gerri: thank you so much. >> thank you. gerri: great stuffer.d, number five, the amond worth $100 million. this has nearly 274karots and internally and externally flawless giving it the highest grade for a color less gem. number four, host diamond worth $350 million, the largest blue diamond in the world worth more than 45 # karots on displayed at the smithsonian, which is rumored to be cursed. the culinary diamond worth $400 million discovered in south africa in 1905, the largest rough gem famed. it's more than 3100. the fancy diamond, pear shaped yellow diamond said to be priceless. it is 55karots discovered in india in the 15th century, and the number one most expensive diamond is this mountain of light incursion, and it certainly is, considered priceless and 105 karots. this was discovered in india, but it's older, from the 14th century. it's currently owned by the british royal family. beautiful! we'll be right back with my two cents more and answer to the question of the day. when it comes to automatic spending cuts, is it apocalypse now o

gerri: it's not silly, a lot of people make that argument. gerri: i resent that.t is not a silly point at all. >> getting sulfur out of gasoline to prevent asthma attacks and premature deaths have nothing to do whether or not we get off of fossil fuels 10 or 20 or 30 years from now. this is not about the environment. the. gerri: we've given you a lot of airtime. i think it's time for mark. what do you think, mark? was new at dancing directly here. then talk about this issue of health. >> i think he should contribute to some kind of children's asthma charity and spend his old money to help people. he has lost the speculation about how asthmatics are dying because of the remaining sulfur in gasoline. the environment has improved greatly. i'm sure there is always room for improvement. the. gerri: but at what cost? >> the smog is unhealthy. half of all americans live in cities that have smog at healthy levels. gerri: thank you both for coming on tonight. >> thank you for helping us. mark, we appreciate you coming on. gerri: some people just don't know when to stop. me

stick gerri: i am at the new york auto gerri: luxury car interiors.york international auto show kicks off this weekend, featuring 1000 of the latest models of luxury and non-model undreamt luxury models. i got to go on the two were inside. i asked if the interior of the car is just as important as the outside. >> you live and drive inside your car. the people don't think about this. i have a rule that you are what you drive. [laughter] >> what is interesting is when you think about what is inside the car, technology has really blossomed. the interior has gone so fashionable. gerri: take a look at this. can you give me a little run down on this? >> it is a purple metallic. whats interesting is that it's almost a plan. the center is made of aluminum. those wines are very distinct. they are also using composite plastics to create these types of shapes. also, note this headlight. what a piece of art. >> i am really excited about seeing the inside of a car. >> look at the finish. >> that is a real wood bonaire. every stitch from the ceiling to the dashboar

gerri: hello, i'm gerri willis live from the at atlantic city. tonight, new obamacare fees catching employers by surprise. what's in store for your company and why so many firms are fuming. also, it's a whale of a problem for j pmorgan, be did the bank ignore warning signs. getting to the bottom of the huge trading losses. and, yes, sin, definitely sells. tobacco, alcohol, gambling, look at it here in atlantic city for the business of vice special tonight. "the willis report" is on the case. ♪ gerri: we are live in atlantic city, new jersey, them a dozen casino, four, the biggest in the world, all day long on fox business, looking at the business of vice, and don't be mistaken, it is big business. take atlantic city. the12 casinos took in more than 212 million just in february alone. the entire economy of this city is based in gaming, 33,000 people work in the industry. here at the golden nugget atlantic city casino, they have a golden nugget. look at that. they have a hotel, cay casino, d marina in the heart of new jersey. hear from the general

. ♪ gerri: hello, everybody.onight on "the willis report", the retailers think americans are just as stupid? apparently they do. wait until you see what one of the biggest store is doing now. also, shops are falling your every move, and not just on line. even the stores manikins advice. another celebrity goes bust. millions of dollars in back taxes. why these deadbeats are getting off the hook. "the willis report" is on the case. well, an about face by j.c. penney is our top story tonight. the former department store giant is backed offering sales and discounts hoping shoppers will notice hikes in sticker prices. with more on this, an executive director of pnc venture rubin the president of talented blonde. all right. i have been looking at the story of date. here's what understand. marking a price is only to martin down. they think we are going to notice? >> oh, how the mighty have fallen. last quarter, we sat on the same call every other analysts said on and listened to him talk for ten minutes about how they d

gerri: we have a long way to go.ri: the president is meeting with senators tonight come in the next weeks with house republicans. will there be common ground there? there is heavy criticism of the president for not really trying to negotiate this. how do you think that will go? >> we will see. we did one large meeting in 2011 as well. all the house members came to the white house and at one meeting for an hour. it was fun is a conversatioo obviously can't do much with 240 people. it became a town hall for the president. showing us what his ideas were and we will see what it is again. it's the right thing for the white house come the house and the senate come to have some conversation. i wish that would've would happen during sequestration, but it never did. the date that it was implemented was the first time that the white house was visited. rest the time the president campaigned against us. so we need to have a real conversation. gerri: i want to ask you about your bill. you want to create a mechanism where a govern

gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" to shocking admissions from the highest levels of government. we are powerless to do our job, they say. even the government is bigger than eve. also, not so enormously from the after all this are reports joins us. "the willis report" is on the case. all that and more coming a more. first tonight our top story for it too big to fail. how about too big to function. those of our government can't seem to perform the basic functions correctly. at every pharmaceutical drugs in this country is approved. >> you can't tell us sitting here now. >> i really cannot. gerri: responding to allegations that a massachusetts, pounding center was greedy and sloppy in producing drugs according to one former employee. paul rowland the debts of 28 people in the meningitis outbreak last year. where were regulators jack good question. the fda budget has increased by nearly 22 percentage. it is bigger but not better. now it is not just the fda. a justice deparent also seems to h

gerri: let me ask you this. a lot of people say the economy is on a tear. they look at these jobs numbers and they see fourth-quarter gdp and they are saying that this is a great economy. things are turning around. why are you so down in the dumps. >> we studied this in cycles and it looks like this has been going on for about a half year. all those data points that you have talked about is anybody earning a paycheck understand that. >> in terms of income, you see that it's not all that it's cracked up to be. >> it is from a very low base. impact on the overall economy is a fraction of this gdp. maybe what the sequester might have taken away. when you take a look at what else is there. gerri: not everybody is on he bandwagon. a lot of people are much more circumstantial. they say that we are barely riding the edge, maybe 2% is what we're going to get. you stay at that level, it is easy to to to the other side? >> just like you said, you always hear people say we were out of 2% economy. year-over-year, 1% growth

gerri: gerri:.ms to me that most of us have no idea that these price differences exist. >> we did not either. >> asking all these different things. gerri: had the use of this problem? >> that is our number one step. after all of this happened we came out and said not only are people not getting the lowest price, but when we call we asked all the different prices and can see that there were not even giving us the best possible discount. we had to combat asking for the discounted some cases. gerri: people are now used to haggling. >> it sounds so 19th century. in some cases being able to haggle might get the price down so low it is actually cheaper in your copay. gerri: cheaper than the copay. are you kidding me? >> the perfect example is generics ago. $7 it cost coke. most people it's about $10. $3 does not sound like a lot on the surface, but over the course of a year or even longer the savings that of. gerri: a lot of people take to lead the tour for their entire lives. so you have to bring this co

gerri: unbelievable.ox business alert one week after recalling its pricey black in yoga pants, you should be able to return them with no problem. you remember the answer see through. this after a new york post story on one woman being asked to bend over to prove that the pants she was trying to return more come in fact, to share. i would not do that. the company said no demonstrations are needed in order to get your money back. they're just saying that. a lot more still to come including advice on raising a child genius. could your child be the next multimillionaire? and three major companies and three pretty controversial ads. he our panel weighs in. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade.

gerri: hello, everybody. i'm gerri willis. tonight, a backlash, a new plan to let the feds dig deeper in our lives than ever before. government agencies seeking full access to our personal financial records: also, remember when internship meant working for free or minimum wage? not anymore when you work for the federal government. in a new deal that could dramatically change retirement plans, we're covering your assets next on "the willis report." ♪ gerri: all that and more later in the show including another record day on wall street. the dow up 83 points closing at 14539 and s&p 500 closing two points shy of the all time high. first tonight, our top story. a new privacy warning for you tonight. the feds eyeing you under a microscope. the obama administration planning to give spy agencies complete access to a data base containing financial data of every single american, including you, according to an exclusive report today. currently, only the fbi has access to the treasury's financial crimes end forcement network data base,

gerri: hello, everybody, i am gerri willis. tonight on "the willis report." in a health warning about a compounding drug company. the fda still try to get a handle on this latest contamination. also, the new housing bubble forming. big investors on a buying spree. what does it mean for you? and big changes coming to the way you shop for airline tickets. making it impossible to compare prices. we are taking off next on "the willis report." gerri: all that and more coming up later in the show, but first, our top story, tainted drugs. painkillers, cardiac magazine, antibiotics, you name it. all recalled by the food and drug administration. the medication you're taking yog right now could be dangerous. the fda says drugs produced by compounding pharmacy in new jersey may be contaminated with mold. after health care providers in etiquette head floating particles identified as a fungus in five bags of magnesium sulfate intravenous solution. it is in practically everything, as i mentioned. antibiotics, and ascetic, painkillers, labor inducing drugs, all of which dis

gerri: craig love having you on. >> thank you gerri.erri: a software glitch heard, round the world this week, a filing error involving h&r block, getting refunds weeks. customer alleging that company has not returned any fees, joining me now, wealth health managi director, rich, what do you make of this, i was blown away. >> this is a huge error, the problem, do you things last minute with changes in tax law occur very late, and systems that needed to be upgrade, and irs trying to upgrade their forms they delayed filings, you will see a problem in any business with system upgrades, the question now, is it h&r block system they pay to use or irs sim -- system, the big problem is the education credit. gerri: should they be simple forms. >> they should be bthey have revised form, there are new questions, in past if you did not answer a question, it was taken as a no, but with the new system it needs to be filled out, really just systems not speaking the same language, you know we get this in all businesses first time do you stuff? all righ

gerri: hello, everybody, i am gerri willis. tonight i'm "the willis report." a new blueprint to save our problems. does it have a chance with congress? also, how long will wall street banks get off the hook? republican senator chuck grassley wants to take away their get out of jail free card. he is here tonight. and finally some good news. those annoying text spam messages could soon disappear. we are on the case. ♪ gerri: all that and more coming up including a record day in the market. dow closing in the green for the eighth day in a row. getting further into record territory. repayment is coming soon, my friends. what the president playing nice with republicans wining and dining them so all is well in washington? we can expect a rousing chorus of come by on capitol hill? wrong again. the two sides could not be farther apart. today paul ryan really sinks his plan. ryan's plan would balance the budget in 10 years, something sg soon-to-be released democrat proposal has no intention of doing. ryan would cut spending down to only 19% of gdp down from 23% right n

gerri: ♪ gerri: breaking news.l bank in announcing that all banks will remain closed until thursday. reversing an earlier decision to open most of the banks tomorrow. we may be joined later to talk about that. now, the central bank says the decision is being taken to ensure the smooth functioning of the whole banking system. probably any function in all. what kind of precedent as cyprus said? take a look at this video. you can see a preview of things to come. bank account holders protesting in the streets of this tiny island nation. the government moves to step in and take people's money. that keeps the banks and government operating. stocks in our markets dropping as the euro group president this drives the blueprint, as in the my want to do it again. investors say bad idea. stocks tanked as much as 113 points on that news. no bigger than yellowstone national park. the population of the island nation is about the size of dallas, influence in international markets and pounding your retirement. one of the dynamics a

gerri: hello, everybody. i am gerri willis. tonight on "the willis report", no more contracts. i will get into the latest plan to change the relationship between you and your cell phone. also, is your car spying on you? we will have those stories and more tonight on "the willis report" and. we have all that and more coming up. including the dow hitting an all-new high. at first, our top story. a big shakeup for consumers. t-mobile has been a cornerstone for decades. it means that you can now buy a smartphone without paying a hefty contract price up front and you won't be chained to a deal either. it will save consumers thousands of dollars, but there are rules. joining us now is the senior electronic editor. what do you think, yes or no? >> there are good things or maybe not so good things. the good thing is never before have people paid so little for an iphone up front. the other thing is when you have a subsidized phone come every month there is an extra fee that goes towards paying it off. but the big carriers have never taken up the off-season after you fulfill their contra

gerri: all right, liz macdonald. gerri: lives, thank you so much for coming on the show. come, my "two cents more". what to expect when you travel coming up next. stay with us. gerri: attenti travelers come in the next time you stay at a big-name hotel, it will cost you if you are a frequent traveler. mark murphy joins me now. >> you need more points to get a stay at a hotel. therefore you have to stay more and spend more to get your free night. so the making you work harder, they are getting revenue as a result of that. gerri: hilton doubletree is saying that they will equire 3000 more in rewards spending. thank you very much. >> that's right, i look at this as frequent travelers. gerri: you tried to system and you try to get everything you can out of it. first it was the airlines, now it is hotels. are they in such dire financial straits that they just can't make it? >> the business is coming back. >> they have all of these point out there. 36% of the hotels that they have are in terms of this category, which means it cost you more to stay there for free. you have to ea

gerri: great idea.tudio to sit down face to face. >> i will, looking forward to tennessee gerri: complement. thanks a bunch, todd. >> all right, bye. gerri: on this day in business history, back in 1928, american auto pioneer james packard died who built the first automobile in 1899 creating the automobile company three years later, the first car with steering wheels and were the first to use an h-pattern gear shift, the configuration you know that. they sold for $2600 and were the standard of american luxury way back in the roaring 20s. how pretty are they? owners included actor clark gable. next to the ford motor company, they were concerned the most valuable name in the auto industry. in 1955, packard merged with studebaker, struggled financially, and in a year, all packard plants shut down. in the mid-90s, two americans purchased the right to the name, but unsuccessfully revied the company. one of the most valuable names in the country passed away today, march 20th, 85 years ago. that's good stuff.

gerri: in.ri: it has been three long months says the tragedy and sandy hook elementary school newtown, conn., where a madman killed 20 children and six adults. more than 40 organizations have raised nearly $15 million to help the families children's -- to victims' families but there are new questions on one of money has made its way to victims. karen, a spokeswoman joins me now. thanks for coming and the show. so, where is that 15 million? >> right now is sitting with many of the funds waiting to be disbursed. what we're finding is that there is a very long, deliver live, contemplated, and compliced process for consulting the public, having in this region fund, figung out where the money's going too. gerri: it seems to me that these families probably needed this bridling. >> that's correct, and at this point there is only one fund that has actually distributed mone to the victims' families. when they formed this said that was their intent, and tha is addictive what they're done. they have done i

we appreciate your time. >> thank you, gerri. gerri: fox business alert.iscover financial services will offer home-equity loans later this year. between $25,000 and $100,000o homeowners. they are pushing further into direct banking. it also offers auto and personal and student loans and the company executives point out the customer base could benefit from the plan since 80% of homeowners. shares rose about 2% on the news. up 9% for the year. we will be back with my "two cents more" and the answer to the question of the day. stay with us [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. they're about 10 times softer and may have surface pores where bacteria can multiy. polident kills 99.99% of odor causing bacteria and helps dissolve stains. that's why i recommend polident. [ male announcer ] cleaner, fresher, brighter every day. ♪ right. but the most important feature of all is... thcapital e purchase eraser. i c

gerri: wow, hot stuff. much more tomorrow ni gerri: i have a personal question for you.raffic in drugs, cash in 2012 -- if you sold some and made money, the irs wants to know. there is a line to reporting illegal loot on your tax form. if you received a bribe come included in your income, and it gets worse when you scroll down the page, income from illegal activities such as money from dealing illegal drugs must be included in your income on line 21. who would do anything as stupid? joining me now is rich coppa. okay, i don't have the legal income, but if i had the income if i was dealing drugs, i sure would not report it to the irs. what are they thinking? >> you know, as crazy as it sounds, the reality is that the irs wants to record all instances of this. the only benefit of doing this is that you do avoid tax evasion and that is always a big pushback. there are laws that say that there is no sharing of information with what is on the tax return. but if there are audits and interviews with witnesses or any other investigation into it, that information, which is in the

gerri: all right, liz macdonald. gerri: lives, thank you so much for coming on the show.hil to come, my "two cents more". what to expect when you travel coming up next. stay with us. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. gerri: attention travelers come in the next time you stay at a big-name hotel, it will cost you if you are a frequent traveler. mark murphy joins me now. >> you need more points to get a stay at a hotel. therefore you have to stay more and spend more to get your free night. so the making you work harder, they are getting revenue as a result of that. gerri: hilton doubletree is saying that the

gerri: why can't we do that?n fairness to the sec, there is a federal law wch limits the ability of the sec to essentially supervismunicipal bond market. they do not provide the extent of the stock market. and the jurisdiion. there is no top cop. sovereign entities, it is basically up to the voters to say no more, no more. the problem is tt thdebt in america becomes increasingly complex and the pension obligations another form of borrowing and deficit spending, voters don't understand what they're getting themselves into. gerri: it is a pickle we will have to pay into, bailing out these states. illinois at the top, two or three of the programs, kentucky, indiana, he said new jersey is also one of these states in the crosshairr of this issue. >> new jersey was the first state ever cited by fraud back in 2010 for basically just in the bond documents making the pension fund the way it looked before the technology crash of 1999. in 2002, 20 saying this is what is funded. that is unbelievable, isn't it? don't you thin

gerri: obamacare.ottom line gerri: a new report warning obamacare will drive medical claims costs of 32%. the nation's leading group of financial risk analysts, the societof actuaries has a medical claim cost are about to skyrocket for individual policies under obamacare. these plans are the biggest driver of insurance premiums. some states will see claims costs go down, but the majority are going to see double-digit increases. they are the latest group to one of these increases. more broken promises. the cost will go up and not down. and small businesses are facing huge consequences from obamacare. a san diego bakery is sounding the alarm. whopping 65%. with oneness, the owner of baked in the sun. rachel, thank you for beg with us today. how does obamacare kill more than half your profit? >> welcome i estimate that the cost of the implementation would be about 100 up of $200,000. we are a small business and there is a narrow margin. the whole industry that we are in has a narrow margin. thousands of b