>> game five of the nba finals. and we've got news you can count on. >> shaquille o'neal could be lining up next to lebron james next season. why that might not help cleveland as much as you might think. >> and where this happened before the yankees game today. >> i think i jin jinxed it.

>greg johnson and biffle. by the way, final lap, they both ran out of gas. don't they have gauges in the car that let you know. >> it's strategy. >> just throwing it out there. mark martin, his fifth win in michigan, most amonday hiss team's drivers. they've won eight races. >> and with that, we welcome you to another half-hour ofs with an opening jib shot. with michael yam, i'm steve bunin. we also keep you current in the world of sports. we'll show you live coverage of the news conferences of the race, we've got nba finals, we've got baseball going on. but we begin with a potentially mammoth trade in the national basketball association. >> yeah, steve, it's always big when we're talking about the big

aristotle. and according to reports, a 37-year-old shaquille o'neal could be on his way back to the eastern conference to help out lebron james and the cavaliers. shaq averaged almost 18 points and eight boards while shooting a career-best 60.9% from the floor. now, this is how the proposed deal could look. cavs would get shaq. in return, the suns would receive ben wallace and sasha pavlovic. both entering the final year of their deal. the potential trade will save the suns $9.9 million and possibly more if wallace is bought out and pavlovic is cut. >> more on that momentarily. but first as promised a fewrst,c minutes ago, live bonusuble pl coverage, a live look-in of espnews of the college world series, 4 and 5 seed, carolinan: and i arizona. this is a live look-in on espnews. >> not hit very well and it andt doesn't really matter when you're in the ninth inning howue

hard you hit it, how pretty it looks. he just throws a lawn dart outey into left field for a base hit. >> brianj norton comes on toleff pinch-run for jacob stallings. we'll get you his speed numbers in a second. comes ben bunting is up.gs. mentioned lampson has a great pick-off move. >> and this ish really the time when you're going to pick somebody off. they're not going to bein buntig him over. he's out there maybe to steal a, base. this is when you're going to show a couple of moves that .ren't very good probably a couple pitches later, you're going to see his best move to try and pick him off. >> two stolen base attempts, successful both times.st >> bunting looks at a called strike. >> and by having a great

pick-off move, it also eliminates the thought of a hit-and-run also because it would have to be a safety hit-and-run. >> oh, called strike two.iminats ben bunting has had a difficulte time today as the lead-off hitter. three strikeouts and a kgroun groundout. also made an error in leftben bu field.t a chance to redeem himself asdo the flags are now still and the wind has completely died.o mader missing outside. what a game to start our sunday schedule here. 1-1 in the bottom of the ninth inning. alex white and john spence, an outstanding starting performance by both.>> >> if you're thinking ofay sc stealing a base, right now withi 2-2, this isn really when you want to take your shot. your hitter can protect you if it is a strike. as you can see, he probably gets a little bit of a bigger lead ah first base.twith >> there's the pitch.

not going.ter c strike three called.ly gets goichell langeston continues his impressive work out of the bullpen as he strikes out ben bunting. mitchel an interesting decision and this will -- this will be cause for a meeting at the mounu about what to do with dustin ackley. >> well, the last thing you want to do w happen is -- is give ackley a pitch to hit. at least drive anyway. >> josh holliday, the brother o matt holliday, pitching coach for arizona state, goes out there.matt pid before this at-bat, let's take a looktc although who the capital one player -- take a look at who the capital one player of the game is. alex white, who went nine innings and struck out a career-high 12, gave up just one earned run.ame

if ackley can do somethingstruck special, alex white would be th1 winning pitcher.2n do during the super regional victory over east carolina while >>e tar heels were dog piling to celebrate, only one guy didn't involve himself and that was dustin ackley because he was saving himself, he said. i only want to get in one.guy when you win the college world series. >> and you don't want to hurt ds him either. >> and youti didn't want to hurt him. >> after you have tommy john surgery, you don't want to get in dog piles. >> they're pitching to him andte there's a strike at 82 miles ant hour. >> and that's really what goes through your head.eit a guyhe that dustin ackley's kig of hitter is that, you know, you're going out there thinkingt you're not going to get anythi anything. you throw him the first's strik, now you're going to throw some pitches out and hopefully he'll chase.hat you're >> ball. >> just misses on the outside. again, dustin ackley, theou're o

nation's topin hitter. he comes in right now with a .413 average. he slugs over .770, 22 home ru runs, 194 total bases. called strike and he got a2 runs,hy part of the outside corner there. so ackley is behind 1 and 2. 50 walks and only 32 strikeouts this season. >> well, if i'm arizona state and langeston, i'm throwing that outside pitch. >> 1-2 fouled away by ack ley, who took a big hack at it.he's e >> cantt certainly hit a home rn to left field.d away he has powered all fields. live on the outside corner, you expect somebody like him to drive it that way. >> well, he's going to have to expand his strike zone a lot, even on that outer half. you know, you feel like you get a pitch that was called maybe ae

little off the plate, you're >> rg to have to cover that, especially with two strikes,ve ninth inning. e you're going to have to expand your zone.ri you might not be able to cover that inside pitch but you awant to do it on the outside. t >>h carolina's got ten hits, they're all singles. t that ball misses outside. able and this is exactly what you i wantns if you're carolina.u you're in the botttom of thena't ninth, the game is tied and dustin ackley, the player of the year, is at the plate. brian nor torng th nor torng thr on first.orto andn, ackley fires that one outn play. it just seems like guys like ackley are made for moments like this. they always find themselves up in these situations.it se this is why he hits two and not because he wouldn't be upike if he was hitting two.

the 2-2 -- strike three! a rare strikeout of dustin ackley. and what a job by mitchell langesstoslangeston in relief.c, wow. to strike out the best hitter il the country. we're going to extra innings in omaha with north carolina and arizona state. >> wow. thseattle mariners fans, one moe reason. is he the best player in the country by all accounts. except for hitting. 1-1. game on espn. we'll continue to check in and out. college world series. the 4-5 match between north carolina and arizona state. that was a live look-in on espnews. just one of our trucks we've got here. >> that game is competitive, by the way. this game, not to much. >> not at all. >> mets bronx takin in the bronn the yankees. rodriguez now approaching in the outfield. bruney had some harsh words to

syndromes and even close head injuries to make us think of a psychiatric diagnosis and prescribe their drugs. after the disasters in the 1950's decided to invest heavily in the faculty medical schools and how you have york legislators allowing and sometimes encouraging the people in charge of educating physicians to actually have first allegiance to pharmaceuticals -- >> thank you for the question and comment. briefly, i just want to state that you are exactly right that for 17 years the va did say gulf war syndrome was related to stress and not chemical poisoning and they've recently reversed themselves. maybe just take this last question if we have one more moment. >> you're talking about different ways people can

volunteer. i'm a court reporting student, and member of assisting in the veteran project and didn't have to be a court reporter or student. it can be anybody that wants to participate. you just take the stories of the fed and can ask for an interview pamphlet through the library of congress and you interview them and even if you don't interview someone if you want to transcribe some of the interviews they are desperately in need of transcribing and it doesn't matter if you can would want to say, if you can hunt and peck you can still participate. bayh chose to focus in the gl pt community because of one to make sure they had a voice and were recognized having served the country and served well and they

are human beings and they get laid down their lives to make sure that we live, have our normal why if we like to live in this country. so yes i just wanted to mention that as well. >> thanks everyone for coming this evening and we will all be around for further discussion and purchasing. [applause] >> aaron glantz covered the web iraq war as an independent journalist and is the author of how america loss iraq into the co-author of winter soldier, iraq and afghanistan. he's currently a rosalynn carter fellow for mental health journalism at the carter center. for more on author aaron glantz and his latest book, "the war comes home," visit aaronglantz.com.

financial times reporter gillian tett's new book, "fool's gold" gives the insider how the team at jpmorgan and feist the new financial instruments that produced the, quote, revolution and banking posted this event at the headquarters in new york city. it's about 50 minutes. >> thank you very much indeed for coming this morning. i realize it is an on godly hour and you've got very busy lives, thank you. what i'm going to do is talk about how and why i came to write this plan and give you a rough sketch how the book is instructed on the story and then open up to questions because i sure some of you may have questions and feel free to throw

at me whenever you want. the origins of this book really started five years ago when i was working on that column with some of you in the room who were there as well and at one stage i was asked to a quick sketch what i thought were going to be the key things going forward to cover so i started off listing things like telecom, banks, etc., etc. and finally thought let's take a step back and try and look how we are covering the financial and corporate world in general and how that matches up to how the financial and corporate world looks. so, i tried to draw a map of the city of london and compare to what the stories we were covering and was struck almost immediately by the fact there was a discrepancy that pretty much of the media was focusing on the equity markets and writing about the share price

movements and exchange but there was a great big sway of debt and derivatives which was pretty important for the city of london and wall street but by and large wasn't being covered so i thought about making noise about that and one thing led to another and i moved across to the capitol markets team in early 2005. and at this stage, that wasn't viewed as a particular glory promotional move. and the running capital markets pages on covering the debt markets for many years in a very sort of manner but, you know, the glory positions were the banking editor, the economic editor, things like lex. it wasn't like the capitol markets that sat in the attics away from the news room and most capital markets coverage was on page 423. one person as i was moving

across pointed out to me because i had just gotten pregnant fault moving to capital markets would be great for a new mom because it would be quiet. nothing ever happened in credit and debt. [laughter] i cannot. but i arrived in capital markets and one of the first things i decided to do, and this is where the story of jpmorgan group comes into being was to go down to attend a conference of a body called the european securitization forum that they held once a year. so i went down and walked into the center, a great bit of french architecture and into a plush velvet conference room to find out what was going on the scene i walked into i remember clearly even today it felt almost immediately while walking into a strange alien jongh o if you like. there were a bunch of people walking around and smart casual,

there were lots of people talking about large sums of money but doing so in a language that i even working on the financial paper the best part of the year didn't have the foggiest idea what they were talking about. it was like suddenly hearing a strange new dialect or dialogue going on that frankly was very alienating. and in a strange kind of way it almost felt familiar because before i became a journalist negative the -- i worked for an anthropologist and did eight -- in the himalayas or the western end of it in a place called soviet tadzhik astana and when i was doing my field work in the mountains, i studied in particular wedding rituals and i used guinn to these large alienating weddings and not have the foggiest idea what was going on and everybody was speaking a strange language and people would be running around in this great tried and would be clear that these rituals played a key

role in assembling the tried and perpetuating the ideology that bound them together. but trying to unpick the language work out what was coming on was a huge challenge. but there is something about me as an ex anthropologist that may be very intriguing by the tried at the securitizations forum and on the basis i thought if i could learn this i could learn the language of ceos i sat about trying to impeach what was the one on. so as i sat in the hall i did what most journalists often do when they haven't got the foggiest idea what is happening. and i flipped through the brochure materials and started reading the biographies of the people from the tribe up on the podium and i noticed something very strange which was almost all of them appeared to had worked at jpmorgan, which back in 2005 was kind of weird because in those days everyone seemed actually it was goldman sachs alumni that ran the world

and kept popping up everywhere. but suddenly it was the jpmorgan of light that seemed to be all over the place. so i asked by neighbor what is going on, why they all work at jpmorgan or why they all used to work at jpmorgan and he said sentence that later in sap if you like changing my life for shaping the last year, you've got to understand there's one thing about eckert of the world that is up simply key, it is the morgan mafia. they are everywhere and they created it. now, like many quick cliches that wasn't entirely strip and i would stress they were not the only ones who created the modern structure credit buy any means but it turns out to have a lot of veracity as i later discovered. so i left that conference and feedback to the ft determined on the one hand to try to on a pick this strange new credit jungle and on the other hand, to try to keep an eye on why and how the alumni had come to play such a

key role in building this credit world, and the next two or three years we labored away in the capitol markets team and i stress we because there was a group of less, not just myself, trolleying to make sense of the shadowy debt and tikrit tips bald that was growing at a pace. and i mean in the last year or two it's become fashionable to try to unpick who predicted this crisis and who didn't. i for one wouldn't claim to have predicted the scale of the terrible financial cataclysm that overwhelm us. but what was clear back in 2005 and 2006, was not only was this an extraordinary revolution going on in the credit world, but the only thing that was more extraordinary about the scale of revolution going on in the financial system was the fact it was going on almost entirely on noticed. there were a few papers like the ft writing about this stuff and pretty few, but for the most

part, politicians were extremely interested in asking questions of how the financial system worked or questions about why credit was so cheap and in fact the only politician that ever volunteered the word securitization before the summer of 2007 was barney frank over in the u.k. there was absolutely no interest among the mainstream parliament or in washington either. and i became increasingly concerned because it was clear the scale of activity wasn't merely occurring and expanding rapidly but doing so with little oversight and where there was almost nobody that was able to understand how the credit world worked, let alone add up how it fit together. there wasn't in some way entirely beholden to the system or who didn't have a vested interest in preserving it either because they were being paid by the system or because they were a regulator and worried if they

it might come crumbling down. so, then of course the summer of 2007 happened and the worst concerns about the excess is building in the financial system became true. and in the subsequent months between the shia maelstrom try and to cover what was happening as the world fell apart and many of you were also screen around like headless chickens working out what had happened and what was going to happen and why. i was very key to try to figure out the vehicle to tell the story how the financial system have sponsor out-of-control and perhaps make pointers about what could be done to avoid that in the future so i returned back to the original morgan mafia idea that had been bubbling ever since i've gone to the original conference. and the reason i decided to focus on them was partly because

they did indeed play a critical role in developing the credit world but also i felt strongly i want to tells the story through real-life human beings come through in actable story because as the financial system has imploded the last couple of years it's been too easy for politicians and consumers and journalists at times to simply resort to cliches and stereotypes to put everything in black and white terms to make stark judgments and sometimes quite frankly you have the impression the financial implosion happened because 18 of evil marcion's have invaded the world and taken over the system with some kind of plot to bring down the financial system and that this idea they were actually human beings inside the financial system taking decisions both good and bad and like any human beings had complicated motives wasn't

really about. so, i picked up on the jpmorgan group and essentially the book divides into three parts. the first part is called innovation because i try to tell the story how this group developed this set of ideas starting in the early 1990's which proved absolutely crucial later this decade in terms of taking credit risks which are traditionally treated as something that stuck to the balance sheets banks and slicing and dicing it in a way that could be sold across the system and parceled out to investors all over the world. the initially did that with corporate credit risks and in fact for the most part stock with corporate credit risk and they did that partly through derivatives. and as they develop to those ideas that came out of a much longer stream of developing and finance at least after the late 1970's which was all about trying to find ways to transfer

risk between banks and between banks and investors that made the financial system more efficient and effectively they hoped less risky. that was the theory. so there was this body of experimentation and to limit that took place in the 1990's, which was pioneered in the credit workers worldwide jpmorgan team. but in this part of the decade collided with another stream of intellectual developments occurring in finance and mortgage arena and doubles with the slicing and dicing of mortgage debt and bundling mortgages to create structures of the whole alphabet soup. and the middle part of the book is how those ideas developed by the credit jpmorgan group and the credit world collided with the mortgage ideas as perversion because in essence what happened is you had these concepts being

fed into the sierra when credit was very cheap and in a sense there was a tremendous deregulation in the financial system and these into much will streams collided into a terrible effect, spawning he essentially a crazy credit bubble. and the last one third is called disaster where i basically tell the story how that then began to fall apart and in any sense of the consequences of the overreaching excesses'. but within the structure of followed the story of the jpmorgan group and there are some terrible ironies there because although the jpmorgan group that i originally talked about developed many of the ideas and pioneered some of the ideas, they spotted at the very early stage the risks attached to some of those, and when they developed their ideas about the credit derivatives and about of synthetic ceos they were not doing that because they were hoping in any way to blow the

system up. on the contrary they had a technology they generally thought was going to make the system much safer and many regulators generally thought it was quite make the system safer and one of the regulators and the american regulator tells me when he first found out about the credit derivatives he saw a presentation that one of the characters in the book had put together on this back in 1995, 96 and he was so excited he called her and said this is going to transform the face of banking. there was a sense of discovering this amazing technology that only be good. probably like the guys that split the atom or the congress that have done the first medical dna. it could only bring back good things. and of course these were bankers. they knew about bonuses, they were not angels. they were not charity workers, but the jpmorgan group by and large were not in any way driven by the sense of let's get a big

piano this year, let's try s thrifty as we can. like a lot of people they were excited by their ideas and swept away and was a very heady period and they bring in a sense caught up by the sense of being pioneers. so the initial impetus behind the ideas wasn't bad. the problem though became in this part of the decade in the persian period in a sense there was at a very early stage the dangers and putting mortgages into the structures. the experiment doing mortgages and backed away because they felt the data wasn't there. five or six years later as the bubble became crazier other banks began to make the similar experiments and took a very different decision. similarly, jpmorgan group

realized this super senior, the edna to the super senior was on the balance sheet and took the decision to try to get rid of it. fast forward to citigroup merrill lynch and a very different decision was taken jpmorgan basically cut its credit lines in 2002, 2003 because the pulp structures didn't make much sense. again, a very different decision was made by other banks. and i say that not because i think that jpmorgan was somehow superior beings who had a wonderful insight and geniuses to dodge the dribble, nothing is further from the church, they've made mistakes but it's been each to easy to see all bankers are stupid and risky and somehow what happened wis inevitable and that wasn't the case. one of the things that had become clear to me is how different the banks were in terms of their treatment of some of the risks analysis which