expecting earnings per share of $7.32. revenue of 35 alien. we wait to hear some news from the apple launch. david: we will know tomorrow. "money" with melissa francis is next. melissa: i am less of france's and here what is "money" tonight. goldman sachs is making $4 billion from moving aluminum around. is it legally skimming the market while every consumer in the country pays the price? plus most people are fleeing detroit, so what has professionals flooding in? a couple tells us the real story that everybody else is missing. but who made money? even when they say it is not, it is always about "money." ♪

melissa: our top story tonight, and report goldman sachs is making billions at the expense of consumers. by playing a shell game with aluminum. the investment bank is sitting on a massive horde of aluminum shifting it from warehouse warehouse delaying shipments to customers to drive up the price we pay for everyday products. it could cost us, the consumer, $325 billion over the next several years. maybe legal, still irritating come expensive. it is all the word on wall street. i want to start with you, because i want to explain to our audience the mechanics of how this is happening. this is aluminum it purchased on the exchange in london. goldman sachs bought the company that owns the warehouse that

stores all this. they bought the storage facility. it means when somebody takes delivery of aluminum, it is stored in this warehouse. it is reported the wait time has gone from just six weeks to now 16 month. as a result, that drives up the price, they are collecting rent on this, customers are making money on the aluminum going up. is that really what is going on? >> effectively yes. by managing to get a critical mass of aluminum in their warehouse, given the rules that limit the load out, the amount of gold every day, they have managed, the system has managed to get a lot of aluminum stock, so it went from less than six weeks to nine months today.

the cost of buying aluminum, there are two prices, element price and premium. the premium has doubled to a record high as a result of this. melissa: because it is so hard to get it. the industry requires at least 3000 tons of aluminum has to be moved out of these facilities every day, so they know there is this juggernaut, so they made rules to move it. they are moving it just from warehouse to warehouse to comply with the rule, do you believe all of this? >> they are shifting it from one facility to another facility. there are proposals to put teeth into these proposals and what is unclear, they get 1% of the rent paid back to it, isn't in a

hurry to implement the rules. once they go above a certain amount of metal in the warehouse to have to ship a certain amount out of the warehouse every day. another that has been brought up is that they could limit the rent they are able to charge on backlogs. melissa: what do they get out of it? they are a part owner, and goldman put out a statement saying they do not own the metal in the facility, we merely store it. the warehouses are prohibited from trading the products. they say we do not own it, we are not benefiting ourselves, how are they benefiting then? >> it is a lot of banks and not just banks, it is also futures brokers, they want to own assets

because they trade assets for their own account. owning tank, owning a warehouse like this gives you information about the market allows you to profitably trade it. melissa: does allow you to manipulate it or understand it? >> they are not cornering the market on anyone good, but by building up so much aluminum they have increased the premium and the rent. it certainly is not flowing to any one person or necessarily any one entity because it is being paid on aluminum. but it is getting them money in terms of rental income so the reason there in the business is because they trade commodities. this gives them information. melissa: this reminds me a similar thing happened with goldman sachs whe on your talk t the run-up, storage facility, clever way to get into the

market to have some control to understand it better. do you disagree with that, or is there more to ii than that? >> the cost is about $0.05 per day per ton. they are charging $0.48 per day per ton, so they get revenue from the rent, they get the benefit from the premium, they benefit from the premium and they get strategic intel from the entire business model. melissa: i have asked to regulate the system, they said the london metal exchange is broken. just once again they are the smartest guys on the block, they figured out a way to get into the middle of the market and make a lot of money. they say jpmorgan will be the next to do with jumping into the market. it is their way to change this,

or is this just part of the market? >> yes, there is a way to change it. at the end of the day a critical mass of metal on one hand, that is the bottom line. that is one type of monopoly. yes, there is a way to change this situation. melissa: just the smartest guys on the market or is there a way to change it? >> they have been very slow to once the rule changes because they benefit indirectly. melissa: can you make a rule to get ahead of them? >> the rules have to be updated for the era of deep-pocketed investors whether an individual warehouse owner doesn't benefit in the same way as goldman sachs might. a secondary question of whether or not "the new york times" asked if banks should be in the business at all.

melissa: a question for another time on the difference between a speculator in the market or if you are really an end-user. using aluminum to make something. thanks to both of you, great discussion. timtime now for the fuel gauge report. gas prices jumping $0.12 in the past week. the average price hit $3.67 per gallon today. $0.23 higher than the same time last year. oil futures fell to th highest level in 16 months. crude settled down 1% at 106.91 per barrel. about 11% innthe month. i ran getting the lifeline from iraq of all places. $365 million deal to provide natural gas for iraq power generation, a significant help to iran in desperate need of cash.

the midwest led sanctions at the end of the day it really is all about money. next line "money," miami is doing the best to steal detroit's thunder. charge of the city with broad. it has been cooking the books and may not be the only one doing it. a former federal prosecutor is here to explain. plus, things could not look worse for detroit. we will call you one couple who could not be happier with their new life in the motor city. the story everybody else is missing. coming up. [ale announcer ] the mercedes-benz summer event is here. now g the unmistakab thrill... and the incredible rush... of the mercedes-benz you've always wanted. ♪ but you better get here fast... [ girl ] yay, daddy's here. here you go, honey. thk you. [ male announcer ] because a good thing like this... phew! won't last forever. mmm. [ male announcer ] see your authorized dealer for an incredible offer

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♪ melissa: if you're wondering who is next after detroit, maybe miami. charging with fraud for lying to investors about the strength of the municipal bond. it is not the first time, by the way. hit with a cease-and-desist order 10 years ago at into the fact in the past year harrisburg pennsylvania and the state of illinois have been charged with similar offenses. wonder why more isn't being done

to prevent municipalities from scamming investors. here to answer that his former federal prosecutor. what is the story on this one because this isn't the first time, they do a shell game in miami taking money from one area to cover the facts are overspending and dumping it into the federal fund to cook the books and they are selling bonds based on the financial health area did >> they're trying to get better rates based on the cookbooks so i don't have to spend as much money and interest payments during the life of the bond repayment so people rely upon this information. i miss ribs and tatian. the funny thing about this, i have read the complaint, it is like 40 pages. didn't really a page turner, busily every one of these bond transactions were undone and miami ended up having to overpay

anyway. what jumps out to me is that it is a message about a lot of other cities because miami is done. melissa: is it a message or is it a message to but he is documents very closely when they go out and do the money and raise money and sell the bond, is it hard for the investor to know? >> remember, it is a message not so much to the investors as it is to the city. the snake would tell me the lawyers are going to read this very carefully and write a memo to their clients. to me it is a memo to the city you better be careful because ultimately the money damages are not there. what the sec asked for in this case is in order to say miami don't do this anymore. melissa: they had that in 2003. they violated that order and went ahead and did it. do they have any recourse

because it is not worth what they were? >> if they can show they are not worth what they thought and they should have gotten a higher return because it was a risky investment, yes, civil actions will follow and you know what it is like, class action lawsuit will start right behind this civil action but again not to beat a dead horse, almost every one of these transactions were undone prior to the time it even began so the real damages are not there. melissa: can anybody go to jail in the long run? they talk about michael, the e-mail trail related to him sending e-mails saying in essence i don't think we can do this, don't want to do that, for projects that no longer need the money and prove that they needed the money and just moved it over to the general accounting.

could he faced some sort of charges along the way? >> you know, melissa, looks an awful like insider trading which makes people wonder. this is not a situation where he had information not available to the general public and bought or sold securities based on information giving him an advantage over other people. he was a city employee. i am not trying to justify what the guy did. he is right at ground zero. ultimately he was a guy working for a city, the city was the one who was absolutely the one to benefit from this. not like he got increase in salary or a commission going forward from the city. melissa: they did not get what they thought they were getting. >> you are asking about him. melissa: thank you so much for coming on.

now to be tried were news of a bank of the residents fleeing. now in 2012 the numbers have dwindled down to 701,000, but a new breed of young professionals flocking to detroit because they see opportunity. with me now is one such couple making moved to detroit less than a year ago. welcome to the show. why did you move to detroit, what did you see? >> like you said, it is basically cheap. if you had told me five years ago i would be in detroit, chicken, i would have thought you are crazy. but we came here because we are five years out of grad school, we have a lot of students loans left, but we like living in the city. we like that lifestyle, we wanted to buy a house.

that is what brought us to detroit. melissa: you're spending about $2200 per month on rent, i believe. to buy a house comparable to what you have now, you think you could have spent 5-7000. what is your income like? it is tougher to make the same amount of money. >> i took a little bit of a pay cut, he took a little bit of a pay gain, so we came within a couple of thousand dollars from what we were making in chicago. melissa: are you worried about crime at all? >> a lot of people are wooried about crime, but we're in a relatively stable neighborhood. the neighbors have some sort of private security, university police or something like that, or a strong neighborhood block club that keeps things strong.

melissa: we hear stories about one of the reasons why this city should get bankrupt is because they don't have any money left for basic services, that you call 911 and pay for somebody to come, 50% of the parts have closed, is this a reality in detroit, or not necessarily see that everyday? >> if anybody was to consider a move to detroit, it is important to consider in a neighborhood by neighborhood basis where you live i. melissa: you look at portland, north carolina, you don't hear a lot about people moving to detroit. but when how the city is going, what do your family and friends

think? did anybody come with you? did they visit you, think you are crazy? >> i definitely think i am crazy. the first thing i had to do was be my mom to show her the baby girl was going to be okay. my mom is from houston spent most of her time in east texas, so it was a little bit of a change but she absolutely loves it and is thinking about moving up here. she had no idea what it would be like. we took her to the favorite places, we had a very close-knit neighborhood. out in around town. a lot of friends chicago curious of what is going on out here, checking it out. melissa: i know you guys don't have kids yet, would you have kids there? do you worry about the school system?

>> not as much. if we were moving from the suburbs to the city to be a different calculation. but from downtown chicago to downtown detroit, you want your public schools to be at a certain level, chicago public schools were at a certain level. detroit schools are worse in chicago, but they have to be a certain level to put your kid there anyway. that was not much of a difference. melissa: thank you for coming on, good luck to you and best wishes for the future. you are cap it and brave, good for you for seizing the opportunity. next line "money," has a curtain closed on the box office flops? you may be shocked to hear what movies are making money. plus the u.s. oil boom is booming. give any idea how much bigger could actually be? why some states are not even

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(announcer) scottrade. because i don't trade like everi'm with scottrade. me. awarded five-stars from smartmoney magazine. melissa: matter what time it is, "money" is always on the move. shares of netflix getting hit after hours. estimates the subscriber growth came in below expectations. adding 630,000 subsccibers during the quarter. estimates were for up to 800,000, so that is raising concerns. subscriber growth for netflix may be slowing. we will keep an eye on that one. summer movie season in full swing but you would never know what looking at the numbers. studios have been rolling out the big bucks for films like "turbo," ended up bringing in less money than it cost. they have time. yet the low-budget horror flick

"the conjuring" got twice the income. steven spielberg said the movie industry is going to implode and could change the business forever. that's ominous. here to tell us of that is what is happening, dennis kneale. it seems like it is almost a curse to spend a fortune on a movie. the big-budget is not necessarily doing it. so what is going on? >> when they hit, they hit. melissa: producer the magic word, "iron-man 3". the sepals are doing great. but for first time, it is a big risk. >> at hollywood is seeing is the booming international box office. the easiest thing for them to sell are the special effects, so therefore over 190 million, it

is not always working. melissa: can you sell it in china and make your money back? >> china is the fastest growing big market but you have to have a hit in the u.s. it will save you from taking a huge charge. it will not save this any. $220 million budget, 300 combined cost from marketing and a chart on that around 170 million or something last time i checked. melissa: it seemed that formula might work. caribbean, that was a ride, for god's sakes. i thought that was ridiculous when the first one came out. it's a ride. it's not even -- and yet it went bananas. spielberg said recently, there is going to be an implosion with three or four, maybe half a dozen mega budget movies that will crash into the ground. it will change the paradigm. what -- what is a new paradigm?

>> hollywood always said dreamworks was going to revolutionize the business. you have a bunch of guys who run the studios and you want a big budget films. you want the chance for a huge hit. world wars he started out slowly but is upwards of a half billion dollar mark. that has been a huge success. you know what, size counts in hollywood, and won a big budget. along comes the conjuring would cost only 20 million to make the brought in twice that. the purge which cost only 3 million to make the. melissa: horror flicks that bring in tough times. they went up to the movie theater and did god knows what. >> women are sick of the ethics blockbusters. they made up over half the audience. melissa: what would be the new paradigm? everything changes. do we go to something where it -- one thing they talked about was different ticket prices. you go to see iron man. it costs you $45. by package. you go to see one of the cheap, small, and the movies and its $9

>> i don't think that the -- i don't think tickets will be cheaper. that is certainly not going to happen, but what hollywood is learning, tap into the super nerd that will line up for days to see a movie. if you can charge $50 let people see it. melissa: what is the formula? that is the whole thing. >> the real formula is make better movies. focusing on special effects. not focusing on characters you care about. that is the new paradigm. characters you care about.a: whr neared what? >> early access to movies, and elected the country's spectacle. what hollywood needs to rise of -- was up to is the amount of women going in seeing movies now . a paramount executive told me recently that you cannot deny that young guys are the biggest force of the box office. in my mind you totally can. look at films like world war see and the country.

as on the movie and a horror movie, things you would not think. majority female audiences. that is what should be on every executive's mind. women. melissa: women should be on everyone's mind. perfect. here is our question of the day. what movie do you regret paying to see recently? at love this. your answers are great. one that goes right to the heart of what we're talking about, those of ranger. hard to believe you could screw up the lone ranger, but captaan jack tantillo managed to just fine. a well. and an answer that surprised us was this one on facebook. a man of steel, $42 with the disappointment. that's rough. >> of lee that listed tickets. melissa: we want to hear from more of you. follow me on twitter. all right. coming up on "money," if you think nothing is holding back the u.s. oil boom, you could not be more wrong.

a new report on what is standing in the wake. plus, score a job in minutes. make some cash, no interview required. and new application that is revolutionizing the way businesses hire temporary workers. a real live demonstration and sit down with the co-founder on whether or not it is the game changer for companies everywhere get ready to make some "money." can you ever have to much "money"? no way. ♪ myantra? trust your instincts to make the call.

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melissa: whether it is on wall street or main street, here is some 85 today. cashing out after taking a big stake in yah hoo about two years ago. selling of 41 million shares worth $1 billion. he bought those shares when they were worth about $440 million according to wall street journal. that means that he made about $720 million on that investment. i hope he buys a nice bouquet of flowers, maybe some jewelry. also making "money" today, goldbugs. postmaster $1,300 per ounce. its biggest one day gain in more than a year. help feeling the rally. selling in a one month i. that is not bad. meanwhile, losing "money," anyone who owns mcdonald's. there were no golden arches over

the seven -- second quarter earnings. came up short on profit expectations. mcdonnell's blames a stiffening competition in the u.s. and poor economic conditions in europe and asia. sinking stock more than two and a half%. that's okay. i will still eat a bunch of price. here on "money," we have been all over our country's use a profitable sale bone. most of the focus has been on north dakota and texas, there are other states jumping on the bandwagon. we are here live with more. what is the latest? >> well, the state's we are talking about have some good news, and they want more. we are talking about colorado, wyoming, utah, new mexico, oklahoma. over the past three years the states, and depending upon which one you are talking about, an increase in oil production between 23 and 64%. according to industry officials combined, these states couldd3 outshine mega producer in north dakota if it were not for one

hold up. regulation on federal land. in texas and north dakota, a lot of private land and state land where companies find fewer hurdles. those we talked to blame the obama administration's energy policy for leaving some states behind while others don't. >> mainly dealing with private landowners in the private development. so the regulatory hurdle, it is not to say that the industry is not regulated. for instance, a permit in texas or oklahoma or north dakota, you can get an 5945 days. upper rim on federal land is 230 days. a much bigger process to go through. a lot of requirements. >> sometimes folks forget that school does not come from a gas pump. takes a long road to get there. a road that becomes much more bumpy with federal regulation. but the bureau of land management disagrees commission in his statement. in part it reads the obama administration has made this an environmentally responsible expansion a priority.

domestic production has grown each year that the president has been in office with oil production currently higher than anytime in the past two decades. conservationists say they are not against energy development. they want balance and explained that under this administration more acres of federal land had been leased and preservation or conservation. they draw the line at places like mesa verde national park in colorado. >> a pullback. what is right now is a we don't have, oil and gas production. the bom proposing to the lease lands in front of the national park. there are some places that it does not make any sense to be doing oil and gas drilling. >> simply trying to protect our western heritage. melissa: all of these states with all of this potential, doing anything about it?

>> there's only so much we can do. it's actually on by the federal government. when you think about texas and north dakota they have some much private and state land. they also have state governments that are friendly. there is really not a lot that the states can do. melissa: core of a job on the spot. transforming the world of part-time work with the power of our smart phone. the demonstrations. it's all of making money quickly . ♪ ♪

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♪ melissa: we all want to do what we want and make "money." i do every day. one company is bringing that concept to the masses. get a temporary day you could do when your own time, make a few extra dollars. the company says it employs

300,000 temporary workers. they get paid just by using their iphone, going about their everyday activity. we want to know exactly how it works. our own jo ling kent is in the street. >> reporter: i am here with max, pretty much as super big locker. you have done almost 100 jobs. you are now over $600, is that right? working for all kinds of companies including restaurant reviews sites and microsoft doing jobs for the them. he's never met a company representative. he goes right to work. we start at the metropolitan museum of art in new york for a job worth $8. >> is says take one photo. i will go year. i hit the ad. and then taking the federal. and then they walk somewhere.

>> let's go. >> we can head to the guggenheim >> a much money will we make? >> are going to make it more dollars. ♪ >> $8 with just one click in one photo. >> yeah. >> in the goes right to your account. >> yeah. all have the money within a few days. >> then we headed off to our third job, taking pictures at a restaurant. but we hit a snag. >> it looks like they're closed. a bummer. losing out? what happens when you can't get in, maybe the planet was exactly right? >> in this case i would usually just note the time that the opening come back later, come back a different date. then to start to another job. >> how much? >> sixteen. >> of bad. under on time. >> we can go make another ten. >> all right. >> smart phone army has simply did 4 million jobs across the

country. 5800 companies. they are not profitable yet, but they say they are expanding. back to you. melissa: thanks. i guess it was only a matter of time before you could get hired from this march on. as easy as it may be for you to find it, the company behind says hiring is a lot of work. one of the co-founders. thank you for being here. a lot of questions. first of all, i can see a student in the summer, time off. they go around and do this. are there any bigger jobs are real jobs? taking a photo with your iphone, you're not going to make a lot of money that way. other bigger jobs? >> two things. the people look coming to do jobs, they are doing just one. they see that there are 30 in a block radius. they will go do a $7 job and starts hopping from one to the next. melissa: how much did you make? they were out for couple of hours. they tried to do three things, they get to done.

one did not work out. thirty jobs and a couple block radius. now wait. >> we have people making a thousand, to thousand dollars a month just doing that. these people going out. they're bringing their kids with them, going during ten, 15 today. there really hopping around the city. those are jobs that are kind of simple. you comment. you could take a picture. maybe you photograph a restaurant. that kind of thing. as you start getting experience, we do is build these mathematical profiles on top of workers said. you are really give photographer , sicker shopper. maybe you're good at following complex instructions. we will start running higher pain, more complex job see which means that they might end up paying 30 of $40. so there will in the making tinted $15 an hour to but they start getting into a secret shopping jobs. maybe $150. melissa: net was one of my other questions.

you don't know who these people are that you are handing over to your customers who are paying you. i understand you are splitting the money 37 the. a person who does the task is getting 70 and you get 30%. you don't want to send just any small how to do the job. how'd you insulate yourself? >> i would say that we actually know our workers better than regular employers to. we are doing is we're actually going through and watching your work experience across many different data points, how long your on-site during the job, the quality of the work you did. and this was over not just a couple of jobs, but tens or hundreds of jobs if you have concluded. that allows a step in delancey, out of these other people who were the ten best that we got within a five block radius. melissa: can you charge a premium for that? either different levels or you can say to my consent you a fantastic person. >> absolutely. it depends on the kind of job that is to get done, how quickly

it needs to be performed and how reliable and how urgent it needs to be done. melissa: in order for you to become profitable it seems like you will have to build this network out to a lot of people. >> the other thing we're focused on right now is expansion. we have 320,000 now across 60500 cities in the u.s. we just opened up and we're starting to spread into other european markets. all of the money we are making this going toward that. melissa: your out there and watching people. you must do this. that person would be awesome. to is your ideal walker. >> the very first thing, we need to have things that permeate. show up on time and do the work. reliable enough to go and follow complex instructions and do whatever it is the need. if you can go and do those things you are top of my list.

melissa: this sounds like those people would already have a job. a full-time job. i know that there would be out there trying to do a dated a. >> we think of ourselves as a second paycheck for people. a breeze to at starbucks, a real-estate agent. it's driving your car. melissa: very cool. cool concept. up next eventually every nanny needs a little time off. maybe that is why new yorkers are paying lots of cash. whitewater rafting. seriously. you have got to hear this one. i don't have enough "spare change" for this "spare change." you can never have too much "money." ♪ you make a great team.

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>> it is time for "spare change" to date, they view for both of you for joining us. we have a royal baby boy. we haveeestablished his net worth is half a billion dollars at birth but are you willing to put your money on and they? the top that is george a and james. >> i will go with jordan. >> there is a strong and persistent rumor in britain that his name will be frazier.

>> really? that is pprfect you get a royalty for that? >> i hope so. >> it looks like the new york elected officials are having a tough day. governor cuomo and mayor bloomberg costing taxpayers 175,000 it is not as tough as the mayor of candidates they were in a bid to harlem to be more relatable to constituents. it is all a photo op. >> when you spend a night with the family and you see the condition and realize that money from your city goes to find that and what is not happening, i think it is pretty striking. a fatah what no doubt but we would hope it would resonate

>> i agree. it is a wonderful experience the only modification they made was to put a security camera in anthony weeder is room. [laughter] >> what about the rat race? >> he lost by 18 seconds and had he had the 20 alex pepsi-cola before the race he would have won. >> that is a great point. >> have about a coffee dispenser that dispenses it the way you yawned och -- but gives a free cup of coffee if it can detect you yachting so do people just stand there to get free

coffee? >> i don't love this idea. >> this is the dumbest invention. it makes no sense. it is like ice cream and four dogs you walk to the machine and yon? >> in the beginning they would give it away for free %-got people to arbitron isis' system. and we are talking about. >> is really publicity's. >> you should have seen through it. >> i just see a real baby named frazier. >> i think they will go with james civic there already is the jamieson in miami.

[laughter] >> next is "the willis report" >> hello. two nights on "the willis report", our special investigation on and medical cost we will take you inside the secret committee showing what you have to pay also getting the best deals on travel became easier. take the drama out of home renovation. how? >> start early and get the decisions made. >> we are watching out for you. tonight. "the willis report". gerri: