sheila bair, welcome. >> thank you. happy to be here. >> if you were trying to help some of those young people that you write for, understand this business called libor, how would you begin? what's the "once upon a time?" >> i guess i would try to explain to them that when you borrow money there's something called an interest rate which is your cost of borrowing money and there are different mechanisms for setting what that interest rate should be. and one of them is something called libor. and we are discovering now that a lot of unscrupulous people were manipulating that interest rate apparently to line their own pockets. and that is something that should be severely punished. >> is there one thing in particular you've learned so far that caused you to hold your breath? >>s they one caused me to hold my breath. i mean, you know, libor always troubled me. there's always been judgment associated with what some people call a fudge factor, there's always been judgment associated with libor, the libor survey. you were supp

joining success former fdic chairman sheila bair.d morning. >> happy to be here. >> we have a lot to talk about, but dodd-frank turning 2 years old and questions whether we're better off or worse off than two years ago. tell us what you think we've come, where the improvement stands and what we need to do at this point still. >> i think we've improved bank capital levels, capital is up, liquidity, funding sources are somewhat more stable, so a credit quality is improving, delinquencies going down. there has been positive improvement, some the result of regulatory action and market forces and improving economy. there are a lot of challenges on the horizon and especially in the trading desk these large financial institutions it doesn't appear to be the reform has really taken hold. the culture still seems to be one of excess risk taking, perhaps ignoring the law when it means they can fatten their year-end bonuses. >> talking about the libor problems in? >> i'm exactly talking about the libor problem. so i think there's still a lot of

and i'm nancy loo in for dina bair. an excessive heat warning is in effect until 6 pm cdt friday. but despite that people are at the beach... along with wgn's robert jordan and he has more on how people are handling it all this holiday. within the last hour that we have been here two people have gone down one was taken by ambulance the other treated at the lifeguard station where she was rehydrated ... if the temperature reaches 103 degrees today we could break an all time record only two times before and the last 142 years have we had the temperatures hit more than 100 degrees for three days in a row so the secret is to remain hydrated drink as many fluids as you can non alcoholic ... the chicago fire department has already put on the additional personnel expecting they will receive more calls ... >>what we have done is in anticipation of the heat we put up to an additional ambulance companies ... it's brutal for the fire crews out there because of the hot weather and the committee it takes its toll with the humidity ... we have extra crews available to rotate ... we set up rehab

. >> here with her first on cnbc reaction to sandy weill's comments is sheila bair. she joins us on the "fast line." great to have you back on the "halftime" show. thanks for joining us. >> sure. happy to be here. >> your reaction to sandy weill this morning is what? >> well, flabbergasted. it's a little ironic, i must say, given the fact he and his institution were in the lead in pushing for the repeal of glass/steagall and then, of course, citigroup is the poster child for too big to fail in the bailouts during the 2008 crisis. so it is truly ironic. but obviously i agree with him. as i've said repeatedly, i think these banks are too big to manage centrally. they're too big to regulate and they do produce good shareholder value either. there's a lot of value to be had if they were broken up. >> what do you think it means to the conversation that sandy weill has now joined it? it's one thing for you to say so or for a politician on capitol hill to say so. but as you said, sandy weill is in many cases the father of the financial supermarket. when he joins the convers

we'll talk more about the libor scandal with former fdic chair sheila bair. the chair bair. but she isn't chair anymore. you knew that lawyers would be able to talk people into -- >> oh, right. >> that you would find a way to -- i remember when -- the guy that elizabeth warren's -- oh, he was -- >> the ambulance chaser. >> he had magnetic business cards as ambulances went by. call me, call me, call me. now he's in charge of the -- i mean, i -- >> they'll be running ads with 800 numbers for you to call. >> oh, yeah. definitely. >> except i think there's -- maybe i'm wrong on this. there's a mistaken belief that libor impacts a lot -- it does impact consumers but your mortgage rate is the prime rate. your credit cards, prime rate. >> what they're saying here -- >> not to dismiss what's happening -- >> are they saying rates were too low and they got in trouble? >> pre-2008 when manipulation was more related to the setting of derivative swaps but i still -- >> increasingly it appears this has been going on for -- >> a very long time. what makes me laugh -- to your point -- >> th

bair controlled by the people standing here. >> on charles street, they were decorating porta-potty is with yarn. >> it is something people do not pay attention to. is called yarn bombing. we have done it for years. so, we are just yarn bombing the porta-potty. >> there is all kinds of food. but it is the art they come to see and by. and always, there is hard for every taste. >> monsters, imaginary friends. there we have aardvarks' and been winds. -- penguins. >> this is a renaissance fleet. i have made these for about 40 years. is made of bamboo. >> this is my our work. it is all sculptures made out of forks. the title is "woman laying." it consists of 175 to 200 forks. >> i love it. everyone has expression and they like to show it. >> it is an opportunity for every one of all ages to explore. there's something for everybody here. music for the kids. theater. there's even cold beer. >> wbal-tv 11 news. >> now your 11 insta-weather plus forecast. >> yesterday, obviously we're talking but the big thunderstorms. is quite right now. thunderstorm showing up on the radar around baltimore. t

bair removing trees -- they are removing trees along 270. track the progress on line at wjla.com. tonight, we can see another round of storms popping up. ryan found a graphic joins us with a look at the forecast. >> ivan the bell flow. -- i am in the bill flow. yesterday, these were widely separated. 2.3 inches of rain. up over the mass, the sun came up overt damascus. a beautiful setting. temperatures outside in the 80's. i will tell you, isolated mountain storms. i will give you the forecast coming up in just a bit. becky. >> thank you. the search for answers is continuing in the murder of a local newspaper reporter. sarah greenhalgh's body was found on monday inside her bird home in albertville. we spoke with her mother who just spent the weekend with her. >> i called her on monday morning. she did not answer the phone. i do not know. i did not know what happened. >> police have not released a motive. if facebook post could offer a clue. her final post stated she was going to bed with the windows open and that she hoped to be left alone. hillary clinton is in laos, the first to

pero dice que es momento de bair la pÁgina. >>> ya con la familia que tenemos >>> una vez que el terroruscaran a anular la elecciÓn. . >>> nuevamente el sÁbado los opositores a peÑa nieto tomaron las calles ndy verass ciudades del paÍs dicen que no van a permitir que llegue a la presidencia el cuando del pri. el candidato de izquierda. dice que el pri comprÓ muchos votos y tiene hasta el jueves para impugnar la elecciÓn. >>> que se compraron alrededor de 5 millones de votos. >>> el pri respondiÓ que estÁn listos para defenderse nos veremos en la salta superior de tribunales. >>> no se declare triunfador a peÑa nieto otros quieren que termine el proceso electoral. en mÉxico, raÚl torres, telemundo. >>> el ejÉrcito decomisÓ 2 toneladas de cocaÍna, transportadas por vÍa maritima tras una persecuciÓn y un tiroteo. al noreste de este paÍs. estos operativos con la colaboraciÓn de la agencia antidrogas de estados unidos. la dea como parte de la lucha contra el narcotrÁfico en la regiÓn. >>> en perÚ el ministerio de la mujer se harÁ cargo de los 11 menores rescatados sendero luminoso los menore

bair currently not registered. secondly, there is the exemption. we have a housing issue because of all the high-tech moving in. i see companies that are exempt from it, but they are adding to our housing problem. they should be contributing to this, and maybe not be exempt. that's all i have to say. thank you. >> thank you very much. next speaker, please. >> good afternoon, commissioners. jim lazarus. we were very pleased to have participated for months and this process with the mayor and supervisor chiu's office and the controller. the city attorney is going to have to go back and start redrafting again by the middle of july when this will have occurred. we believe the tax measures you should support need to be broad- based, fair, and they need to encourage -- continue the exemptions that were in place to drive economic growth in the city and we need to have a reasonable adjustment to a business license fees, which, after all, are a form of tax. which is why in recent years they have not been amendable except by going to the voters. a neighborhoo

bair appreciate the fact they're using some of the same methodology and approaches that haveyb4ws beened in other projects. one thing that is definitely different is that i do not remember seeing a project that makes assumptions about public transit ridership on a survey that is 11 years old. there are some differences. i think it is important to understand that it is not about making a value judge that. it is simply understanding the level and extent of the analysis. president chiu: i had a couple of thoughts. while i do understand that the same methodology is used for different eir is, this is a unique project. this is a project at a particular case at a particular time. before tomorrow's eir hearing, if you look at the expert testimony that is laid out in the appeal itself, there are ylíá@&e%ei particular final eir used different baselines, used different tweaks to traffic analyses to generate, reduce delay numbers, essentially, different numbers and methodologies used under the general methodology that is typically used. that is the heart of the questions i have. to the suggestion

there is no evidence inside the bair going to produce such a system. on the other hand, they did there is no evidence they are going to produce such a system. they do not have been listed you said it. we have a situation where we could build a data organization that would provide almost real time basis monitoring data of the quality and cost, the actual cost paid in the claims process for care. that would become a tool. if you want to see competition, i guarantee you, let us bring to the table recorded cost and quality data side by side and put it in front of our members' families and working people of the bay area. you get competition. it will be set in and swift because we have seen what happened on a small scale in other situations. i want to do one other thing. i want to tell you that you should listen to dr. schaffer for more than 10 minutes. she brings such a wealth of understanding to this. she has paid attention to the quality as the underwriting court issued to be resolved. we will not stable costs without improving the quality of care. we wil

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's nancy loo joins us live from the newsroom with the latest on our top story: the theater was packed with moviegoers of all ages, including babies, when the gunman opened fire after getting into the complex through an exit door. police took 24 year-old james holmes into custody soon after the midnight massacre but the motive is still not known. holmes was a graduate student at the university of colorado but reportedly dropped out last month. the new batman movie was well underway at the century 16 complex in the denver suburb of aurora when the deadly chaos broke out towards the front of theater 8. cell phone video captured some of the frantic moments after the massacre. witnesses say the gunman was wearing a gas mask and detonated two canisters of some type of gas before opening fire on the unsuspecting audience. police say holmes was armed with a rifle and pistol when they arrested him w

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's julian crews is live on the south side with details. we are seeing a new wrinkle in police tactics in a pair of chicago districts and this is a measure of how desperate the police superintendent and the mayor are to reduce the violence with out of the box thinking and a historic new campcollaboration between police and cease-fire a mediator for gangs ... >>this is a collaboration. >>bob jackson said it works ... an 18 year-old double shooting suspect turned himself in ... but his family says it's a case of mistaken identity. the young man they say has an alibi whatever the outcome of the cease-fire roseland group says its a good outcome ... >>in a historic pilot program chicago police and the cease- fire groups will be collaborating in the city's third and 10th districts that will work together to mediate between rival gangs to prevent retaliations ... it's a controversial idea police re

and i'm dina bair. nancy loo is live in lombard... with the latest details on the search. the tips are coming in that they are on alert but it's no longer an active man hunt ... police know who they are looking for the just need to find him. multiple police agencies joined forces to do this week through northwest lombard where a burglar on the run crashed his vehicle before taking off on foot into the wooded area ... there was a midnight burglary to the north and wood dale along the 400 block of george street police arrested one burglar there and the other got away. the homeowners were not there and it's not known what was taken the overnight surge in lombard was quite extensive and police say that the canine unit did detect the suspect was here that so far he has evaded capture >>if there's a good chance he got away we can negate the fact he could be harder down somewhere hiding we advise residents to report anything suspicious fire in 911 ... he is vaguely described as 6 ft. 2 in. african-american in his 30's ... it's not known what he was wearing the wood deal pleas of

good afternoon i'm steve sanders >>and i'm dina bair we welcome our audience joining us around america on wgn america and on the web ... nancy loo has the top story michael haynes was set to leave for new york on tuesday but instead of preparing for his departure his family is preparing for his funeral many here are in mourning wondering what could have been ... >>i was just hoping that if i did fall asleep and i would wake up and it would be a dream ... and it's not and it hurts ... >>today the family of michael haynes is in disbelief still stunned that their six-foot 7 in. gentle giant will not play basketball again or ever be around ... the high-school basketball star was set to leave tuesday for iona college in new york fulfilling his dream to play division 1 basketball he was shot and killed yesterday at around 5:00 trying to break up a fight near 116th ... a friend nearby ran to find him and his favorite hat lying on the sidewalk ... >>i saw that he was hit i said he was gone ... >>his friends drove him to hospital where he was pronounced dead ... his former prom date was expecti

>> guest: we do always how they can turn when bair bp anticompetitive agreements reached by various combinationsof cub needs because those are not the best interest of the consumer, will which is who i think benefits and there's the maximum amount of competition. that is clearly something that is jurisdiction of the antitrust committee, which i chair and like a lot of other business arrangements, we have -- which we have held hearings on in the past year, the att, at&t-deutsche to telecom merger, other business areas related to the internet. we certainly are always open minded and looking at each one of these things to determine whether or not we think it's appropriate to ask the tough questions and janice pilot in these areas. we're also always encouraging the justice department and the federal trade commission, which share a antitrust commissions to make sure that they are looking. does that mean they should always act because sometimes you can't create more benefits to consumers in more competition among companies are able to band together. but you also can see circumstances where too many co

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's robert jordan is in the newsroom with our top story. the state has gathered enough information to file 142 criminal counts against james homes... in connectiong with the movie theater shootings... and his booby trapped apartment. in court this morning.. while we is allegded to have killed 12 people he was charged with 24 counts of first degree murder. -- the double count likely comes from a charge called depraived and intentional murder. he was also charged with 16-counts of attempted first degree murder. he also is charged with 1 count of possessing explosives found in his apartment. the last time james holmes was in court we had the first opportunity to see the man accused of killing 12 people and wounding dozens more for today's appearance no cameras were alone in the court room he heard prosecutors read in long list of chargers from the our aurora colorado studer rampage 10 days afte

and i'm dina bair.'s randi belisomo is live at the courthouse, where peterson's lawyers continue their opening statements. during the trial peterson's... the defense maintains that kathleen savio was bitter about an affair that drew peterson was having with his soon-to-be fourth wife and the prosecution says that he was trying to avoid sharing his six-figure pension with kathleen savio ... this trial could stretch to one month ... a van transporting the defendant to court ... he is now in court wearing a charcoal gray suit ... the former bollingbrook police officer is charged with the murder of kathleen savio who was found dead in her bathtub ... he is also a suspect in the disappearance of his fourth and much younger wife stacy peterson ... he has not been charged ... the state's attorney is trying this case himself and he is relying on circumstantial evidence and hoping that hearsay evidence will be submitted to allow his ex-wife's to speak from beyond the grave ... the judge denied the defense reques

i am steve and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's nancy loo is live on the near west side where a group of seniors have been suffering through the heat wave without air conditioning. nancy .... two people at this building had been hospitalized many senior citizens have not been able to escape the heat since sunday when the air conditioning broke down at the senior residents ... this woman's apartment was already 93 degrees this morning the air-conditioning for the 68 apartments at the senior building at roosevelt and loomis has been out since sunday essentially since the heat wave began >>it's unbelievably hard it is fortunate that i did not have a heart attack or something ... i have health issues most people here have health issues ... >>upon hearing the unbearable conditions aldermen helped from the city ... and the red cross has set up a cooling center within a room and the building ... >>even though you appreciate this, sleep is ou

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. cnn's elizabeth corridan has more on our top story. it's another blow to penn state as the report went public ... >>these said and sobering findings prove total disregard for the welfare of these victims by the most senior leaders of penn state university the most powerful men there failed to take any steps for 14 years to protect the children sandusky victimized ... >>the former vice president and university president singled out along with the athletic director and joe paterno himself ... they've covered up the sandusky activities from leadership of the university and displayed asapa blatant disregard for the welfare of those victims ... the penn state community is looking forward to moving beyond the scandal >>we don't want to let this define us or the actions of those individuals to finance >>dozens of charges against jerry sandusky for abusing young boys over 15 year-old. of time has him

and i'm dina bair. we welcome our viewers who are watching us around the country on w-g-n america and on the web. wgn's jae miller is live outside united baptist church... to tell us how officer nikkii bostic- jones is being remembered: many told us about the need for a stop sign near where she was killed ... >>something ought to be done we have had officers hit in front at 26 and california we had nearly four officers struck there something needs to be done i hope the right people are listening and let's make an effort and it should be dedicated in her honor ... following today's funeral there will be a procession to 29 california where she worked and was ultimately killed from their share will be laid to rest in alsip at the cemetery there ... chicago police are looking for the driver of a car who hit a woman on the west side ... leaving her in critical condition. the woman was hit at lake and pulaski just after nine o'clock last night. the car was last seen heading east on lake street. police have no

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. firefighters are at the scene of a house explosion in will county at this hour. the explosion happened at 25831 redstone in manhattan... a village about 50 miles southwest of chicago. we have no information yet about the cause ... or if anyone was injured. we will continue to cover this story, and bring you more details as we learn them. a cook county corrections officer is killed in a hit-and- run crash... now police are searching for the driver. wgn's nancy loo is live near cook county jail... here outside the jail you can see a small memorial ... many are demanding the driver that was responsible to the right thing after causing the death of a devoted officer loving mother and heroic bakes sister >>i wish whoever did this would turn themselves and ... she didn't deserve this ... >>she lived her dream and became an officer and she died being her she wanted to be it's just tragic how she'd ha

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. there are 165,000 comed customers, and more than 60,000 "nipsco" clients without electricity. here's a breakdown of the comed power outages: 45,000 in chicago... 62,000 in the western suburbs... 41,000 in the southern suburbs... and 17,000 in the northern suburbs. 340 crews are working to restore their electricity. com ed has an outage map, and you can find a link on at: wgntv.com/weblinks over in indiana, the number of "nipsco" customers without power is at 62,000. the utility company says the restoration effort will take several days. wgn's nancy loo is live in chicago's bridgeport neighborhood... where a huge tree fell down onto a house. it was at the height of the storm this morning that sent this decade's old tree falling down on this home in bridgeport the home is in the powers family for decades dating back over 100 years the tree was 75 years old 40 ft. tall in spite of the damage and

i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the internet amy rutledge has the top story today it's more like a ghost town at the beach ... the heat wave is more than uncomfortable ... even the cooling waters of lake michigan is not pulling chicagoans outdoors ... it's more like a desert than an oasis ... >>this is my puppy trying to beat the heat he takes breaks and passes out on the ground we have water with us ... we were at columbus and roosevelt grit heat buckled a cement road yesterday ... >>we're looking what we can do in the short term vs. long-term its concrete we would like to pour that concrete but it's probably too hot outside ... officials warned this could continue at other locations it's not the only heat related transportation problem ... metra is warning riders of systemwide delays because of reduced speeds for those he stressed tracks ... the medical examiner reports there have been for heat related deaths since saturday ... we'

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's tonya francisco is live with what every homeowner needs to know. tonya: this is the worst drought that we have seen since 1962 we've seen the impact it's having on the grass and the trees but one place that's not always apparent as the foundation of your home the lack of moisture in the soil can cause her foundation to settle shift or crack when that happens you must call and the professionals ... it's not the sound and homeowner wants to hear the sound of a jackhammer in your basement it but it can happen and not all cases are as severe when that happens you need to figure out that the longer the problem goes unaddressed the bigger the problem will get ... >>by the house moving it can crack by the soil pulling away from home there are gaps for water to travel down along the foundation and into the home ... >>how long will it take to fix something like this >>it depends on the nature of

and i'm tonya francisco in for dina bair. it may be about four days before power is restored i am here at this park where residents have showed up upset about the conditions here after the storm police are trying to keep people out of harm's way ... the storm blew through the area during the noon hour yesterday 12 percent of this suburb had power 8650 com-ed customers are here a large percentage had no power yesterday ... the police department is on a backup generator ... the north side suffered the most police say that you cannot even access that neighborhood there ... it is not safe to walk or to drive with power lines down and trees blocking everything lots of residents are packing up and cleaning up many are leaving because of a lack of air- conditioning ... >>it came through fast and furious but nobody was injured there was just one house fire a line went down on that home so there was some damage extensively their but there are no injuries everyone came out ok ... you speak to the neighbors and they feel pressed but gra

and i'm dina bair.welcome our viewers who are watching us around the country on wgn america and on the web. wgn's julian crews is live at the rainbow push convention with our top story. julian? many say the congressman has an obligation given that he is up for reelection and has to serve his constituents currently in has been two weeks since he released a statement saying he was undergoing inpatient treatment for an unspecified condition then came the news that the ailment was more serious than believed it necessitating a medical leave from congress and then there were unconfirmed reports on what is ailing the congressman his handling of the matter stands in contrast to another member of the washington delegation from illinois senator mark kirk was offering full disclosure moments after he suffered his stroke back in january this is so raising questions about the way the congressman is handling his situation ... >>coming to the congressman's defense is former senator rowland perot'sland burris >>he cert

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. wgn's amy rutledge is live in joliet with details on today's hearing: drew peterson walked into the courtroom looking the same ... he had the same confidence he glanced at us with a sly smile ... he is on trial for the murder of his wife kathleen savio ... this is an evidentiary hearing both sides are gearing what are to be permissible in court as evidence ... there's an animated video that the state wants to produce to argue its case against him along with certain witness statements ... defense attorneys cannot give us many details but what everyone is concerned about is jury selection people were assembled to two years ago when this initially began with all the attention the case has garnered sense including a made for television movie the judge concedes that sitting a jury will not be easy ... >>you don't know the effects of that movie ... things like that can make picking a jury difficult

and i'm dina bair. we get more on our top story from wgn's judy wang live on north clark. theeolice arrested four menho are having a bond hearing right now ... all the men are from chicago there are several charges against them the attack happened at north clark and cornelia and after 1:00 sunday morning ... a limousine pulled up for men jumped out and started punching people on the street ... there were some injuries ... one man suffered a broken jaw other victims were hit in the head and chest but refuse medical treatment ... witnesses pointed out some attackers ... others took off people who live and work in this area noticed an increase in crime in the last year ... a man working at a club near the intersection remember seeing the limousine across the street ... >>we have occasional fights but nothing like this mob action people were everywhere running women were hollering that was it ... >>recently i have noticed the neighborhood is experiencing more crime we have to be more cautious with employees at the restaurant to have been victims of crime there are lots of peop

and i'm dina bair. we welcome our viewers who are watching us around the country on wgn america and on the web. this is the first time the public has seen james holmes since his arrest. his hair dyed bright orange... the 24-year old was somber during the brief court appearance in colorado. sitting beside him was his court-appointed defense attorney. holmes will be held without bond until his next court appearance on july 30th. at that time... he's expected to be formally charged in the deadly shooting spree. the county district attorney says the victims' families will be consulted before a decision is made on seeking the death penalty for holmes. >>there is so much that the victims have to take into account there will be impacted by the decision in a big way for many years if the death penalty is sought is a very long process that impact their lives for >> the district attorney says despite the overwhelming evidence collected against holmes so far... they will work diligently to get justice for the vict

and then the chairman of the house intel committee, chairman mike rogers told bret bair, essentially that the white house is not cooperating. >> this is a very serious problem. i agree with the admiral's predictions that, frankly, we have put lives in danger. while i am not going to disclose any classified information, i can say this -- that the type of information that has been leaked is information that was not spread in a very wide circle. this is not something that came from some underling somewhere. so there is great concern on my part as to where these being leaks came from and -- why they were leaked. and i would hope that the administration would cooperate with the special councils that have been appointed so we can get to the bottom of this. this is a very serious problem. >> greta: do you believe the leaks came from the white house? >> i don't know where the leaks came from. but they clearly came at a very high level. >> greta: what does that mean? >> well, when you have classified information, depending upon how classified it is, there is certain circles that -- of people