it was to bring down merrill lynch or the merrill lynch executives.the distraction of andersen gave them incredible power when they went to any other organization because merrill for example new that if merrill did not cooperate fully with the prosecution, that merrill would receive the death penalty that arthur andersen had just suffered. so merrill entered into the most egregious nonprosecution agreement i have ever seen. they agreed that their employees would say nothing publicly that disagreed at all from the task force view of the facts of the case. they agreed that the task force wanted to interview a single merrill lynch employee, a task force attorney could be present. the department of justice task force installed an overseer within merrill lynch who even reviewed the bills from the attorneys so we have to be careful how we describe what we were working on so as not to let the government know what that was. they named over 100 people as unindicted co-conspirators in the enron litigation writ large which meant that everyone had to lawyer up. i

they eat did the 32-year-old assistant in merrill lynch who had participated in the deal. other defendants were not given light-duty either. none of them were in prison camps which i assure you most are not anything like you would think of the camp as being. they were at least in the high-level security van that with each level of prison security frankly comes additional threats to the personal safety because it's the least violent criminals that are in the lowest security facilities and the more violent as you go up the ladder. my client shared a cell with 13 people for the first part of the sentence. there were other prison stories that i will not use time on today but there is a lot they had to deal with. fortunately my client came out fairly well. there is a very poignant story in the book of some things that happened in his life before he went to prison. but there was an attitude of gratitude so he went to prison with the idea of helping other people to read which he did into teaching other mates how to understand personal finances and even had his wife send the kuril

the six men who lynch to them were cattle men. news stories about a hanging ran in a cheyenne papers a few days afterwards but the news didn't stop there. similar stories rang in denver, omaha, chicago and new york. the stories that only a few details consistently right. a man and woman were haines near the sweet water river on july 20th. almost other so-called facts printed in these versions, who the victims were, to the venture's work, where the hanging took place and especially why it happened, were wrong and that is the way the launchers wanted. they wanted word to get out as a warning and they never tried to hide their participation in the deep but they were circumspect about their motives. over the next several weeks two newspapers closer to the event, the casper weekly mail landon rollins, the carbon county journal, got most of the details correct. their reporters did this by interviewing people who had seen something that happens, to use victims personally. because of early information, only the wrong versions became well

and this is where the same minute that because he was an anti-lynching crus later. every time there is a lynching, he would throw out and write the most detailed accounts of it. and half the time he would go out of approved by the purse and who was lynched really was in his bed and every week he wrote an editorial about why lynching was un-american and how it went against the constitution and our values. his fellow editors of small-town newspapers condemned him. they wrote editorials about how awful he was and he stood up and said no, this is wrong. not only is it wrong, you are getting the wrong role. and so he can fade the gruesome nature of it. it wasn't an abstraction so it also got me excited about journalism again because in the same way when the clan again to write again around 191-07-1914 in texas, the clan in texas at its texas at high point, half of all white men in texas were members of the clan in the team 24. throughout discounted james kennedy is out there condemning the clan, condemning politics, just laying out why they are unconstitutional and unlaw

last known lynching of the u.s. the victim's mother sued the hate group. we spoke to the curator about the case. >> so we are standing on ways to be called herndon avenue. it is a cross street between two busy thoroughfares in downtown mobile, and on the night of march 21, 1991, the street became a crime scene. michael donnelly grew up in mobile. he was the youngest of several children of beulah mae donald. they grew up in a project. he was a graduate of murphy high school. he was about to enroll in college to train to be a brick mason. he worked in the mailroom the press registry. he likes to play basketball with his friends, and in fact the morning that he died, he played basketball at the local rec center with some of his friends, and his life ended tragically and without any real provocation. he was a real victim of circumstance. he was chosen completely at random by two klansmen who went looking for an african-american to beat and murder in response to a court case. this is a case of a man named josephus anderson, who was an african-american man who w

merrill lynch made money on the transaction and the enron group made 53 million on the transaction. no one lost any money and there were no misstatements to the market that would qualify the security fraud prosecution said they indicte indicted the defent under the honest services. which alleged they had comes by your with enron cfo. that would be completely laughable were it not for the fact they couldn't get that indictment dismissed. did they take any money or property from anyone? no that is the fraud in fact it means basically stealing. it really falls under one of the ten commandments but it's gotten more complicated than that. it was something i had never seen before. i did extensive research and they couldn't find a single case in the courts that served as president for making the conduct alleged in this case a criminal offense much less a federal criminal offense. there wasn't one. no problem. send them off to prison. motion to dismiss the indictme indictment. requests for the bill of particulars to tell us more about what the crime is we are supposed to have committed the

lynch says it is the inevitability to do what switzerland has done. was madder than hell your proposal to be the chief innovation officer to promoting king with the ig office is reprehensible. i am shocked that inspector general would go from the waste fraud and abuse and efficiency to promoting a specific agenda and i am disappointed not was standing post offices have the every right to propose innovative activities including postal money orders and other items court and others in our historic here in and around the world. however i would hope in the future you would be much more of an advocate including to everything the reduce his costabile while the post office to breakeven to be more efficient for its customers which stated earlier, are the shippers. and mr. lynch is not here but he will never be my partner in anything that reforms the post office to make it more efficient because that reduces labor. i am sorry that is a lost cause of that. so go through the numbers quickly. mr. williams you were in the hot spot. the fact is five days and the shi

lynch ended his hold out reporting to seahawks training camp. they wiped out the 500 grand if fines that lynch accumulated by holding out. agreed to restructure the contract. pay him 1 million more this season upping the salary to 6 million this year but half of that race is incentive base so lynch rushes to 500 thousands of that. average 1300 yards the last three years. bank of the west second round action. williams against victoria. williams took the first set then in the second smoke winner down the line. would answer in straight set. this is match point. the venus moves on to the quarter final tomorrow. >> all right. thank you for

lynch ended his hold out reporting to seahawks training camp.hey wiped out the 500 grand ifhates that lynch accumulated by holding out. agreed to restructure the contract. pay him 1 million more this season upping the salary to 6 million this year but half of that race is incentive base so lynch rushes to 500 thousands of that. average 1300 yards the last three years. bank of the west second round action. williams against victoria. williams took the first set then in the second smoke winner down the line. would answer in straight set. this is matcht point. the venus moves on to the quarter final tomorrow. >> all right. thank you for ♪watching everybody eating ♪what they want all day ♪oh this tasteless cardboard ♪brings me nothing but more shame ♪ ♪turning every turn until i find something right♪ ♪and it...takes my breath away [ shutter clicks ] hi there! [ laughs ] -i'm flo! -i know! i'm going to get you your rental car. this is so ridiculous. we're going to manage your entire repair process from paperwork to pickup, okay, little tiny baby? your

lynch ended his hold out reporting to seahawks training camp. they wiped out the 500 grand if fines that lynch accumulated by holding out. agreed to restructure the contract. pay him 1 million more this season upping the salary to 6 million this year but half of that race is incentive base so lynch rushes to 500 thousands of that. average 1300 yards the last three years. bank of the west second round action. williams against victoria. williams took the first set then in the second smoke winner down the line. would answer in straight set. this is match point. the venus moves on to the quarter final tomorrow. >> all right. thank you for sports. we'll [ female announcer ] the internet gets more exciting the faster it goes. that's why, coming soon, xfinity will double the internet speed on two of our most popular plans. xfinity continues to innovate, bringing you the fastest, most reliable internet, period. [ heart beating ] xfinity internet from comcast. double the speed. [ heart beats ] ♪ [ barks ] whoo! mmm! ♪ ♪ oh, yeah [ whistling ] [ male anno

of america acquired merrill lynch in the dark days -- bank of america acquired merrill lynch and the dark days of 2008. forthey being penalized that now? >> a lot of it has to do with countrywide, the largest some prime -- subprime mortgage issuer. countrywide's stock was declining and it looked like it was a good deal of the time. merrill lynch had a lot of mortgage bonds on its balance sheet when they acquired it. they are either being punished being doj by this or punished on the m&a side of this. >> $17 billion is a lot of money. where does it go? any to the homeowners? >> half of it is going to go to consumer relief. we are not sure how they will set that up yet. >> word is the other half go? >> right to the u.s. government, dry to the treasury department -- right to the treasury department. >> consumer relief. doesn't actually get to the people or is it bureaucracy? >> that is something we will have to watch very closely. government gets the right amount of money to the right people. how to suss that out has been a challenge up to this point. it will be continue -- continue to

his investigation found that merrill lynch new based on its -- that merrill lynch knew, based on its own due diligence that substantial numbers of the loans was packaging in the rmds and selling to investors failed to meet underwriting guidelines, did not comply with applicable law or were inadequately collateralized. all contrary to representations merrill lynch was making to investors. the cases in california, north carolina, involving countrywide and the bank of america respectively to those also involved in similar conduct with varying degrees of egregiousness. at all involved bank of america or its affiliates saying one thing to investors about the quality of the loans they were packaging into rmds, yet in reality, knowing the facts indicated something quite different. it is like going to your neighborhood grocery store to buy milk that is advertised as fresh, only to discover that store employees knew the milk you are buying have been left out on the loading dock and not refrigerated the entire day before, yet never told you but the condition of the milk. -- about the condition

in the case of merrill lynch, the government was trying to save lehman brothers, not really merrill lynchthe world did not know what trouble merrill lynch was in. of bank of america the time thought he was doing the right thing and probably getting a great deal when he bought merrill lynch, although we look back at that and say thank goodness he did even though the favernment had to bail out bo twice, at least it was a backstop for the massive losses. >> we can debate what ken lewis new and what -- knew and when he knew it. there have been lawsuits that ken lewis new shareholders were losing money and they had lost and than had been let on the information should have been disclosed to shareholders before they voted on that. look, the bottom line is when you are negotiating with the federal government, you use the word "extortion." i would agree with that. you do not have any choice. they are going to get their pound of flesh if you look at the history of these negotiations. some sort oft low, reasonable number, and then it immediately moves up to what eric holder wants. that is the bluepr

. >> and just ahead, documentary producer dennis michael lynch and his exclusive video of what he says is really taking place right now at our border. don't go away. woooo. i know what you're thinking. you're thinking beneful. [announcer]and why wouldn't he be? beneful has wholesome grains,real beef,even accents of spinach,carrots and peas. it has carbohydrates for energy and protein for those serious muscles. [guy] aarrrrr! [announcer]even accents of vitamin-rich veggies. [guy] so happy! you love it so much. yes you do! but it's good for you,too. [announcer] healthful. flavorful. beneful. from purina. you know.... there's a more enjoyable way to get your fiber. try phillips fiber good gummies. they're delicious and an excellent source of fiber to help support regularity. mmmm. these are good! the tasty side of fiber. from phillips >>> welcome back, everybody. now back to ferguson, missouri, where there's been so much anger and frustration and so many people asking how the community can get past the recent violence and find a new way forward. joining us now from ferguson, missouri stat

does this happen at bank of america-merrill lynch?> maybe one day, we hope. >> i am looking at this guy going for does he think he is? >> having attended the walmart annual meeting where tom cruise made an appearance, hugh jackman made an appearance, they get fired up. >> there's only one steve ballmer, he is the owner of the l.a. clippers. >> coming up right here on bloomberg "surveillance," adam parker onset. equity strategist at morgan stanley. guest host on bloomberg television and radio. you are watching on your television, you might be listening on your radio or you could be doing so on your iphone, ipad, galaxy s 3. if you are using it, we are on it. we will be right back. ♪ >> good morning, bloomberg "surveillance." futures of three, a little bit of risk on. good morning this tuesday morning. must get to our morning read. scarlet fu pulled the short straw. morning must listen from tiger woods. erik schatzker sat down with the leagend to discuss the future of the sport. >> participation is hard. other top see athletes, say i am

. >> lynching with a gun almost. i was at the rallies on staten island last week and i met a young man whose father was a policeman, a black man. and he said that they really do almost brainwash -- he's quoting like his dad, brainwash the cops and they do, whether they're black, his pan ink or white, they do 0 see like black men as a certain kind of target. >> i want to take that cue from the black youth project. let's look at the dash cam video last week. talking about black men but i want to see a mo, a woman and her four little children and what happened in texas. >> keep walking backwards. put your hands behind your head. >> what is wrong?

merrill lynch and countrywide.e government basically prodded them to buy both of those companies. they did not really want to buy them. first they wanted to buy them but came back, especially merrill lynch, they came back to try to get out of the deal when they realized how many problems there were. >> please, please take them. >> so they are paying for that, which i think is wrong. and basically it's this, if what they did was so bad, why did it take seven years to figure it out? and why are they shutting them down? >> and why didn't they go to court? >> that's another question. that's the question for the bank. >> if it's a shakedown and the bank thinks it's a shakedown, why didn't -- >> why do people not rat out the mafia when shaking them down? the justice department is like the mafia here. i mean, there's no -- listen, jamie dimon made the same comment. why didn't he fight? >> why didn't he? >> because when the justice department is coming after you and you are a heavily regulated industry, they are like the m

attorney general loretto lynch in new york and the u.s. attorney and his office in the southern district of new york. taken together, these cases have construed it to a civil penalty of $5 billion as reflected in this settlement, the largest civil penalty in history. in addition to accountability, this historic resolution is also significant for what it achieves in terms of restoration. it requires that those we're holding accountable today, they have to shoulder some of the responsibility for repairing the harm caused by their conduct. and in this case, that is achieved by the $7 billion in consumer relief the attorney general mentioned a moment ago, this is one of the largest consumer relief packages we have ever assembled with a single financial institution, and its impact could benefit hundreds of thousands of americans who are still struggling to pull themselves out from under the weight of the financial crisis. and some of the key consumer relief measures include affordable rental housing, where bank of america will provide millions

i am here representing bank of america merrill lynch that invested in the land of over $32 million to make this beautiful, beautiful project. i would like to thank bridge housing for your hard work on this, the community on office investment and infrastructure -- did i get it right? >> [inaudible] >> the city of san francisco, and the many, many organizations and people that worked tirelessly to get this beautiful project built. today we're celebrating 60 new homes that will be permanently affordable to the great and diverse residents of san francisco. bank of america believes that we are better when we are connected and it's true. we are better, stronger city. we live not only next to the founder who created a huge company or the software engineer that works there or the lawyers or the bankers but also next to our teachers and our firemen and the many families who are having a hard time living in this extraordinarily expensive city. that is why we at bank of america are one of the largest investors and lenders into affordable housing. just here in san francisco for the past 10 years

they wanted to buy merrill lynch in 2008 because it thought merrill had this great brokerage department. didn't know it was going to have a $15 billion loss a few weeks later. that said, when it bought both of those institutions, it came to the aid of the financial system, there's no doubt about that. the problem, most of the problems they're paying for did not originate from bank of america per say but from the companies they bought that, you know -- >> is that a big fine? $17 snl. >> when you start breaking it down, it's $8 billion in cash and another -- 9 billion -- but you know at some point we should just end it now. this is getting silly. and most of it is, let's face it -- >> over $40 billion right now. >> $17 billion bank of america, $13 billion, jpmorgan. $7 billion, citigroup. it doesn't matter. it's enough for the department of justice to brg that they're being tough on wall street, but at the same time, nobody ever went to jail. at the end of the day, this was all about money. >> well, i would not say it's all about money. they did some bad things here. >> money is a very im

countrywide and merrill lynch may have been at the heart of this issue.hould bank of america shareholders pay the price for mistakes made at countrywide and merrill link? especially when merrill lynch was pushes into the hands of bank of america? >> you can make those arguments. they have. not successful in court. >> how are they not valid? >> different deals differently. we don't absorb the liability. in other cases they got a cheaper price because they didn't make that sort of a deal. each of these is a different deal, and the fact is bank of america itself putting aside countrywide and merrill lynch was also in the business of pooling and marketing bad mortgage backed securities. look, this was an egregious pattern of misconduct over a period of years. their due diligence process was clearly flawed. a statement facts they've acknowledged this. i give credit to the bank. put a lot on the table. a lot of claim rees sophed. good working with lawyers to come up with creative solutions. much more than the chase settlements in the past providing more money f

>> think of it as peter lynch. you can't pick the stocks. we went to the school in fargo, north dakota, and we were surprised. we had a tournament going on for the business schools, and this school decided the group of sixth graders decided to compete with the college grads in a competition to build a motif. what we learned is what peter lynch told us a long time ago. keep your eyes open to the ro world around you and keep costs low. the kids were able to outperform some of the best in the country. >> they were picking things they understand. one of the kids was telling me underarmor. everyone was wearing nike. christmas was approaching. they were sponsoring the olympics. and they told me the stock was cheap at the time. facebook, something they actually weren't using that much. they're more of an instagram crew. they said kids mr. zuckerberg is a smart person. he'll figure out how to make money on the mobile device. we think it's a good time to buy facebook. >> it's interesting. it's not only what you know but the people you trust and think

for pam oliver, for john lynch, i'm kevin burkhardt. thanks for watching.koff coming right around the corner. so long. >> announcer: fox sports thanks you for watching this presentation of the national football league. we are! fox sports! oh, i had to go to the bank. if you look legit they give you special treatment. seriously? seriously, yeah. the banker dude set up my checking account so if i make one deposit a month, no monthly maintenance fee. special treatment! citizens bank, right? yep. you know they do that one deposit checking thing for everyone, right? and...you got mustard on your suit. actually, it's your suit. one deposit checking. only from citizens bank. one deposit of any amount each statement period waives the monthly maintenance fee. >>> coming up, center city stops short. >> those taney dragons do it again, thrilling finish to a nail biter, your news is coming up in >>> we begin with a developing story, philadelphia's taney dragons have done it again, tonight's little leagu

and merrill lynch and i want to say a special thank you to bank of america for sponsoring this event today so we can celebrate. we have a board member that hasn't hasn't arrived yet. is dennis here? this is a well designed building that fits into this urban care. there are things that you might not know that i will share with you today and you may have all of this history. this site used to be a good will warehouse and damaged in the 89 earthquake and was vacant for a long time. in about 2007 the parcel was programmed for affordable ownership housing but unfortunately because of the economic downturn and the mortgage melt down it was reenvisioned and fortunately then into affordable rental housing. that was coupled with the incredible demand for renters in the city of san francisco and allowed the project to move forward. the site is very small. you wouldn't quite know it considering there are 50 affordable units on this site but it's over a quarter of a acre, .27 acres and shaped like a t and wide top and skinny handle and from a design point of view it's challenging and from a stag

for the fed and the markets to do that, we welcome chris wolf, chief investment officer with merrill lynch private banking and investment group and chief economist at moody's. was this as we characterized it at the top, a goldie locks job report, not too hot, not too cold, the best you could have hoped for? >> yeah, it was perfect. you know, a lot of jobs really broad based across a lot of industries across all pay scales. at this pace of job growth, unemployment will decline rapidly but we're not to a point where we're seeing any significant wage pressures. from a workers perspective, that's not great. we want to see the wage growth, but from the stock market perspective, investors don't want to see too much wage growth because that might induce the fed to raise interest rates sooner rather than later. >> chris, does it confirm what we suspected, which is the economy is growing slowly and surely and at a pace that is not going to trigger inflation in a big way? at least no time soon? >> yeah, you know, i think go gold -- goldie locks is the term you use. there is a big sensitivity on the

dotty lynch died yesterday after a battle with melanoma. she was 69.l be right back. have co but i don't want my breathing problems to get in the way of hosting my book club. that's why i asked my doctor about b-r-e-o. once-daily breo ellipta helps increase airflow from the lungs for a full 24 hours. and breo helps reduce symptom flare-ups that last several days and require oral steroids, antibiotics, or hospital stay. breo is not for asthma. breo contains a type of medicine that increases risk of death in people with asthma. it is not known if this risk is increased in copd. breo won't replace rescue inhalers for sudden copd symptoms and should not be used more than once a day. breo may increase your risk of pneumonia, thrush, osteoporosis, and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking breo. ask your doctor about b-r-e-o for copd. first prescription free at mybreo.com spressure points on my tired, achy feet. i had no clue i was putting this kind of stress on my feet. i have flat feet. i foun

and bearing responsibility were shareholders that made a lot of money at country wide and merrill lynch over the years through the practices being sanctioned today, and secondly, some of those very same shareholders in those banking companies benefitted from taxpayer bailouts, didn't they? >> well, they did, but let's also remember that these large public companies bought these crippled financial institutions, you know, in the case of country wide, the firm would have failed if bank of america hadn't bought it. bear sterns bought by jp morgan. >> bank of america moved to buy country wide before the crisis was in full flower. >> yeah, but they were the warehouse lender. country wide had nowhere else to go. the firm would have failed if it wasn't acquired. >> all right. we'd like to get arthur back in. to what extent have these actions by the government you think changed behaviobehavior, something like this were to happen again, whether it's financial institution or other institutions, do you think these fines have been enough to deter bad behavior? >> well, the three settlements were qui

it is this bank of america/merrill lynch fine.looks like $17 billion they're going to have to pay here, which would be a significant chunk of change, could be the largest u.s. bank fine, and it is clearly going to hurt bank of america/merrill lynch, but it looks like finally they'll put to bed this suit, which is all about mortgage products that were missold. back to you. >> all right, geoff. thank you, sir. much appreciated. >>> the white house is looking to crack down on american companies who look to avoid u.s. taxes, looking to add another layer to the debate over presidential powers. president obama announcing he will act as soon as possible to stop what is known as inversion, and that's when companies move their headquarters out of the u.s. to escape high tax rates. president obama admits the tax system needs to be reformed but says the trend of leaving the country is an unpatriotic move that has to end. >> it's not fair. it's not right. the lost revenue to treasury means it's got to be made up somewhere, and that typically

segregation and started one of the chapters mobile.aacp here in he went about pursuing the right to vote, lynching, desegregating buses and public accommodations and mostly he did it through negotiations and lawsuits and that kind of thing , less by demonstration and confrontation. e found a few moderate a alleys that would part ways that became the mobile story although there was a lot that needs that apparent progress -- where there was still a lot of, you know, hard core segregation and some pretty hard racial attitudes. and so it took a while for all that to play out. but there were people going way back in mobile who tried to get things started earlier. john hewitt became the first african-american sheriff's in lambs county, alabama. lambs county was the toughest county in alabama in terms of its resistance to civil rights. it was the county that the settlement montgomery march actually mostly took place in lambs county. some were in dallas county. and then the next 50 miles of the march were through lambs county before you get to lambs county and montgomery county. at the time that the march

lynch. when we come right back, bernie goldberg on the revolting execution of an american journalist by a terrorist. if you suffer from constipation, you will likely also suffer from gas. introducing new dulcogas, which starts working to eliminate gas bubbles in minutes for effective relief. dulcogas, from the makers of dulcolax- nothing relieves gas faster. are of paragraph thanks for staying with us, i'm bill o'reilly in the weekdays with bernie seeing many tonight. back in 2011, i interviewed james foley who was kidnapped by pro-qaddafi forces in libya and held captive for weeks. mr. foley survived that and then went on to cover the war in syria where again he was captured this time by the isis terror army. this week, he was beheaded on camera by those savages, his family is devastated. >> jim could feel the prayers, he was strong, courageous, loving to the end. i mean, we just hardly recognize our little boy. i mean, he was just a hero. >> know from the video that his last words were i w

[laughter] -- for merrill lynch.er] >> it is a great brand. >> remember the one with the bull in the china shop? back then, there were no computers. how did they do that? >> coming up, we are going to run with the bulls with the market. we will take a look at the markets. after the global equity selloff. equities in europe have recovered and futures are openating that we could higher. we will discuss when we return on "bloomberg surveillance." ♪ is "bloomberg surveillance." i'm scarlet fu with tom keene and adam johnson. let's get you company news. new pressure on u.s. tech companies in china. government departments may not buy antivirus software. microsoft offices in china were raided last week. walmart is trying to make things personal. the retailer is changing its website to target customer preferences. walmart plans a complete relaunch next year. trying to catch up with amazon. the company that makes software to prevent car crashes raised $890 million for its ipo. it is based in jerusalem. that is the latest comp

but also you have a chapter, i mean, you say that beating is one thing, but if there was a lynching, there was a sense even in terms of the top military brass that that was something that trim -- african-american soldiers would most likely retaliate against. >> yeah, i would agree with that. but let me say one other thing that, that -- don't, let's not put this all on the south. this regiment had trouble in northern -- >> tell them about new jersey. >> well, also mills and also yaffank in long island. >> right. >> but camp merritt very close to englewood, there were all kinds of incidents that occurred there. at camp mills there was this alabama regiment that was given -- >> right. >> -- the men of the 15th fits. actually, hamilton fish involved himself in that, and the there was a black boxer in the regiment by the name of george -- [inaudible] [laughter] and they were ready to take on any comers. but the men had no ammunition, but fish said that they were prepared to get that ammunition, and the alabama regiment knew it and backed off. but they had brutalized a black man on a train

everybody here is pretty proud of him. >> reporter: but for the lynches, this is it. >> we're done. we went out with a bang with her. >> reporter: their fifth child, the one who just couldn't wait. for "today," mark potter, nbc news. >> i'm making sure steph is watching just on the off chance, are you watching that because you need to know. send. okay, cool. i think we're all good now. i feel totally safe. >> now we've got that part of it down. maybe a check of the weather? >> yes. it's going to be a very busy day today for this last unofficial weekend of summer. we've got a lot going on. we've got scattered showers and storms from northern new england right down into southern texas with an area across the mid-atlantic where we could end up with some large hail and damaging wind gusts, but it's this area back through the midwest where we could even see isolated tornados break out, especially late this afternoon >>> good morning. 6:16 is the time. we're waking up to a beautiful sunrise in palo alto. a lot of awesome colors here. different story in san francisco. golden gate bridge, c

what did they do with merrill lynch now? how do they monetize merrill lynch at some point? if the financials can get any form of traction here, throughout the remainder of the year if we could see an unraveling of this flattening of the yield curve which is really right now, i think, holding back financials. if we could go 2.75 in terms of basis points where where we are now, 200. financials hold the key over the next three, to months. a good start today. the rally seeing today is largely on the part of financials. yields still low. surprisingly, by the way, utilities performing terribly. you think we would do well given where the ten year is. >> hold the markets the rest of the year? >> they are. >> i would be skeptical the rest of the year. where are we on rates in the ten year? 2.4%, something like to? the end of the year, really move financials enough to the end of the year? >> in short, i'm not sure. >> right. >> look at trading in the bank of americas and citis, all the big financials we're all trading, they're all at

with us, francisco blanch of think of america-merrill lynch.orope is pushed recession or slow down by russia and oil prices, that is not good for france? is austerity the wrong prescription? >> germany has a strong interest in keeping inflation low. this is about protecting european pensioners. groupw there is a growing of pensioners, an aging population in europe. the pensions of those people, they are voting ien bloc. germany is pushing too hard and austerity is becoming a problem .or france too much austerity is not a good thing. >> where it is austerity come from? each nation or is it a policy of brussels or frank for? -- or frankfurt? >> it is a policy of brussels and then out at the international level. it is supervised by brussels. if you continue to compress budgets, you will push the economy down. >> oil elevated a little. on aat effect will unrest rack in syria have on global oil markets when there is no shortage of u.s. shale gas? ♪ >> from our world headquarters in new york, good morning, everyone. it is has been a beautiful august