we think of aig big insurance company and its collapse. we don't necessarily think about countrywide is much even though there was quite a bit of attention on countrywide in the lead-up to the financial crisis. tell us about how old the housing piece of this collided with everything else so we get to a point where the government is bailing out a big insurance company that obviously was not directly involved in the housing market. >> this is a story of increasingly significant government blunders i'm afraid and i have to blame the people who were in office at the time and to some extent even into the obama administration. that there was the thought apparently in looking at the memoir of the secretary of the treasury of the time, hank paulson, there was the thought that a large financial institution failed. he would drag down a lot of creditors and what was happening beginning in 2007 and then into 2008 is that as these mortgages began to fail financial institutions that were holding mortgages and mortgage-backed securities had to write down

two of them all by themselves like aig. in with that bipartisanship begin in 2008 he comes to the very able people and said you gave us stimulus. because on the one hand so they work with him on that. obama did not ask for the stimulus. and those who don't have firm opinions and when people don't have firm opinions. [laughter] >> it wasn't the focus groups between obama and mccain and/or bush they don't know anything but stimulus was the bad word so that economic recovery act to say that recovery was is more attractive stimulus. >> given my experience it is better than under cover. [laughter] >> i was overruled. and in 2008 / says the top economic people seven weeks before the election. we just enjoy a dating and with the prime minister with the harvard gay anniversary. to be in the capital for the weekend. to watch from a manual as neighbors sitting in the reading table were on their blackberry to the press. but then to have a place going forward. but then to go down in history as the most unpopular successful think we hav

rescued aig. many people said these guys have no idea what was doing. that made the crises much worse. >> covering the events we were in the summer of 2007 there was credit tension and markets globally and we saw that develop into bear sterns in 2008 and rescue of fannie mae and freddie mac in 2008 and the bankruptcy of the brothers in 2008 and then the rescue of aig. one of the things even the officials involved couldn't get their head around what was happening in these financial institutions. they looked like they were out of control banks. they were out of control finances. and i think president bush used the word or the phrase in 2008 wall street got dunk on fancy financial instruments and that is what he said behind closed doors. this was a wall street problem and they went and built up the balance sheet with all of this stuff. and there is extreme words in some of the banks. we were not sure how much they were able to absorb. how much capital they should have had otherwise. competing view ab

infused a tremendous amount of cash to aig. >> has all that been paid back?that? >> he pushed that. what he didn't do he didn't throw the baby out with the bathwater he. knew to pay people if you didn't pay the people, despite the fact that the company was bailed out, well i hate to say it, who knows what could have happened next. this is like dealing with nitroglycerin from a financial standpoint. that's what he was good at. the tragedy is that robert did not take on the role after hank left. remember, he didn't take it over right after. there was a guy in between put in there by goldman sachs. >> that's right, and they begged him to come back. he didn't want to. >> all right, i'm back. and now, robert is gone a lot of folks don't focus on financial titans it's a pity, because of that guy a meltdown might have finally >>> welcome to the best of the imus in the morning. from the heart of new york city. i'm connell. over the next hour, some of the best interviews he's done. we started off with russell simmons, the author and entrepreneur, known for including m

aig issued them. it's a policy you so. if so. of the security does not pay off you have to make up the difference. they came to the federal government under bush in december of 2008 and 70 or 85 billion short of paying our debt and will go out of business. a week later when burning key and paulson were telling us how much they needed for the tarp zero no you already told us. this is an additional 85 billion. no idea how much the old. mr. greenberg was the founder of aig and father who is no longer running at the time now suing the federal government for damages. a hundred and 70 billion in debt and his company has incurred he was not taking care of. [laughter] protected these loans. they discovered the alternative was to have regulation. all these people. mike bloomberg said that. they tried to stop it. fdic commissioner. the democrats tried to stop it and republicans would not let them. 2,003. in 2004 hours starting to get nervous. george bush ordered fannie mae and freddie mac to substantially increase the number of loans they

aig issued them. it's a policy you so. if so. of the security does not pay off you have to make up the difference. they came to the federal government under bush in december of 2008 and 70 or 85 billion short of paying our debt and will go out of business. a week later when burning key and paulson were telling us how much they needed for the tarp zero no you already told us. this is an additional 85 billion. no idea how much the old. mr. greenberg was the founder of aig and father who is no longer running at the time now suing the federal government for damages. a hundred and 70 billion in debt and his company has incurred he was not taking care of. [laughter] protected these loans. they discovered the alternative was to have regulation. all these people. mike bloomberg said that. they tried to stop it. fdic commissioner. the democrats tried to stop it and republicans would not let them. 2,003. in 2004 hours starting to get nervous. george bush ordered fannie mae and freddie mac to substantially increase the number of loans they

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visit ny.gov/business cheryl: we are getting some breaking nes on aig right i no to fox business.l," our partners there reporting that the chairman, steve miller, is going to be stepping down in july. this is according to "the wall street journal" citing their sources. the directors have not yet decided on a replacement, but the next outside chairman expected to be one of the current board mens. again, this is according to our partners, steve miller, aig chairman, he is stepping down as of july. >>> well, investors are cheering today because the u.s. is the leader of the pack, consistently strong economic data here in this country puts the domestic economy in a great position to withstand slow growth overseas, so this could be a good time to invest in small and mid cap companies that will line your pockets with some cash. our next guest says there are a few mid cap marvels he's putting his money on right now. brian peery and scott redler join us from the floor of the new york stock exchange. welcome to both of you. first, brian, i do want to ask you really quick here, you're looki

and hank greenberg was the founder of the aig and is a major shareholder is suing the federal government for damages because a bid of $170 billion of debt that his company had occurred. this is the arsonist siblings of fire department. [laughter] but the conservatives protected though loans but after the fact they discovered their break-ins them because the alternative was to have regulation. and mike blumberg said that. put then they would not let them after they tried to stop it. i was too sanguine about fannie mae and freddie mac. i started to get nervous then george bush this is in the appendices. he was substantially increase those below the median income. by 2005 by joining the republican chairman to pass a bill in the house in the committee i had problems on the floor but a pass the house the senate republican did not like it but the democrats did. put the bush administration would pull the plug and ross -- and with sarbanes-oxley they said george bush gave me though one finger salute. 2007 i become the chairman and we pass the bill. . .

the insurers offering these policies including aig, chuck and hartford all continued to tweet their underwriting. randy bitter says it requires policy owners to make adjustments of their own. >> even if they get an insurance policy to cover the cyber risk the insurance company is going to require them to have processes, technology reporting struck structur in place. the policy should mitigate any disruption to a business and the cost of helping customers impacted by an attack. as the cost of the policies rise marsh said they rose 3% last year firms may choose to self-insure instead. posing a risk to the rapid growth of cyber insurance. for "nightly business report," i'm >>> it has been the launching point for some of technology's hottest startups. what's turning heads this year at south by southwest? we'll head there, next >>> here's what to watch tomorrow. federal reserve begins its two-day meeting and everyone will be watching to see if the central bank removes the word patient from its statement, which could mean interest rate hikes are getting closer. on the data front, housing starts in feb

obstructed walkways are tough enough for those get aig round on 2 feet but for those who travel on fourels, folks like sean tucker it's down right dangerous. >> they can walk in the street and eventually get on the sidewalk. but the curb cut is the only hospital shouldn't for wheelchair users. >> reporter: all over the city we saw curb cut outs filled with snow and ice. things were obviously much worse in the colder early morning hours. we met ken perry at eighth and mark the seen of a dangerous morning commute. >> i literal hal to go around into the traffic to get to one that was less packed than this one. >> reporter: tamika blackwell says the snow packed septa bus stop at ridge and cumberland forced her to wait in the street a mid passing cars. >> very dangerous for me to be standing there and right there at cumberland those cars speed by so fast. it's very scar row. >> reporter: when we viv the the mobility advocates at liberty resources in center city we couldn't help but notice purr transit vans jockeying for position. there were only two spots out front where snow and ice had bee

hopefuls turned out for the first iowa aig summit in des moines scott walker leads in the early polls of amnesty's. >> the former florida governor bush made is a space for fixing immigration system. >> people the to pay fines, elite - - learn english and don't receive assistance, earned a legalized status over the long haul and, bin the shadows to be productive. >> a packed schedule of six events to make it clear he intends to compete in i was to compete -- showing he can understand of voters. >> ago to coral gables tomorrow morning after church to prepare for sunday fun day in my house we will cook iowa beef. [laughter] >> once again going after organized labor that will help the 2016 was with conservatives. >> one more arrow in the quiver with the freedom to work not only career opportunities but those to come. >> making a misstep based on early polling but there is plenty of time and many ahead to allow the stock of those and others to rise and fall before the hawkeye voters go to caucus. lou: breaking news concerning the 26 state lawsuit against obama is amnesty for illegal immigr

aig issued them. it's a policy you so. if so. of the security does not pay off you have to make up the difference. they came to the federal government under bush in december of 2008 and 70 or 85 billion short of paying our debt and will go out of

. >> aig with a consumer staple company not buying it for that takeover but it probably will get taken and general mills the market cap is 30 million dead dividend is 3% but revenues are increasing by two or 3%. they don't have a lot of debt or strategic buyer is. >> the lady you could see that to experience the brand. >> with people's tastes are changing. >> but general lewis plead dash general mills they are acquiring and others will do the same due they need to be there that often? next. ♪ nfidence. get fast-acting, long-lasting relief from heartburn with it neutralizes stomach acid and is the only product that forms a protective barrier that helps keep stomach acid in the stomach where it belongs. for fast-acting, long-lasting relief. try gaviscon®. tom: since obama took office school employees have visited the white house 230 times that works out to nearly once every single week rich as it has the latest. >> administration officials have visited 230 times during the obama administration many took place around the time the sec was investigating google. nded they soukous goal then d

like aig and the iraqi government signs of baghdad agreement. essentially that renewed the distribution of funds from the central government. a. a 70 percent payout of national income that goes to iraqi kurdistan that was suspended in january 2014 because the kurds were moving to develop and export oil without a revenue and royalty sharing agreement with the central government. the baghdad agreement is central to a revenue-generating agreement it allows the payout to resume. it establishes an important precedent of negotiating the differences. meanwhile, they need to start acting more like a sovereign state rather than a a tribal militia. they need to establish greater transparency. the barrels of reserves. crackdown on corruption more inclusive and participatory. the operation launched in 1991 they have gotten a running start on building the institutions and establishing a democracy. they are far ahead. i think they have a positive democratization affect when each country where they live , the events. will they have a national election? has an

francine: i remember we spoke to him about five or six years ago after he tried to buy a part of aigcial. you said you have to be bold because investors forget and forgive. if you do both at the beginning, do you think you're going to have a big announcement or will he take his time? >> he's got the reputation for being disciplined asset locator. he has the track record. we know asia is growing of growth for asset managers. that is where his experiences are. guy: would it be better to appoint somebody from a more wealth management background? >> it is an interesting question. we saw the share price performance reaction to the appointment of someone who is seen as perhaps in between the two. not an investment banker, not a wealth manager, but i think the fact that he has a very good track record in execution and has an expertise in the areas where credit suisse is aspiring to be more exposed, i think it fits relatively well press a compromise between investment banker and wealth manager. francine: we had alex friedman on earlier it seems the markets are little bit crazy. it is difficu

they were spun off from aig and their name is spring leaf. juggernaut, more than 2000 brands in 43 states. a subprime juggernaut. and if that doesn't spook you, what does? what about you, steve? what you make it? subprime and juggernaut in the same sentence is unnerving. >> yes, i think if anything you are being a little bit kind about the auto sales numbers. by the way, speaking of songs, blame it on the rain was a terrible song by milli vanilli. lehman on the weather is a terrible excuse for these auto members. last winter was the worst winter of my adult lifetime in chicago. so blame it on the weather is not a valid excuse. i think there's something bigger going on and there's something going to a part of this. not only do they but also extending the duration of all the growth, it is now six and seven years. seven years is an eternity when you're talking about an auto loan and your card appreciate so much over the course of seven years. i think that we do have a ripple effect. but we do have a similar kind of bubble on a smaller scale with

this is aig, sisco, they know how to top out of stock. they know how. >> the idea if you only have 30 stocks it's an elite group. it has to be an ironclad established company. i guess the threshold saying finally the company arrived. it's up 8,000%. exactly! it's $750 billion. >> that's not what the index is for. >> not only are they topping out apple they're topping out the dow! they're telling us the dow can't go any higher. >> nike a disaster? >> now but aig and citigroup was and hewlett-packard and sisco. >> can you tell we're all down. >> how are microsoft. >> we're down 30%. >> if you need an indicator of sentiment of just wrong way -- who is it now? the guy with the mustache. i think now it's a guy with a -- no a little bow tie. >> david blitzer. >> anyway, were you going to say something else? >> no. >> tell me it's not a coincidence that the watch is coming out today. and i know it's hard for me to adopt new technology but i don't see -- i don't want this thing at all. but anyway. >> i don't have any commentary about the watch. i

aig was styled an insurance company. could you police elaborate. >> we have made the enormous amount of progress. therefore, the economy is safer. we have taken action that raises the capital held by banks so that they are able to absorb the risks they are taking on. we have put in place consumer protections that did not exist before to prevent the kind of practices that have metastasized in the free financial crisis days. i think that if you look at the backend, when institutions hit a difficult time, we put into place practices through procedures like orderly liquidation authority to make sure that insured can manage without having to turn to taxpayers for a -- the kind of support required in 2008 and 2009. internationally, we worked to bring global standards up. i know that this committee asks a lot of questions about the fsb. it is a way for us to drive the conversation internationally, so that there will be high global standards, which are so important. i think we have more work to do. the idea that you ever finish

i know bank of america is probably doing their part, aig we're all doing our p

drivers work aig round the clock and they are reminding everyone please steer clear of these trucks and let them do their jobs. now, from the roads to the air philadelphia airport also already canceling flights tonight into tomorrow. so if you're traveling by air be sure to contact your airline he is special physical you are traveling or someone else is. so we'll get some more information from penndot. but they are expecting a major storm and a big mess for the next 24 hours, of course, we'll keep updated and bring you back out here live at 6:00 o'clock. guys? >> all right, chris, see you then thank you. >>> residents in and city officials getting ready for another round of winter weather here in philadelphia. fox 29's dawn timmeney is live in chestnut hill for us tonight. dawn, how are people getting ready for more snow and ice out there? >> reporter: well, iain, everyone heads to the grocery store to stock up when a storm like this is on the way but the one item that is really hard to come by is salt. a lot of people can't find it. but check this out. we're here in chestnut hill the n

the video is dramatic a mom helps save her two children from a fire that's rage aig round her.ee the intense flames and smoke shooting from the second floor apartment last night. moments later, a woman hands a young girl through a window right there to firefighters. they also rescued a second child through that very same window. the mom then climbed down the fire ladder to safety. all our fine tonight. that fire is under investigation investigation. >>> she is considered the democratic presidential front runner ton night hillary clinton is addressing her e-mail controversy. >> the first and potentially biggest step in her damage control strategy and two university of oklahoma students get the boot over video frat brothers taking part in a racist chant and now the frat house mother is in trouble as well. >> scott. >> iain right now we're looking at rainfall making for a wet commute. but find out when this rain moves out. what moves in and also when te ♪ >>> a moment of silence today for a local fallen hero. we can have a moment of silence please. >> those are students from 11 ph

there are many that invested in this -- columbia university aig, you did, frederick burk did .the end, the money was stolen, and as rick berg's attorney said, it was victor caused me, a check criminal, who still the money. he lives happily today on election night in the bahamas. ultimately, the only person that went to jail was rick bourke. the government accountability office called him a whistleblower, yet he has come out of jail. or you believe he is a whistleblower, and you believe he should be exonerated. -- and you believe he should have been exonerated? mr. mitchell: i do not think he should have been convicted in the trial. i think it was an unfortunate circumstance, and as you describe, regrettable from rick bourke's standpoint. amy: do you believe he should now be exonerated, to be able to clear his name fully? mr. mitchell: yes but i'm not sure what process would occur. he was tried, convicted. the conviction was upheld on appeal. but, as i said, i repeat, i do not believe he should have been convicted in the first place. amy: senator george mitchell, thank you for j

for brokers -- liz: here's why this matters, because this was a company that was bailed out through aig-- >> and bailed out directly. liz: you know, warren buffett does a spoof video at the start of every annual shareholder meeting in may. >> right. liz: but, you know, that's, that's the company money -- i don't know. i mean, i think that it is. he was never bailed out. he did the bailing out. >> you know, i think they should get better actors. those brokers look so doofy. isn't one guy running? liz: you were saying that some manager told them they had to participate. >> well, they were asked by human resources, apparently. watch, look at this one guy running -- liz: human resources? >> yeah, or something like that. no, the marketing department. that one guy -- this one guy looks so uncomfortable running. liz: they all look unhappy doing what they do, so this is where the money comes in. look at this guy. i'd like to know who -- would you buy stocks off -- look at that one guy. liz: have is you called james gorman? >> no, but i had dinner with him last week. that one guy looks like chri

her attorney secesh know suffers from fatigue and -- says she now suffers from fra teague and aigs in -- fatigue and aches in her bones. >>> on skid row, six officers responding to a robbery in the area yesterday. cell phone video shows them wrestling with the man and the department says the man tried to grab an officer's gun and that's when he was shot. >>> and i'm kiet do, we are live in livermore where homicides are very unusual. double homicides? even more so. that's what they have here yesterday. and it looks like livermore pd has a big break in the particular case. it all started yesterday afternoon around 4:30 p.m.. police got a call of people arking on the north end of town and three men were yelling on altamonte creek drive. by the time police arrived two of the men were lying on the ground with gunshot winds. and one of them died at the scene. the other was taken to the hospital and he was pronounced dead. police say the suspect fled off in a car. police found a gun near a church away from the crime seen and lev it -- believe it might be the suspect's weapon. at this point,

. >> it's not good, you know to have people walk aig round naked like that. a grown man like that.out here, you know. >> police records show they've been called about this man four times so far this year but neighbors say he's been doing this for a decade. >> you would think there would be public lewdness ordinance or something. >> something. >> really interesting. anyhow. >> wealthy new york real estate heir swept up in a murder investigation in california. new charges in louisiana and complicateing his extradition. >> scott. >> right now it's blustery stepping outdoors. the temperatures are dropping and i'm >> it's the murder investigation everyone seems to be talking about. prosecutors in los angeles formally charging robert durst with first degree murder in the shooting death of his friend back in 2000 sand. >> durst now also faces drug and gun possession charges in louisiana. and legal experts say that will complicate matters even further. fox's kelly wright has the story story. >> reporter: disgraced real estate heir robert durst facing charges in two states prosecutors in lo

cannot help thinking back to 2010, when he made a massive that on taking over aia, the asian part of aigt fell through. the company faced fines as a result and shareholders would not back his move in the matter. there were plenty of cause for him to step down at that time. a real turnaround story in the sense of his ability to reinstate himself as a strong leader at prudential. >> it is fascinating, you comparing his performance to the marketplace. when you compare brady dougan's performance to the marketplace there is quite a big disparity. he took over as ceo in 2007. his total return, -10%. his peers have fallen by just 3%. this year, the disparity is even wider. this year, credit suisse shares have fallen by 7.5%. it is the fifth-worst performer on the stoxx 600 banking index. only for banks have fared worse and they are all greek banks. when it comes to regulation, investigation, shaking up the bank, investors have been looking over the corner at ubs, which is totally shaken up. shall we get to hans who is focusing on this? we saw this coming. we knew it was coming. is it a big shoc

i understand the need for this and i understand the aig issue is probably hanging out there on behalf of some of our international neighbors but i have got a lot of big insurers in my district and we do -- have a lot of insurers that do a good job united states. i'm concerned about whether the integrity of the insurance system is being maintained during those negations -- negotiations. mr. huizenga was concerned about the lack of pay our people at the table. who is at the table and how vigorous is our representation? >> congressman treasury is at the table. the bank regulators are at the table and i think the real question is do we have the right kinds of standards for insurance companies? we have made clear we think insurance companies should be having an insurance company type of standards. it was signed into law that permits are regulators to take account of that as they impose capital requirements and insurance companies. it's now being implemented domestically. we will control the united states policy there are regulatory agencies soap we designate an institution united states th

the republicans cited when a company like aig threatens another problem. this budget resolution goes further, it would privatize fannie mae and freddie mac along with the failed pack act. it was rejected by everyone from housing advocates, builders, academics, and a majority of members of the house. why did we reject it? we fear it would be the end of safe mortgages. we fear it would favor only did they get megabanks. we feared it would further the wealth gap. this budget resolution is built on a broad foundation that harms of some of our most vulnerable communities. i urge the members oppose the republican budget resolution. i thank you. i yield back. the chair: the gilman from georgia. gentlemen: i am pleased to yield three minutes to the gentleman from indiana -- mr. stutzman. mr. stutzman: thank you. and strong support of the republican budget. a balanced budget. mr. chairman, we have seen the tax and spend policies this president had has made our economy sluggish. our wages are stagnant. our national debt has increased to more than $18 trillion. this

that is why the chairman and i have committed to consulting with aig directly before taking any significant action that could impact this work. director clancy by most significant concern has always been and remains today that you did not know about this incident and that nobody in the entire agency told you about it. there's something awfully wrong with that. five days five days, five days went by while you were in the dark. last year when the former director of the secret service appeared and sat in the same chair which you are now sitting in, i warned her that she was not getting the information she needed to do her job. officers and agents believe they were better off staying silent instead of raising their concerns up the chain. i informed her that there were agents that felt more comfortable coming to members of the congress of the united states then talking to people who were the higher-ups in the secret service. there's something wrong with the picture. an environment of secret service that would allow these deficiencies to continue yet that appears to be exactly what happened here.

advised new york fed on its efforts to save aig.deputy secretary though porat withdrew her name. seen as a possible successor to gorman and a mentor to many especially women at the firm weep did have a chance to speak with her at morgan's executive women's conference which porat spearheaded. >> i wanted to focus on something that brought together women from the investing and the corporate side and the theme of the conference has been getting the edge. >> porat will be succeeded the morgan stanley by jonathan pruzan, co-head of the firm's global financial institutions group. he'll take that role at the end of april. >> it's david. you know it's funny, you think porat and out toman, i don't want to say a huge echo does but at least two people who could have taken over for gorman at some point, though he's still a young man, have left the firm in the last year or so. >> no, i think you point out something that a number of people have been talking about, that being said as you said, mr. gorman, i believe, is 55 56, it isn't expected he'

aig, doj dea, dhs, the intelligences. there have been questions about the effect of sequester but would you not also agree that to the extent sequester affects your allied agencies that you work with that that is also an aspect of sequester that we need to take seriously if we are trying to avoid challenges to our national security? >> i agree, sen. >> i do, do, too, senator. >> i definitely agree, senator. >> general, the attack was particularly troubling. a small country but kind of a bright spot in terms of how this come out of the arab spring with the constitution with islamic parties participating in democracy, even stepping back from power. what has your observation been about the tunisian government newly formed for newly elected governments reaction to the terrorist attack at the museum what is your assessment of how they are going forward and how we can help them succeed? >> their response has been effective. the military institutions are strong. it it was a stabilizing influence that they went through that trans

about that -- the inspector general collects all of those reports and i get a weekly report from the aigber of reported calls is going up, the number of people who have fallen prey to this scam is down significantly. the ig has a record of over 400,000 reported scam phone calls. that's obviously not all of them, a lot of people don't call. it's part of our efforts whether it's youtube videos for information or tax tips to remind taxpayers of the way that people will try and take advantage of them. last year we put out the dirty dozen, of the tax scams. this year to try to get more visibility about that, they put them out one a week so we would get people focusing on not only the people calling you impersonating the irs, but fishing expeditions where you get an e-mail and it looks like an irs website to go up to the details you will see it's not from the irs. the people again reaching out to try and get information from you that will allow them to still your identity. there are unscrupulous tax preparers, we said if anyone says just sign a blank form and i will take care of it, you should

i know bank of america is probably doing their part, aig we're all doing our part, but as a collective, we do need to have even more dialogue and probably more partnership with the government on this. this is a serious issue and will become a competitive issue. >> is this deciding i want to be in computer science in fifth grade or fourth grade or is this something i can recover from if i'm 16 or 18 or 20? >> i think there's vary opinions on that and i welcome the other panelists' opinions on that, but what the data has suggested is that if you don't have the right math and science education k through 12 and especially through high school f you don't go to college f you don't have that basic math and science foundation, it's hard to recover from. you don't have to be a computer scientist but the basic analytical skill you're going to need. so, we spend a lot of our intel teach, which has been a 25-year foundational effort at intel, on teaching in the classroom, as part of our community effort, we send our own engineers out to teach k through 12 and to really teach teachers how to be bet

. >> aig. at least we can always count on them being in there. selling more high margin shoes and apparel but it warns the stronger dollar will take a toll on its current quarter. >> and shares of mattress firm getting a boost. the company's earnings and revenue topping estimates. mattress firm. >> but get it? firm mattress? >> oh. a warning from a.k. steel. they see a larger forecast. rival steel company. also warned in recent days. and new data on biogen's alzheimer's drug this morning, the experimental drug exceeding expectations. reductions in levels of plaques in the brain that is associated with the disease but still unclear whether it's a cause or a result but a significant song in this case of cognitive decline which would indicate it's related. >> bank of new york melon agreeing to pay $714 million to settle cases. they overcharged for currency services. the bank was accused of telling clients it would provide the best possible execution for transaction but give them prices at the worst rates while attaining better spot prices for itself

aig, citigroup, it's littered with -- you know it's bad to take any moment in time and extrapolate forwardt in the past. who are they? employees of dow jones that make these decisions. >> yeah. no, i guess that's right. no one has the perfect crystal ball. but for apping look i like the pipeline moving forward here. of course you have the watch around the corner. if the rumors are right on the service, we laid out what it could mean for apple. those are significant opportunities. that's going to be the key to continue to innovate to push that stock higher and break out of whatever the passed out curses might have been. >> tough to question apple and to be skeptical about whether they'll succeed at something. but i can make a case on both of the things that you said. the watch, i don't know. maybe future generation watches. i don't know. i don't know what the overall market is for the watches. and there's a lot of different players getting into that tv area. you spent 30 here and then get hbo for another 10. then you're back to $90 which is what you're paying right now. i don't know how tha

i see steve miller from aig is on your list. chris dodd all sorts of people.t do you think, if there was one topic you think is going to be on the tips of everybody's tongue it is what jeff? >> we began yesterday afternoon but it was a major deviedivide. the positive attitude was from the business community. but you know richard. there's a good sense of enthusiasm. we had senator mccain, senator murphy, there's where a sense of dispair and it was remarkably different. in fact at one point he got mad at me. truly mad at me over the conference theme. the theme was the return of the american century and he asked me, what are you talking about? what rock have you been sleeping under? they laugh but they're quite euphoric. of course we challenge some of the statistics and things but the growth numbers are well ahead of where we thought the economy would be right now and this whole theme was a yale derived term. it was henry that founded time magazine had a cover story called the american century from the mid to last century to the middle of 1900s. >> do you get any