on our broadcast tonight, on the street. today the president calls out bad behavior on wall street. a judge calls out a big company for billions in bonuses. and what we have learned about your debit card that could be hurting you. murder mystery at yale university where police have identified a body. there is a suspect. but what about a motive. the outbursts, the aftermath, the apology and the new champion. give me shelter. dogs looking for a good home and good people making a difference. the continuing debate over cell phone safety. the continuing debate over cell phone safety. "nightly news" begins now. captions paid for by nbc-universal television good evening. it has been a year now since the

u.s. economy was on the brink of collapse. it happened at the end of the bush presidency. a lot of firms went under overnight. some were saved with taxpayer money. fixing the economy became the centerpiece of the new obama presidency. today the president came to new york accused wall street of ignoring some of the lessons of the meltdown. of going back in some places to the old way of doing business. even though he said things are beginning to get better. tonight, we are covering the financial ripples throughout industry. beginning with cnbcs, carl quintanilla. good evening. >> reporter: good evening. the president's first trip to wall street. he did in fact issue the scolding and pushed for some financial reforms but may be in danger in getting drowned out by the fight over health care. >> thank you. >> reporter: speaking to an industry alive in part because of government assistance, the president told banks they owed it to the public to change their

stripes. >> those on wall street cannot resume taking risks without regard for consequences and expect that next time american taxpayers will be there to break their fall. >> reporter: essentially what happened one year ago when half a dozen financial giants went bankrupt were bought or taken over by the government. since then, the stock market has fallen 16%, home prices have slipped another 7%, and the country has lost 5.5 million jobs. today, the president pushed for financial reforms he hopes will prevent a repeat of that. creating an agency to protect consumers who take out loans. closing loopholes where there are multiple regulators. and outlining a process to safely shut down large institutions that aren't banks. >> we should not be forced to choose between allowing a company to fail and into a rapid, dissolution that threatens the economy and innocent people or alternative tee forcing taxpayers to foot the bill. jobs are best created not by

government but by businesses. >> reporter: on the floor of the stock exchange there were audible groans as traders reacted to the president's speech. >> the real apprehension here is what happens when it gets in the hauvendz congress. >> reporter: off wall street some fault the administration for not already pushing through financial reforms. >> this government, despite having rescued the financials, which i applaud them has done nothing, nothing substantial and is doing nothing substantial and is proposing nothing substantial to make the financial system and the big banks less dangerous. >> reporter: one other worry, banks are only as healthy as the consumers to whom they've lent money. consumers now losing jobs and defaulting on loans. >> from lehman to today we were mostly dealing with fear, we were dealing with the valuation of securities. but now the banks are working through real old-fashioned loan losses. >> today we got word of even more corporate layoffs. eli lily, the giant drugmakerer said it would cut 5,500 jobs in

an attempt to cut costs. brian. starting us off on a monday night. carl, thanks. as the president was talking on wall street today, a federal judge was coming down hard on both bank of america and the federal securities and exchange commission. at issue here -- some huge bonuses that were given to merrill lynch employees, just after its merger with bank of america took place about a year ago. our justice correspondent pete williams in our washington newsroom tonight with more on this. pete, good evening. brian everything about this is unusual. judges almost never flat out reject settlements with this and seldom with tough talk. one year ago today when bank of america agreed to acquire the wall street trading giant merrill lynch for $50 b the bank told shareholders merrill lynch agreed not to pay year-end bonuses to its top executives. but the sec says in fact bank of america did agree to let merle pay $6 billion in bonuses. today a new york federal judge

refused to let bank of america pay a $33 million fine to settle a lawsuit the sec filed accusing the bank of misleading investors. the judge said it is absurd that bank of america shareholders having been lied to blatantly need to lose another $33 million. he said that would have the victims of the lie pay an additional penalty for their own victimization and would violate justice and morality. the judge said the sec should be doing more to find out who at bank of america was responsible for misleading shareholders in the first place, brian. >> pete williams it the other story out of the financial world tonight. pete, thanks. while bank of america is taking fire for the big bonuses, banks are being hit with criticism for something else tonight. scooping up some huge fees on what are sometimes very small transactions every day made with debit cards. our report on this tonight from our senior investigative correspondent lisa myers.

>> reporter: when private enlisted last year at age 17 he opened his first checking account at bank of america. his parents frank and gene signed up to help monitor the account. this spring, they noticed when their son overdrew his account by small amounts for pizza or a sandwich, each debit card transaction triggered a $35 fee. and the fees quickly multiplied throwing him deep into the red. >> i am not saying my son shouldn't pay a penalty. but i think that they're just hang him with all these fees and it's ridiculous. >> reporter: one day alone, sid had 5 purchases totaling $33. the bank charged him $175 in overdraft fees. total overdraft fees imposed on this soldier over five months, $1,785. >> when he gets his next paycheck it is going to go right to bank of america. the whole thing. >> reporter: it is not just bank of america. overdraft fees especially on

debit card transactions have become a cash cow for many banks. and are expected to generate $27 billion this year. >> this is pure profit from a predatory practice and something in the long run hurts consumers. >> reporter: consumer groups claimed that banks manipulate processing of transactions to maximize fees. the banks say at the end of the day they pay largest transactions first because they're the most important. that often means more of the smaller transactions bounce, generating more fees. a spokesman for banks says overdraft protection is a courtesy that spares customers embarrassment and it is a consumer's responsibility to know how much is in the account. >> there is a way to control the fees to reduce or eliminate them entirely, good cash management. >> reporter: they said they asked the bank to stop paying transactions if the money isn't there. but bank of america, as a matter of poll see, doicy doesn't allo

customers to drop overdraft protection. >> bank of america should change their color from red, white and blue and wear black and white suits and black masks. to us they are bandits. >> reporter: after the sids told the bank they were talking to the media. 2/3 of the fees were refunded. the bank told us private sid's case is an extreme circumstance and all fees have been refunded in full. lisa myers, nbc news, washington. we turn now to the continuing mystery and tragedy in new haven, connecticut, that started last week as the case of a missing student at yale medical school. a bride-to-be. now a body has been found and the search is on for a suspect there and a motive. the latest developments tonight from nbc's jeff rossin in new haven. >> reporter: a section of yale university went into lockdown today. the research lab where medical student annie le was last seen is now a crime scene. after nearly a week of searching police found her body stuffed

inside a wall of the campus lab. her image was captured by a surveillance camera as she walked into the building last week. she never came out. >> a lot of physical evidence was recovered. the law enforcement agencies are going through that. >> reporter: earlier today law enforcement sources said they had a suspect, a student who failed the lie detector test and had defensive wounds. but tonight police are saying, that isn't true. no arrests have been made. >> it is extremely likely that the suspect was from yale and was from that building because he had to get in, he knew what he was doing in the building. >> reporter: students told us if the killer is a yale student, one of them, it is no surprise. to get into any one of the scam pus buildings you have to be a member of the yale university community and swipe an electronic id card. >> it is definitely scary to think it could be someone that we have had classes with, that i have passed in the halls in the libraries. >> reporter: annie le was getting her md and ph.d. her

fiance got the call that her body was found on what would have been their wedding day this past weekend. >> i just think of her family and her fiance and can't imagine what they're going through right now at this time. but it is just, makes you sequester to your stomach. >> reporter: a shocking crime that cut a young life short. and has this campus on edge. jeff rossin, nbc news, new haven, connecticut. we learned shortly before air time tonight that jody powell has died. he was a rural georgia boy who got his professional start as jimmy carter's driver. and later as one of the young kids who helped carter get elected he was rewarded with the job of white house press secretary. he was a fixture at the daily press briefings, served 1977 to 81. and a fixture in washington ever since. very informal, irreverent. the duo of jody powell and hamilton jordan received a lot of attention as the young turks in washington and now they are both gone. powell's southern drawl was

distinctive enough to earn him a spot as narrator of the ken burns pbs documentaries on baseball and the civil war. jody powell, dead of an apparent heart attack was 65 years old. when "nightly news" continues on a monday night -- the ongoing debate over the amount of radiation that comes out of your cell phone. is it a cancer risk? later, training shelter dogs to be the best kind of best friends and making a difference in the process. 365-horsepower-generating, ecoboost™ engine in the all-new ford taurus sho that has the thirst of a v6 with the thrust of a v8. we speak car. we speak innovation. introducing the all-new taurus sho from ford. drive one. but i did. you need to talk to your doctor about aspirin. you need to be your own advocate. be sure to talk to your doctor before you begin an aspirin regimen.

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here is a stat for you. there are about 270 million cell phones in use in this country. 270 million -- that is almost one for every man, woman and child. we all use them. we try to keep them handy. and often we worry about whether or not they're safe. it was a concern that led to some sharp questioning on capitol hill in washington today. the story from our chief science correspondent robert bazell. >> reporter: senator arlen specter who survived two bouts of lymphoma requested the hearing, asking whether cell phones might cause cancer. the hearing included a scientist from the cell phone industry who said huge numbers of studies found no link between cell phone use and cancer. an israeli physician, said one

study showed preliminary evidence there might be some risk of after ten years of use. >> this is a model of the brain. >> reporter: an environmental activist and professor warned of a great potential danger. she was starting a long explanation when senator specter, a former prosecutor, began cross-examination. >> wait a minute. just answer the question. my question is what is the strongest evidence you have that exposure to a cell phone causes cancer? >> she cited laboratory studies and added. >> if we tie that with human studies of the doctor and other whose have looked at people who have ten years of exposure or more, we put that together and we have strong evidence. >> dr. sedetsky has testified that you see something after ten years. but she says that there are so few involved she can't draw a scientific conclusion is that an accurate statement? >> regarding the ten years, yes.

but i would like to say i'm not sure of the association. >> reporter: specter turned to the industry scientist. >> a fair statement of your testimony is that the evidence does not demonstrate that there is no connection between the use of a cell phone and cancer? >> the scientific evidence could never demonstrate a total no connection. >> reporter: this is the way the argument is likely to continue unless there is a definitive study showing risk, people will continue to worry about the firm cause of this, because as you said there is so many cell phones. >> bob bazell, thanks as always. we'll take a break. when we come back, crossing the line. the fallout from a star athlete's angry outburst. i've had asthma forever. i've had asthma for 5 years. 10 years. i used to wonder why my controller medicine wouldn't help prevent... ...help prevent my symptoms from coming back.

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the williams sisters of tennis, venus and serena, winning the women's doubles title today at the u.s. open here in new york. that's doubles mind you. singles was another story. you don't have to follow tennis to have heard what serena williams did in her singles match. her violent and profane outburst on live television and later much seen on the web cost her the match, handed the title to a competitor with an interesting personal story. our story tonight from nbc's rehema ellis. >> reporter: it was a shocking ending. serena williams unleashed a fiery outburst during saturday's semifinal match. >> [ bleep ] take this ball and --

>> reporter: in a rare call. a lines person penalized williams saying her foot was over the service line. williams angry reaction deemed threatening led to a point penalty and that handed kim clijsters the match. williams the three time defending u.s. open champion was fined $10,000 plus $500 for an earlier fit of anger. in a news conference afterwards she denied threatening anyone. >> i don't remember anymore to be honest. i was in the moment. and everyone is fighting for every point. it was a really crucial point. >> reporter: today on her website and after two days of publicity, williams amended an earlier statement saying i want to sincerely apologize first to the lines woman, kim clijsters, usta and tennis fans everywhere. tennis officials are investigating whether or not williams should be punished further. >> she has done a lot for tennis. she will continue to do a lot for tennis certainly was an ugly situation and you never want to see that happen anywhere.

>> reporter: meanwhile back on the court on the other side of the net yesterday, kim clijsters stayed focused. the 26-year-old belgian went on to become the first mother to win a major in almost 30 years. and she did it just one month after coming out of retirement. >> you have your family. you have your career. you seem to have it all. >> yeah, it is i think as a mother and as an athlete i think everything kind of has to fit, fit into, like a puzzle. all the little pieces have to fit. >> reporter: today the u.s. open champion given a new york city farewell. >> isn't she amazing! a new mommy and a champion! >> reporter: with her husband and 18-month-old daughter, she says she is looking forward to getting back to belgium and her most important job being a mom. rehema ellis, nbc news, new york. today, seven world war ii veterans took what may be their last flight in some of the very same aircraft that helped the

u.s. win the war. they flew from waterbury to graten, connecticut, part of a 20-year-old program called wings of freedom designed to keep these planes flying. they cover 120 cities a year offering veterans rides along the way. when we come back, what happens when good dogs need good homes? and some good people step up to make a difference. ery to me. my doctor diagnosed it as fibromyalgia muscle pain and then he recommended lyrica. fibromyalgia is thought to be the result of over-active nerves that cause chronic, widespread pain. lyrica is fda-approved to help relieve the unique pain of fibromyalgia. and with less pain, i can do more during my day. how sweet is that? lyrica is not for everyone. tell you doctor about any serious allergic reaction that causes swelling or affects breathing or skin, or changes eyesight including blurry vision or muscle pain with fever or tired feeling. lyrica may cause suicidal thoughts or actions in a very small number of people.

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finally tonight, a story from mutts and those who love them. shelter dogs are decidedly not pampered pure breads. but those of us who own a shelter dog can tell you there is no greater love or devotion than the unconditional love they give out. tonight, the story of a chicago man who is making a difference by training good dogs to be even better houseguests. the story tonight from nbc's kevin tibbles. >> reporter: for an abandoned dog, life is a reality show where their future is literally on the line. >> there he goes! >> reporter: but these former shelter dogs are taking the stage to change all that. some 4 million dogs are euthanized every year in

america. >> say hello. >> reporter: for chris dignin that is a tragedy. is there a message to the public, you can get a dog off death row? >> you certainly can. >> reporter: he runs life's ruff, a bit of a hybrid theater performance that shows shelter dogs loved and trained by their owners make splendid pets. >> looks like fanny has answered positive reinforcement. >> reporter: a bit of a leap from dignin's day job as a dolphin trainer at chicago's shedd aquarium. but the public's reaction is very similar. >> i didn't think there was a person in here who wasn't smiling the whole time. >> reporter: life's ruff took eight adoptive dogs and owners and assisted with twice a week training within three months they were ready for the limelight. >> i think people just need to know it is really easy to do this and it doesn't take that much time.

it just takes patience. >> reporter: many in the audience are sold. >> i will get a shelter dog -- absolutely. >> reporter: one big fan is paula fasais, who runs a no kill shelter who instead of putting dogs down stresses adoption and the importance of spaying and newtering. >> you are saving a life, a life killed for no reason. >> reporter: as chris shows off harley a former shelter dog he has got one message. >> don't shun shelter dogs? >> definitely not. definitely not. look what you get with him. >> reporter: beauty. because some times, man's best friend needs a friend. kevin tibbles, nbc news, chicago. they're the best. before we leave you tonight. a reminder this is a big night around here, the "jay leno show" debuts. 10:00, 9:00 central on this nbc station. for now that is our broadcast for this monday night. as we start off a new week. thank you for being with us. i am brian williams. we of course, hope to see you back here tomorrow evening. good night.

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