and young are they really going to let ernst and young dot com ernst and young sucks the big one dot com ernst and young blows the big one dot com are they going to let these perkins shysters breathe another oxygen at all well max actually a lot of this fraud it didn't just happen in america the crucial role played by the european banks as evidence in this event as well because the assets were taken off the lehman brothers balance sheet transferred to european banks and then in order to hide the bad debts and then they were transferred back so it's the global banking system these these guys are interconnected and the fraud seeks whatever jurisdiction well allow them to basically commit these frauds right there's reciprocity in the banking sector so a layman commits a fraud using a foreign bank deutsche bank for example one of the banks and then when it's do it you bet. to report they reciprocate by hiding bad debts on lehman's balance sheet and they go back and forth like this this is how you end up with a six hundred trillion or so on derivatives so-called this is just bad debt that

ernst and young has been sued by new york's attorney general. the accounting firm is accused of helping to hide financial risks at lehman brothers before its 2008 collapse. the civil fraud case seeks $150 million in fees collected by ernst and young. it's the first time a major accounting firm has been sued for its role in the financial crisis. late today, ernst and young responded by calling the charges "baseless." deutsche bank admitted today that it engaged in criminal behavior, and settled with the justice department, paying more than $550 million. prosecutors say the fine represents the fees the company earned helping customers establish illegal tax shelters. and toyota's been slapped with the maximum fine allowed by law for failing to quickly recall millions of dangerously defective vehicles. the fines total more than $32 million for two separate violations. the japanese auto maker has recalled more than 11 million vehicles globally in the last year. still ahead, our word on the street is "technology." find out what tech stocks you should

new york's attorney general has filed charges against accounting giant ernst & young accusing them for helping lehman brothers hide things. ernst & young says there is no factual or legal basis. >>> julian assange has confirmed bank of america is the target of his next big expose. assange predicts, quote, if they're operating in the same way, there will be resignations. >>> and keeping internet providers from interfery was web traffic down the road, and keep an eye on nike. shares close higher, but tumbled after the bell thanks to weaker than expected future orders. and apparently eating out when you're unemployed can pay off. at least it did for one lucky mcdonald's customer who hit the fast food chain's million dollar jackpot. and i'm sure he's loving it. >>> dallas burns the sunshine state. the oregon trail leads to another award, and shaquille o'neal takes on a role you couldn't possibly have imagined him in. plus, 89 is just divine for the uconn women's basketball team and they've gone where no team has gone before. your early morning sports headlines are straight ahead. >>> the w

charges are expected to be filed this week, making ernst and young their first major accounting firm targeted for its role in the financial crisis. wells fargo has agreed to provide home loan modifications worth more than $2 billion to nearly 15,000 california residents. the deal applies to high-risk mortgages called "pick-and-pay loans." the bank will also contribute $32 million to california so the state can pay restitution to homeowners who lost their homes to foreclosure. and moody's investors service may downgrade 30 spanish banks. the warning from the ratings firm comes less than a week after moody's said that it may downgrade ratings on spanish government debt. many spanish banks helped to finance a construction boom that went bust. >> this is diane eastabrook at the u.s. post office in chicago, where the bad economy is bringing out the santa in a lot of people. >> susie: many medical schools and teaching hospitals have new policies to put your interests first. those rules ban faculty members from serving as paid speakers for drug products. a new investigation by the independe

. >> the new york attorney general has launched a lawsuit against ernst and young saying that they helped lehman brothers avoid scrutiny. they helped them to remove as much as $50 billion in assets to conceal the overall debt. lehman brothers had $613 billion of debt when it collapsed in 2008. the suit seeks more than $150 million in fees that they received between 2001 and 2008 as the outside auditor for lehman brothers. the european stock market posted gains on tuesday amid low trading volume. investors ignored fresh concerns about the debt crisis after moody's said they might downgrade the sovereign debt of portugal. we have this report from frankfurt. >> the german stock market reached a new yearly high and traders are happy and stocks are rallying. china would like to ease the sovereign debt crisis these are mainly shares of export companies. shares of construction companies have been bouncing back and forth. traders were concerned about- trillion parents but they expect much higher price. >> it will stay in frankfurt with the dax index closed up at 777. the leading index of blue chi

the lawsuit seeks $150 million in fees that were paid to ernst and young. wall street moved higher after a couple of lackluster trading days. the dow jones industrial average gained 55 points to close at 11,533. the nasdaq rose 18 points to close above 2667. those are some of the day's major stories. now, back to gwen. >> ifill: now the winter travel snarl. hundreds of thousands of airline passengers around the world are stuck in a fourth day of busted flight schedules because of snow removal and de-icing problems at european airports. particularly hard hit, heath rowe outside london. we have this report. >> reporter: some jobs are best left to those who know what they're doing. and b.a.a.didn't take up the government's offer of military help with their clear-up today. in any event, they seemed at long last to be winning the battle against the elements. they are not yet winning the battle to get everyone airborne, however. amongst the people at heathrow today was the transport secretary. the people stuck in the terminals behind you will want to hear this...

market will reach record highs in two thousand and ten that's according to consultancy ernst and young. issuers have raised around two hundred fifty billion dollars from listings since the beginning of the year that's expected to pass three hundred billion by the end of december the growth has mostly been driven by asian markets hong kong's borstal seventy four i.p.o.'s generating woman sixty billion dollars and around two billion was raised by russia's will solve the agricultural bank of china attracted twenty two billion dollars in the largest i.p.o. ever. to steal now russia severstal aims to build a new plant in india and a joint venture with the state backed and d.c. the project is worth more than two billion dollars and it's the first time several dollars building a plant from scratch previously bought all production facilities particularly in the usa and in europe the company is seeking to get rid of those pools unprofitable india is seeing the fastest growing steel consumption in the world and several times says it also it's also interested in the markets of south east asia and

now ernst and young of course is been revealed as the accounting firm that is engaged in the for and their defense of course is that well the lawyer said we could do it the lawyer said we could do it so it's legal because we paid off a bunch of lawyers to write a shyster opinion to say we could commit accounting fraud for lehman brothers while they were committing mortgage fraud so all the banks on wall street could commit securitized mortgage fraud around the world putting banks all over the world into dire straits and of course this gets right back to the enron scandal arthur andersen was caught doing something similar they went out of business or sucked up by one of these other major accounting firms and the entire business model of wall street and by association america is fraud as i've said before if you took fraud out of the american business model you'd have nothing left except donuts and guns. and. all the kinds of reports and less than ten minutes here on our team and before that will bring you the latest business news with us don't go away. hello and a very warm welcome to

then rodney ernst roehm your criticism but what would your solution be write me what you would if. you want to ask me you're ok number one ask me uncle are interested in your theory i want to know how you see that happening in practical terms. ok here we go by a gradual rise to one hundred percent reserves you stop the banks creating money you say banks you may lend your own money carry on do what it likes chuck it away if you want you may lend the deposits of your deposits of your customers with permission then at the same time you open up interest free loan supply administered by the banks who may charge and administration costs but not interest and this alone supply tico for the development and spreading of the real economy exactly the same as the present except interest free and the be one further condition that in fact you must spread the economy to take one example i mean the students are on the streets of london and i need to get to this broadcast because they are blocking the streets and for students it should be interest free loans and only in administration costs but they

. >> the new york attorney general has launched a lawsuit against ernst and young saying that they helped lehman brothers avoid scrutiny. they helped them to remove as much as $50 billion in assets to conceal the overall debt. lehman brothers had $613 billion of debt when it collapsed in 2008. the suit seeks more than $150 million in fees that they received between 2001 and 2008 as the outside auditor for lehman brothers. the european stock market posted gains on tuesday amid low trading volume. investors ignored fresh concerns about the debt crisis after moody's said they might downgrade the sovereign debt of portugal. we have this report from frankfurt. >> the german stock market reached a new yearly high and traders are happy and stocks are rallying. china would like to ease the sovereign debt crisis these are mainly shares of export companies. shares of construction companies have been bouncing back and forth. traders were concerned about- trillion parents but they expect much higher price. >> it will stay in frankfurt with the dax index closed up at 777. the leading index of blue chi

the speaker of the house ernst $212,000 annually. -- the speaker of the house burned spent $212,000 annually. people ask about their retirement programs. and like other federal employees, members contribute one-third of their health-care costs with the government covering the other two-thirds. fairly standard? guest: yeah, i think is a generous program. it is a good program. federal workers are going to have to take a hit like everybody else. host: we are talking about the plans for addressing the nation's deficit and debt. today, the deficit commission will be voting. we have a tally for you based on statements from the 18 members and news reports. let's show you those over the next telephone call, so you can see where those the stand just a few hours before the meeting actually happens. as we look at that, we will listen to a call from chicago. this is mark on the democrats line. caller: i had a question. for the last two years, we have been listening to a lot of conservatives, especially members of the two-party, talking about -- of the tea party, talking about spending. specifically sara

i'm chris holmes of ernst & young and chair of the fcc regulations committee. it is my on it this morning to welcome sec chairman, mary schapiro for our keynote address. chairman shapiro will be speaking with us for about half an hour. hopefully there will be time at the end of the remarks to take questions from the audience. i do encourage you if you have questions to fill out question chitin cinema. so please join me in welcoming sec chairman, mary schapiro. [applause] >> good morning. thank you very much for the introduction, chris. it's a pleasure to be here today because you are working so critical to the effective functioning of our markets. it is through records that investors investors receive a timely, reliable and comparable information needed to make informed investment decisions. and it is through the decisions of fully informed investors that our markets are able to efficiently allocate the capital that fuels innovation and growth in our economy. unfortunately, the scandals and crises of the last decade understandably have shaken the public's trust