after my second story, i started getting offers from goldman sachs, merrill lynch. i said, i wanted to do work that was meaningful to me, so ended up working in the prison system at rikers island. i know all of that was in so many ways possible because of the work that you did. i just want to say that i honor you, respect, love everything that you have done, all the roads that you have paid to allow me to do the best things that i have done. [applause] >> 44 years apart these two stories happens. clearly, life is not the same. so i went to ask you, miss coleman, what has changed since your time? and, bryonn, after that, what has not changed? when you listen to this story 44 years later for what you sat down and fought for, what has changed? >> well, that is a difficult question. i have to say, depending on what part of the country you come from -- when i have visited and montgomery, people ask, what did they get out of the civil rights movement? one thing. the street that i lived on, instead of calling it east dixie drive, they called it claudia colvin drive. [appla

trust, the private wealth management arm of bank of america merrill lynch. he joins us tonight from new york. keith, welcome to "nightly business report." nice to see you. >> good to be here. >> as baby boomers begin their retirement years, how big is the collective inheritance over the next generation? >> we're talking massive numbers. if you look between 1998 and 2052, which is the timetable, we're talking about $41 trillion of wealth that will pass. the largest amount ever. >> by far bigger than any economy on the face of the globe. you surveyed wealthy baby boomers and here is what you found. 51% say they will not pass on their riches to their kids. they won't do it. why not? >> there is a couple of things to think about. number one, we're finding a real dichotomy, right now, between clients we speak to at u.s. trust and the respondents that were through the survey, and i think it really comes down to the fact that these baby boomers earned their wealth themselves, there are consequences -- 50% said there are consequences associated with the wealth creat

host: fort myers, a merrill lynch. quincy on the democrat line. -- fort myers, maryland. caller: they say 40% of the other part of the country that does not pay taxes, don't they realize that 40% of the people that do not have enough money to pay taxes is the reason why 2% have the money that controls 40% of the cut economy -- of the economy and in and of itself? that is why they should pay more taxes, because they are actually living off the poor. guest: i agree with some of that, and i thought the president was right when he said we should not extend the bush tax cuts to upper income people. our rates, even at the high end, are not very high. i am old enough to remember when the top rate was 90%, and then it was 70%. reagan brought it down to 50. now the top rate to which one would return if we did not extend the benefits is 39%. that is much lower than it to be. the other thing that people say is there are a lot of people that do not pay taxes coming and they mean income taxes. they do not recognize that everybody who works pays payroll tax. most american families pay

host: fort myers, a merrill lynch. quincy on the democrat line. -- fort myers, maryland. they say 40% of the other part of the country that does not pay taxes, don't they realize that 40% of the people that do not have enough money to pay taxes is the reason why 2% have the money that controls 40% of the cut economy -- of the economy and in and of itself? that is why they should pay more taxes, because they are actually living off the poor. guest: i agree with some of that, and i thought the president was right when he said we should not extend the bush tax cuts to upper income people. our rates, even at the high end, are not very high. i am old enough to remember when the top rate was 90%, and then it was 70%. reagan brought it down to 50. now the top rate to which one would return if we did not extend the benefits is 39%. that is much lower than it to be. the other thing that people say is there are a lot of people that do not pay taxes coming and they mean income taxes. they do not recognize that everybody who works pays payroll tax. most american families pay more pay

what i have from the bank of america and merrill lynch analysts, it says the agreement, the f.c.c.'s net neutrality provisions, is consistent with our view that the regulatory overhang has been eliminated from telecom and cable stocks. now, let me elaborate. what that means, net neutrality regulatory overhang, there was fear among the analysts covering the telecom sectors that the obama administration would do something overarching with net neutrality. however, the f.c.c. did their job and that fear has been eliminated. there is now no market overhang on companies in this sector and they are no longer concerned that the regulations are overarching. let me go to goldman sachs' analyst fathers december of last year. the rules stuck largely as what was exacted and will be viewed as a light touch. let in go to raymond james. we are glad that the staff is making this innocuous by placing official rules by what is being done by the industry under a no regulations scenario. all this rule does is preserve the status quo. why is this important? absent this there could be a major shift in pow

host: fort myers, a merrill lynch. quincy on the democrat line. -- fort myers, maryland. caller: they say 40% of the other part of the country that does not pay taxes, don't they realize that 40% of the people that do not have enough money to pay taxes is the reason why 2% have the money that controls 40% of the cut economy -- of the economy and in and of itself? that is why they should pay more taxes, because they are actually living off the poor. guest: i agree with some of that, and i thought the president was right when he said we should not extend the bush tax cuts to upper income people. our rates, even at the high end, are not very high. i am old enough to remember when the top rate was 90%, and then it was 70%. reagan brought it down to 50. now the top rate to which one would return if we did not extend the benefits is 39%. that is much lower than it to be. the other thing that people say is there are a lot of people that do not pay taxes coming and they mean income taxes. they do not recognize that everybody who works pays payroll tax. most american families pay

herb alison whose former president of merrill lynch and went on to the ceo, and currently the actingpresident, a corporate transactional lawyer here in the city. go down to the chief investment officer. he came from an import export bank. david bittner from goldman sachs. a new person will be from maryland. head of the housing program, she came from bank of america. other senior advisers on the program officials who were important in building the program, came from lazard and bear stearns. this in part has led to this perception that this is a program that is built and run by a alumni of wall street. this is some flag that it was some protest. so is perception reality? is this tuba is this accurate, is this an inside job? and here's where we take the idea of corruption, no is my answer. this is not actual corruption. these people, and i don't always disagree with them, i mean, well, maybe i do disagree with them. maybe i don't always agree with them, but these are dedicated public servants. i differ with them. i think their perspective is often wrong but these are people are serving