morgan where it has j.p. morgan with ninety six trillion dollars of so notion of the river of value and that outstrips everybody else when i say everybody else that's the entire world ninety six trillion notional value derivatives and people bandy about big numbers out there that the total derivatives books of all these banks are six hundred seventy trillion dollars and it's expanding is it contracting so what is that as a percentage of the total derivatives out there in the system there are a lot of technical division of guys who always comment you know notional value was a nominal number you can't really use it but notional value does give you an indication of kind of party risk you know so if you know ninety six. of anything and you have it with another party you have ninety six dollars of risk with another party now if you take the market value of the fair value of the market value of j.p. morgan's to rid of is much lower but that is still a multiple of a good twenty something times j.p. morgan's tangible

morgan to. declare bankruptcy never rule it out though because that's not what i do i look at things as they are not as i think they should be what's going that what's going to happen no matter what guarantee the bad assets a copy purge from the economy one way or the other that's going to happen now what's going to happen sometime in the future now j.p. morgan has a huge derivatives book we know this and you've done some work and looked at this pretty closely how does their book look these days it's big j.p. morgan is the largest by far i have a cute graphic on my site that has the sovereign state of j.p. morgan where it has j.p. morgan with ninety six trillion dollars or so notion of the river of value and that outstrips everybody else when i say everybody else that's the entire world ninety six trillion notional value derivatives and people bandy about big numbers out there that the total derivatives books of all these banks are six hundred seventy trillion dollars and it's expanding is it co

morgan and i know behind j.p. morgan is lehman brothers in the distance i see mcgraw hill building which holds s. and p. the new bank of america building is do east from us and on one of the windows if we look at all the way downtown to the world trade center. and you need a binocular to do it you can see the merrill lynch building and we also have can see christ will building which has nothing to do with chrysler other than the name but it was pretty pretty fascinating that we were right there in part on the word ground zero of bailouts the new york city economy has surprised people with how well it's done but throw a couple of hundred billion dollars at the headquarters of broken companies and that trickles down to the rest of the economy right now so they've got these enormous ballots that have gone these banks and lot of a lot of banks around in the in new york as you point out you can see them right out of you when now and as you point out it's it's horrible for the economy these bailouts because of this thin

love morgan freeman.ery talented actor and a cool guy, josh lucas is joining us. [ cheers and applause ] he's a cool guy, too. and we got some great, great, great music from gayngs, everybody. [ cheers and applause ] their really good. the dude from bon iver has got a new band. they sound fantastic. they're really, really good. we've got a great crowd. thank you guys for being here tonight. do we have any husbands and wives in the audience? round of applause. let's hear you, yeah? very good. i want to congratulate you guys on making it work. lhlh relationships aren't as easy as they seem because men and women don't always see eye to eye. in fact, sometimes they can be in the exact same situation and be thinking two totally different things. what kinds of things are men and women thinking? let's find out together in a segment called "he said, she said." ♪ [ cheers and applause ] >> jimmy: now, you guys may not realize this, but i have a real knack for telling what people are thinking. i don't like to brag

highway 101 in morgan hill just re-opened after being closed for 12 hours. elizabeth wenger is in the traffic center to update us on all of this. good morning, elizabeth. >> good morning. yeah, we have a lot of traffic news this morning. yeah, as you said, 101 and morgan hill re-opened about an hour ago but check out this scene. traffic slowed to a crawl last night. this is what happens when a tanker carrying 43,000 pounds of liquid wax crashes. two southbound lanes of 101 in morgan hill were shut down for more than 12 hours. the evening commute backed up well into san jose. we don't know what caused the crash. let's go out live right now. we can show you how well traffic is moving now. in fact, it's very light through that stretch. everything is now back open as of 4:00 a.m. headlights are southbound traffic. this is right there by the coyote creek exit. on the san mateo bridge, let's show you a live look at this.

>> we, very quickly, after morgan was abducted, found that the last place morgan was, was a place that death had occurred or abduction had occurred and a bad person remained at large. we started a memorial that was like a stone that gathered a lot of moss on it through the last 12 months. we had people sending momentos from all over the world, literally we had what was called "morgan rocks" and people would paint rocks or send rocks from literally every continent around the world. those have all been removed about two weeks ago in preparation for the memorial that will be placed on sunday. >> that's how you mark the anniversary by being there. you also worked with the university of virginia to raise awareness, alert young women in that community of the risks involved. talk to me about the progress you have made. >> it's a difficult thing. we're doing several things. you can measure walls and buildings that you do. but to shift a culture, it is not as measurable and it's probably harder to do. it's like turning an ocean liner, it takes a while to make it happen. but we do feel that pres

morgan chase and wells fargo. these are the banks with the biggest potential exposure to what's now being called "foreclosuregate." but just how much could faulty mortgage foreclosures cost the u.s. financial sector? on wall street, the range of estimates is staggering. jp morgan's own research staff says, worst case scenario, the price tag could reach a hefty $120 billion. that would cover the expense of buying back mortgages. most banking experts, however, are projecting losses closer to half that number, over a period of several years. s&p analyst erik oja puts the cost somewhere in between financial fiasco and minor blip. >> at this point i'm not sure if it's a minor blip. i'm sure that as these banks go through their foreclosure pipeline, they will find instances of paperwork that needs to be redone. >> and, robert albertson of sandler o'neill says speculating about the size of the losses is silly because the banks can handle it. >> people fail to understand how much the banks have reserved in case things dra

of morgan hill. -u.s. one-for- one.moving better. 101 f traffic all the way back up. and as it is believed right now, that there is no fuel just a waxy substance that they have to clean up. a phar- mor tedious situation. for now, it is clearing up as it was earlier, at a standstill. >> in san francisco, a homeless woman is been attacking women in the inner sunset along seventh avenue has pleaded not guilty to six counts of assault/battery. sheila flowers is in jail with a $25,000 bond. despite the fact that the d.a.'s office requested a $50,000 bail. she has two other unsolved cases in this will be gone to trial sometime next month. on cases of assault. >> in the berkeley, the string of armed robberies that have occurred over the last three weeks. three robberies, three different locations in the same part of town. they all took place in the northern part of the city and the first seem to be connected because the suspects at thdescription is similar and a similar take kgetaway car, and also, all three situations. involv

anderson reservoir is east of morgan hill, not far from a fault line. as rita williams shows us, if it gives way the result could be devastating. >> reporter: a new study shows worst case scenario in a major earthquake. santa clara county's biggest dam, anderson dam, could collapse. potentially sending billions of gallons of this water into morgan hill and san jose. >> a concern for all of the residents and the neighbors around here. a big concern. a big hazard. >> reporter: folks that live in the potential flooding area are understandably uneasy about what could happen. >> it is a concern. so t does not keep us from buying here, though. >> reporter: the water district says they are taking steps to keep the worse from ever happening here. that worst would be a 7.25 earthquake or higher on the fault within two km of the dam. >> there are materials at the base of the dam that would liquefy. >> reporter: if the reservoir was full as it was here in 1997 a fallure of the dam, though remote, could send a wall of water 35 feet high into downtown morgan hill in

rita williams is in morgan hill now. >> reporter: i'm sitting atop anderson dam. anderson could collapse sending millions of the gallons worth of water into morgan hill. >> definitely a concern. a pretty big hazard. >> reporter: folks who live in the potential flood area are concerned about what could happen. >> it is a concern. it didn't keep us from buying here though. >> reporter: santa clara county water district officials say they are taking steps to keep the worse from ever happening here. that worse would be a 7.25 7.25 earthquake. if the reservoir were full as it was here in 1997 a complete failure of the dam, though very remote could send a wall of water 35 feet high into downtown morgan hill in 14 minutes. within three hours, it could reach 8 feet deep along coyote creek in san jose. to keep that from ever happening, the district will keep the reservoir no more than 56% full. today it was 54% full. >> we think we can keep the reservoir at a safe level to protect the residents. >> reporter: to retrofit the dam it would take six years and $50 million. >> t

but a major, major, major, major mess on southbound 101 lanes anle morgan hill north right now s. s leleanmi e w b>>lle wis right back. ri you know it's bad when the press asks if you'd take a lie detector test. meg whitman didn't tell the truth about not voting or about how long she lived in california. she got caught in insider deals at goldman sachs. she changed her story about physically abusing an employee. she campaigned as tough as nails on immigration knowing her housekeeper of 9 years was undocumented. her tv ads have been condemned as false and misleading. and even her hometown newspaper said meg whitman has demonstrated "a loose relationship with the truth" >>> a hospital happy hour? some patients are celebrating successful surgeries with a cocktail. patients park view orthrohospital in indiana will allow patients or their family to bring in alcohol if they have a doctor's permission. hospital leaders say they will follow doctor orders and won't let the patients trunk when they are taking painkillers that is the way to make the patients happier, apparently. >> all right

morgan? >> the good idea remember lester the banks have their bad loans and it couldn't figure out what they were worth in the treasure was involved. this year were seeing foreclosures and this means we don't know what they're worth because billions of dollars of losses. what was on realized losses is al realized losses. what's going to happen next. we know they're going to lose billions of dollars in unrealized losses. to me i can't imagine much else paying the fan. its stock and where they're earning billions and billions and billions of dollars every 90 days if your patient and a don't ask a lot of questions about their version anxious i think j.p. morgan. i'd buy all four city grew, j.p. morgan are the weakest. >> what is your favorite sector? >> let's roll play. say you're an old woman who can't lose any money? let's say you're 20 year- old hulk who wants to hit it big. go for tech stocks. there's different sectors for different people. at the financials if your patient and give 102030 y

in san jose's reminder of the constant danger and that's especially true for those living east of morgan hill. then the shuttle but damn that craig sklar tells us as a high risk for another quick hit the area. >> you can see this is the north and damn much of it able to handle a 7.5 magnitude earthquake. santa clara water officials point the hands of the dams as weak spots that could slow down even possibly collapse just on the other side in secret of valley in morgan hill be on these homes. this has residents you nervous about the next big quake along the fault that runs through here pure >> with their little ones will never know what an earthquake will head and honestly i think a white everybody out. >> if it does go is the whole town of morgan hill will goes wild. will go on our roof afloat by trade >> you could see the like is that 56 percent capacity and is the worst is that. returning peace so quiet creek into a life-threatening trend in downtown morgan hill under tens of feet of water inundating san jose to read the district plans to spend roughly hundred chile dollars of the next

mark sayre at cal fire's morgan hill headquarters where crews say they are ready. >> reporter: indeed, allen. good afternoon. both the winds and the temperatures rising here in the south bay this afternoon and elsewhere in the bay area, and officials here at cal fire say that makes the conditions perfect for fire. >> a dead tree, it's been there for a couple of years now. >> reporter: morgan hill resident henry enriquez is very concerned about dead trees and dry brush that he sees while out walking his dogs in anderson lake county park. when you look around the park here, lots of dry brush. >> i know. >> reporter: do you worry about that? >> yes, i do. yeah. >> reporter: the national weather service has issued a red flag warning for most of the bay area, mainly in mountain areas over 1,000 feet from napa county all the way to santa clara county. a cal fire representative says no recent rain combined with the current warm weather means the bay area hills are ripe for fire activity. >> so the fuels are very receptive and very dry and the concern is that if we do get a fire start with th

i con dprt late jp morgan this morning. i know it is not exactly the subject matter here >> i think it is troubling. a further indication of how wrong we went with the morgan original nation process which was deeply tied to some of the break down in terms of tight al. it is troubling. it under scores going forward that we need to be careful. we want gsc exit strategy. it is just another indication of tomb things went wrong in the process leading up to this crisis. we think that we've been long-time proponents where it tries to work the foreclosure. we continue to push and advocate that in various venues. >> obviously when efforts emerges of deficiencies in the process, these individual cases, we went to talk to people at jp morgan chase and other dealers where we are dealing and instructing them to go back ramping up and processing with mortgage modifications that we were all hopeful to increase and ask them to go back and look. there are state laws that require specific requirements and review of those cases. we both want

morgan had quite a bump on her head. her parents iced it down and she seemed fine. two nights later, something changed. >> she start ed crying. >> reporter: tell me what you heard. >> she said, my head. it was hurting. she was hold it, saying my head's hurting, my head's hurting. >> reporter: they rushed morgan to the emergency room. when the doctor showed up what did he say? >> she's late, tired, has a touch of the flu. >> reporter: the doctor told them to take morgan home and put her to bed. they knew better. their instincts told them this was no flu virus.doctor for a c. what did you feel the results were going to be? >> definitely wrong. >> in my heart i knew there was a problem. >> he came back and said i'm surprised, there's something there. >> there was a leakage of blood into her skull. >> reporter: medics rushed morgan by helicopter to nearby rainbow babies and children's hospital. >> this is a big blood clot inside the skull, outside the brain called an epidural hematoma. that's what we had to remove to take out the blood clot and stop the bleeding. >> rep

mid-70s in campbell. 78 degrees in morgan hill, west winds 5 to 10. east of the bay from the 60s in richmond to 80 degrees for the outside number in brentwood. north bay numbers stacking up to 76 degrees in santa rosa. mill valley will sit around 70. this weekend it's fleet week. temperatures in the low 70s with mostly sunny skies. in fact, sunday will be the warmest of the weekends coming up. a few clouds enter the picture on monday, otherwise a slight offshore flow from tuesday through thursday. that's your pinpoint forecast. we'll talk more about weekend events, dana and allen, next time around. >> of which there are many. >> yeah, lots. >>> for some, getting back on their feet is nothing shy of a miracle. >> those confined to wheelchairs can start walking again thanks to a device unveiled today in the bay area. >> reporter: the word revolutionary banied about doesn't mean much but this is revolutionary. amanda had a skiing accident that deadened her legs. >> the first time that i powered up and i stood up and then i took my first step was beyond m

low to mid-90s morgan hill, gilroy, hollister. low to mid-70s watsonville.entral valley in the low to mid-90s same thing with yosemite. 80 los angeles and 76 san diego. back home tonight it will be cooler than this morning. low to mid-50s in the north bay along the coast. the rest of us upper 50s to low 60s. watching the area of high pressure kind of settle into northern utah, southern idaho. because of that clock wise flow, you see that southerly surge. hitting the coast today. the cooling will move around bait tomorrow and inland friday. that's just parking lot sea breeze cooling us about 10 to 15 degrees. the cold front comeless through saturday and sunday. the rain will drop temperatures. slightly warmer with more sunshine monday and tuesday. >> mike, thank you. >> you bet. >> a recent series of tests reveal high levels of lead found in children's products sold by wal-mart and target. the california attorney's general office teamed up with the center for environmental health to conduct the tests. the lead showed up in toy boxes gloves, toy foam jewelry b

went and sold thato morgan stanley.e properties in february, they decided they did not need to pay transfer ta already sold to morgan stanley. [ just like anybody in the audience here wouldgah have to y a transfer tax. jz of transfer taxes, the largest of our kind.axes, the m it, and we settled. we+ of money. if we did not [sy after them, in a general fund. ':÷public transportation, fundi, all of those critical services we rely on. ÑÑit is important to make sure that there isé homeowners -- it is only fair that commercial interest corporations rules. "0í>> do you have any cost-savig samát(áu)es? ógr>> we have to make sure that government works. as departmenØrp+e to make sure that the staff is accountable to all of you, the 5u) salaries. the biggest cost-cutting measure now, ie sure that every employee is best as possible. when i walked into the office five= records tracking how much work is being done no one knew how many taxpayers or how many phone calls we are getting. nobody knew how manyqghtransfer taxes we were cut

numbers this afternoon, about 89 degrees in morgan hill. 90 san jose. out at the beaches, maybe in the site of but not long because the fog isn't far away. 87 palo alto. 86 in union city. still hot in many spots well inland. 80s and 90s in the interior valley. 90 degrees in brentwood. 90 pittsburg. looking good inside the bay. you have toes temperatures running up to the 70s and 80s here in the north bay. probably not record levels and we are going to watch the temperatures coming down a few degrees. it's going to be hot. 90 in santa rosa, 89 sonoma and toward the coastline starting to pick up a sea breeze so 70s. high pressure finally breaking down. with that in mind, overnight tonight we'll see more low clouds and fog gathering along the coastline. fog pushes onshore in the next couple of days and temperatures drop because of that. toward the weekend that ridge really weakens out of the way, a trough dives in. many folks struggling to get in the 70s in the hottest spots in the bay area. looks like we cool things down through saturday and sunday toward

. >> a tanker on how we 101 near morgan hill. a overturned. highway 1 in 01 craig sklar is joining us over the phone. >> and at this point in time, traffic is a sliding from the site. all i am looking at in a overturned tanker. it is the 101 southbound. and i understand that is going to be a couple of hours before they're able to move this. traffic is backed up quite a bit. and everything southbound is backed up all the way hto highway 85. and it is still backed up three slowly and the 2:45 the rush-hour was picking up. slowly, the cute is going to get worse. and there appears that there is that the commute is going to get worse. the tanker is on the side. at the moment, is quite a mess for traffic. as traffic is sneaking around the side with the help of the c h p. and it is going to be this way, as were corn assault on the one answer one. democrat,-thank you. arcraig sklar is giving us an update, it is going to be quite a long time before things are back to normal. the new details on a san francisco homeless woman of random acts of violence i

morgan chase. the predicted disappointments for energy companies follow a big run-up for the sector, a trend charles blood of brown brothers harriman says is now over. >> the commodity price gains tended to happen more a year ago, nine months, six months ago. commodity prices have been flatter during the current quarter. so as a driver for energy profits or materials company profits, we don't really think commodity prices are the big story. >> reporter: one trend which is a big story for investors concerns the number of companies expected to give guidance on the quarters ahead. that number dwindled to a few during the worst of the recession. >> it was during that period of 2008, 2009 where you saw fewer preannouncements. but now we're seeing that trend pick up again with companies preannouncing more as they're getting more comfortable with their results and being able to predict what's going to happen looking forward. that's a key. there was a time when companies actually had no idea how the next q

shaun morgan who manages a apartment complex on the street says she was shocked when she found out. >my response was you've got to be kidding. >> reporter: morgan says it's one more source of narcotics, making the neighborhood more of a magnet. >> it's destination shopping. >> reporter: the last time a pharmacy opened up in her neighborhood. >> some would get robbed or mugged or some would want to sell them for the money. >> we're going to have cameras and a guard. >> reporter: but the owners say not so. >> pharmacies have always been a solution to a problem, not pretty much a cause of a problem. they say they researched the area carefully and feel this is the perfect spot. >> this is an underserviced area for the seniors and hiv- positive people. >> reporter: but morgan points out, there are already five places that dispense prescriptions in her neighborhood. >> probably parts that are underserved, this block is not one of them. even if they were the best possible pharmacy, this is the worst possible location. >> reporter: her biggest concern, the neighborhood children. >> these kids

morgan. you will have three minutes of a bottle. -- of rebuttal. >> pretty impressive showing. construction was almost completed by the time the permit was applied for. you have dated e-mails in my jurisdiction request submission and also in the appeals submission. i believe there is one on may 25 saying they already had the wall for the pharmacy with the windows already up. it is a bit disingenuous to say they did not start construction until may 24. the very thing that generated the jurisdiction request was the construction. another thing is that i seriously doubt that captain garrity came out and support to the pharmacy. he and had several meetings where he said he was completely neutral and had to be neutral. i think it is unfortunate that the police officers who deal with these people are not allowed to give you their opinion. i think it would be extremely important, but they cannot speak because they are city employees. also, you have a letter from supervisor daly. we have already spoke