>> raised catholic, now an episcopalian, kerry egan isn't always successful. patient actually threw a bedpan at her. but jim burgo's wife, elaine, says that every time hospice chaplain egan visits, jim isn't the only one who benefits. >> she helps me by helping him. if i want to talk, i know she is there, and she's just an excellent listener. we don't only discuss the holy spirit and god. i know she is there just knowing he is going to die. if i want to discuss anything, she is available. >> just a few months ago, mary was near death. kerry and the hospice team brought her back to good health, and it was only with kerry, says mary's daughter, judy, that mary was able to reveal how she worried about the grief her death would bring her children. >> it gave me that peace, knowing that mom is not in denial, that she was just worried about us. she was worried about us children. that was really precious. you know, it's so good to have someone from outside the family that she can share with, so that she might say things to kerry that she might not feel comfortable sh

tom: federal regulators today, going after the egan jones credit rating firm. the securities and exchange commission charged the firm and its president, sean egan, with making false statements on a regulatory filing four years ago. just last week, when we spoke with sean egan, he denied the claims and said he made all statements to the best of his ability. egan also asked why the firm is being singled out now and wondered whether it had anything to do with his downgrade of u.s. debt. tonight, egan says both he and the firm will fight the charges. >> susie: july 1 is an important day if you have a student loan. that's the day that interest rates on some federal student loans will double. politicians are latching onto the issue in the fight to win over young voters. but as sylvia hall reports, it could have a very real impact on students and their families. >> reporter: flanked by a crowd of north carolina college students, president obama today asked congress to keep student loan rates low for one more year. >> we can't price the middle class out of a college ed

we have to leave it there. >> we probably should add-- . >> tom: sean egan with ega egan-jones rating company. >> tom: a couple of big banks >> tom: a couple of big banks turned in stronger than expected first quarters. morgan stanley saw big gains in its bond and investment banking business, helping it report much better than expected earnings. but these results exclude a $2 billion charge due to the lower value of its debt. bank of america's first quarter was twice as good as wall street analysts were anticipating, earning 24 cents per share. similar to morgan stanley, b-of-a took an accounting charge related to its debt. while bank of america's bond and commodity trading business picked up, its core consumer banking business saw a double- digit drop in revenue and bad mortgages increased. a centerpiece of the government's response to all the bad mortgages and other debts owned by banks has been to come up with a way to wind down a troubled bank without bringing down the whole economy. stephen lubben is a law professor at seton hall university. joining us, professor, you looked at h

debt exactly now that egan jones their credit rating agency. headline this week s t c the pursues egan jones moody's and s. and p. remain at large the securities exchange commission voted thursday in favor of bringing in administrative action against egan jones in what would be an unprecedented move the f.c.c. could seek to punish the firm by stripping it of its ability to issue officially recognized ratings on securities tied to government debt and asset backed deals an f.c.c. spokesman declined to comment the move stems from alleged material misstatements even jones made when it applied to regulators in two thousand and eight to rate bonds issued by countries u.s. states and local governments and asset backed securities what is perceptions run the economy the rating agencies are supposed to cut through the smoke in the mirrors give a rating that gives investors an opportunity to do some analysis to do some comparative shopping so here is the government stepping in and saying it again jones you're an independent rating agency you don't take mo

s decision on credit rating firm egan-jones.ill decide whether to charge the firm with making intention misstatements to regulators in december 2007. the charges focus on issues such as misrepresenting the firm's rating experience, conflict of interest policy issues and failure to keep certain books and records. >> here to answer these charges, the man himself who's become very familiar to cnbc viewers over the last few years, sean egan. >> thank you, bill. thank you, michelle. >> you've heard the charges. you know them very well. what's your first answer? >> well, first of all, we don't know and perhaps something has come out recently. we don't know if there are going to be any charges or if those are going to be the charges. nonetheless, it concerns an application that we made in 2008 that was updated regularly. in fact, it was updated annually concerning our sovereign rating, such as the u.s., and our ratings and structured finance. and what we've put in the application, that application was approved by the s.e.c. and three y

securities and exchange commission will be charging egan jones and its owner and president, shawn egana face known to cnbc, for material misrepresentations and omissions of the company's 2008 application to register as a ratings organization. so, again, there was a press release out a few days ago. the possibility this might happen. shawn egan spoke to us. you know, denying it. the securities and exchange commission coming out and saying we will be charging shawn egan and egan-jones for what they call material misrepresentations and omissions in the company's application to register as a ratings agency. that news coming out right now. obviously, just breaking. we're going to give you more as it comes on. that news coming from the sec in washington, d.c., as we speak. >>> all right. moving on, is college worth it? do high-priced degrees really pay off in the long run? kelly evans breaks it down for us right now. >> that's right, brian. i'll do my best. let's check out the state today of student loans. as you can see from the large ticking clock behind me, student loan debt has reached o

. >> item 6, a presentation by ted egan, discussion and possible action item. we have several items in your package, followed by some public comment we've received by e- mail, which has been forwarded to you, and included in the package. we also have a copy of power cords from several recommendations made previously. >> i do not think it will have anything you have not seen, but it will be put together a slightly different. >> commissioners, while mr. egan is putting up his presentation, in the packet is the first presentation presented to the small-business group on march 12, and behind it is the presentation that was provided to the small business group last friday on april 6. that's what i will be going through today is the highlight of those. good evening, commissioners. i would like to update your commission on the work we have been engaged in and payroll tax reform. we have been working for several months examining potential alternatives to the payroll tax. we were directed to do so by nearly and board member chiu region -- by ed lee. it is possible to re

. >>> egan jones and president sean egan is being charged with making material misrepresentation when it first applied to become a credit rating agency in 2008. they say that they falsely stated the amount of work that they had done. sean egan defended the allegations right here on "closing bell" last week. >> the material that we put down was accurate to the best of my ability and we will -- if i had to do it again today, i'd say exactly the same way because i filled it out to the best of my ability. >> we'll have more on the story as it develops. bob? >> 48 minutes to go before the "closing bell." off of the highs today, being led by at&t, good earnings, 3m as well. >>> apple getting ready to report earnings tonight. we are watching the stock. we are looking at whether or not you want to buy this beaten down name down several days. nine out of 11 days down on apple. >> 10 out of 11. >> 10 out of 11 today, we will breakdown the anticipation and the stock ahead of the results coming up. >>> strong sales in china, latest quarterly profit is lew. we'll ask him next in an exclusive inter

egan: you have hydrants that were manufactured in the 1800s. you have underground pipes, you have underground valves. they get what they call tuberculin built up. you would compare it to a 100-year-old man that has heavy cholesterol. they could be 6- or 8-inch mains, but being 100 years old, they actually may be 2-inch mains. and they reduce the amount of volume of water that's available to us. johnson: there were a number of things that we have had to do in order to get the system back up to an acceptable standard. replacing mains and valves and fire hydrants and other components of the system to ensure that it operates properly. egan: we consider both the underground infrastructure and the above ground assets to be a part of the critical infrastructure of the city. johnson: and if the infrastructure is not there to actually deliver that water in the volume and the quality that's necessary, then communities simply can't exist. man: infrastructure is vital to the american economy. water, after all, is an essential ingredient in hundreds of thou

eag -- egan, share some thoughts with him. we do not know exactly what the full proposal might be and what it is and if it does develop, if the city does move forward with the business tax reform, it will end up in legislation, which will come back before the commission before it goes on to the ballot. this is your opportunity to be able to have the commission send to, give some direction to the comptroller's office and be able to send some policy decisions as it relates to this matter to the mayor and board president, if that makes sense. president adams: any other questions, commissioners? do we have public comment on this? we open it up for public comment. >> members of the public, public comment will be limited to 3 minutes. if you could please state your name. >> stephen cornell, small- business advocate. some of you know i was on the commission a few years ago. we were tossing with this thing at that time. everybody hated it. it has been batted around. one of our big problems was, how do you spread it out? a lot of small

about an hour ago, egan told us that the application submitted to regulators was accurate. the depth of the financial crisis not everyone was on the firm's side. >> i'm sure we've maidde enemie but our clients have benefited. in connection with gm, there are a couple of wackos that called in and threatened me with bodily harm. and in connection with our other recent ratings, we don't care. we get to the truth. we may be wrong. normally we are not wrong as you can see by our track record. >> in economic news, mortgage rates are ticking up. freddie mac said it climbed to 3.09% from 3.88 last week. a year ago, that rate averaged 0.8%. the housing market is still sputtering. existing home sales fell to annize you'llized 4.8 million homes. the chief economist says low interest rates and bargain home prices will push sales higher as the year progresses. the jobs recovery hitting a snag today as well. first time claims for unemployment benefits fell by 2,000. however, economists exceeded expectations as credit costs fell, loan demand increase, bbt beat estimates of 2 cents and the

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here ((nats)) wallace egan his brradcast career began hhs wallace ((natt)) ((nats)) wallace began his broadcast and mmde the ove to tv in the his big break was to become the first hire of producer don hewitt whee he wws putttng together the cbs news magazine 60 minutes... which went on to become the most successful nees roggaa for decaaes. he hosted the programmfor 38 season until he retiied ass a regular correspondentt2006. ovee his long caaeer, he interviewed actors and artists. he covered the war in viettam... and sat down with nnxon aaie john erlichman during the watergate scandal... wallace died last night at a care facility in newwcanaan, connnecticut... he was 93... in washingtoo, sttve centanni, fox news. a parole hearing is scheduled this wednesday... for serial killer charles manno. manson.thee77-year old has been denied parole 11 times. manson was convicted ooftte 1969 killings oo actrrss sharon tate and 6 others... by a group of his followers. prosecutors say it was part of an attempt to start a race war.. questioninn of potentials jurors will beggn today... in the trial o

from egan jones just a few minutes ago, by the way, from aa plus to aa negative and sean egan tells melack of any tangible progress on debt and continued rise of debt to gdp. the dow jones industrial average down 12.5, the nasdaq up 12.5 and the s&p down a fraction. hope you'll follow me on twitter and on google plu plus @mariabartiromo. "fast money" begins right now. stay here with cnbc.

i did also attend a couple of presentations by ted egan, who predicts things will not come back to the level they were at the truck -- top of the mark in 2007 until 2016. and so in my opinion, i believe this deferral should go on for another three years until june or july of 26 teen. because again, there will be projects that will be anchoring themselves all the way up to 2016 in a lesser economy than we're used to. the other part of this is the eastern neighborhood and the other fees are new. and on top of the fact that the economy is not so great to be able to defer these fees is a great boon to be able to see some of these projects during this still not so great time. thank you for your time. supervisor mar: thank you. how is it going? >> thank you for having this hearing today. i was all a bit, what are we back here so soon? it had been two years and it has been an extremely interesting to years in our trade. emigration use were allowed to come and take testimony. and the impact has been devastating. we do not have to go there. we have the forecast, how things look. is there a ligh

they did not indicate what relief they are seeking from egan jones.ally the new york daily news identifies the woman at the center of the secret service hooker scandal. posted photos of a 24-year-old single mom, it says she is the alleged colombian escort that called police over her $800 fee. so far the ouster of three secret service agents, eight other agents and several members of the u.s. military are now under investigation. there are now reports one of the outfit agents is planning to sue the government. larry, back to you. >> all right, john. thanks very much. >>> coming up on "kudlow," jim cramer's getting stock ideas and he's got eagle eyes on ebay and paypal. >>> what did the fed tell community bankers today in the closed-door meeting? we have somebody inside the meeting and is going to spill the beans. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so

is expected to vote on possible charges against rating firm egan jones alleging willful misstatementsr regulatory application to the s.e.c. a frequent guest on cnbc and frequently controversial on his takes on when it comes to u.s. sovereign debt and jefferies. we're putting the call to mr. e began right now to see if he has any comment. there are few things that have investors concerned like spanish yields rising after today's bond auction. also, deutsche bank ready to issue up to 3 billion euros in stock and sell off legacy assets possibly at a loss according to "the wall street journal" all in an effort to raise capital. why are macro issues like these overruling great earnings results? let's bring in willie williams of societe generale. why is that? >> we're seeing a lot of things we always knew were on the radar but starting to pop up again. we now have new governments in italy and spain. the spanish government has been working to relieve some of the funding pressure on spanish banks. but as of right now both spanish banks as well as the spanish government are both still under a

we will hear from president sean egan himself. that's at the top of the hour. >> thanks, bill.have to get back to the breaking news on apple. street insider out with a report that there's some concern that based on verizon data the iphone sales for this quarter may miss estimates. apple stock is down $20 a share. stern ag on the phone. we have paul hick ki from the spoke investment group. shau, thanks for joining us on very, very short notice. what do you make about this story surrounding the verizon data? and what it might tell us about apple. >> yeah. you know, to cut to the chase, we think the concern is overdone. you know, keep in mind that verizon is one of, you know, many carriers for apple. it's just one. and the iphone frankly right now it's more about, you know, international growth. so verizon did come in a little light by a couple hundred thousand units. but, you know, keep in mind in the grand scheme of things verizon again is just one of, you know, literally 200 carriers for apple. >> so, shaw, this doesn't change your view on the company? >> no. it doesn't. the 4s

the may peopleho had no ea that thend for thr cause wa comig, soit stck herlikea hunr clap, and se egan tokeep diarytheday fte the fi and youreally get th sense of imedia when she writes for xamp, atthe very begning, shesays someing like, "i ca't believe itas only sterday th the ynkees rrived. it eemed lie foever,and you t thi imediat feelg forlif under occution, nd tr to clude a lo ofcomments from jus ordinary flks like he. a coule dys ater sh sid, shewrote i her dary "la igh onriningthe bellor mily, she ws nowhere toe fond." in his ne understaed entence, anny ickinson caured the upheava that the fal of richmond mean, cause millwas gonand slery was oneand things woulnever be te sameand everyonead bla and whte, hado beg workin ot fferent rations. anotr realyfasinatg character s thoas chesr. he was n afrian-american jourlist, the ony lack journalisfor mjor northern per to b with the rthern armies omi into thecit. inact the wer a umer ofjounalists four ajo pars in the orth who ame into theity the ay of he firend the next ouple days aftwards andthe st wonderful cablesbac to wonderfuland se

annapolis police say egan e brian grabbed the purse on an outdoor -- o'brien grabbed the purse from pan outdoor cafe and the owner chased after him -- an outdoor cafe and the owner chased after him. she caught him and took him down by his collar. we spoke with her on the phone tonight. >> once i saw him and knew that he was still going after i called after him and was though down my stump, i was like there's no way. i'm going to -- stuff, i was like there's no way. i'm going to catch up to you. i'm pretty fast. >> o'brien returned the cash and asked her not to call police. witnesses helped hold o'brien until police showed up. >>> up next the feds taking a closer look at the food in your kitchen, what inspectors want to limit. >> plus for the first time we're hearing a 911 call made moments after whitney houston's body was found. >> we'll check in with sue in a minute. first check out some of the stories on the rundown. we'll be back. >> this is fox 5 news edge at 11:00. [ male announcer ] a car is either luxury or it isn't. if you want a luxury car with a standard power moonroof, your o

states the world's largest economy receives yet another blow when last week a barely known agency egan jones cut its rating to double a that's two steps below the highest grade the movie's unlikely to have any serious impact but the agency's analysts are convinced the big agencies including moody's and fitch will follow suit within a year now to discuss the some joint law is by national senior partner at burnell capital here in moscow higher on things for joining. us let's get the situation straight here so moody's and fitch have the u.s. as aaa s. and p. as double a plus and now this new on their own agencies says is double a so which one is right. well you know in america is the largest economy and the most successful economy historically in the world it has the world's reserve currency. is facing enormous structural difficulties right now. cvs to find very difficult to to solve. you know i think until they find some way to move forward on those problems it doesn't deserve to have the highest possible rights and so i think the double a right to use more go right now speaking of these

(police)"at some point the mother became irate pulled out a long kitchen knife and egan by)(caiins)"righter the s - ssabbiig witnesses teel us &psocial service wookers starte running out of the building steps)"i saw employees coming oot..crying hysterical"(ambo rolls by naas)(voice shouting at "i work here.."))the baby's pother is taken into custody, while qqestions are raised about how a knife got through security.... (neighbor) "the kids are over there to be protected.. o ya know its kitchen knife past security" - security includes metal detectorr... ann social services has now launchhd an internal investigation. (neighbor))so it goes to let you knnw sooebody waan't dding their job at the ront because if that was the case she would have never got in with the maay.....distraught.... and wondering what would prompt a mother...to urt her own child. "you shhuld never want to endanger your kid...shh as to live with that on judgment day (natural 3the union representing social service workers issued a statement tonight saying the lack of staffing and t offa ressurces. preaking news.../ in... n

. >>> will the conundrum could be drawn by the new york time writer timothy egan who does not deal in. take george w. bush. he enjoyed a warm relationship with alcohol until he decided to ditch the stuff after weighinging up with a hangover on his 40th birthday. a hangover. perhaps a perk word to describe the condition of the country after his second term. jimmy carter was also a tea totaler. and he remains a famous obama comparison among republicans. on the flip side, many of the most legendary leaders have also enjoyed the greatest libations. ronald reagan certainly enjoyed a bottle of suds and remains a political hero for even the most sober of political politicians. how about fdr to whom all drinkers should raise a glass? he managed to navigate the new deal, steer the nation through second world war, while imbibing a range of martinis and of course, ending prohibition. then there is the current president. a leader who decided to poor cold beer when a racial firestorm threatened to break out involving a harvard don and a local police officer. thankfully the beer seem to do the tric