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>> reporter: the doj won't discuss what kind of discussions were had between the airlines and the dojit's clear by going with this lawsuit, and on the conference call today, bill, the doj said repeatedly we believe the best option here is a complete block. that tells me that it's unlikely there will be enough concessions offered up here to salvage this, at least near term. obviously, everything is up for negotiations. >> okay. >> reporter: that was very clear during the conference call, that this -- in their opinion -- has to be stopped. >> all right, phil, thank you very much. very important story. we'll get back to more on that in a moment. but we're juggling top stories right now. back to the icahn/apple story. scott wapner is on the phone. i gather you've talked to carl. what'd you hear? >> reporter: i did, indeed, bill. in fact, i just got off the phone with carl icahn a short time ago who reiterated a little bit of what he put out on twitter, that he had a good talk with tim cook, the ceo of apple. he also said in his call, you know, he believed that the no-brainer for apple to
>> reporter: the doj won't discuss what kind of discussions were had between the airlines and the dojit's clear by going with this lawsuit, and on the conference call today, bill, the doj said repeatedly we believe the best option here is a complete block. that tells me that it's unlikely there will be enough concessions offered up here to salvage this, at least near term. obviously, everything is up for negotiations. >> okay. >> reporter: that was very clear during the...
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they say they are open to discussions with the doj. you have to think that that has already taken place in the past, as far as some possibilities and that the department of justice has already said, you know what, we think it's a full shutdown here as opposed to giving up a certain number of slots. but the attorneys are open to further discussions. >> what's different, charlie, about this deal than the past deals that the government has approved, other than you saying that u.s. airways is doing so well? >> well, there are big differences in terms of how they looked at this particular merger. we put out a study, the consumer travel alliance, back in april of this year, showing that there were 761 overlapping connecting routes. and then, the gao came out with their own study, and they added more than just one stop routes and came up with 1,665 overlapping competitive routes. and then, we ended up comparing it to the united/continental merger, and it turns out there are 30% more overlapping competitive routes in this merger than they had
they say they are open to discussions with the doj. you have to think that that has already taken place in the past, as far as some possibilities and that the department of justice has already said, you know what, we think it's a full shutdown here as opposed to giving up a certain number of slots. but the attorneys are open to further discussions. >> what's different, charlie, about this deal than the past deals that the government has approved, other than you saying that u.s. airways is...
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well, the doj has a different opinion. it says that this is an uncompetitive move for the airline industry. the doj saying we determined that the merger would substantially lessen competition for commercial air travel throughout the united states. importantly neither airline needs this merger to succeed. we simply cannot approve a merger that would result in u.s. consumers paying higher fare, higher fees and receiving less service. in a doj conference call where they talked about this suit and why they have issued it, a spokesperson said one of the assistant attorneys said listen, a settlement is unlikely. >> they believe that the best option here is a full stop to this merger. what this means is we're unlikely to see these two airlines any time soon at least coming forward to forment largest airline in the world and for the time being this merger, which would have made u.s. airways and american number one in the u.s. is not going to go through. take a look at shares of lcc. by the way, buckingham research saying it's lowe
well, the doj has a different opinion. it says that this is an uncompetitive move for the airline industry. the doj saying we determined that the merger would substantially lessen competition for commercial air travel throughout the united states. importantly neither airline needs this merger to succeed. we simply cannot approve a merger that would result in u.s. consumers paying higher fare, higher fees and receiving less service. in a doj conference call where they talked about this suit and...
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can you explain to us why this is either a very good move by doj or a very bad move by doj?> totally and completely a political move. only thing they really announced in their briefing was that they were worried about fares into and out of washington national, which is the slot controlled airport, and all of these things are usually done in negotiation with the doj and the parties. i think the fact that it is washington and politicians fly in there is the concerns point, but as we know, politicians fly in on highly discounted government fares. adam: let me ask you this. the industry lingo is efficiently, which in english means layoffs. this is an attempt to save jobs so in the midterm elections they say, we stepped in, stopped this merger to save jobs? >> no, i don't think so. the job losses that will take place in the merger, people have already left american airlines in groves who think they will lose their jobs. i don't see that as -- if that is the point, it's not realistic. adam: make sense for doj to come into this and put up a hurdle at least so late in the game? >> w
can you explain to us why this is either a very good move by doj or a very bad move by doj?> totally and completely a political move. only thing they really announced in their briefing was that they were worried about fares into and out of washington national, which is the slot controlled airport, and all of these things are usually done in negotiation with the doj and the parties. i think the fact that it is washington and politicians fly in there is the concerns point, but as we know,...
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the doj says this is about ensuring competition. just had a conference call and we had a chance to hear what they had to say. one quote stands out from this conference call when it comes to the doj and their explanation for why they filed this suit. essentially they say it all comes down to determining that the merger would have substantially lessened competition for commercial air travel throughout the united states. importantly neither airline needs this merger to succeed. we simply cannot approve a merger that would result in u.s. consumers paying higher fares, higher fees and receiving less service. is there a possibility of a settlement? perhaps u.s. air and american coming back saying we'll give up certain routes. unlikely. during the conference call the doj said they are open to discussions, but in their opinion a full stop to this merger, a full stop, is the best option, and i want to show you guys what this means if the merger goes through. you have to take a look at size of the airlines before this merger was first initiat
the doj says this is about ensuring competition. just had a conference call and we had a chance to hear what they had to say. one quote stands out from this conference call when it comes to the doj and their explanation for why they filed this suit. essentially they say it all comes down to determining that the merger would have substantially lessened competition for commercial air travel throughout the united states. importantly neither airline needs this merger to succeed. we simply cannot...
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the bank faces two other doj investigations.the government overreaching when it comes to jp morgan or just doing its job? hadley? >> this is another case where like any kind of crisis, there's that temptation to overcorrect. we did have a huge financial crisis. the london whale, something nobody wants to see. any kind of crisis, these regulators ability like teenage drivers and overcorrect into head-on traffic. we shouldn't be looking at clamping down on our financial markets just because we're fearful of another crisis. we do need regulation. but again, we need it to prevent criminal activity. >> i see something even more sinister here. jamie dimon was very up front about his criticisms of new laws, about the government overreach. he was one of the few ceos to stand up and say enough is enough. and i see this as punishment by regulators. >> no. i think if that was the standard by which the government was deciding who ought to be investigated and who ought to be looked at -- >> then the irs wouldn't be doing what they were doing
the bank faces two other doj investigations.the government overreaching when it comes to jp morgan or just doing its job? hadley? >> this is another case where like any kind of crisis, there's that temptation to overcorrect. we did have a huge financial crisis. the london whale, something nobody wants to see. any kind of crisis, these regulators ability like teenage drivers and overcorrect into head-on traffic. we shouldn't be looking at clamping down on our financial markets just because...
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i think that overall the concerns that doj's been be addressed. and that, american airlines will emerge as large, number one, carrier in the world. >> lori, in the past there have been antitrust suits filed against mergers for the government to step in to try to move the merger on certain conditions to try to get some conditions that the government finds amenable to allow this mergetory move forward. we asked the department of justice about that today. doj officials said, no, the best thing for consumersn this case for this merger to never go through. again this well could be anopen. back to you. lori: many, thanks, rich. assuming the merger takes flight it would create the largest carrier in the world but experts and travele are worried it would cu competition and service all the while sending fares sky-high. here with h the merger will hit you and your wallet, airline consultant george hamlin. george, do you agree withhe partment of justice, will this result in higher air fares? >> we've we've seen in the recenter, delta northwest, united contin
i think that overall the concerns that doj's been be addressed. and that, american airlines will emerge as large, number one, carrier in the world. >> lori, in the past there have been antitrust suits filed against mergers for the government to step in to try to move the merger on certain conditions to try to get some conditions that the government finds amenable to allow this mergetory move forward. we asked the department of justice about that today. doj officials said, no, the best...
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i'm looking at the doj complaint right now.er fares, less competition. one quote from the complaint says, the merger of these two important competitors will just make things worse. and then they focus on a couple examples. the one they focus on the most is the d.c. reagan airport which is not surprisingly a big hub for both us airways as well as for american when you look at the east coast in terms of flight service, and according to the doj, the merged airline would have a monopoly of 63% of the nonstop routes out of reagan national airport as a result. d.c. passengers would likely see higher prices, fewer choices if the merger is allowed. they say these two airlines would thrive independently so there's no need for them to merge. it is interesting to note as well, kelly, when you look at this complaint, the doj is taking the lead, but there are six attorney generals who have joined in filing the suit including the attorney generals from texas and arizona. we're waiting to hear a statement from u.s airways. you see the stock d
i'm looking at the doj complaint right now.er fares, less competition. one quote from the complaint says, the merger of these two important competitors will just make things worse. and then they focus on a couple examples. the one they focus on the most is the d.c. reagan airport which is not surprisingly a big hub for both us airways as well as for american when you look at the east coast in terms of flight service, and according to the doj, the merged airline would have a monopoly of 63% of...
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the doj intends to or groups are focusing more so -- doj and consumer groups are focusing hub and spoke operations. if you are flying from seattle to austin, texas, and you are they'ren american, probably going to route you through dallas. . if you are flying on us airways, they're probably going to route you through phoenix. the doj makes the point that you are probably more concerned about the price than where the layover is. thattry will tell you prices are historically low. customers may not feel that because since 2008 the amount of fees charged for things such as baggage and changing flights have definitely increased. aviation experts say that fares have never been this low. the problem for the industry before these mergers is that fares were artificially low. >> keith lang covers aviation and more for the hill. reporting athis thehill.com. the department of justice filing to block a deal to create the nation's largest airline. report. >>or your thank you for having me. >> we are going to switch our focus back to the discussion we showed you just a bit ago about the same-sex marri
the doj intends to or groups are focusing more so -- doj and consumer groups are focusing hub and spoke operations. if you are flying from seattle to austin, texas, and you are they'ren american, probably going to route you through dallas. . if you are flying on us airways, they're probably going to route you through phoenix. the doj makes the point that you are probably more concerned about the price than where the layover is. thattry will tell you prices are historically low. customers may...
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there's a conference call under way at the moment with the doj. in their view if this deal goes ahead it will be anticompetitive in those key markets. >> one line, not going to happen by the end of the month. >> not necessarily. t this is so far down the road that the negotiation strategy is intense. >> if anyone knows intense, it's you. >> coming from you. >> it's great to have you state side. >> you can. sgr he's moved. >>> transgender students in california have the right to decide which bathroom they the go in and what sports team they can join. while that's great for them, what about those who aren't so happy about it like some of the girls in that girls room who say i feel violated. we'll have our experts weigh in on this one, next. this is the one i was telling you about. the new samsung galaxy s 4. it's got a front and back camera so you can take pictures at the same time. seriously! yeah - and it's on verizon's network. sweet! we can stay in touch when we go to school next year. that's so great! get the samsung galaxy s 4 for only $148 on
there's a conference call under way at the moment with the doj. in their view if this deal goes ahead it will be anticompetitive in those key markets. >> one line, not going to happen by the end of the month. >> not necessarily. t this is so far down the road that the negotiation strategy is intense. >> if anyone knows intense, it's you. >> coming from you. >> it's great to have you state side. >> you can. sgr he's moved. >>> transgender students in...
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what is the doj really wanting here? >> it may be forever.struck, american was in a much weaker spot than they are now. you can operate independently, but american was already in trouble because of labor contracts and higher fuel prices. >> one of the things we are likely to see is raising the u.s. airways cost structure. likely, at the former u.s. airways, they will go up. cheryl: one of the things i was reading, the attorney general was saying that rural counties in texas would not be served. i do not see southwest and jet blue particularly going away, no. there is a significant portion of the carriers, they have three criteria for selecting airlines and flights. what will happen is the availability of low pricing is likely to be less. we will see these examples. cheryl: you can argue whether or not it should be put inside a lawsuit. $6 billion. thank you very much for joining me on the phone. appreciate it. another breaking news story. the eternal drama on the board at jcpenney. bill pac-man resigning his seat just days after he went publi
what is the doj really wanting here? >> it may be forever.struck, american was in a much weaker spot than they are now. you can operate independently, but american was already in trouble because of labor contracts and higher fuel prices. >> one of the things we are likely to see is raising the u.s. airways cost structure. likely, at the former u.s. airways, they will go up. cheryl: one of the things i was reading, the attorney general was saying that rural counties in texas would...
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air and maamerican can go the doj with potential concessions. in other words, we'll give up slots, give up routes, let's let this merger go through but it's clear from listening to the doj they do not believe that carve-outs would be enough to make this merger happen. they believe the only solution here is a complete block of the merger between us airways and american. now, we've not heard back from u.s. air and american. i would expect that they're obviously going to have a vigorous fight in court over this. one question that did come up on this conference call was whether or not there have been discussions about, hey, listen, can we give up slots out of d.c. reagan where they would control 63% of the nonstop flights? is there some kind of solution that would allow the merger to go through. the doj said we're not going to detame past discussions but the fact we filed this suit in conjunction with attorney generals from six states, that's an indication they believe the only solution here is to block this merger between u.s. air and american. we'
air and maamerican can go the doj with potential concessions. in other words, we'll give up slots, give up routes, let's let this merger go through but it's clear from listening to the doj they do not believe that carve-outs would be enough to make this merger happen. they believe the only solution here is a complete block of the merger between us airways and american. now, we've not heard back from u.s. air and american. i would expect that they're obviously going to have a vigorous fight in...
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laws turn away voters, and is the doj being used as a political tool toal the base and convince peopleublicans are racist, and the fact that eric holder's doj is being politicized is not something hard to imagine. >>> stop the fighting and start shoveling the -- start solving the problems. le this maverick has a lot to say about the political mess in washington and is angry at both parties and is actually talking up a third party. now is the time. hear a billionaire's thoughts. >> that's crazy. i mean, i don't think anybody fully identifies with either party and both parties have taken the position they have to be pure. >> ideological extreme. >> there's no room for impurities at all. and i think that means most people are not fully represented and i'd like to love to see a third party that says that parties and people don't have to be perfect. let's go out there and try to solve problems. >> neil: much more tonight on nbn. one of the world's most richest men. >>> when perks go ca put kaput. on the rewards opinions you might want to cash out right now. you need a girls' weekend and you
laws turn away voters, and is the doj being used as a political tool toal the base and convince peopleublicans are racist, and the fact that eric holder's doj is being politicized is not something hard to imagine. >>> stop the fighting and start shoveling the -- start solving the problems. le this maverick has a lot to say about the political mess in washington and is angry at both parties and is actually talking up a third party. now is the time. hear a billionaire's thoughts....
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why has the doj and the s.e.c.le to pin or to bring these charges against an individual directly? >> okay. by the way, on the jpmorgan story, andrew and mark, real quick, several people lost their jobs. >> sure. >> over the london trading whale. is that accountability? >> that's not enough, maria. >> it's not enough that people have lost their jobs at jpmorgan? >> yeah, absolutely not. >> all right. so who are you looking -- who are you looking to target here? are you talking about the chairman and the ceo? >> well, you know, look, i've long thought there have been other chairmans and ceos of brother rage firms who have suffered these sorts of losses and have been forced to leave. i think the firm has to pay a fine. i think it has to admit to guilt. and, you know, there's still a criminal investigation going on by the fbi and doj. so let's see how that plays out. and it's possible criminal charges might be necessary. >> all right. we've got to jump on this. this is a story that needs to be discussed further. gentle
why has the doj and the s.e.c.le to pin or to bring these charges against an individual directly? >> okay. by the way, on the jpmorgan story, andrew and mark, real quick, several people lost their jobs. >> sure. >> over the london trading whale. is that accountability? >> that's not enough, maria. >> it's not enough that people have lost their jobs at jpmorgan? >> yeah, absolutely not. >> all right. so who are you looking -- who are you looking to...
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the doj also said they took $1 billions in reality. it was 95 million.ent off. the justice department says it regrets the errors. this morning there's another benghazi bombshell a lawyer representing one of the benghazi whistleblowers says 400 air missiles were stolen and there are strong fears they could be used to target an airliner. doug luzader is live in washington with the latest. doug? >> good morning. this is one more explosive allegation in the aftermath of the benghazi attack. it raises new questions about what the cia may have been doing in libya. an attorney who represents some of the west ill blowers in that attack which led to the death of the u.s. ambassador to libya and three other americans said his information comes from a former intelligence official. the suggestion is that in the wake of the attack 400 u.s. missiles that were in his words diverted to libya may have fallen into the hands of terror. here's what he told radio station wlal. >> it is pretty clear the biggest concern right now are 400 missiles which have been diverted in li
the doj also said they took $1 billions in reality. it was 95 million.ent off. the justice department says it regrets the errors. this morning there's another benghazi bombshell a lawyer representing one of the benghazi whistleblowers says 400 air missiles were stolen and there are strong fears they could be used to target an airliner. doug luzader is live in washington with the latest. doug? >> good morning. this is one more explosive allegation in the aftermath of the benghazi attack....
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two of the guns were purchased a man believed to have bought 700 guns under the doj's watch. >>> this morning investigators searching for clues to explain why a giant cargo plane crashed in alabama. two pilots on board the jet never made an emergency call before their plane went down. both of them died and they were the only people on that flight. at this hour they are working to recover the black boxes on the plane. the tails where they are located are still smoking. >> the rnc summer meeting is taking place in boston. it is standing with the city. the rnc says it is a plan to appeal to voters from every party. >> we are doing a 50 state strategy. we are going back to the basics and we are going to bakescally start spending research and having staff politically in every state whether it be a blue state like massachusetts, blue state like california and every red state in between. >> new jersey governor chris christie will attend today. there is also an effort to reach female voters. woman are the majority panel. >> sad news to tell you about this morning. former joint chief chairman
two of the guns were purchased a man believed to have bought 700 guns under the doj's watch. >>> this morning investigators searching for clues to explain why a giant cargo plane crashed in alabama. two pilots on board the jet never made an emergency call before their plane went down. both of them died and they were the only people on that flight. at this hour they are working to recover the black boxes on the plane. the tails where they are located are still smoking. >> the rnc...
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. >> doj dropping mandatory minimum guidelines for certain drug offenders. greg, you said if crime is going down why not build more prisons to provide more jobs? gavin eloquently pointed out, this is stupid, you don't make things illegal to create job. >> i didn't say that. >> you sort of did. >> i said if over crowding is a problem build more prisons. i never said make things more illegal. i am for de criminalization. don't try to twist my words around. >> you don't make things legal to raise taxpayer dollars which a lot of people use as their reason -- not you, but a lot of people who want to legalize drugs look at the tax dollars we can raise. >> i agree. that's not the reason to do that. >> in faffness, people want to legalize drugs because they want to smoke drugs. >> do you smoke drugs ? >> i don't do any of it. i condemn it, madam. >> dana, you said you are not buying the fact that this will save money. i am not sure you are right about that. along these same lines i don't think that's what this is ultimately about. it is l ridiculous sentences for vi
. >> doj dropping mandatory minimum guidelines for certain drug offenders. greg, you said if crime is going down why not build more prisons to provide more jobs? gavin eloquently pointed out, this is stupid, you don't make things illegal to create job. >> i didn't say that. >> you sort of did. >> i said if over crowding is a problem build more prisons. i never said make things more illegal. i am for de criminalization. don't try to twist my words around. >> you...
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i understand why the doj is doing it. it's politics. it mostly fakes reagan national airport.sees airport to dc. lawmakers would not want to pay higher air fare. but it comes down to reagan national because u.s. away would have a monopoly on takeoffs and landings. keep in mind just a couple of weeks ago the european union approved the merger with concessions they would divest some profit to airports,. >> neil: jim, why you had -- that went by without much -- any sticking points. why this? >> lori has part of it right. a lot of it has to do with who is affected. one of the attorneys general here in texas and some of the texas airports will be faked as well, but look, what happens if we don't do this? the old model doesn't work. it's been proven not to work, time and time again. if we disallow this merger, then we go back to the same model where airlines are threatening bankruptcy every three or four years. everytime oil prices spike up or the economy soft 's and the next thing you know they're having to renegotiate contracts with their pilots. these contracts have been negotiat
i understand why the doj is doing it. it's politics. it mostly fakes reagan national airport.sees airport to dc. lawmakers would not want to pay higher air fare. but it comes down to reagan national because u.s. away would have a monopoly on takeoffs and landings. keep in mind just a couple of weeks ago the european union approved the merger with concessions they would divest some profit to airports,. >> neil: jim, why you had -- that went by without much -- any sticking points. why this?...
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i am fairly surprised that the doj is going out with this particular combination.the end the think this will go through, even when you have some six states plus d.c. and the burden of justice saying, no weight. we are convinccd this is a no go. >> i think it will go through. there will no doubt be confessions made. that is normal. the government will look for its pound of flesh. in particular with reagan national airport and d.c., there will be a very heavy concentration with usair having to is there already, but ultimately this deal makes sense, and the facts are really cheap. when you look at something like delta, six are seven times earnings, strong balance sheets, a tremendous cash flow, initiated. so for the sector as a whole the stocks look attractive. there are others that look good. we prefer del personally. liz: pairs back by more than seven and a half percent right now. is that a buying a virginity? it really has nothing to do with the issue at hand. >> this is clearly the best outcome for the industry that this merger goes through. we think it eventually
i am fairly surprised that the doj is going out with this particular combination.the end the think this will go through, even when you have some six states plus d.c. and the burden of justice saying, no weight. we are convinccd this is a no go. >> i think it will go through. there will no doubt be confessions made. that is normal. the government will look for its pound of flesh. in particular with reagan national airport and d.c., there will be a very heavy concentration with usair having...
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they detailed four potential additional lawsuits, one from the doj, one from the new york not guiltystaff at each of those agencies has informed the bank that it has recommended filing charges on various claims. the doj has informed the bank that it intends to file civil charges arising from one or two of the company's jumbo prime securitization. the s.e.c. adviced that they recommend civil charges and additionally the s.e.c. adviced that it is considering civil charges against merrill lynch. the new york attorney general advised the company that it intends to recommend filing an action against merrill lynch. the market is going to be very interested in these. the big question mark surrounding the stock is what legal liability is still outstanding from these issues in the financial crises. is the worst over yet and this is bank america's attempt to say we are disclosing everything that could potentially be material to our stocks, but we also want to let investors know exactly what we know could be coming down the pike. the final question is how much this will cost the bank. of course
they detailed four potential additional lawsuits, one from the doj, one from the new york not guiltystaff at each of those agencies has informed the bank that it has recommended filing charges on various claims. the doj has informed the bank that it intends to file civil charges arising from one or two of the company's jumbo prime securitization. the s.e.c. adviced that they recommend civil charges and additionally the s.e.c. adviced that it is considering civil charges against merrill lynch....
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according to attorney general eric holder, the doj will argue the texas law is discriminatory based on race. >>> and the owners of japan's troubled fukushima nuclear plant say they need outside help. the alert level set to be raised to level 3, the highest since the earthquake and tsunami. >>> and ear' looking at showers and storms across the northwest giving rain and lightning on some very dry ground. so we'll take the rain but the lightning causing problems with the fire situation and wind picking up as well. a little rain in idaho, montana, western wyoming but the southwest not getting any rain at all as these showers are pushing to the north. there is what is left of the typhoon over china causing a lot of flooding in the philippines and dropping a lot of rain over the region. not a lot of rain in the northeast but heavier showers around new jersey, moving through new york. this will cause the temperatures to drop a bit. once the rain moves out, cooler airs moves in. across the southeast, gulf moisture giving showers and storms over florida and southern georgia. temperatures there
according to attorney general eric holder, the doj will argue the texas law is discriminatory based on race. >>> and the owners of japan's troubled fukushima nuclear plant say they need outside help. the alert level set to be raised to level 3, the highest since the earthquake and tsunami. >>> and ear' looking at showers and storms across the northwest giving rain and lightning on some very dry ground. so we'll take the rain but the lightning causing problems with the fire...
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Aug 9, 2013
08/13
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now the london whale is reportedly no longer the focus of the doj's investigation. >>> also a favorable weekly jobs report helps stock break a three-day losing streak. karen, good morning. >> good morning, brian, let's get to some more stories. the latest industry stats show that the west and the sun belt ask where the most increases are happening year after year. if you look at the top ten cds with the biggest increases, the sacramento area, if you bought a year ago, you would be sitting on a paper profit of 39%. elsewhere, t-mobile has released some data about new subscribers. the bulk of them were actually the very valuable contract subscribers. about a year ago -- this is a massive turn around. it's managed to do that on the back of offering less complicated contracts. there's enormous frustration about these two-year locking periods and also expensive data contracts, and t-mobile has been able to offer something different and that's why the customers are coming in the door. >> it's amazing how much household income goes to phones and data plans. back to school is in full swing, so
now the london whale is reportedly no longer the focus of the doj's investigation. >>> also a favorable weekly jobs report helps stock break a three-day losing streak. karen, good morning. >> good morning, brian, let's get to some more stories. the latest industry stats show that the west and the sun belt ask where the most increases are happening year after year. if you look at the top ten cds with the biggest increases, the sacramento area, if you bought a year ago, you would...
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. >> the department of justice announced today it is going after bank of america, doj says america's second largest bank lied about the riskiness of 850 million dollars in shares of home loans that were sold to investors. >> another big bank could be facing trouble from the federal government. >> jpmorgan chase reports that a preliminary justice department investigation found the bank did indeed break the law while selling residential mortgage bonds from 2005 to 2007. >> yes! accountability. (cheers and applause) >> we got them, baby! whooo! >> accountability. >> yes! yes, sure, justice has been a long time coming but that is just going to make it all the sweeter now. so let's start with bank of america. how many people are going to jail? and just for the sake of simplicity round it up to the nearest 100. >> this is a civil suit so no one is going to jail. (laughter) no one, really? that's-- now i'm to the going to be needing these celebration doves i was going to release. (laughter) we didn't drill holes in the box-- hold on, hold on, no, there's a note to. to whomever finds us. i t
. >> the department of justice announced today it is going after bank of america, doj says america's second largest bank lied about the riskiness of 850 million dollars in shares of home loans that were sold to investors. >> another big bank could be facing trouble from the federal government. >> jpmorgan chase reports that a preliminary justice department investigation found the bank did indeed break the law while selling residential mortgage bonds from 2005 to 2007. >>...
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Aug 14, 2013
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the other piece of this is it's an odd argument when the doj has already let all of these other mergers go through to now say, well, because you're coming after these other mergers, we're going to stop yours just because sequentially they're after them so the market is already so consolidated. i have to say, merger or no, i don't have a whole lot of hope for a great customer service experience with the airlines. it's already pretty dismal, even without the merger. >> yeah, i think you put it well. snyder explains that concept. i strongly disagree because i think even if they have fouled it up so far, even if we have enough enforcement and there's too much monopoly power here which is obviously what affects prices and hurts consumers, when you look the at doj filing and their press release today, what they want to do is take these guys to court to prevent a merger that hurts consumers. they point out it's not like they're competing. it's not like american and u.s. airways are competing on routes. they're competing on about 1,000 routes directly. >> which means we have so many fewer optio
the other piece of this is it's an odd argument when the doj has already let all of these other mergers go through to now say, well, because you're coming after these other mergers, we're going to stop yours just because sequentially they're after them so the market is already so consolidated. i have to say, merger or no, i don't have a whole lot of hope for a great customer service experience with the airlines. it's already pretty dismal, even without the merger. >> yeah, i think you put...
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Aug 23, 2013
08/13
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further than that, the nsa and doj have been misleading the court.knew some of the intelligence officials had lied to the public. now we know they've been lying to the courts, which depending on how you word it and look at it, is perjury. what court are we talking about? the fisa spying court approves 99.7% of all requests for surveillance. this is a very friendly court for any kind of broad surveillance, whether that's phone, meta data, electronic. this particular judge was appointed by george w. -- originally a george w. bush appointee, put on the courts by roberts, who's very friendly to this stuff. we have to take a big step back. you can still have the debate over whether you want really invasive surveillance of all of your electronic communications. what we learned this week, and what i think people have to get their arms around, is that we have the government lying to the very court that's supposed to oversee this, misleading that court over massive surveillance. so we haven't had the honest debate. we're finally getting little dribs and drabs
further than that, the nsa and doj have been misleading the court.knew some of the intelligence officials had lied to the public. now we know they've been lying to the courts, which depending on how you word it and look at it, is perjury. what court are we talking about? the fisa spying court approves 99.7% of all requests for surveillance. this is a very friendly court for any kind of broad surveillance, whether that's phone, meta data, electronic. this particular judge was appointed by george...
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Aug 30, 2013
08/13
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on thursday the doj said it will not challenge laws in states where marijuana is legal. the decision will be felt large nest colorado and washington state where voters cleared the drug for recreational use. but it will have the broadest impact in the 20 states in washington, d.c., where pot is allowed for medical purposes. one caveat, state laws must not conflict with eight new federal policies. those include giving the drug to minors and selling it for purposes of trafficking. >>> a beloved television star diagnosed with an incurrable form of cancer is beating the odds. when valerie harper's lung cancer spread to the membranes surrounding her brain, doctors told her she'd likely only have from 3 to 6 months to live. that was in january. now seven months later, doctors say the iconic mary tyler moore show actress is, quote, pretty close to remission. harper is aware her condition could change at any time but for now she and her husband say they have hope. some good news there. >>> california firefighters are finally getting an upper hand on the state's massive wildfire.
on thursday the doj said it will not challenge laws in states where marijuana is legal. the decision will be felt large nest colorado and washington state where voters cleared the drug for recreational use. but it will have the broadest impact in the 20 states in washington, d.c., where pot is allowed for medical purposes. one caveat, state laws must not conflict with eight new federal policies. those include giving the drug to minors and selling it for purposes of trafficking. >>> a...
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Aug 8, 2013
08/13
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the latest in the saga of housing overhang that continues to plague financials. 10 q also revealing dojons into its foreclosure business and bank of america charged on tuesday with defrauding investors through sales of mortgage backed securities. >> all right. thank you so much. >>> what is the likely legal outcome of these cases and should we be worried as investors? >> paul miller covers the banks for fbr capital markets. tom gorman is with us. a partner at dorscy and whitney and ex counsel in the endorsement division. from what i read, neither of you is all that impressed with charges against b of a. you don't think they carry much weight, tom gorman? why? >> i think that's right. what you are seeing is the end of the cycle of market crisis cases. these banks have been investigated for years by the department of justice, by the sec and every other regulator in washington. what you've got to date is handful of cases from the sec, the doj saying there is no criminal liability. and now, we've got this new residential mortgage backed security working group that came out of the president'
the latest in the saga of housing overhang that continues to plague financials. 10 q also revealing dojons into its foreclosure business and bank of america charged on tuesday with defrauding investors through sales of mortgage backed securities. >> all right. thank you so much. >>> what is the likely legal outcome of these cases and should we be worried as investors? >> paul miller covers the banks for fbr capital markets. tom gorman is with us. a partner at dorscy and...
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Aug 14, 2013
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"the doj is going to gain some credibility as the protector of consumers. but at the end of the day, it's going to hurt the airlines, themselves." in a joint statement, american and us airways said: "we will fight them. our proposed merger is the best path forward for both airlines and all of our stakeholders." "the doomsday of monopoly never seems to happen,but there are some real issues to trade-off." in washington d.c., a combined american-us airways would control 69% of the limited take-off and landing slots, there. and along with a string of recent mergers that has reduced the overall number of airlines, a combined american- us airways would leave four airlines with 80% of the u-s commercial air travel market. but not everyone fears fewer choices "this is a brutally competitive business, they will continue to fight on price just as they do today." airline stocks fell on the justice department's action. american's parent company, amr, lost 45%, us airways--13% followed by losses at united- continental, delta, southwest and jetblue. the justice departmen
"the doj is going to gain some credibility as the protector of consumers. but at the end of the day, it's going to hurt the airlines, themselves." in a joint statement, american and us airways said: "we will fight them. our proposed merger is the best path forward for both airlines and all of our stakeholders." "the doomsday of monopoly never seems to happen,but there are some real issues to trade-off." in washington d.c., a combined american-us airways would...
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Aug 30, 2013
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on thursday the doj said it will not challenge laws in states where marijuana is legal. the decision will be felt largest in california where lawmakers cleared the drug for medical use. one caveat from the justice department, state laws must not conflict with eight new federal policies including giving the drug to minors and selling it for the purposes of trafficking. >>> and now here's your "first look" at this morning's dish of scramble politics. a court appearance for a man arrested in mexico threatening to decapitate a lawmaker. today is the last day of mayor bob filner's. new jersey senate candidate and mayor cory bookering talked to mark hayes. he said he's confirmed many times he's straight not gay but that's not what we should be talking about. >> the point i'm getting a chance to make right now and i want to drive this home is that we need to stop in america talking about anybody in the public realm because what is important the content of the character, the quality of ideas, the courage within their hearts to serve others. that's what's important. >> andrea mit
on thursday the doj said it will not challenge laws in states where marijuana is legal. the decision will be felt largest in california where lawmakers cleared the drug for medical use. one caveat from the justice department, state laws must not conflict with eight new federal policies including giving the drug to minors and selling it for the purposes of trafficking. >>> and now here's your "first look" at this morning's dish of scramble politics. a court appearance for a...
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Aug 22, 2013
08/13
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he wouldn't say who is in doj's cross hairs, if anybody or specified whether any charges will be criminal or civil but he did mention individual people as well as institutions are being looked at. >>> a new survey says that most high school graduates are not ready for college level course work. the folks who administer the act college entrance exam report that only 39% of high school graduates tested this year met three or more of the four benchmarks in english, reading, math and science that would prepare them for higher learning. a third of graduates, 31% met none of the benchmarks. just a quarter of this year's high school graduates cleared the bar in all four subjects. >>> more americans are working these days, but only part time. a new report from roiter shows three out of four of the 1 million new hieres this year wee for part-time workers and it was in low-paying jobs like retail and food service. economic growth has been tempted and providing healthcare to workers would drive their business cost too high. >>> while employers worry about the cost of providing coverage for workers,
he wouldn't say who is in doj's cross hairs, if anybody or specified whether any charges will be criminal or civil but he did mention individual people as well as institutions are being looked at. >>> a new survey says that most high school graduates are not ready for college level course work. the folks who administer the act college entrance exam report that only 39% of high school graduates tested this year met three or more of the four benchmarks in english, reading, math and...
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Aug 6, 2013
08/13
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the doj's bankruptcy watchdog program acting on behalf of creditors including bondholders says the severance exceeds payments 10 times the mean severance to employees. bankruptcy judge sean lane, who approved american's merger with u.s. airways after american's bankruptcy filing, will hear arguments next week on whether horton's severance amount is unlawful. air travel is up, and so are the wait times at airport security lines. air travel is up 6% from last summer. at lax in july, the maximum wait time was 57 minutes - that's five minutes longer than it was a year ago. add to that a three-year study from the government accountability office that found, since 2010, misconduct among tsa workers also up - 26% - most of it for being late to work, excessively absent, and for sleeping on the job. tesla, the electric vehicle darling of wall street, may find one source of its profits run out of juice this fall. regulators in california are thinking of eliminating the zero-emission credits essential to tesla recording an $11 million profit in the first quarter. currently, the car- maker earns credits
the doj's bankruptcy watchdog program acting on behalf of creditors including bondholders says the severance exceeds payments 10 times the mean severance to employees. bankruptcy judge sean lane, who approved american's merger with u.s. airways after american's bankruptcy filing, will hear arguments next week on whether horton's severance amount is unlawful. air travel is up, and so are the wait times at airport security lines. air travel is up 6% from last summer. at lax in july, the maximum...
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Aug 13, 2013
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. >> every dollar that the doj spends keeping a nonviolent drug offender locked up it is a dollar thate spent for cops. >> reporter: now they're directing to change the way they charge nonviolent drug offenders who aren't connected to gangs. so those defenders won't face mandatory minimum sentences. >> we in federal government can become both smarter and tougher on crime. >> reporter: but former assistant u.s. attorney bill otis says mandatory minimum sentences have been proven effective. >> there has been a big increase in the prison population, but crime has gone down by 50%. >> reporter: more than a dozen states are already moving in holder's direction shifting away from prisons and to drug treatment centers. tara mergener for cbs news, washington. >>> texas rangers, yu darvish flirts with perfection and turns in a dominant performance. >> and a swing and a foul tip. and turns in a dominant performance. >> and a swing and a foul tip. p. that's great! it is great! thank you. at discover, we treat you like you'd treat you. get the it card with late payment forgiveness. the not so pret
. >> every dollar that the doj spends keeping a nonviolent drug offender locked up it is a dollar thate spent for cops. >> reporter: now they're directing to change the way they charge nonviolent drug offenders who aren't connected to gangs. so those defenders won't face mandatory minimum sentences. >> we in federal government can become both smarter and tougher on crime. >> reporter: but former assistant u.s. attorney bill otis says mandatory minimum sentences have been...
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Aug 10, 2013
08/13
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COM
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. >> the department of justice announced today it is going after bank of america, doj says america'sed about the riskiness of 850 million dollars in shares of home loans that were sold to investors. >> another big bank could be facing trouble from the federal government. >> jpmorgan chase reports that a preliminary justice department investigation found the bank did indeed break the law while selling residential mortgage bonds from 2005 to 2007. >> yes! accountability. (cheers and applause) >> we got them, baby! whooo! >> accountability. >> yes! yes, sure, justice has been a long time coming but that is just going to make it all the sweeter now. so let's start with bank of america. how many people are going to jail? and just for the sake of simplicity round it up to the nearest 100. >> this is a civil suit so no one is going to jail. (laughter) no one, really? that's-- now i'm to the going to be needing these celebration doves i was going to release. (laughter) we didn't drill holes in the box-- hold on, hold on, no, there's a note to. to whomever finds us. i think it was a suicide.
. >> the department of justice announced today it is going after bank of america, doj says america'sed about the riskiness of 850 million dollars in shares of home loans that were sold to investors. >> another big bank could be facing trouble from the federal government. >> jpmorgan chase reports that a preliminary justice department investigation found the bank did indeed break the law while selling residential mortgage bonds from 2005 to 2007. >> yes! accountability....
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Aug 14, 2013
08/13
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and doj just doesn't understand that. >> the government's wrong? >> they're wrong. >> the reaction has been swift from the airlines, though, which have already started advertising the merger. the ceo of u.s. airways has been defiant saying, the deal would close by the end of the year. >>> as diet soda sales decline, coca-cola is running its first ads defending the safety artificial sweeteners. coke is touting scientific evidence that shows that the active ingredient commonly known under the nutrasweet brand name is not harmful. the ad will begin in newspapers today in the atlantic area. >>> recent studies find that sugar, even at moderate levels could be toxic. not just to your health but also your sex life. scientists at the university of utah looking at how sugar affected mice. they found that the equivalent of just three sodas a day had negative effects on both lifespan and the competition for mates. >>> check this out. there's a new samsung tv that's being dubbed the marriage saver because it allows couples to watch two different programs simul
and doj just doesn't understand that. >> the government's wrong? >> they're wrong. >> the reaction has been swift from the airlines, though, which have already started advertising the merger. the ceo of u.s. airways has been defiant saying, the deal would close by the end of the year. >>> as diet soda sales decline, coca-cola is running its first ads defending the safety artificial sweeteners. coke is touting scientific evidence that shows that the active ingredient...
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Aug 29, 2013
08/13
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do you believe what the doj says what you suggest, usair nipping at heels of everybody.r do you argue you need a third strong competitor in there go up against delta and united because that's what will keep prices down. >> i think you do need a third strong competitor. you have a due openly with a couple of other also brands. american will do okay on its own. the airlines together would do a lot better and compete better with united and delta. >> we'll leave the conversation there. kevin, thank you for coming in this morning. appreciate it very much. >>> coming up, cnbc goes shopping with some teenagers in an atempt to get a true read on retail. days after the vmas, which -- oh, okay, the vmas, twerking, twerking, i'm twerping. >> you are. >> the online world is still buzzing about miley cyrus, what she wanted. she -- wow, that was a huge success for her, obviously. now news has leaked she is teaming up with justin bieber on a new song. the title, twerk. you're listening to it now and rapper lil' twist, if you can't say your ls, you have problems, also milawu on. i featu
do you believe what the doj says what you suggest, usair nipping at heels of everybody.r do you argue you need a third strong competitor in there go up against delta and united because that's what will keep prices down. >> i think you do need a third strong competitor. you have a due openly with a couple of other also brands. american will do okay on its own. the airlines together would do a lot better and compete better with united and delta. >> we'll leave the conversation there....
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Aug 14, 2013
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and doj doesn't understand. >> reporter: the government's wrong. >> they're wrong. >> reporter: they will find out who is right and if their wallets are squeezed more bit airlines after a court has its say. reagan national airport. >>> and a life or death day for a teenager who was told he could not have the new heart that might save his life. he is one of 3500 patients waiting for a heart transplant. why was his request denied, and why did it suddenly change? gio benitez. >> reporter: inside an atlanta childrens hospital, anthony stokes is visibly weak. his mother says he has an enlarged heart, and without a transplant, her son has only months to live. >> he wants to go to college and open up a computer store. and i think by them saying that they don't want to give him the heart, it's not fair. >> reporter: she says he's denied the heart transplant. she thinks it's because he's had trouble with the law. he arrived with an ankle monitor. the hospital cited a history of non-compliance. experts say for a child to be taken off the list, there would have to be many red flags, showing an
and doj doesn't understand. >> reporter: the government's wrong. >> they're wrong. >> reporter: they will find out who is right and if their wallets are squeezed more bit airlines after a court has its say. reagan national airport. >>> and a life or death day for a teenager who was told he could not have the new heart that might save his life. he is one of 3500 patients waiting for a heart transplant. why was his request denied, and why did it suddenly change? gio...
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Aug 29, 2013
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. >> similar organizations are calling for a doj probe into the nypd. do you think that will be effective? >> i guess only time will tell. i know they had other hearings where the nypd themselves have admitted that years of spying on the muslim community and muslim neighborhoods did not generate any leads, nor did it lead to any terrorism investigation. they have admitted it is quite pointless, a waste of our tax dollars, as well is extremely unconstitutional. hopefully it will be effective, but only time will tell. >> this suspicion of muslims and increase rates of islam a phobia -- islamophobia really became institutionalized because of september 11. is there any sign of this abating? what keeps fueling this? >> at the current moment i would say that i hope eventually it will. people are just kind of, like, the laws we have are focusing on muslims as being terrorists or individuals, profiling them as individuals who would carry out terrorist acts. terrorism has no religion, no ethnicity. we have seen terrorist acts committed by various individuals, an
. >> similar organizations are calling for a doj probe into the nypd. do you think that will be effective? >> i guess only time will tell. i know they had other hearings where the nypd themselves have admitted that years of spying on the muslim community and muslim neighborhoods did not generate any leads, nor did it lead to any terrorism investigation. they have admitted it is quite pointless, a waste of our tax dollars, as well is extremely unconstitutional. hopefully it will be...
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Aug 13, 2013
08/13
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FBC
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no way, says the doj. justice department filawsuit tof u.s. airways and america.ll off the board, and at jcp erks nney, the fight, what it means for the future of the retailer, the retailers not a fan of google saying the tech giant stole oracle's stuff calling the ceo an evil doer. musk unvailing the hyperloop. will people use the multibillion dollar idea to travel? it's like a big vacuum tube. all that, and so much more coming up on this hour of "markets now. ♪ dagen: reunited and it feels so awkward. connell: sending you on a hyperloop to cover the story. dagen: big story. connell: the justice department filing the antitrust lawsuit to block the big merger. american airlines and let
no way, says the doj. justice department filawsuit tof u.s. airways and america.ll off the board, and at jcp erks nney, the fight, what it means for the future of the retailer, the retailers not a fan of google saying the tech giant stole oracle's stuff calling the ceo an evil doer. musk unvailing the hyperloop. will people use the multibillion dollar idea to travel? it's like a big vacuum tube. all that, and so much more coming up on this hour of "markets now. ♪ dagen: reunited and it...
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Aug 21, 2013
08/13
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. >> attorney general eric holder saying the doj nearing decisions on large financial firms.temming from the meltdown could be coming. scott joins us with more. >> that sure got our attention when we heard about that. but turns out the attorney general didn't get into specifics and i'm told what he wanted to do was send a signal with the 5-year anniversary of the crisis not to get ideas about beating the statute of limitations. that's really what he said. anybody who is inflicted damage on our financial markets should not be of the belief they are out of the woods because of the passage of time. if any individual or any institution is banking on waiting things out they have to think again. of course holder's justice department and the obama administration have taken heat for the lack of high level prosecutions over the meltdown in 2008. there haven't been cases but the record is mixed. in 2009 two hedge understood managers beat fraud charges. that was a setback. better luck when a cup of traders pleaded guilty and a third this year. lots of action on the civil side. the new y
. >> attorney general eric holder saying the doj nearing decisions on large financial firms.temming from the meltdown could be coming. scott joins us with more. >> that sure got our attention when we heard about that. but turns out the attorney general didn't get into specifics and i'm told what he wanted to do was send a signal with the 5-year anniversary of the crisis not to get ideas about beating the statute of limitations. that's really what he said. anybody who is inflicted...
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Aug 14, 2013
08/13
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. >> the doj has given the airline industry a lot of flexibility on it, because they have been reallysaid no more. that's it. and it really shocked the industry. and in some ways it makes sense. but this was unexpected. the doj has a lot on its plate right now. >> bill: and united and usair have both said they are going to appeal this. but what does it mean for consumers? >> that's going to be the crux of the lawsuit. eric holder indicating it is going to lead to higher prices for consumers, and that's why they are getting involved. and this i think goes on for a long, long time. and some of the experts say it is going to happen one way or another, but when you have the doj in your way, that's a problem. >> bill: there was the theory for a long time, bigger is better, but i don't know that these mergers have been good for consumers. i haven't seen airlines offering better service or better deals because of these mergers. there are fewer flights, and we're all paying higher prices and more fees for stuff we used to get and take for granted. >> yeah, and a couple of years ago there was
. >> the doj has given the airline industry a lot of flexibility on it, because they have been reallysaid no more. that's it. and it really shocked the industry. and in some ways it makes sense. but this was unexpected. the doj has a lot on its plate right now. >> bill: and united and usair have both said they are going to appeal this. but what does it mean for consumers? >> that's going to be the crux of the lawsuit. eric holder indicating it is going to lead to higher prices...