>> if i didn't overexaggerate the story and if i told the entire story, none of this would have happened. >> in an interview with brazilian tv over the weekend. american swimmer, ryan lochte apologized for embellishing a victims of an armed robbery at a rio gas station. he claimed a gun was pointed at his head. >> i'm embarrassford myself. for my family and for my country. i was highly intoxicated. it was, i'm human. i made a mistake. >> u.s. olympic committee ceo scott blackman says the swimmers

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new apps, web sites are changing the way we do business from bookstores to videos to cabs. latest frontier in the digital revolution is financial technology. or fin tech. lesley stahl spoke to some of the pioneers. >> which one dropped out of awe thought was me. >> which one dropped out of mit? >> by elimination, i was the other one. brothers patrick and john collison quit college because they had an idea for modernizing the financial industry they thought needed a shaking up. >> in a world where people can send a facebook message or upload an instagram photo have it available to any one, anywhere in the world. like that. i think the fact that doesn't work for money is something that

unacceptable to people. so i think the question for banks is can they get there first and providing services or somebody new. >> they want to be the somebody new. john, 26, patrick, 27, first noticed the problem wen they were in high school in a dot of a town in ireland. you were coders? >> we both learned to program growing up. we had been building, iphone apps, web services. >> when they wanted to charge people to buy the apps, they hit an unexpected snag. they had to go to the bank and file paperwork just to be able to collect the money. >> look really sort of -- kind of look getting a mortga you have to convince them that you are worth supporting. >> like the mortgage it would have to be approved. >> it would take weeks for the approval process to happen. just seemed like this crazy mismatch. >> so they decided to do something about it. they created software that allows businesses to cut through all of that bureaucracy and instantly accept payments on line frm countries across the globe. we visited their startup, stripe, in the mission district. the heart of san francisco's tech scene where patrick showed me how fast a business could set up a money collection system. using stripe. >> set me up.

create an online business. what do you want to sell? >> i will sell dog food. home made dog food. >> in five minutes after a few clicks and a cut and paste of their code -- he said my company would be ready to receive payment for home made dog food on line right then. and there. >> it doesn't need to take any longer. this is, this is how it should work. >> this is what would take weeks and weeks and weeks and forms and forms and verification.

waiting for paperwork to be mailed back and all this stuff. >> they developed software for buy buttons lefting companies accept payments online fast and in new ways. stripe charges sellers a small percentage for every transaction. >> does the buyer pay anything? >> the buyer pays nothing. >> nothing. >> correct. >> reporter: their goal its to make money as easy to send as e-mail for everyone, anywhere, on any device. >> we want to free businesses from just selling via credit cards to people who hold bank purchase on line no matter what they use. bank account or no. >> reporter: of course this needed the smartphone. this move to mobile. >> for sure. >> reporter: stripe is hardly alone in inventing new financial technology. or fintek. a revolution brewing with thousand of companies trying to make banking faster, cheaper and increasingly mobile. >> man of the innovative services in financial technology that have come along in the past ten years are, are not coming

>> but by and large the newcomers are not challenging the core function of banks taking deposits. even the startups themselves. park the money they handle at fdic insured banks. >> i think there will be a need for some where to store your money. have it sit. we think for their flaws they have a lot of experience at being banks right. >> but fintek is targeting other fun tgss of banking. startups are peeling off one profitable service after another. typicaof less. it's called unbundling the bangs. say you need a loan. fintek sites match borrowers and lenders the way uber connect passengers with drivers. need financial planning. algorithms are replacing human advisers and brokers. apps, let people click money to each other similar to texting. and itch you want to wire money across borders. >> sending $500. >> ceo of a company called transferwise showed us how his

convert currencies, say dollars into pounds, without bank tellers and high exchange rates. users just swap with each other. >> couple of clicks. boom. >> click, click done. >> do you think the big banks see the fintek startups as barbarians at the gate. >> lot of curiosity. >> what about fear? >> the former ceo of banking giant, citigroup says it is the all too familiar tale of david and goliath. fintek its what you are seeing uber, air bnb. you have seen, the impact of technology on travel. >> is that what fintek is doing to banking? >> it is early days. banks are thinking about it. trying to understand what all of this new technology can mean? >> it could mean trouble with millenials willing to ditch brand name companies for new

>> the banks have not realized how different this generation is. >> max levchin, co-founded paypal, early investor in stripe sites a survey saying 70% of young adults would rather go to the dentist than to a bank. >> they don't have a problem putting their social security into a web form. they have a terrible problem going up to the tell ter in a bank and figure what you are suppose to do. this is so inefficient, why am i in this stodgy, outdated room, empty and marble-laden. >> not just about technology. there is also a question of trust. >> the millenials, they're basically formative experiences, the financial crisis. they're the one whose really dent trust the banks don't trust the banks. >> and we know that the banks serve their own interests more than those of their consumers.

basically that you helped create. >> well there is no question the crisis demonstrate the that the system didn't work. and when you looked at -- the aftermath of the crisis what needed to be done, you had to make sure banks got back to the basics of banking. and they had to address the trust issue. >> in the meantime, fintek started take root. in the last year and a half. ve billion into the sec on. including this banking insider whose personally invested in a dozen fintek startups. he says beyond making banking convenient, the companies can offer options to lower income families that can't afford to bank at banks. ten million american households don't have a bank account. >> it is more expensive for a poor person to use the banking system to exist than for a wealthy person. how is that possible?

on the checking account. the commission. exchange rate, it all adds up. >> that doesn't happen with new companies. >> new companies they're transparent. they tell you -- what the fees are. and they're a fraction of some of the fees charged by banks. >> they can provide services more cheaply. you don't have to have a physical presence and pay for that. you can eliminate hidden fees. and if your cost structure is lower. >> i am hearing eliminate jobs. we are talking about hundreds of banking sector. >> tellers. and financial advisers. you name it. >> i think in general. sort of, technology, always -- makes some jobs less rel vanlt or perhaps even obsolete. i will say that the idea that sort of these people will find nothing else to do seems like -- it is way too pessimistic. >> have you looked at. >> of human beings.

employment scene right now. >> it will take a while to adjust. creativity of people. what they're capable of. aspirations and dreams that they have. the idea that they're not capable of anything more than sort of performing ought may tiff clerical tasks i don't believe that. >> there are issues with fintek that go beyond the loss of banking jobs. letting new companies handle your money cupped be risky. there are concerns they're inadequately regulated. there is also the issue of online skurtd. >> people have been trying to steal money for as long as money has existed. andn't best we can sort of, as a -- as a society is to design security in the most thoughtful rope bust way possible. and that's sort of what we set out to do with stripe. >> it's not like the big banks haven't been breached by

so is fintek the next uber. well it is still a small slice of the financial industry. and the powerful and rich old guard is fighting back. its lobby already pushing for more regulation to curb the already pushing for more regulation to curb the newcomers. >> you can see the full report on our website cbs news news.com.

there are new details emerging about the death of rock star prince.

april. investigators found a batch of counterfeit pills if his home. some of them mislabeled. michelle miller has that story. some of the counterfeit drugs reportedly contain fentanyl, an opioid 50 times more powerful than heroin. but officials say those pills were falsely marked raising the question did prince know what he was taking. prince weighed just 112ou the drug fentanyl. the medical examiner's report said the fatal dose was self-administered. and his death was an accident. ? purple rain purple rain ? >> reporter: it's unclear how the 57-year-old singer obtained it. but according to the star tribune, investigators are leaning toward the theory that he took the pills not knowing they contained the drug. >> you can envision the case of

lower dose of a narcotic. and it ends up being a significantly higher dose. >> reporter: an official close to the investigation told the associated press, some pills found in prince's paisley park mansion were falsely labeled as watson 385 indicating they contained hydrocodone and acetaminophen which is the active ingredient in tylenol. at least one tested positive for fentanyl, responsible for a growing number of deaths in the united states. >> problem is fentanyl is much, much stronger than the tylenol and the hydrocodone. i think we're seeing an epidemic, and the epidemic is people taking narcotics with an overdoses and deaths. when the two of them collide as in this case, it certainly appears like that, there can be lethal consequences. >> an official also told the

not have fentanyl

the fire is barely out on the olympic cauldron in rio, but cities around the world are already lining up to host the games in 2024. that includes los angeles. ben tracy has the story. >> it's been 20 years sin the summer olympics have been in the united states. that was the 1996 atlanta. since then, chicago has tried. new york has tried. they've both been passed over. but now los angeles thinks it can go the distance. >> reporter: with the olympic flame now extinguished in rio the competition to get the 2024 games is really heating up. los angeles mayor eric garcetti was in rio to convince olympic officials his city should play host.

given what they cost? >> a lot of people are asking who would bid for the games. we know we could do games that would be possible like in 1994 when we helped save the movement. >> reporter: los angeles was the only city that wanted the olympics in 1994 and it made money. it predicts it would cost $6 billion and generate $161 million in surplus sales. the l.a. coliseumou updated and a temporary swimming area would be built. nearly every other venue already sifts. the los angeles rams football stadium would become a centerpiece of the game. l.a. has also dramatically expanded its public transportation. >> we won't build things for the olympics and hope that they benefit the people of l.a. we're building things for people of l.a. already and hope they benefit the olympics.

los angeles is up against paris, rome and budapest. paris is a favorite since 2024 would be 100 years since it last hosted the games. >> the entire olympics ordeal is to have bigger faster stronger profits. >> reporter: the professor gaffney has researched the impact on the host city. he said it would leave billions of debt. want to see the olympics back on american soil? >> absolutely not. the olympic model is dead. >> reporter: in the past decade, the olympics have just $8.9 billion. but l.a.'s mayor says bringing the games back to the heart of hollywood is not only a win for l.a., but the entire country. this is a movement that needs america. but i think america needs the olympics, too.

for this tuesday. for some of you the news continues. for others, c back to school in the zika zones. lesson one. protection. >> i don't take them anywhere, where we are going to be outside an extended period of time. >> also tonight. campaign 2016. donald trump on immigration. >> no i am not >> revelations of more hillary clinton e-mails. >> wildfires, firefighters battle them. scientists try to understand them. >> it doesn't require flame to ignite. >> no, just hot air. >> there are 8 million stories in new york city. anthony mason found one in this bookstore. >> a lot of people must come into this shop. and i wonder why you are still here. >> every day. >> why are you still here?

>> announcer: this is the "cbs overnight news." the reopening of school in miami yesterday came with more than the usual first day jitters with mosquito spread zika infections in the area. up to 37 now. parents worried about the kids they sent out the door and off to class. and teachers skipped right past the abc's and started with z. for zika. from miami, here's david begnaud. >> 7,600 students in miami-dade county started the new school year inside of a zika zone. >> what's zika, the second part of the name. zika what. >> virus. >> the science of the mosquito born virus was part of the first day's lesson plan at this middle school in wynwood. students were offered free protective clothing and insect repellent. alberta calvaro is superintendent of schools in miami-dade.

protective clothing? >> a lot more kids. very warm. leaving long sleeve shirts. >> meeting with community leaders, governor rick scott announced $5 million in state funds will go for zika preparedness and mosquito control. that's out of 26.2 million he authorized. in the state's zika zone, the mayor of miami beach criticized the governor's response as inadequate and not timely. >> i think that what the governor did he not only blindsided , administration, county administration, think he blindsided everybody. atr katrina bernard, mother of two, expecting her third child has all but quarantined herself and her family. >> my kids are restless. we don't go to the zoo. i don't take my son to baseball practice. >> to the person who says you may be a little everreacting? >> i think my baby's life is more important than my comfort right now. >> reporter: there are 69

florida infected with zika tonight. federal health officials will not disclose whether any of the women contracted the virus locally. beach. concern as the floodwaters in louisiana and mississippi recede, standing water will become a breeding ground for mosquitoes carrying zika, flooding killed at least 13 people and damaged tens of thousand of homes. manuel >> lived here since 1973. >> raised my kids. >> it is all gone. >> wallace and shirley aymond say they lost everything in their baton rouge home to six feet of walter. >> treasures, memories on the side of the road. and -- we don't know what we are going to do. >> the aymonds, like 80% of louisiana residents did not have flood insurance. they've couldn't afford it. say they have received $800 in

more than 106,000 people have now registered for emergency federal aid. officialsest mate 60,000 homes across 20 parishes were damaged. in nearby dunham springs, fema workers spent the day asession the needs of flood victims. thousands remain in shelters. state officials on the lookout for any one who may pose a health risk. the focus remains on clean-up and rebuilding. says the mayor of dunham springs, ge >> take us quite a while, devastation. doesn't happen overnight. the aymonds wonder if they can rebuild at all. >> we cry off and on. we want to come back home. but we can't. >> you can see every single home in the aymonds neighborhood has a pile of debris in the front maurice, president obama who some have criticized for not breaking away from his vacation

tomorrow. >> thank you so much tonight. now, to the presidential campaign. it seems every time hillary clinton tries to delete the e-mail issue, it winds up back in her in box. today we learned the fbi investigation uncovered nearly 15,000 e-mails from her time as secretary of state that were not among the 30,000 she turned over in 2014. here is nancy cordes. clinton insisted her lawyers everything on her private server. >> i responded right away. and provided all my e-mails that could possibly be work related. >> but now, justice department lawyers say they have given the state department 14,900 e-mails and documents that clinton did not hand over. state department spokesman, mark toner. >> we still don't have a firm sense of -- how many of these 14,900 are new.

number there. so, there is likely to be, quite a few. >> clinton campaign aides say aren't sure what is in the documents, but support all of her work related e-mail being released as a federal judge has ordered in response to a suit alleging clinton used the server to skirt public records laws. fbi director james comey first indicated last month that his agents had recovered new material from clinton's server. but he s evidence it was deliberately withheld by clinton's lawyers. >> it is highly likely that their search missed some work related e-mails. we later found them. in the mailboxes of other officials. or in the slack space of a server. >> clinton told the fbi that colin powell advised her to use a private server as secretary of state. powell told "people" magazine he doesn't remember the

fbi interview, tells cbs news she was not the one that brought up powell's involvement. he was asked about it by agents who had seen e-mails between the two. >> nancy cordes in washington. the "cbs overnight news" will be

donald trump took his campaign to a battleground state as he rekconsiders his immigration policy. here is major garrett. >> donald trump met with akron area law enforcement as part of a brief swing through ohio. trump's primary season, law and order pledge to deport estimated immigrants is now under review. even as trump denied a general election retreat. >> no i am not flip-flopping. we want to come up with a really fair but firm answer. >> trump met with supporter filled hispanic advisory council saturday, a topic, alternatives to mass deportations. something trump called for repeatedly. >> 11 million, 12 million immigrants. >> whatever the number is. >> still in the country. what do you do? >> if they have done well

back in legally. >> you are rounding them up. >> rounding them up in a very humane way, nice way. >> she attended the closed door saturday session and said trump was interested in something less than full deportation. a touch become to create a path to legalization. >> people don't necessarily go back to their country of origin, but will go back to their embassies or kouns lcounsulates >> new campaign manager, kellyanne conway emphasized fairness over firmness. >> he wants a fair humane way to deal with 11 million who live among us. at the same time. secure the border, build the wall, and be fair to american workers who feel like they're competing for these jobs now. >> reporter: this idea of touchback immigration first surfaced in 2007 congressional debate over comprehensive reform. maurice, back then. immigrants would have had to

position far tougher than the one trump is looking at now. and one conservatives then, branded amnesty. >> major garrett with the trump campaign in akron, ohio tonight. syria's civil war appears to be entering a dangerous new phase as the the assad regime forces battle kurdish troops, u.s. partners for control of hasaka in the northeast. holly williams reports the u.s. may be drawn into this battle. >> reporter: a new front has as syrian regime planes bomb kurdish fighters. and the two sides battle street to street on the ground. the kurdish group is backed by the u.s. in the fight against isis. and american special forces operate in the region. so the u.s. scrambled fighter jets to protect them. but that risks a direct clash in

which america has strenuously tried to avoid. five years into syria's civil war, this multisided conflict is more chaotic than ever. it is also again spilling into neighboring countries. like turkey where on saturday. a suicide bomber targeted a wedding party. killing more than 50. including at least 22 children. turkey the prime minister said it could have been another group. the u.s. and kurdish allies have made progress against isis. killing thousand of fighters, and clawing back territory. even itf isis loses all its territory in syria that won't end the civil war. the syrian regime is thought to have killed far more people than isis. and is now backed by fire power

its own people. perhaps for years to come. secretary of state, john kerry said today, that talks with russia on possible military cooperation in syria, are drawing to a close. but maurice many are skeptical about moscow's intentions. because the its goal appears to be to prop up the syrian regime. >> holly williams in istanbul tonight. holly, thank you. it was another violent weekend in chicago. 57 shootings. five of the victims died. dean reynolds now on a new strategy to try to stop the violence. >> reporter: with murders this year up 50% over last year. >> shots fired. >> with increasing number of children count the as collateral damage. the chicago police are now launching precision raids, to sweep up repeat offenders who they say are responsible for much of the bloodshed. tony riccio is chief of the

attacking them through the sale of narcotics. narcotics is what funds the gangs, funds the operation. it provides them with money to buy the guns. that are used, to shoot at rival gang members. and in some cases now as we have seen to shoot at police officers. >> 61 of the 101 people arrested early friday were documented gang members. the police said. and superintendent eddie johnson says in all, there are about 1400 repeat offenders driving the violence. >> these p choosing the lifestyle. so, imagine if we can eliminate half of those people. our crime, gun violence would be in the city of chicago. until we let them know that we are serious about it. they're going to continue to do what nay do. >> but even with this new dragnet strategy, the mayhem continued this past weekend. a 14-year-old boy, malik cozi among the eight killed. an 8 year girl among 49 wounded.

14-year-old. >> the kids don't stand a chance. >> ashake banks took jamia to the hospital. four years ago, ms. banks 7-year-old daughter heaven was shot to death while she sold candy on a sidewalk. >> i had to relive that all over again. i've just couldn't see another baby losing their life. i am so sick of it. >> this more aggressive police strategy has been going on since memorial day. and, a few hundred offenders have been taken off the streets. mauric t shows, the results so far are mixed. >> dean reynolds in chicago. tonight. coming up next, some scientists believe the best way to fight wildfires is to let them burn. and, ryan lochte was not robbed. but he just lost a ton of endorsement

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dozens of wildfires are burning in the west three broke out yesterday near spokane, washington. at least 1 home have been destroyed there as the fires continue to grow. and more than 100 homes burned in the blue cut fire in southern california. tonight that fire is nearly 90% contained. evacuation orders have been lifted. >> each year wildfires seem to get worse. despite the heroic efforts of fi

carter evans spent time in a lab where they study this. >> reporter: in this especially designed burn chamber. researchers are dissecting a wildfire. by measuring how fast pine needles burn. >> it doesn't require flame to ignite. >> no, hot air. >> huh a fire can propel without wind. >> so the troughs, those dips, are actually where the fire is advancing. >> right. that's right. >> mark phinney, u.s. forest service fire lab in missoulla. an expression. it spread like wildfires. we don't know how wildfires spread. >> reporter: the forest service spent $1.7 billion fighting fires that burned a record 10.1 million acres last year. but phinney's research shows, putting out every fire is not working. >> are we making it worse? >> we are making it worse. fighting these fires, we unfortunately enter what is

suppress themt wo suppress, them the worse they get. under normal conditions fires thin out forests. by constantly putting them out. more unburned brush is left for the next fire. phinney says firefighters should be intentionally setting more so-called prescribed fires to burn off excess vegetation or simply let some natural fires burn. in a statement to cbs news, the forest service says, it agrees that managed are important tools but our capacity to complete this work is restricted by the budget which is al low kate allocated . there are liability, use with state and local governments as more devil tupers push to build homes close tire fire-prone areas. >> fire is inevitable. if we convince ourselves it is not we have a repeat every single year of the same situation. >> reporter: for now scientists hope that by setting these controlled fires in the lab,

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omega-3 levels in 30 days. megared. the difference is easy to absorb. discover new magnum double raspberry. made with the perfect balance of raspberry ice cream, and belgian chocolate. discover magnum chocolate pleasure. ryan lochte's career as a corporate pitch man is sinking. today four sponsors dumped the olympic swimmer.

maker air weave. lochte apologized last week. in stark contrast, two olympic runners have been given a rare sportsmanship award. abbey d'agostino and nikki hamblin collided and fell. d'agostino helped hamblin to her feet. and both finished. grimti ligaments. a legendary musician died, toots, thieleman turned the harmonica into a jazz instrument. he was searching for a place between a smile and a tear. thieleman can be heard on sound track, commercials and the original theme song for "sesame street." ? ? toots thieleman died today in belgium. he was 94.

she and her store are fighting

we end tonight in new york city. the first capital of the united states. called by many the modern day capital of world where past and present co-exist side by side reli iic of the past still thriving. in midtown manhattan squeezed between the skyscrapers on east 59th street is a six-story literary oasis. the argosy bookstore in business 91 years now is run by three sisters. >> this is -- >> "moby dick." >> judith lauery, first born is

the middle sister. >> this is an act of congress signed by thomas jefferson. >> reporter: runs the autographs department. >> early manhattan. >> reporter: and the youngest presides over the map and art gallery. >> it has no central park. all in their 70s now the three sisters have run argosy since their father died in 1991. >> reporter: a lot of people must come into this shop and wonder why you are still here? >> especially real estate brokers. >> why are you still here? >> we're here because we own the building. otherwise we would have had to go out of business long ago. >> reporter: louis cohen opened the store in 1925. he and his wife ruth who also worked at argosy passed on their love of books to their three girls. >> sisters and brothers tend to have their battles.

>> reporter: the internet now brings in orders from around the world. but the store itself isn't as bustling as it used to be. even at the bargain bin. how often do you get offers to sell? >> 100 times a year. >> 100 times a year. >> three calls last week. >> you did? >> the sisters have already planned for their succession. judith's son, ben lowery will make sure this bookstore won't budge. >> do you l protecting something now? >> yes. >> what is that? >> books. >> books are in danger. >> reporter: to louis cohen's daughters it's not the real estate that has the the most value it's the collection that it houses. anthony mason, cbs news, new york. and that they the "cbs overnight news" for this tuesday. for some of you the news continues. for others, check back with us a little later for the morning news and cbs this morning. from the broadcast center in new york city.