of course i'm honored to be on the platform with john reed who i have a great deal of respect for and once supervised his institution. once spent time at his institution and realized his capability is extraordinary. the issue before us with the panel specifically is ceiling off the bank as i remember and so to what degree can very or should we wall off, ring fence, if you will, banks? there i think an important premise for this, when the occ was founded 150 years ago by just the brilliant ability and intellect of abraham lincoln, he actually personally sent his secretary to lobby to congress to get the national currency act, national banking act through and i'm sure it was true for tom, true for me, right over my shoulder was the national banking act and national currency act interlynn eeighted by abraham lincoln. he spent the time to work on the act himself. it was a brilliant stroke. at that time the banking system was the financial system in essence and in 150 years the banking system is still enormously important and a lot has changed and it is not the whole financial system and t

a few of you may remember, john reed it probably is some who remembers quite well, that when we got to 1980, 81, 82, we came pretty close to a really serious situation that involved not just banks but insurance companies, investment banks. this was, turned out to be too close to call. one of the things, one of the doctrines that i had left out of the original essay is a doctrine that a think still is important today, maybe even more important, is the so-called doctrine of corrective action, getting ahead of problems when they began to emerge as opposed to wait until it's too late. and i began to feel a little bit better that we did a pretty good job of dealing with that situation. i was surprised, as we went along, that a lot of people are still reading that essay. as a matter of fact, they are still reading it to this day, which is really remarkable. so what i tried to do, which i will get to very quickly here, is to revisit the question over the past three or four weeks. now, our banks as a suggested 30 years ago so special, or have events simply outpaced us? as you look at the perio

. >> i have a question for john reed. the kind of size and potential complexity of citigroup was thrust into the spotlight when the group provides a capital plan. wondering your thoughts on the complexity of the organization. as a part of the global sprawl? does that make it more risky to be in multiple countries? multiple businesses? is the more the consumer versus corporate do you talked about? thanks. >> you know, size is one thing, but multiple business mind is the other. i of course spoke about the culture of management that is required if you are dealing with capital markets as opposed to if you are not. city today is immensely large and its geographically dispersed, but it has been geographically dispersed since 1902. the complexity i think comes from the line for business. may a major capital markets as well as very traditional banking operations and that makes for a very difficult management structure. if anybody here want to really get scared, and they should read a book called command-and-control, which is a st

up in warfare the succession, for example, the one in charge of the new age investment banking, john reedourse, running the commercial bank and there is a guy theobold running the consumer, commercial lending. they hated each other and vivs warfare. here you got layers and layers. if you ask recently departed people, they would rain about these people. >> let me ask you a related question. is there effectively irrespective of jamey wright's health? is there a bakeoff going on right now. >> is this the equipment of a public bakeoff, ultimately, these people get the rest of the job? >> you know, kathy graham, she was thrilled the washington post was seen as a net producer of talent and journalism. she didn't care that people left, as long as they landed well. j.p. morgan will be a great talent. ge produced talent elsewhere. probably some of the folks we talked about went to dprit new places. you know, it gets pretty narrow at the top. at ge, they always would lease weirdly enough, strangely at ups no one would ever leave. it depends on the culture. the actualure of finance, i think they pro

. >> reporter: we have followed marine sergeant john peck since he left walter reed.d we were there when he moved in the first smart home and we are now documenting the next few months as he prepares for a double arm transplant. he was serving in afghanistan when he became a rad rupleasm tee. >> we were knocking on everyone's store and saying we are the marines and turned around to my sergeant and loud sound. just couldn't hear after. that i was i was a tripleasm thee. you could feel immense amount of pain and burning and yeah, this is it. i don't want to it die here and i can't die here and two and half months later in bethesda and find out i flat lined throw times and once was pronounced dead and had over 28 surgeries. john peck had come a long way since he was first injured and before he was put on the transplant list he wants to it get married. stacey met on match.comtwo years ago. she is an icu nurse with three nurse and john adopted them as his own. he is learning to walk on prosthetic legs. he has already done sky diving and standing still on a prosthetic is ha

>> reporter: leland we met john peck after he left bethesda naval hospital, now walter reed.t track chair recipient. now we're documenting the next few months as he prepares for a cutting-edge double arm transplant at brigham and womens hospital in boston. he was serving in afghanistan when he became a quadruple amputee on may 24th, 2010. >> we were doing a knock and greet mission, kind of knocking on everybody's door and saying, we're the marines. we're here to protect you. turned to help you. turned around to my sergeant, took a step with my left leg and just a loud sound. just, couldn't hear after that. i was instantaneously triple amputee. i could feel this immense amount of pain and burning and just, like, yep, this is it. i don't want to die here. i can't die here. wake up, 2 1/2 months later in bethesda naval. found out, flat-lined three times. once was pronounced dead. had over 28 surgeries. >> reporter: john peck has come a long way since he was first injured. in fact before he was put on the transplant list, he wants to get married which he plans to do on november 1

nasa astronaut reed wiseman couldn't resist tweeting a picture of the storm. saying, quote, it looks mean. joe johns is on north carolina's outer banks, right in the cross hairs of the hurricane. tracking arthur from cnn's headquarters in atlanta. no one knows it better than you. how bad is it expected to get? sorry, we're not hearing chad there. we will come back to him when we fix that audio problem. first, i want to go to our joe johns, who is out in the outer banks. can you tell us what you're seeing there now? you're starting to see the outer rings the storm coming through there? >> to be honest, it's another day at the beach at least so far. want to give you an idea where i am. this is kill devil hills, north carolina. to the south down there is cape hatteras, north carolina. the cape hatteras national seashore. they're under a hurricane watch. the beaches are supposed to be closed around 9:00. the lifeguards left their posts. at kill devil hills, hundreds of people getting in a little bit of extra sun. i talked to a lot of those people. they told me doesn't really matter to them because here

>> julia reed is greenville born and raised, the daughter of a political family, a writer, author and as delta as it gets. how long you been in mississippi? >> 22 years. i came in 1992. >> johne, then many more restaurants and businesses in the town of oxford. >> i've stayed busy. >> and this is doe's eat place in greenville. >> this is the great florence signa. >> so good to meet you. >> florence is in charge of the salad bowl and has been -- this is doe's senior sister-in-law. when did y'all open up, 1930? >> '41. >> '41, close enough. >> like a lot of folks around here, dominic "big doe" signa got his start selling hot tamales to go. in the beginning, the place catered to the black community but after word got out how good the food was, white people started coming, which led to a kind of weird accommodation to the segregation of the day. blacks came in the front, white people snuck in the back. the menu expanded with the clientele. what human qualities are unique or marked in the native of mississippi? >> i cannot address mississippi because like i said, the delta's a whole other planet. >> okay. better question, then. how does the life-long delta resident differ from --

john kerry much more difficult in terms of what he's trying to accomplish right now. it's been a difficult and bloody week as we know all too well in israel. >> wolf blitzer, jim acosta, za reed fa kariya. quick break. cnn special coverage back after this. and that's why i take prilosec otc each morning for my frequent heart burn because it gives me zero heart burn. prilosec otc the number one dr. recomended frequent heart burn medicine for nine straight years. you can beat zero herat burn prilosec otc one pill each morning 24hrs, zero heart burn ♪ hooking up the country whelping business run ♪ ♪ trains! they haul everything, safely and on time. ♪ tracks! they connect the factories built along the lines. and that means jobs, lots of people, making lots and lots of things. let's get your business rolling now, everybody sing. ♪ norfolk southern what's your function? ♪ ♪ helping this big country move ahead as one ♪ ♪ norfolk southern how's that function? ♪ we do? i took the trash out. i know. and thank you so much for that. i think we should get a medicare supplement insurance plan. right now? [ male announcer ] whether you're new to medicare or not, you may know it only covers