so why understand the situation, there was previously about $119 million debt on the books and jpmorgan agreed to wipe out about $21 million. we are reducing about 98.4 million. the asian art museum has about 78.5 million in and restricted access on the books. about a 19.9 liability that we are exposed to. it is that correct? >> >> members of the board, that is correct. >> i think we debate the merits of the city's standing by heine to this which for many reasons i am in favor of that. we have about a $19.9 million exposure right now but my question is whether that could not grow to 50 million. right now, the asian art museum has its separate investment committee. in accordance with the settlement, we are going to have as a nonvoting member on the investment community but in reality no direct jurisdiction of what they do with that capital. our exposure would go from 19.9 million to 50 million. >> the unrestricted assets of the foundation which the board of supervisors is not have control over which is 70.5 million. because of the stock market or any other reason those assets went down,

. >>> jpmorgan chase were at the center of bernard madoff's massive fraud and complicit in it. that's according to a lawsuit unsealed thursday. the trustee tried to claim money for madoff victims, claims bank executives kept doing business with him, despite suspecting he was running a ponzi scheme. jpmorgan calls the lawsuit meritless. >>> verizon has stopped taking iphone preorders less than 24 hours after it started. anyone who wants to buy the phone will now have to wait until wednesday to order it. "usa today's" ed baig already has one. he says the combination of the iphone with verizon's network is a big hit. >> the key differentiator is the network. verizon versus at&t. i didn't experience any dropped calls testing the iphone in northern new jersey and here in new york city. >> the cell phone wars begin. you can read ed's full review at usatoday.com. >>> some journalists in cairo threaten with death. >>> plus, the invite list for the white house super bowl party. ♪ special k protein shakes -- ♪ a truly great-tasting breakfast shake. with 10 grams of protein and 5 grams of

they are looking for $6.4 million from jpmorgan chase. >>> the super bowl could be a big boom. despite the icy weather, the game could post records for sales of tickets and merchandise generating a bigger impact for north texas than any previous host. price water is predicting a 200,000 bunch of people to descend on the game to spend $202 million. scott, that tops $195 million spent in '07 in florida. >> fair enough. looking forward to it. thank you, nicole. >>> dog walkers, baby strollers and bicyclists, everyone has a story about some near miss accident on bay area walking trails. but is it time for the police to step in? "today in the east bay's" vicky nguyen looks at accidents on popular trails and what can be done about them. >> reporter: one minute she was on a leisurely stroll with her dog. >> i didn't see it coming. >> reporter: the next -- >> i heard from behind the biker yell, lookout. then i turned around. >> reporter: by then it was too late for george finch. the cyclist slammed into her and they both hit the pavement. george was shaken up and bruised. the biker fli

jpmorgan we also visited with earlier this morning. they have been very aggressive in bidding. they bought over $1 billion of our bonds over the next -- over the last 18 months. this was the most savings for the repairs, coming in at 4.5% annual true interest rate. the calendar for the water bond -- i mentioned we have sold $2.70 billion to date. what this means just on wsip, the water system improvement project -- we have locked in place six great costs that are paying -- that are saving the ratepayer $3.60 million. if we add on to that the refunding we have done on water, waste water, and the waste water bonds were sold last summer, we have locked in place a total of $450 million of savings lower than what we had projected. here is our right modeling long term. that is really helping us cover a lot of the shortfall in revenues where we had at lower water sales and lower sewer treatment. you look at that thursday in the budget. we have $1.90 billion more to sell from wsip. we will next need money in the summer, about $600 million in june or july. because the build america bond

jpmorgan chase says it overcharged 4,500 active duty service members, and wrongly foreclosed on 18. so far the bank says it has refunded $2.4 million, including lost interest. >>> on the "cbs moneywatch," stocks in asia lost ground this morning. ashley morrison is here in new york with the latest on that. good morning, ashley. >> good morning to you, betty. asian markets edged lower on cautious trading. japan's nikkei lost a fraction while hong kong's hang seng shed nearly 2%. today wall street gets a look at the weekly jobless claim numbers. on wednesday stocks finished mixed after fed chair ben bernanke told congress he expects unemployment to remain high for several years. the dow added 6 and change. the blue chips have now gained eight days in a row while the nasdaq closed down eight points. >>> some good news on the foreclosure front. data released overnight shows fewer homes have entered the foreclosure process in january than in any month in three years. but the news is not all good. actual home seizures increased 12% from december to january. the foreclosure crisis isn't exp

. >>> jpmorgan chase wants to put your money with your mouth is with plans to start an internet and newedia investment fund. >>> boeing unveiled its biggest passenger jet to date yesterday. the first of the new 747 eights scheduled tole roll out early next year. and ftd is offering a full refund for groupon customers who complained that the flower company jacked up prices on purchases made with discounts from the online coupon site. >>> well, tiger whimpers. lebron won't take the shot. and junior takes the pole at daytona. >>> plus a team owner and former star blasts the nhl over friday night's fight fest. your early morning sports headlines are straight ahead. >>> after a beautiful weekend, the nice weather continues east of the rockies. the west coast rainy for you. your monday forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, after the huge contract lebron james signed with miami, it's only logical the heat would expect him to come through for them in a clutch. but yesterday, he passed. here's nbc's fre

. >>> the second largest bank in measure, jpmorgan chase, admitted today it had mistreated thousands of the nation's men and women in uniform by overcharging them on their mortgages or outright foreclosing on their homes. in some cases, it happened while they were on war duty in iraq or afghanistan. the admission came after an exclusive report by our own senior investigative correspondent, lisa myers, who has our follow-up report tonight. >> reporter: army lieutenant colonel sarah smith and her family were foreclosed on by chase almost two years ago, while she was on active duty in iraq. >> i remember it being very difficult, very hard. >> we love you, honey. >> reporter: marine captain jonathan rolls and his wife, julia, were overcharged by chase for their mortgage, then harassed for money they did not owe. today the couple told an outraged congressional committee they had been battling chase for five years. >> we've spoken with managers in south carolina to texas to california. nobody knew how to fix our problem. >> you spend your time trying to not worry about home, and it's still

also the settlement is part of a class-action lawsuit filed in 2009 including jpmorgan chase and citigroup. >>> yahoo! is moving to more personalized content. the website has been hit by declining revenues and a steady stream of employees walking out the door. yahoo! is developing a platform to give personal apps on employees' phones and personal devices. back to you. >>> facebook may be ready for a new home. the palo alto social networking giant report edly is moving to microsystem's campus. facebook has grown to more than 2,000 employees from about 1,000 back in august of 2009. >>> aol is purchasing "the huffington post" for $315 million. the purchase will bring an additional 25 million daily visitors to the aol empire. once the deal is approved it will put arianna huffington is in charge of all aol content. tim armstrong says 2011 will be the comeback year for the company as it continues to boost sluggish advertising sales. >>> well, you can start buying verizon's highly-anticipated iphone at stores this week. the company started taking preorders last week. customers can have one in the

on monday, stocks finished mixed after wal-mart was downgraded by jpmorgan. the dow lost five while the nasdaq was up 8. >>> the white house is trying to make it a little easier to go green. their budget proposal calls for giving $7,500 directly to electric car buyers rather than making them wait for a tax credit. it's part of the white house goal of putting a million electrical vehicles on the road by 2015. >>> general motors will pay factory workers record bonuses next month. less than two years out of bankruptcy protection, gm will pay its union workers more than $4,000 each as compensation for the company's strong financial performance last year. >>> and get ready for higher price tags on clothing. soaring cotton costs are expected to mean higher prices soon for everything from socks to bluejeans to shoes. the hikes could be as much as 10% and are expected to show up in the spring. consumers should expect fewer color choices, as well. >>> that's your moneywatch. for more, stay with cbsmoneywatch.com. in new york, i'm ashley morrison. >>> it is 4:45. comin

looking to settle with as many as 14 mortgage services including the big ones, bank of america, jpmorgan and wells fargo. >>> ford is recalling about 144,000 f-150 trucks in the united states and canada. the model is 2005 and 2006. a short circuit could cause the air bags to deploy. ford received an unspecified number of complaints. in most cases the air bags deploying right after the trucks were started. now ford has recalled more than a million vehicles this year alone. >>> switching gears a little bit, 3-d movies have helped boost global box office sales to a record hold of $31.8 billion last year. the motion picture association of america says most of the growth came in asia. u.s. box office receipts were pretty flat. ticket prices did go up, but attendance fell. so 3-d movies made up only 20% of all ticket sales. scott, not doing so great in the united states, so i wouldn't go out to buy the glasses just yet. >> well, with higher gas prices, too, nicole, you are going to see other ideas that people can do. they are not going to be able to do them if they are paying at the pump. >> r

more than a dozen firms, including bank of america and jpmorgan chase could be punished within days. published reports say the banks could be forced to change how they operate. >>> borders has failed for bankruptcy protection and says it will close nearly one-third of its more than 600 stores. the chain fell behind in the digital revolution. and fewer stores could actually help e-book sales. >>> your summer vacation may be a little more expensive this year, if you're planning on flying. airlines are not offering the deep discounts for the prime summer season. instead, some round-trip fares could get bumped up by as much as 250 bucks. >>> the classic board game, monopoly, is getting a new look. hasbro has unveiled monopoly live, which introduces a computerized tower of power that controls the game. it keeps track of your money and your movement and gives instructions. it will be out in the fall. but you will still be able to buy the original. >>> move over, elvis. the cast of "glee," now holds one of the king's records. in just 18 months, the show has had 113 songs appear on billboard

jpmorgan chase today admitted overcharging 4,500 service members and foreclosing on 18 of them. abc's david muir on the laws that were broken and the lives badly disrupted. >> reporter: it was a rare apology from one of the big banks. to service members targeted. rates hiked and in some cases, foreclosed upon. >> i'd like to express to the men and women serving our country, chase's deepest regret over the mistakes we made. i commit to you that we will get this right. >> reporter: and listening to that apology today, captain jonathan rowles and his wife. rowles, a u.s. marine, endured a five-year battle with the bank. overcharges, threats of foreclosu foreclosure, even though his wife was paying on time. >> when you call your wife at 2:00 in the morning, just to see how things are going, and you spend 20 minutes, talking about, how can we send another letter or how we can make another phone call or, instead of, "honey, i love you, how was the day, how's the babies?" it's rough. >> reporter: federal law is supposed to protect service members. a 6% cap on any interest rates and fee

across the country when the economy tumbled, jpmorgan chase set up new offices to work one-on-one withhomeowners. since 2009, we've helped over 200,000 americans keep their homes. and we're reaching out to small businesses too, increasing our lending commitment this year to $10 billion and giving businesses the opportunity to ask for a second review if they feel their loan should have been approved. this is how recoveries happen. everyone doing their part. this is the way forward. >>> all next week here on "world news" with diane sawyer, made in america. we're going to begin with a simple question for us all. look around you at your home tonight. how much of what you see in the living room, bedroom right now was entirely made in america? and what difference would that make when it comes to american jobs? >> join "world news" as we set off on a kind of challenge. >> you have heard diane in recent days with our countdown to "made in america." after all, it has been the american workforce that has pulled us out of nearly every economic downturn we have faced as a country. after world war

financial institution jpmorgan chase has publicly apologized for a scandal aimed at members of our u.sl street giant admitted to overcharging 4500 service members and foreclosing on 18 of them. david muir has more on the laws that were broken and families that were shattered. >> reporter: it was a rare apology from one of the big banks to service members targeted. rates hiked and in some cases foreclosed upon. >> i would like to express to the men and women serving our country, chase's deepest regrets over the mistakes we made. i commit to you we will get this right. >> reporter: and listening to that apology, captain jonathan rowles and his wife. rowles, a u.s. marine, endured a five-year battle with the banks. overcharges, threats of foreclosure, even though his wife was paying on time. >> when you call your wife at 2 a.m. to see how things are going and you spend 20 minutes talking about how we can send another letter or how we can make another phone call or -- instead of, honey, i love you, how was your day? how are the babiebabies? it's -- it's rough. >> reporter: federal law is s

make it safe for individual investors to make sure we don't bailout that aig or citigroup lowered jpmorgan next time was wrong. like i said, not that i fell in love with barack obama but seduced. maybe i was there maybe i was sent but i think you will agree it is hard to imagine anyone who is more progressive or intelligent and has a better handle van barack obama been president any time soon. he has given his background will the cultural, his experiences, the background of not only being harvard law editor bed a community organizer, it is a miracle he got elected president particularly when you consider his name. i began to try to figure out why when you have the circumstances in your favor, when the system was supposed to work to make good on the promises not only his campaign may but progressives have been working towards decades, why couldn't this is done deliver? why did the modern republican governance? financing is it is not simple. i don't know if you are like me in this respect, i have trouble watching real news shows. they make me want to plunge someone. they make me crazy and an

. >>> jpmorgan chase punish the trust trying to recover money for investors filed a 6.4 billion dollar complaint says the bank was complicit in the fraud and e-mail quoted in that suit said executives were quoted that madoff's returns were supposed to be part of a ponzi scheme. >>> speculation this morning that a fatal car crash that killed three young adults in new jersey may have been a suicide pact. the car was discovered early yesterday morning. crashed into the wall in an elementary school and left a 6x6 foot hole there. none of the vehicles inside the vehicle were wearing a seat belt. the car was traveling at a high speed and the crash appeared to be head-on. >>> civil rights leaders in houston outraged over the brutal beating of a teenager caught on video. the video from last march. police have been chasing that teenage burglar suspect. four police officers were fired and await trial. city official trying to block the release of that video until after the trial took place. >>> the son of a judge is charged with notorious casino robbery in las vegas. on december 14th, surveillanc

jpmorgan chase was warninged something wasn't right 18 months before the lid blew off the ponzi schemeinued to do business with him. one e-mail said a bank executive just told me there is a well known cloud of suspicion over the head of madoff and that his returns are speculated to be part of a ponzi scheme. again, this was a year and a half prior to the scheme's collapse. >>> yesterday it was camels, today tanks and cars. another explosion of violence in cairo and how the government is responding to the latest calls for a change of power. >> chances are it is a piece of music history you don't know much about. >>> ben roethlisberger is on the defensive again. i'm kim coyle. did the steelers' quarterback get into more trouble before the super bowl? >>> and the pga tour has never seen a caddie like this yet. the machine's best friend hits the lynx. ,,,,,, rocket scientists! you gave us the space age... but your savings accounts are stuck in the stone age! earn more commodore with interestplus savings at capitalone.com. that's new school banking, baby! [ laughs ] instead of earning zilch

grader and he's been through dartmouth and london school of economics and now he is a banker with jpmorgan, and we are 50 years apart. so it is an intergenerational dialogue. we don't agree on anything and we say things and do things to promote each other intellectually is it makes for a lively kind of salty ideas. >> what are some of the debates that you have? >> guest: we have debates on most things. one of the biggest debate is on the economy and why that unemployment right now how we should go about solving that. civil rights, he was a big leader in the civil rights movement and said that the jobs and economics was part and parcel of the civil rights movement. we argue about should we take the agreement approach to this worthy hour keynesian approach to solving this. we also argue about, the funny thing is that he believes -- he believes in arranged marriages. i don't actually. my tradition being the indian tradition he says i think we need to find someone for you and i will go find someone for you. i said thanks but no thanks. so we argue about love, life, religion and policy. >> is t

the plan the california housing financing is still waiting to hear from wells fargo, b of a and jpmorgan chase. it comes from federal funds reserved in 2008. california representatives say the program could help 95,000 homeowners keep their home. however, the biggest driving factor for foreclosures is still the economic conditions, particularly, the number of people. who are out of work. reporting live in the newsroom, i'm pam cook. let's go back to dave. >>> there's a new poll out. it's from san jose. they asked residents how they would deal with the budget deficit. 45% say cutting the pay of city workerses is their top choice. when they were told the city would still have a budget deficit, 40% say they favor cutting city services compared to 34% who prefer raising taxes. >>> several east bay mayors got together to oppose one of governor brown's opposes. the mayors of oakland, concord, union city are calling on local lawmakers to vote against scrapping the state's redevelopment agencies. the mayor said the redevelopment money helps revitalize blighted areas. >>> san francisco police are

yesterday, the banking giant, jpmorgan chase, was forced to apologize for mistakenly foreclosing on service members and overcharging 4,000 more for their mortgages. with so many service members struggling to make their monthly payments, "gma" gets answers. when u.s. marine captain jonathan rowles went on active duty in 2006, chase bank was required by law to cap his mortgage interest rate to 6%. >> we received phone calls saying we were behind on our payments when we actually weren't. >> reporter: by the end of 2009, his wife says collection agents were calling her three times a day. even in the middle of the night. >> we paid our mortgage. we paid it on time. we paid the full amount. we were receiving harassing collection calls. >> reporter: on wednesday, chase apologized. >> we're deeply disappointed that we have let down the men and women of our military. >> reporter: critics identify a much larger problem. the federal law to protect service members, doesn't apply to houses they bought after joining the military. last year alone, foreclosures near military bases were nearly 10% higher th

one point to make, however, we talked about this a few weeks ago, jpmorgan is facing a lawsuit because of exchanged e-mails and allegations that people were aware that this was going on at the bank. >> for the victims, if, in fact, if anything that he is saying is now true, what does this mean for them as far as a recovery potentially? >> well, if it is true and if there is found to be knowing at the major banks, then they probably will pay a role in paying back some of victims but that is still a long ways away and there would still be a lot of legal issues before them. >> still have to prove they were compli complicit. he hasn't spoken in two years and given no indication he was ever going to speak about it. >> is there a long legal road ahead but for some people who lost a lot they must be thinking maybe there is recourse for me because clearly there was nothing left when this was found out. >> exactly. >>> here is jeff glor at the news desk with a check of today's other headlines. jeff, good morning. >> good morning, everyone. u.s. and mexican investigators looking for clues on a d

court documents claim executives at jpmorgan chase were suspicious about madoff a year and a half beforeest but did nothing. one e-mail spelled it out in 2007, allegedly saying, madoff's claims are speculated to be part of a ponzi scheme, end quote. >>> houston's mayor says this videotape showing police officers kicking and beating a burglary suspect could jeopardize the officers' trial. the video from march was supposed to be kept secret for evidence in court but it was just made public by a community activist. >>> finally, a rogue turkey is ruffling feathers. and it's part of the kennedy clan. the turkey was last seen attacking this mail truck in cape cod. that's when ethel kennedy came forward saying the bird is hers. she said she bought it for the kids to see what a real turkey looked like. but it escaped. that's the news at 7:37. >> that's one wild kennedy. >> thank you, juju. >>> let's get back over to sam. >> hey. let's get to the boards. we're going to deal with what's going on. winter, big winter, from corpus christi, to houston, to dallas. that's just the start. look at this lo

his long-time bank, jpmorgan chase, and the owners of the new york mets are being sued for hundreds ofillions each by victim's trustee irvin pick arrested. both deny knowledge of any fraud. it's not clear exactly who ma maudoff is blaming. he says no one in his immediate family, wife, ruth, sons peter, knew anything about the fraud. and his friends, who profited richly, they knew nothing, they knew nothing. pickard is trying to add to the $10 million he has already recovered from madoff's truly innocent victims. >> there are people who now have lost everything. >> hayes and other lawyers we have spoken to all agree that if he chooses to, madoff could help prosecutors in almost every criminal case they plan to pursue down the line. that's if he chooses to. so far he's only said he'll help to recover in the effort of the scam's phony profits. >> thanks, mike. >>> and finally, an animal truck in honor of the lunar new year has turned out to be so controversial that chinese state television has cancelled an encore performance tonight. a magician appeared to make six goldfish swim in perfec

lawmakers want executives from jpmorgan chase to talk about how it overcharged or wrongfully foreclosed on servicemen and women on active duty. it is a story you saw first here on "today." lisa myers has an update. good morning to you. >> reporter: good morning, matt. the bank is being called to account for seemingly violating a federal law designed to protect troops from financial stress while they are in harm's way. so far, chase admits overcharging 4,000 troops and wrongfully foreclosuring on 14 of them. that doesn't count a family we talked to -- foreclosed on while the mother was in iraq. >> hey, whose job is dishes this week? >> reporter: sarah is a california mother of four. >> did you practice your trumpet? >> reporter: and a lieutenant-colonel in the army reserve. in 2008 smith went on active duty to iraq. while she was there her husband rory lost his job in the economic downturn. they quickly contacted the mortgage company and asked for a modification or temporary help. >> i was being proactive, and put it in writing that sarah was on active orders in iraq. they came back and