countrywide let the devil into this company. that's where most of the losses, most of the stuff in the private label lawsuits, that's where they're coming from. if they can block off from countrywide, this stock would move rapidly. there's a lot of news or discussion out there with ally trying or might bankrupt res cap. that could be a road map for bank of america to try to bankrupt countrywide. if that happens, despite of all the negatives that we can talk about with bank of america -- >> you said, paul, i want to make sure our viewers heard you right, you said try to bankrupt countrywide. they want to jam it into bankruptcy. >> if they could put it into bankruptcy today, they would. if they could legally do it. i don't think they know how to quite do it yet. and i think with allied there's a lot of discussion going on in the market right now trying to do that with rez cap and probably very close to doing that. if that happens, people will look at bank of america and believe that they can do it with countrywide. it's unclear if

morgan at bear stearns and bank of america with countrywide so at how is this factored in and what would be the toll advocate that's not included a copy of the liability. oh it's an enormous liability and you know we're several years into this litigation so we're already past the motions to dismiss all of these issues of going to trial and there's a mortgage insurance company called m.b.i.a. they're winning and in fact i think they're going to beat the bank of america in court and eventually they're going to be standing in federal court in new york with a double digit billions of dollars judgment i think america needs to be restructured in bankruptcy the same goes with ally financial ally looks a lot like bear stearns in terms of the quality of the deals that they bought their risk cap unit is and solve it and i've been saying for a while we should put ally in the bankruptcy and we should sell the auto business and the bank back to g.m. because they need it and then you liquidate reza cap and we're done unfortunately the bottom of ministration does not want to go in your any of this befo

it has had on its own books that it has extended to its own customers before having to take over countrywide so we're subsidizing these merged banks that are more dangerous to us now than they were and there's no talk at the fed the treasury department in washington to break these things up i think that video is fantastic because it just shows so clearly what the problems are long we should break up these banks but it's not going to happen. well. let's talk about something that is happening there and this one really i just as if we needed more lists to tell us about how rich certain people are in this world of course forbes i guess you could say is one of the most popular but now there's a new bloomberg billionaires index and basically what this is going to do is every day at five thirty pm we're going to list how much the richest are worth depending on market prices that day so today for example it was carlos slim who top the list and bill gates was second but i just can't get why we need something like this would be interested in is a matter the matter of obsession i mean you know if these

over the past few weeks, there has been something of a national hullabaloo, a countrywide brouhaha, anrican (mumbling), all over comments made by radio shock- blob rush limbaugh. >> sandra fluke said that it's too expensive to have sex in law school without mandated insurance coverage. it makes her a slut, right? it makes her a prostitute. >> jon: sure. my god. that is the most noxious, hateful filth i've heard since earlier in his program or the program before that one or really every show that he's done for the past 30 years. but this time, whether because the woman that he attacked is a private citizen or because the words came in the context of any woman who wishes contraception to be covered by their insurance plans is a moral reprobate, picking rush limbaugh's pocket so they can bang like horny bonabows, which is to say, bonabows... let's face it, they're all pretty horny. this time limbaugh's daily noon to 3:00 afternoon "mouth dump" caused outrage. creating-- by the way, that is the title of his program. "my daily mouth dump." he caused problems creating a little bit of a dilem

the taking control o sscurity nn countrywide by the end of 20-14. but on sunday... capitol hill sounding the alaam -- a renewed push for a faster exit strategy -- &pcalling for an end to the 10 year-long afghan war.(cbs) schieffer says: "is it time for us to leave afghanistan, mr. sppakee?gingrich says: "i think it is. i think that we have to reassess the entire &pregion." (abc)sccumer says: &p"the idea of turning it ovee to the afghan forces is the right way to go."(powell on cam taa) president obama -- calling president karzai -- and offering his condolences, prommsing to hold accountable whoever as responsible.in kabul, conor powell, fox news. it was a heartfelt homecoming their families. --"welcome back, good to see yo" you"here in dundalk... more than 30 members of the maryland army national guard are back home from a yeaa-loog deplooment toothe sinai peninsula in egypt. the the handshakes, hugs, banners and signs. soldiers say they're full of emotion... noo that they're backkwith their loved ones. 3"i cant eeen describe ittits been year, i can actuaaly see him

the start of the electoral campaign was marked by a large scale peaceful countrywide protests calling for fair elections. the authorities of loud protest to take place without interference. in response to the protesters, president medvedev try to simplify regulation of political parties and candidates in the future. there was increased focus on election observations. despite the challenge of organizing elections of many people, they took preparations and it proceeded at efficiently. there was however a general lack of confidence of election officials at all levels. voting was assessed positively overall on election day. however, procedural some limitedsan and instances of illegal activity were observed. the process deteriorated during the count, which was assessed negatively in nearly one-third of the polling stations observed due to procedural irregularities. during the tabulation, observers reported that in some cases the data entry process was poorly organized and black transparency. let me conclude by saying this. the russian presidential elections showed a clear winner with an ab

. >> reporter: bloody countrywide protests ripped afghanistan after american soldiers at bagram mistakenly burned copies of the muslim holy book last month. six u.s. soldiers died in retaliation. afghan president hamid karzai said the incident never would have happened if afghans had been in charge of the prison so a new agreement signed yesterday by the expuz afghanistan will give the afghan government control of bagram prison in 18 months. >> it is yet another example of the progress of transition, and our efforts to ensure that afghanistan can never again be a safe haven for international terrorists. >> reporter: bagram is where the u.s. military is holding more than 3,000 detainees. their number has doubled in the past year, and is five times greater than when president obama took office. the tedeignees are afghan citizens. though their cases may be reviewed every six month, dedetainees don't get a lawyer or see the evidence against them and can be held against them. this lawyer has met many detainees and worries the prisoners will be treated worse under afghan control. >> they have a

voting is an event that, wherever you are, it is citywide, countrywide, nationwide. so certainly we know that, you know, things can happen and our job is to make sure that voters are safe, to make sure that their staff is safe, that the poll workers are safe and to make sure that no one is discouraged from taking part in the voting process. >> reporter: again, four males do remain on the loose here right now. police still at the scene but voters are coming in, still casting their vote. they opened a side entrance for folks. this will be open until sen -- 7:00 p.m. this afternoon. this is the last day for early voting in the district. >> lauren, you said that police are still on the scene. are they there for investigative purposes, or are they there for security purposes? >> reporter: people here are calm. they have been looking for clues. we saw them picking up some trash bins, looking around the area, sort of remain at the scene and probably will until at least 7:00 p.m. there is still a lot of police and crime tape here as well. >> turks lauren. >>> police in princ

goldman sachs, jp morgan and top executives at countrywide, fannie mae and freddie mac. more than half of the individuals charged were ceos or other senior officers. it should come as no surprise that there were more cases to come. this division also realized significant gains from its performance inquiry, another collaborative effort with oc, one of which uses analytics whose claims are original enough to raise a red flag. in december, as a result of one of the aboriginal suites, we charged foreign advisers for inflating returns and other actions that materially misled and harmed investors. oc risk and enforce mments are w working together to target various types of misconduct, and these initiatives will again be particularly important to our efforts to detect fraud before complaints are received. and one can clearly draw a direct line between enforcement's early restructuring and its current resolve. for instance, one unit created during the reorganization, the asset management unit, took the time to serve a group of firms that were actively communicating through socia

continues wrestling with mortgage troubles inherited with its 2008 purchase of subprime lender countrywide financial and a bruised reputation with american consumers. our next guest says bank of america's strategy makes sense. he richard be, veran banking anyst at rochdale securities. >> hi, rich. >> hi, suze. >> susie: most people think of bank of america, and think housing prices and foreclosure prices. and investors think it's a little too soon for bank of america to move into new areas until they resolve their issues otd homefront. you think this is the right time for bank of america to go international. tell us why? >> because first off, i think that the housing problems are starting to abate for bank of america. and i think their legalissu aralso srtin to come under control which means i think the company can notice start to focus on where it's going to get the growth in the business. i think once they think about that, they're going to realize that in the united states, they've probably maximized their market share geographically and product-wise, and therefore going overseas makes

whistleblowers there isn't an absence here of people who will question things from the inside look at countrywide financial look at stanford look at. the various wrongs that it world com and enron in every one of those cases where a corporation was doing something clearly wrong you had a brave whistleblower coming forward and it this is in a sense a very american thing to do is to exercise a voice from within an institution but if you look at how americans actually feel about whistleblowers you find something quite surprising although there is this lore of the whistleblower this sort of romanticized image that you see in hollywood movies when you actually look at surveys and polls what you find is that americans are actually more prone to saying that a person should obey the boss and go along and get along then people in many european countries it's quite surprising and it suggests that there's a deep ambivalence in the heart of this country about how much we actually want individuals to act as individuals when they see something wrong thing i all thank you so much for joining us and i add a grea

with three head roll from any from lehman brothers from morgan stanley from goldman sachs from countrywide some are kovi are not yet year old and they come up with is to pit why that their buddies do because it's just a revolving door that we neither it mick nor did know are right that we screwed you on and nobody goes to jail yeah so that's what the whole thing is as you played on that clear pitch really clear who was the c.e.o. what was the end of the treasury secretary of the bush henry paulson where was it from goldman sachs who's the head of the c f.t.c. gary gensler is he from goldman sachs who knows obama's chief of staff told a little while ago oh that was the daily wizzy from j.p. morgan chase who's the treasury head over there in canada oh he's from goldman sachs who's the head of the european central bank now drug you guys chairman of the european division of goldman sachs yeah i mean what is it take a six year old to figure this out the merger of state and corporate powers is clear fascism and it's right in front of you norman sacks us says there you go and gerald you know the

we've heard from a whistleblower to there is something else earlier this year that had to do with countrywide which of course they now owns so if you had to guess other a lot more stories out there like this the things that just haven't been unsealed you know i mean the economy was you know it was some chunk of the economy a significant chunk was based on fraud there was a loss of five to seven trillion dollars of homeowner equity from two thousand and six to two thousand and ten and you know a lot of it was appraisal fraud and securitization fraud in the origination fraud etc etc there are hundreds of thousands of people who were involved in it obviously there are a lot more whistleblowers who could come forward probably will come forward and what's going to happen is going to become increasingly embarrassing to the attorney generals who signed on to the settlement to the administration should the d.o.j. etc etc the fact that they haven't actually fix the problem or even that they don't understand the scope of the problem let's start with what it is that bank of america is going to have to d

which means you investors are going to demand that bank of america buy back all the bonds that countrywide created in these deals over the years that's that's a disaster break america cannot pay that they don't have the cash they couldn't issue stock either so what i'm saying is i think eventually this plot is going to boil over and we're going to have to deal with it might you know the way the u.s. is the pseudo democracy we have the s. and l. crisis in the eighty's it took eight years to get the political stars in alignment so we could deal with that smaller crisis yeah i think the same thing's going to happen here for barack obama wins in november look for a lame duck session of congress to fix a few things you know with various laws and regulations and you may see a restructuring early in the second term of barack obama because he doesn't have to run again and yeah go clean up the mess deal with the problems sully auto business that allied back to general motors and finish that piece of work and then you know america's forty percent of the u.s. mortgage market if you fix a head then we

countrywide was -- brian solved doing -- >> next tell, countrywide -- >> and harsh, harsh -- use knowthis picture of vikram, it looks like he's poking his eyes out. >> it looks like big bird -- again, i'm stuck in this world of muppets. >> is jpmorgan pinky and the brain, where every day they call for world domination? i mean, if you want to cartoon everybody, we ought to go through the whole group of the investment banks -- no, you're not going there with me at all. >> no, pinky and the brain? >> yeah, pinky and the brain. >> sometimes you get me outside my comfort zone. >> who is john carter? >> there you go. >> john carter. off the radar screen for a couple days. >> we talked about it in the earlier part of the week. >> yes, we did. >>> when we come back, the twit question. we're going to take a break. a lot more "squawk on the street" in just a moment. [ artis brown ] america is facing some tough challenges right now. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is o

fannie for example backed countrywide financial's decision, they have been accused of reckless mortgage practices. in 1999 they had a fast and easy loan program. no income, no proof of income, no job, no problem, we'll give you a loan. that is what fannie mae and freddie mac was doing. they were doing a housing policy along those lines. when you hear the government say we don't have an industrial policy. we don't do planning. we have an industrial policy for years and it's been fannie mae and freddie mac. >> greta: thank you. >> coming up tornadoes rip across the midwest. now survivors, lucky ones are telling their horrifying stories. also, time of great uncertainty about iran. there may be rising tensions between united states and israel. kimberly is here with ♪[music pys] ♪[music plays] ♪[music plays] purina one beyond. food for your cat orog. [ woman speaking indistinctly over radio ] home protector plus from liberty mutual insurance... [ alarm blaring ] where the cost to repair your home, replace what's inside, and stay somewhere else if you need to are covered. because you never kn

fannie for example backed countrywide financial's decision, they have been accused of reckless mortgage. in 1999 they had a fast and easy loan program. no income, no proof of income, no job, no problem, we'll give you a loan. that is what fannie mae and freddie mac was doing. they were doing a housing policy along those lines. when you hear the government say we don't have an industrial policy. we don't do planning. we have an industrial policy for years and it's been fannie mae and freddie mac. >> greta: thank you. >> coming up tornadoes rip across the midwest. now survivors, lucky ones are telling their horrifying stories. also, time of great uncertainty about iran. there may be rising tensions between united states and israel. kimberly is here with new details next. especially in this economy. but with three kids, being home more really helped. man: so we went to fidelity. we talked about where we were and what we could do. we changed our plan and did something about our economy. now we know where to go for help if things change again. call or come in today to take control of your pe

we have live team coverage of what is becoming countrywide, new at 6:00.nd from fighter pilot to a television reporter. a special segment on getting military veterans back to work, it looked at how one special et looked at how one special it's oysternomics 101. you start with a u.s. senator named ben. by helping restore thousands of acres of oyster beds, he kept hundreds of oystermen on the job... which keeps wholesalers in business... and that means more delivery companies... making deliveries to more restaurants... which hire more workers. and that means more oystermen. it's like he's out here with us. he's my friend, ben. i hope he's your friend, too. i'm ben cardin, and i approved this message. >> nbc has teamed up with congress to try to get veterans back to work. a wide array of experiences brought to the workplace, including the ability to adapt. here is an example for you. a navy fighter pilot is now a journalist. >> pilots are often told to focus on where they want to go, not what they fear, and a former navy pilot took that advice and had a fligh

we talked about the expenses related to the legacy assets especially when you look at the countrywidet. moynihan says those costs should peek in the second half of 2012 and here is why he's so confident about that. >> at the beginning of 2007 we had 1.6 million 60 plus mortgages we were working on that were delynn quest. at the end of the year about 1.1 million. that's coming down. what is causing us to still weak over are all the new programs we're putting in. that all is going through the system, implementing the new settlement. that's why we're comfortable at it peaking. that is the operating expense. the operating expenses were comfortable because the 1.6 million is down to 1.1 million. so long term if i slow down the front end and am moving through the system i can get there. it will take all of this year and all of next year before we get more after normal setting. >> the fed is saying it doesn't expect to raise interest rates until 2014. do you think that's the case base d on what you've seen in te economy? >> we're seeing the economy being more constructive maybe than people t

america, i'm calling it a shell of its former self, crushed by the worst acquisition of all time, the countrywideeal. alcoa suffered from a glut in aluminum including a surfeit of the stuff in china. hewlett-packard's made so many mistakes in the interim i can't even count them. there are plenty of stocks that, well, say the vast majority. the vast majority of stocks in the dow seem wrong to me, meaning they're too cheap now, not too expensive, too cheap versus they were back where they were in 2008. intel and microsoft have been treading water. does anyone believe they aren't substantially better off than they were then? they have better products, more cash, more high yields. good dividends. same with the drug stocks. their prospects four years ago reflected many drugs coming off patent. these companies have dealt with patent cliffs by developing niche products and boosting their dividends. their balance sheets are perfect. all of these stocks were expensive back then but now seem dirt cheap to me. that's hardly the stuff that, yeah, bubbles are made of. is at&t a bubble? come on, it traded in t

you get $4 gas countrywide, that could be a major problem as far as theme parks. it's a small portion. >> an important part. >> it's a part but the important part is espn. work stoppage of the nba now nba kicking and you have college basketball kicking in. i think espn aspect of the network right now is killer. >> would you be a buyer of disney? >> tony is right. you get somewhat of a cushion. i like disney. content producers are the king here and disney is one of those places. i like it. >> anthony? >> i like it. i just think they got to avoid "avatar" clones like "john carter" in the future. you have to know a couple bombs like that and you get into reverse earnings momentum and then you're in trouble in short-term. >> you won't see any "john carter" rides at disneyland either. >> we'll talk about the european market close and how it may impact the rest of trading. an investment opportunity you didn't see before. fidelity's next generation ipad app lets you see what's trending around the world, as well as what over a million fidelity customers are trading throug

in a countrywide epidemic of hyper-parenting, it's becoming blood, sweat, and tears.he was still in the womb and gave him chinese lessons at age two, tried everything to give your kid an edge. and then, when he's five, well, you don't exactly cheat, but you game the system. it's called "red-shirting"-- holding your five-year-old back from kindergarten till he's six, so he'll be among the oldest, and smartest, kids in class. parents of a five-year-old with a late birthday despair that little johnny will forever be a failure if he has to compete with kids six or eight months older, so they put the fix in, hold him back a year so he has the edge in class, and ultimately, an edge in life. in the high-stakes world of early education, barrett hoffecker was unlucky enough to have a summer birthday. if he'd started kindergarten just after turning five in august of 2009, barrett would have been among the youngest in his class, so his mother megan played the numbers game and put him in a canton, georgia, preschool. he went to kindergarten at age six. >> megan hoffecker: we want

wells fargo, bank of america, citi morgan, sun trust, washington mutual, mnc, countrywide mortgage, tennesseeank. all named here, and those are people who have not yet settled. i spoke to jp morgan today. they had no comment on this. however, i should noted in a the sellingsment contained no acknowledgment of responsibility here by jp morgan chase. larry, i also talked to the whistle blower's lawyer here. he said in terms of these remaining banks that haven't settled yet, he would love to bring this case before a jury because the alleged victims here with are u.s. military victims and the taxpayers. he says he thinks he has a winning case going in front of a jury. >> did these banks know that these were veterans? >> well, the allegation here is yes. they would have had to have known they were veterans. this was in the v.a. program. they knew that's the universe they were dealing with. they also are being alleged that they falsely certified they were not charging unallowable feeses. you can't charge attorney's fees. the allegation is they kept a zero on the attorney's fees line of the document

. >> afghan president hamid karzai said his troops should take the lead for countrywide security in 2013. that's one year ahead of the current target date. karzai just making these statements after meeting with defense secretary leon panetta in kabul. he said in the meantime the international troops should pull back from the villages to the main bases. the panetta/karzai meeting comes as the suspect in sunday's deadly shooting rampage that killed 16 afghan civilians is flown out of afghanistan to kuwait today. the staff sergeant is to be tried in the u.s. >>> it's mourning in belgium for the deadly bus crash. the memorial is growing outside of the schools where the children went. also above the tunnel in switzerland where the crash happened. belgium's prime minister says he is hoping all the victims will be identified by the end of the day. the cause of that accident continues to be investigated. >>> well, rod blagojevich, he's no longer a free man. the former illinois governor left his chicago home about 4:15 pacific time this morning to report to federal prison in colorado today. blago

in 2010, countrywide, now bankamerica, resolved allegations over consumers in bankruptcy. we mailed out checks worth nearly $108 million to 450,000 homeowners. more than 50% of all mortgage holders in the united states. a few years ago, they agreed to return more funds to the same group of consumers. the ftc remains at the forefront of policy enforcement efforts over consumer privacy, especially children's privacy. we have brought more than 30 data security cases and there are more than 2 million numbers on the do not call registry, which was the most effective government programs since the elvis stamp. our enforcement action shows that if he promised to honor consumer privacy, you have to honor the commitment. we settled our proposed argument with facebook over keeping information private while the information continued to be allowed more broadly. it will protect the privacy of 150 million facebook users in the united states and 800 users worldwide, following similar actions against google and twitter, allowing companies to move on and develop innovative products and serv