joining us to talk about the decision is a supreme court reporter for bloomberg news. thank you for joining us. before we get into the details of the supreme court ruling, can you outline what this case was all about? >> the city of new haven had a test for firefighter promotions to captain and the attendant. when it gave out the test, it turned out that no blacks qualified for more than a dozen promotions. the city decided that what it would do is cancelled the tests and cancelled the promotions. when that it did so, a group of mostly white and one hispanic firefighters sued. >> at what level was their suit reversed? >> the appeals court said that they could not sue. the city acted in good faith because it was concerned that it would be sued by black firefighters because the test on the surface had a disparate impact. it favored white firefighters, at least in terms of the bottom line. the supreme court reversed the lower court ruling. it said that the city does not have a good defense and the white firefighters when the case. >> and judge sotomayor, she sat on the sec

. >> i am what bloomberg news. >> this was a cap and trade plan -- i am with bloomberg news. this was a cap and trade plan. if the waxman-markey had looked more like that, would you have supported the bill, and, therefore, would it be with your energy legislation? >> well, as you point out, i have supported legislation that would put a system in place, and i did so because of the escape balance, if you will -- the escape valves, if you will, recognizing that there will be an expense associated with a cap and trade regime. if you are in business, if you are an industry, if you are a consumer, and you kind of know the parameters of how bad it can be, as a business, you factor that into your business plan, but when you do not know how bad is going to be, when there is this uncertainty, and we are talking about these tradeable credits, and we do not know who the winners are going to be or who the losers are going to be, but you have this sinking feeling that you're going to be one of the losers, that is not an approach that i was willing to take. i took kind of a bold step out th

according to bloomberg news, failed trades with shorts in trade value. failed trades during the bloomberg news -- failed trades correlate with the drops in share value enough to count for 30% to 70% of the declines in bear stearns, lehman and other stocks last year. the huge increase in naked short-selling exacerbated the financial crisis. listen to this. in january 2507, 550 million shares failed to deliver. by january of 2008, 1.1 billion shares failed to deliver and in july of 2008, he will 2 billion shares failed to deliver. these fails to deliver drove stock value down further than the market would have done by deluding prices. according to robert shapiro in his recent comprive study, before bear stearns collapsed, its failed delivers went from less than 100,000 to 14 million, significantly diluting the values of the stock. as the coalition against market manipulation stated, "just as counterfeit currency dilutes and destroys value, these phantom shares flood market with false supply." for example, according to euro money, on march 14, 2008, "120% o

in fact, just last week, bloomberg news reported that airbus is seeking approximately $5 billion in launch aid from the governments of france, germany, spain, and the u.k., to now fund the develop must the airbus a-350 and the reports indicate that the deal could be completed within the month. well, madam president, if we want to keep a strong aerospace industry in america, we cannot let that happen. every time european governments underwrite airbus with subsidies, our american workers get pink slips. if we want to lead the world in commercial aerospace, our message to europe has to be strong and clear: no more illegal subsidies to prop up airbus and airbus has to compete in the market place just like everybody else. madam president, i am deemly troubled that airbus is considering pursuing, now, additional illegal trade-supporting subsidies that, in fact, have caused adverse effects on the american aerospace industry at the same time the european union is being sued in the world trade organization for those such practices. madam president, that's why i am writing to ambassador john bruten

on the other side of the podium, and she is with a bloomberg news. this is the organizer of today's luncheon. she is the new managing director of stanton medications. ira, public affairs specialist with fogerty center. this is an event writer and author of "letters from washing ton." here is one of our former presidents with hearst newspapers. finally, the editor and publisher of the american journalism review. now you can do your applause. [applause] >> it may come as a surprise to some of you here today as you watch our legends over the years that we do not tend to and by members of the press to speak at the podium. we get way out of control. we do have a special cause it to do that today because our speak er strip is special individual. generally, we think journalists cover the news and we try not to put them in the spotlight that they might otherwise feel uncomfortable with. a longtime journalist of "the baltimore sun" reported the allies -- reported the lives of inner-city baltimore. he laughed and told the baltimore city newspaper in 2003 becaus

. >> dan whitten with bloomberg news. you endorse a firecracker in 2006 you endorse the bingaman plan, not the same as the, but i think it was a price floor and pricing involved. if waxman markey were amended to look more like that which you support a cap-and-trade bill and therefore would you be more open to including it with your energy legislation? >> well, as you point out, i have supported a legislation that would put a system in pla place. and i did so because of the escape valve, if you will, the safeties that are there. recognizing that there will be an expense associated with a cap-and-trade bill you, if you're a business, if you're an industry, if you're a consumer but you know -- you kind of know the parameters of how bad it could be, as a business, you factor that into your business plan. but when you don't know how bad it's going to be, when there is this uncertainty and, you know, we're talking about these tradable credits and we don't really know how that's going to work. we don't know who the winners are g

. >> skipping over the podium just a moment, we have jonathan of bloomberg news, former n.p.c. president, the speaker's committee member who organized today's lunch and coach of the division championship-winning softball team. we have jeff dufour, columnist for the washington examiner. are you a member of the n.p.c. softball team? >> another team. >> and the community relations director for the national. >> paul dixon, author of "the dixon baseball dictionary" and other books. and finally we have amy, an original member of the n.p.c. softball team. [applause] >> of the old washington senators it was often said washington, first in war, first in peace, and last in the american league. substitute nationals for senators, and national league for american, and you can describe the situation for our local major league team today and today's speaker. in fact, it is hard to think of anyone that has had a worse season than the nationals except for perhaps the republicans. [laughter] >> today's speaker, stan kasten formerly served as president of the atlanta braves, who ran off an unprec

on the other side of the podium, bloomberg news. organizer of today's luncheon, and the new managing director of stanton communications. valerie jackson, associate editor. public affairs specialist. independent writer and author of "letters from washington." washington bureau chief, one of our former presidents with hearst newspapers. finally, editor and publisher with american journalism review. now you can give your applause. thank you. [applause] it may come as a surprise to some of you here today. we do not tend to invite members of the press to speak at the podium. it would get way out of control. we do have a special cause to do that today because our speaker is a special individual. we think that journalists the cover the news and we try not to put them in the spotlight. as i said, today's guest is an exception. david simon honed his skills reporting on the streets of one of the most dangerous cities in our country. after years of reporting, it wasn't the murders, drugs, or other crimes that drove him out of the industry. he

joining us is a supreme court reporter for bloomberg news. thanks for joining us. before we get into the details of the supreme court's ruling, can you step back for just a moment out one with this case was all about. >> the city of new haven had a test for firefighter promotions to the captain and lieutenant. it turned out that no blacks qualified for more than a dozen promotions, and the city decided what it would do is just cancel the test and cancel the promotions, and when he did so, a group of mostly white, including one hispanic firefighter, sued. >> at what level was the suit reversed? >> the appeals court said that they could not sue. that the city basically acted in good faith because it was concerned it was going to be sued by black firefighters because the test on the surface at least had what is known as a disparate impact. it allowed -- it favored white firefighters, at least in terms of the bottom line. the supreme court today reversed that ruling and said that actually, the city does not have a good defense and the white firefighters when the case.

accounting foundation and customer speaker, skipping over myself at the podium here, angela kean, bloomberg news reporter and sherrif of the club's speakers' committee, i will skip over speaker for a moment, bob carden of cornyn communications, the speakers' committee member who range today's launch. thank you very much, bob. allen wildmon of the fasb and test of our speaker. and finally night camping gear up to planters. [applause] the financial accounting standards board is on of those because i it government agencies that sense the business rules specifically fasb as it is known developed generally accepted accounting principles that businesses must adhere to reporting their results. this is done so businesses can in theory cookbooks to make themselves and their stock prices look better than they really are. good enough but if you picked up a newspaper in the last year you probably noticed that more than a few companies aren't doing very well. think your sam pointed everywhere and shortsighted ceos, sleeping or negligent regulators, overspending consumers and the sleazy lenders. fasb has been

the "newsweek" report also confirmed by bloomberg news makes clear that attorney general holder had every intention of releasing these trained terrorists in our communities. i repeat, released in our communities, not held in our jails, but free in our neighborhoods and communities. this administration expects you to take it at its word as these detainees are not a threat. it is unacceptable. eric holder should have been prepared to come up and tell the congress and give the information on these individual cases. but to move these individuals who were in guantanamo bay on a friday afternoon when the congress was gone and the press was not watching is certainly wrong. some of my colleagues may be aware i have long been an advocate of the detainees, the largely muslim people in china. they have long been the obtsl objects of brutal chinese subpoena presentation. and those are being per cuted by the chinese government. however, a small number have been going to terrorism to target innocent civilians and formed the terrorist organization now known as etim and moved to afghanistan in 1998 at th

but i want to go back to, and i'm taking this from a may 13th bloomberg news story, documents obtained by judicial watch relative to a meeting that you had with mr. paulson, mr. bernanke and mr. geithner and miss bear. did you and eight other bank ceos meet with them back in october 13th? >> yes, sir, we did. >> tell us what happened at the meeting. what the documents indicate is that you had -- we had a lot of conversation, discussion about the threat that's been talked about here by just about everyone relative to the mac clause, but it looks like that there was maybe threats here or at least strong suggestions that you initially partake, participate in the t.a.r.p. program. can you tell me about what took place at that meeting and walk me through it, that october 13th meeting? >> the nine chief executives were called by hank paulson or at least i was -- >> let me interject. you said earlier, i believe, too, i forget which member's question, you initially felt your bank and your board did not need any infusion of cash or t.a.r.p. money from the government, is that right? >> yes. >> w

skipping over the podium, angela keen, bloomberg news and chair of the speakers committee. skipping our speaker for just a moment your john bullard president of the group and a member of the national press club board of governors. he is also the speakers committee member who organized this event. thank you very much, john. paul charles the director of communications for virgin atlantic and a guest of our speaker. joe of aviation week. casper, senior press officer for the european union's delegation. and finally my rent, former ap bureau chief in london and the secretary of the national press club. ask anyone in this room who served richard branson is and he will be defined many different ways. a flamboyant rish on to partner with a seemingly insatiable appetite for starting new businesses. a magnet for controversy such as his region stant as a glasco train cleaning worker in a tv ad for his virgin train or $8 billion philanthropist attempting to save mother earth. no matter, he has a gift for making people pause and take notice. his high profile adventures include developin

i quote a sentence and we will place in the record from bloomberg news things when it first boston was largely the result of the creative work with mortgage-backed securities slicing and pulling mortgages and selling them as bonds and he took the concept to freddie mac where he sold the company's board on a billion dollar package. that was just the beginning. german bernanke what material can you provide the committee into the record that will plain how the fed will avoid conflicts of interest in self dealing by that firm and besio in the execution of contracts you have signed with black rock? >> we will provide you with the contracts explaining how it works. >> thank you. some lawyers have said rod or control fraud have characterized the mortgage securitization process. will you permit the fbi access to the mortgage instruments being managed by black rod as the fed contracts are executed and fulfill? >> if there is a reason for the fbi to investigate and the fbi has a right to investigate we wouldn't stand a way of an appropriate investigation. >> um contracts has the fed assigned to

. >> bloomberg news. in can you hear me? we know that senate republicans sent a letter to president obama yesterday. voicing their concern about a government run health care plan. i want to know how you plan too. that divided. how specifically in which you feel about this opposition here and i know you are close to senator grassley. >> i knew it wouldn't take long before they got to that question [laughter] you know, it is interesting to me, i am very pleased. like an example this morning, front-page in the york times and washington post, articles about the need to transform our health-care system. and that reflects the view of senators feared a both sides of the aisle. we know and not to be presumptuous about this but republicans also know that deeply know that we need to transform our health-care system as a quote buy senator gramm there is an example of that trying widely to find a resolution and it requires a lot of education. one of my biggest problems in getting the health care reform legislation passed is it is so com

skipping over the podium, angela keen, bloomberg news and chair of the committee. skipping our speaker for just a minute, sean bullard, president of -- member of the national president club's bored of governors. he also organized this event. thank you very much, sean. paul charles, director of communications for virgin atlantic and a guess of our speaker. joe joe anselmo of aviation week. caspar -- for the european union delegation and finally myron belking former ap bureau chief in london and secretary of the national press club. ask anyone in this room who sir richard branson is and he will be defined different ways: a flamboyant en43 pren newer with an appetite for starting new buses, a magnet for controversy, such as his recent stint as a glass xo cleaning worker in a tv ad for his virgin trains. or a billion dollar philanthropist attempting to save mother earth. no matter, he is a gift for making people pause and take notice. his high profile adventures cloud developing personal space flight and in 1986, crossing the atlantic in his plane offshore racing boat

lindsey from bloomberg news. >> i don't know if your microphone is on. >> can you hear me? >> yeah. >> okay. we know that senate republicans sent the letter to president obama, i think, just yesterday voicing their concern about a government-run healthcare plan. i want to know how you plan to bridge that divide? i know there are a lot of meetings going on this week about that. and what you feel about this opposition? i know you're very close to senator grassley? >> i think it would take very long before i got that question. [laughter] >> you know, it's interesting to me, i'm very, very pleased like, for example, this morning front page both the "new york times" and the "washington post" articles about the need to transform our healthcare system. and that reflects the view of senators. both sides of the aisle. we know and not to be presumptuous about this but republicans know and deeply know that we need to transform our healthcare system. the quote by senator gregg this morning is good evidence of that, is a good example and we're trying mightily to find a resolution. it re

on the other side of the podium and still a keen, with bloomberg news and share offer speakers' committee. moving over the speaker for a moment, laurie, organizer of today's luncheon, and then a managing director of a staten communications, congratulations. valerie jackson, editor with platts. ira allen, public affairs specialist with the fogarty international center and the national institutes of health. skip, he is independent writer and author of letters from washington, a column and international magazine. iraq, washington bureau chief, one for former presidents here with purse newspapers and we're glad to have a creek here as well and finally editor and publisher with american journalism review. and i can give your applause, thank you. [applause] it may come as a surprise to some of you here today as you have watched our speakers lunges of the years that we do not tend to invite members of the press to speak at the podium and one thing that all that way out of control if we start letting the doors open, right? but we have a special cause to do that today because our speaker is really

c, too has been on television on cnbc, bloomberg tv, marketplace radio, print media, the new york times, washington post and congressional quarterly. he is trained as a lawyer, previously senior vice president and senior adviser for energy policy and capital markets. he left to form clear view nerggy partners, an organization that provides corporate and financial sector clients with projections of what is next in washington. analyses of how government actions affect energy fundamentals. we have a wide specter of age and experience and training and re are delighted to have you here. now senator wicker has joined us wd we will hear whenever opening statements you might have before we proceed to our witnesses. >> i understand, mr. chairman, that you are being magnanimous and forgoing an opening statement. boen so, if you will give me a couple minutes, let me say how pleased i am that we are doing this. dstall remember this time last year. we were in the midst of an energy crisis, paying $4 for a gallon of gasoline, and americans were seeing their utility bills skyrocket. we were not making

bloomberg had spoken about a need to see new york as a luxury city again.o there's been a lot of marketing along the lines of, you know -- that was done in association with the effort to attract the olympics to new york. that was done in association with the republican national convention. that has been done in association with a lot of different events that have been hosted by a much larger, beefed up professionalized marketing apparatus that has been -- that has been produced under his administration. so there's been a lot of very kind of luxury-like images that have been -- that have been produced. and there's also been a new campaign called this is new york, which interestingly associates that luxury image with a very kind of utopian -- a utopian version of a diversion city that harkens back to the early days of i love new york. and i think that juxtaposition of that kind of -- of a kind of longing, a utopian longing with this luxury-oriented, elite-oriented way is one of the things that makes these campaigns so successful and allows people not to sort

new borrowing to survive, that is a big mistake. the treasury has also put a gun to the heads of g.m.'s lenders." end quote. in a recent bloomberg article, bradley quio nebraska warns of some of the problems that citigroup and other banks incur as a result of partial government ownership. among them, pressure for stricter compensation rules, directors to focus on state-approved social objectives instead of increasing earnings, scrutiny of advertisings or being force to exit risk-taking businesses that are profitable for competitors. mr. president, there's plenty of, i think, thought out there from people who understand the economy and the importance of the private market. its tradition, its contribution to the success of the american economy and the prosperity that we enjoy today as well as lots of anecdotal and other evidence that when the government gets into these particular situations where it's trying to influence the day-to-day decisions of private business in this country, management -- those who are trying to manage our private businesses in this country, it leads to all kinds of fiascoes and disaster. i would just menti