at the time of bank of america did preside over bank of america when they acquired merrill lynch that we know but merrill lynch who at the time was headed by john thain who was former head of the new york stock exchange former. senior executive at goldman sachs and so forth was running a company that was staggering from c.d.o. and various types of derivatives losses when the deal to acquire went down in the middle of september of two thousand and eight the deal that bank of america made to purchase this very troubled company that as we saw continued to plummet in value as the deal details were being discussed at twenty nine dollars a share which was seventy percent higher than it was even trading in the market before and during the time it was tanking in the market so that is something that ken lewis you know used basically his company to buy it and inflated value even if all the information were true marilyn so that's number one that's definitely has fall no i mean i mean it was down let me put on the ones that also were no no no i mean he wanted to let merrill lynch fail and you kno

so we're definitely not going to let it happen to merrill lynch who can take well j.p. morgan to just you know agree to take bear stearns citigroup was a disaster it had to be bank of america and in that process whether ken lewis knew or didn't know or was subtly or not so subtly implored to not disclose the true condition of merrill lynch i think there was a lot of people involved with that information being withheld from from shareholders who approved the merger and that it was irresponsible the fed to allow the merger to take place. of course they pushed it so a lot of a lot of people a lot of culpability here when we come back i want to talk a little bit more about some perverse incentives at play too we will have more nomi hang on right there we'll have more with nomi prins author and senior fellow at demos after the break also still ahead forget grex it and suspect that some have called for a camel exit but where the california turn for a currency we'll tell you about one town solution in loose change but first your closing market numbers. which was the same or si

the price targets are wrong like the one from bank of america and merrill.hy am i confident this will happen? some of it is because bank of america and merrill wasn't the first to capitulate. we already have the makings of a pattern here. go back to may 29. we saw a different firm do the same thing. analysts at web bush who despised jack in the box upgraded it from sell to neutral. these guys fought tooth and nail but they had to go from sell to neutral the first chance they got. what's terrific about the upgrade is they had to raise estimates, too. that's another tell of a beaten analyst. he's telling people to sell it and his numbers are too low. they have to be too high to make it work. he's basically saying, hey, look at me, i'm dead wrong. i kept you out of of the turn. now i'll do my best to catch up. what i love about this report is that it highlights the amazing leverage jack in the box has to food deflation. prices for the main type of beef jack buys are down 50% from last year. some say pink slime is huge for the bottom line of the industry. i thin

without the $29 a share deal from bank of america which valued merrill lynch at $50 billion.ote, without that deal merrill lynch was goinging to bankrupt. >> eliot: and they were hosed up the-- >> eliot: they were the ones tell us about. >> georgia it seems to me that wactel has never failed to rationalize what it's client wants it to do. am i right about that? >> look, lawyers are very good at doing what their clients want. wactel, don't forget in the jp morgan bear sternes i would not be surprised if wactel was doing what they were told to do. >> eliot: that's what lawyers do. they paper over what rational people would want to know and provide a back stop so when people are sued, they say well, my lawyers told me. >> that's what a cynic would say, based on the number of things that you see over and over again, yes that way ken lewis can say, don't blame me. i was just doing what advice of my council told me to do. >> eliot: the treasury department and federal reserve both pushing to get this deal done did they know about the magnitude of the merrill lynch's losses. >> again

bank of america merrill lynch for four russians here. very nice to see there so how important do you think is this confirmation of russia's rating a triple b. by u.s. and b. . what of course there is nothing bad. related to the fact that the rating was not reduced or was not kept of course seven hundred fifty other countries russia is much more protected against the potential adepts allied to the idea that if i do it on the markets and of course it is stable outlook is also a good development and basically just reiterate the best and great breaking for russia is always a good thing to have in the greater part of it by some of to the work of your colleagues from bank of america merrill lynch and they basically saying that russia's demographic problem the aging population is somewhat of an attractive competitive factor when it comes to economic growth is that right. yes in fact i would i would say that they are for according to kinetic theory as it is indeed that the adverse demographic trends he's a negative development long term trend ne

that merrill lynch had all of the numbers out there.t's a big surprise to anybody with the merrill lynch stuff. but why the stocks are trading down is not so much the big news, but the curve sitting around 150, that's going to weigh on these names big time and that's what i think is driving these names down today more than anything else. >> and they already have of course driven these names down. given the level of yield, very tough to make money. let's look at technicals carter. what does the chart tell you right now? >> very weak today and weak since the market peaked in early april. the weakness is a simply a reaction to the great preceding strength. financials are so strong in q1, up almost a hundred percent or more so moving from 5 to 10, perfectly normal on the way to have a third give back, back to seven. so we would say that th is down to support. >> you want it put money right here. >> right. meaning weakness is a reaction to the grate preceding strength. double and perfectly entitled to pull back after doubling in q1. >> it is

our guest is a former ceo for merrill lynch wealth management. but on the screen we can begin to walk-through the ideas that you put forth. the first one with says pay executives with bonds as well as stock. what do you mean by that, and why is that an important idea, do you think? >> the debate that we've had as a country has really centered on, first of all for causes of the downturn grief. and the debate around compensation has centered around bringing compensation down. so rather than add to that debate or expand on that debate, what i looked at was the form of compensation for executives, and for whatever reason, as we came through the downturn, we immediately went to pay executives more stock. think about it for a second. if you were buying a stock, you are not -- you are looking for up side. you understand you could lose your money on the down side, you're not looking to protect your money. you really are thinking about, how can this company grow? how can it take on risk in order to grow. in other words, in order to look for a stock to go

we gave that order to merrill lynch and they traded out of that.e landed with a $10.7 million profit. that was on the sunday after may 18th. as part of an accommodation, our customers will get that distributed back to them in cash. as soon as we get approval from the s.e.c. the components of the accommodation is we get $3 million on the existing poll tea and 10.7, customers get that in immediate cash as soon as we get approval by the s.e.c. >> i want to ask you about this $40 million fund in a moment. but where were you at this point? who is in charge here? you were in california. we saw shots of you at the opening bell with all of the facebook people. you're second in control, he was in philadelphia. this was the biggest ipo in your history. >> certainly people who run the operation day to day were in charge. we have several open lines going. one is an open line to our customers, a separate open line internally to nasdaq and there was rampant communication going on through both lines. that was the way to do it. >> understand, it's important to not

this is a picture of the current merrill. this is what the library wants to replace it with. front is to be replaced with this. the side is to be replaced with this. a tremendous loss of history, social and cultural. president chiu: thank you. next speaker. >> so many losses in the news. speaking to don a suburb -- donna summer and mr. gibb of the bee gees. ♪ it said it in the air on the radio ♪ and ♪ i looked at the sky running my hands over my eyes and i fell out of bed hurting my hammer on things that i said i finally died which started the whole city living and you could not see that the joke was on me this joke was on me ♪ and i would like to say -- i went to the asian street festival over the weekend, and i stopped by the "hawaii 5-0" booth. ♪ what a city you see what a city what a city wild and free what a city you've got a city to be what a city you've got ♪ and i just wanted to say, ♪ winter, spring, summer, or fall donna summer, how far you had to fall we will be there you've got a friend friend to the end ♪ president chiu: thank you. next speaker. >> supervisors, a

it was a $50 million purchase and they did not tell them the real merrill lynch numbers. secretary said, wait a minute, this could be a criminal offense that we're not sharing the real numbers with the shareholders. in other words, the owners of the company. the next time we could be talking through a glass wall over a telephone meaning, of course, in prison. that's not all. ken lewis, the ceo at the time has admitted in an indictment earlier this year, i'm sorry, in deposition earlier this year that, hey, yes i did not give the same numbers as i had internally to the shareholders when they were voting on whether to approve that merger with merrill lynch. on top of that the general counsel wanted to object to this as well. when he found out about the numbers, he was immediately fired and escorted from the building. he could not even clear out his papers. that appears to be fraud. are they going to do anything about it? was the treasurer right in saying, hey wait a minute, this could be criminal. the obama administration hardly does anything about it. let me show you the n

there will be many many vacancies according to wealth management division of bank of america that's merrill lynch claims that there will be nine a million job vacancies in the next decade and all of this is because of russia's them or graphic problems and that's because there aren't enough people available to replace the aging workforce in the country the banks out of less expect local employers to raise salaries by roughly six and a half percent a year to prevent their employees from looking for another job and by twenty twenty this could more than double the average salary in the country however merrill lynch also expects russia to keep raising taxes increasing social spending. but and this is how business looks for now back to marina in the studio all right thanks very much in the arena for this update on forecast looking forward to more next hour in the meantime have lines are coming your way stay with. there hasn't been anything yet on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism honest we talk. we want to present. something els

years as there will be many vacancies the wealth management assessment division of bank of america merrill lynch says that over the next decade there will be at least nine million jobs up for grabs now the that's because of russia's demographic problems aging population aren't enough people available to replace the aging workforce in the country banks analysts expect local employers to raise salaries by roughly six and a half percent a year that's not even taking inflation into account and that's to prevent the employees from looking for another job and by twenty twenty that could more than double the average salary in the country however merrill lynch also expects russia to keep raising taxes due to increasing social spending. and stand for the agency has a nice surprise in store for russia this time around is raise the country's short term foreign currency raid. aid to the agency says the country's outlook is stable it says and i quote here vulnerability of the budget and the economy to fluctuations in key export prices are offset by low government debt levels and the country's slight ne

low the motorcycle from a bank of america merrill lynch. of course seven tragedy to other countries russia is much more protected against a potential adept try to the idea that if i do it on the markets and of course it is stable outlook is also a good development and basically just reiterate the best one great great thing for russia is always a good thing to have from a great environment let's take a look at let's take a look at what's going on in the global markets start with america we've got housing market data coming in on a positive note basically two days in a row we're seeing some positive signs from the housing market contract sort of the two year high therefore dow jones nasdaq now gaining point eight and three quarters of a percent respectively now on the previous day we saw housing prices finally increase now in the on the commodities market oil is supported by by the states where we're seeing light sweet gaining of almost the dollar the brant half a dollar per barrel in europe the session is of course close with a puts the end

couple of years that's because according to wealth management the vision of bank of america that's merrill lynch nine the many vacancies it will be opened up here and there will be up for grabs and. now this is all because the country is experiencing a demographic problem and that is the fact that there aren't enough people available to replace the workforce in the country the banks and allies expect local employers to raise salaries by roughly six and a half percent per year and that's to prevent their employees from looking for another job and by twenty twenty this could more than double the average salary in the country merrill lynch also expects russia to keep raising taxes due to increasing social spending. and standard and poor's had a nice surprise in store for russia this time around that raised the constant short term foreign currency rating to a new the agency said the country's outlook is stable and i quote here according to the vulnerability of the budget and the call in the mood to fluctuations in the export prices are offset by low government debt levels and the constant slid

at merrill lynch, we understand the importance of your goals.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> and >>> and today on power lunch, counting down to dimon, look ahead to tomorrow's key hearing and tell you how to look at financial stocks today. after the great decession, expert advice how to rebuild your portfolio. if you took a big hit in the financial crisis. the law that was supposed to help in the foreclosure process may be making recovery slower. the story on power, now back. >> shares of starbucks quite volatile right now. we're going to get back to boone pickens in a moment. starbucks updating its guidance a the a conference, william blair conference, taking their outlook down by a penny, earnings outlook down by a penny, below what the street was looking for. they cite increased commodity preciou

. >> we'll go to merrill and kathryn. that will be it. >> merrill goosener, the fiscal times. returning to europe briefly. some analysts have said that should the situation deteriorate there, the fed could step in by buying european sovereign debt. are there any countries you would rule out in such a strategy? >> the federal reserve isn't going to be buying european sovereign debt, except we have a very limited amount of european sovereign debt as part of our foreign exchange reserves. and it comes primarily from a small number of countries. so that's not something that we would be engaged in. >> you have two new fed governors aboard. did that change the tenor of the discussion at all this week, and did jeremy stein push you in any policy direction? >> they're two terrific people with great experience. i've known jeremy for a long time. he's an outstanding academic and knows a lot about finance. jay has both market experience and a lot of experience in government. they both bring a lot to the table. this was their first meeting, so i think to some extent they were in listening

the point is that of course the germans are going to part with their money without conditions mrs merrill has a very tough political scene or sell and if she were said to just give the spanish one hundred million euro the people in germany would think she lost her mind so corpse are going to be conditions of course the trade is going to look over spanish banks of course there's going to be conditionality the e.u. level and the spanish and what's happening is you see the politics of this getting harder and harder mrs merrill needs that conditionality the spanish government can't hope to survive if there is that conditionality they've lost control of the story and they're beginning to believe this nonsense the crisis has followed a pattern they've been phrenic bailouts for greece of portugal ireland and now spain and what's happened is that after every bailout the amount of time it takes the markets to read the fine print realize that indeed this is nonsense it is an all set to get smaller and smaller and smaller so we've gone from two months to two weeks to two days and in the case of spai

. >> in business news, the merrill lynch acquisition was troubled. >> it pays to be facebook in turn. >> good morning a worldwide sell off investors are pulling their money out of the stock market after disappointing economic news from around the world. the chief among them was the u.s. jobs report which indicates economic growth here may be slowing. bankamerica executives apparently knew in advance that the company's acquisition of merrill lynch would create huge losses that they did not tell shareholders. that information was disclosed in court documents filed last night as part of a lawsuit by shareholderss. "snow white and on huntsman" did better than expected this past weekend. intern's @ facebook are paid almost $75,000 per year. that is america's money. >> if you go through that ever to land that internship and you make that money what do you do when you get a job after that? >> what do you do with the job pays you last? maybe they will pay you inexperience. >> we bought into that. >> let's talk about the weather. a beautiful sunshine this morning, a gorgeous day today with a r

years as its population is aging and therefore there will be more vacancies in fact bank of america merrill lynch suggests that nine million vacancies will be available in a decade now that's because of russia's demographic problem starts enough people available to replace the aging workforce in the country the banks analysts expect local employers to raise salaries by roughly six and a half percent a year to prevent the employees from looking for another job this in fact will also increase rush's g.d.p. per capita as the population declines now in by twenty twenty this could more than double the average salary in the country also merrill lynch expects russia to keep raising taxes due to increasing social spending. well that's up from from this edition of the business news article i'll be back in around an hour with plenty more super so you then thanks very much. i just a moment of the headlines here on r.t. then we'll be having a close up interview with a pulitzer prize winning author and what the future holds for iran all amid a new wave of looming sanctions this is art. you know how some

jack in the back, bank of america, merrill lynch doing a full reversal.hat stock and they turned all the way around to a buy, raising the price target to $32 from $21. the stock is at the highs of the day up almost 5%. i have never had a jack in the box burger, tyler, but it must be pretty good. >> i never have, either, i don't believe, and that's saying something. >>> coming up, plug in your engines, the first tesla car hits the road and we'll talk more about that and other things as we wrap up the week on "power lunch." and how much the people in your life count on you. that's why we offer accident forgiveness... man: great job. where your price won't increase due to your first accident. we also offer a hassle-free lifetime repair guarantee, where the repairs made on your car are guaranteed for life or they're on us. these are just two of the valuable features you can expect from liberty mutual. plus, when you insure both your home and car with us, it could save you time and money. at liberty mutual, we help you move on with your life. so get the insura

we have skidmore, merrill, and -- helping us do this.y the end of this summer, they will present that master plan to us for consideration. when you plan for success, you will be successful. that is what we have learned very simply in our city. i am excited to do that. i am excited to start out that planning and make sure that gets done. we share in the same level of excitement. how about that perfect game? that started excitement. [applause] how about the the excitement from the u.s. open? how about the summit we're having this weekend. happy pride month in san francisco. to continue that, and to build for the future with all of the success we have with our giants, with all of the offense that we create, with the offense that we just had with this fantastic icon, the year for our golden gate bridge. we have a few more things to celebrate in the future. what do you think about the warriors coming back to san francisco? we will have the nba working with us not just for great venues for basketball team, will also have another iconic as a ne

that's merrill lynch. our cloud is made of bedrock. concrete. and steel.smartest brains combating the latest security threats. it spans oceans, stretches continents. and is scalable as far as the mind can see. our cloud is the cloud other clouds look up to. welcome to the uppernet. >> welcome back to fast money. look at the pop. david's green light capital revealing that it has increased the stake to 23.1 million shares. that's 5.4% of the outstanding shares in the stock. it only has flash, which is not good. >> he is determined to put more into this. it was 3.4%. david sees something that a lot of folks obviously are not seeing out there right now in the data space, especially in the disk space. when you look at the names you look at some of the numbers. the problem is are they going to be obsolete? >> making money by going short. that is the strategy of the active bear etf which makes only negative bets. green mountain coffee and juniper networks among the notable shorts. here with more on bearish bets and big returns, who co-manages the active bear etf.

that's merrill lynch. >> announcer: just before the break we asked you which tech stock is this year'sperformer. now the payoff. microsoft, which has risen over 9% year to date. >> is that a full moon? we have some move going here today. >> oh, yeah. >> another down day for facebook but the stock down below $26 a share. off nearly a third since going public. seema mody is at the nasdaq. >> a new reuters poll shows that 34% of users spending basically this reaffirms investors' concern ability to advertise effectively. also in the spotlight, shares of apple writing that they anticipate apple will gradually lose smartphone share until the iphone 5 launches in october. reducing the iphone estimates to 27 million units this quarter, down from 35 million last quarter. guys being back over to you. >> seema, thank you very much. energy is the worst performing s&p 500 sector down more than 10%. >> oh, really? so why does he want to buy the stocks right now? >> why is that? >> steve is with us. wonderful to see you both. >> welcome back. >> oil prices moving down. you want to buy oil stocks but

the new york times" reports baker of america alleges bang executives knew about mounting losses at merrill lynch but failed to inform them before they approved the $50 million purchase back in 2008. >>> "the wall street journal" reports that facebook is working on technology that would allow children younger than 13 could use the social networking site with parental vision. >>> all the latest video gadgets will be on display. >>> and it's that time again. the bidding has begun for you and some of your closest friends to dine with warren buffett. last year's binner shelled out 2.6 million bucks and later land add job with the billionaire investor. all proceeds go to charity. >>> coming up foul trouble puts out the heat's fire and a monster win at the monster mile. plus tiger woods shoots his way up the all-times win list. your early morning sports headlines are straight ahead. >>> and there looks like a line of severe thunderstorms. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." and in sports last night in the nb

at merrill lynch, we understand the importance of your goals.r financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> finally, my observation on the interview we just saw with president bill clinton. someone made an interesting remark when comparing president clinton to president obama. the difference between the two, when clinton walks into the room when half of the room is republican and half is democrat, he will walk to the republicans and they will be fans of clinton. barack obama will go to his base. the the last time he came to wall street, he refused to get pictures. clinton was a uniter and obama is criticized for being a divider. he was down the middle. to fix the economy a couple of things need to happen. he believes you need to fix the whole mortgage mess. number two, tax reform. that means lower corporate rates, b

that's merrill lynch. >>> welcome back. stocks having the worst day since november due to a large part of the disappointing jobs number. the news pushing interest rates lower, leading some to predict mortgage rates will hit new record lows in the coming days. will that matter if the jobs picture is bleak? meanwhile, home building stocks getting hit hard again. tough week for the hopmebuilder. joining us is diana olick. housing activity, pending home sales weaker than expected. we've got some activity picking up recently. but not as strong as some people predict it should be at this point in the cycle. how would you characterize the market? >> number one, there's too much concern about the future of where things are going economically to motivate anyone into a long-term investment. >> so, in other words, we got into the spring selling season. well, it was okay? >> so-so. >> no urgency. >> and the big question is, how long does this bottom? there's a strong indication we're at the bottom of the housing market. the question is

♪ at merrill lynch, we understand the importance of your goals.visors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> finally today my observation on what will no doubt be pure theater in washington tomorrow. jamie dimon testifying on the big trading loss jpmorgan announced three weeks ago. the hearing is entitled a breakdown in risk management. what went wrong at jpmorgan. it's reignited the debate if the big banks need to be broken up and if they are too big to manage. those would be worthy discussions. if this goes like virtually every other hearing in the past where a so-called fat cat a ceo is hauled in front of congress dimon will serve as a wealthy pinata. >> mr. lay, i have concluded that you're perhaps the most accomplished confidence man since charles ponzi. i'd say you were a carnival barker except that wouldn't be fair to carni

dollars. >> albert wong is a reporter in hong kong. >> it was competing with goldman sachs, merrill lynch all the big ones. >> on the first sunday after halloween, 2003, a close friend and colleague of rob's called to discuss an important conference call on the bank of china deal later that night. he said kissel sounded sleepy, out of sorts. >> not making sense? >> exactly. >> at first, the friend didn't make much of it. when kissel missed the conference call that night and was a no-show at the office the next day, the friend called nancy kissel. she told him she and rob were dealing with family issues. but as days passed, the friend suspected something more sinister at play, and filed a missing person's report. police inspectors later knocked on mrs. kissel's door. she let them in and explained her husband had walked out on her after a fight. >> they didn't suspect anything until they go into the bedroom. and he says then that it is a gut feeling just from experience. >> meanwhile, another team of inspectors was investigating reports of a strange smell coming from the kissel storage unit

showedsurfaced documents u top executives neglected to tell shareholders about the losses at merrill lynch before completing the $50 billion purchase of the company in 2008. the losses actually resulted in a $20 billion taxpayer bailout. documents filed as part of a shareholder lawsuit in federal court show bank of america executives knew about the losses before the purchase. the documents include testimony from bank of america and chief executive kenneth lewis who admitted he received loss estimates that were not included in documents given to shareholders. documents show just days before the vote, both companies determine merrill lynch's losses would be $14 billion before taxes. the bank's former treasurer reportedly warned another executive at the time that failing to disclose the losses could be criminal. and occupy wall street protester says he has gone on hunger strike in a stopped taking his aids medications to stop -- protest trespassing charges against activists who were arrested at new york's trinity church on december 17. jack boyle, 57, has been on a hunger strike and wit

a passionate belief and the foundation on which merrill lynch has been built.visors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> welcome >>> welcome back. we are live at the nasdaq market site. i know you have been waiting, waiting to find out what's behind the old red velvet curtain. josh brown, tell us the trade of the day. >> so i came on and i put you guys onto walmart on the breakout. we're seeing the same thing now with target. the two are very similar. i think target might have even more room to run. so $58 was the breakout level. $58 and change. it got up to $59 and change, pulled back. right here is so perfect. basically the risk reward, 55 is major support. if you want to pull it back and look at a five-year chart you're talking about a run to 70 not being out of the question. 12 points up, four points down. you have to love it. the fundame

at merrill lynch, we understand the importance of your goals.nancial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. [ male announcer ] olympic tennis players bob and mike bryan do a lot of sending... and receiving. sending...and receiving. sending...and receiving. sending...and receiving. sending...and receiving. [ bob ] i got the tickets. [ male announcer ] and with citibank popmoney, it's even easier to keep sending...and receiving. let me get you back. no, it's on me. i insist. no way. yes way. well let me chip in. [ male announcer ] send money from one bank account to another, with citibank popmoney. easier banking. every step of the way. >>> welcome back. data out of china, spain and mcdonald's sales among those that is on everybody's radar for tomorrow. 30 seconds on the clock. my next guests tell us why they think they will

rates is just too -- >> bank after bank swallowed in the aftermath, lehman and bear stern, done, merrill, dead, sold for parts, what mu and goldman, you get the idea. nobody did well. jpmorgan chase-- (laughter) >> and their fearless leader jameny diamon. >> jame me die upon seems to be the one guy you trust and believe in. >> jay me diamon the near collapse of the banking industry good for the jpmorgan chief burnishing his reputation as a superhero c.e.o.. >> we didn't make huge bets. >> jon: in the financial world, you don't normally hear praise like that unless it's donald trump talking about-- you know. (laughter) people don't expect so someone this handsome to be this smart and rich. (laughter) well, anyway, guess what happened last month. >> lawmakers are taking a closer look at jpmorgan's staggering losses and the shudder it sent through wall street. the largest bank first estimated it lost about $2 billion on risky investments. (laughter) >> jon: $2 billion on risky investments. we don't makes to bets thax is an absurd amount of money. there is nothing you can say that makes that

bank of america, merrill lynch likes it. morgan stanley with a $75 price target on petsmart.abbit cage did not pass thanks to my dog. >> steel dynamics blaming recent steel prices. >> now 15 to 20 cents a share. i think the street's around 23. more imports hurting prices a. few weeks ago a private steel company filed for chapter 11. tough times. >> really tough times. and now the last stock and it is leaving us with a bit of controversy. >> controversy. yes. buckeye technology. never heard of it. they're not a tech company. they're like a pulp and paper type company and closed a florida plant because a steam drum failed. no injuries the company said. sounds like it really let go when it let go and the point is buckeye technology having to shut down one of the florida plant. stock's down. >> okay. great. >>> we have some news on facebook. julia boorstin with the headlines. julia? >> purchased facial recognition company for an undisclosed sum. facebook shares up sharply today. now the acquisition is small and shows the commitment to photo sharing following the acquisition of in

the city in its haste to get rid of the mural, it is a wonderful merrill and i have shown pictures here before, simply did not follow the law which requires notice to be given to the artist or if the artist has died, to his heirs or personal representatives said they might have an opportunity to remove and save the work of fine arts. in speaking with people about this mural, people will say, was there not a process? that led to the decision? with regard to getting rid of the mural and replacing it with two murals that are brand new. we say yes, there was a process. it was not democratic and riddled with illegalities. the sunshine task force has found in six hearings on six separate complaints unanimous decisions that there were illegalities throughout the process of decision making and for example, when library users association asks supervisor campos for his mural file, so that we can understand better what has happened, this is -- these are some examples of what we got. heavily redacted pages and pages redacting names, redacting addresses, e-mail, phone number, and so on including --

here is the merrill as it was a few weeks ago. this is before the scaffolding went up. this is the famous and chilean singer-songwriter. what is that going to be replaced by? no people. no words. on the side is a panel honoring working women. friendship and unity is to be replaced by this. on the back side, there has not been a decision made. we have heard a great deal about a community process that supposedly made a good decision about what would happen to the mural. when we asked supervisor composts for his files, we got heavily redacted material. none of it should have been redacted. the task force found that this was a violation of sunshine. we find, at bottom, maybe this is what is motivating it -- a 10 times more expensive replacement. >> what you see on the overhead right now is an order of determination issued earlier this year, based on a hearing last december, based on a public information request placed last july. in this horror of determination , the city librarian, who signed a sunshine declaration, was found in violation for withholding public records, and

and that is a big investment in it could cost ford $5,000 kristen merrill will eventually face that dilemma. hopefully it doesn't he won't have much choice in eight years the old freon will be banned. in vallejo lindi's yes 5. if you didn't see it today you miss the opportunity of a lifetime for nearly seven hours people around the globe loss is the planet venus could never pass directly across the sun is called a transit of venus and if he missed it to you miss your chance. the next time we see this is in 2117 so you're going to need good medical care in order to make that one. >>> this is the kind of stuff that really reminds us of where we are in the universe and the fact that we're just a little speck of dust out there in space. stargazers had the best use in austria and if you weren't able to do any sums body of your own don't despair because you can still see it at cbs sf dot com. those exciting moment wasn't it? did we once- in-a-lifetime. you can see can then dana and diet protecting your eyes say it's even while looking. did we tax the big mirror and roll their veins. in a they're