seven and early two thousand and eight am back was one of the investors and also something called a wrapper they basically looked at the toxic assets of bear stearns created out of crappy loans out of defaulting loans out of things that were cheap for them to buy off of banks and stuff into toxic assets but they fail to tell back who is wrapping these assets or the rating agencies how crappy the loans they were stuffing into these assets really were this wasn't just a bear stearns doing this of course this was every bank that was creating assets doing this when they could however they could but of course the lawsuit is coming out now the information behind it is coming out now j.p. morgan chase now owns bear stearns it received bear stearns with our money with our federal backing to the tune of twenty nine billion dollars during the spring of two thousand and eight which was around the same time the ambac opened its lawsuit against bear stearns so we are still looking at that fallout all right now let's look at this suit filed by ambac against j.p. morgan it states quote knowing that it's f

a moral problem it's a gray line it should be illegal because you're effectively misleading your wrapper you're not giving them time to figure out what assets you're stuffing into what they're wrapping what they're investing in and at the same time you're basically playing that they will blow up which effectively is what both ambac and bear stearns did yeah but but but if i buy life insurance on somebody and then i kill them to collect the money or and buy a home insurance on a house and then burn it down to the ground and collect the money is not illegal it's the same exact same. why is that legally the exact same thing that that obvious that is absolutely illegal and the reason it's not exactly the same thing is because our regulatory system is is so so very very flawed that what's going to happen now is j.p. morgan's going to come out and say you know i will settle this we didn't really do anything wrong here stearns we took we were really a part of them they didn't really do anything wrong they were just making trading positions that so happened to have been against the insurer the t

when you take the wrapper off of this you see it has lots of warts on it, let me talk about the,nrcs, in the west. i know you all have your own. but i saw a persuasive speech by randy who is quite properly convincing. changes all the way from stainless steel pillows to ten gallons and black pillows of this. vegetationle changes, the lesson here, i think in general and this applies to,usgs, and national weather, we need to make sure the networks are in good enough shape to make these decisions. they don't cost a lot of money but you need to know the data out there is quite flawed and we need to take care of it and make sure in the future it's doing what it needs to for us. let me expand this. there's a very nasty fight going on on the future of some satellites right now. the fight involved climate centers on these centers and certain governments want to toss them in favor of weather sensors. weather is important but climate also is. it effects all of us. no data means no good research fundamentally. so i encourage you not to lose site of some of these bigger issues. >> very good. >> on

you see we have a nice selection of things floating around there, things from bubble gum wrappers, toilet paper, whatever you dump down the toilet, whatever gets into our storm drains, that's what gets into our waste water treatment and we have to clean. >> see these chains here, this keeps scum from building up. >> on this end in the liquid end basically we're just trying to produce a good water product that doesn't negatively impact the receiving water so that we have recreation and no bad impact on fish and aquatic life. solids is what's happening. . >> by sludge, what exactly do you mean? is that the actual technical term? . >> it's a technical term and it's used in a lot of different ways, but this is organic sewage sludge. basically what it is is, oh, maybe things that come out of your garbage disposal, things that are fecal in nature. it's sludge left in the water after the primary treatment, then we blend those two over and send them over to digestion. this building is built to replace tanks here that were so odoriferous they would curl your hair. we built this as an interim proce

i have seen potato chip bags used, wrappers, plastic trash can bags melted down and reshaped and re-moulded. >> reporter: some inmates know how to make skeleton keys out of plastic toothbrushes. >> they open and shut cuffs while being escorted numerous times just to practice to show that they can do it without the officers looking. the officers are maybe not paying attention or maybe not being observed closely or maybe in a holding cell or don't have a cuff key they can get a hold of it maybe in their underwear stashed or in their mouth or tongue or behind their cheek. they just spit it out in their hand and get out. >> reporter: but prison officials say what makes the arian brotherhood so dangerous is its ability to communicate within and outside these walls. >> they use telephone calls, correspondence, visitors, other inmates who parole from their institution. and they have a communications network that is very good. it is very effective. >> reporter: and hard to decipher. this is part of a letter written to another inmate using an archaic runic alphabet. >> it is overwhelming the amount

you just take a basic bar of chocolate, take the wrapper off. >> take the wrapper off. >> this is arts and crafts made easy. >> it is. kids will love it. it's a great way. it's a nice alternative to those boxes of the trade mark things that kids usually give out. >> you can do the gold paper and do the willy wonka thing. >> absolutely. put a little sticker on it, a little stamp thing. there you go. >> very easy. >> who knew. >> who knew. >> and also this is what i love. if we can get a shot in front of the table, you can keep it on the cheap, all you have to do is do a nice little valentine's day buffet and anybody who receives it or waits or comes home to something like this. >> it's all about creative. i've got drugstore chocolates here in jars at home and basic white plates. put it together. looks beautiful. >> am i allowed to bring the gang in? you've got salt and pepper. >> yes, come. >> this is everybody. everybody, this is kimberly. >> hi! >> so there you go. we've got some great chocolates. >> i have to try the salt and pepper. >> the dark bacon bar. >> it's an

>> this is spring roll wrappers shaped like a lotus. look how beautiful. >> let's take this back with hind us here. i want to show people what else you've done. >> a whole bunch of stuff. >> come back here. also, whole fish, very important. why? >> because whole fish is a symbol of abundance. so you always, always serve with beer. >> okay. that's okay. we like that. around here, that's very popular. dumplings are also very traditional on the new year. they're like little wrapped-up gifts. >> a little gift, a little purse, a lot of treasure inside. and, of course, a vegetarian dish is always served, okay? always, always served. and let me -- >> just turn that burner down there for a second. >> normally when you finish cooking, you just remove it. and get rid of these. and that's it. >> that way you don't smoke out the whole room. what sign were you born under? >> the year of the snake. >> meredith is the year of the snake also. >> here is beer. happy new year. >> happy new year. >> cheers, martin. >>> coming up, we'll have the secrets to getter great rates