you know? >> beautiful. >> thank you very much. and thanks, careenia, great to see you. >> bye, love you. >> love you, too, baby. and that's it from washington. the and kelly wright and jamie colby standing by, taking it from here. have a great day! >> ♪ >> are you safe up in the skies when you're flying or are their parties going on in the control tower? there's a new report by a government watch dog putting the f.a.a. in the spotlight and it's raising serious new questions about our safety in the skies. hi, everybody i'm jamie colby. >> kelly: i'm kelly wright. welcome to a brand new hour inside america's news headquarters. investigators accusing the f.a.a. of dragging its feet by not seriously addressing complaints made by whistleblowers out there. among the accusations, air traffic contollers playing

games and taking naps on the job and even leaving work early. peter doocy is live with more details on this disturbing story for people who like to frequent the friendly skies. peter? >> and kelly, the f.a.a. has one of highest rates of whistle blowing filings of any executive branch agencies. >> there have been 178 whistleblower filings since 2007. 9 of them were tied to aviation safety and now the u.s. office of special council protects whistleblowers, too many complaints he department of transportation, pay attention to the seven most recent. and first helicopter improperly retrofitted and air traffic contollers sleeping in the control room and using personal electronic devices and small planes from new jersey's teterboro airports flying too close to big jets from newark airport and the delta's maintenance program

specifically with fuel tanks and unauthorized air traffic flying into air space near pouerto rico, faulty wind instruments at detroit airport. and the whistleblowers had to make multiple disclosures because the f.a.a. didn't do enough to fix things right away and nout office of special council says the public expects zero tolerance for unnecessary risk. preventive measures could be far more effective if the department of transportation listened to its own employees alarm bells and acted promptly. they say that they take it seriously and committed to continuing to review the policies and practices to implement improvements where necessary and delta, someone blew the whistle on, say they have worked with the f.a.a. to revise the maintenance programs and now, they are in full compliance. kelly. >> sounds like a very disturbing problem out there. especially for those of us who

fly. and so, thank you for the report and how big after problem is it? you may be asking does the f.a.a. have their hands on a situation and talk to a former managing director of the transportation safety board later in this broadcast. >> and you're at america's election headquarters and it's the place to be. today, governor mitt romney taking to the stage delivering a keynote address at liberty university in virginia. he is the presumptive g.o.p. nominee right now, drawing applause at the country's largest christian college. >> now, to deliver our 39th annual commencement address, i'm thrilled to welcome the next president of the united states, governor mitt romney. [applause] >> romney, who is a mormon, focusing his speech mostly on faith and family and also on hard work, all in the hope of wooing that all important vote. and molly henneberg live with

more on that. the largest evangelical college, i'm sure plenty in attendance wanted to hear what he had to say. give us the highlights. >> reporter: hi, jamie. governor romney didn't shy away from the gay marriage debate today, and to what is likely a conservative crowd of voters. and he told that the enduring institution of marriage has become a topic of debate, but that marriage is a relationship between one man and one woman. which drew applause from the audience and romney spoke of his own family and his commitment to it. >> i've never once regretted missing a business opportunity so that i could be with my children and grandchildren. and among the things in life that can be put off, being there when it matters most isn't one of them. >> reporter: president obama steered clear of social issues today after announcing this week that he is in favor of gay marriage. here, you see the president and vice-president honoring the top law enforcement officers at the white house today. and in his weekly radio

address, the president spoke about his economic to-do list for congress. and chided republicans on the economy. >> they think all we can do is cut taxes, especially for the wealthiest americans and go back into letting banks and corporations write their own rules again. that's their plan. but, i think they're wrong. >> on the president's to-do list for congress, tax breaks for small businesses that hire more workers and pay them higher wages and creating a veterans job corps for servicemen and women returning from iraq and afghanistan. jamie? >> molly, thank you very much. kelly? >> well, jamie, just had molly mentioned, president obama using his weekly address to urge more action on the stumbling economy. now, some critics say the president may be trying to deflect attacks about his leadership, shifting at least part of the blame on to congress. and here is what the president has said so far. >> everybody knows we need to do more. and in order to do that, we're

going to need some more action from congress. >> and a handy little to-do list that we put together for congress. >> each of the ideas on this list will help accelerate our economy and put people back to work. >> i've been pushing congress to help us get there by passing a few common sense policies that would make a difference. that's why we made congress a handy to-do list, just like the kind i get from michelle, it's short, but each of the ideas on this list will help create jobs and build a stronger economy right now. >> all right. so, who really needs to step up their efforts right now? congress with the president. let's bring our political panel, fox news political analyst and doug schoen, former clinton pollster and fox news contributor, thank you for joining us this afternoon, just like michelle hands him a to-do list. you can imagine the honey-do list from the first lady. and he tried to deflect attacks on his leadership and economy by shifting the blame

to congress or for this weak recovery that we're experiencing, angela? >> well, i think, kelly, he's very good at deflection and look the congressional approval rating is at an all-time low and majority of americans feel that the congress is not doing a good job and majority of americans feel that the country is going into the wrong direction. but the bottom line is this, kelly, he's talking about common sense policy. and people want common sense solutions. and it's his own party. harry reid hasn't proposed a budget plan for 2012 and said it would be foolish to do so. i think he should do that and the senate and house republicans are doing their job. >> doug, we're hearing what angela is saying, the president has given a to-do list and show you an example of at that right now and we'll bring you that and show you what it includes. this is something he says would be akin to what the first lady has given him. elimination of tax breaks for companies that outsource, mandated expansion of mortgage

refinancing, eligibility, and tax credit for clean energy companies and small businesses that hire new workers, and the creation of a new veterans job core. what are the chances, however, doug of the republicans siding with the president and making this happen as angela pointed out there, not really for him? >> kelly, the chances are almost nothing, which is really what this campaign is about. and those seem to me and i suspect angela would agree is mostly common sense ideas, that will benefit the middle class and i think what obama is trying to do in the campaign is to create a contrast between his administration that's trying to create jobs and promote policies that will stimulate the economy versus a congress that is largely inept and i think that angela is right, there's plenty of blame to go around, but since the republicans control the house, bottom line, they're going to get the brunt of the blame and the attention. >> kelly: and it appears

there's no wiggle room or bargaining room between those two, the president and the republicans in the house and then you follow that to the senate as well. albeit the democrats control the senate. is the economy more on the president's shoulders or congress's shoulders or all of it? >> it's all of the above thement congress passed the laws and the president has to-- the president isn't talking about the fact that the democrats senate voted down his job's plan. they're not all working together, but when you have candidate obama, he said that he was a washington d.c. outsider and that he's going to bring washington d.c., congress, the house and senate together. and he did that when nancy pelosi was speaker and he had both houses, but a true lieder is like bill clinton when he worked with the republican congress. you have to compromise and neither side wants to compromise because it's an

election year. >> i think she's right. i worked for bill clinton and compromised between the clinton administration and the gingrich to get a budget. and she's right. we have huge national problems now, the debt, deficit, job creation, neither side is cooperating and a lame duck special after the mid term elections and going into 2013 and there's no solution in sight. no basis to cooperate in sight and the problems are getting worse and the economy's getting weaker. >> kelly: and certainly not to cut you off, but to expand on what you both are talking about, there's a lot of pain out there. people are watching this from outside looking in and they're saying, geez, what is the problem? i mean, there are so many factors, angela, that caused the economic recovery to be so weak as it is. just who is to blame? >> when people go to the ballot box in november, i used to say people will vote their conscience not their culture, they're going to vote their wallets, kelly, people are living from paycheck to paycheck and the buck stops

with the the leader of the free world, the commander-in-chief and that's barack obama. so they're going to vote him down and i believe they're going to put romney in, because they want true change and that's a better more prosperous america. >> kelly: douglas word to you. >> my take is while he we need to cooperate and the republicans are saying cut taxes, we all say enough blame to go around. and bottom line, a lot of anti-incumbent sentiment and blaming of people who have done nothing really constructive in the last two years. >> kelly: you you know the old saying, as soon as you point the finger at someone, you've got four fingers pointing back at you. >> precisely. >> kelly: the shape of the congress and the president as well. >> exactly. >> kelly: thank you for joining us, angela and doug, thank you for providing your perspective on this, jamie. >> jamie: kelly, thanks. new details about a very terrifying ordeal we've been following for almost two weeks, two girls snatched from their home and police rescuing

them after an intense search. there's new information about the suspect, a live report on that is just ahead. >> plus, the country's biggest bank making a big blunder. jp morgan chase losing, you're hearing me right, 2 billion dollars in bad trades. and what does this mean for other banks and your bottom line? the answer is coming up. >> jamie: yeah, ed butowsky on that, and plus, vanessa williams not only beautiful, but shares a special bond with her mother helen. the two overcoming incredible odds. we'll hear their emotional story next. >> i'm glad i'm where i am now. and it's, it was learning through fire. [ male announcer ] research suggests the health of our cells plays a key role throughout our entire lives. ♪ one a day men's 50+ is a complete multivitamin, designed for many of men's health concerns as we age.

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>> welcome back, everybody. they are not happy. they're the jurors in chicago speaking out now after finding william balfour guilty of every charge for killing the mother, brother and nephew of academy award winning actress jennifer hudson. court sketches so a tearful hudson as verdict as read.

guilty of first degree murder, home invasion, car theft and burglary and the jury initially telling the judge they couldn't reach consensus and the judge sending them back again. >> the split was 9-3 in favor of guilty. there were three of us who just needed to see the picture a little clearer. there were still some holes or some gaps that needed to be filled in and that like paula stated earlier, what we did, we just took what we had, and began to break it down a little further, to bring clarity, put it back together and once it made sense we were able to come to a unanimous decision. >> jamie: an inner peek at the jury. and back in 2008, jennifer hudson sister found two of the bodies and cops found her nephew dead in an suv.

and the defense plans to appeal the verdict. >> kelly: we're hearing from the florida polo tycoon, sentenced for killing a man during a drunk driving crash. a judge in west palm beach sentencing john goodman, faced up to 30 years for the death. goodman speaking in his own defense, take a listen. >> i just wanted to say that from the second of the day after the accident, all i wanted to do was reach out to the wilson and be with them and to cry with them and to, you know, i can't imagine or even pretend to imagine what it would be like to lose a son. >> kelly: a judge also fining him $10,000 on top of that 16 year sentence, a multi-millionaire made national headlines when he adopted his 42-year-old girlfriend, prosecutors say he admitted to protect his

fortune. >> jamie: another disturbing story about the alleged suspect about the shocking murder and kidnapping of an entire family in tennessee. his name is adam mayes, the main suspect in the case and killed himself during a police standoff thursday night. and authorities now saying he abducted the 8-year-old and 12-year-old nearly two weeks ago and their pictures here, after murdering their mother and their older sister. casey stegall live from alpine, mississippi where they were rescued and this story gripped the nation for the last two weeks. >> yeah, jamie, it did. and yesterday, some people were characterizing it as a happy ending and of course, that is good because the girls were found alive, but of course, just as you said, their mother and oldest sister was killed. so, happy ending may not necessarily be appropriate. today we're learning that the girls, are going to be interviewed by police. they were released from the hospital yesterday, they were treated for dehydration,

poison ivy and bug bites and told not to go into public as a precaution. the dramatic end to this nearly two week long nightmare happening thursday night in this remote wooded area near alpine, mississippi and that's about 75 miles south of their tennessee home where they were abducted from at the end of last month. their captor, 35-year-old adam mays hiding out with the sisters deep in the woods until a tip from the public led investigators right to them. but instead of surrendering, he took his own life. >> officers immediately issued commands to adam mayes to show his hands. mayes pulled a semi automatic pistol from his waistband and shot himself in the head and later pronounced dead at a local hospital. other agents moved in to rescue callea and alexandra lying on the ground nearby.

>> reporter: police believe he shot and killed the little girl's mother, joanne bain and oldest sister, adrian bain. and he and his wife drive the bodies to mississippi where they were buried in the back yard and theresa mayes has been also charged with first degree murder and kidnapping and he convinced himself he was the father of these two young girls, something the authorities say is absolutely not true. jamie. >> jamie: that's interesting. his wife and his mother, both charged now and they say there may be more people involved. stay on it for us, casey, thank you very much. >> reporter: we will, jamie. >> kelly: coming up, a shocking report suggesting a lack of safety in the skies, claiming the f.a.a. is dragging its feet over a slew of safety complaints from whistleblowers. what needs to be done.

>> jamie: plus, new concerns, iran moving forward with its nuclear program and why israel is blasting iran today and saying it's stalling ahead of this week's new talks, but the white house insisting more progress is made under the obama administration than under president bush. is that true? former israeli ambassador to the u.s. joins us live and he will be here in weigh in next. countries took part in a science test. the top academic performers surprised some people. so did the country that came in 17th place. let's raise the bar and elevate our academic standards. let's do what's best for our students-by investing in our teachers. let's solve this. that's good morning, veggie style.

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>> welcome back, everybody. much more news ahead. it's the bottom of the hour, so it's time for the top of the news. police in the u.k. arresting two men on terrorism charges, found explosive substances in the garage of their home. cardinal timothy dolan in washington today giving a commencement address on his alma mater, catholic

university telling the graduate they need to stay true to the needs of the church and our country and a sonic weapon used to ward off pirate attacks and drive back rioting used at the summer olympics, turns out. the defense ministry plans to use the device for security during the game. >> back to the top story right now. a government watch dog blasting the f.a.a. showing a lack of urgency over whistleblower complaints on aviation safety. now, the alleged offenses by air traffic control includes watching movies, using personal electronic devices while on the job and taking naps in the control room. how big of a problem does the f.a.a. have on its hands and what now needs to be done? joining us to discuss this, the former managing director of the national transportation safety board, peter, joining us, look, an important situation going on out there. what's your assessment of the

new report about the continuing episodes of air traffic contollers failing to pay attention on the job? >> well, the key words that you've got is continuing. this is not the first time that we've heard of this. this seems to be a repeating story, and it's two parts of it. one is, you've got problem behavior, continuing in our air traffic control system and secondly, you've got administrative oversight that simply isn't doing anything about it. and it's a big problem. and you know, it comes back to the fact that the complaints are pretty much the same as we've discussed, people falling asleep and here is one that's disturbing, emergency service helicopters used by first responders, peter, nationwide, nationwide incorrectly fitted for night vision and says the pilot's ability to read the instruments. what's that about and what does the f.a.a. need to do about it? >> well, they were putting in a new covering on the wind

screen and it gave a glare where the pilots wearing night vision goggles could not see their, their dials and-- >> exactly. >> i mean, and the request was made, said this is a problem, it was reported and nothing was done. and that's inexcusable. and the problem is, you know, the f.a.a. has a tough management relationship with some of its divisions. and i think the middle managers have need to be given greater tools to manage their agency, you know, they just give up when they have a problem, and peter, what do you think all of this is stemming from? i mean, this is serious because there are a lot of people flying and they fly all over the world and so, what is this stemming from in terms of the so-called lackadaisical atmosphere within the air traffic control system? >> well, i think part of it is there is a longstanding contentious relationship between air traffic contollers

and management. and this goes back to when ronald reagan fired over 11,000 of them in 1981. now, the relationship has gotten a little better, but it seems as though the oversight has gotten a little lacks. i think you've got to give the tools to the f.a.a., to the middle managers and they need to be supported by upper management. it's got to be a priority 'cause this is going to cost lifers and when that happens, then, there's going to be hell to pay. >> kelly: and so, so to the travelling public out there, the people who fly on a daily basis or even on a routine vacation basis, what's your advice to them? >> well, i mean, the -- the investigation did indicate that there was no immediate threat to air safety or to the travelling public, but these are concerning issues. and they need to be addressed. i mean, we still have the safest system in the world and the air carriers, the f.a.a. work together to give us that.

but we can always do better and we can't go to sleep and let these kinds of issues pass. >> kelly: you know, peter, hindsight is always 2020 and you look back to 1981, i remember when president reagan fired the air traffic contollers. do you think he made the right move then? and are we experiencing something that might be a backlash to that decision? >> no, 1981, it was a tough situation, he made the call. we've come a long way since then and you know, we've got a system that works pretty well. but there's no way that this kind of behavior can be tolerated and we've seen it time and time again in new york and that the f.a.a. should pass a crackdown on it. >> kelly: i think you're right and a prayer that it doesn't happen to someone in terms of a disaster and that's the main thing that the people want to avoid, right? >> that's right. you know, the f.a.a. has sometimes been accused of being a tombstone agency and

they don't act until something drastic and terrible happens and let's hope in this case that they can move ahead, that congress gives them the support, that the president gives them that the support to really make some tough management decisions. >> kelly: better to be proactive than reactive. peter, thank you, sir. >> thank you. >> kelly, overseas there are new fears that al-qaeda may be playing a major role in the syrian conflict and the militant group with suspected links to al-qaeda and they're claiming responsibility now for twin bombings that killed at least 55 people in the capital city of damascus. and there's a video posted by the group, claiming the bombings were in response to attacks on residential areas. government forces are continuing to shell and raid rebel health villages and violence across that country has been escalating despite a recent u.n. cease-fire agreement. also, new concerns this hour, that iran may be accelerating its nuclear weapons program.

now, you've heard that before, but israel has obtained a brand new report that suggests the rogue regime may be stalling ahead of the second round of attacks this week. on the white house says iran has been showing signs of cooperating lately. the question is whether or not that's really the case, is progress made? let's ask ambassador dan gillman former israelis ambassador to the united nations, a fox news contributor and a valued one at that and sir, it's great to see you. thanks for coming in. >> thank you, jamie. >> jamie: what did you learn from the new report? >> not much new. i think there is progress being done, but unfortunately that progress is being done by the israelis. they are clearly, as this report indicates, with some new evidence, they're clearly racing towards a bomb and the most frustrating thing, we hear a lot of talk and very

little action. >> jamie: by who? >> by the international community and by the united states. >> jamie: let he me ask you specifically about the united states. vice-president joe biden this week, in no uncertain terms says, the bush administration basically has allowed this to happen, but factually, can you confirm that iran has now centrifuges with uranium enriched to 20%, that they have material that could quickly create a bomb and that wasn't the case previously or is he right? >> well, one thing that we, vice-president biden and president obama should remember is that they were elected to fix the problem and not to blame the others, the previous administration, i think that's true about the economy and it's also true about iraq. i don't think that probable allowed it to happen. i think the situation today is far worse, far more dangerous,

with the centrifuges, with the e enrichment than before. it's done in daylight, in a way like the "titanic" approaching an iceberg. while we're aprotesting the iceberg, we're rearranging the chairs on the "titanic." we're having talks and we're having discussions, but this is far worse because the "titanic" was a ship at night. this is the world at daylight, witnessing not an iceberg, but a volcano which will engulf in flames. >> jamie: some of it is in broad daylight. some of it is locations going on and inspectors aren't allowed to see he. does israel know where they are and why doesn't israel go in and take them out? you're most at risk. >> we are at risk and the whole of the world and civilization as we know it is

at risk. the gulf states, the saudis, everybody is at risk. it's that rogue, fundamental extreme regime that requires nuclear weapons and-- >> do you believe that-- >> we believe they're on a quest to get it. we do know what they're doing. we do know with great certainty where it is, and i assure you that if we feel that nothing else has to be done, and that the rest of the world and the international community failed to act, israel will act. it has the capability, it has the range, it has the technology and believe me, jamie, no israeli prime minister has been elected to reign and preside over a second holocaust. as i've said before. i understand. >> if we have to do it alone we will and i would far rather have the world criticize a living israel and make condolences to a dying israel. >> jamie: we don't want to see that, ambassador, but you've

said that before and they are -- time is not on your side or anyone's side when it comes to iran because every day that goes forth, they make progress in what you believe is to build a bomb. if israel has the capability, why not save all of us from the potential of them using that bomb if time isn't on your side? it doesn't look like you'll get the cooperation of the international community and the sanctions are not working, many would argue. >> the sanctions are working, but not fast enough. and the real element which is timing. because, these two clocks are not ticking in tandem. iraq's technological clock and the world's diplomatic clock, they're much faster and we are trying to allow the world to do it. we're trying to allow time for diplomacy to work, all for the world to make iran realize it will not accept a nuclear iran and will indeed act if it

realizes that iran is reaching that point of no return where it has the capacity and the technology to make it. if the united states makes iran realize it means business, that the president doesn't just walk softly and carry a big stick, but use that big stick, and at one point, we may feel that all our options and that it's too late. if we do feel that, we will act. because we cannot afford to live, neither can the rest of the world, with a nuclear iran. it would be a horrible, ghastly world none of us wants to live in and i assure you we will make sure. >> jamie: a concern for all of us. thank you, ambassador. thank you for being here. >> thank you, jamie. >> jamie: always a privilege. thank you. >> well, it's mother's day tomorrow and this mother's day weekend we take a look at vanessa williams and her mother helen. they have faced and overcome

trials and tragedies, and emerged triumphant in their bond of love. it's a mother-daughter relationship that's enabled vanessa to live her life beyond a dream. beautiful, brilliant, and talented, just a few adjectives to describe vanessa williams. she's enjoyed success on television show desperate house wives, ugly betty. success in broadway, music and ♪ >> on the outside looking in, success appears easy for vanessa, her new book written with her mother helen, makes it clear you have no idea. >> it appeals to a broad range of people who can learn, young kids, who can learn how i got my start, and how hard it was, and how you have to keep trying and also, from people that are my mom's generation who can look back and say,

wow, i remember that time in the '60s, i remember you had a handful for a daughter, good luck to you, you somehow made it through. >> i think it's also an opportunity for people to hear the story of someone who has had some successes, some failures, and some doors opened, some doors closed, and also, to enjoy reading about what she was like in her adolescent years and i'm sure that a lot of people will say, i remember that, it was like that at my house, too, and come back with a very positive feeling about it. >> vanessa writes she put her mother and father through many changes during the turbulent adolescent years, and independent, she would experiment with marijuana, sex and acts of rebellion and reveals how as a child, she was molested by another woman. >> you were able to overcome it. and what, what helped you do that? >> it's knowing that you're not a-- a product of every episode or event that happens in your

life. i don't stay stuck. it's not like that i certainly gloss over life. i guess you would classify me as an optimist. >> optimism is one that led vanessa to become the first black misamerica in 1983. a source of pride for her family and the nation, but scandal erupted when nude pictures of vanessa, posing with another woman surfaced. she relinquished her crown and endured criticism and never gave up hope that she could one day rise above a terrible setback. >> i look back at those years and having raised or in the process of raising my four kids so happy that i haven't had-- i haven't had to deal with what i did to my parents. >> it's important to think about the consequence, we've believed in her talent. a hard worker and sets goals for herself and she's prepared for those goals. and we're very proud of her. >> i'm glad i'm where i am now and it was learning through

fire. and marvel at the fact that i got through it. >> kelly: yeah, she says she got through with a lot of faith and hope and her mother not only did she get through it she rose above every setback she experienced, turning each failure into success and vanessa says she couldn't do that without the love and support of her mother and family. it's an empowering celebration of family. happy mother's day to vanessa and helen williams and to all of you great moms out there. >> jamie: thank you, kelly. we're going to talk about america's biggest bank admitting a 2 billion dollar mistake. did it affect you? the feds say they're on the case, but is this the same type of blunder that tanked our economy? today, there's new fallout. [ morgan ] when you cheer,

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>> mitt romney is delivering the speech at liberty university. >> jamie: kelly, liberty university is evangelical christians to what brigham young is to mormons. for mitt romney, it was an opportunity to bridge a gap between the two favorites. delivering the keynote commencement address at liberty university. the republican presidential candidate mitt romney, a devout mormon hammered home strong work ethics to a crowd he had a hard time winning over and romney praised the students for values raised at liberty. >> not all colleges instill that kind of confidence, but it will be among the most prized qualities from your education here. moral certainty, cheer standards, and the commitment to spiritual ideals will set you apart in a world that is searching for meaning. >> romney's not the first mormon to address the graduates at the evangelical institution. there's been a catholic and an

unusual version, but for romney, white evangelicals, make a large of the republican party have been a stumbling block. and the reverend from first baptist dallas has been saying mormons are not christians. >> mormons is a theological cult and i still old to that, there are vast differences between mormonism and christianity and the only person who doesn't recognize those differences is somebody whose he' ignorant in both mormonism and christianity. >> reporter: now, romney got the loudest applause when he talked about marriage, stating quote, marriage is a relationship between one man and one woman. a contrast to president obama who this week announced his support for same sex marriage. from the new york news room. >> jamie: a big admission from jp morgan chase admitting a 2

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[click-click] [♪...] >> there's some new fallout from the nation's largest bank who's already had a stellar credit rating lowered after jp

morgan chase reportedly now under federal investigation admits it lost 2 billion dollars for bad trades in just the past six weeks. critics are saying that it's proof the big banks don't understand the risks they're taking, what about the fallout for the average american? will we see massive ripple effects in that industry and in your pocket? ed butowsky, chapwood investments, thank you for joining us. >> happy to be here, jamie. >> jamie: i know you're pretty fired up about this. because this is something, a hedging strategy that's happened before and likely will happen again, and ooh, had it awful results where jp morgan chase is concerned, 2 billion dollars. what does it mean for us though? >> well, it really means absolutely nothing. thank you an issue that is just isolated at jp morgan and to put it in perspective you have to understand what was taking place. and without getting into all

the technical jargon. what jp morgan does, they loan money out just like any other commercial bank loans money out and sit back and hope that someone pays that loan back. what jp morgan does, they use hedging strategies. what happened specifically in this case, when they were readjusting the hedge which was put on by some smart, and good traders and really good risk managers, the economy in europe started to adjust a little bit and they actually were on the wrong side for a moment, and that's, that literally created this ripple effect within jp morgan, it's not going outside jp morgan, the economy is not falling. jp morgan understands well and it's a bad trade, that's all. >> jamie: why are we hearing about it now if it's a strategy used before? obviously, 2 billion is a big number, it's somebody's money. why do you think we're hearing about it. >> right and whose money it

is, it isn't individual's money it's the corporation's money. they're still going to earn 4 to 5 billion dollars in this quarter. they're going to take a loss on this. i think they're actually going to take a close to a billion to 2 billion dollars in addition to the number that's factored in. why are we hearing about this, jamie? i don't know. because companies like coca-cola and burlington northern and many other companies all use hedging strategies to ensure against problems. you want companies to put hedging strategies on. this one didn't work out, but they have hundreds or thousands of other hedging trades that do work out. and this is not in violation of the voelker rule. this is not prop trading and the the press has gotten a hold of this and blown it way out of proportion. >> jamie: do you think then that jp morgan with their stock dropping as a result of this is a buy right now? >> if you were going to put money in the banking sector, the number one stocky would buy is jp morgan, all right? they are the best company in that category, so if you're

going to implement or put money into the banking industry, put it into jp morgan and shouldn't scare anybody at all. >> jamie: even with this news you're pretty solid on the company making pretty good trades. i'm glad it doesn't affect us necessarily. thank you, ed, you're an expert in this area with exercise if that area. >> kelly: that's it for us. >> jamie: this hour flew, thank you for joining us, i'm jamie colby. stay where you are, the journal editorial report is next and lots more ahead on fox news channel, the most powerful name in news. take care! >> the tyranny of single mile credirds. battle speech right? may i? [ horse neighs ] or too long, people have settled for single miles. with the capital one venture card, you'll earn doubleiles on every purchase, every day! [ visigoths cheer ] hawaii, here we come.

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