, people and the unit that was no longer part of citigroup. they spun it off for a song. their whole compensation structure had been determined by me. there were part of my mandatory jurisdiction. that leaves five companies. i decided that it made no sense, it made no public policy cents to seek to renegotiate the remaining five in ill-advised in desperate they would laugh in my face. we tested the waters a little bit. secondly, after letting out from this provision, 414 companies to pick on these five, i just decided i would take the heat and not even try to go on a fool's mission to try and get back -- i am a good negotiator. when you negotiate with the leverage makes no sense. what could we do? we told all 17 companies, whether they paid back tarp or not, that the payments were ill advised and that was bad judgment and that you 17 companies should adopt voluntarily and emergency brake provision. , prospectively. you tell me all the time that you have legal contractual obligations to many corporate officials. your board should act fabric pro

citigroup's net income ring in at $2.7 billion. bank of america earned just over $3 billion on the quarter. both had to be bailed out by the government during the financial meltdown. bank of america has paid washington back in full. citigroup has repaid 2/3 of the bailout funding. banking stocks led the broader european stock market lower today as investors study the details of the citigroup and bank of america results. our correspondent has more on this and other highlights of the trading from the frankfurt exchange. >> hefty losses for the dax just before the weekend and that eradicated the gains. it posted before, during the first phase of the week. the weak start on a positive note with lots of quarterly results coming from u.s. companies. the move slowly improved. fears set in that the economy in china and in the u.s. might sour. also, that dampened spirits here. bmw clearly the winner of the week. the company as saying because of the high demand for premium luxury cars from germany, especially for its cars, it was upgrading e

citigroup did not admit to or deny the s.e.c.'cusations. >>> toyota is recalling nearly 500,000 cars, a sign the automac iris still struggling with safety problems. 412,000 suvs and cars sold in the u.s. have a steering wheel that can lock up. toyota has recalled nearly 10 million cars since last october. >>> as we all know, home computers can do a lot for us. but one thing programs have always had trouble with is software that can accurately take dictation. now, nuance, the leader in voice-recognition software says it has it down to a "t" with a program that is 99% accurate. "usa today's" ed baig, says he still saw some mistakes. but overall, he's impressed. >> speaking into a headset microphone and microphones come with the software. you bark out what you want to say. you dictate what you want to say. or you bark out commands like open program. or something already on the screen. bold this word to that word. and guess what? your pc obliges. it really is pretty cool. >> the software works with documents, e-mails, instant messages

. >>> techs wobble, citigroup pays up, and more recalls from toyota. your early morning business headlines are straight ahead. >>> plus, steve carell is funny, there is no question about it, but is his latest film too mean? >> the phillies get their man, the padres trade for an mvp, and beware of the claw. you're watching "early today." >>> well, good morning to you and welcome back to "early today." i'm veronica de la cruz. and here are some of your top headlines this morning. in mexico authorities say that one of the most powerful drug lords was killed during a shootout with soldiers yesterday. ignacio or nacho coronel was infamous for producing massive amounts of highly addictive methamphetamines in mexico and smuggling them into the united states. >>> in afghanistan this month has become the deadliest for american forces in the nearly nine-year war. nato officials say three american troops were killed in two separate blasts in the southern part of the country yesterday. that brings july's death toll to at least 63. >>> saying she didn't feel it was

capital one, citigroup, discover financial services, and american express all saw a drop in late payments. but even as more people pay their bills on time, there's concern the trend might not continue if consumers' credit quality doesn't recover. >> tom: buying after a losing season doesn't mean a low price. the golden state warriors had one of the worst records in the nba last season, but today, the team still managed to attract a record sale price-- $450 million. the buyers are joseph lacob, currently a part-owner of the boston celtics, and peter gruber of mandalay entertainment. before the sale was announced, it was widely expected the winning bidder would be oracle c.e.o. larry ellison. >> susie: and finally tonight, the indian rupee now has something else in common with currencies like the u.s. dollar, the british pound and the euro. it has its very own symbol. the hindi character looks kind of like the letter "r". the winning design beat out more than 3,000 others. the teacher who designed it took home a $5,300 prize. the symbol will help distinguish india's currency from others wit

this is the government's third round of citigroup stock sales.ver the next two months, the treasury department plans to sell 1.5 billion shares. that's about 30% of the shares owned by the government. citigroup received $9 billion in bail out funds. >>> many struggling homeowners from california are in washington, d.c. tonight trying to get some free help with their mortgages. tonight they lined up in washington to speak face to face with counselors and lenders who can reduce their monthly payments on the spot. the event runs through the night, it is expected to provide assistance to more than 40,000 people,including some homeowners from northern california. >> i'm a mail carrier out in california and i see people losing their homes every month. and it's devastating. and now i'm in that boat. >> the clinic is organized by a nonprofit group called the neighborhood assistance cooperation of america. this september similar events will take place in los angeles and sacramento. >>> on wall street today, an optimistic report on european banks sent stoc

. >> we have a graphic to show our audience, but it includes the likes of bank of america, citigroup, j.p. morgan chase, big guys. >> yeah, the biggest firms. you'll remember back in october of 2008 when t.a.r.p. was first passed, goldman sachs, they took money from the government. some needed, some didn't. they were making big payments. >> ken feinberg said that they were unwarranted and ill advised but he says he can't get the money or won't get it. what strictures is he working under? why not go after the money? >> he has very limited authority. congress gave him the ability to go back and look and look at the payments that were inconsistent with the public interest. he didn't designate any of these as being inconsistent in part because there were no rules applying at that time. so the banks were making huge payouts but they were allowed to. secondly a lot of these firms, most of the big one, goldman, j.p. morgan, morgan stanley they paid back the t.a.r.p. funds so he has little leverage to say give us the money back because they'll say back to him, we already did. >> a lot of the

citigroup must pay $75 million to settle civil charges that misled investors about its potential losses from subprime mortgages in 2007. the bank had said the exposure was $13 billion or less. the sec said it exceeded $50 billion. a set of false teeth borne by the winston churchill were sold at auction for nearly $24,000. the final bid was four times higher than expected. we reported this last night -- debentures were designed to preserve his particular way of speaking. a woman in northern france is under investigation for the murder of eight newborn babies. the 45-year-old was arrested in a small village where the bodies were discovered. the husband was arrested on suspicion of hiding the bodies, but he has been released without charge. >> she was known within the village as the doting grandmother, iker assistant married to a local councilor. but behind her public persona, she was hiding the most macabre secret. on saturday at a house for these to live, new owners discovered skeletal remains of two newborn babies in their garden. it led police here to their current home less than 1 mil

citigroup's c.e.o. >> tom: let's get you updateed in the stories for tonight's "nightly business report" news wheel. the dow lost 109 points, and the nasdaq fell 35, and the s&p 500 off 13. and trading volume built on yesterday's levels, rising above the big board and the nasdaq. chevron, shell, exxon-mobil are rising a strike against future deep water drills in the gulf of mexico. they will invest at least a billion dollars for a containment of spills. the securities and exchange commission is taking a new look at a controversial fee most mutual funds charge to cover upfront sales and distribution costs. investors pay the 12.3 fees for years. the fees generate about $9.5 billion a year. >> suzanne: still ahead, this 65-year-old construction manager hasn't worked in two years, but he is not planning to retire any time soon. a look at his financial options in tonight's money profile. >> tom: more now on that oil spill strike-force organized by a quartet of oil giants. and james mulva is the chairman and c.e.o. of conoco-phillips. welcome to "nightly business report." >> good evening. >>

goldman sachs, citigroup, and aig are among the companies named.nce most of them have paid back their bailouts, there's not much the government can do. >>> a new study estimates the bp oil spill could cost the gulf coast up to $23 billion in tourism over the next three years. travel and tourism generates up to $34 billion a year in coastal communities. and employs 400,000 people. the group that commissioned the study wants bp to pay $500 million for a marketing campaign to help bring those visitors back. >>> a former general motors engineer and her husband have been charged with trying to steal trade secrets from the automaker. the couple allegedly copied thousands of documents about gm's hybrid technology. and then, tried selling them to a chinese rovel. gm estimates the value of the stolen information at $40 million. >>> in today's "usa today" tech report, a look at dell's new tablet computer. the company started taking orders for the streak this week. it has a five-inch screen. it also doubles as a phone. "usa today's" ed baig thinks it may have

position on the powerful ways and means committee to raise money from big corporations like aig and citigroup, goldman sachs that had business before his committee. as for rangel, he says he never knowingly violated the rules of the house, but diane, if you watched him today, you can tell he understands the seriousness of these charges. >> years ago, i survived a chinese attack in north korea, and as a result, i wrote a book that, having survived that, that i hadn't had a bad day since. today, i have to reassess that statement. thank you. >> as you said, jon, you could see a lot on his face. so what do you think is next for him and for his party? >> reporter: it's already been a big embarrassment for the democrats. right now, the plan is a trial in september. right in the middle of the campaign season. rangel's lawyers are trying to avoid that. they're negotiating some kind of a settlement. but right now, all systems are go for a full-scale public trial before the tv cams are in september. >> jonathan karl, reporting for us tonight from capitol hill, thanks, jon. >>> and we move to the gulf.

percent hovering around a one week low this comes after companies including bank of america and citigroup are for a lower revenues that u.s. consumer confidence dropped and japan the nikkei squoze due to a public holiday. the vaso markets turned positive at noon the r.t.s. was flat to positive all in why sex is up more than a quarter percent most of the blue chips are gaining on the r.t.s. except for spare banks preferred shares and walls that hold raise deaths are topping economic headlines ponting investors to look for a safer bet like gold and that's obviously hurting european equities but russia is managing to resist the pressure so far the earning season in full swing in the united states will continue to dominate sentiment over the coming days but the results of the stress test of european banks will also be a factor. and now we'll present an exclusive to our to see industry giant siemens says it could help russia reach its abyss as energy goals that's after president meter medvedev targeted forty percent cuts in energy use within a decade europe's top engine nearing group add it ha

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between the quality of the earnings we get through this weekend with reasonable results from of course citigroup and bank of america and then next week we have a whole slew of people whether it's tobacco companies such as some of the technology companies such as microsoft people like honeywell. some of the drug companies if they continue to be better than expected numbers for the second quarter that we were originally expecting. a modest gains if they. points in any vein together with a slew of further discouraging economic data in the united states suggesting that we may return to a double dip because what is worrying was the comments made by chairman greenspan of the federal reserve yesterday that the economy has taken a softer no chance of interest rates going up and more stimulation required this was not the kind of rhetoric or language that the market wanted to hear because it doesn't mean that the economy is really as robust and buoyant as perhaps the president of the united states and his advisors would like his two thoughts thank you very much david thank you for this r.v. that was daily

reaching its the lowest in more than a week this comes after companies including bank of america and citigroup reported low revenues and u.s. consumer confidence dropped and japan the nikkei is closed due to a national holiday. and the russian equity markets are closed this hour they finished last week in the red reversing their earlier dane's only in the trading session on friday both the r.t.s. i mean my sex closed down just on the one percent all the blue chips were in the bread would spare bank losing the most on board courses down about two percent. so corporate results in the united states last week were offset by poor economic data counts for the doubt over the strength of the recovery under the head of research at four of clubs believes the u.s. earnings season will continue to dominate sentiment over the coming days or though the results of the stress test of european banks will also be a shock to. breading a big deal to stipulate to the american financial results of american corporate sector but also we are waiting for the results of stress test of your being banks which i due to be

percent of wrong around the one week low this comes after companies including bank of america and citigroup reported lower than expected revenues and u.s. consumer confidence dropped in japan the nikkei is closed for a public holiday. and here in russia the markets are lower in the first hour of trading r.t.s. is down with most of the blue chips in the red lukoil is the only blue chip managing to withstand the downward pressure the my six is just a notch lower hungry as deaths are top economic headlines fountain investors to look for safer bets like gold and hence are going equities the earning season isn't full swing in the united states so will continue to dominate sentiment over the coming days but the results of the stress test of european banks will also be a factor and our business our exclusive andor stooge line siemens says it can help russia reach its. other g goals that's after president mid-term vet of targeted forty percent cuts in energy use with them a decade europe's top engineering group out of it has declared war on cold option and the company three years ago siemens was co

its own lowest level in more than a week this comes after companies including bank of america and citigroup reportedly lower revenues and u.s. consumer confidence dropped in japan the nikkei is closed for a public holiday. and the russian markets are opening up this hour of the r.t.s. is already trading and it's trading down what that of one percent the my sex is soaring is trading session a few minutes we're seeing friday's closing figures there hungary's deaths are topping economic headlines prompting investors to look for safer bets like gold hence the equity markets are likely to read throughout the day strong corporate results in the united states last week were offset by poor konami data cast further doubt over the strength of the recovery under a year again the head of research of forks club believes the us serving season will continue to dominate sentiment over the coming days but the results of the european bank stress test will also be a factor. bridging the cuba stipulate to the america financial results of american corporate sector but also we are waiting for the results of stre

percent return soloist in more than a week this comes after companies including back america and citigroup are one of the lower revenues and u.s. consumer confidence dropped in japan the nikkei is closed for a public holiday. and to the rush of equity markets are about to start trading in the now where are they finished last week in the red reversing their earlier games a late in the trading session on friday both the r.t.s. and the my stocks closed down just under one percent all of the group chips were in the rug looks very bank losing the most from both force was down about two percent . strong corporate results in the united states last week were offset by poor economic data cast further doubt over the strength of the recovery and very dear again the head of research at four o'clock believes the u.s. earning season will continue to dominate sentiment over the coming days although the results of these stress tests of european banks will also be a factor. breading a big deal to stipulate to the american financial results of american corporate sector but also we are waiting for the result

sending a weekly advance on lower the next estimated revenue at general electric back of america and citigroup dow jones and nasdaq down more than one happened one point eight percent respectively google sank five and a half sack and stocks in europe down as well tracking weakness on wall street banking stocks are losing value with barclays topping the losers list on the fourteenth down over five percent lloyds banking group is also setting four percent germany's dax is also in the red with iata losing five percent. and here in russia equity markets move west from earlier gains in even trading session the r.t.s. and alive except both down two point nine percent and all the blue chips are in the red with this pair of banks losing the most on hold the forces down over two percent. b.p. could reduce some of its liabilities from the oil spill in the gulf of next. by associating them with assets it is putting up for sale the total cost of all liabilities stemming from the disaster is now thought to be as high as one hundred billion dollars b.p. has been considering the sale of assets to raise capit

companies including bank of america and citigroup reported lower revenues and u.s. consumer confidence dropped in japan the nikkei was closed due to a public holiday. and to the russian markets turned positive last hour the r.t.s. is now pretty much flops you positive while the my six is up more than a quarter percent and most of the blue chips are gaining on the r.t.s. . hungry as deaths is also topping it can all make headlines prompting investors to look for safer bets like gold to emmaus hurting european equities as some of them at least brush is managing to resist the pressure at least so far the earning season which is in full swing in the united states will continue to dominate times a month over the coming days but the results of the stress test of european banks will also be one of the major factors. b.b. could sell up to twelve billion dollars of assets by as soon as the end of july most assets from the sale would come from alaska and would help offset the cost of the ongoing goals oil spill the british oil giant has been in talks with the pasha corp the u

morgan and citigroup which have also banned cusswords in their company e-mails we know arts shouldn't this be standard practice if you're a professional company and i have an even better idea actually all of you goldman employees how about you just don't create those crappy deals in the first place then you won't have to send e-mails laughing about the people that are about to lose all their money and that's why goldman sachs and their band of using cuss words in e-mails well all of that combined makes them tonight's tool time winner. well one day after a judge stopped arizona from enforcing key provisions of s.b. ten seventy protesters to send it on the state hundreds of demonstrators opposed to the state's hardline stance on illegal immigration took to the streets denouncing the controversial law as racist and gauging acts of civil disobedience the protesters some of whom gathered well before dawn march to various venues including the federal courthouse where the judge issued a last minute injunction against most of the immigration law archie correspondent dina kosofsky brings us mo

bank of america, general electric and citigroup all saw their fares drop. a report showing a decline in consumer sentiment also contributed to the sell off. the dow ended up dropping 266 points today. that's its biggest decline so far this month. for more financial and consumer news, go to ktvu.com and then click on the business tab. >>> governor arnold schwarzenegger calls up the national guard, how many and for what next? >>> plus -- >> reporter: the u.s. army is reporting a troubling trend, a rising rate of suicide among soldiers. what's being done about it coming up. >>> you know not quite as warm today, it's still hot inland. but there's more fog at the coast, temperatures this weekend. there's the fog now. a little bit cooler. how cool will they get? i'll let you know next. >>> governor arnold schwarzenegger placed an order for more immigration help. it's the second time the governor has ordered guard members to the california- mexico border. >>> the u.s. army is reporting a troubling trend, last month a record number of soldier, 32 took their own liv

dis appointing earnings from bank of america and citigroup and a drop in consumer confidence triggered the selloff. >> cafornia released the june figures. the employment department figures put the jobless rate at 12.3% for last month. that's town 12.44% in may but still higher than the national unemployment rate of 9.5%. while the job numbers may not have raised spirit in the south bay a grand opening did. a new store gave some sense that the south bay's economy is on a comeback. ktvu's janine dela vega report from san jose. >> reporter: ross opened a new store in downtown zonings. some say that's a promising economic sign. >> i got the shoes, dress views. >> reporter: jamie moore took a quick break to shop downtown. >> you know, just helping the downtown area and the business joos the san jose redevelopment agency says it was aggressive in attracting the chains into the downtown location. in fact, upgrading the downtown experience. the stories providing 50 jobs. 50 jobs is 50 jobs and right now that means a lot to those 50 people who are filling those jobs and to their family. >> the

dis appointing earnings from bank of america and citigroup and a drop in consumer confidence triggered the selloff. >> california released the june figures. the employment department figures put the jobless rate at 12.3% for last month. that's town 12.44% in may but still higher than the national unemployment rate of 9.5%. while the job numbers may not have raised spirit in the south bay a grand opening did. a new store gave some sense that the south bay's economy is on a comeback. ktvu's janine dela vega report from san jose. >> reporter: ross opened a new store in downtown zonings. some say that's a promising economic sign. >> i got the shoes, dress views. >> reporter: jamie moore took a quick break to shop downtown. >> you know, just helping the downtown area and the business joos the san jose redevelopment agency says it was aggressive in attracting the chains into the downtown location. in fact, upgrading the downtown experience. the stories providing 50 jobs. 50 jobs is 50 jobs and right now that means a lot to those 50 people who are filling those jobs and to their family. >> th

named 17 companies that made huge payouts immediately after receiving billions in taxpayer aid with citigroupve no obligation to reimburse the government. >>> those big rocks at stonehenge are finding out they're not the only circle in town. archaeologists say they've found a second circular structure a few hundred yards away from britain's most famous rocks. >> there's speculation that it may have been the foundation of a wooden version of stonehenge, maybe even a tomb. stonehenge is believed to be 3,500 years old. scientists say the newly discovered structures appear to be just as ancient. >> i had to do a stonehenge recap of which is a burial ground around that area which is interesting. >> yes. now we have one in wood as well. >> yes, we do. >> we'll be right back with more "world news now." you go next if you had a here would hoveround power chair? the statue of liberty? the grand canyon? it's all possible ith a hoveround., tom: hi i'm tom kruse, inventor rand founder of hoveround., when we say you're free to see the world, we mean it. call today and get a free overound information kit,

earnings did come in from citigroup and bank of america. their reports show lower revenues. stock to watch this morning google. itshares are falling because its earnings came in below what analysts had estimated. a change from the positive earnings we have seen from gc and morgan chase, all have come in better than expected. that will effect the numbers for you today. >> we will watch it all and say good morning to you, thank you for joining us here on the ktvu morning news, i am dave clark. >> i am claudine wong, pam cook has the day off. time now 6:30. >> officials at apple, they are planning to talk to reporters this morning. they are expected to address the trouble with the new iphone 4. complaints have been piling up about reception problems. jade hernandez -- [ inaudible ] >> -- with that story. good morning, jade. >> reporter: good morning. this has been a long week for apple. a bloomberg report has a senior engineer reportedly claiming he told apple ceo steve jobs about this antenna issue before the iphone 4 release and consumer reports is not recommending the iphone

bank of america and citigroup worry there is that the new financial regulation that have come througheally hit those banks hard in many different ways particularly losing debit card fees and other things like that. bank of america's stock was down almost 9% on friday, down again 2% this morning. the market is coming back a little bit. that often happens after you see a big drop. we have had some decent earnings out this morning from delta airlines which is important for the travel sector, hasbro had some decent numbers. going to have a lot of big earnings this week, apple, microsoft, goldman sachs, ford. that's going to drive the market. right now the dow is higher by 65 points, nasdaq up by 19, s&p higher by 7. apple shares, by the way, down about 1% this morning. that's after their mea culpa on friday about the antenna issue saying they are going to provide free cases for everybody. interesting note. in the past few minutes, a lot of other handset makers like nokia and others are refuted that steve jobs say all the other phones have antenna issues. investors a little leery of what s

some of the bank earnings, bank of america and citigroup did not impress very much.ough they did set aside less money to cover bad loans, that's good news looking at the future for the banks. >> jason, thank you very much. jason brooks with kcbs and cbsmoneywatch.com. >>> 6:46. they are being called the toughest restrictions on the u.s. financial industry since the great depression. >> now it is up to president obama to sign the financial reform measure into law. yesterday, the senate passed the bill which would give the government new powers to break up companies that threaten the economy. it also aims to give consumers more protection in their financial transactions. the president is expected to sign it as soon as wednesday. >> and just to let you know, we are awaiting a statement from president bush in the rose garden before he goes on vacation. >> obama. >> i'm sorry. obama. where did i get that? >> i have no idea. [ laughter ] >> sorry. >>> there is a new line that's arrived at forever21 a popular teen clothing store. >> maternity clothes. some moms are saying t

and for those seven companies, aig, citigroup, bank of america, chrysler, chrysler financial, gm and gmac, congress said, treasury, feinbe, set the pay of the top 100 officials in each ofhose seven companies until they repay the taxpayer. once they repay the taxpayer, they are out from under your thumb. so in 2009 i at the request of th secretary, i determined and calculated the actual dollars for each of th top 25 officials those companies, and we established a regiment of pay for -- regimen of pay for individuals 26-100 in each of those seven companies and only those seven companies. i did that in 2009. citigroup and bank ofmerica, for reasons you can ask them -- one being to get out from under my thumb -- borrowed money from the taxpayers to get out from under my jurisdiction, and they did. so in 2010 there were five companies. chrysler financial which is in runoff, they're out from under my thum so today as we heat here this morning, there are on four companies left. but as to those four companies, unti they repay the taxpayer their pay will be established by a treasury official.

and for those seven companies, aig, citigroup, bank of america, chrysler, chrysler financial, gm and gmac, congress said, treasury, feinberg, set the pay of the top 100 officials in each of those seven companies until they repay the taxpayer. once they repay the taxpayer, they are out from under your thumb. so in 2009 i at the request of the secretary, i determined and calculated the actual dollars for each of the top 25 officials in those companies, and we established a regiment of pay for -- regimen of pay for individuals 26-100 in each of those seven companies and only those seven companies. i did that in 2009. citigroup and bank of america, for reasons you can ask them -- one being to get out from under my thumb -- borrowed money from the taxpayers to get out from under my jurisdiction, and they did. so in 2010 there were five companies. chrysler financial which is in runoff, they're out from under my thumb. so today as we heat here this morning, there are only four companies left. but as to those four companies, until they repay the taxpayer their pay will be established by a tr

the expectation is we will hear the citigroup, goldman sach, aig, companies that received a lot of ofour tax dollars, got big bonus payments at the height of the crisis. >> rebecca jarvis for us this morning. thank you. >>> dave price is off today. lonny skwin here with the first check of the weather. good morning, lonny. >>> hey, thank you, lonnie. well, good morning! good friday morning.wake up. a slither of sunshine in san jose. but as the morning wears on, we'll see more sunshine and less clouds down in the south bay and pretty nice temperatures today. highs in the lower 80s. speak of your temperatures, let's take a look. near 90 inland, nothing but sunshine. a few more clouds around the bay with the mid-60s. and cloudy with fog for the coast, in the lower 60s. more sunshine and a foggy coastline for the weekend. >>> that's your latest weather. with all this tough weather, nicest spot in the country, portland, oregon. 82, mostly sunny skies. >> far away. >> headed to portland. >> thank you. >>> coming up, guess what, caught on tape. a tourist gets trampled by a bison at yellowston

among the offenders, jpmorgan chase, citigroup.ut since they paid most of the money back, there's little the government can do. >>> three have been forced to resign amid public outraged over their salaries. residented demanded their ouster after discovered that the police chief and part-time workers broke six figures in a suburb where 17% of the residents live in poverty. the district attorney is now investigating those salaries. >>> and finally, talk about going to the dark side. police in long island, new york, are searching for a bank robber who dressed up as darth vader. one customer thought it was a joke and started laughing. but it was no joke. he actually ordered everyone to the floor with his pistol and made off with a wad of cash. earlier this week, police in the same area actually arrested the so-called bouquet bandit, who brought flowers and patted plants into the banks that he robbed. >> creativity. >> that's the dark side. >> he forgot his light stick. a weapon. >> that story out of california is unbelievable. this guy

bank of america, citigroup and chrysler financial are out. leaving the other four. so that's sort of -- that program, i doubt very much if this t.a.r.p. law and my reining in pay, i don't very much think it will ever be repeated. it's sort of a one-off. the other example that raises some interesting issues is the bp gulf coast claim facility. now, here, very interesting. bp has voluntarily contributed $20 billion to deal with claims arising out of the spill. bp has also told the administration, if $20 billion is not enough, it will replenish the fund beyond $20 billion. so the bp claims facility, which is independent, i am beholding to neither the administration nor bp, by agreement i can do it on my own, and exercise sound discretion in distributing the funds. so the challenge with the bp facility is going to be, well, it's all well and good to creatively set up this wonderful alternative mechanism to litigation. what is your definition of an eligible claim under the fund. some claims are easy. mr. feinberg, i'm a fisherman, i can't fish. the oil -- the fishing bed

after that, the earnings from ge and bank of america and citigroup that fell below expectations and thiss what you have. the dow dropping by over 100 points this morning. the nasdaq is also down as is the s&p 500. >>> well, apple is going on the defensive. so what can we expect from this mornings press conference? ktvu consumer editor is live now in coopertino with more. >>> here is what we know at this hour. ceo of apple steve will hold a news conference at 10:00 to deal with antenna problems of the wily popular i iphone 4. that's very important. we have done things already yesterday, apple releases a free software fix to deal with complaints that the signal strength bar indicator was inaccurate showing a strong signal when there was none. the question for today is will apple admit to the antenna problem which proportedly arises when you hold the phone without a protective called the bumper, with the send receive signal. this problem has led to massive bad publicity including a nonrecommendation from no less than consumer reports and for many, antenna problems are hard to accept since a

the powerful ways and means committee to raise money from big wall street corporations like aig, citigroup sachs that had business before his committee. as for rangel he insisted he has never knowingly broken the rules of the house, violated them in any way. watching him, you could see that he understands the seriousness of these allegations. >> years ago, i survived a chinese attack in north korea. and as a result, i vowed that having survivored that, that i haven't had a bad day since. today, i have to reassess that statement. thank you. >> reporter: the rangel ordeal has already been a major embarrassment for democrats but it will become a much bigger one if the committee goes forward with plans for a big public trial of rangel that will take place in september. that's right in the middle of the campaign season. rangel's lawyers are trying to negotiate a way to avoid that by some kind of a settlement that would admit some wrongdoing. right now all systems are go for a public trial of charlie rangel before the ethics committee in september. jonathan karl, abc news, capitol hill. >>> now

for those seven companies come at aig, citigroup, bank of america, chrysler, chrysler financial, gm, and gmac, congress said -- treasury, ken feinberg, set the pay of the top 100 officials in each of those seven companies until they repay the taxpayer. once they repaid the taxpayer, they are out from under your thumb. so in 2009, i, at the request of the secretary, i determined and calculated the actual dollars to each of the top 25 officials in those companies, and we established a regiment of pay for officials 26 to 100 in each of those seven companies and only those seven companies. i did that in 2009. citigroup and bank of america, for reasons you can ask them -- one big to get out from under my thumb, borrowed money to repay the taxpayer so they could get out from under my jurisdiction, and they did. so in 2010, there were five companies. chrysler financial, which is in the runoff -- they are out from under my thumb. so today, there are only four companies left. but as to those four companies, until they repaid the taxpayer, their pay will be established by the treasury official

law, i mean in the department of insurance, it was early on that aig back in the early '80s and citigroup and others started to do this, they started to quote, monetize their rating, and the department demanded that these be set alone and called monolines and they could only do this one business, they had to be standing alone, they had no access to the guarantee funds to government bailout, and they were highly regulated with very high capital requirements and a low return to equity. they weren't going to be, you know, leveraged businesses. and the belief was that if they went, you didn't want them to take down the government through the guarantee funds or an otherwise stable insuror. is this starting to sound familiar? okay? there's a good argument that i told your staff that what aig did and the ceos there and executives, was they figured out after the cfma that they could basically bolt on a severely undercapitalized monoline, get the aaa rating of the holding company, and sell guarantee insurance without the capital set aside that it would have otherwise required under new york state

november six through 9, 2008, rangel leads a citigroup funded congressional june set to the caribbean. december 9, 2008, ethics committee expands investigation to include rangel's efforts to preserve tax break farce donor to the rangel center. january 28, 2009, representative john carter of texas introduces the rangel rule bill to eliminate all i.r.s. penalties and interest for paying taxes past due. the reason for that rule being that that's the way the i.r.s. treated the chairman of the ways and means committee and i took the position that that was only fair. august 12, 2009, rangel amends his financial disclosure forms for 2002 to 2006, effectively doubling his wealth that he now acknowledges to the country. october 6, 2009, representative carter introduces a resolution demanding that rangel step down as the ways and means chairman. october 8, 2009, the ethics committee expands the rangel investigation to all 2009 financial statements. february 26, 2010, the ethics committee admonishes rangel for accepting the caribbean trip. march 3, 2010, rangel steps down as chairman of the ways

a handful of banks, jpmorgan, citigroup, wells fargoo and morgan stanley have done -- have so harmed the vast majority of other financial institutions on main street that these smaller institutions which comprise the majority that are still left by penalizing them big time by having to pay additional insurance fund fees to the regulators to prop up the losses of the big banks that are so harmed the whole financial architecture of our country. it's why over 84 more banks have folded this year and while this is happening for the remaining that are left, then the big six go in and gobble up what's there. the bill grandfathers the too big to fail big banks that have grown as the financial crisis. they have been rewarded because they are growing bigger. . before the crisis, they controlled 1/3 of the assets of the country. astoundingly they now control 2/3 of the country. the bill does nothing about that, kind of looks the other way. one cannot call this structure free market competition. if you're feeling the pain because you lost your home or you're about to lose your home or you lost y

citigroup reports it beats earnings. this comes along with ge parent of this network.expectations. bank of america beat earnings expectations. a little bit of good news there. investors are clearly watching the financials carefully today both because of the goldman sachs settlement you mentioned, ann. goldman is in play. also because of there's a lot surrounding the financials today. keep an eye on technology as well. not such great news out of google after the bell. >> trish regan this morning, thanks. >>> high temperatures and lightning are being blamed for an outbreak of brushfires on thursday across inland areas of southern california. at one point a dozen fires were burning and about 80 people had to be evacuated. >>> and, get this, a man in washington state is now under arrest after police say he stole necklaces and other items from a store. the man was caught when his car ran out of gas just 50 feet away. police are now calling him the bad luck bandit. >>> it is now 8:04. let's go back outside to meredith and matt. >>> ann, thank you very much. this young lady r