[laughter] jim warren isn't here to retaliate tonight. [laughter] jim warren would be giving you a lot of james o'shea's background [inaudible] [laughter] but i just want to say quickly i have a huge respect and i know many of you do for james o'shea. [inaudible] he was a journalist and managing editor and [inaudible] it's nice to see how much people love and care and respect him and i think it took a lot of courage to write this book. jim is used to for writing about other people and i think it is not always so easy, and so it's really especially great to have him here talking about his book. i also want to mention this is being taped for c-span. i think you know that coming and c-span has asked me to ask you if you are asking questions during the question and answer time please, wait until the microphone comes to you and start asking your question. with all of that i would like to introduce james and jim. [applause] >> thank you. [inaudible] [inaudible] i want to thank lisa hindman and it's a very appropriate space for the topic of the

so, it was an odd week. >> jon: jim, the president, the line he keeps using about warren buffett's secretary pays less in taxes or pays a lower tax rate than warren buffett, has that been adequately investigated? >> smart alec's said let's see warren buffett's tax returns and see what he's actually paying. this is the complicated issue because a few months ago, the president said he he was going to fit in again, jobs and the pivot he's made in his presidency and pivots to populism, class warfare, wlaefr you want to call it and the the media is confused. they like him and bothers them a little bit what joel koffman of new gee off if i told, based on trust funds and capital gains and so on, they're all a part of that, even if they're not themselves reporters, their in-laws of wall street and they're bothered by this. >> jon: cal, new york times, david brooks, labeled himself an obama sap for believing in all of of the hope and change promises. have the liberal media lost faith in this president? >> i think they're starting to lose faith, but they haven't lost faith in liberalism and that's a v

known executive sallie krawcheck, a $5 billion dollar investment by warren buffett, and $15 billion in asset sales. but, as analyst jim leonard explains, none of these efforts has addressed the major concern of investors. >> there's an issue about whether or not they are going to raise capital, and almost all of that is driven from the potential mortgage losses from lawsuits, from fraud claims, that e overhanging the company. >> reporter: he estimates losses could be up to $40 billion dollars, roughly a third of the bank's capital. that raises the question of whether bank of america needs an extreme makeover-- like carving out its countrywide mortgage unit for a chapter 11 filing, spinning off merrill lynch or creating a litigation trust to deal with its mortgage liability. credit suisse believes what's needed is patience. >> we have an outperform rating on bank of america. the idea is that we do think it can earn in the neighborhood of $2/share by 2013 and get to, or slightly above, its tangible book value of $12.65. price target is $14. >> reporter: you may be wondering if the cost-cutting at b. of a. will mean deep