which became permanent and would simply increase the total flow of dues and fees and to the general treasury and then went for the kind of activities that the union had always funded and in that regard -- >> could you please answer my question. the burden consisted of two things, justice. if the union has to give a new notice in a situation like this, i've been trying to explain the spending that went on is not different from what one would have reasonably anticipated given the notice then we have litigation disputes about the need for the new notices for any number of things happen. one thing that happened here that is undisputed but hasn't been discussed is that collective bargaining costs were up six fold in 2005 over 2004 and they were up six fold in 2006. >> one reason, we are dealing with the situation where the union is compelling the nonunion members to give them money for the politically activities. we allowed as i understand and as i read it because you can't figure out what that is to read you wait until the end of the year. in other words it is a compromise for the administrative

treasury. he had been at the fed in new york in october 2008 bailing out everybody in sight. general electric got bailed out. morgan stanley, goldman sachs, all of the banks got bailed out, and the architect of that bailout then becomes the secretary of the treasury. so it's another signal to the financial markets that nothing ever changes. the cronies of capitalism are in charge of policy. >> you name names in your writing. you identify several people as the embodiment of crony capitalism. tell me about jeffrey immelt. >> he is the poster boy for crony capitalism. here is ge, one of the six aaa companies left in the united sates, a massive, half-trillion dollar company, massive market capitalization. i'm talking about the eve of the crisis now, in september 2008. suddenly, when the commercial paper market starts to destabilize and short-term rates went up. he calls up the treasury secretary with an s.o.s., "i'm in trouble here. i need a lifeline." he had recklessly funded a lot of assets at general electric capital in the overnight commercial paper market. and suddenly needed a bail

that is known for his holding, that it is unconstitutional to prohibit corporations from using general treasury fund for a hearing. the port, however, discussed independent spending and an aspect of the decision that is more frequently overlooked. in the tips and united court expanded the logic of buckley profoundly and without looking at any factual evidence, that truly non coordinated expenditures, quote, do not give rise to corruption or the appearance of corruption. in other words, to give a concrete example, this is the same as saying that a multimillion-dollar campaign ad blitz funded by let's say bp oil could benefit members of the energy and commerce committee does not pose any sort of threat of political corruption so long as bp decides to spend that money without consulting with the candidates. with this, however, the court assumed there was robust transparency because that would also act as the mechanism to prevent corruption. after citizens united -- two months after citizens united was decided the pc court of appeals decided a case called speech now. i promise i am getting to the p

namely that it is unconstitutional to prohibit corporations from using general treasury funds for electioneering. the court, however, also discussed independent spending. an aspect of the decision that is more frequently overlooked. in the citizens united court, in fact, it expanded the logic of buckley significantly. and it proclaims, again, without looking at any factual evidence, that truly non-coordinated expenditures "do not give rise to corruption or the appearance of corruption." and so, in other words, to give a concrete example, this is the same as saying that multimillion-dollar campaign ad blitz funded by, say, bp oil to benefit members of the energy and commerce committee does not include any sort of threat of political corruption. so long as bp it decides to spend the money it without consulting with the candidates. with this, however, the court assumes that there was a robust transparency that would also act as a mechanism to prevent corruption. three months after citizens united was decided -- excuse me, two months after citizens united was decided, the d.c. court of appeals decid

it means that corporations can now give an unlimited amount of funds directly from their general treasurieso pacs and that those funds could be used to run ads supporting a candidate and run attack ads against their opponents. and because the cap on contributions to pacs was eliminated for individuals as well, now c.e.o.'s and other super wealthy individuals can write multimillion dollar checks to influence elections. this entirely undermines the restrictions that were put in place on how much an individual or corporation can give to a candidate running for office. just give however much you want to the candidate's super pac. and they buy ads that support the candidate's election or what we've seen a lot of lately, they run negative ads that smear another candidate. a superpac is not a new legal entity. it's just a pac that started to bundle together these unlimited corporation donations with unlimited donations from super rich individuals with the goal of supporting or defeating certain candidates. lets be clear, these super pacs aren't about issues. they're about campaigning for candidate

you crank up the printing presses and transfer $34.5 billion into the highway trust fund from general treasuryaccount, there goes the idea of a user fee. you can't have it both ways, yet that's what we've done over the last three or four years and our country it would defy the next $12.5 million to fund the senate to your bill. so we are at ground zero on the use of the concept. there is support for that still out there. the american trucking association has been on the public record for several years as supporting a diesel fuel tax increase. so long as it's spent on highways. so long as it is spent on highways. it is a true user fee. if it is spent on bike paths, they are adamantly opposed to an increase of diesel fuel taxes. and if it's spent on museums they are adamantly opposed. i have a very nice bicycle. i love writing it on the weeke weekend. and i will tell you, in which you don't want i do not wear spandex. [laughter] >> thank you. but i will tell you what -- [laughter] if you haven't priced at bicycle resort for bicycle repair, they are expensive. and i don't know what the spandex co

namely that it is unconstitutional to prohibit corporations from using general treasury funds for electioneering. the court, however, also discussed independent spending. an aspect of the decision that is more frequently overlooked. in the citizens united court, in fact, it expanded the logic of buckley significantly. and it proclaims, again, without looking at any factual evidence, that truly non- coordinated expenditures "do not give rise to corruption or the appearance of corruption." and so, in other words, to give a concrete example, this is the same as saying that multimillion-dollar campaign ad blitz funded by, say, bp oil to benefit members of the energy and commerce committee does not include any sort of threat of political corruption. so long as bp it decides to spend the money it without consulting with the candidates. with this, however, the court assumes that there was a robust transparency that would also act as a mechanism to prevent corruption. three months after citizens united was decided -- excuse me, two months after citizens united was decided, the d.c. court of appeals deci

companies ranging from general motors to aig still owe the treasury. some of that money may never be recovered. interest rates low to least 2014. the bloomberg maryland index was higher on gains for stanley black & decker. we'll get quarterly results today for under armour and lockheed martin. ron johnson crews worked at apple and target. he's streamlining sales events at jcpenney. you have heard about tennis elbow. how about ipad neck? users have bad neck and head posture while looking at tablets which can be looked at from all angles as opposed to it desktop which is stationary on a desk. >> right here. >> i see that with carlotta. >> 6;20. 40 degrees on tv hill. >> he was the architect for the ravens defenses for years. who will replace chuck pagano? >> don't forget to e-mail us your response to our water cooler question of the day. do you think the ravens' defense can continue to dominate despite the loss of defensive coordinator chuck pagano? you can share your response at wbaltv.com and on our facebook page, or send us an e-mail to watercooler@wb

generic. we saw the treasury, with the document on reform, very generic.bt we will see that when they get back together because this is an interagency issue that will remain unresolved for months to come. host: we have an e-mail from robert in atlanta. guest: absolutely. with so many of these mortgages bundled up into securities with different investors, it is difficult to come count -- to extract them. the infrastructure is very poor to be able to understand where those mortgages wlie. back in the day, we were actually putting a first mortgage in combination with the piggyback second lien mortgage. very difficult given the deficiencies in our infrastructure to uncover those things. host: francis is a republican. caller: i lost my home and a job making $113,000 a year. i owed $280,000 on it. i was in construction. you cannot go back into another job to make the difference to even keep the home. i did lose my home but i've helped people with the loan modifications to where they had to go through it and it shows up on their credit. they say they cannot make

bought all kinds of things including toxic assets and the treasury bought parts of 458 companies including american international, aig, generalotors and a bunch of others. that money has not come back yet. the treasury is having trouble selling its stock in those companies as the stock market just moves back and forth so much the treasury for now holding on to that which means we're still on the hook. >> thank you, scott. two men face trial in the beating of a uc-berkeley student. 18-year-old grant richmond was home for christmas break in san diego when he was attacked and nearly beaten to death outside of his friend's house. he was so badly beaten he was not expected to survive. he has serious brain injuries. two men were charged with robbery and battery. officers say they beat and robbed several other people before running into richmond. >> a hearing will take place later to talk about the efforts to improve pipe line safety here in the bay area. pg&e and the california public utilities commission will talk about the steps being taken in response to that deadly 2010 san bruno pipe line explosion. they will also talk about n

actually later in the speech he celebrate add bailout which was the assistance to that the treasury department gave to generalors and ford. i thought both those statements were kind of confusing and didn't make a fair amount of sense. he also talked about outsourcing, an economy weakened by outsourcing. it's unclear how much the u.s. economy was... economic crisis occurred because of outsourcing or what president obama has done about it. >> ifill: do we know what he was talking about when he said phony financial profits? >> that's a bit of a mystery to me. >> ifill: okay. let's move on to the third one because one of the central arguments he's been making and he had warren buffett's secretary in the first lady's box last night in the state of the union is that there are people, middle-class people, who are paying less in taxes than multimillionaires like warren buffett. this is what he said. >> right now because of loopholes and shelters in the tax code a quarter of all millionaires pay lower tax rates than millions of middle-class households. >> ifill: i want to ask you about that but i want to correct one t

general motors had no conversation with people at t.a.r.p., in particular, mr. massad who handles the now-defunct auto task force, you had no conversations with tim massad at treasury regarding this issue? >> i had a conversation with mr. massad earlier this week on another general matter and i observed to him that i was going to testify today. other than that, no conversation. >> has anyone else at general motors that you know of, talked to mr. massad, or someone in the administration? have any of you talked to mr. lahood? you, or anyone at general motors, talked to mr. lahood about this issue? >> no, sir. >> now i yield to the chairman of the full committee, mr. issa. >> thank you mr. chairman, welcome. i'll be brief. the question here is not about whether general motors is making good cars. whether or not general motors is coming back. i think those are undeniable and i'm very happy for that. and i think the president took great pride in that last night. the question here is, is this in your history recognition, and as far as you know, a typical response to a typical catastrophic event? is this less aggressive or more aggressive by nhtsa? in their response to a

. >> she's talked about personal and the budget should be balance treasury refill public debt reduced and the arrogance of the generalsd be controlled. >> there is more in the paragraph. >> bring on the woman who wrote the forward. nicky mealy is president of the group of independence forum. you wrote in the forward. self determination is a virtue and individuals should be allowed to pursue their own ends free from coercion. that's not what we hear from the feminist movement. >> i consider that an insult. in my mind that is not feminism. that should be empower not dependent on a husband father and government. >> had you known about the women in john's book. >> i didn't know about most of them. they all did great things without uncle sam's help and in my mind pushes back the nancy pelosi narratives that we need the hand of government to give us a leg up. >> why has that dominated the feminist movement in america? >> i am not sure. we hear from senator gilibrand that all of these programs that women care about are on the chopping that presupposes that health care and education can only be provided by the government. tha

general motors ceo. no bonus at all. pay must be approved by the special pay master at the treasury department. that is because the government still owns 32% of the company although gm has been doing quite well since its ban up. the treasury wants to see their stocks rise above $30 per share. taco bell is looking to ramp up and go upscale to compete with chipotle. that's business news live at bloomberg headquarters. >> bring it up. and upsale taco bell. >> yeah. i am trying to think of what it could possibly be. >> sizzling fajitas. >> some wine? >> 4:37. 36 degrees. >> still to come on "good morning washington," what police are saying about burglars that struck three churches. >> the resignation of a council member. where they can turn for help. >> first, another check on traffic and weather. things are looking good there. on ♪ ♪ [ manc announcer ] when you're a true fan... [ exhales ] ...there are no sick days. [ crowd cheering, screaming ] vicks dayquil. defeats 5 cold & flu symptoms. [ snoring ] [ male announcer ] vicks nyquil cold and flu. the nighttime sniffling, sneezing, coughing, achin

in a report out this morning, the inspector general of the $700 wl billion rescue plan says some of it will never be repaid. the treasury department is trying to sell off stakes in more than 450 bailed out companies. meanwhile, treasury secretary timothy geithner does not expect to serve a second term. in an interview with bloomberg television, he said he does not believe he'll be asked to return if president obama wins reelection. geithner is the only remaining member of the president's original economic's team. >>> we'll get more important economic data from the government today. the labor department releases the jobless claim numbers and the commerce department is out with the new home sales report. >>> california is refusing to sign on to a massive settlement with the nation's biggest mortgage lenders over deceptive foreclosure practices. the attorney general says agreeing to the deal would limit her ability to sue those banks. this week, bank of america, jpmorgan chase, wells fargo, citibank and allied financial agreed to a $25 billion sett settleme settlement. one of the largest in u.s. history. >>> and indiana is

someone can bring to a campaign charts and graphs and show that money that general electric is not paying in revenue to the treasury to other spending and other revenues to the treasury and how it affects the man in the street, how it affects the student going to state universities. and you know what, it sounds like it would take a professor to do that. >> you know, actually i have to say, i don't think this stuff is rocket science. i don't think it's that hard to do because ultimately we're going to pay something to keep this country going. we're paying something for national defense. we're going to pay in one form or another, the investments in our future for our regulatory structure -- the real question is, who's going to carry that and in what way? part of this that really gets to me, we say to the biggest corporations, you can get out there and find all of these loopholes -- i read that general electric employs 974 people to make sure that it pays zero in taxes. how many small businesses can do that? small businesses -- it's not just individual versus business. this is really about kind of who can have oall th

generic. we saw the treasury, with the document on reform, very generic. i doubt we will see that when they get back together because this is an interagency issue that will remain unresolved for months to come. host: we have an e-mail from robert in atlanta. guest: absolutely. with so many of these mortgages bundled up into securities with different investors, it is difficult to come count -- to extract them. the infrastructure is very poor to be able to understand where those mortgages lie. back in the day, we were actually putting a first mortgage in combination with trying to understand who the of second smolko -- holder of the mortgages. is republican in virginia. good morning to you. caller: i was one of those who lost his home and job with a $700,000 home. in the work force, i was in construction, so you could not even go back into another job and even make the difference to keep the home. i did lose my home, but it shows up under credit and they tell people they cannot make their payments for three months. that kind of ruins their credit for about 1

general motors ceo. his pay must be approved by the obama administration special pay master at the treasury department. the government still owns 32% of the company. treasury officials want to see the stock rise above $30 a share. markets rising to 85-month high yesterday -- markets rising to a five-month high. stock futures this morning are slightly lower. this new photo on their website of nfl start tim tebow. the broncos quarterback appeals to men and women. this is the fastest collection of underwear for jockey. reporting live for wbal-tv 11 news. back to you. >> i like your report. i'm just saying. >> i know you do. >> orange juice is about to get more expensive. >> it was a peanut butter one day and that oil. orange juice is next coming up in my next report. >> thank you. the national academy foundation school is closed this morning because they don't have any heat. a big surprise for two identical teenagers. >> you guys are mean! >> what other surprise the mother had after returning from afghanistan. >> a surprise for a set of identical twins. >> they did not have any idea what happened after th

principle as opposed to the amounts they're already doing which generally lower the loan's interest rate. so friday low and behold the treasury fills that $4 billion hole using offering up taxpayer t.a.r.p. money in the form of these incentives i just talked about. if demarco accepts this, that helps the housing inventory by not adding more foreclosures and a great boom to mortgage insurers by bringing many delinquent loans current and helps mortgage servicers because fewer loans, we would hope, would default. sue. >> diana, there's also an incredible story t freddie's been betting billions of dollars against homeowners. explain, if you could. >> this is tough to explain. it's very complicated. it alleges that freddie mac, which bought these securities called inverse floaters, really tranches that bet really against interest rates on mortgage payments, they're all about the interest rates movings. so if the borrower refinances a loan and freddie mac loses on this investment and it's a small amount of their investment portfolio, then you're pitting, okay, this is the group that's trying to refinance people, right? that's fredd

treasury is flexible so it's determined by market forces and the central bank has been in the situation quite well. as with all flexibly generation rates forecasts are very difficult and we are not in the forecasting game but we would like the ruble to continue to respond to market forces and intervention to be avoided. oil is dropping for the fourth day new york investors speculate that sanctions against iranian oil may take effect only in six months despite that brant blend is staying afloat and is gaining almost a quarter of a dollar about this hour. an hour into equities asian stocks are mixed with japanese stocks higher australian shares slipped as investors and holiday markets await outcomes and greece's ongoing negotiations with the private sector where it is and hong kong is closed for a public holiday here in russia markets start of the trading week next my sex life for a second day retreating point two percent the artist is is higher so our. goal is trading at one thousand six hundred sixty nine dollars per ounce up point point fourteen percent on monday has already gained more than six percent since the beginning of th

general motors reclaimed the title of top-selling car company in the world. so we wondered if the bailout money has been paid back. we called the treasury today and they tell us that all of the bailouts together came to $414 billion. today $96 billion is yet to be paid back. the insurance company a.i.g. still owes more than $51 billion and general motors owes more than $25 billion. ally financial, which used to be g.m.'s finance company, owes taxpayers nearly another $12 billion. the republican presidential candidates have made an issue of those bailouts-- among many other things. their next primary showdown comes tuesday in florida where the latest poll shows mitt romney with a nine-point lead over newt gingrich. 38% to 29%. at their latest debate last night, the two went at each other over immigration so we decided to take a closer look at how they would deal with this hot-button issue. first, dean reynolds in miami with the gingrich campaign. dean? >> reporter: scott, newt gingrich doesn't back one big comprehensive approach, he backs a series of law which is he believes could solve illegal immigration in three to five years. ' mr. s

generations that need them. >> members of toronto center. >> the prime minister of canada can't have it both ways. he cannot go to the canada people and his minister, his treasury board was saying on exactly the same day as the prime minister was giving his statement in davos that the president of the treasuryreassu would be no cuts to the provinces, and there would be no cuts to transfers to individual seniors. but the prime minister is saying today -- what the prime minister is saying and what we hear very clearly also from the minister of human resources is the exact opposite. it's the davos reneg, mr. speaker, it's the politics of deceit and abandonment. >> order. >> the honorable prime minister. >> mr. speaker, the leader of liberal party is challenged when it comes to listening to the answer. we've been very clear as we reduce the deficit we're not cutting transfers to either provinces and individuals. everybody understands there are demographic realities that threaten the viability of these programs. over the longer term we will make sure these programs are funded and viable for the future generations that need them. >> here. >> i don't have a problem he

the dead in the interest rate that the treasury pays filters through down three everything else to the extent that the debt is owed internally from one generation to another than in terms of the productivity than that part is awash then there is the of issue of taking outside the realm of economics per se that are there political ramifications? not on the subject of debt per se but during the 1970's the arab oil producers decided they would embargo shipments during the 1973 war. that was a political decision economically it should go to whoever would be willing to pay. if there should be a political moment of two decisions regarding debt than that would raise all sorts of very difficult and potentially explosive political consequences. >> to become a sovereign debt crisis is disingenuous for those cetera and political situations. look at the country's and have a real sovereign debt crisis they don't control their own currency may be in argentina when it was tied to the dollar or they have other things they can do in in a country like america we can create a currency that is used as a world reserve with an entirely different position. we will ne

treasury, taxpayer still has a huge stake in big financial institutions. aig, generalome of that money may never come back. maybe we'll get the aig money back. the other two maybe not so much. general motors, we the taxpayers own general motors stock, to break even the stock would have to be 54, $55 a share. right now it's trading $25 a share. aig getting close to the breaking point trading $25 a share, 28, 29 is the breaking point. allied bank used to be called gmac, general motors acceptance corporation, it's a financing wing of general motors. we gave them $12.5 billion. they turned themselves into another financial institution kaud allie called allied bank. you know the guy that tricks the little kid about banking. they are now a financial institution. that -- martha: general motors is doing just great in the state of the union, so i assume that that stock will start moving up and we'll get paid back, right? >> reporter: i don't know, martha, the ipo of the stock, the government bailed them out, they brought that company public at around $31 a share a year ago or s