that's where the money trail took drew. he learned they have more than 500 charities on their client list including dvnf and other veterans groups. so let's be clear here. the money trail leads from unsuspecting wallets of concerned americans, good people like you, who donate money to the dvnf straight to the bottom line of a fund-raising company, the companies of quadriga arts and subsidiaries. but it's the charity, dvnf that is now being investigated because of the tax-exempt status. and the words of senate baucus, quote, our veterans should never be use as pawns in a scheme to exploit the taxpayers. dvnf has a responsibility to show it's genuinely helping veterans and playing by the rules. senator max baucus is joining us. this is a bipartisan effort committee also by richard burg of north carolina and joining us tonight is drew griffin. what your goal with this investigation? >> i don't want retired schoolteachers or any other good americans to be duped by these fraudulent organizations into giving money, thinking it's

story from reporting by drew griffin and our producer, greg fitzpatrick. drew is going to join us again tonight because the story is still unfolding. the charity in question is the disabled veterans national foundation. that's their seal. they have raised nearly $56 million in the past three years. what's outrageous is that not one dime has actually gone directly to help disabled veterans. we have been showing you this now for a long time. you may what happened when drew tried to talk to the president, precilla wilkewitz. >> meet precilla wilkewitz, president of the disabled veterans national foundation. who we found at a small vfw office in baton rouge, louisiana. >> well, this is the veterans of foreign wars. i didn't think you'd do something like this. we've agreed to talk to you. answer your questions. >> nobody agreed. here is the question. none of the money has gone to any veterans, ma'am? okay so the bottom line is you're not going to give me an interview? >> cnn has been trying to get an interview for two years with the disabled veterans national f

good work. >> well, drew griffin has done it all. i appreciate it. thank you. >> you bet. >> drew and david fitzpatrick, the producer. we talked about drew's many unsuccessful attempts to get the dvnf president precilla wilkewitz to talk about the charity she runs. this evening, the group sent this statement that reads in part, the disabled veterans national foundation has helps tens of thousands of veterans with aid and supplies that have made a difference in their lives. media reports about our activities have been plain wrong and we welcome the opportunity to set the record straight. let me point out for the record, we have given them multiple opportunities to try to set the record straight in their words. again, we invite her at any point to talk to drew, come on this show, we'll talk to them. to say that, you know, that this is misleading, and that they're going to set the record straight, we have been waiting for two years to try to get them to set the record straight. it's -- it's ridiculous. let us know what you think. we're on facebook. we'r

unfortunately for ina drew, it was a big one and on the wrong side. >> drew reported directly to ceo jamie dimon. in a statement today, dimon called drew a great partner. adding despite our losses, ina's vast contributions to the company should not be overshadowed by these events. >> this morning, my exclusive interview -- >> on "meet the press" dimon admitted the trade was a terrible, egregious mistake but insisted the bank is still healthy. >> it's a stupid thing that we should never have done, but we're still going to earn a lot of money this quarter. so it isn't like this company is jeopardized. >> dimon's reputation is. the spokes person against inal creased regulation on risk now tarnished, too. >> we need a system where we have a tough cop on the beat, no one should be able to steal your purse on main street or your pension on wall street. >> democrat elizabeth warren, running for the u.s. senate in massachusetts, worked creative consumer watch dog groups to oversee the bank after the 2008 crisis. she said what happened shows there's still not enough oversight of the big banks

according to reports, drew repeatedly offered to resign in recent weeks....her resignation was not iimediately accepted because of her past performance at thee -3 bank. drew was considerrd by some maaket - pprticipants as one of the best managers of balance sheet risss... until the loss was disclosed late on phursday. jpmorgan c-e-o, jamie dimoo, admitted his company made a major blunder in a thursday night conference call laas week. the disclosure of the massive loss senn shares billion in stocc value in just one ddy. dimon says the bank's losses could reach $3 billion or more as the situation unwinds in coming - months. minutes after the opening bell today,,jp morgan stock was down anotheer 3 percent...on top of the 9 perreet decline ffom last week. (on cam tag)macdonald pays: "the massive loss -- and dimon's failuue o heed the warnings -- have given regulators new ammunitionnfor tighteninn controll on big banns and requiring them to hhld mooe capital to cussion &ppossible losses. in new york, elizabeeh macdonald, fox 3&p the prositute who claims to be at t

remember drew peterson? the former illinois police officer charged with murder.e has been locked away more than a year but was back in court friday for allegedly killing his third wife, kathleen savio back in 2004. she was found dead in her bathtub, and her death was originally ruled an accidental drowning but prosecutors exhumed her body and reopened the case after peterson's fourth wife, stacy, vanished in 2007. there is another twist to all. this friday's hearing comes after a controversial ruling the illinois appellate court rules statements by his dead wives can be used in court. usually they can't be used in a trial unless the defendant can cross-examine them. holly hughes is here to talk about this. this is amazing. how uncommon is it to allow statements like this could be incriminating. >> this is huge, ground breaking. what we will see, this is a tough case for the prosecution, this case about the murder of kathleen savio, mostly circumstantial, they had to reconstruct exhume her body, do an autopsy. if they get a conviction you better believe based on t

drew griffin is working on this for two years. drew, appreciate it. jeff toobin as well. let us know what you think. we're on facebook and google plus. have you ever heard of anything like this? follow me on twitter. i've been tweeting about this. let me know what you think about it right now on twitter. >>> if you're feeling debt ceiling deja vu, you are not alone. the congress is at it again. the congress is drawing lines in the sand as they gear up for what looks to be another bitter standoff. is this just about election year politics? find out ahead. kiwi. soy milk. impulse buy. gift horse. king crab. rhubarb pie. lettuce shower. made by bees. toucan sam. that's not cheese. grass fed. curry. gingersnaps. soup can tower. 5% cash back. right now, get 5% cash back at grocery stores. it pays to discover. ♪ ♪ [ male announcer ] everyone likes a bit of order in their life. virtual wallet helps you get it. keep track of spending, move money with a slide, and use the calendar. all to see your money how you want. ♪ throughout our entire lives. ♪ one a day men's 50+ is a comple

hey, rich. >> hello, you're drew? >> reporter: yeah.o ask you one more time if we could chat. >> as we said, we have told you we have made our statements we have given you and we won't be doing any on camera. >> so you won't tell me what you told me on the phone on camera, that you're disappointed in this brickmill and quadriga? >> i believe if you read our statements, it will cover everything that i have said and anything that -- any questions you have. >> reporter: well, it didn't. that's why i'm here. can we take some -- >> i would prefer not on this subject. >> reporter: rich ruddnick is the operations director for nvf, and over the phone told us the charity hired brickmill and quadriga art in 2008 to start a new donations campaign. we were told it would be very expensive for two years and then we'd be going into the black. that never happened, ruddnick told us over the phone. but in person, neither ruddnick or the president, a man paid $121,000 a year would tell us anything. >> can we take some photos of the guys who answer the pho

the kinds of contracts, drew, signed by nvf, they are hard to break.own that road? is it to expand their mailing list? >> here's what we found out in our reporting. some of brick mill's contracts with really big charitable organizations are specifically detailed with money amounts included, all kind of contract obligations that both sides have to meet, very specific. these it contracts with these two groups we're talking about, they are rather lose. not too much specific. it seems that kwau dree ga is driving this and the charities are simply, i don't want to put words in their mouth, but it looks like they've been duped. >> do you agree these are folks who have been duped? do you advise that charities sign these contracts with a marketing firm? >> we say avoid them like the plague. we have plenty of zero-rated groups, veterans, people who risk their lives in this country and the charities associated with them, we see a proupon drans of this that they sign these contracts. whether it's consciously or they are ignorant and made up of volunteers well int

it's drew -- it grew and grew.ot sure what it is now, but i think at least a majority if not more of african-americans say this is the right thing to do. >> you though have really been out in front in comparing the fight for equality for gay and lesbian americans to the fight for equality for african americans, to the civil rights movement. you say that really this is the new front of the civil rights movement. why? >> well, i think it is. i mean, any time a group of people are denied rights and struggle for their rights that's a civil rights movement. and when women were struggling for their rights as they have been for many, many years and will continue to do so, nobody said that they were trying to ape the black people's movement. this is only raised when gays and lesbians are at the issue and i think it's a front for homophobia and hostile feelings towards this section of the population which exists among all people. black, white, whatever they are. gay people everywhere in this country and we ought to embrace

recently drew caught up with ms.ilkewitz, president of the charity, to get answers and here's what happened. >> you are the one from cnn? >> that's right. >> meet the president of the disabled veterans national foundation. we found her at a small vfw office in baton rouge, louisiana. >> this is a veterans of foreign wars and which didn't think you'd do something like this. and we've agreed to talk to you -- >> nobody has agreed -- so here's the question. raised over three years -- >> in writing, thank you so much. >> none of the money has gone to any veterans. >> so if the $56 million they have raised isn't going to veterans groups what does the dvnf provide veterans groups? well, listen to this. >> they sent us 2,600 bags of cough drops and 2,200 little bottles of sanitizer. and the great thing they sent us is 11,520 bags of coconut m&ms. >> that's j.d. simpson of the st. benedict's veterans center in birmingham, alabama. talking to us earlier this week on 360. i spoke to him tonight along with drew griffin. drew, t

so drew went there hoping she might answer his questions. guess what, she cancelled her appearance but drew was able to find someone else from this organization, the vice president of the disabled veterans national foundation. but apparently she wasn't too happy to see us. drew joins me live now from sacramento. also with us is cnn's jeffrey toobin. drew, you tracked down this vice president of this group. did you get any idea of where all the money is going? >> reporter: i sure did, and i think the headline here, anderson, is if you gave money, if you donated money to the disabled veterans national foundation, like so many of our viewers tell us they did, and you thought the money was going to actual disabled vets, that is not what this board of directors thought when they started this campaign to raise money. and the first vice president today, valerie conley, basically said she has no apologies for how that money was raised and where it went. >> i'm here asking actual questions from your donors and our viewers who want to know what happen

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it's drew -- it grew and grew. not sure what it is now, but i think at least a majority if not more of african-americans say this is the right thing to do. >> you though have really been out in front in comparing the fight for equality for gay and lesbian americans to the fight for equality for african americans, to the civil rights movement. you say that really this is the new front of the civil rights movement. why? >> well, i think it is. i mean, any time a group of people are denied rights and struggle for their rights that's a civil rights movement. and when women were struggling for their rights as they have been for many, many years and will continue to do so, nobody said that they were trying to ape the black people's movement. this is only raised when gays and lesbians are at the issue and i think it's a front for homophobia and hostile feelings towards this section of the population which exists among all people. black, white, whatever they are. gay people everywhere in this country and we ought to embrac

did the answers stop with ina drew? or people further up the food chain should they have been asking more questions? on the one hand the loss is small in the context of jpmorgan's overall earnings and balance sheet. but it raises all these unsettling questions about the compliance with new regulations like the volcker rule and about how a trading strategy could go so badly wrong. >> do you feel that the right people are taking the fall? or is it just too easy to take at this stage? it feels like there are going to be a lot of people effected by this shakeup and wonder if some are scapegoats because someone has to be seen to go. >> right. it goes back to the unanswered questions of what this trade was. if it was a hedge gone wrong and the information about how it was going wrong stopped with ina drew, maybe plausible you could argue the right heads have rolled. if it was more of a proprietary trade, this london office generated a quarter of jpmorgan's profits in 2010, then there are a lot more unsettling questions. and y

if you could, then why did ina drew let this happen?ons but the fact of the matter is no one has that kind of understanding of a gambling situation or the person on the other side wouldn't be making the bet against you. >> but peter, ina drew is reported to have been the kind of person who instituted these practices to protect themselves, to hedge. christine romans this morning was making a distinction between hedging and betting and the hedging is because you've got some interest in the underlying thing that you're making a trade on, and the betting is that you're just betting on the direction of something you don't have anything to do with. >> when you hedge, you are making a bet. look who was on the other side of the trade, hedge fund managers who essentially do bet. my bottom line is they have dressed this up to look like something that it is not. jamie dimon is running a casino in this aspect of the bank. that's fine, because actually you can serve some useful purposes in the economy that we can't get into with the time that we hav

ina drew who over saw the trades causing the loss today retired. a 30-year veteran well liked by colleagues and a quiet mentor to women, she tried to resign several times before the loss was made public, says a senior jpmorgan official. >> wall street only remembers your last trade. unfortunately, it uz waa big one and on the wrong side. >> dimon called drew a great partner. adding despite our losses,ina's fast criptions to the countrytient be overshadowed. >> on "meet the press" dimon admitted the trade was a terrib terrible, egregious trade. >> it's a stupid thing that we should have never done, but we're still going to earn a lot of money this quarter. >> dimon's reputation is. the spokesman now tarnished too. >> we need a system where we have a tough cop on the beat, notion would be able to steal your purse on main street or your pension on wall street. >> democrat elizabeth warren, running for the u.s. senate in massachusetts, worked creative consumer watch dog groups to ov oversee the bank after the crisis. she said what happened shows there'

ina drew headed the bank's investment strategy division. her employees botched trades on derivative financial products in an effort to hedge against risk. drew was regardedad one of the top female sxut executives on wall street. jpmorgan chase has not disclosed details of the trades that led to drew's resignation. but analysts suspect her group made the wrong bets on credit default swaps in london and other markets. those swap deals are used as an insurance against possible defaults on debt insured instruments. >>> the job situation in looking better for japan's college graduates with more of them finding employment this year than last year. the labor ministry surveyed over 4,700 people who graduated this past march. results show that as of april 1st, 93.6% had landed jobs. the ratio is up 2.6 percentage points from last year when the figure marked a record low. the labor ministry says despite the improvement, some 25,000 students are estimated to have graduated from college without job offers this year. meanwhile, the employment rate among

drew is not expected to be the only casualty at j.p. morgan chase, at least two traders are expected to get the ax as well and c.e.o. jamie dimon will undoubtedly face some angry shareholders at the bank's annual meeting tomorrow. >> pelley: anthony, let's be clear. j.p. morgan chase is not in danger. >> no, $2 billion is a lot of money, scott, but this is the biggest bank in the country by assets. they have a $2.3 trillion asset sheet. >> pelley: jamie dimon is one of the most respected bankers in the country. if this can happen to him what does that tell you? >> reporter: this suggests, scott, that the bank may not... it's too big to fail, we know that, but it may also be too big to manage and there are increasing calls for these big banks to be broken up. that has risen again. >> pelley: thank you, anthony. anthony mentioned dodd-frank, that's the financial market reform law that passed in 2010. the federal government now has the authority to break up failing banks, but the rule that would ban risky trades doesn't go into effect unti

. >> ina drew, chief investment officer at jpmorgan chase, stepped down.s departure comes after her unit mismanaged a portfolio designed to hedge against risks k takes with its own money. the mistake cost the bank more than $2 billion over a six-week period. drew spent more than 30 years at jpmorgan chase and was one of the bank's highest paid executives pulling in more than $15 million in each of the last two years. according to news reports, drew repeatedly offered to resign in recent weeks after the magnitude of the mess became clear, but her resignation was not immediately accepted because of her past performance at the bank. drew was considered by some market participants as one of the best managers of balance sheet risks until the loss was disclosed late thursday. jpmorgan's ceo jamie dimon admitted his bank made a major blunder in a thursday night conference call last week. the disclosure of the massive loss sent shares tumbling friday wiping out $15 billion in stock value in just one day. dimon says the bank's losses could reach $4 billion or more

drew, we'll continue on.e the reporting. >>> you may have heard a rumor where the police force is in a part of the sect that worships warren jeffs. that group believes he's a prophet, the spokesperson for god. the town operates under its own brand of justice and tonight it seems untouchable. that's next. >>> an emotional day for jennifer hudson. she sobbed during closing arguments in the murder trial of the man accused of killing her mom, brother and nephew. the latest ahead. >>> tonight a 360 follow. another example the powerful hold a polygamist sect maintains in colorado city, arizona. it's incredible this is happening in this day and age in the united states. colorado city is a desert town that remains deeply loyal to the polygamist sect leader warren jeffs, despite the fact that he's serving a life sentence in texas for sexually assaulting two underage girls. the story's many twists and turns have taken gary tuchman to colorado city where visitors are definitely not welcome. watch. >> load up and leave t

again, we invite her at any point to talk to drew, come on this show, we'll talk to them, to say that, you know, this is misleading, and that they're going to set the record straight, we have been waiting for two years to try to get them to set the record straight. it's ridiculous. let us know what you think, we're facebook, follow us on twitter@anderson o twitter@andersoncooper. (female announcer) most life insurance companies look at you and just see a policy. at aviva, we do things differently. we're bringing humanity back to life insurance. that's why only aviva rewards you with savings for getting a check-up. it's our wellness for life program, with online access to mayo clinic. see the difference at avivausa.com. recently, students from 31 countries took part in a science test. the top academic performers surprised some people. so did the country that came in 17th place. let's raise the bar and elevate our academic standards. let's do what's best for our students-by investing in our teachers. let's solve this. [ son ] mom, computer's broke! where's i.t. mom? she quit. [ male ann