, everlasting ♪ ♪ london... ♪ ♪ london, london ♪ ♪ london people rave about it ♪ ♪ london is london ♪e's some idiot in the horse guards. damn it, chips we've been stood up. stood up? she's forgotten. oh, dear. i am sorry. oh. johnny longbridge. oh, my god i've stood him up. i must get him over. not to stay. come on, chips. what will you think of me? nothing, except that you're a terrible muddler of dates, that's all. and i've known that for ages. bill calbury you know, of course. he was suddenly in town again, and-- oh, no, no, don't apologize, darling. oh, but you came to see the show especially tonight didn't you? my fifth time. this is chips. i told you about him, remember? of course. hasn't he any other name? well, if he has, i can't remember it. then i'd best call you "mr. chips." that's rather a nice name. how d'you do, mr. chips? how do you do, miss bridges? this is bill calbury. do join us. [dance band playing] oh, chips absolutely adored the show. i'm so glad. oh, yes, i loved it. it's a great hit, isn't it? we've been running for over a year. over a year? yes. every night? w

london is the world capital of the brits. so the big growth economy of the 21st century, you're seeing various firms listing in london, you'll see companies listing in london, you'll see them locate offices in london. >> rose: things are made here in new york and they're just carried out in london. >> i humbly beg to disagree with that. if you look at some of the investments that are being made over the last, just in my time as mayor by some of the big american finance houses, you can see the huge importance they attach to. >> rose: sometimes you wish it wasn't so. >> sometimes i think that, i think both cities have a remarkable similarity and trajectory over the last hundrd years. new york in the 50's and 60's went through a tough time and the 80's went through a tough time. investments. and crime became a problem. transportation became a problem. and that was certainly true of london. actually you saw population flight from london in the middle of the last century. and the population in london is about nine million in 1911, and about the same number after, before the second world war. the war was a disaster, huge numbers of people moved out of the city.

london loophole. from what i heard you answering from representative maloney there was no london loophole, not due to lack of regulations in london you about other financial institutions. i'm from new york also. i talk to them, they tell me if we put certain regulations in place, they'll leave new york and go to london because they have less regulations in london. i don't understand -- isn't there some kind of loophole in london other institutions, maybe not gorjpmorgan chase, they say we put these regulations in place, they will leave new york and take those jobs with them, that's what they tell me, to london. why is that if there's no london loophole? >> there are problems -- nothing to do with -- as far as i know, loopholes or -- >> we'll take a quick break once again and head back to capitol hill and listen to more testimony of jamie dimon. >> if a u.s. company -- if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. so i test..

london? london seems to be a place where a lot goes wrong so how do you control an american bank trading in london take on huge risks? the banks don't want to you do this, how are you going to address that? >> well, the banks are clear. they want to say that if something happens outside of the united states, we don't have anyway to protect the american public. i think that's just wrong. i think that we know from history, long history that banks will organize themselves to get around rules. and they'll put themselves whether in london, whether in the cayman islands, whether some other off-shore haven. so we think that its rules have to cover the branches of these banks, even if they are sitting in london. we can't send, you know, the jobs overseas and keep the risk here. i think we have to actually oversee its risks that are over there as well. >> reporter: one of the things we keep hearing about banks is they're complicated. >> they are. >> even jpmorgan was saying these trades turned out to be overly complicated. are banks just too complicated? and what do you do about it? >> banks sometimes have

london? why is all of the activity overwhelmingly and all of the problems appear to be in london? >> i don't think this activity was in london because regulatory activity was less in london and most of what we do in london was european companies. >> well, what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses? is it possible to ensure that legitimate hedges never morph into something else? >>. >> it's not possible to ensure we won't make a mistake. hopefully they're small and few and far between and hopefully not life-threatening. we in this one area we failed to have the gran all limits and the review that we should have. we believe it's not true, and we fixed the problem. >> and where the risk limit rules raised while the loss-making position was in the books? no, sometimes, they're triggered and they ask for further focus and we heard about when the limits were hit. so do they raise them? they do get raised, yes. >> and why were they raised again? >> i th

london london based arthur an award winning journalist afshin rattansi believes it's abundantly clear that the u.s. is behind a sanctions extradition to sweden. i think this is your action is very dangerous indeed i mean it's a bit of a shame the british highest court in the land the supreme court they couldn't even get it right as to whether julian been charged at least. council one on that point because paragraph three of the documents that he had been charged you think they get that right basically you know the united states could be a little bit more could be a little bit more less obvious about it clinton was in sweden over the weekend with call built a good friend of call rove the bush white house it couldn't be obvious the connection between the united states and sweden not one nation in the world has been affected by wiki leaks and julian. personified because that's the way the media likes to take on stories the corporate media and he was doing the best for his sources. iran and six world powers are gearing up for a fresh round of talks into iran's nuclear ambitions to more in

london because they'll have less regulations in london. so i don't understand if, you know -- isn't there some kind of loophole in london that other institutions, maybe not jpmorgan chase, but they say that if we put these regulations in place, they will leave new york and take these jobs, that's what they tell me, to london. why is that if there's no london loophole? >> our problem has nothing to do with, as far as i know, any loophole in london. it could happen in new york. that's a separate issue. if a u.s. company calls up jpmorgan and says, make me a bid on interest rates swap and we can't give them the best deal and they're going to get the best deal at another bank in europe, that's where they're going to go. the rules at the transaction level about margin, reporting, all those requirements may enable that bank to make them a better deal. two things will happen. whoever the big company is will get less bids. won't be good for an american company. the business will move to another bank overseas. you would see some -- i don't know the head count numbers -- some firms, if they can, put some people overseas to do the business and foreign su

london. london is exciting him to sweden where he is wanted on sexual misconduct charges. and he claims the u.s. has plans to indict him for document leaks. ecuador's foreign minister says they're weighing the request for asylum. >>> back here at home, jerry sandusky's lawyers could rest their defense later today. sources tell abc news they were leaning towards putting the former football coach on the stand but will decide overnight tonight. now yesterday several people testified to sandusky's character including his wife, dottie, a central figure in all this. she says she never witnessed her husband engage in any inappropriate behavior with young boys at their home. >>> the former rutgers student convicted of spying on his roommate has now been released from jail. dharun ravi served 20 days of the 30-day sentence let go because of good behavior. he admitted using a web-cam to spy on a roommate during an intimate encounter with a man. he is waiting to learn the outcome of an appeal by prosecutors who say his sentence was too lenient. >> reporter: the mayor of cambridge, massachusetts, is trying to ban big, sugary beverage, inspired by a similar proposal in new york city. the mayor wants a big soda ban at cambridge restaurants to limit the size of drinks to 16 ounces, just like new york mayor michael bloomberg's. she says it is a public health issue. she is hoping to reduce the risk of obesity, diabetes and health problems. she probably won't be able to ban hot dogs. the kosher hot dog company that boasted it has to answer to a higher authority may face judgment day. a class action lawsuit claims its meats are not strictly kosher. con-agri says they are. at issue, how the beef is slaughtered not ingredients. jewish laws proscribe certain humane methods so it can be certified as kosher. >> interesting. >>> you might call it a personal time capsule. he lost his wallet more than 50 years ago while on a date in this movie theater, right there. the bill fold was found, found though during a recent renovation. and the theater owner's wife actually tracked down the man using the internet. >> in it were pictures of his girlfriend, now his wife of 52 years, relatives and friends. but no other girlfriends. the wallet contained his driver's license, his draft card. mcdamage never expected to see any of it again. >> get this, this is also cute. in the wallet he had a clipping of a newspaper article about his girlfriend, velma, played basketball. he cut it out to show her. but she never saw the article until now. how sweet is that? >> there are good folks in the world, 50 years later, returned the wallet. lost mine a few times. the worst headache in the world. all your cards -- good samaritan. >> the theater owners, actually drove herself 90 miles to hand deliver it. >> 90 miles. you don't find nice people like that every day. >> except here. >>> all right. coming up, do dogs and cats have special powers to help us all live a little longer? >>> and an airport security video you have to see to believe, who happens to be searching, groping a tsa agent. the story -- it doesn't end there. you're watching "world news now." t. the story -- it doesn't end there. you're watching "world news now." >>> video released this week shows an airport confrontation, a passenger upset about a pat down striking back. >> in this case the angry passenger has lots of experience with pat-downs. she is a retired tsa screener. this report from ft. myers. >> reporter: it happened on the way to cleveland, ohio. carol price says while going through security to catch her flight, a tsa agent groped her. watch how she handled the situation. putting her carry-ons down, she turns to the supervisor and grabs her allegedly without permission to show the supervisor what price says she went through. >> it was a customer complaint. an extremely inappropriate search. >> reporter: price's attorney said another tsa agent groped price's genitals and breasts first. >> she didn't touch the supervisor as intimately as she was touched. >> reporter: another tsa agent groped price first. price says the tsa agent wasn't following protocol and she should know, notice the hug. price is a former tsa agent herself who worked at the airport until a few years ago. she got along with some but not all of her co-workers and says her pat-down was personal. >> she's obviously been through training. and knew this lady. >> reporter: mills admits price was already emotional that day. >> she was actually going to her brother's funeral. >> reporter: she didn't make it. instead, price was removed from the flight, taken to jail, and now faces misdemeanor battery charges. she's pleaded not guilty. >> this -- this thing is headed to court right now, obviously, too. if she had a personal crisis going on in her life she probably was a little on edge, emotional. overreacted a little bit. a lot of people around the country don't like those pat-downs. people get up in your business. so, probably a combination of factors that led to it. if she is a former employee, she knows the right and wrong way to do it. there is obviously more at play. >> if she knew some of them you wonder if there was anything else going on there. i don't like getting patted down. >> would you rather get felt-up or blow up? between the two, i'll take a little ruby-dub. >> the first one. >>> someone once near and dear to whitney houston found new love. >> what drove alec baldwin to punch somebody. the full scoop all next in "the skinny." the skinny." wcwcwcwcwcwcwcwcwcwcwcwc ♪ skinny ♪ skinny ♪ so skinny >>> so alec baldwin is engaged to a yoga instructor. he needs to do a little more downward dog, a little nameste to find his inner peace. he and his fiance, however you say her name, whatever. they want to pick up their marriage license in manhattan yesterday. and in doing so got into it with a new york, rather, a "daily news" photographer. criminal charges have already been filed. the photographer said he started shoving. he punched me. he even compared the incident to the fatal shooting of trayvon mariner. come on. >> come on. >> let's not go there. but he said, yeah, pretty much turned ugly. raise your hand if you are surprised by this incident. >> he is known for his hot temper. >> he kind of looks hot when he gets angry. >> it turns you on. you like the angry thing? >> i do. i'm not a huge fan of him. >> there you go. >>> jay-z in the news this morning. apparently getting sued by patrick white, he filed the lawsuit in l.a., parts of jay-z's book "decoded" is paraphrased -- lifted, plagiarism really, saying the book includes expressions, colors and phrases which correlates to my work. saying that jay-z ripped him off in the new book. however, the book is really a collection of lyrics and story, behind their meeting. so unlikely that the claims are actually worth anything. this guy is trying to take jay-z to court. probably not going to go anywhere. we'll see. bigger news, guess what beyonce got jay-z for father's day this past weekend? a $40 million private jet like the one you see right there. it has two bathrooms. two bathrooms, bedroom. kitchen. living room. even a disco floor for $14 million. apparently cheaper than renting the private plane that they've been doing for years. congratulations, jay-z. you have breakup news? >> little area, mile high club on the jet too. >>> okay, so johnny depp, i know you love him. he and his long time love, vanessa perez, split after 14 years. there were reports a year ago they had been living separate lives. of course they put out the statement. please respect our privacy. they have two kids, a 13-year-old daughter and son jack. they met in '98. never married. >>> and people breaking up, people getting together. bobby brown, whitney houston's ex-husband. got married, 43, married his manager alicia. beautiful ceremony there, casual get-together there. who was not there, bobbi christina. they have been having rocky times. especially since whitney passed away. apparently they got engaged in 2010. a married man, yet again. bobby brown. congratulations. hopefully works out. >>> little bit of baby news. marisa miller, hot chick on the cover of "sports illustrated." she is going to have a baby in coming fall. congratulations to actress molly sims, she had her first child, little baby boy, on tuesday to the world. cute, cutie little boy. >> cootie? >> cootie. cutie. >> we'll be back. >> cootie. cutie. >> we'll be back. 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the ability to make your life healthier and not just lift your spirits. why you should get a dog? >> every anchor has tried to get me to do this. scientists say your four legged friends have physical ways to up prove yourself, cecilia vega explains. this could be the real cat's -- [ purring ] >> reporter: what if you could trade everything in your medicine cabinet for this? >> basically a furry, four-legged life support system disguised as a pet. what i'm telling you, it might be poodle instead of prozac. >> reporter: veterinarian marty becker wrote a book about the healing power of pets. and now, scientists in san francisco think they too may be on to something. they say dust found in homes with dogs may actually make kids less likely to develop asthma. the benefits of having alex, george, raven, lightning and sheldon, don't end there. so much for an apple a day. australian researchers discovered people with dogs visit the doctor less. >> lassie! >> reporter: one study found that watching this calmed nerves the connection thought to drop chemical levels linked to stress. have heart disease? you might want to consider getting a cat. researchers found in minnesota those who never owned one were 40% more likely to die from a heart attack. the calming purr may soothe anxiety. >> it's the close physical contact, the affection connection we share that's where you get the healing power of pets. >> reporter: fido may be our anti-depressant, cholesterol killer, life saver. and now if man's best friend could help solve world peace. who knows maybe they can. cecilia vega, abc news, los angeles. >> studies have showed that alzheimer's patients have fewer anxious outbursts with an animal in the home. heart attack patients who have pets survive longer than those who do not. >> our facebook question of the day -- what have your pets done to improve your well-being. wnnfans.com. i took joy from the pets. especially when i threw cheese at the ceiling and waited for the dog to get it and it just stuck there.wcwcwcwcwcwcwcwcwcwc >>> this morning on "world news now" -- a critical day in the jerry sandusky sex abuse trial, the former penn state coach may take the stand himself. >> as his legal team faces challenges defending him. it's wednesday, june 20th. >>> good morning, everybody. i'm rob nelson. >> and i'm paula faris on this wednesday. we'll update the jerry sandusky case and hear from his wife dottie coming up. >>> also, the frantic calls to 911 from rodney king's girlfriend, they were just released. you will hear her desperation and how the police responded. some people say the police did not act in an expeditious manner. >> bizarre ending to a troubled life. also this morning the latest from egypt where former strongman, hosni mubarak's stroke made the political turmoil in cairo even more unpredictable. look at the scene, so reminiscent of 16 months ago. when and chow all the unrest in that country end? >> a surprise at a connecticut hospital. someone donated a diamond ring worth thousands of dollars to a cancer center. who is this generous benefactor? the answer to that mystery. >> generous for sure. >>> before that, if jerry sandusky testifies in his own defense against dozens of charges involving child molestation. that critical and certainly watershed moment in the trial will take place later today. >> it will be a fascinating moment for sure. sandusky's wife dottie took the stand yesterday saying she never saw any evidence that boys were harmed in their home. abc's jim avila has the details. >> reporter: a woman on a mission. dottie sandusky marched into court to save the remaining days of the man she has known and loved for nearly 50 years. taking the witness stand with a wink directed at her husband jerry, she capped the defense's strongest day yet with spirited testimony that claimed he was too busy to molest children. while delivering a none too subtle attack on the boys who say the former penn state coach assaulted them. >> i saw in dottie's testimony, a loyal wife, a wife that had to concede the obvious points in the prosecution case which was that the boys were there in the home with frequency and in the basement and being tucked into bed by her husband. >> reporter: the 69-year-old dottie hails from tennessee. she and jerry melt as college sweethearts. he calls her sarge because she is in charge at home. married 45 years with six adopted children. in a firm but soft voice, mrs. sandusky denied the state college home where she lived with jerry was a house of horrors for little boys. alleged victim number nine told jurors last week he was assaulted in her basement while she was at home. he screamed for help but no one came. he thought the basement might be soundproof. defense attorney asking her directly, is your basement soundproof? no. how is your hearing? i'm a light sleeper. i hear noises. she told jurors her husband is in bed before she is 99% of the they sleep together in the same bed. and when asked point-blank, did you ever hear any of the young men yelling for help? dottie said no. during a gentle cross-examination, dottie told the jury she does not know why the boys would lie about her husband, but took a parting shea known as victim number four. what kind of kid was he? she said he was conniving, demanding, wanted his way. so, now the spotlight turns to jerry sandusky himself. will he take the stand in his own defense? his attorney was heard telling the judge, that, in fact, he is not sure yet. the decision has not been made. but abc news has been told, the defense is leaning towards putting sandusky on the stand. but they still have to make that final call. jivila bel >> clearly going to make his legal team make the decision overnight heading into proceedings later this morning which should be fascinati obviously a lot of the alleged activity took place in the basement of the sandusky home. she said he was down in the basement often, they had a freeder down there. she would go down and get food and never saw or heard anything. >> she said it was not soundproof. she would have been able to hear she did also mentionthist re vng wo cf but the defrall after thoseonie ng hat ee konie so they were bringing in neighbors that, overhearing conversations from victims' mothers saying i'm going to own jerry sandusky's house after all of this. conversation from victim one, i will have a new jeep after this. trying to undermine the testimony. >> very, very strange here. also weird explanation. he was too busy to molest kids. i thought that was an odd phrasing as well. we'll see. jurors should have the case soon. >>> moving on now. the frantic 911 call that rodney king's fiancee made after finding him in the bottom of the swimming pool. that has been released. cynthia kelly could be heard repeatedly begging the dispatcher to hurry up. she tried to wake king up by throwing a shovel into the water but he didn't respond. the phone call lasted just over five minutes until police got to that scene. >> rodney king, the guy that got beat by the police. >> okay, how old is he? >> he's 47 years old. he's not moving. he's at the bottom of the swimming pool. >> is he out now -- >> i don't know. i was asleep. i was asleep and i heard something fall like the table and then i looked over and then i want to find him and he's at the bottom of the swimming pool. he is still there. please hurry up. >> ma'am, is there anybody to get in the pool to get him? >> no, how can i get him? i tried to wake him up. he's just floating at the bottom of the pool. >> okay, okay. >> just send the ambulance, lady. wow, what a tape. just get someone to the scene. police found no signs of foul play in king's death. it is being investigated right now as an accidental drowning. they're still awaiting toxicology results. >>> we turned overseas now to the political turmoil in egypt. protestors are flocking to cairo's tahrir square where they gathered at start of the arab spring. now protesting the military's moves to undermine democracy into this volatile mix now, news that former president, hosni mubarak was declared clinically dead on life support. christiane amanpour was the last journalist to interview the former strongman. >> reporter: he had not been well for a very long time. having access to the world's best medical facilities abroad and doctors who came to egypt to treat him, he was all right. but the minute he stepped down, that he dropped into a deep depression after he stepped down, he couldn't believe that he had been basically abandoned not only by his own people, but by the military as well. of whom he was one. he thought military would protect him and at least his dignity after he stepped down the he told me that when he was going to step down. that he wanted at least to be treated with respect. he told me that he would never flee egypt and that he would die on egyptian soil. and to that end he didn't flee unlike some of the other arab dictators. and he didn't stay unlike some of the arab dictators. the only one of the arab spring if you like who stepped down after 18 days of his people protesting and who faced justice in his own country at the hand of his own people. >> the 30-year rule obviously came to an end, 16 months ago. an interesting point, the only one of all the uprisings, the only leader who said i will leave. he saw all the people rising up against him. and backed down. didn't see that in libya with ga daffy, not seeing that in syria with assad. he was unique in that sense. >> 84 years old. they said his health really started to decline in a hurry. in prison, his heart stopped beating, and then they moved him to a military hospital in cairo. >> lot of chaos in that country. we'll keep an eye on that throughout the day. >>> back here at home, the southern baptist convention has elected its first african-american president. reverend fred luter jr. was voted in by delegates. they were meeting in his hometown of new orleans. the pastor of the franklin baptist avenue church. it comes as southern baptists try to expand their appeal and their past links to segregation more than a century ago. >> can i get an amen for that story. >>> a mysterious act of kindness and gratitude is touching hearts at a connecticut hospital. someone who wants to remain anonymous gave a diamond engagement ring and wedding band to a medical center. identifying herself as a cancer survivor's wife, the donor left the rings taped to a note in the chapel. found by an ekg technician. >> this is something you can't even describe. because it is a precious thing to give away for another patient. that's -- that's wonderful. and i don't have any, i don't know how to describe that. because that was a nice thing to do. >> very nice. the note said the rings are worth more than $3,000 and asked for money to be donated to cancer patients. a wife's way of thanking the hospital for saving her husband. people may not think that is enough of a donation. you are talking sentimentality, the wedding ring and band, and writing a check, saying here is my wedding ring. a personal value to that. impressive. >>> here's the forecast now on this first day of summer. summer arrives at 8:00 p.m. a record breaking day in the northeast. showers around western pennsylvania, west virginia, south florida. severe storms in michigan and northern wisconsin. heavy rain and flooding in duluth, minneapolis, kansas city, bismarck. thunderstorms in east texas. >> 90s from the great lakes to the northeast. 80s in the middle of the country. and 70s in the northwest. >>> well, miami now has a 3-1 lead in the nba finals. the score tied. an injured lebron james walked slowly on the court to get into position. then he sank the tie-breaking three pointer with under 3:00 left. >> the heat never looked back. they beat the oklahoma city thunder, 104-98. lebron really on the sidelines for most of the game with the cramped knee. no nba team has blown a three-one series lead. and the chance to wrap up the championship, thursday night, game five, seen right here on abc. right? >> that sounds like another -- >> no. creating our own jingle. >> be careful. >> the jingle. >>> coming up, are celebrities are they setting bad examples spending fortunes for kids' parties? >>> and dramatic police chases and police pursuits, do they put public safety on the line? you are watching "world news now." >> one-adam-12. >> one-adam-12. a 415, man with a gun. hd3 [ male announcer ] most people tend to think more about how they brush than what they brush with. until they see this. the new oral-b pro-health clinical brush. its pro-flex sides adjust to teeth and gums for a better clean. the new pro-health clinical brush from oral-b. >> one-adam-12. >> one-adam-12. a 415, man with a gun. >>> the cops in hot pursuit, high-speed chases happen across the country every week. in fact, in dallas yesterday, police were chasing down this stolen semi tractor-trailer cab, heading down the highway, causing cars to scramble to get out of harm's way. you can see them throwing the devices trying to pop the tires. >> look at that. new numbers show how many innocent bystanders are put in harm's way by these chases forming abc's david wright to raise one important question in all of this -- are these chases worth the risk? [ siren ] >> reporter: more innocent bystanders are injured or killed during high speed police chases than by stray bullets. here in california, more than 10,000 injured over ten years. including stephanie yablow's elderly parents. they were struck outside a crowded shopping mall as the lapd chased a stolen buick. >> a car came around the corner and literally slammed into them in the crosswalk. >> reporter: they were badly injured? >> horrifically. i've never seen anything like that. >> reporter: nationally, it's estimated police chases kill nearly 300 people a year. watch dog groups insist the real number is two to three times that many. law enforcement at its most dramatic and dangerous. in lubbock, texas, last week, a toddler was tossed from the window of a careening suv on the run from police. the child survived. over the weekend, this mercedes reached speeds of 100 miles an hour as it hurtled through the streets of hollywood. >> it happened really quick, coming up the road against traffic. he clipped this car and it flipped. then he hit a -- he was swerving towards me. i swerved out of his way. >> reporter: the vast majority are routine traffic stops gone awry. 90% of them nonviolent offenses. >> is out worth pursuing? who is going to be harmed? shall we let him go because otherwise we might jeopardize more lives? >> reporter: the california highway patrol, like police in many communities, recognizes the risk. they have adopted new policies to discourage dangerous chases. it is important to note they said in a statement, in 2011, we made nearly 4 million traffic stops. less than 1/2 of 1% of the motorists chose to flee. david wright, abc news, los angeles. >> definitely makes you think. >> yeah, innocent third parties who happen to be in the way make up 42% of persons killed or injured in these kind of pursuits. >> yeah, they say it is about one day. you are looking at well over 300, 365 in a year. makes you wonder -- i never even thought about that. is it worth it? and just a question that i don't think has ever been asked. >> it's been asked now. i think most people say depends on the offense. if you are chasing a serial murderer, probably worth it, chasing the average, run-of-the-mill stolen car or that, you know, or repeat jaywalker, no. probably not. >> yeah. >>> coming up next, no party is too big for certain celebrity mamas. >> the adult price tag for a kids' party hosted by tori spelling. you're watching "world news now." now." ♪ girls they want to have fun ♪ girls they want to have fun oh girls just want to have fun ♪ >>> all right. well, she grew up as one of hollywood's most pampered kids. now, tori spelling is passing that on to her own kids, holding an outrageously over the top party for her 4-year-old stella. >> it's not just hollywood elite throwing the parties. although they're not something my kids are ever going to see. >> reporter: it looked like a fairy tale, but dreams really were coming true at this magical soiree. tori spelling going all out posting pictures of stella's birthday party. for her 4th birthday bash, little stella gave mommy strict orders to throw a tea party fit for a princess. >> i took a look at stella's party. to me, that was stella. it was awesome. every little detail really described who she is, a beautiful, feminine little girl who loves to host, loves to have a tea party and have fun. >> reporter: on the guest list, a couple of disney princesses, belle and cinderella. >> vintage teacups. gorgeous pink peonies, amazing balloon arches, pink luggage. you are showing a lot of love. >> reporter: spelling is known for going over the top with her celebrations. >> a pony? >> reporter: as her three kids grow, so does the party price tag. >> throwing these parties really puts your kid on the map. it's not only about the money, it's about expressing what their personality is. >> reporter: fancy fetes like these aren't limited to tv royalty and reality show divas. now everyday parents are shelling out big bucks to make sure their kids get the happily ever after birthday like the parents on tlc's "outrageous kid parties." >> you have something in mind for a budget? >> i was thinking $1,500. >> $1,500 or $15,000. >> $15,000. >> the average mom should not be competing with tori spelling at all. the average mom should throw something that expresses who her child is. ♪ >> the average mom should be taking their kid to chuck e. cheese. that's what i'm talking about. >> that's what average moms do. that's another world the folks live in. the average moms are at chuck e. cheese. >> you have to consider whether or not you are going to utilize services of rob nelson the clown. >> man, hey, i'm, i'm an easy clown. >> i feel like so many of these parties, it's about the parents. just their egos trying to outdo one another. not the kid. think about the kid. >> keeping up with the joneses. what it is all about. waste of money, kids. >> 5 cents an hour? 10 cents? >> anything. what it is all about. waste of money, kids. >> 5 cents an hour? 10 cents? >> anything. >>> welcome back, everybody, to "the mix" today. this is interesting. a little adage. money cannot buy you happiness. i think most of us, tend to agree with that. there is a new survey or study from lifehacker.com that says money can actually buy you happiness up until a reasonable point however. they break this up into two things. emotional well-being and life evaluation. how you think about your life or interpret your own life. they say emotional well-being and thoughts about your own life do increase along with your income. but past an annual income of $75,000 there is no further progress here. so it is interesting too. they also provide some tips here, help others instead of yourself. invest your money in experiences instead of material things. buy many small pleasures instead of big ones. buy less insurance. pay now, accumulator. beware of comparison shopping. follow the herd instead of your head. too much detail to get into it. lifehacker.com. >> i'm very confused. >> a link between what you afford and what you do with your money and happiness and how you interpret your life. >> happiness is a choice. it's not? >> a combination of things. money doesn't buy you happiness, does buy you ease in life. anyway. >>> a case of the classic overachiever. this example from michigan, my home state, kalamazoo, down the street from jackson. the man, 71 years old. he has 29 degrees. he is now pursuing his 40th. his name is michael nicholson. all his degrees have been legit, they're all related to education, leadership. he is working on getting a masters degree in criminal justice. i love this, he says "when i complete 33 or 34 degrees i will feel like i have complete ed my basic education." >> what does he do for money? >> menial jobs along the way. his wife has seven degrees as well. >> not just a full-time student, he's a lifelong student. >> more to go. >> i struggled just to get two. >> you got those right? >> yeah. >> okay. >> i did. >> i see -- >>> anyway. cabbage patch dolls are coming back this summer. i remember these guys from 30 years ago. the revival, return to britain's, stores in britain come august. and selling for $30. there are going to be 124 million new cabbage patch kids that will resemble earlier counterparts from the '80s. do you own anything of these? >> i never did. my daughter has some. i bet tori spelling will buy all of them for her daughter. there will be none left. my daughter has some.wowowowowoo >>> this morning on "world news now" -- chaos in cairo. the rallies in the streets and the uncertainty in egypt's government. >> as egypt's long-time, former president hosni mubarak suffers a stroke and was declared clinically dead. it's wednesday, june 20th. >>> a good wednesday morning, everybody. i'm rob nelson. >> we finally made it to midweek. >> hump day it is. >> good wednesday morning, everybody, i'm paula faris. we'll update the developments in egypt in just a moment and then figure out what is going on with the mitt romney campaign. it's the gop presidential candidate considering marco rubio as a running mate or not? so much changed over the last 24 hours. the way to gauge whether he would be factored into the equation is whether they began the vetting process. >> broke the story, john carl yesterday, rubio was not vetted as of yesterday morning. the romney campaign had an about-face. >>> also this morning, it was no ordinary vacation for a virginia man who did one life saving act after another while visiting the state of florida. he is a hero times two. tell you about that. >>> and speaking of vacations, how about a visit to a theme park where virtual zombies try to kill you? the new creepy attraction for thrill seeker later this half-hour. no, thank you. don't like to jump out of planes. i'm scared of the dark. i don't like zombies. >> my idea of vacation, nothing to do with cold, scared, beach, blue walter, frozen drink, and nothing to do at a beach. people want to get scared. i don't know about that. >> turn the brain off. >>> before all of that, serious news this morning. cairo is a tinderbox right now after a de facto coup by egypt's military. tens of thousands of angry protesters flocked to the city's tahrir square. >> the news about former strongman hosni mubarak. abc's report from cairo. >> reporter: an historic weekend in egypt starting with the country and region's first ever competitive presidential election. and news now that hosni mubarak, the country's president and dictator for 30 years is clinically dead according to the state news agency. the muslim brotherhood's projected winner to defeat hosni mubarak's prime minister in the historic elections. both sides claimed victory over the other. official results won't be out until thursday. a surprise victory would infuriate egyptians who rose up against mubarak now possibly leading to more violence. tens of thousands turned out in tahrir square to support the victory and to protest the ruling military council which has solidified its grip on power in the last few days. protestors told us they won't let the revolution slip away and will guarantee that by staying on the streets. abc news, cairo. >> more proof out of the country democracy there will not be easy to establish. and that scene in tahrir square, so reminiscent of 16 months ago when they threw mubarak out of office, scenes just like that at that time, now they're back. not satisfied with the military rulers, what they're doing, and a strange sense of deja vu in the country. >> the president saying we will take back a lot of the aid if you guys don't move forward with the democratic process as well. >> and mubarak said he wanted to die in egypt. he will get that wish for sure. >>> president obama is back at the white house this morning after a meeting with leaders of the world's largest economies. no agreements were made. mr. obama said he was confident that the europeans will resolve their debt crisis because they recognize the urgency. he wasn't so confident, however, about working with russia and china to end the violence in syria. both countries have vetoed u.n. resolutions on the crisis. >>> now we turn to the presidential campaign and the guessing game about whom mitt romney will choose to be his running mate. >> florida senator rubio had a lot of buzz. over the past 24 hours, he's been at the center of that storm. abc's karen travers joins us with the latest. good morning, karen. >> reporter: good morning, rob, good morning, paula. yesterday mitt romney said he gets a kick out of all the speculating over his vp pick. based on his last couple days on the campaign trail he has given us a lot of names to speculate about. call it a vice presidential road show. mitt romney wraps up a six battleground state bus tour. sure, he campaigned for votes, but it was also a chance to audition several potential running mates. a friday stop with a senator in new hampshire. >> i appreciate the senator and her support. >> reporter: sunday pancakes with senator rob portman in ohio. >> great to have senator portman here. >> stumping with congressman paul ryan. so far team romney kept their vp selection process very close to the vest. but in a surprise to many republicans, abc news reported that the romney campaign was not doing a background check on marco rubio, the charismatic young senator is wildly popular among conservatives. some say he could help win his home state of florida back in the win column for republicans. they say he could also close romney's gap with president obama among hispanics. romney personally disputed that report. >> marco rubio is being thoroughly vetted as part of the process. >> reporter: that makes him the only contender the romney campaign has confirmed is on their list. that may excite republicans who are clamoring for a romney-rubio ticket. but. >> if you raise expectation sews high and he becomes seen as likely candidate and doesn't get picked, you may do yourself some damage. >> reporter: right now, the former governor looks for the front-runner for the vp slot. yesterday, romney insisted he and one top staffer really know what's going on. rob and paula, back to you. >> all right, thanks. let me point out that, quickly, john carl says he stands by his reporting as of 9:00 a.m. yesterday morning, certain papers that are part of the vetting process had not been given to rubio. john is standing by what he said. so some behind-the-scene maneuvering for sure. john stands by the initial report that broke on "good morning america" yesterday. >> but, mitt romney saying that not even his wife really knows who's on the list. he and beth miers who heads up the vetting process. >> hard secret to keep in politics. >> assuming ann knows. she might be giving some input. >> yeah. >>> switching gears. the top democrat wants answers about the pro football bounty programs. he meets today with roger goodell. a league investigation found the new orleans saints rewarded some players for injuring their opponents. several players and coaches of course have been suspended in the wake of the scandal. durbin said such bounties cannot be allowed. obviously that story is a huge black eye for the saints. congress wanting to get involved and get answers. a good thing. more evidence of this trend in the country, just concerns about players' safety becoming paramount and certainly the saints, unfortunately have become the poster boys for that issue. >> yeah, definitely. i think something has to be done. something is being done at least at the nfl. the way that they've been treating it, suspensions, fines, that sort of thing. definitely taking the appropriate steps. as for how much the government is going to be able to do about it, you know that kind of has to be taken care of on the football field. >> political theater maybe. getting attention. that helps. >> for sure, it always does help. >>> well, jerry sandusky's defense could wrap up today. sources tell abc news his lawyers were leaning towards putting him on the stand. but they would decide overnight. yesterday several testified to sandusky's character including his wife dottie. she never witnessed her husband engaged in inappropriate behavior with young boys at their home. >> i saw in dottie sandusky's testimony, a loyal wife, a wife that had to concede the obvious points in the prosecution case which was that these boys were there in the home with frequency and in the basement and being tucked into bed by her husband. >> prosecutors refuted the defense's claim that the former penn state assistant coach suffers from something called histrionic personality disorder. the doctor testified the only distress he is suffering is from the trial. the prosecutor saying that he suffers from psycho-sexual disorder with a focus on preadolescents, rob. >> the jury could get the case by the end of the week. >>> an explosion rocked the opryland hotel in nashville last night forcing the evacuation of 5,000 people. a sheriffs conference was taking place when the blast ripped through a mechanical room, 8:30. there was significant damage to the convention center. everyone did manage to get out safely. the cause of the explosion remains under investigation. >>> now to a real-life story of man bites dog. a suspect actually sinking his teeth into a canine cop. max the police dog was injured in the line of duty when he tried to capture a fleeing suspect in wilmington, north carolina. officers say 22-year-old travis glassby bit max's ear so badly it was severed in two. >> oh, i didn't want to see that. >> max needed more than 15 emergency stitches to mend his ear. the suspect who maybe should call mike tyson is now in jail. biting the ear. >> what in the world? what kind of world? >>> well, fire officials say it could be weeks, months before the massive wildfire in northern colorado is fully controlled. more residents were being warned to be ready to evacuate after a fire erupted near the main blaze. the 93-square-mile fire that destroyed nearly 200 homes is about half contained right now. several more fires continue to burn in colorado as well as in eight other states. no end in sight. the poor firefighters, and the weight of their equipment, heat, blaze itself. they're doing some heroic work. >> long arduous days. 16, 18, 20 hour days. >> unbelievable. >>> take a look now at your forecast on the first day of summer. think summer begins, 7:00, 8:00 eastern tonight. it will feel like it. some stifling heat in the northeast. heat index, new york could reach 100 today. some afternoon showers inland, pittsburgh, charleston, south florida. thunderstorms meanwhile in east texas. also stormy from the dakotas to the great lakes with some hail. even dangerous winds. >> 90s, chicago into the northeast. 80s, from the twin cities, kansas city. phoenix hitting 107. 70s in the rockies. since moving to new york haven't been to the beach. haven't been to long island. going to go for it this weekend. >> could be a perfect weekend. >> one day. >> next two days will be rough. >>> well, it appears that ice cream has gone to the dogs in italy. with temperatures in rome topping 97 degrees this week. a pet supply store is serving doggy gelato, ice cream for dogs. >> it contains no milk, eggs, sugar which, of course, are harmful to dogs. it comes in vanilla, rice, and yogurt. experts agree that water is the best way to cool a canine. they also say the doggy gelato does no harm. fun for the dogs and owners as well. >> owners eat it. good for vegans, no dairy. >> whatever keeps them cold. rock out. >>> all right. coming up next, the guy on vacation in florida who could not stop saving lives. >>> later, how's this for a vacation destination -- a theme park where virtual zombies are out to get you. you're watching "world news now." ♪ zombie zombie zombie you're watching "world news now." ♪ zombie 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>> once he arrived in florida, he thought it would be a nice fishing vacation, but he kept getting interrupted to save lives. abc's dan harris has the details. >> reporter: it started as a simple family vacation near tampa, florida. gus hertz's wife looked out the window of their condo and saw that a driver had gone off the road, down this hill, and to the water under this bridge. >> she yells, there's a car in the water. so i ran out the door. she called 911. >> reporter: the driver who had a diabetic episode was unconscious but breathing. gus and this local fisherman pulled him out. >> another, 3, 4 minutes he would have drowned. >> reporter: as gus was trying to restart his vacation by going fishing, he looked up and saw a small ultralight plane crashing into the water. >> as it passed over it started to descend and about 500 yards away i saw a huge splash, and i thought oh my gosh here i go again. >> reporter: he leapt into action and dragged the pilot -- >> hard landing -- >> reporter: and his female passenger, who had more serious injuries, on to his boat. family members of the victims were extremely grateful. >> thank you, thank you, thank you. bless his heart. seems to be in the right place at the right time. >> reporter: so was the local fire chief. >> when you have citizens who are willing to step up waiting for us to get there and risk whatever it takes and make a difference it does help us tremendously. >> reporter: but gus adamantly refuses to be called a hero. >> i would do what anybody else would do. nothing spectacular about it except it happened twice in a row. >> reporter: he may not think he is a hero but his children certainly do. >> i told him that he did something very good. and i don't know how i would do that. >> reporter: dan harris, abc news, new york. >> amazing story there. a local fire department is going to give him a citizens heroic award. they're going to do that after the first incident. now they're really going to give it to him after two incidents. that ceremony will take place thursday. certainly deserving. >> the pilot and his passenger sustained minor injuries. how about that for a real-life guardian angel. >> amen to that. well done, fellow. we'll be back with more after this. with more after this. that. well done, fellow. we'll be back with more after this.wswswswswswswswswswswswswss ♪ living in america ♪ >> give me an uh! >> waiting for that. >>> okay, a new study shows the fastest growing wave of immigrants in america are asian. >> asians have surpassed hispanics and settling down in surprising parts of the country. with more on this here is abc's sharyn alfonsi. >> reporter: one of the faces behind the new numbers. the daughter of korean immigrants they expected excellence from her. >> i honestly don't think i brought home a c ever. my sister did once. her life wasn't the same for about another year. >> reporter: ape philosophy that paid off. she is now a successful surgeon, author, professor and mother of two young children. the embodiment of the modern asian family. forget poor huddled masses, this wave of immigrants is highly educated and successful. asians now streaming into the country faster than hispanics. the result of a slowdown in illegal immigration and the rise and demand for high-skilled workers. take a look at where they're heading -- metro detroit now 37% asian. many engineers here for jobs in the auto industry. nevada, arizona, even texas, seeing their asian populations skyrocket. chinese scientists recruited for work in aerospace. filipino nurses recruited to work for texas medical center. fueling their success -- family. the survey shows asians place more importance on having a good marriage, being a good parent and pushing their children academically than any other group. the survey showing 49% of asians hold a college degree, 70% of indians, compared to 28% of the general population. the average asian household income, $66,000. higher too. sue kim says her success can be linked directly to her parents. >> they expected as. they expected college. not only college but they expected graduate school. and the entire family sacrificed to make sure we achieved these goals. >> reporter: an asian philosophy helping realize the american dream. sharyn alfonsi, abc news, new york. >> just last month the u.s. census reported in 2011 more minority babies were born than caucasians. >> changing country. >> uh-huh. 2011 more minority babies were born than caucasians. >> changing country. >> uh-huh. >>> people watching the games. miami now up 3-1. congratulations, miami. >> i picked them right? >> you did. >> i didn't want to. >> congratulations, lebron. >>> all right. well, have you ever wondered if you have what it takes to take down a zombie? now you can be stalked, terrified by zombies for a price. >> i can't wait. there is an abandoned shopping mall that's been turned into a battleground abc's nick watts shows us the zombie theme park. >> reporter: they call this zombie apocalypse, like a video game, but you're actually in it. and you are being hunted by zombies. >> they seem to be completely relentless. they just attack. they will consume everything that they come across. you guys are next. [ screaming ] >> no matter what you do, it is always going to get you in the end. >> reporter: and that's why zombies capture human imagination in the movies, in books, in video games, and now for real -- well, kind of. my friend mark and i accepted our mission to find food in this abandoned zombie-infested shopping mall. this is, by the way, really an abandoned shopping mall. >> on the stairs. going into that shop. >> he got me. he got me. no! >> no! >> reporter: your gun shoots plastic bbs, and you know you are paying $200 to play. but then you forget. what did you learn? >> i'm a really fast runner. >> reporter: i took it way too seriously. i couldn't help it. there was pride. and there was the fall. i shot you about 20 times. i'm nick watt, dying a slow death in zombie apocalypse. >> well done, nick. the zombie genre includes movies, video games and books worth $5 billion according to the wall street news. >> rob, this was on display in philadelphia. we're in the game. we had makeup tonight, sorry. we had makeup tonight, sorry. on displaytftftftftftftftftftff >>> this morning on "world news now" -- summer sizzle, the oppressive heat wave putting much of the country into the danger zone today. >> we expect some record heat out there well into the danger zone as summer officially arrives later today. it is wednesday, june 20th. >>> we made it, it is wednesday. good morning, everybody. i'm paula faris on this hump day. >> hump day. i'm rob nelson. we'll get to today's extreme heat, advisories, warnings in just a second. we are also going to take you to mexico where the g-20 just wrapped up. get this -- leaders of the world's most powerful countries managed to find common ground on one very important issue. so there has been some progress down there in the paradise of cabos. >> are they agreeing it is beautiful down there? >> we all can agree. the drinks are good. get the euro zone together. we'll be all right, fellows. >>> also this morning, the airport grope -- you heard us, right? -- the grope recorded on security cameras that appears to show a passenger getting much too personal with the tsa agent. the pictures tell only part of the story. >> there is a fascinating back story here. there really is. >> a back story? >> back story, middle story right there. everything. >>> also, later, alec baldwin is in trouble again. we'll explain his run-in with the new york newspaper photographer and what led up to it. that's coming up in "the skinny." so a couple months ago, the words with friends thing on the plane which made national headlines sadly, and now another tussle. alec baldwin is a funny guy, sick of his antics off camera. >> caught off-guard, surprised. >> didn't see this coming. he is so mellow. >>> but we are going begin with oppressive heat in the north east. millions will endure temperatures 20 degrees hotter than yesterday. >> the mercury is on the rise. heat warnings and advisories have now been issued in a dozen states from virginia all the way up to maine with record breaking conditions in store. abc's t.j. winick has more. >> reporter: the first day of summer should be a scorcher with a heat wave expected to blanket much of the central and eastern united states. >> wednesday and thursday are going to be extremely uncomfortable along the eastern seaboard. >> reporter: it's already cracked 90 degrees in chicago where locals are flocking to area beaches and pools. >> trying to keep cool. i wanted to bring her out and not be in the house all day. >> reporter: cities as far north as boston and syracuse are expected to bake in extreme heat. new york, philadelphia, and baltimore will also receive a blistering summer welcome as the the mercury could hit mid to upper 90s. >> that is our plan to head north and get out of the city. >> reporter: the high heat has been delivering searing temperatures in the west where at least 17 wildfires are still burning out of control. in colorado, firefighters are working 16-hour shifts and the danger from heat stress is extreme. the corn crop has already been completely wiped out in parts of illinois suffering a severe drought. farmers are just holding out hope that rain may save at least part of the soybean crop. >> if we don't get a rain by the end of june, you can, you can just basically say you're going to mow the corn down. it is over. >> reporter: here in the east the heat wave is only expected to be a two-day event with temperatures then expected to drop below normal for a prolonged stretch. t.j. winick, abc news, in central park, new york. >> t.j. won't want that jacket on in a few hours, that's for sure. >> do the common sense things, drink water. >> give the tv spiel. >> check on pets. even if they're ugly dogs. >> dehydrate, caffeine, alcohol. common list of rules every summer. >> stay inside if you can. >>> here's the rest of your wednesday weather. in addition to the heat, look for afternoon thunderstorms from western pennsylvania, storms in fargo, omaha, minneapolis. thunderstorms from houston to san antonio. >> triple digits in phoenix. upper 80s in the south and the middle of the country. 70s from seattle to fargo. >>> overseas now to egypt where there is turmoil this morning. state tv announcing former president hosni mubarak is clinically dead and on life support after having a stroke in prison. the news capped a day in which tens of thousands of people flocked to cairo's tahrir square to protest dissolution of parliament and competing claims of who won last weekend's presidential election. >>> president obama has just returned to the white house after a two-day meeting with leaders of the world's largest economies. the summit, of course, focused on the troubled european economies and their impact on the rest of the world, but the u.s. came in for a share of the blame as well. abc's richard cantu reports. >> reporter: president barack obama left no doubt about his focus on the just completed g-20 summit in mexico. after all, it's how well or bad the economy is doing come november that may decide who is in the white house next january 20th. >> our highest priority continues to be putting people back to work even faster. >> reporter: but summit leaders failed to find a lasting solution to the european financial crisis, the one that's dragged down u.s. stock markets for over a year and with it the 401(k) retirement accounts of tens of millions of americans. >> slower growth in europe means slower growth in american jobs. so we have a profound interest in seeing europe prosper. >> we're all in the same boat together. we are not an island, the u.s. is not an island, we are in a global economy. >> reporter: instead of fixing economies and creating jobs some blamed the u.s. for europe's financial economic woes. >> this crisis was a result of america. and many of our financial sectors were contaminated by unorthodox practice by some sectors of the financial market. >> reporter: a reference to the 2008 u.s. banking crisis that stopped the global economy in its tracks. millions of americans lost their jobs back then. many are still looking for new employment now. >>> the outlook on employment here in the u.s. is hardly optimistic. analysts blame it on the uncertainty still ongoing in europe. their economy there. american employers posted the fewest job openings in five months in april. 12.5 million americans unemployed last month, and that means more than 3.5 people competing for every single job opening. >>> a house committee expected to vote phone a proposal to find attorney general eric holder in contempt of congress representative darrell issa wants holder to turn over documents abut an investigation into gun smuggling, the fast and furious program. holder wants an assurance if he does turn them over, the congressman's subpoena will be satisfied. >>> u.s. military investigators are reportedly recommending disciplinary action for up to seven american troops for the burning of korans in afghanistan. no final decision has been made just yet. but they are calling for the troops to face administrative punishments rather than criminal charges for what was likely a mistake. the burning took place at a u.s. base back in february triggering riots that left more than 30 people dead including two american soldiers. >>> wikileaks founder julian assange has taken refuge at the embassy in londone is wanted on sexual misconduct charges. and he claims the u.s. has plans to indict him for document leaks. ecuador's foreign minister says they're weighing the request for asylum. >>> back here at home, jerry sandusky's lawyers could rest their defense later today. sources tell abc news they were leaning towards putting the former football coach on the stand but will decide overnight tonight. now yesterday several people testified to sandusky's character including his wife, dottie, a central figure in all this. she says she never witnessed her husband engage in any inappropriate behavior with young boys at their home. >>> the former rutgers student convicted of spying on his roommate has now been released from jail. dharun ravi served 20 days of the 30-day sentence let go because of good behavior. he admitted using a web-cam to spy on a roommate during an intimate encounter with a man. he is waiting to learn the outcome of an appeal by prosecutors who say his sentence was too lenient

london or somewhere else and sometimes the operation where we have the people. >> is the regulatory regime lighter in london? why is all of the activity overwhelmingly and all of the problems appear to be in london? >> i don't think this activity is in london because regulatory activity is less in london and most is served in the european companies. >> what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses. is it possible to ensure that legitimate hedges never morph into something else? it's not possible to ensure we'll never make a mistake. anyone who has ever been in business makes mistakes and hopefully they're small and few and far between and hopefully this is not life-threatening. we in this one area we failed to have the granular limits and the review we should have, and we believe it's not true for the rest of the company. we try to be very, very disciplined and we fixed this problem the second we found it. and were the risk limit rules raised while the position was on the books? >> no. sometimes limits were hit and it a

. >> but one might sort of experience first-time visit europe and then london, europe and then london, england, london. so once a reception. after my talk, one english gentleman, sort of dignified person approached me. then started kneeling then expressed to me he really admire you often say i don't know. so then i -- i felt english person seems difficult find to say i don't know. >> that is true. that is true. you'd never hear me say that. let's get back to modern america. clearly going through big problems at the moment. big economic problems. also examining itself as a country about its values. the american dream and how that has changed. many people out of work now losing their homes and so on. what do you think of what has happened to america and how can it get itself back on track again? >> as i mentioned before, actually i asked the president, and he assured me, america, the fundamentalness of the economic condition is sound. so i often, you see, expressing when i give some public talk that in any case, america must succeed. democratic country. very powerful democratic country. it is not only a

london? >> we have five individuals who uh, reside or house in our london office. >> and they're responsible for how many institutions in london? >> they're responsible for, uh, any national bank that has a global operation, especially with the presence in london, like a london branch office. >> so, how many would that be roughly? >> that would be -- my -- i couldn't give you the exact number, but half a dozen institutions. >> half a dozen. how common is it to have the risk office of a national bank located outside of the united states? >> in this particular case, the risk office is actually housed in new york where the global operations of the cio office are housed. from a supervisory standpoint, our focus is in supervising that and other global issues is really, uh,

london? why is all of the activity overwhelmingly and all of the problems appear to be in london? >> i don't think this activity was in london because regulatory activity was less in london and most of what we do in london was european companies. >> well, what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses? is it possible to ensure that legitimate hedges never morph into something else? >>. >> it's not possible to ensure we won't make a mistake. hopefully they're small and few and far between and hopefully not life-threatening. we in this one area we failed to have the gran all limits and the review that we should have. we believe it's not true, and we fixed the problem. >> and where the risk limit rules raised while the loss-making position was in the books? no, sometimes, they're triggered and they ask for further focus and we heard about when the limits were hit. so do they raise them? they do get raised, yes. >> and why were they raised again? >> i th

london. >> in london, three generations of royal family members took part in the pageantry. in today's economy, the estimated cost is a worthy investment. >> it's about the dollar per taxpayer over a year. they cost about $60 million a year and bring in something like $400 million a year. >> andrea mccarren, 9news now. >> apparently spent on hats. recorded address to the nation, the queen thanked the country for helping her on the thrown. she called today a humbling experience. >>> cloudy and cooler than normal across our area. topper is out on the terrace for a look at tonight's forecast. >> very comfortable. this is a treat. we are ten degrees below average in terms of temperatures. we have clouds interfering with the transit. we'll show it to you all night on 9news now. let's start with temperatures. because this is nice. in the 60s just about everywhere. 68 downtown. low 60s in gaithersburg and leesburg. mid 60s in frederick. you jump the divide. oakland is hanging on to 50 for a current temperature. 67 down in fredericksburg. that's when the warmer readings. satellite p

london. >> in london, three generations of royal family members took part. in today's economy, the estimated cost of supporting the queen and her family appears to be a worthy investment. >> it's about the dollar per taxpayer over a year. it costs about $60 million a year and they bring in something like $400 million a year. >> andrea mccarren, 9news now. >> and that's not the only once in a lifetime thing happening today. the transit of venus started being visible a few minutes ago. that is of course provided you live some place in the u.s. with fewer clouds than what we're seeing tonight. anny hong is live at the air and space museum where people gathered to see whatever they can tonight. hi anny. >> reporter: yeah, the clouds just really not cooperating today unfortunately. but we are still hoping. we have a decent window here. probably until around 8:00 or so to see venus transit across the sun. here's a look at some live pictures coming in from nasa. just start to see it in the lower left hand corner. it is a little black dot that will basically go acro

london? >> we have five individuals who reside or are housed in our london office. >> and they're responsible for how many institutions in london? >> they're responsible for any national bank that has a global operation especially with the presence in london like a london branch office. >> how many would that be? >> roughly a half dozen institutes. >>> how common is to have the risk factor outside of the united states? >> in this particular case, the risk office is actually housed in new york where the global operations of the cio office are housed, so from a supervisory standpoint, our focus in supervising that and other global issues is really directed from our resident team in new york. >> one of the impressions you get from reading the press is the cio office in london actually was -- had significant responsibilities with respect to the overall risk of the bank. in fact, the justification that's been publicly made is they were making -- taking these hedge positions, taking these investment positions to protect the bank from the overall portfolio of the bank, which is essential risk operation. can you explain? >> the individ

london because they have less regulations in london. so i donna -- i do not understand. isn't there some kind of london -- a new poll in london -- a loophole and london? they say that if we put certain regulations in place, they will leave new york can take those jobs with them to london. why is that if there is no loophole? >> this has nothing to do with any loophole. that is a separate issue. if a u.s. company calls of jpmorgan and says, make me a trade swap and we cannot give them the best deals, and they'll give the best deal out of deutsche bank in europe, that is where they will go. the rules about reporting requirements may enable deutsche bank. the company will get less bids and the movement will -- business will move to another bank overseas. i do not know the numbers, but some firms, if they can, will put people overseas to the business in foreign subsidiaries with the same company they're doing it with in the u.s. if the u.s. bank cannot to the business at all because the rules are written so broadly, then we will lose a lot of business. you'll lose a lot of jobs here. the one not move to lo

also great the wealthy great people are depositing their money in london now it's a hot money so once again we see that london you know london and germany you know their concern concentrating all the money and of course the swiss but no one has a problem because as you have seen the you know international bank of switzerland started to make wanted to davy's ings this is crazy you know we're you know the whole situation is just you know you know going going down on the gutter i don't know if you know the year zero and actually was brought in to bring harmony in the euro zone but it has that has failed it's bring misery you know instead of harmony and is the bad guy once again germany. we can't see the german is the bad guy to germany protecting their interest which is normal every country is protecting their interests the point is that you know all the countries you know except germany you know they're just they're bankrupt but when things get heated in a fog of a currency war people can say well they're protecting our interest in a lot of times ancient animosities come out scapegoating emerges yes now you're at each other's

london. this is the biggest street party. they're telling me to stop. hang on a minute. i've got to keep going. it's been the most incredible day here. the biggest street parties london has ever seen. thousands and thousands of people. let me just give you a sense of what's going on over here. the tables are now empty. the carousel is closed out. as we close out our brood passing, let me just bring you the guys i've got here. ♪ fantastic stuff. they've entertained the crowds all afternoon here. back to you guys. >> thanks. and stoic work over there. we're hearing the first sound here at londont is indeed. great sound coming from the river. wonderful sound. so we have the london orchestra in torrential rain singing "i believe: land of hope and glory." could there be a more british thing? we'll going to have a little break. come back and listen to more of this amazing orchestra. they've never played in conditions like this on a barge, in the freezing cold, pouring rain. this is britain at itse best. see you after the break. you know, i have done something worthwhile. when i earned my doctorate through university of phoenix, that pride, that was on my face. i am jocelyn taylor. i'm committed to making a difference in people's lives, and i am a phoenix. visit phoenix.edu to find the program that's right for you. enroll now. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. w

london, a london branch office. >> how many would that be roughly? >> that would be roughly a half dozen institutions. >> a half dozen? >> how common is it to have the risk office of the national bank located outside of the united states? >> in this particular case, the risk office is actually housed in new york, where the global operations of the cio office are housed. so from a supervisory standpoint, or focus in supervising that and other global issues is really directed from our resident team in new york. >> one of the impressions you get from the press, though, is that the office in london actually was -- had significant responsibilities with the overall bank. the justification has been made that they were taking these hedge positions, take these investment positions to protect the bank from the overall portfolio of the bank, which is essential risk operation. can you explain? >> the individuals that are responsible for managing the risk and establishing the parameters for the activities that may occur in the london office are housed in new york. and that is where the physical focus of our activity has been. >> and they reported directly to the chief management or? >> the the chief executive officer, yes. >> you're confident from your review that they had complete authority to countermand the operations in london? >> that is one of the focuses of our review, is to determine the accountability, the involvement of management in supervising the design of the risk management controls and their monitoring of it. >> when the model for risk was changed were you aware of that c

london. >>> speaking of london, a huge tourist destination in that city, is the ferris wheel they call the london eye. it's a massive thing, looming 440 feet above the skyline. and now there's a report that new york city is planning a bigger one just across new york harbor on staten island. perhaps to take advantage of the two million tourists who, each year, take a beautiful and free ride across the staten island ferry. >>> up next here tonight, years in the making, one young man's dream come true. >>> this next and final story is for all those who have faced what might seem like an impossible challenge. it's about a young man who has already been doing some pretty incredible things. then he set a new goal for himself, and then on a big day in his life, he achieved it. his story tonight from nbc's jenna wolfe. ♪ >> reporter: the seniors at scripps ranch high school have been waiting a long time for this moment. but none more than patrick iveson, whose dream of walking at graduation once seemed impossible. >> when i was first injured i was completely paralyzed. >> when patrick was just a toddler,