> the evidence indicates that effort and money have been expended to cover moral failure. >> if jim bakkerney, what else has he been doing with the ptl money? >> do you worry about the investigation? >> not at all. history will prove the bakkers were honest people. >> we interrupt this for a special report. >> jim bakker, the defrocked head of the ptl ministry, has been found guilty on all 24 counts of fraud and conspiracy by a jury in charlotte, north carolina. >> he kept selling lifetime partnerships at heritage u.s., even though he knew they were oversold. for example, the heritage grand hotel could accommodate only 25,000 partnerships, but 65,000 were sold. and for the bunk house partnerships, about 7,000 were sold for a building that had only eight rooms. >> one caller sent them $15 a month for a year. she thought it would help her ailing pain for her and her husband. >> i don't have enough to even live on. >> bakker could be sentenced to 120 years in prison and fined over $5 million. >> i would say i feel sad, but encouraged in god. >> tammy bakker said she can best describe her feel

the thing was, that jim bakker was one of the single best politician, is that i have ever known. and he got the thing organized and he made sure that reagan got both sides of the story. but he didn't allow one side or the other to dominate. that is the thing that the chief of staff has to be able to do, every white house you have factions, it's just the way of the world. >> they have prior executive experience that fits them in navigating the best actions. the world that he is the boss, there is not that much debate, not that kind of structured dynamic, that adds additional complication. >> dickerson: first president without military or government experience. michael, what do you think his first lesson will be. one, sometimes that things are running late because they're out of your control. do you think there's a fast lesson that a president learns? >> yeah, he is going to gets some frustration particularly with congress and it's going to be temped to turn to twitter in order to try to turn things around. and he will find that the rules are different when you're president of the

. >> you had jim bakker and ed meese. >> you did for a short period. >> valerie jarrett with president how much does the president allow the chief of staff to have the responsibility for managing the white house and managing time. >> what would you be saying to the president-elect today if you were talking to him and advising him? >> taste your words before you spit them out. everything that you utter as president has a consequence some place in america or the world. and respect the most valuable resource you have which is time. and you're going to be making only the toughest decisions as president. don't try to make every government decision. >> barack obama always says only the hardest decisions come to his desk. >> right. all the easy ones are made by someone else. that's why they come to the oval office. i would also say think before you tweet or speak. before it was before you speak. not before you tweet. because people around the world believe when a president speaks what he's saying or tweets. and there's ramifications to that. so, you can't just -- it's not like a campaign. 16