but apparently, one of the investors was lehman brothers, which went under during the financial crisis. so that project was abandoned and then drug dealers and squatters soon moved in. a housing development has been planned for that site on mountain boulevard. any second now we are waiting for the the implosion of the naval medical center at 8750 mountain boulevard in oakland. this is in a residential neighborhood. some of the neighbors actually toasting this with champagne and caviar. they say it's been a blight in their area for quite some time. but this is the last navy structure to be demolished in the former base that closed back in 1996. this is supposed to happen between a 10 to 12-second time period. they told us it was going off right at 12 noon. a few seconds late, but we're still waiting. they say that there is about 800 pounds of dynamite that has been placed strategically within that abandoned building. 11-story concrete building. the last structure standing among the nearly 100 military homes and barracks, stores, gyms, warehouses and mostly other wooden buildings that we

was lehman brothers and sisters?see [laughter] the nbc's something differently that there may be alternative solutions.s. this became a metaphor whenin i was here with planned parenthood in arizona and i had a small clinic in visiting with the staff one day one of the women said to be every day before i go home i have to make as de conscious decision will i wear this sure to because i have to stop milk death occurs restored to a one to engage with a conversation about what i do and why i do with? i thought for a minute that is exactly the time it is most important to where the sure. wearing the shirt of ourf convictions is one of the most singularly important and effective leadership skills you do we consider to be the greatest leaders of all time? male orle female? you think the people who declare where they stand and that is from their leadership imperative. it is the application of the principles that we learned of the social movement that i figure can be applied too any aspect of life. you may recognize a few fol

they bought it along with lehman brothers. they are looking for funding to build the homes out there. the plan is for 960 homes and commercial and retail space. 50 acres is still going to be green out here. today at noon, the bill deal is that building is coming down, an implosion that caused a gathering and lyanne melendez is up here. she will be checking it out and watch memories come back for people that have a lot of memories for this hospital. >> kristen: government has given google permission to dive into the online travel business. mountain view based search giant is trying to buy a search engine for $700 million. purchase would give google control over the software that powers the reservation systems of most major u.s. airlines and comparison sites. google says users would get better results from ipa allowing the company to charge ad rates. >> cheryl: lisa argen is in for mike nicco. nice. >> nice and bright out there. it's only 51 downtown but how much will it warm up today, the weekend? and forecast for the giants ga

it was supposed to be imploded years ago, but the collapse of lehman brothers delayed it. the property is going to be turned into a housing development. the plans are on hold. neighbors are just happy to get the building gone. >> steve jobs is not writing a book about his life, but he's contributing to one. it will be calls isteve. they have been working on the book since 2009. he talks to jobs, members of the family and competitors. this is the first one that actually has jobs' blessing. i's sure to be on nicole's list. she is live with the rest of the news before the bell. good morning, nicole. >> i'm already preordering it. how did you know? futures are higher this morning. it's a happy monday for investors. they don't seem worried about the latest earthquake to hit ja p pan. oil prices hit 113 buck as barrel overnight. we are watching gold at another record high today. asia marketed started off in the red. no big economic data but this week is full of it. we have retail sales, the trade deficit, manufacturing and deficit. alcoa's result and the down falling to recap do

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they bought it along with lehman brothers.are looking for funding to build the homes out there. the plan is for 960 homes and commercial and retail space. 50 acres is still going to be green out here. today at noon, the bill deal is that building is coming down, an implosion that caused a gathering and lyanne melendez is up here. she will be checking it out and watch memories come back for people that have a lot of memories for this hospital. >> kristen: government has given google permission to dive into the online travel business. mountain view based search giant is trying to buy a search engine for $700 million. purchase would give google control over the software that powers the reservation systems of most major u.s. airlines and comparison sites. google says users would get better results from ipa allowing the company to charge ad rates. >> cheryl: lisa argen is in for mike nicco. nice. >> nice and bright out there. it's only 51 downtown but how much will it warm up today, the weekend? and forecast for the giants game all

today's collapse supposed to happen years ago, but the financial collapse of lehman brothers interrupted that process. it was supposed to be turned into a housing development. now building plans are on hold, but neighbors are glad to have the building gone. >>> only on nbc bay area, we take you inside a top secret prison in iran. a man is sharing the details of his journey that landed him behind bars. what led to his capture? and what was the secret to his survival in that prison? garvin thomas shows us why he was freed while others are still in confinement. >> reporter: they say every picture tells a story. the story this one tells, though, is not complete until you hear just where it was taken and by whom. >> there was only electrical power, and i thought wow, amazing. >> reporter: andrew barber is the photographer, iran is the location. >> the judge said basically you're guilty of espionage. thid anew days. the judge told him the power lines led to a power plant, and only spies take such pictures. his hearing was over in a matter of minutes. >> the policemen in charge drove me straigh

reporter: the city and residents have been pressuring the developer and its partner the bankrupt lehman brotherso get rid of the building. the countdown begins and the hospital is history. crumbling from the ground and from the air. as neighbors celebrate, fritsche is near tears. >> so many years here, so many people i knew, so many people i took care of. >> reporter: now the site's future is uncertain. there's talk of housing and a new shopping center. but developers say it's too soon to tell when. fritsche says there is nothing to do now but move forward. >> it's permanent now. it's real. it's not coming back. >> reporter: all of that cement left behind will be recycled and used for other projects. but the rebuilding won't start for several years. there's still an entitlement process that needs to happen. then the housing market will dictate just how quickly this area is rebuilt. in oakland, christin ayers, cbs 5. >>> more charges for a former sheriff's deputy involved in a growing law enforcement scandal in contra costa county. charges for stephen tanabe include conspiracy to possess, transpo

. >> reporter: sun cal was all set to tear it down until their partner, lehman brothers, went under, abandoning the project in bankruptcy. >> left the property in such disarray. they were criminally negligent. >> reporter: it wasn't until mitchell and neighbors banded together to force lehman to pay more than $7 million needed to clean the place up. >> it's been a long hard road. but we'll be glad to see it come down tomorrow. >> reporter: now, sun cal wants to build some mixed use housing along with some retail here. but it's unclear when that will actually happen. there is no timeline and there is still a lot of planning to do. neighbors say it could be years before they know what will go up here. live in oakland, christin ayers, cbs 5. >> coming up next, you hate getting those spam text message? >> i think it's really annoying. >> how to end them. >>> and got a craving for caffeine? how that urge to refill your mug could be wired to your genes. >>> wind gusts of 50 miles per hour and now a severe thunderstorm warning is in effect for fairfield. there is even a potential of frost.

what if lehman brothers had been lehman brothers and sisters?[laughter] yeah, suddenly we can see thing differently, and we can see there may be alternative solutions. wear the shirt. this became a metaphor for me when i was here with planned parenthood in arizona, and we had a very small clinic in casa grande. i was visiting with the staff there one day, and one of the young women said to me -- she had on her planned parenthood shirt that the staff all wore in the health centers -- and she said, you know, every day before i go home i have to make a conscious decision, am i going to wear this shirt when i go home? because if i have to stop to get milk at the grocery store, do i want to have to engage in a conversation with the woman at the checkout count about what i do and why i do it? and i thought for a minute, and i said, you know,s that is exactly the time it's most important to wear the shirt. and wearing the shirt of our convictions is one of the most singularly important and effective leadership skills. when we think back to who are the

the market and they crashed the global economy there is a bear stearns went bankrupt the reason lehman brothers went bankrupt is because a mexican drug cartel was drew their cash from the market as a protest against the investigation in other words so. well cove you're if i'm following this correctly they had to pay a fine no further investigation was pursued presumably because if they want to after this story deeper the mexican drug cartel would threaten to withdraw the money again and throw the global economy back into a total standstill well i think they learned their lesson because let's go on to the next headline the bank run we knew so little about this is from the new york times gretchen morgenson and she looked at the federal reserve freedom of information documents that were released only last week this is based on the bloomberg news efforts to force the fed to release information that who they were loaning money to at the fed's discount window and it turns out according to gretchen morgenson and august two thousand and seven as world financial markets were seizing up to mass to confor

today's collapse was supposed to happen years ago, but the financial collapse of lehman brothers interrupted the process. the 180-acre property was supposed to be turned into a housing development. building plans are on hold now, but neighbors are glad to have the blighted building gone. >>> cal baseball will live to play next year. the team was on last fall's list of sports to be eliminated by budget cuts, but a last-minute burst of pledges worth $9 million were presented to the school's chance horse. backers of the rescue group are still 10% shy of their goal. so the school won't announce the formal reinstatement until all the money is in. cal's baseball team is ranked 13th in the nation. the men's gymnastics team is still fundraising to save its program. >>> with just hours left now until a federal government shutdown, the finger-pointing continues in washington, and a budget deal is still nowhere in sight. congress must reach a deal by midnight eastern time. both sides say they're working hard, but they're still divided. senate majority leader harry reid says lead verse agreed to $38 bil

hundred forty one didn't even happen during the crisis in two thousand and eight when banks like lehman brothers would go belly up badly mae and freddie mac. but at the same time there was a massive selloff russia's market was pretty much. declined four percent in just monday's session but right now what everyone is realizes it's not as bad as it looks because if you look at just the currency markets the dollar was actually gaining weight a lot of money was taking out of shares and going into dollars so therefore as soon as it was since we're still a situation where money is being invested into the dollar not going out of the dollar that means the role of the u.s. economy still remains the same the dollar become still stays the most important reserve currency in the world and therefore there's a breathing space right now on the markers we'll have more of that around twenty minutes time. well how they are but is it just america's spending being scrutinized by doubt why the need for design over how it chooses to spend its eleven they believe that aid budgets. last that these men who fought for the

fed with an average daily loan amount of twelve point three billion and eighteen months after lehman brothers holdings collapsed they made this into a film it would be triple x. rated because what you've got here are banks inserting collateralized debt obligations the various derivatives into each other or if this is plural in an overlapping manner then they lube it up with some of that credit default swaps banks the blood vessels over there j.p. morgan and then the of the holy orgy so you don't really know were what armpits the what body what leg sticking out of what and it's the godly consummation of corrupt kleptocrats swapping spit with each other and other vital banking fluids in a way that create a centrally banking gonorrhoea is what i should say dexie of banks is breaking. only to be exceeded by three people organs which is old thinking socialist well max the subsidiary of dexia bank was called financial security assurance and there in this headline from october two thousand and eight during this time they were visiting the fed discount window research update financial security assura

the plan was to 6960 homes but in 2008 suncal's main partner lehman brothers went bankrupt.e still looking for a partner. in the meantime, demolition plans had to be cared out. they placed dynamite on five levels. they give us the play by play. >> you heard the boom, boom before the explosives. that prima cord lighting the fuse in the columns. that is nine second delay. >> he started out as a patient and later worked here. >> we had a good organization here and trained a lot of people. we hate to see it go. in oakland, lyanne melendez. >> lawmakers in sacramento are considering a bill requiring cities and counties to prove that red light cameras are installed for safety purposes and not to generate revenue. they are expected to oppose this measure. intersections with those cameras would have to be marked. measure would set up tougher rules about notifying those caught on camera running red lights and it to see if they actually help to prevent accidents. >> cal baseball team has been saved. players and families and even a group from stanford chipped in. together they have rai

but in 2008 suncal's main partner lehman brothers went bankrupt.uncal is still looking for a partner. in the meantime, the come litigation plan had to be carried out. they placed 800 pounds of dynamite on five levels. jim of dycon explosives gives the play by play. >> you heard the boom, boom before the explosives that is lighting the fuses so to speak in the columns with a nine second delay. >> steve louie started out as a patient and later worked here. >> we build good organizations here and trained a lot of people. there is a lot of good memories. >> in oakland, lyanne melendez, "abc 7 news". >> janelle: don't go away, 7 on your side is next. michael finney lets us know about the one place to go to find out about dry mouth is uncomfortable. it can also lead to serious dental problems. [ male announcer ] new act total care dry mouth is alcohol-free and has fluoride to strengthen teeth. stronger teeth and dry mouth relief. >> janelle: more than two million children's products were recalled just last month. baby monitors, even kids' watches. could

but suncal's main partner lehman brothers went bankrupt. they are still looking for a partner., the demolition plan had to be carried out. they placed 800 pounds of dynamite on five levels. here is the play by play. >> now you heard the boom, boom before the explosives. that is the cord lighting the fuses in the columns. they have a nine second delay. >> steve louie started out as a patient and later worked here. >> we build good organizations and trained a lot of good people. >> in oakland, lyanne melendez, "abc 7 news." >> don't go away, 7 on your side next. michael finney lets us know about the one place to go to find out the thousands not that long ago, many families were priced out of an overheated housing market. but the times have changed. get the facts at remax.com. it's a great place to see all the listings in thousands of cities and towns. with lots of houses to chose from and down-to-earth prices the dream of owning a home seems more attainable than ever. find out what an experienced re/max agent can do for you. nobody sells more real estate than re/max. visit remax.

the plan was to have 960 homes and commercial space and parks but in 2008 the main partner, lehman brothers> suncal is still looking for a partner. in the meantime, demolition plans had to be carried out. they placed 800 pounds of dynamite on five levels. tim gives us the play by play. >> you heard the boom, boom before the explosion, that is the prima cord lighting the fuses so to speak in the columns. they have a nine second delay. >> steve louie started out as patient and later worked here. >> we built good organizations and trained good people. >> in oakland, lyanne melendez, "abc 7 news." >> don't go away, 7 on your side is next. michael finney lets us know about the one place to go to find out about the hundreds of [ male announcer ] for 5 bucks, you can get a sub. or...you can get all this. kfc's $5 everyday meals. like two pieces of original recipe. your choice of sides, biscuit and a medium drink. 5 for 5 bucks every day. today tastes so good. >>> welcome back on this saturday morning, about 5:50, traffic very light on the golden gate bridge. if you are going to go out and about to

the decision not to intervene in lehman brothers might have been crucial in generating or speeding upthe financial collapse. but it was, you know, i think the ongoing conventional wisdom that one shouldn't do that. that's what markets are there to do; right? it wasn't done. of course the effect was it would spread panic amongst the investment houses and banks and everybody was holding on to whatever money they had, and not trusting any other financial institution. so in the end, that might -- that probably was a mistake. maybe an unavoidable mistake given, you know, the general take on what ought to be done. the bailouts, you know, there's been a lot made of that politically. but i'd like you to consider first of all that the proposal -- initial proposal to do the bailouts game from the treasury secretary and the bush administration, hank paulsen. it would have been catastrophic, i don't think there's any other word, to use if there had not been bailouts of the financial institutions one could argue about gm and chrysler, although i'd say that was pretty important too. if the argument

tonight ohio's new republican governor, john kasich, formerly of fox news, formerly of lehman brothers, signed it into law, stripping away most collective bargaining rights for about 350,000 ohio state employees with the stroke of a pen. here's the thing, though. governor kasich signing that bill tonight starts a clock. starts a 90-day clock. if opponents of that union-stripping bill can gather a little more than 230,000 signatures over the next 90 days, that bill does not go into effect. instead it gets placed on the ballot in november, where ohio voters get to decide whether they really do want to strip union rights or whether they do not. this is a fight that ohio democrats have been gearing up for weeks, gearing up for for weeks. it is a fight that ohio democrats seem pretty darn confident that they will win. joining us now is democratic minority leader from the ohio house of representatives, armand budish. thank you for being here. >> it's my pleasure. thanks for having me. >> it seems from a national perspective that democrats and the democratic base are getting really fired up b

one of the investors was lehman brothers. the project was abandoned.eighbors are happy to see it go. >> there wasn't a lot of security at the property so it did attract folks that wanted to come in and steal wiring and copper piping. >> a housing development is now planned for the site on mountain boulevard. >>> it is 5:53. this morning, some new hope for caltrain to keep some of their stations alive. the board voted to delay action on proposed cuts last night. it wants to seek other ways of funding before any final decision is made. so that means the proposed closures of three stations would only be temporary for now. it's one of the ways to make up for caltrain's $30 million deficit. the board set to vote on april 21st. >>> and speaking of driving, a celebrity chef has a new ride to replace his stolen yellow lamborghini. guy fieri has a new bright yellow chevrolet camaro convertible. thought it was silver. but we'll go with yellow. his lamborghini similar to this one was yellow stolen from a deal inship on van ness. surveillance video image captured

>> there were open contracts with lehman brothers when they failed. those contracts were settled so were able to be settled. >> and settled how? >> large number of them moved through a payment versus payment settlement system. i can't give you the precise percentage that were settled that way, but it is my understanding that all of the open contracts through lehman brothers were settled. >> governor tarullo, do the board of governors support the markets in the late months of 2008? >> well, senator, it wasn't support for the foreign exchange market as such, senator. there was liquidity provided in form of dollar liquidity both through the discount window, directly to institutions operating in the united states and to central banks in some other countries. these were not in pursuit of settling foreign exchange swaps. this was as a byproduct of the general liquidity squeeze -- >> part of their exposure was the foshe foreign exchange contracts? >> i think it was much more a funding problem, a dollar funding problem. it's not a matter of failing on a contr

when the people default on them, the banks cannot pay their debts to other people and that's why lehman brothersout of business. >> we thought we had some savings but a lot the savings lost a lot of their value when the stock-market crash. what we have to do now is try to increase our cash flow and try to save as much as we can and try to find a way to pay for college. riding my bicycle as -- and every little bit we can do helps. >> basically, the government must up. they encourage reckless lending practices by america's financial institutions which led to the disastrous recession and the housing crisis. there has to have been some kind of change in banking policies, right? the great depression was very bad but not because of the stock market crash but because we had deflationary in the economy. that is when the overall level of prices start to go down for everything. what the fed tries to do early on in 2008 was put money into the economy and the more my you put into the economy, the more likely you are to cut inflation. and so, the banks lend the money out. if banks have moral money to lend ou

reporter: the city and residents have been pressuring the developer and it's part inner, bankrupt lehman brothers, to tear the building down for years. finally the siren sounds, the countdown begins. and the hospital is history, crumbling from the ground and from the air, as neighbors celebrate, birch is near tears. >> so many years here, so many people i knew, so many people i took care of. >> reporter: now the site's future is uncertain. there is nothing to do now but move forward. >> it's permanent now. it's real. it's not coming back. >> reporter: all of the cement left behind will be recycled and used for other projects, but rebuilding won't start for several years. there's still an entitlement process that needs to happen. then the housing market will dictate how quickly this area is rebuilt. in oakland, kristen ayers, cbs 5. >>> well, people spent the night at the oakland coliseum, believe it or not. still to come here on weekend early edition, the free offers inspiring people to line up for hours. >>> but first, here's tony t with some tips on tomatoes. >>> well, today's tip of the day is

to the decisionmaking process behind the bailout and maybe not intervening in the collapse of lehman brothersst as overall economic policy from this whole presidency and how you think history will judge that. >> the decision not to intervene in the lehman brothers collapse might have been a crucial one in speeding up the financial collapse, but i think it was the ongoing conventional wisdom that one should not do that, because that is what markets are there to do. so it was not done, and the effect was to spread panic among the investment houses and the banks, and everybody was holding on to whatever money that had, not trusting any other financial institution. in the end, that probably was a mistake, may be an unavoidable mistake, given the general take on what ought to be done. the bailout, there has been a lot made of that political. i would like you to consider first of all that the proposal -- initial proposal to do the bailouts came from the treasury secretary in the bush administration, hank paulson. it would have been catastrophic. i don't think there is any other word to use if there

the come lance was supposed to happen years ago but the financial collapse of lehman brothers halted in its place, neighbors are glad to have the blight of the building gone. >>> coming up this morning on "today in the bay," a surprising turn in the drug scheme involving a narcotics task force investigator. all the day's news coming up at 7:00. more local news coming in public acrimony and private negotiations were intensifying behind the scenes between president obama, house speaker john boehner and the democratic counterpart in the senate, harry reid. at the end of the 11th hour, richard, just before midnight, they announced a deal, $38.5 billion cuts to spending for this year. the contentious issues, the last stumbling block, funding for planned parenthood and other organizations to provide services for women. republicans wants to cut that funding. in the end, the president said, no, we can't do that. that provision was dropped from the bill. when that was reached, we heard from john boehner after he got the signoff from house republicans. and them the president appear in the blue

our group played a critical role following the lehman brothers collapse. on its default the firm had $12 trillion in portfolio risk at lch, including a $9 trillion swap. this was liquidated with out loss or impact on surviving members. on completion, we returned $850 million of margin to u.s. bank administrators. we are strong supporters of dodd-frank tacticals, and believe the legislation will improve stability in the marketplace and greatly reduced systemic risk. in particular we welcome strong risk management and hardened financial service standards for clearinghouses. the great level of supervision for clearing houses is clearing obligations. we have followed the cftc and sec rulemaking process closely, and applaud the thoughtfulness of the agency and the task. we particularly participated in roundtables, attended open meetings and respond to the proposal of rulemaking, and met with our commission. it is key the legislation and rules to us emerging from the u.s. and europe are as closely aligned as possible. it would reduce arbitrage them insured risk

you were in the middle of this debate when the financial system that almost melted down after lehman brothers. there was a critical vote in the house of representatives on the tarp bailout. it went down. i would be fascinated to hear from you what you think, one, that was such a sobering lesson for the elected officials in washington that they will do the right thing coming to fort on the debt ceiling and some of these other critical votes. or do you think whether the same thing might happen because people want to push it right to the edge and, in the end, the top vote -- the tarp vote was a moment when it showed that the american democracy worked even though they did the wrong thing and came back to do the right thing. >> there is no responsible case for taking that risk again. as i said, i am confident that people will be responsible for making this work and understand they cannot take that risk. think of it. this is the united states of america. only two years away from a cataclysmic financial crisis, more powerful than what caused the american depression across the financial system, huge

financial to have no oversight of the holding companies of the three biggest firms that fail, aig, lehman brothers, and bear stearns, is a h hugeole in --huge hole in the upper structure. i did not want to see onerous things. the legislation, with some exceptions, threaded that needle pretty well. i think that the bill is going to strengthen new york. if there are

2008, you were in the middle of this debate when the financial system almost melted down after lehman brothers. there was a critical vote in the house of representatives on the tarp. it went down. i would be fascinated to hear whether you think that was a sobering lesson for the representatives in washington that they will do the right thing on critical votes on whether you think the same thing might happen because people want to push it right to the eds -- edge. that tarp vote was a moment when it showed american democracy worked. even though they did the wrong thing, they came back into the right thing. >> there is no responsible case for taking that risk again. i am confident the people responsible understand they cannot take the risk. this is the united states of america. only 10 years away from cataclysmic crisis -- only two years away from cataclysmic crisis with huge damage to our credibility and loss of confidence in the basic capacity to manage affairs prudently, we're just starting to repair that. we have moved aggressively to fix the mess. we have gotten that most of the investments