defended. by and large, john, this will be a speech about jobs and the economy. here is an excerpt. you can expect to hear from mitt romney tomorrow. if you want to throw it up on screen, he is going to say, in his speech, for you and so many young americans, our current troubles can be discouraging. you were ready for jobs that were supposed to be ready for you. millions wait on the day when there are jobs for everyone willing to work and opportunities to match your hopes and goals. don't lose heart. that day is coming. john, it is a crowd that is going to be, socially conservative and also a lot of graduates and their families. they think that the romney campaign that the best messages on jobs are not the socially conservative issues. >> that speech tomorrow at liberty unversity, our national political correspondent, jim acosta. evangelical christians were not a great source of strength

for mitt romney. will they rally for him now in the election? tony perkins, a graduate of liberty unversity. he joins me now. you heard jim acosta. mostly about jobs, a reference to marriage. is that enough for this part of the base? as you answer, want to put some statistics up. the public religion research institute just polled romney and obama among evangelicals. governor romney gets 68%. president obama gets 19%. these are cnn exit polls. in 2008, mccain got 74%. in 2004, george w. bush gets 78%, 21% for john kerry. how does obama get to the ruffle 78% that he had. >> i think the president helped him this week. those numbers were taken last week before the president made his announcement that he is in support of redefining marriage. this is a great opportunity for mitt romney. this is the largest evangelical

college. having been a graduate there. i was there 20 years ago when pat buchanan made the graduation speech. they are accustomed to politics and controversy. he has to hit on the core values, social issues. i think he will. i have talked to the campaign. i think they understand the importance of this speech. >> one of the other issues, there was a protest, a small protest but some students didn't want mitt romney to come. one of them, janet loeffler posted this on a facebook page. my objection is religious. it is not political. liberty trained us that mormonism is a cult. does mitt romney have to address that tomorrow or should he ignore this very small, small percentage of people that object? >> that's a good question. my comments have been to them, look, talk about the shared values. there is no question there is distinct theological differences between christianity and mormonism and evangelicals there at liberty unversity but there are shared values. we work very closely with the

lds church on many, many issues. his point of connection is on those value issues. this is an opportunity to say, we have shared set of values. let's work together to move america back in the right directions. >> you just mentioned you have been in touch with the campaign. are the channels of communication better now than they might have been then? >> yeah. again, i think the president is helping drive people that way. i have had pastors calling me saying, i was sitting on the sidelines, no longer. even african-american pastors, the president has taken us to a bridge too far. we can't go there. we are interested in talking to the romney campaign. >> tony perkins, fascinating. 179 days to go. we will watch this to the end. first lady, michelle obama in virginia. her commencement address at virginia tech paid tribute to the school's resilience after the 2007 shooting spree that claimed 33 lives. i have witnessed the strength and spirit of the hokie nation. i think that you all already

learned plenty of lessons here at virginia tech. in fact, i feel like all of you have so much to teach all of us. >> latest polling shows president obama with a significant lead. he leads governor romney by 7 points, 51% to 44%. if you dig deeper, you will see why the romney campaign thinks they could clothes that gap. gloria borger is here. i don't want to focus on virginia for virginia's state. obama with a lead now. it could be a toss-up. here is what the romney campaign thinks is the opening. is the country going in the right direction? 31% of virginia voters say yes. two-thirds say, wrong track. that is not good news for an incumbent. >> this is what the democrats would say. four years ago, the wrong track number was 83%. even though it is still very high, maybe there are some people in the state who are giving the president some credit

for the economy starting to do a little better. so they would look at that as the glass half full, not the glass half empty. just saying. >> things just aren't as bad as they were. >> it is part of what they are saying whether they talk about mitt romney taking you backward. what do you think they are talking about? going back to the bad old days when things were worse tichlt. a it is a hard argument to make. >> in such a close election, do we have to score it almost every week. president had the big announcement on same-sex marriage. governor romney tries to get back to jobs. the allegation he might have been involved in a bullying incident in high school. how much of that changing away affects the campaign? >> we score it day to day, because we follow it in great detail. i think most americans score it by what's in their pocketbook. they are going to say, do i feel better, more optimistic? are my children able to get

jobs? am i able to keep my job? i think that's going to be the larger picture. presidential elections are about character, of course. this is the person who would send your kid to war, for example. so, character does matter. in the end, people are going to look at the the person they think can turn the economy around and make you answer the question, are you better off? will you be better off four years from now? that's the person that's going to win. >> gloria borger, appreciate your insights. hope the kids take you for mother's day. >> so do i. the report card on whether president obama kept his campaign promises about the economy. officials disclose on what happened to the two girls that survived a kidnapping ordeal that took them from tennessee to mississippi. in here, great food demands a great presentation. so at&t showed corporate caterers how to better collaborate by using a mobile solution, in a whole new way. using real-time photo sharing abilities, they can create and maintain high standards, from kitchen to table.

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the sme is this campaign's defining issue. as he campaigns for re-election, he will be judged in part on some of the big promises he made back in 2008. one was a promise to repeal the bush tax cuts for the wealthy. >> i will roll back the bush tax cuts on the wealthiest americans, people making more than a quarter million dollars a

year. >> candidate obama also promised major financial reforms, including a new agency to protect american consumers from the abuses that contributed to the 2007/2008 financial collapse. >> rules that will keep our market free and fair and honest. rules that will restore accountability and responsibility in our corporate board rooms. >> and trying to shake the label of a tax and spend democrat, the president early on promised he would cut the deficit in half in his first term. >> this will not be easy. it will require us to make difficult decisions and face challenges we've long neglected. i refuse to leave our children with a debt that they cannot repay. >> and so how did he do? repealing the bush tax cuts, that's a promise broken. he has repeatedly said he would like to do that. in the deals with congress, he has left the bush tax cuts in place. he did keep his promise to pass major financial reforms,

including the new consumer protection agency. promise broken would have to be the verdict on the president's pledge to cut the deficit in half. the government spent 1.4 trillion more than what they took in. this fiscal year, it is still above $1 trillion. they project just shy of $1 trillion next year. when voters grade the economy, this less specific promise will be in play. >> i will be held accountable. i have four years. a year from now, i think people are going to see that we are starting to make some progress. there is still going to be some pain out there. if i don't have this done in three years, there is going to be a one-term proposition. >> joining me now to dive deeper is steven moore, senior economics writer for the wall street journal and ed kleinburg, a professor at the university of california's law school. when voters make their assessment about the president

on the economy, will they go through that list, deficit reduction, financial reform or bush tax cuts or is it a broader test? >> it is simultaneously a narrower and broader test. people can't help but frame the question from the point of view of their own personal situation. obviously, lots of people are still hurting. we all understand that. the broader question, though, is who has the better plan for the economy and for the kind of america that we all want to live in over the next decade or more? there, i think, the president makes a much more persuasive case than does governor romney. >> ed kleinbard just hid on the question, is it a referendum or a choice? if you go back to george bush, like this president, he could point to some statistics and said things are getting better. people didn't feel it. >> i have been in politics for 25 years. i have always believed that elections are always referendum

on the incumbent. this election will be a referendum on whether people think barack obama has turned this economy around. i will give you another stat it is if i can that is harmful to the president. polls are showing 70% to 80% of americans still think this the united states is in a reception. you and i know it is not true. we are growing, albeit at a low rate. americans don't feel this. they are like a drowning man that feels like he is just treading water. >> is there a communications for the president to get to that psychology, to the tired legs treading water feeling? >> i think frankly that there is. the president needs to communicate not the people in fact are doing better. many people don't feel they are doing better. rather, he has to hit on the theme of who has the better path going forward. >> part of this economic argument. if it is a referendum, maybe the president doesn't get a chance to make it. if he can make it a choice, part

of his argument is fairness. he did not repeal the bush tax cuts. that was one of his ways to be fair to the middle class. now, he promotes what he calls the buffett rule. let's listen to the president. >> this was an idea supported by a strong majority of the american people, including nearly half of the republicans. a majority of millionaires support. republicans didn't listen. they refused to even let it come up for a vote. >> now, the president's call is for millionaires to pay at least ruffle roughly 30% like most americans do. how is the i'm on your side fairness critical? his opponents can use other statistics against him. >> i think it is going to be very important in this election, because he is running against a man who stands for privilege and who has, in fact, endorsed the

continuation of the very tax loophole that has made him wealthy. >> you know. you used to work for and run the joint tax committee. you know those numbers. the buffett plan the president is talking about, guess how much that reduces the budget. 1%. how are we going to cut the other 99%? ed has a point. >> i'm sorry. you know, the amount of money raised by the buffett rule depends, as you understand on the baseline, what are we starting with by way of a baseline? if we start with current policies, the baseline raises about $162 billion over ten years. that's not a small amount of money. >> yeah, but it is out of -- >> they are sometitymied on the

student loans, a $6 billion issue. we can't afford to extend the student loan discount but we have $160 billion that we think is trivial. that doesn't make sense to me. >> it is kind of a facade to say to the american people, we can balance this budget by taxing people like warren buffett and bill gates. even if you take every penny from every millionaire in this country, you reduce it by a very amount. i think republicans need to have a strategy of basically saying this tax code doesn't work anymore. we have the highest corporate tax in the world. we are losing jobs as a result of it. i would like to see mitt romney be much more ambitious in terms of calling for blowing this tax system up and make something competitive. he is partly right. this is going to be a choice between the obama strategy, one of income readers an a wealth redistribution and one of whether we can create jobs and wealth by growing the economy. >> we will look at this next

week as we continue this discussion on both candidates records and promises. steven moore and ed, we appreciate your help tonight. mitt romney is about to follow in the footsteps of the man to beat him. john mccain at liberty unversity. 70 years after a british fighter plan disappeared over the egyptian desert, look at that, mystery solved. [ jennifer garner ] why can't strong sunscreen feel great? actually it can. neutrogena® ultra sheer provides unbeatable uva uvb protection and while other sunscreens can feel greasy ultra sheer® is clean and dry. it's the best for your skin. ultra sheer®. neutrogena®.

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welcome back. here is kate bolduan with the

latest news happy friday. >> happy friday, john. happy friday to all of you. guilty on all counts in the murder trial of william balfour, jennifer hudson's former brother-in-law. he faces life in prison for the 2008 killings of hudson's mother, brother, and 7-year-old nephew. the chicago jurors began deliberations yesterday sent a note saying they were split but trying and reached their verdicts a short time ago. another headlines, eduardo saverine, one of facebook's four co-founders is giving up his citizenship. he could save a lot of money but not having to pay u.s. income tax on his shares. facebook says, many employees will have to pay up to 45% in taxes on the stock. of all things to find in egypt's sahara desert, check out this british fighter plane from world war ii. the royal air force fighter crash landed in june, 1942. it was found in exceptional

condition, all things considered by an oil company worker. it is believed the 24-year-old pilot became disoriented, ran out of fuel, survived the crash and died in the desert. that's pretty amazing. >> i assume that is coming soon to a museum near you. >> that's right. >> see you in a little bit. short time ago, authorities gave us more details about the two girls that survived the kidnapping ordeal an then saw their abduct tore die. one of the architects of the country's new rules for banks discussing the staggering $2 billion loss at jpmorgan chase. >> when one of the best run-i institutions can make a misstate of this sort, that's a sign of why you need regulation and why you need a safety net.

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>> this half hour, the kidnapper on the fbi's most wanted list kills himself in front of his young captors as authorities moved in. we have exclusive video. $2 billion gone. the admission from jpmorgan chase, has a lot of people asking, how did this happen again. congratulations on graduating. now, vote for me. see where the candidates are giving commencement speeches and why. the hunt for one of america's most wanted fugitives, adam mayes, a wanted killer and

kidnapper is dead. you are seeing cnn exclusive video of where it all ended. you can see the blood on the leaves. authorities say mayes killed the mother and her oldest daughter and kidnapped the two youngest daughters. the girls are safe but the fbi says they watched their captor commit suicide. >> i understand you just talked to one of the family members. >> reporter: john, i just spoke to the man that says he is the biological grandfather of the two oldest girls, roger johnson. he admits there is some estrangement between he and gary baines, his son that divorced joe & married gary. he wanted to share what it was like these last few weeks waiting and wondering. >> it is hard not knowing. i know her mother of the girls

is -- >> reporter: tell me about adam mayes. >> i have been knowing him a long time. i never dreamed he would do anything like that. >> reporter: roger says he has not seen the girls since they were released from the hospital. again, as you heard there, he never would have imagined that adam would be capable of this. >> adam mayes is dead, of course. he killed himself. there have been some other arrests in this case that may give us additional clues about what happened, right? >> reporter: there were. there were three new arrests today. the u.s. marshals arrested three more people. one person arrested for filing a false report. two others arrested for illegal possession of a firearm. we learn that this is a husband/wife duo. apparently, they gave the firearm to adam mayes, john, the same firearm he used to kill himself. >> george howl, checking this bizarre and very sad case for us in wrightville, tennessee. shares in jpmorgan dropped

more than 9% because of the loss in some risky trades. ali velshi joins us to explain. a lot of people are going to think, oh, no, not again. >> they made some of the money back they lost earlier in the day. this is a very strange thing. for those that have blacked out what happened in 2008, mainly with aig and some investment banks. their general business is to match up investors that have money with companies that need to borough that money to expand. this is a different business. that thing called proprietary trading, your not dealing with the customers' money. they are dealing with their own money they have on hand. they are making directional betts. that's what jpmorgan chase got in trouble for. very much like what happened with aig. you have people that place a bet that a loan will default. let's say you owe me money. i want to be extra safe.

i buy insurance on the fact that you are going to pay me that loan. if you default, i get the money from the person i buy the insurance from. so investors are buying insurance from jpmorgan chase, that certain loans wouldn't default. as they started defaulting, jpmorgan had to pay out lots and lots of money. they made a drexel bet and the bet went wrong. here is the rub. jpmorgan was being a book ki. neither of the investors had anything to do with the underlying investment. these investors were buying insurance on some unrelated loan. jpmorgan had nothing to do with that loan. they were placing bets and that's how they lost $2.3 billion. that's worrisome. >> folks at home will ask, does it affect me or just jpmorgan and should they be worried other banks are up to the same shin an begans? >> number one, are other banks up to the same.

jpmorgan is supposed to be one of the better ones. how much of this is going on? number two, you talked about how the stock took a nose dive this morning. that's your 401(k). you are invested in banking stocks. number three, this almost took the world to the brink of economic collapse in 2008. these very banks that are too big to fail are engaging in this risky behavior. yes. i heard people, had people tweeting me all day saying, who cares. the big banks take too much risk. better they lose money. don't think of it that way. if this is going, it endangers the entire economy. >> our chief business correspondent, ali velshi. the question is, did jpmorgan break any rules? after all, it has been nearly two years since the major wall street reform wall became law. ceo, jamie dimon, says no. >> this trading may not violate the volcker rule but it violates

the dimon principle, just because we are stupid doesn't mean everybody else was. >> joining me is within of the architects of that legislation. if you go through the many pages of dodd/frank, is there something in there that should have caught this is this. >> there may well be. he is premature saying it doesn't violate the volcker rule. you pass a complex piece of legislation. there is a process by which it has to be flashed out. the rules of the federal government call for a proposal to come out. then, for there to be come. the volcker rule, which was part of the law, hasn't yet taken if he can. it will take effect later this year. technically, no. it didn't violate the rule but mr. dimon is prematt newer in saying it wouldn't violate the volcker rule. it depends on the nature of the trade and the nature of the rule. this is going to be an argument for tighter rule. he said, just because we are

stupid, jamie dimon isn't stupid. he is a very able guy with a very well-run bank. that's precisely the point. when one of the best run-ins stugss presided over by very intelligent people can make a mistake of this sort, that's a sign of why you need regulation. that's a sign of why you need a safety net. i think this is an argument for the volcker rule. >> some would say, can you regulate greed combined with stupidity? >> yes. you can regulate in this sense. you can, in the first place say, we don't want you to get so over your head that you are not going to be able to pay what you owe other people. the old story is, if somebody owes you -- if you owe somebody $1,000, he can tell you what to do. if you owe him $100 million, he has to worry about you. we do have rules that say we don't want you to get indebted to the point where they are years ago where we are to worry about your collapse, because you hurt other people. >> as you know, this is playing out in the middle of a campaign

year in which the other side, the critics say, not only let's have tighter legislation, they want to repeal the thing all together. do you think this maybe will give them pop? >> i don't think it will change their opinion. there is a theological concept. i am not a great theologian. i know there is a theological concept called invincible faith. it binds you to any faks to the contrary. it will weaken their credibility. let me give you one specific thing. the republicans are trying to put a bill through the house which would say that if an american institution through a foreign subsidiary engages in derivative transactions, it is not subject to our transactions. jpmorgan chase and american institution doing things through a foreign subsidiary. we are saying that might have an impact. i think frankly they are going to have a harder time pushing

this bill than they did before. it just discredits their whole notion that these institutions don't need any regulation. i stress, jpmorgan, this isn't countrywide or a rogue institution. it shows you the inherent riskyness and danger in what they do. >> people that have memories of 2008 and 2007, might be asking themselves this question. is it just jpmorgan chase. if it is happening there, might it happen elsewhere. >> it may very well be happening elsewhere. we won't go through that all over again. we have rules in place that will prevent that. for one thing, even jpmorgan chased to, the volker rule hasn't gone into effect but requirements that they have a bigger capital base is there. the banks, thanks to the rules imposed are better able to withstand losses because they have more money set aside. >> barney frank, democrat from massachusetts, i appreciate your time tonight, sir.

>> thank you. graduations, time for caps and gowns and for those graduating in virginia, time for courting by heavy hitters. the truth about presidential campaigning hitting college campuses next. [ male announcer ] this is the at&t network... a living breathing intelligence bringing people together to bring new ideas to life. look. it's so simple. [ male announcer ] in here, the right minds from inside and outside the company come together to work on an idea. adding to it from the road, improving it in the cloud all in real time. good idea. ♪ it's the at&t network -- providing new ways to work together, so business works better. ♪

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it's college commencement season and it is the presidential campaign year. yes, virginia, you are high on the list of battleground states. i have witnessed the

strength and spirit of the hokie nation. i think that you all already learn plenty of lessons here at virginia tech. in fact, i feel like all of you have so much to teach all of us. >> that's michelle obama at vary virginia tech. truth, a bit of deja vu in the romney speech. it was founded by jerry falwell. john mccain delivered the liberty commencement speech in 2006 as he was gearing up to run in 2008. cain then like romney now was viewed suspiciously by some social conservatives. >> we have nothing to fear from each other. we are arguing over the means to better secure our freedom, promote general welfare and defend our e defend our ideals.

it should remain an argument among friends. >> reverend falwell decided to help and i visited the campus back then to better understand why. >> for those of us social conservatives, he at this moment is by far the strongest candidate we could field against hillary clinton. >> mccain went on to win the republican nomination. it was barack obama, not hillary clinton, who became the democratic nominee. it is worth remembering. falwell was hardly alone in placing his bet on clinton. there is a valuable lesson there. campaigns often surprise us. we know virginia will be one of the hardest fought battle grounds. with he know this shapes up as a very competitive election. if history is in he guide, and it usually is, there are quite a few surprise s ahead in the 179 days ahead. here, rick tyler and democratic strategist, maria car doe na.

how important. part is for the youth vote and part for governor romney. michelle obama today. governor romney tomorrow. the president and joe biden are giving commencement speeches. do they matter? >> do they matter? absolutely. i am thrilled they will be competing over virginia. liberty virginia is very important to romney. every wednesday, their convocation is the largest gathering of young evangelicals in the country. >> i mentioned four years ago, a college democrat sprung up on liberty unversity. it was a small group. you had a group of people that wanted to come for barack obama. what are we looking for? what are our surprises? for romney, this will reignite discussions. has he locked down the conservative base? it seems the numbers are strong. it will raise these religious

issues between evangelicals and mormons. some of the students showed a page from their text book that had some fairly controversial things about mormonism. there are doctrineal differences. >> here is a surprise from the democrats. an ad put up on the obama campaign. the president believes that the auto industry will help him. here is part of the pitch. >> i had a newborn baby, wife, house and i got laid off. i wasn't sure what i was going to do. >> under the auto restoration plan, the industry rescued. >> obama stuck his neck out for us, the auto industry. he wasn't going to let it just

die. i am driving in now because of that. >> maria, he said he got laid off and he is driving in because of the president. the weekly standard, a conservative magazine. it says he was hired. he has worked tat the company since 2006. george w. bush was president in 2006. >> i think the gist of the ad continues to be a very strong case for this president. a lot of auto workers will tell you this. they have their jobs because of this president did and what that gentlemen said. he stuck out his neck. >> they couldn't find somebody that got hired after. is that the new standard for the guy that promised to change the rules and not be like the other politicians, the gist of my ads are correct. >> the standard is the troouth. the auto industry is alive because of what the president did. mitt romney is trying to take

credit for it. it is laughable. the fact of the matter is that this auto industry has 1 million jobs today because of what this president did. should they have worked harder? maybe. but what he said is actually true. he is driving into work today because of what this president did. if he hadn't done that, he probably wouldn't have his job today, john. >> we don't know that. we don't know what it looked like. the company will go bankrupt and restructure. we don't know what g.m. is going to do. >> most say it would have gone under. >> why can't campaigns do a better job at this? >> my takeaway is don't do one of these athds if you are a civilian out there. you are going to get run over by the political media. >> hang tight. we will be right back to do more. we are going to take a quick break. if you own an ipod, you just might be suing apple.

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we're back. talking politics. one of the big headline, not just financial. jpmorgan chase losing $2 billion's in questionable trading practices. we went back and looked. mitt romney in every stump speech says this --

>> dodd-frank another piece of the president's agenda. dodd-frank. this was the regulatory reform bill for -- for financial services. about an 848-page bill. i don't like any bills that are that long. >> dodd-frank. this was designed apparently to try and keep the big bank, the too big to fail banks from getting bigger. guess what's happened over the last 3.5 years. they've gotten bigger. >> guess what happened today? he talks in every stump speech about repealing dodd-frank and ladies and gentlemen, today he didn't mention it at all. >> you know what, though? this could be an opportunity for romney. that last quote talking about the banks have gotten bigger on obama's watch. a lot of critics on the far left and right, even in between, are saying that dodd-frank did not take care of too big to fail. imagine if romney came up with a plan like jon huntsman that

addressed that. i'm a republican but i have a plan to break up the banks. a conservative plan that broke up the banks. >> he won't. >> i don't think he will either. >> no way for him to do that. the problem for romney, he hasn't mentioned it, because he's talking about the repeal of dodd-frank, a legislation which would protect consumers from this kind of loss and he wants to repeal it. >> here's what his campaign did say today. they said, jpmorgan's invest nos taxpayers won't incur losses. as president, governor romney will push for common-sense regulation. >> who cares about the reforms more than the shareholders themselves? they took the hit. put it in context. all the politicians today taking about jpmorgan and other, today the government lost $3.5 billion. spent $3.5 billion today more than they took in. $3 million a minute. yet they have some moral authority to talk about jpmorgan? i don't think so. >> given that the -- that voters still remember what happened in 2008, and today look at

jpmorgan, it's going to remind they are more. there's a reason mitt romney did not talk about repealing dodd-frank today. >> if it reminds them again, might they say, things -- why aren't things different? that's why we changed presidents? >> the fact of the matter is, things are different. i saw your interview with barney frank. he talked the fact there are rules in place thanks to the reform that they've put in place that now makes firms like jpmorgan, make sure that they have the captain so taxpayers aren't on the hook. >> nothing was done illegally and the shareholders took the hit. that's the free market. romney should explain more about the free market rather than say we need more government programs to protect this from happening. >> i talked about something else. he needs a plan. his plan is repeal what obama did. i don't any anyone thinks that's enough. >> and in light of this -- >> but it was designed to be, to stop too big to fail, too big to

work, the big dodd-frank bill. >> this is a problem of him getting out of the primaries and having a primary message focused on conservatives just being against everything obama was for. he hasn't really put forward a -- you know -- >> the reason this works for bp b is that h obama it let's him make that. romney is for taking all the protection away. >> the social security system, medicare, medicaid systems all fails and they're going to fix the financial markets? >> put in reforms for medicare. >> thanks for coming in. a good debate. we'll continue it. kate bolduan is here with the latest new. >> hello everyone. the syrian government says it stopped a terrorist in a bombed packed minibus trying to attack syria's most populated city just a day after dozens of people died in a suicide bombing in damascus ratcheting up tensions in the midst of the uprising. and a former news corp.

xpektixpe executive in the hot seat. today's grilling focused on rebekah brooks' close relations with politicians. she made friends with politicians including prime minister david cameron during her years as a journalist but was "always aware that she was a journalist and that they were politicians." cameron is expected to appear before the same inquiry in the coming week. and an arizona sheriff who announced he was gay after a former lover accused him of abusing his power is ending his congressional campaign. he already resigned his role on mitt romney's campaign amid the scandal. now he says he'll suspend his bid for a house seat in this fourth congressional district to run for re-election at sheriff. if you own and ipod you might just be suing apple. real networks is gathering ipod on owners to join a class action

lawsuit. in 2004 it create add program down loemded. soon after apple updated the devices hardware to only play songs loaded from itunes. consumers who bought ipods between september 2006 and march 2009 are part of the lawsuit. but they can opt out. new celebrity moms like beyonce and jessica simpson aren't the only ones to expect generous mother's day love this year. the national retail federation, americans will spend 8% more than last year on flowers and gifts meaning an estimated $19 million for our moms. electronic tablets and digital cameras are expected to be the big ticket items. so an early happy mother's day to all you moms out there especially mine. love you, mom. >> with that, happy mother's day to all the moms out there. now, you ready? >> don't get me started. >> you surf. kate's dream. would you brave this enormous wave? >> oh, lord. >> look at that.

pro surfer gary did it. the 78-foot wave off the coast of portugal. the guinness book of roerds calling it the biggest wave ever has been ridden.cnamara wants p their own passions. remember this wipeout, if he of plans on trying that again. ouch. >> understatement of a lifetime. to say ouch on that one. >> i tried once. pretty good balance. snowboard, wakeboard, no. couldn't do it. tried one. >> surfing is so much harder than it looks. so beautiful. beautiful video, but maybe not for me. >> maybe not. kate, thank you. everybody have a great weekend. see you monday. erin burnett with "outfront" starts right now. "outfront" next a worldwide shock wave from jpmorgan's massive trading debacle. what the man at the helm of america's biggest bank got so very wrong. dames of the last moments of the manhunt as the fbi