steve miller, chairman of aig.ne and israel, adam has our top headlines. >> some people in washington state are looking to the sky for help. 150fires have torched buildings and scorched nearly 400 square miles. one man died of a heart attack while trying to save his home. we wish them all well. rockford files to "the notebook." fans remember james garner. his acting career spanned half a century. he died of natural causes at the age of 86. golf fans think they have a new tiger. rory mcelroy who won the british open. he is the third youngest player to win three majors behind jack nicholas and tiger woods. because he $170,000 bet on his son to win the tournament 10 years ago. 10 years ago. that is -- >> very cool. back to the serious stories. is all we have left after the horror of mh17 after the repeated battles of israel and hamas. on the cover of "the times of london." john kerry travels to cairo. peter cook sorts this out. what is the mission of secretary kerry as he travels to speak with the government of egypt?

you have aig, which is a ward of the government. the other insurance companies are going to be subject to height and designation that is not mentioned anywhere. they're going to be treated like a bank. they're going to be treated, they have to do stress tests just like they're a bank, have capital like they're a bank, they have not -- >> we agree. they shouldn't be designated and they don't want to be designated. >> they have no clue what will happen to them. they have no clue. so they wouldn't want to be designated. >> time of the gentle lady has expired. chair now recognizes the gentleman from california, mr. royce, chairman of the foreign affairs committee. >> thank you, mr. chairman, the derivatives market are global. trying to get efficient global derivatives market should be a priority of this committee. in order to meet that goal our regulators have to fully understand how europe and asia are going to implement the reform and sort of do things in concert here and not end up with income pat continually guides and rules that co

the federal reserve could not do aig under this law. people say, well, they can set up a applicable facility but i think under this law and i think mr. sherman had a role in this. they have to guarantee it's a solvent institution with a very high percentage of probability. so we have specifically prevented the fed from doing what they did with aig. now the argument as i understand it is even though the law says, and the other difference is no money can -- we do all recognize it. i said going back to ronald reagan and continental illinois, some institutions are so large you can't let them pay their debts without having reverberations. so what do you do about it? under the law now in place, that effort to deal with their debts can't happen until they've been put in receivership. it's death panels for the large institutions. and any money that is spent beyond what was available from the owners has to come back from an assessment. the secretary of the treasury is mandated, not authorized, mandated to recover it. so the argument is, and i've

what do you think aig will do in the long term?okay. the insurance companies short term are hurting because frankly, there's been price cutting in different product lines. prudential is doing well, but we saw travelers -- and the way youio look at it and travelers is a great company and step back and if rates are going higher and insurance companies are doing well, i think you'll hold on to aig and you took out a huge amount of profit. let it run. let's go to barbara in massachusetts, please. barbara? >> hi, jim. a graceful boo-yah from provincetown in beautiful cape cod. >> oh, boy, i have nice friends going up there in the next couple of weeks. what's up? >> thanks for all your advice last year which allowed me to pay off the remainder of my mortgage. >> thank you. >> i also enjoy your occasional skits like the barbecue -- the outdoor barbecue one, your jokes and your clever asides. >> it's been a tough time, so thank you. a lot of stocks that are blowing up that i like and that's no good, but go ahead. >> monday you talked about

settlement is with aig. of $4 billion.ent overall, 600 $50 million -- and expense of $4 million. the settlement overall, $650 million. tolet me give you a minute analyze the pages of data. the deposit to bank of america, up five percent. 1.1 trillion dollars. that is a $16 trillion economy. it really underscores the size of these -- the bank earnings as well. the usual ratios. is certainly key. we saw a 4.5% increase in tangible book yesterday. with jpmorgan, it's all a blur at this point. citibank was not quite as strong. is a key part of the story. >> i'm adjusting my bowtie. a pattern from jpmorgan on the bank of america. brad, you do not follow bank of america, but you do follow many others. today lowball the game so they could look good? or is this pretty much -- did they lowball the game so they could look good? or is this pretty much the way they should go? >> it looks like a trading member has turned a little bit better at the end of the quarter. nonetheless, it was a bad trading quarter for everyone. if the expect

social security like aig. so that's why i am troubled by a suggestion that there won't be full risk retention. and i think some of the -- that tougher on loans that are going to be held in portfolio and softer on loans that are going to be securitized. and that's why i see these as flip side to the same coin. i would like them to be softer, easier, defer and in both cases there's a common theme. you're deferring to the business judgment of the lender or securitizer. let mr. wilson make loans if he's willing to stand by that in his portfolio. on the other hand, if i want to securitize those loans let me do that as long as i stand behind them with risk retention. that was the single-biggest issue it seemed to me and i'm a little nervous about what's happening to it. >> yeah. well mr. wilson, you want to respond to that? >> i just wanted to plead with former chairman frank to support community banks as in house rule 2073 to say you won't support that because of something that was said here but to support communit

for thoughts on the aig succession. announced, taking office september 1st, running the property casualty division, the biggest division, well groomed, and he's ready to go. >> put up with a lot and did a great job. >> yeah. i call him our general patton, generally, he ticked people off, but got the job done. >> if you had heard stuff from whomever, you would have been ticked off too. pay, whatever it is. >> can a ceo -- is the ceo not allowed to piss people off -- >> can we say that word? >> public sector objectives, and we needed to save that company and get it back on their feet, incentivize and motivate the people at the time. it was a huge talk over executive pay. >> still something front and center, a lot of things are front and center that i think are not productive for the private sector and we're both hoping someday maybe we'll snap back. >> i'm just hoping on a lot of fronts, our public sector gets out of the way and lets the ingenuity of american business get our economy going again. >> there with you. hope s

aig was selling them.he names we hear that are in trouble--citigroup was selling them. >> these investment banks were not only selling the securities that turned out to be terrible investments; they were selling insurance on them? >> well, it made it easier to sell the terrible investments if you could convince the buyer that not only were they gonna get the investment but insurance. [ticking] >> coming up, defending credit default swaps. >> these people understand the nature of these products. they understand-- >> well, obviously, they didn't, or they wouldn't have bought them. they wouldn't have used them. that's ahead when 60 minutes on cnbc returns. [ticking] >> credit default swaps are private unregulated contracts that mortgage investors entered into to insure themselves against losses in the event their investments went bad. but as we reported in october 2008, when homeowners began defaulting on their mortgages, wall street's high-risk mortgage-backed securities also began to fail, and the big inves

aig. we couldn't do that again because they weren't solvent and you could not have done that under our current bill for a week later they were telling us we needed so much for tarp and another 85 billion for aig. we said you are he told us that. they said that's an additional 85 billion for aig. they have no idea how much they owed but that's my view on the asset managers insurance. as a general rule no, but there might be activities they engage in that say yes. >> what would you say to the line of conversation and mr. wilson just had with my colleague about rural america not being able to benefit from dodd-frank? >> what i would say and i will say again i would see a sharp distinction. i would like the main safeguard against bad loans to be risk protection because that leaves the decision in the hands of whoever is making that loan securitized. i would give more leeway for portfolio loans. if you say portfolio loans are subject to some of these rules banks are still going to go's to the p

aig 650 million dollars to resolve claims of her mortgage backed securities. big news, river murdochs 21st century fox making a bid to buy time warner. ' timeewkes -- jeff bewkes warner. game changing news for the industry. so much media consolidation in the last several years. i will bring in someone who knows a lot about the television industry. is the ceo of time, which owns shares of warner and fox. great to talk with you. you are the guys who comes in and you value these companies. is time warner worth $85 a share? thank you for having me. i am here in wyoming, not far from sun valley. notwithstanding that, rupert murdoch trying to buy time warner in the early 1980's, herb siegel bailed him out. he understands the content business and that you have middle-class grayling in china and india. mobile devices create demand for content. jeff bewkes of time warner spun off cable and has been drinking the cap at time warner, going 85m about 1.2 billion to million shares. clearly the movie studios have to consolidate. camp that are used with paramount. rupert murd

aig, which was selling credit default swaps to people to try and help the derivative market work had amount of money, talking about over $150 billion it couldn't pay off. so, i disagree with you that the opacity and the consequent lack of responsibility financially for derivatives wasn't a contributing factor. the derivatives very much were a contributing factor, as of course, were the subprime mortgage abuses. >> you talk about that, but i assume you saw the article in "the new york times" over the weekend about auto loans, subprime auto loans and the apparent abuses going on there. does that trouble you or does it just point -- >> oh, trouble me? it troubled me at the time. it was a "times" article, it was a long article. a lot of people didn't get to the end. it noted that amendment was pushed by all of the republicans, and regrettably, some of the democrats that exempted auto loans through the consumer bureau. the way senator dodd and i presented in the bill, with elizabeth warren, those loans that were criticized in "the new york times" would have been regulated by the cfpb. unf

aig recovered more than $2 billion in settlements over mortgage bonds that pushed hem to the bring of collapse during the financial crisis. the financial times says the deal means aig is unlikely to pursue legal action against banks for selling mortgages back in 2008. they reached a settlement with bank of america and has recouped $1.3 million in several out of court settlements. aig is just higher by 1.3% today. >>> and a verdict by a florida jury awarded $23.6 billion in punitive damages to the widow of a smoker who died of lung cancer. this is one of thousands filed in florida after the state supreme court threw out 145 billion class action settlement with tobacco companies back in 2006. legal experts say it is highly unlikely punitive demands will stand on appeal. r.j. reynolds is lower by 1.7% in the german trading session. >>> let's give you act loot what is on today's agenda in the united states. no econom take a today and the focus will turn to earnings with more than a quarter of the s&p 500 reporting. today we'll hear from halliburton, american mobile, netflix and texas inst

aig wanted $10 billion. they got $650 million. not only that, but bank of america made so much money this quarter i'm no longer worried about how much is it's going to have to pay the justice department to put it behind it. the company has the money and then some. enough to curry the regulator's favor and they can plead their case to return the capital too you the shareholders. if i had a run-up -- if it had reported the first rather than the sixth bank before many of the others i think it would have been up today, not down. finally, oil and gas. we have seen oil plummet nearly 10%. it's been hideous out there. what happened to stocks today? they soared. why? okay, so oil bounced a dollar, no, because they're true growth stocks. the good news here is that many of them have come down during this period of oil deflation to levels that again got attractive. earlier this week, whiting petroleum bought kodiak oil and gas. both are going up ever since. why? i think it's because we're going to to see a new wave of consolidation which is

similarly here the federal reserve could not do aig under this law. now, aid is true, well, they can set up a broadly applicable facility, but under this law -- and i think mr. sherman had a role in this, they had to guarantee -- guarantee it is a solvent institution with a high percentage of probability. we have specifically prevented the fed from doing what they did with aig. the argument as i understand is that even though the law says -- the other difference is no money -- we do all recognize going back to ronald right to of ronald reagan that some institutions are so large you cannot let them not pay their debts without having reverberations. the question is what do you do about it? on the lawn now in place the effort to deal with that cannot happen until they have been put into receivership. they have done away. so large institutions. and then any money that is spent beyond what is available from the owners has to come back from an assessment. the secretary of the treasury is mandated, not authorized, mandated to recover. the argument is command

cyber insurances is a fraction of the policies that have been sold here in the u.s., by the likes after aig, travelers and marsh but it is a product he says holds great promise. >> there is nothing that indicates that the growth is going to be anything but increasing. >> reporter: a market growing to protect against a growing problem. for "nightly business report", i'm mar mary thompson. >> coming up next, the doctor will see you now but you might need a computer or tablet for the appointment. we'll tell you why. >>> crumbing bakery may not be falling apart after all. shares skyrocketed 1300% after news a group of investors including marcus star of the cnbc program the profit are preparing a bid to save the high-end cupcake shop. we told you on tuesday that the company shut down all 48 of the stores around the country following losses and declining sales. >>> consumer products giants that makes lipton tea, pasta sauce and dove soap is selling slim fast to a private firm. the sale is part of efforts to concentrate on the high margin personal care division. >>> what if you could see your doct

we'll let you know if aig changes. in the meantime the shore looks great for wednesday. mostly season knee temperatures will be around 80. that water temperature slowly inching up and then a few more clouds for thursday the hoy temperature 84. southwesterly winds keeping that water cool with water temperatures in the upper 60s. if you're heading to the poconos it will be pretty cool as well. wednesday and thursday even friday temperature in the 70s. as you get toward the latter part of the week a chance of a shower or thunderstorm with that approaching front from the midwest. overnight mainly clear, cool and comfortable. with winds going light and skies clearing we'll be down around 60 the record is 58 set back in 1981. for your wednesday, we rebound nicely into the afternoon with a high of 83. and on the exclusive "eyewitness weather" seven day forecast and shore cast, thursday 85. friday 86. saturday and sunday there's the warm but somewhat cloudy weather and monday and tuesday warming up to seasonable temperatures but still staying a little bit unsettled with some clo

many attacks on , theities and personnel civilian work of the united states, the state department, aigand foreign nationals that worked for us. and there is no way to express the deep regret and tragedy of , diplomats americans and friends, someone i sent there. an ambassador and information specialist. we have had losses. plaque busting people who have died in the line of duty as civilians. we know how much our military has sacrificed. the american people want answers, i believe there have been many answers it in. that doesn't mean everybody listens to it. so between congressional investigations, the independent board that was convened, there are many answers out there. what one more investigation means but i think it is important to put this in a historic context. >> thank you for spending this time with me. i appreciate it very much. thank you for joining us. see you next time. ♪ . . >> this is "taking stock" for monday, july 21, 2014. i am pimm fox. today's theme is house. netflix investors have benefited from shows like "house of cards" and "orange is the new black." the company h

is aig man of burzynski counselor and former national to jimmyadvisor carter. dr.urzynski, thank you for coming back on the broadcast. >> nice to be with you. >> as was just announced, the prime minister of ukraine announced his resignation today. will this trip -- cripple the chance of a political solution between ukraine and russia? >> i don't think so. first of all, there is a president who was elected and in charge. actions will have happening sooner rather than later. i don't know why the prime minister resigned, but he is the leader of the party. >> this week i might -- this week, the eu hit russia with more sanctions, but one has called them meaningless. he said what has happened today is peanuts. is he right? are the sanctions having the desired economic impact? >> i think he is comparing apples and peanut. because the situation with the soviet union is entirely different. have a partially free and partially integrated economy. right now, russia has a .artially free economy the sanctions are definitely more me for the they would have been in the case of the

declined 43% as it spent $4 billion to cover litigation cost, including the mortgage settlement with aigllion to resolve state and federal probes into the mortgage-backed bond sales. prosecutors previously had rejected that offer. for more on the state of financials, i'm joined by michael moore who covers wall street 4s. -- for us. banks continue to face legal fallout. >> definitely pure bank of . bank of america and citigroup and goldman sachs. and wells fargo on a lower scale. slight upticks in that. we are continuing to see that. jpmorgan got a lot of there's out-of-the-way of the way last year. not as big of a deal for them this quarter. we are continuing to see a longer tail than we expected. a number of years with higher litigation. >> a lot of people at thrown around the word "extortion." >> it's more can we get this over with. matter,ers, while they the finality matters more than ask will number. that it does not get too extreme degree. >> when cindy came out with outings -- citigroup came with earnings, shares were up 4%. that is not because investors are happy. it is behind the

we've got aig down just shy of 3.75%. ez jet lower by 2.5%, too. i guess we shouldn't be surprised given what we've heard from lufthansa this quarter already. >> absolutely. the reasons we're given this morning are almost the same as the reasons given two weeks ago by lufthansa. resulting in lower prices on lower margin, air france says that the overcapacity is quite important on north atlantic and asian routes. stressing the level of bookings for the summer period. france says it's going to -- its new guidance is 12% lower than the previous one. it's targeting a growth operating profit between 2.2 and 2.3 billion euros for the year. that's compared with the previous guidance of 2.5 billion euros this year. they're suffering from the challenging situation with one of the airlines which has been blocked by the local authorities due to currency related dispute. the government requires airlines to sell certificates in the local currency. air france says that $290 million of revenue are blocked until the dispute will be resolved. now, on a positive not

you will turn it into aig"&.k g.ort for actions against terrorism. >> well, i can tell you a year and-a-half ago charlie it#mo was with the prime minister in the war room in israel when we had a confrontation with hamas and i couldn't ask for better support from president obama. he stood by our side throughoeby to the prime minister. in that strong support actually helped israel de-escalate that conflict because we hadbacking e president of the united states6e system we1wÑ have produced togr that's financed by the united states, it's israeli technology. because all of those elements israel was able to bring that confrontation to a cease-fire. and a cease-fire which pretty much held throughout 2013 and is beginning to fray now and to restore detairnlts.gand allies r and more vulnerable to this threat from iran. our position is iran should not just be prevented from having nuclear weapons but prevented from having nuclear weapons capability. we do not believe the answer is to leave iran, to leave them parked as a thre

maybe the 1995 ceo, andy, and 20 taken from aig and warren buffet at berkshire hathaway. don't want to make everything about money but all turned into buying opportunities and it rallied in 1998 and gen after he recovered and as for berkshire hathaway, they rallied and all were true to their word and the ceos came back to lead their companies to further success. not to be too grisley, to be safe, if the worst does happen, they have gordon smith, and matt zames, the free-year-old, a little young to be thought of the successor and jamie dimon was young when he took it over. it has a sterling reputation under the big banks but hasn't been sterling under dimon's leadership include thissing whaling leadership and the hit it agreed to pay to the government for past discussions. not anything to write home about. but the franchise has gotten very cheap. at this particular price, not for a proxy but dimon's management and i believe is recovering. let me give you the real bottom line here. there are many different reasons to buy a stock. it's tough to come out and say, buy a stock

becauswhenou g marks foless lersor ls, d peils r le, l atuaraeed w pres, you n't lp bushowt in aig w! developing story where investigators are still the scene after a man was shot several times in the face of that of the details of the a live report. >>: it continues and the middle east of the death toll climbs in doing protest and this streets of services go this weekend. western leaders are accusing temporary with the malaysian airline flight. appeal >>: good more real barrier. here's a quick live look outside the roof camera showing the cloudy conditions here receiver cisco the slight breeze and the air you concede that the lump the thermometer is changing very slightly here. it's ver

anyway bank of america hundred $50 billion to aig in a dispute over mortgage-backed securities.just over 2% 29th of, this shares stand it $15.51. oil inventory numbers today, we saw a contraction inhibitory for oil, down 17.5 billion barrels. right now, we are above 101 a barrel. yesterday we were at 99 and change. today's change equal about one and a quarter percent. government says makes her to see this continue, but we did a few eight site built for gasoline. this is the biggest media story in years and it's not a merger or hostile bid, but a failed takeover attempt. time warner rejecting a bid from rupert murdoch 21st century fox, the pair coming up fox business. the owner of everything on hbo, cnn, cbs, turner for $85 per share time were said it's not the best interest of the company to accept the offer at that price. you can see the price now is slightly below the $5 a share. we are $83 and 50 cents right now. look at the percentage gain. it's dropping dramatically. even close to like 18%, fox. part is contracting a bid, down five and a 3% in their rejection of the bed. dr

month in the city and comes just ahead of com my couldn't which is said to begin next week in sand ago aig's always a sight. >> 130,000 caped heroes and masked marvels. generates about $180 million year. isn't that amazing. >>> incredible. >> a lot of money. let's take look at your money. it will cost you more to satisfy your sweet tooth. say it isn't so. hershey's raising prices of its cock lat kisses and reece's by 8%. hershey's blames rising mom diagnosed and transportation costs it's the first price hike in three years. hershey's is the nation's leading candy producer are you still thinking about a summer vacation france is launching a campaign to get through. the country is ditching proposed hotel tax hike. france wants to boost tourism and slow economy by selling its wonders to countries overseas. however france is already the world's to top tourist destination. >> violence continues to playing the windy city. >> one college graduate is teaming up with a chicago resident to create a video game showing what it's like to really live there. >> was that gunshot? >> michael block wanted t

steve miller will join us from aig. it he will talk to us about the ramifications.business news as well. these two stories are still front and summer -- center. looking forward to the program. thank you very much indeed. tom keene with bloomberg surveillance. europeansador to the union joins us now for an exclusive interview. ambassador, good morning. your colleagues in the european union, when you address the issue of further sanctions, what are you hearing? what should we be expected over the next 24 hours? will the eu go further and match what we have heard from the united states? >> thank you very much. we have completely changed. thepolitical context of situation. nothing can take place in europe in complete isolation. strategy in ukraine was only the threat of the ukrainian people. now the international community is at threat. we call them to be resolute action. >> mr. ambassador, to the question, what are you getting back from your european colleagues? you made it very clear what you would like to happen. what do you expect the european union to deliver? need

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have banks andll institutions like aig that will be too big to fail. >> sure.rmous money market, enormous money flows. >> what about the argument from the president? make i agree it's hard to to the public, that the taxpayers have to clean up the mess. >> the government a profit. they did not know that going in, but in hundred years of history has shown us. people do not understand banks are highly unstable. >> stay with me. we have got a lot more to talk about. edward will stay with me through the jobs report. coming up, tech lovers to the auto dealers. we will tell you who won the latest showdown in pennsylvania. ♪ >> you are watching "in the loop" live on bloomberg television. it is mirroring 26 minutes past the hour. we're on the markets and we are waiting for the all importance jobs reports. jobs expected to be created for the month of june. on the markets again in 30 minutes. as we wait for the jobs numbers, we are back with a former partner with bain capital, where he worked with mitt romney. now aan krueger, professor of economic and public affairs at p

what amazed me, when i came home and spoke to hank greenberg, who formerly ran aig and he said in orderiness in china you have to win their confidence and it takes 2, 3, sometimes five years. why is it so hard for american companies to grow in china? >> american companies are showing growth, that is a story that is lost. it is a very different market. coming out of a socialist background. a lot of vestiges are still there. they are not fully yet a market economy. we will like to see them move faster. that explains some of the differences between how you do business there or the rest of the world. they are becoming more international. there has been a bit of stagnation, to be honest, in the reform process. that is why the new government that came into years ago, it has been so important to understand where they want to go with this reform drive. the uncertainty is the other part of our survey. policy uncertainty amongst executives. >> what is coca-cola doing? they are an international company. scarlet was to interview their ceo right now, what are they doing in china? >> coca-cola has a

bob benmosche of aig is ran a cancer survivor and the company with the full support of the board. so there is a precedent. >> those are the big stories monday morning. >> bill gross and alan krueger will be with bloomberg "surveillance." the financial community was quieted last evening. jamie dimon told shareholders and employees that he has throat cancer, caught early, and it is curable. cohan has worked on wall street and written about the nation's capital merchant banks. his classic work is "house of cards." ofl cohan, your reaction when you heard about jamie dimon's illness? >> i think you put it very well. there was quiet across wall camet when this news across the table. obviously it is very scary for him and it does raise those questions of succession that you pointed out. it is great news for him that it is curable and that he can continue to work and lead jpmorgan, but obviously no one gets out alive and we all have to think about these things. >> the bigger picture here is that post-steve jobs, everyone is very concerned about how much is disclose when you have a -- a ce

i mean, aig aside -- but it was not about insurance.sort of the operating at the holding company level and activities that were not really insurance activities. >> but who was responsible for -- >> well that is a -- that's, that's to the previous point which is there was kind of an alphabet soup around aig that missed some of the primary upper holding level activity and that was actually a federal regulator. but it is true that there is -- that there is criticism around that. but my view still is that, actually, i don't think there's too many regulators. i think there can be better coordination. i think that the efforts through the treasury and the fed to establish who is the primary regulator -- >> that's the -- >> there needs -- >> better regular -- >> needs to be a leader correct. i agree with that. >> and you think that we will get to that point? >> i think we're getting to that over the largest institutions. so as some institutions get designated systemically important the fed becomes the lead regulator. in all of the insurance com

. >> aig says there will be no need for a second government bailout. the insurance company got that got the biggest taxpayer rescue ever could divest units and hauled policy sales in the future crisis. was required to come up with a plan in case of another crisis. now it is chrysler having problems with recalls. regulators want to know why it takes chrysler so long to fixed -- to fix jeep, linked to dozens of deadly fires. the company says it will not have the necessary parts until next month. the government has awarded another contract to a security company accused of fraud. the company, u.s. investigations services, is also the company that did the bad rep -- the background check on edward snowden. u.s. investigations services was never barred from federal contract. that is company news. >> when we come back, we will talk about the new goldman sachs lawsuit. two former employees are suing the bank. is this a one-off, or does its thing to something -- does he speak to something bigger? we are streaming on your tablet, phone, and bloomberg.com. a day b

steve miller, aig chairman. goodly, better than earning season.a company news from the files a bloomberg west. >> we start with alibaba adding a little suspense to the ipo, not going public until after labor day. a person with knowledge of the plan says there's still speaking with regulators. the sale could raise more than $20 billion, setting a u.s. record. the weight of job cuts at microsoft also signals a strategy shift. most of the 18,000 layoffs were in the nokia handset division. a unit creating original television shows is also being closed. the entertainment studio was formed to funnel content into the xbox online service. powerg whitman gets more at her bid to revive hewlett-packard because the hp board has named her chairwoman. what work is stepping down for health reasons. ralph whitworth is stepping down for health reasons. tom, give us a day to check. subtleties, euro .nder crude oil elevated. i want to draw your attention to the 10 year yield and its relationship to the two year yield. the spread is flat. the 10 year yield has come d

and you don't know who wrote the swap, so who is the aig of the argentinian default? we don't know.teral itself can move around in value so there could be some shortfalls. it will be interesting to see how that plays out. the other thing is, there are so many inner linkages in the international financial system today that it's just impossible to say one thing won't get out of control. i mean, you have to put this in a larger context. let's look at what's going on in syria, libya, iraq, israel and gaza, ewe krab and russia. we've got economic sanctions, a form of financial welfare back and forth between the united states on one hand, russia on the other. now along comes argentina. you can say they're the one related. from a global perspective, these are all sort of the straws in the window. so i think it's too soon to say this is contained. >> james, some people might want the how here and the why. you've mentioned this cross default clause. let's get into a little bit of detail around it. basically, it means that a bank can deny access to balances of any loan in their accounts. so i

i have been targed by the the va despite the fact aig confirmed these reflections.the va's problem with a result of managers who have the power to and continue to ruin people's lives. i can speak from experience. i do not believe in manipulate the data while harming the veterans and survivors. the va listed fast letter 2010 and a simple reading established the claims would be few and far between and to qualify for a new data claim, rather than using the date when the claim was discovered, it had to be undiscovered and put in a memo folder. upon completion of the claim, an e-mail was sent to the office and understanding the claims and why it would have an alter newer date. it was supposed to be tracked by a flash and this fast letter was a solution to solving the problem with the back log. philadelphia took the letter to mean they could change the dates of claim on every claim older than six weeks old regardless of the circumstances. when investigated, the managers pled ignorance. a veteran should have a date of claim in 2009 but instead they used the date of claim o

the company announcing that one of its customers, aig, which is a leasing company, is going to be takingbout 20 of these orders for the a-320 neo options and are converting them to firm orders. so for airbus, they've got news on the wide body and narrow body segment. with regard to the a-320 neo, we had a chance to talk to the ceo earlier to ask him about the progress for the a-320 manufacturing plant in alabama in the united states. here's what he had to say. >> alabama is a great state and we got all the support necessary to prepare for it. and we are on track. so we'll start operations next year and we will deliver the first 20 aircraft to jet blue early 2016. and then we'll ramp up production to 50 a year. and there is a huge market of replacement of single line in america. >> reporter: meanwhile, boeing is making plenty of news of its own today at the farnborough international air show with the 787-9. this is a version of the dreamliner flying at the show today. the boeing ceo jim mcnerney told us earlier today they are not concerned about the a-330 neo because they believe their dr

aig, delivered consistent results. >> with yellen hitting the hill, she's -- >> tuesday and wednesday and wednesday. >> also profile in the new yorker with nick lemon. >> nick? >> all right. got to get that. >> expect more talk of inflation, more acknowledgement perhaps of that, and a little more hawkish tone and -- >> are people going to get scared? >> have insight, better than anyone else, anyone in the world, "wake up with al," al roker, what matters the breadbasket of america. anyone ever to the valley in california knows that really is where food comes from. and this drought is just killing this country. it's causing noisy inflation that janet yellen talk bpd gasoline's coming down. >> first drop in ten weeks. >> yes. >> wheat, greens coming down. but the problem is, the breadbasket of the country is burning up, we're short water. we don't know how to move water around in the country. water credits being traded you've got to watch the weather in california because that -- if we get rain, it is going to be noisy inflation. but, boy, do we need. it's something, look, the global war

six periods with posttraumatic brain injury another plan and and now he is in the past then the i aig'ss the two incidents that you had if but then to go to walter reed hospital are use reduces that to possibly a some than for a rather deployment? apparently hit this is here but then it was crossed out and written for him after his first of phlegm and he was dead to be honed his ruined in then and worked memory loss and would have to read everything on his calendar on the refrigerator or his friends would tell him where are we going again? there are few scramble brains to help people keep posted and in 2012 the move his one dash when they asked him why? or give someone the held thoughts. little did we did no way you immerse stood laden but traveling the same boat to and he had the stigma to say that you just move on. said once a vibrated did not -- headed anxiety in referring to the documents you reseed bridges his medical document that he could not remember the questions from the their press during the interview. he had extensive back pain and could not sleep, a self profound guilt and

williams is a former aig representative and nothing has been done about her behavior. and this brings up the question should the va be able to police themselves and not receive action? i did receive an e-mail from the whitehouse counsel directing me to contact the office of special council. there would have been no need for anyone to contact mr. williams about my complaint. >> in your testimony you describe the possible purging of over 10,000 veteran health records at the health eligibility center and that there is a backlog of 600,000 spending applications and 40,000 unprocessed applications discovered that span three years. >> absolutely. currently we have over 600,000 pending applications. these are applications that have been applied for by a veteran, turned into va and for whatever reason we could not take the application to a final determination. this backlog has reached the number of 600,000. instead of hiring 40 people to address the affordable care act and the belief we would have this surge of people because of a buddy letter marketing campaign where the vete