if i'm a citibank customer, i go bank of america. i know i'm getting charged $3. citibank is actually charging you, too. >> your own bank charges you for using somebody's the atm. >> exactly. consumers are getting hit twice. >> the way to avoid it, don't use out of network atms. >> go in the bank, write yourself a check and walk away with cash and you won't get charged a fee. >> a lot of rip-offs in warranties. what's the best way to go and what's the down side? >> you want a warranty. you want the protection, but a lot of people -- most people typically buy it directly from a retailer, the warranty. then you're really getting hit. $350 toshiba laptop. the warranty costs $280. >> what? >> that's 80% of the purchase price. >> that's crazy. you're almost paying what you paid for the laptop. >> exactly. >> that makes me nuts. okay. obviously you can probably shop around for a warranty. where do i go? >> go to a third party warranty provider, get a much better deal typically at a much cheaper price. for that same toshiba laptop, third party, squaretree.com, charging $

citibank, they shouldn't have that, but now that we own general motors and citibank, congress needs three gulf streams g-550's. what i think most americans don't understand is that the people in this room are the people that create the jobs. it's not the people that have screwed it up like general motors or citibank or anything like that. the average person in this country is employed by people like this, and they were all people that had dreams. america, what you need to do for just the remaining time that we have is listen to these people. i don't know about you, but i have never worked for a poor guy. i have never worked for somebody who made $20,000 a year. he has never offer the me a job. why? because he doesn't have the money. i only work for people who have dreams and people who have some money where they say, hey, come on in and we're going to struggle together and we're going to grow rich together, and you can work with me and you will have an idea and you can grow rich r i never worked for a guy who didn't have money. these people in this room actually have frustrations and some

that would include banks like citibank, bank of america. >> finally, winning a -- renting a d.v.d. from blockbuster may become a thing of the past. they may close stores as they roll out rental communism osk -- rental kiosks. that is business news. bloomberg news. reporting for wbal-tv 11 news. >> see you back here at 6:15. >> cufplg up, we'll get another -- coming up, a look at traffic and weather together. >> and don't forget to e-mail us your answer to our "water cooler question of the day." what do you think of the philadelphia eagles decision to sign quarterback michael vick? >> more than 20 years after he was convicted of the bombing of the pan-am flight a former libyan wants to be released. he tpwhrue blew up an air -- blew up an airplane. 259 people onboard the 747 were killed along with 11 people on the ground. >> several victims were from maryland and the idea that he may get out of prison is not welcome news to their families. >> one family sat down with 11 news reporter melissa carlson to share their thoughts. >> one of the fuse things rosemary has of her daughter is

andrew hall would have found a job elsewhere and not with citibank. we should be getting out of these companies as quickly as possible. the government has no job running american business. that is not the role of government. >> but once government has put government into the banks, does government then have a say in pay? i think government ought to loan the money to the banks, turn away and leave them alone. >> if they don't like the way it's being done, sell their stock and get out. >> it should borrow money from the government and be left alone? no one else gets to borrow money from the government and -- >> everyone is borrowing money from the government. >> whether or not mr. hall is entitled to his money legally is another issue. >> when you get a loan for your law practice from a bank, the bank doesn't tell you how much you're allowed to earn. it doesn't tell you what color the carpeting has to be. >> but what the bank does tell me is that i've got to engage in -- i've got to engage my practice and move forward with my practice in a way that's go

citibank which since the 1950's had been most active financial institution in mexico was in a perfect position when cocaine trafficking route from the caribbean and westward. mexican playboy raul was discovered to have wandered hundreds of millions through citibank, his brother president carlos prominent ally in the drug war was estimated to have made off with some 5 billion himself. .. at. >> i did not understand what you meant by a precursor? >> lsd comes from morning glory seeds but the morning glory seeds are turned into the precursor that they call et without that it is impossible to make lsd. i don't know anybody on the industrial level can turn morning glory seeds you are not doing that in your trailer like a missile silo labrador you'd be this et which makes lsd a votable drug because if you can find the et producers and shut them down then you can do what is very hard to do in the drug world which is to use in the enforcement mechanism to reduce. because it is so hard to make it underground it makes it vulnerable which is similar to cram its. it required a certain precursor t

this is not what citibank will decide or wall street will decide.s unleashing the individual capacity. you say this is a socialistic idea. it's about giving the power to the state. the state controls the economy. that's socialistic. we are talking about option for individuals. i do, you do and she does. that's how we do it. and that's very much in the spirit of the capitalism, free market, plenty of options for individuals. today you have no option. you have only one business. if you want to say socialistic, that's socialistic because you only have one. free market is about creating options for people. now you have two options, two different businesses. one for making money, one for changing the world. so you choose which one you want to do. they are both equal5tñ in times business. if i have to work for a company andñ= if i know there are two kinds of business, as a young man or girl i should be deciding what kind of business i should be working for. should i work for a social business or a profit-making business? it's my decision. and if i get th

excellent report out of the citibank analyst division in hong kong, talking about this today. nosing that while the index was down 20% in two weeks plausible explanation for the slowdown was bank lending. as banks have slowed their lending in the last month it's been less money flowing into the stock market which has gone to that observation that much of china's lending efforts have gone to speculate in the stock market. also, maria, i would note ipos, which were absent completely from china in the last year were now allowed to return in july. we had seven or eight really big ones. that's big competition for the stock market. there you see for the raft lear rallying well off the november lows but down 20%. >> a lot of new supply coming to market in the chinese retail area. bob pisani there. the energy information administration reporting oil inventories unexpectedly fell by 8.4 million barrels last week. that was the largest decline in more than a year due to lower imports. economists were forecasting an increase of more than a million barrels. it's giving oil prices a big boo

citibank doubles, right? >> he is better looking than you, glow there is two of them, no! i had a nickel for every

if he's going to set pay for citibank and other people taking tarp money, the least he can do is the same for the post office. >> right. i don't agree with that, but i think the same rules should be fairly applied across everyone. especially government agencies. they should be held accountable for their performance. david: you're bending a little. >> it should be written into their contract. think the contracts going forward should be rewritten so that as steve said, these plans and these achievement targets should be in place before the contract is signed. david: so we have the pay czar. he's doing his business with regard to citi and the banks. why shouldn't he do the same with the post office? >> no. we must put a halt to this. quinton is wrong. jack was right earlier. >> unions should get everything in their contract. >> we can't allow the government to arbitrarily go along and start saying this contract is good, this contract will not be good. >> it's not arbitrary. the poafs is failing. their failing innovate when e-mail is up and mail is down. they have been in the red since 2

morgan chase, citibank, and wells fargo. host: of those who are processing the most, and to the least? guest: j.p. morgan jay's doing 20% of their pool. citibank at 15%, and at the low end you have bank of america and wells fargo. host: what are those last two telling treasury? guest: nothing yet. they probably are some that they're working on it and ramping id of. it is interesting that there were both before congress a couple of weeks ago and both testified that the radically increased their staffing since this time last year and were really trying to target all of they're eligible borrowers. the said some were ineligible, and another 15% did not qualify. of their loans they think about 55% are potentially eligible. so, that we have only seen six% of that done is not very encouraging. host: here is a commentary piece from the philadelphia paper. the author is a managing partner of the new york investment bank. the headline is that banks must be pushed to deal with bad mortgages. he explains the accounting and reserve issue

and they subcontracted the citibank in oracle and they're rushing around hiring people and trying to get them trained. but any startup has problems and this is a startup under a blizzard of paper. >> reporter: they get up to $4,500 on the spot, but the government has been slow to pay up. >> i think this is a high class problem to have that we're selling too many cars too quickly and there is a backlog in the application process. we're getting it picked up. >> reporter: it is driving up auto sales. and now gm and hundredy are bringing back thousands of workers. >> we're thrilled to be a part of jump starting the economy and putting salesmen back to work in showoms, putting mechanics back to work, helping scrap yards finally get some business. >> reporter: at fitzgerald auto mall they've made about 700 deems -- deals so far with days left for buyers and dealers to cash in. >> i think it's helped. >> reporter: and now dealers have a monday deadline to get the 13 pages of paperwork in to get paid. many of which have not been paid so far, including martins. but they will remain open throu

embassy is and you need to know where the citibank this. this is a global franchise that should recover with the rest of the world, even if america lags behind. how about a fourth reason? it's getting out from under a ton of bad loans and doing it fast. it's going to be dividing the bank into citigroup holdings, no thank you, and citigroup proper. citigroup proper is 1/3 retail bank, 1/3 global services, 1/3 investment banking. all three are immensely profitable already. i think the split-off will do a lot to bring up the value. that's another way i'm going to get to my $6 target. reason number five, existing management. how about ned kelly? he's not going anywhere. he's staying put. the government would be absolutely nuts -- >> they know nothing, they know nothing, they know nothing! >> to remove either one of those guys as the turnaround is real and huge. and the books are clean. the bad stuff is going away. that's right. they're real and terrific, so to speak. all right. why the heck is the stock trading at $3? $3.80, how can that be? al

citibank jump and we just considered it in the trash pile. b of a and citibank maybe not also. either way, i'm probably a guarded buyer. >> hold o. got to take a break on the fast money. we will talk to obama's economic advisory board if she think this is recovery is for real. wal-mart taking on the banking giants. "power lunch" has the latest on what wal-mart is up to. back in a minute. >> the dow trying for the best winning streak since '96 as companies and consumers show new signs of life. is this market pulling a fast one on you? they sort fact from fiction. news flash, a billion dollar market and why you need to trade hannah montana right now. heading to the backgroundry to get the gravo on a chain satisfying the investors. some people buy a car based on the deal they get. others by the car of their dreams. during the lexus golden opportunity sales event, you can do both. special lease offers now available on the 2009 es 350. ♪ once you've dealt with the things that come between you... don't let erectile dysfunction get in the way. ♪ viva ♪ viagra! viagra...america's most

it is not just citibank will decide or wall street will decide. this is a socialistic idea. when you say socialistic idea, it is about giving part to this day. the state controls the economy. we are talking about an option for individuals. i do, you do and she does, that is that we do within that is very much in the spirit of the capitalism, free market, plenty of options for individuals. today you have no option. you have only one business. if you want social service, you only have one option. the free market is about creating options for people so you have now two different options, one for making money, one for changing the world, so you choose which one you want to do. if i have to work for a company and if i know ametex book there are two kinds of businesses and in the world there are two kinds of businesses as the young man, as the young girl i would decide which kind of business i would be working for i work for social business or a profit-making business? if i get the same salary both ways, why don't they work for the social business? at least i will do something for

morgan chase, citibank, and wells fargo.ost: of those who are processing the most, and to the least? guest: j.p. morgan jay's doing 20% of their pool. citibank at 15%, and at the low end you have bank of america and wells fargo. host: what are those last two telling treasury? guest: nothing yet. they probably are some that they're working on it and ramping id of. it is interesting that there were both before congress a couple of weeks ago and both testified that the radically increased their staffing since this time last year and were really trying to target all of they're eligible borrowers. the said some were ineligible, and another 15% did not qualify. of their loans they think about 55% are potentially eligible. so, that we have only seen six% of that done is not very encouraging. host: here is a commentary piece from the philadelphia paper. the author is a managing partner of the new york investment bank. the headline is that banks must be pushed to deal with bad mortgages. he explains the accounting and reserve issues.

citibank looks like the laft big bank the government rescued, chrysler in 1980. back then, chrysler was on the verge of bankruptcy. in order to save the company, the government co-signed $1.5 billion in loans. that was a lot then. the chrysler was responsible for paying back. because at the time, chrysler's own signature was worth less than the paper it was printed on. one i regard as similar to the one citi is in right now. the government took on the risk of having to foot the bill if chrysler couldn't pay. in exchange, the government received warrants to buy 14.4 million shares from chrysler at $13. those were meant to expire in 1990. the government signed the loan guarantees and received the warrants in 1980 at the time chrysler stock was up $7.15. chrysler got the money needed to come out with better cars, the minivan, and was able to turn a profit in 1982, a profit. after a $1.7 billion loss in 1980. in 1983, chrysler paid back the debt, eliminating the government's downside. since the company survived bankruptcy, chrysler's stock soared as did the value of

it is a good idea, whether citibank does it or wall street, who cares? we don't care.as long as this works, you can see the crisis, all those big pillars collapse, and this system doesn't collapse. if they don't want to learn from it, that is their problem. but they have built an institution which is the slightest deviation, it starts collapsing. there is the basic weakness in the system. this is a system that works globally. remember we don't have any collateral. all the lawyers, the state collapses. we don't have the lawyers or the collateral. the interesting part, right in new york city, big banks collapsing. we have no problem, no impact on them. this is what they have to learn for their own safety, not doing favors for anybody. this is the right one i am talking about. it has to be the right thing, that we can do, we can build a system, change their life and a just unemployment. which nobody can solve. all the we have learned in our textbooks all these years, government has to give them a check every month, unemployment benefits, call it anything, simply giving ta

previously served as that country's minister of finance and as an executive for citibank. she was awarded the presidential medal of freedom by george w. bush. the oracle group organized this discussion for their weekly interview program in the cafÉ with mocha. for more information, visit the oracle grew.net and click on the show tap. >> douglas brickley looks at the first green president >> next, a portion of the tv is a monthly three-hour live program in depth. on the first sunday of each month, we invite one offer to discuss their entire body of work and take your calls. in depth also includes a visit with the author to see where and how they write their books. that's what you are about to see. >> this is my bedroom. this is the corner of my bedroom. i usually don't write here. i'd have a steady but my daughter is living in it for the summer. it's her bedroom actually. while she is home from college. so i'm parked here on this card table, and i do have this fantastic view, which is really wonderful, because when i am tired of my mind, which is most of the time, i can jus

clinton's presidential campaign has been charged with forging documents, and he gave the forms to citibank to get a $74 million loan. mazahi's lawyer says he is reviewing the allegations. health and human services secretary kathleen sebelius said today that massive school closings will not stop the spread of h1n1 flu this fall, following monday's grim report that the vie us could cause major problems for this country. live at the centers for disease control and prevention in atlanta, jonathan has more reaction to that study. good evening. >> good evening, bret. well, people all across government are responding to what some are calling doomsday scenarios. yesterday, the governor's science advisors issued a report indicating as many as 90,000 americans could die from h1n1, and up to 50% of the population could become infected. critical might be the care these individuals received. the report suggested as many as 1.8 million americans would ire hospitalization, with nearly all of the nation's icu beds being used for seriously ill flu patients. c.d.c. officials say the scenario needs to be put

citibank should be kissing his fanny, frankly. $100 million is fair. he's going to get paid 100 million bucks. >> 50 of those guys. >> well, they screwed it up. this is a pr nightmare because they let it be. >> you can make 600 -- you can help your company make a lot of money and you get a piece of that, right. you eat what you kill and you could be penalized. >> citi really screwed this one up. if they were smart, they would have paid andy hall back in july in stock. look what the stock has done since this news has gone public. >> but can they get away with that with the pay czar? >> they would have had to have worked that out with the government somehow. >> guys, there is no solution to this story other than, you know, don't -- don't make bad bets in a bond market and get bailed out by the government. >> isn't one of the solutions getting rid of vickram? >> i go back and forth on this. the problem is he was handed a really bad hand. there's no doubt about that. he screwed up his hand by not breaking up citigroup earlier. no doubt about that. the situ

hudson citibank, run by ron hermance, a conservative bank, is not what we like.s the equivalent of proctor and gamble or coca-cola, it's consistent. we want inconsistent and explosive upward, not consistent and sleeping, which is how people feel about hudson city. i'd say stay the course. let's go to art in ohio. art? >> caller: jim, boo-yah from chillicothe, ohio. >> man, you know, that's how you pronounce it! i never knew how to pronounce it. well, i'm learning something tonight, too. what's on your mind? >> caller: jim, my stock is sallie mae, symbol slm. could government regulation or private lending institutions be killing this sector? >> well, sallie mae went from recommending around $6, went up to $10. i should have immediately told people to take profits. now it's meandering. the quarter was not that great. i think this is my speculative stock of the year. i think it can wind itself slowly but surely step by step and slowly sallie mae goes to $10, but there i think we'll have to say -- >> sell, sell, sell. >> -- because we've made too much money and there

. >> the fact that citibank suspect trading in the energy mark sets certainly not news. that's been going on for a long time. are we saying we are going to change everything retrospectively just because we want things to go back to pleasantville? >> no.o. >> just not going to happen. >> thief there, guys, thanks so much for joining us, i appreciate it. >> my pleasure. >>> okay, "power lunch" at the top of the hour and standing by, telling us what he has in store, hey, bill. >> nothing wrong with pleasantville. don't knock pleasantville. >>> coming up, is this the beginning of the big correction a lot of people will be waiting for? we will discuss that with traders and investors. >>> and lowe's out with its earnings, the profits down 19%, the stock is down hard but is that a buying opportunity?y? if you believe housing will get better from here, we will talk to analysts about that.. and "newsweek" out with the latest issue on colleges, it is not the best colleges to talk about but way to the play the financial aid game when money is tight everywhere. mandy drew very with

citibank, alone, the feds guaranteeding over $300 billion in assets, like distressed securities. i think the conversation of high-fiving the jobs done or thinking they're going to remove any liquidity any time soon is absolute nonsense. >> steve, you're coming on this. the timing is everything, isn't it? because if you get the timing wrong, you could seriously be blamed for all of history. this could be your legacy that you got it wrong. you might have fixed things up in the first place, but if you can't get out of the situation, you can't get the exit strategy right, that's what you're remembered for. do you think they could wait too long before they start hiking, taking away some of the stimulus, rather than getting it wrong? >> first of all, not my legacy, mandy. i think you mean bernanke's legacy. >> absolutely. >> the $23 million figure that rick mentioned has been widely discredited by many sources. >> co-signing. and you could add the numbers up, steve. they add up. >> they don't add up, rick. you haven't looked at it. >> it's not necessarily -- it's guaranteeses. they are

she left citibank. there was some question about her not getting along with pandit. i don't know. she's a great person to be running -- >> they've been using bank of america as a barometer for the market. it used to be general electric. now it's bank of america. they watch the way bank of america reacts and buy the market depending on how bank of america trades intraday. it's not a long-term thing, but it is short term. >> thee people reshuffled the back, brian moynihan and the goldman sachs guy, sally krawcheck. three very balanced, strong folks that could be standing in the wings and a lot of people think that means ken lewis goes sooner than later. most importantly it included the fed, the government. this is something people want put to sleep. no one is going to be fully happy with the conclusion but they want to get on with it. that's what's happening. >> erin, down the road, ken lewis, whether he is there or not, the acquisition of merrill lynch two to three years from now will be looked at favorably as one of his greatest moves. >> what about the nasdaq? we talked about the

the reason i mention it is because clearly at citibank -- city, wait a second, these guys, then we gotthese other guys who keep buying all of the stuff and we keep packaging up these ceos but we keep keeping them. super senior tranche. there's no one to say stop. long winded answer to your question, which i haven't even answered about golden. go, they are very powerful. they are very talented. it's interesting right now what's going on with golden. there is a lot of criticism. i wonder, they made a lot of money, they're going to pay out about money, they always have. it's back to business to a certain extent. i love that business for them is proprietary training -- trading. not even investing capital as to what they used to do. just waiting for the own book and currency and commodity. we will see what happens. i hope you watch if i ever get to do a documentary on the. let me reiterate. essar. >> i was with the city in 97 when they did the merger with travelers. i should say i was with travelers. and the going back to 1989 with the barbarian with shearson pics of the investment banking

citibank, which since the 1950's had been the most active u.s. financial institution in mexico was a perfect position when cocaine trafficking moved from the caribbean west. mexican playboy raul was discovered to have laundered hundreds of millions to pursue the bank. his brother, president carlos, a prominent ally in the u.s. drug war was estimated to make some 7 billion himself. and to handle half years of investigation beginning in 1986 senator john kerry's committee looking at links between the cia and contras turned up ties between drug cartels and banking industry. one hearing and walt the cartel's top accountant, ramon, who had been busted laundering billions through the new york based bank of boston. a committee member suggested he, quote, must be very clever to have cleaned up so much, to have cleaned up so much cash. bill, first boston paid the fine of $25,000, during 42 years, he responded, who do you think is clever? so i don't know how our time is but if anybody has questions, i found at these readings there often are a lot of them.

talking about the subject we just mentioned, you're talking about three banks, bank of america, citibank, and wells, they control an enormous share of retail banking in this country. and those are the banks that feel the biggest burden because they're also sitting on the hugest number -- hugest amount, rather, of debt that is potentially going abad. all of this is about protecting their balance sheets. banks need to earn as much money as quickly as they can because the losses keep coming. >> guys, thanks so much for joining us. we appreciate it. >> sure. >>> aig is now on its fourth ceo in the past 14 months, and the ceo position at many companies seems to have become a bit of a revolving door job. so does ceo really matter anymore when it comes to a growing company in we've got some answers when we come back. mr. evans? this is janice from onstar. i have received an automatic signal you've been in a front-end crash. do you need help? yeah. i'll contact emergency services and stay with you. you okay? yeah. onstar. standard for one year on 14 chevy models. i hope he has that insurance. af

know regulators spent too much time looking at things that are conventionally defined as a bank citibank, wachovia, non they did not get into trouble but bear stearns, aig, and the brothers if they pose the same threat as the conventional bank that is why the president has proposed and oth people haven't seen today broad thing the financial sysm past to be regulated and we understand why that is. most of us do and you cannot set up a system where people go around and say i will shop for a regulator and put them against them so the president has decided not to put this together into one agency but the proposal is to make it less attractive for banks to shop around and banks need to have more capital than they had. it is the question, the shock absorber where you take your losses if you do not haveo go bankrup we have to find a way to make sure the banks have more capital so if we get intohis again, they have better shock absorbers. >> my question is a little mo broadly and the financial markets. more cultural and social why it a we as a culture ready to give billions of dollars of money t

for a while when citibank stock was one or $2 market capitalization south of $10 billion. i would have thought that would have taken some of the mosul away but they were not stupid of their small market capitalization and the money they took from the government the didn't cut back on their lobbying effort so they continued to lobby strongly in washington and i think it is a simple explanation why they are getting away with this. >> it seems like there are so many other lobbies. why would bond holders and banks be special as opposed to holders of bonds and other corporations? orland the bonds held by mutual funds and pensions? >> you're right there's lots of lobbyists in washington but as far as i can see none of them are having problems right now. they killed the global warming initiative and have set back any sort of public alternative discussion for health care. they basically emasculated the credit card reform and had a vote in the senate 70 to 25 to put a cap of 15% on credit cards because the companies are charging 33% so it's hard to imagine enough hours in the day f

for citibank or larger bank, that's not even on their radar. on. but we have a lot of business. >> how long have you been in business? >> we took control of the bank as 2004. >> it existed previously as a different institution? >> it was a wholesale bank operating out of 460 park. we converted it to a community bank, retail bank. >> you say you're dealing with loans from $500,000 to it $5 million. that's your sweet spot, your bread and butter. >> correct. >> how big are businesses in terms of employees? >> you could be as small as a two or three ememployees to several hundred employees. >> manufacturing, retail? >> all over the scope. we have manufacturer, we have retail, we're in the food industry, we're in the health care industry. we have i would say predominantly in the combination health care and the food businesses. >> are they -- i'm sorry. >> what has been your experience in terms getting these loans paid back. what do you call it, your detault rate or somethingy. >> right. >> what has been your experience. >> on the commercial business

and they subcontracted to the citibank in oracle and they're rushing around hiring people and trying to get them trained but any startup has problems and this is a startup under a blizzard of paper. >> reporter: forcing many dealers to hold on to their nearly acquid clunkers until they get their money. >> we've been paid 10% but its speeding up. >> reporter: but still the government is failing to reimburse dealers whose paperworks have flaws. daniel white bought this toyota corolla late last month, trading in her family car. >> they called me two weeks later and said we need the car back and we need the money. >> reporter: and there was a brief lapse in daniel's coverage when her mother changed insurance coverage. >> but i think for four days, that's not fair. >> reporter: administration officials says it's its dealer's responsility to get it right before the customer leaves the lot. as far as reimbursements go, dealers will get their money, but they have to be patient says the president. the backlog shows the program is working, he says. >>> a terrorist released on compassion at gro

but citibank trader andrew hall is still in line for a bonus of up to $100 million because he signed contract before the february 11th deadline allowed under the law, so he'll probably be able to keep up the mortgage payments on the thousand-year-old castle he owns in germany. the ceo of citigroup promised to pay himself a salary of $1 this year. presumably he has savings. last year his total compensation amounted to well over 38 million. feinberg has 60 days to review the compensation packages and propose adjustments. >> if the czar agrees to pay levels as they now stand they'll be public outrage. if the czar cuts pay and performance slips at those institutions, they'll blame the czar for poor rests and investors will lose. >> reporter: the feinberg, a well-connected washington lawyer is doing this work for free, it's a thankless task but he has some experience in that department. prior to this, he was in charge of the fund that paid out the victims of 9/11 and some of the families accused him of putting a price on human life. bill? >> okay, david wright for perspective. let's bring

but once again, accused of a scheme to try to defraud citigroup or citibank, i should say, of $74 millionu. >> mary, thank you very much. now to matt nesto, for the cnbc real-time flash. retailers, it's perfect time of year for that. >> i guess, if you're the right retailer, sue, you know? everybody is out there right now. and, of course, today's big focus on the weak side, because the retailers are doing very, very well, going to be on staples. can't say discipline on a first-share basis, met at 16 cents a share, but one of only two retailers that are trading down today in the morgan stanley retail index. 16 cents a share met expectations, but the recession and high unemployment is certainly hurting some of their furniture and office supply type of sales. the fact of school business has been pep i had, not great, but not a huge disappointment. you can see office maxim, the smallest of the three, and office depot doing very well. look how retailer have outperformed the s&p. almost a two to one margin. if you take a look at the big if i can at your today, guys, it's retailers and retailers

hassan nemazee tried to scam money from citibank.topped by federal agents at newark airport on sunday where he planned to catch a flight to rome. >>> nasa will try again to launch "discovery" early friday morning. this week's third attempt follows one scrub for bad weather and another for a fuel valve problem. engineers suspect it may be with instruments and not the actual valve itself. >> i have come here tonight to stand with you, to change america, to restore its future, to rise to our best ideals and to elect barack obama president of the united states. >> one year to the day after that speech senator edward kennedy lost his battle to brain cancer. his endorsement of barack obama was viewed by many as the passing of the torch. today kennedy's death is viewed as the passing of an era. for nearly half century he waged battle and negotiated compromise on capitol hill. for almost 47 years he held the senate seat vacated by his brother's election to the white house. later he would become the last surviving brother of the kennedy polit

courtney raised the suggestion earlier about the general prison population, but if it is citibank's contemplating putting those prisoners with the general population? is that a possibility? >> i think the answer is no for a variety of reasons. >> so then it is meaning less about what mr. courtney raises about the general population? you can respond in any way but where do we have that type of security and what type of capacity do we have there now to build for the prisoners? >> there are two different questions whether it should be a facility or a civilian or military base so that is one distinction. with respect to the dot cited think i have the number is right that we have about, more than 200 terrorism related people already in custody including 303 at the super max facilities. >> but that facility isn't that 90 site -- 95% pull at all times? >> thatounds plausible. >> that may follow up. you also look at the tribunal facility is that we build 10 getanamo bay to house these military proceedings. you also notice very important that is the only one in the united states because we have security m

face as single count of bank fraud if allegedly trying to get a fraudulent $74 million loan from citibankuments, even supplying fake references so when the bank called those references, they were actually calling him. on sunday authorities held him for questioning before he could get on a flight to rome. the next day he repaid the $74 million. nice try. too late. he is due back in court on september 24th. >> any idea what he wanted the money for? >> that's a very good question. the criminal complaint does not say what he was into to go use the money for. his firm was involved in a lot of different investments, some real estate, some others. and clearly there was money that was going from him or members of his firm to these candidates over time. but there's no indication in this this criminal complaint that that was at all involved in this money. >> thank you, scott. coming up next, the cupcake indicator. and the pizza king is getting back his muscle car. great empty calories. you're watching cnbc, first in business word wide. carol, when you replaced casual friday with nordic tuesday, was

the other hand, i knew the governments would have issues with paying back the consumers, because citibanke paperwork on the financial end of this. i know there is a lot of government stuff, but there's a much bigger picture. this was a knee-jerk reaction, we should have done it before the bankruptcy so no dealership was affected in a negative way. >> jeff, do you believe ultimately that you will get your money for these deals? >> i'm confident that we will be paid. but we're worried that this might be musical chairs. that more cars have been sold than maybe there's funding for the program. we don't really know. now, monday, 8:00, is the last time we can submit a claim for the program to be paid. but we're worried if there are more than 750,000 applications put in, there won't be enough money. so, it's possible someone will be left standing once the musical chairs is over. that's our concern. and, also, they've given us three days' notice to put the deals through. we've been doing it. it's a complex program. there's about 16 different things we must apply, and it's been a really difficult

in that last comment, i thought you're going to say bank of america or citibank. that was very similar. [applause] i respect what you said. you said it very well. my main concern is extreme apprehension of government. [cheers] my thought has been all along these lines -- why wouldn't it be possible for president obama to call a summit? why doesn't he have a summit of doctors, nurses, insurance companies, other health-care providers, call them all together and let them sit down and go out each other for a number of days, but have some brain thrust of getting people together to talk this out. i know insurance companies are to blame. we need to go across state lines and to work together. i am a little bit frightened of a public auction because it would be government funded. when the government says, you can keep your own insurance, i do not know if they can compete with the government. yes. i am afraid that sooner or later the government would usurp all of the involvement. we're frightened. my concern is that we need to work together across party lines. we are all hu

i bet you're going to say bank of america or citibank because it was very similar. i like what you said. -- i thought you going to say bank of america. you said it very well. my main concern is of extreme apprehension of government. [applause] [cheers and applause] my thought has been all along these lines, why would not be possible for president obama to call a summit? why does he not have a summit of health-care providers, doctors, nurses, insurance companies, other health-care providers? call them together and have them go together for probably a number of days, but have some thrust as getting people together to try to talk this out. the insurance companies, i know, are to blame. i agree. but we need to go across state lines. we need to work together. i am a little bit frightened of a public option because that would be government-funded, and when the government says you can keep your own insurance -- but i do not know if they can compete with the government. i do not know if the government is -- [cheers and applause] i am afraid that sooner or later, the governm

and i am from eau claire, the last statement, i thought you were going to say bank of america or citibank, because that looked very similar. [applause] i like what you said. i respect what you said, and you said it very well. my main concern is apprehension, extreme apprehensive feelings about government involvement. [applause] my thought has been all along these lines. why would it not be possible for president obama to call a summit? why doesn't he have a summit of providers, doctors, nurses, insurance companies, other health-care providers, calling them all together, letting them sit down and go at each other for probably a number of days, but have some braintrust of getting people together to try and talk this out? the insurance companies i know are to blame, but we need to go across state lines and work together. [applause] i am a little frightened of a public option, because it would be government funded. they say you can keep your own insurance, but i do not know if they can compete with the government. i am afraid that sooner or later, the government would usurp all of the involve

financial and industry, and as a result, the merged logic majority takeover -- stakeholder of aig and citibank bailed out the housing industry, bail out all the makers and as a result is the majority shareholder in chrysler and have a big stake in gm. so the issue in the background is, how much government activity should there be in the private economy. as a result of that, the question of whether there should be a public auction, a public health insurance plan to compete with private insurers has become a centerpiece of the debate and it really was not the centerpiece before this year and a campaign last year was barely discussed. but now because of this public awareness that the government is taking on new roles in the economy, the question of whether it have on 244 now will go too far and health care has become a very big subject and one white house has to deal with and one that has given the republicans' opening for people who are nervous about that. host: the numbers on the screen, in case you want to call in. c-spanwj, is our twitter address. rick santorum, in a fund-raising letter for t

mayor, citibank or bank of america or all the big banks, are they going to be able to stay open? people were talking about maybe we need a bank holiday. ladies and gentlemen, job losses were staggering. they are still terrible but they were staggering. the month before we took office, 600,000 jobs lost. the month we took office, 700,000 jobs lost. we inherited the largest economic crisis since the 1930's and now look at we are talking about. still didier but no one is talking about a total collapse of the banking system. no one is talking about a total collapse of housing we pray god have hit the bottom. housing stats are up for the month. does that mean we are out? no. does that mean there will be no more foreclosures? no. but we are moving in the direction we have to. the on the planet rate is still unacceptably high but not growing nearly as fast. less good is not good, but less good is better than worse. [laughter] [applause] and today -- and today we got a piece of -- when i say less good, less bad. we got a piece of less bad news. it was expected the economy gdp would conti

lost in the discussion is that the three months or four months before countrywide came before ots, citibank took two historic thrift charters totaling $322 billion of assets to the national bank charter from the federal thrift charter shortly after countrywide came, capital one took approximately $17 billion in assets from a thrift charter to the occ. i would suggest that the mere action of an entity, a business entity, choosing to chains -- change its charter on its business plan in and of itself does not necessarily suggest they are fleeing. i just wanted to make -- >> i appreciate that. let me ask a question. several big banks have come here and argue before the committee that we shouldn't have a consumer financial protection agency because it is dead to separate safety and soundness regulations from consumer protection regulations. but that argument, at least to me, doesn't make much sense because safety and soundness regulations and consumer protection regulations are currently together in the same agencies. and that very system failed miserably to protect middleclass american consumer