dani daniel loeb, the investor has won. , you have a new if possibly temporary ceo in ross levinsohn, but this is all about loeb. he was the one pushing for changes at yahoo even before scott thompson got into trouble. he gets three board seats vacated by board members who had previously announced they were leaving, but now they're leaving immediately. and fred amaroso who was previously an independent board member is now replacing roy bostock. the new interim ceo's interesting, this new board is way more interesting. most yahoo ceos in the past bartz and thompson, dealing with that old board. yahoo shapes up ever so slightly this morning and the market's getting crushed on european worries. >> thank you very much. >>> 6:59. one last check with meteorologist christina loren. >> 70s inland today, by the bay, upper 60s, and at the coast, low 60s. the giants are back in town tonight taking on the rockies at at&t park, 7:15, catch that game on comcast sports net bay area, 52 degrees as they throw out the first pitch. let's check

daniel loeb is not just looking for ammunition. >> you've got senate candidate eliz be elizabeth warrenmarco rubio, are they responsible for fact checking their patients and grandparents? >> yes, they are. i think fact checking may be an extreme word for this. elizabeth warren with you knew her own family history and knew her own family stories. mark rubio knew his, too. it is t just seems like such a gotcha kind of culture. >> that's why proecunishment is question. you can suspend someone, fine them. you needn't fire them. it is important to find an appropriate punishment because when you make punishment too severe, people don't come forward. >> really fascinating stuff. randy, thanks so much. sfli enjoyed being here. >> we appreciate you having you with us. >>> up next on the "wall street journal report," a look at the news this upcoming week that will have an impact on your money. >>> and will facebook going public be a game change for the technology industry? stay with us. and then treats day after day... who gets heartburn well, shoot, that's like checking on your burgers after the

daniel loeb is the one who exposed thompson'sson's resume problems. one employee told me "things can only go up from mere." >> now they have a new board in place. it looks like the board is motivated to fix the underlying problems. >> reporter: a yahoo spokesperson did call us back saying. company would not make statements or comments about the leadership changes they experienced over the weekend. in sunnyvale, allie rasmus, ktvu channel 2 news. >> and despite the dow being done, yahoo's stock has been up all day. right now it's up nearly 2%. >>> the white house for the first time is weighing in on the j.p. morgan chase $2 billion trading blunder as a top executive involves steps down -- involved steps down. also today, ina drew, the chief investment officer, at j.p. morgan chase has resigned t was her job to manage a port foot yoel designed to -- portfolio designed to hedge against risks. she was one of the highest- ranking women on wall street. >>> and shakeups continue on wall street with the resignation of best buy's founder. in just seven minute,

daniel loeb has won. he's on the board at yahoo. there you see him on the right along with two of his own men who also take board seats, ross levinson on the left. you have a new if possibly temporary ceo with levinson. this is all about loeb, though, he was the one pushing for changes at yahoo even before scott thompson got into trouble. he gets three board seats vacated by board members who had previously announced they were leaving. now they're leaving immediately. laura, we're going to continue to cover this throughout the morning including the latest bombshell that scott thompson has cancer as our news continues. >> thank you very much. we'll continue to follow. >>> it is 5:03 right now. a foot pursuit leads to an officer-involved shooting in napa. we going to do that story or not? i'll read it to you. police say an officer caught up to a suspect in a backyard just before 11:00 last night. the officer fired one shot hitting the suspect, the officer is now said to be on leave pending an investigation. suspect being treated for h

our time. >> daniel loeb has given yahoo until 9:00 a.m.ifornia time to fire the ceo scott thompson or face a lawsuit. we don't expect that to happen. we expect yahoo will ignore the ultimatum altogether. that's not to say that the yahoo board isn't talking. reports say this man fred amroso is leading the investigation after it was revealed that yahoo had been claiming that thompson had a computer science degree. he does not. he has an accounting degree. yahoo's board met over the weekend to try to figure out what to do. we will keep you updated the minute we hear something. the other thing we're watching, socialist francois hollande has been elected. the fears is he won't save the euro. mr. hollande supports the opposite, stimulus, devaluing the currency. that's legitimate, closer to what we're doing in america, but it causes inflation and jon and laura, the germans had a very bad experience with inflation as you may recall. >> yes, indeed. thank you very much. little bit of a problem. >>> hey, gluten-free you probably heard about it, the

daniel loeb now on the board, and roy bostock leaving immediately, fred a.m. ross oh becoming chairman. the story continues to change. yahoo having a hands on meeting today. we will continue to cover it tonight at 5:00 and 6:00. >>> this morning, governor jerry brown revealing the revised state budget and the news isn't good. he detailed numbers about an hour ago in sacramento. brown says due to lower than expected revenues and court rulings that blocked cuts, the budget deficit has grown to $16 billion. governor brown says raising taxes is the only way to avoid major cuts to public schools, colleges, and public safety. >> we're going to have to cut deeper, but cutting alone really doesn't do it. that's why i'm linking the serious budget reductions, real increase to austerity, with a plea to the voters, please increase taxes temporarily. >> the budget relies heavily on a proposed temporary quarter current tax hike on the november ballot. he also wants to increase income tax on those making $250,000 or more. >>> a san francisco woman is safe after police office

>> reporter: the company was able to reach a truce with dissident shareholder daniel loeb, adding three of his proposed nominees to the board. but that creates its own leadership challenges. >> there will always be some questions about-- when we're looking at strategy going forward-- is this really to appease the hedge fund investors and the money people. as opposed to what is the right strategy going forward. >> reporter: the new c.e.o. will be yahoo's fifth in five years, so the board is likely to vet the candidates closely. but the company's tunaround efforts probably won't gain much traction, until a permanent leader is in place. erika miller, "n.b.r.", new york. >> susie: more turmoil at the top for best buy, the struggling electronics retailer says founder richard schulze will step down as chairman next month. the reason-- he failed to tell the board about a former c.e.o.'s romantic relationship with a female employee. >> susie: california's budget woes just got bigger, a lot bigger. governor jerry brown announced today the golden state's expected budget shortfall has ballooned to

that not good enough for daniel loeb, the company's largest shareholder who has been fighting to gaintrol of the board and now demanding thompson be fired by 9:00 monday morning. calling yahoo' reese spons insulting to shareholders. this is a big deal, he said, c. eos have been terminated for less at other companies. yahoo has not issued a response to the demand that thompson be fired. >> there is a break through over a blind human rights act ti sflift china chinese foreign ministry agreed to allow him to travel abroad giving him much of what he want aid chance to live with his family in safety and get a formal, legal education. secretary of state clinton says this case sets an important precedent. >> this is about human rights and more than a billion people in china and billions more around the world. and this is about the future of this great nation. >> the deal allows both washington and bejeng to put aside the dispute. >> and back here, keeping large marijuana growers off of public land is a huge challenge all over the state back bid powerful and violent mexican drug cartels virtu

. >> hosting was engineered by daniel loeb who found the smoking gun in a resume misstating thompson'sollege degree. as a journalist of all things dee.com points out he can't walk away. >> it's like a political campaign. he's got to solve the problem. and if he remains not in the mode of activist that, will be a problem. >> we'll see what the goal s for the roughly 6% stake he may see value in breaking up and selling off parts of the company or may want to cash out if he can get the price up. and yahoo may not have talent for a turn around. >> and researchers were invaluable and that was the problem. did he what he wanted to do now. can they do innovation without the people they need? >> and the ceo laz a lot on his plate now including how to boost ad sales and whether or not to pursue a patent lawsuit against facebook. kara swisher weighed in on that ask and other issues. the full interview son our web site. click on see it on tv. in sunnyvale abc 7 news. >> thank you. >> and news week magazine cover story on same-sex marriage is stirring controversy. the cover shows the president wit

now daniel loeb who caught the error is demanding thompson be fired by monday calling yahoo!'gs insulting. yahoo! said it was an inadvertent error and they're investigating what happened. >>> george zimmerman's legal team issued new detail answer the reopened defense fund. the fund is administrated by a third party. a former irs agent. neither zimmerman or his attorney have direct access to the funds. the money raised, and more since given the recent number, $150,000 moved to funds. tax implications when we first learned about the fund. mark o'mara told us about it on this show. zimmerman will have to pay taxes on the money raised. the donations are not tax deductible as a donor item. >>> 274 days since this country lost its top credit rating. what are we doing to get it back? one side effect of the weaker than expected jobs number was oil prices. fewer jobs, fewer people driving, bad for the economy, bad for oil prices, which i guess helps some people, because oil fell down to $98.48 a barrel helping everyone that buys gas at the pump. >>> new details tonight from the escort

shareholder daniel loebe says he has to go. in a memo obtained by "all things d" thompson said i am doing what all of you i hope are doing, staying focused on our customers, our team, and moving yoo-hoo forward fast. >>> nearly 300 alaskan flight attendants say they are sick of their new uniforms literally. this is what they are doing to their skin. red dots, irritation, dots on our backs and legs and even eyes. they say there's a problem. the tests haven't turned up a cause of the reaction. getting new uniforms might be the answer but the cost could be prohibitive so possibly back to the old uniforms. >>> coming up next, more than a decade after the 9/11 attacks, five accused terrorists will finally be charged today. also the dramatic rescue last night in southern california. you've got to see this. does your phone give you all day battery life ? droid does. and does it launch apps by voice while learning your voice ? launch cab4me. droid does. keep left at the fork. does it do turn-by-turn navigation ? droid does. with verizo

you may recall yesterday, we were talking about an ultimatum thrown down by daniel loeb that thompson be fired or yahoo face some kind of consequence. he sent a letter demanding all the paperwork associated with thompson's hiring, like his resume, and gave yahoo five working days to provide it. i can without reservation say that jackie deangelis graduated from cornell. she joins us from cnbc. good morning. >> those stats are accurate. looking at the futures, they're lower today as investors continue to consider the impact of elections over the past weekend. there are still some concerns that the future of budget cuts in greece are in doubt of the country parties forming a new government. the european markets were down, asian markets mixed overnight. there's no major economic data in the u.s., but we are going to get earnings from the likes of directv, wendy's, and disney. the dow falling to 13,008, the nasdaq edging up to 2957. meantime, americans are seeming to pull more plastic out of their wallets again. the fed saying that consumer borrowing surged more than 10% in march. that was

so just out is the latest press release from third point, daniel loeb's hedge fund, which has gone active on yahoo! and demanding the resignation of their ceo, scott thompson. they're reacting to news from ya hah hoo that they've set a record date now take place some time this summer, should be within about 60 days or so. the record date will be may 17th, which means shareholders in yahoo! or potential shareholders only have until may 14th to purchase or sell shares as they may see fit. of course loeb is urging people to buy shares or make sure that they have their shares at least through that date so they can vote in his favor and get some new directors on the board. and in his view get some value restored to the company. so, simon, you know, yet another sort of incremental move, but actually gives us a sense of what the timing will be on this meeting, which has been an open question. and really remains so. we just know that it will have to probably be within this two-month ban now. >> thank you very much. kate kelly there on yahoo!. another story with a very different take on facebook t

you may recall yesterday we were talking about an ultimatum thrown down by rogue investor daniel loebhat thompson could be fired as soon as 9:00 a.m. monday. well, that didn't happen. yahoo ignored that ultimatum. loeb sent a letter demanding all the paperwork associated with thompson's hiring like his resume and gave yahoo five working days to provide it. >>> all right. other news, let me put this on your schedule. tomorrow morning, 5:30 our time, a hospital in texas will tweak brain surgery. and post pictures on pinterest. here you see video on youtube, the live coverage of patient's heart bypass. this will be brain surgery this time. what you hope not to see is "lol." >> on pinterest i have recipes and -- >> and brain surgery. >> and hopefully they clear it with the patient, right? >> yes, completely cleared with the patient as an educational matter. we'll cover it with taste tomorrow. >> okay. >> thank you very much. >> looking forward to it. >>> 6:22 right now. coming up, investigators digging deeper into the foiled plot to blow up a plane in the united states. how it could affec

all of these considered a resounding victory for daniel loeb who first called dattentio to the discrepanciessubsidiary will be filing chapter 11. >> you're talking by ally. you're not talking ally mcbeal. >> the fallout continues on jpmorg jpmorgan's $2 billion tading loss. jamie dimon said the strategy was poorly executed and poorly vetted. he says the incident hasn't changed his overall view on what the goals should be. take a listen. >> we support getting rid of too big to fail. this is not going to -- we're going to make money with tons of capital bum we support too big to fail. we want the government to be able to take down a big bank like jpmorgan and it can be done. we think dodd-frank gave the fdic the authority to take down a big bank and when it happens, compensation should be called back the board should be fired and the name should be buried in disgrace. >> carl levin says the incident proves the need for stricter regulation. >> i think the issue here is the power of banks and whether or not we're going to regulate those banks and put a cop back on wall street. i think this is an

daniel lobe. head of a hedge fund that is a major yahoo stock holder. he wants the position but they shot down that demand saying the board continues to belief mr. loeb does not bring the relevant skill et to the board. loeb says thompson and yahoo fibbed by filing a statement saying thompson had a bachelor's degree from computer science from a university in massachusetts but he does not n a statement saying thompson does have a degree in business administration but there was an error stating he also holds a degree in computer science being loeb is not satisfied with the response and wants thompson fire bid mob. and terminate for cause immediately given his unsuitibility to remain chief executive officer ata hoo.. >> this reflects not on his capability as a high tech executive but about his integrity. >> since arriving he's cut expenses including 2000 layoffs. he says this battle does not look good for the company or silicon valley over all. and in ways we're covering at hewlett-packard and now, yahoo for their performance. >> and loeb pushing for a resignation of patty hart. she helped install thompson as ceo. loeb is claiming she has similar discre