morgan and citi group there's going to be morgan solvent. i know i wish i could tell you the mark to market yeah oh if you did a hard to bark yeah there are books and assets on their books but yet in the mall up based on today's current market price is the bank's solvent from what i understand no because fast he went in and changed the rules under political pressure and trashed maybe a financial accounting standards board which allowed banks like j.p. morgan more to maturity instead the bonds in the studios and things like that from two thousand and seven and two thousand and four all were pennies on the dollar they're never going to be worth more than that if they had to mark them to market every day if you under-capitalized an insolvent so if i came down with that goal that used car that was beaten up and it was in a car crash and i said i want you to buy this car for four thousand dollars because i want to go into a time machine and base the price on what was happening ten years ago that's about the same logic that j.p. morgan uses to say

morgan he's the c.e.o. of j.p. morgan which you might see behind the chrysler building right there on the horizon j.p. morgan is full of that i understand you're going to go scouting then later you're going to go deep into the heart of darkness but the question is this is america's currents not really a question but a statement that headline is from zero heads and they look at the participation rate happening around the western world but in particular america where people are no longer voting people aren't showing up to vote so in twenty twelve for example the presidential elections less than fifty percent of the people eligible to vote voted so that show a chart is called the bull market an app with a. change of voting rate since one nine hundred eighty sources o.e.c.d. and korea has the worst since this decline of about thirty three percent since one nine hundred eighty and the u.s. is next to a drop of nearly thirty percent in voter participation so there are hedges asking is this because of the department of ju

morgan exclusive j.p. morgan subject of obstruction probe and energy case u.s. authorities are conducting a criminal investigation into whether several employees of j.p. morgan chase and company try to create a regulatory investigation into alleged manipulation of power markets so as you know the federal energy regulatory commission fined j.p. morgan for engine ten million dollars in july elizabeth warren the senator asked why are you not investigating them for criminal behavior obstruction of justice and lo and behold the f.b.i. and the u.s. attorneys here in manhattan are investigating apparently three houston traders working for j.p. morgan and perhaps spliced masters it's hard to know at this point but it looks like there might be a criminal investigation of course is used in traders are cast offs or close to the cast from the enron scandal so the enron scandal was a huge scandal in america where huge accounting scandal nobody really has penalized much jeff skilling that was one of the c.e.o. is actually coming out of jail early for good behavior because the

morgan exclusive j.p. morgan subject of obstruction probe in energy case u.s. authorities are conducting a criminal investigation into whether several employees of j.p. morgan chase and company try to create a regulatory investigation into alleged manipulation of power markets so as you know the federal energy regulatory commission fined j.p. morgan for incident ten million dollars in july elizabeth warren the senator asked why are you not investigating them for criminal behavior obstruction of justice and lo and behold the f.b.i. and the u.s. attorneys here in manhattan are investigating apparently three houston traders working for j.p. morgan and perhaps spliced masters it's hard to know at this point but it looks like there might be a criminal investigation of course the houston traders are cast offs or close to the cast from the enron scandal so the enron scandal was a huge scandal in america where huge accounting scandal nobody really knows penalized much jeff skilling that was one of the c.e.o. is actually coming out of jail early for good behavior becaus

morgan.n had helped banks in trouble before. he was one of the few men with the resources and reputation to do it. but when barney got to morgan's headquarters here at s library... morgan wouldn't even see him. for barney disaster was now inescapable. rumors took on a life of their own. monday, the runs on the knickerbocker began. panicked depositors withdrew their savings. tuesday at noon, the knickerbocker's cash was gone. the panic spread to other banks until 246 banks across the country closed, their customers out of luck. j.p. morgan, realizing the entire system was threatened not to mention his holdings, finally stepped in to end the panic of 1907. under his leadership, a large reserve fund was put together. then, facing appeals from banks trust companies, and brokerage firms, morgan met with a group of bankers in his library. together they often worked through the night. it's said that at one point, morgan locked them in while they argued over which firms to save. morgan played solitai

they going after jp morgan for things that those banks did before jp morgan bought them. point, what is the big, what are they going to do next time the government says hey, we need your help. come in and buy these guys? well, wait a minute. i don't know. if there were bad things at the bank you punished us. >> they are going for the blim that can pay out. they have money to make it right. >> david: also, jp morgan has a chairman, ceo, jamie dimon who doesn't like a lot of what the obama administration is doing. you think this is targeted to somebody for political reasons? >> david, it's absolutely true. there is another bank out there, bb&t that is punished because they tried to defy the government. having to take the tarp money. they didn't want to do it. they are being punished for it. so, jamie dimon is punished. he made it clear he did not like tarp money. he made it clear he was opposed to the president now. he is paying the price for it. jp morgan was the best run bank out there, one of the best run banks out there with a couple of others like wells fargo. they are

the morgan fire was first reported yesterday afternoon off of morgan fire territory road right around 1:30 and immediately, mandatory evacuations were issued along oak hill land or road and curry canyon road. the latest evacuations are from trail ride, russelman park, east trail, upper and lower trail roads, and cal fire says right now up to 50 and 75 buildings are threatened by the fire. now, this is one of the largest fires in the area in recent history. the last one residents remember was the fire of '77 where lightning triggered fires that burned 6,000 acres on the north side of mount diablo. we understand that cal fire says that yesterday's flames were fueled by temperatures in the 90s including that slight breeze which really goes to show you how weather plays a crucial role in fighting these fires and so for an update on those conditions, let's send things over to brian hackney in the weather center. brian. >> cate, i'm looking carefully at your hair of all things and i notice that you're not being blown about at all. and that's a good sign because winds are fairly calm this mo

also closed is morgan territory road. you can see the freeways in the area 680, 242 all in good shape. as we check on the bay bridge drive, westbound traffic still good leaving oakland heading into san francisco. we are seeing earlier backups as folks make that drive across the new bay bridge. so far none of those delays i- 80 fine through berkeley and emeryville. that's a look at the morning commute. >>> president obama is taking his plans for syria to the people. he will address the nation tomorrow. meanwhile, syrian president bashar assad is speaking exclusively to cbs. here's what he had to say to charlie rose about the chemical attack that sparked this debate. >> what happened in your judgment? >> we are not in the area where they unleashed the chemical attack happened. we are not sure that anything happened. >> even at this date you're not sure, even though you have seen the videotape. >> our soldiers in another area were attacked chemically. our soldiers. they went to the hospital as casualties because of chemical

morgan? >>> thanks so much, nicole. the four-day standoff at the nairobi shopping mall is finally over. >>> shaq is back in the basketball headlines, but by george it's a youngster who really cashes in. i'll explain coming up in sports. ♪ >> every sunday night al jazeera america presents gripping films, from the worlds top documentary directors >> this is just the beginning of somthing much bigger... >> this sunday...the premier of "budrus" >> the primary concern of the fronts is security that trumps everything >> how could a wall designed to divide, unite israelis and palestinians al jazeera america presents... "budrus" premiers this sunday night 9 eastern. bloc >>> the mall siege in kenya is finally over, and three days of national mourning is now underway. 72 people were killed in the siege but that number is expected to increase. three floors of the mall collapsed. more now from al jazeera reporter, ann drew simmons. >> it's day five in this situation, it's one of relief, but also perhaps even more grief than before

and this is -- morgan territory road. people who live here told me they actually turned on their sprinklers, grabbed a hose and started to pray down their trees in their front yard hoping it wouldn't catch fire. in the end, it didn't. they are grateful to the firefighters. >> they are heroes. i have goose bumps. i don't know what else we can do to thank them. last night was the perfect storm. it really was. the conditions were exactly what the fire needed and it took advantage of it. >> reporter: this comum was home last night around 6:00, just about to eat tinner, when they noticed the fire heading right toward them. they tell me 50 engines marked along morgan territory road and began to spray down the trees and the brush and the crews didn't allow them to cross. the couple said they were hoping they would be able to escape if the fire jumped the road. >> she packed up the road with all of our valuables and we were ready to get out of dodge. you just don't know. you just don't know. if that would have caught fire behind

morgan territory road is a fire break. it has to be held.irefighters scrambled to stop the flames. kevin lewis lives on that road and was not waiting for the order. >> we are on our way up. last night i was up watching the spurs and stuff keeping an eye on it seeing where it was going to go. i saw this flare up and told the family that we're going out. if the house burns down, whatever. >> reporter: 700 five-day forecasts are battling the morgan fire and dozens of them quickly set up posts trying to contain it. thousands of acres have burned and hundreds more went up tonight. >> we are expecting we will be losing about 6 to 8,000 acres. >> reporter: at the clayton fire station the problem was not fire but water. citizens have brought in so much to help the fire crews they don't need more but it keeps coming. >> water and snacks for the firefighters and anybody who needs it. >> reporter: the fire is burning mostly in very rough terrain. air drops are the means of attack and they will resume after daybreak. the crews are hoping to contain, con

. >> we will continue that coverage of the morgan fight with matt keller at the evacuation situation center if clayton. we are talking help for people and animals. >> there is help here but no one is staying at the red cross shelter at clayton library. one couple is staying to their vehicle sleeping right now with six chihuahuas and they decided they cannot bring an malls inside the shelter they would stay together and sleep if their car. here are the latest orders, 24 homes in the areas have been evacuated. that is in addition to oak hill lane and the power lines and cell towers are in the path of the fire. residents saw the flames getting close to the backyard. >> i heard noise from below the house and i walked out and looked down and you could see the flames coming up the hill. >> a call went out for help getting horses and other animals out of the way of the fire and 30 horses from the rehab ranch and other animals were picked up and animal evacuation situation centers are set up at at the contra costa county fairgrounds and a man says his friends were told to evacuate last night

i care about morgan stanley.lators and we'll continue to do so. >> james gorman, thank you as always for joining us. >>> let's go to breaking news on the verizon bond deal. >> the order book for the verizon bond deal which is set to be the biggest deal in the u.s. corporate bond market is set to close in just about ten minutes, i'm told the orders are approaching $100 billion. and that verizon is expected to upsize the bond deal to roughly 30 billion today's $40 billion, though management has yet to make a decision on that front. market sources have been told the deal will be upsized meaning it is not only the biggest bond deal but it could be a multiple of what apple did in april at $17 billion. i'm told there's the most demand for the ten-year and 30-year tranches of these bonds. that order book, mandy, closes at 3:00 p.m. and it's approaching $100 billion. back to you. >> okay. thanks very much for that. still ahead, we'll be heading out to apple hq to wrap up the day's big event. don't go away. before global

next george morgan tells the story of his mother, mary sherman morgan, the first female rocket scientist in the united states and inventor of hydyne, the propellant that boosted america's first satellite into orbit. the program mary sherman morgan worked on was highly secret so her family had little idea of her accomplishments until after her death. this is about 45 minutes. [applause] >> thank you very much. i would like to thank the bookstore for inviting me this evening. i have a few prepared remarks which will include reading a few passages from the book. these remarks will basically tell you a little bit about my mother and her story and the book came to be. i have a question for you. it is a rhetorical question so you don't have to answer. question is this. how much do you really know about your parents? when i was growing up i was like any other kid. i wanted to know what my dad did every time he went to work in the morning. i knew he was an engineer at rocketdyne in canoga park the was the doing? when i asked him what you do when you go to work each day he would always have the s

diablo, the " morgan fire. '.. the wins are at 17 mph but we have seen the wind- speed at 17 mph, gusting at 25 m.p.h. and the relative humidity could also be low. and with dry conditions it is going to be difficult with gusting conditions. '70s but we are talking 90's later. this is something that we will continue to monitor her. we only have 10 percent containment. these low clouds and clear skies for the inland areas and temperatures are also cooler similar to what we saw a 24 hours ago with 50s. take a look at livermore, mild. as we go for this afternoon, 70's. and yet another day of 90's in pleasanton, livermore. and it is going to be cooler along the coast. 50s and downtown san francisco. your your kron 4 7 day around the bay highlights the significant drop in temperatures. we are really not even forecasting the '90s. upper 80s and '70s along the bay. we are really going to follow that pattern of afternoon sunshine for the most part temperatures will be exactly where they should be for this time of year for l

morgan and h.s.b.c. have flooded the market with hundreds of thousands of paper claims against gold that they've basically have counterfeited on these various futures exchanges hoping that people would dump their galled and get discouraged about owning gold but the exact opposite happened cues out the door all over asia china people clamoring to buy gold they completely misjudged this market corrected it's red. as i think it's the biggest central planning blunder in a very long time but like so many other central planning blunders once it's made they just keep on doing the same thing again our older definition of insanity but yes i mean it is made small buyer and in developing countries very keen instead of probably the kind of middle class semi absolute arson who will die and later golden got snatched and it is so but it stimulated enormously the physical market and what is going to bring an end to all the corrupt manipulations which are going on in gold is only when the physical amounts of gold sister

this is the morgan fire. it runson morgan territory road. a large area of horse ranches on one side of the road and the east side of mt. diablo is on the other side. it's hard to access for the 450 firefighters out here. it's been an air attack, helicopter just running back and forth, making water drops from a pond. they are trying to slow the advance of the blaze and it's nerve-wracking for residents. >> a huge flame, from the deck we've a view of the fire, seeing lots of really tall flames break out, and black smoke, which is not good. >> for most of the afternoon evacuations have been voluntary. about 4:30 cal fire called for mandatory evacuations occur icahnion road and oak hill lane. that's 75 households clearing out. at last word this light breeze we have was moving the fire south, again it has been burning for four hours and is 10% contained. that number may be improving and we'll get annum date on that -- an update. we'll -- they want to get a full line before it gets dark. inside the fire area i can tell you there's no panic. the ho

fire crews have a good handle on the morgan hill and people are allowed to return back to their homes as kpix 5 reporter anne makovec shows us, those people are now seeing firsthand what a close call it really was. >> reporter: the hillside is black near morgan territory a char that went up the right. >> nothing can prepare you for this. >> reporter: today is a homecoming that up until last evening was uncertain for kamala and sergio castco. >> now we realize how close it was. >> reporter: as of this morning, the morgan fire is 70% contained. all evacuations and road closures are lifted. the fire burned more than 3100 acres a figure downgraded this morning. >> once we're able to fly the fire with our infrared cameras and get boots on the ground with gps units, there's a lot of times where we're able to get a more accurate reading on the acreage. >> reporter: most of it rural land and dry brush. and as wildlife returns to their habitat, so do the 75 families evacuated from their homes. many have been out since the fire started sunday afternoon sending smoke billowing into the air aroun

. >> david: morgan, here is where i will blame the president.t democratic presidents that followed policies that haven't worked changed the policies like bill clinton, for example. bill clinton, the first couple of years, it wasn't working. then he started working workinga not a moderate, newt gingrich. republican newt gingrich led congress with a democratic presidency, bill clinton. got real reform. for example, welfare reform. >> yeah, he should take a look at that. look at the polls. we have seen the demographics, the popularity has gone down in the last couple of months. in large part, the policies haven't been working. to more precise. we haven't seen a lot of policies. to rick's point a lot of that is congress is striking stuff down. one of the policies that president obama was looking to push through was an infrastructure bill. and that would have created construction jobs. when you look at the most vulnerable demographics of the american workers it's the folks that lost their construction jobs. these are the folks that voted for obama. t

not too much for the south bay. 83 in morgan hill. 86 in gilroy.ast bay, temperatures trying to get closer to the upper 80s. 86 in livermore. we have had much hotter weather in the past couple of weeks. it is not going to be extremely hot or extremely cool. we'll go with 69 here in san francisco. 82 in santa rosa. we have the america's cup regatta continuing for tomorrow. we'll see wind 10 to 20 miles per hour. you can see here in the forecast temperatures will be in the 60s at that coastline. they're going to be raising from pier 27 all the way back to angel island and down to sf. brief warm up for friday. sunday, monday, tuesday temperatures are seasonal. by wednesday and thursday,those mid 80s could be a little bit cooler many tin the forecast. we may have to edit those numbers down when that gets close her. >> if we don't own a yacht, could we still watch it? >> totally. some of them are 300 feet long. they're going to be hard toiss even in the fog. >>> up next, how the america's cup is dangerously close to leaving san francisco for good. these

: the morgan fire has ripped through nearly 4,000 acres. we'll tell you what all that smoke it doing to the air quality in the area. ,,,,,,,,,,,,,,,,,,,,,,,, >> your realtime captioner: linda marie macdonald >>> morgan fire burning on mount diablo has exploded in size sending smoke in the air all night long. how the smoke is now affecting communities miles away. >> the deadline to reduce california's prisoner population is near. what will make or break a deal to invest millions in inmate rehab programs. >> low clouds and fog surging back onshore. temperatures cooling down. how long will that last is this we'll talk about it coming up. >> and a six-car pile-up in union city has finally been cleared out of lanes. is it causing delays? we'll let you know coming up. >>> hi, everybody. good morning. september the 10th. good to have you with us. i'm frank mallicoat. >> i'm michelle griego. time now is 6:30. >>> we begin with breaking news in the east bay in berkeley. we now know that a man was killed this morning in this apartment fire up. the vi

before kiki and morgan got married? you know, i swear to god, i wanted to tell you. connie told me to tell you, and i didn't. so i let you believe a lie. >> michael: why -- why would you do that? >> sonny: because i promised morgan i would. >> michael: wait a minute, dad. you -- you promised morgan? >> sonny: yes, son. i did. and i'm sorry. >> michael: wait a second. wait, are you telling me that morgan knew kiki and i weren't related before the rest of us?! >> sonny: yeah. morgan knew. ,, ♪ [ female announcer ] with the weight watchers app, you have the power of weight watchers. and helpful tools like the pizza cheat sheet so you can make the most of any situation. what can i get you? i'll have that one. [ female announcer ] even saturday nights. ♪ and the barcode scanner so weekend road trips don't mean losing your way.

i am morgan radford. it's sunday, september 22nd. and these are some of the stories we are following this morning: face-off, kenyan security forces are still in a tense stand-off of gunmen who scaled an upscale nairobi mall. hostages still remain. headed for hong kong, this year's most powerful typhoon is just hours from making landfall. >> consoler-in-chief, president obama meets with family members of the victims of a mass shooting. this time, the washington navy yard. >>> rouhani gets ready. he says he is ready to start a new round of nuclear n negotiations as he heads to the united nations and a possible meeting with president obama. kenyan security forces remain in a tension stand-off with members of the armed group, al shabaab. the gunmen entered a shopping mall saturday firing machine guns and toting grenades. the death toll is 50. some hostages have been freed. it's unclear how many more remain. more from ardel walters. >> the siege by armed gunmen at an upscale shopping mile in nairobi kenya has entered the second day with n

how big a deal and what will it mean to jp morgan. could they lose clients? >> i think it is a very big deal. they're going to admit they didn't discover the london wales trades quickly enough, and had lax procedures or lack of significant systems of internal control. those admissions will be used in subsequent proceedings that may be brought against jp morgan, so this is a major new step for the sec, will have serious ramifications for jp morgan. >> as we said, they may face criminal actions, if the probes by the fbi and manhattan prosecutor's office bring them about and the ftc may do that. are there ramifications beyond jp morgan in the fact that they're paying a lot of money to make this issue supposedly go away, and having to admit some responsibility? >> i think there are ramifications. first of all, this tarnishes the reputation of the bank, which has prided itself on being very well run and has that reputation. secondly, i think for the sec this is going to elevate the standards that it will apply. $800 million in a collective settlement is a huge amo

morgan back in the legal cross hairs. jp morgan has been under scrutiny.s trouble, shares are up nearly 20%. time for a good old fashioned street. no filibustering guys. guy? >> the real metrics to this. we can speak 8.5, 9 times earnings. there have been three or four headlines in the last week. and the stock has rallied on almost each one of the headlines, right? i'm of the belief that this will be a quarter that they just shocked the world because it will be a big hey, look at us. we're jp morgan. we're going to be coming at you. when the stock goes up. >> do you have graphics? are there graphics tonight? you probably need them. the point you're making on the credit card settlements was good news. but guess what? you have a much bigger risk when you have the security general of the united states government and new york state coming after you but most importantly they are pushing jp morgan to admit they were wrong. if they do, civil cases will be coming up all over the place. if they admit criminal wrong doing, and why the price tag is going up. these ar

morgan, chrysler? >> pfizer, this is a safe habe. paying a dividend. >> david: emac, do you like the stock? >> revenue weakness because the key patent are expiring, like lipitor. watch out for that. >> david: they still have viagra. it not that i know about that. >> i like vanguard dividend growth. they are up 9% in the past five years. great managers, cheaply, who can manage the stock in and out. megacap stock. >> david: morgan, you li it? >> i really like it but if you want more criminalr flexibility, check out the vanguard eps. vdig. >> david: good advice. thank you. that is it for "forbes on fox." have a great number one business block continues with eric bolling and "cashin' in." ♪ ♪ >> eric: it's the makers versus the takers this labor day weekend. as we kick back and enjoy the first of our waiver, some are feasti on government hand nd-out. >> awesome.

morgan and h.s.b.c. have flooded the market with hundreds of thousands of paper claims against gold that they've basically have counterfeited on these various features exchanges hoping that people would dump their gold and get discouraged about owning gold but the exact opposite happened cues out the door all over asia china people clamoring to buy gold they completely misjudged this market corrective it's red. as i think it's the biggest central planning blunder in a very long time but like so many others under planning blunders once it's made to just keep on doing the sensing again are all the definition of insanity but yes i mean it is made small buyer and in developing countries very scared off probably the kind of middle class semi absolute arson who will die and they wriggle and got smashed and it is so but it stimulated enormously the physical market and what is going to bring an end to all the corrupt manipulations which are going on in gold is only when the physical amounts of gold sister develo

in focus with steve forbes, rick unger, morgan brennan, mike osanian and sabrina schaefer.ve, if this is extortion? isn't the president guilty of doing this a couple of years ago? >> sure. guilty of the anti-democracy and arrogance. there is negotiation around raising the debt limit, and budget issue. he rammed through congress healthcare bill that no one likes. it's more up on popular today than three years ago when it was passed. becoming unworkable. the american people say enough. he says that is arrogance. i think there is another word for it. >> morgan, speaking of it. extortion is a loaded word. is the president right to use it? >> it's a loaded word. i see why he uses it when you look at the deaf six. this is poor politics and this is worse for business. you have the republican leaning chamber of commerce saying quit tieing this together and get legislation through. in the last couple of years when you look at the economic fiscal policy face-off, the economy, the american economy has been a thing that takes a hit. that is without throwing a hot topic issue like obama

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i am morgan radford. it's sunday, september 1st. these are some of the stories we are following >> in a world with many dangers, this menace must be confronted. >>> president obama calls for strikes on syria in response to a deadly chemical weapons attack. >>> after the unexpected presidential punt, the ball is now firmly in congress's court. the lawmakers are not rushing back from a break to vote on military action in syria. it could take weeks for a final decision. >>> former south african president nelson mandela returns home from the hospital today but the beloved leader who helped end apaeid remains in critical condition. >> ford recalls cars that could lose ability to steer. some are driven by police officers across the country. >>> president obama asked congress to approve military strikes against syria. the request surprised many in washington and was met with a mix of praise and criticism. at this point, no one knows exactly what the house or the senate might do but for now, it appears to have put the brakes on any military

and 81 degrees in morgan hill. 60s at the coastline. lot of 70s and 80s in the interior valleys and inside the bay we'll see those temperatures in the 60s and the 70s. looks like over the next couple of days, we'll slowly warm things up as we head into the first part of weekend but then another trough of low pressure sweeps in toward sunday. that will help to cool down the temperatures a little bit. right now looks like those temperatures continuing to cool through about next tuesday. >> that is look good, though. >> not bad. >> below average today, then we warm up to about average as we head into the weekend. >> thank you. >>> happening today, the white house ordered extra security forces to be stationed at american out poses overseas. today is also the one year anniversary of the benghazi attack that killed four people including ambassador chris stevens. >>> trending now, never forget for the 9/11 anniversary; syria and the president's speech. also, the new iphone 5s just revealed yesterday. hurricane humberto the first hurricane of t

the stakes are high on this, morgan. it's a huge political gamble that the president is taking, under take can, but at the same time, it's very smart because he is seeking political cover and he's obtaining it. the president is essentially saying to congress, morgan: put up or shut up. either vote for military action or plane why you are not supporting it. so, you have to go back. you have to rewind to fully understand this. president obama, then a candidate, catapulted to the top of the democratic field. why? because of his opposition to the war in iraq. who paid the most price in that democratic primary. there are many that make a strong argument that her support of the war in iraq cost hillary clinton the presidency. the president is saying to members of congress, you can't have it both ways. if i am out there on a limb, you come out there with me and explain your position especially considering he is having a hard time building the international support right now. >> now, you said put up or shut up. so what do you sa

why japan morgan says don't buy the hype. >> i'm melissa lee. brian kelly, steve, anthony and guy. first let's get straight to our top story. speculating on this rally. should you be terned about what is actual ly. >> what's different today is the blue chips are not performing well. and that's walmart so you cannot have a sustainable move without the generals. >> take a look at some of the individual names leading the rally. all of double digits in threw months. that could bring up caterpillar which has underperformed for the last 24 months. i understand what he is saying and you always have to have. >> what do you make of this move of the more speculative names? >> they are being driven by liquidity so i think the market is going a little faster than people expected because i don't think the fed is going to taper as quickly as people suggest. a 10 million dollar tape ser not much of a taper. i think that is what is affecting the markets right now. you look at the ma crow economic environment. you don't see the growth there. that has got to be driving some people to be getting to t

there are some closures in connection with the morgan fire.n territory rolled is close but marsh creek road is also closed. this is between deer valley and regency drive. they also have other local controls to their residents can on the travel. >> negotiations are set to resume today between bart and its worker unions. its the first time the two sides have met since the beginning of the 60 day cooling off period ordered by the governor. bart negotiators say they their final offer a month ago. that offer was a 10 percent raise over 4-years the president of bart's board of directors called on union negotiators to take the offer to its members while there is still time. the cooling off period expires october 10th. >> raiders opening the season on the road in indy. first quarter. andrew luck finds reggie wayne on the 12 but new raider quarterback terrelle pryor had an impressive debut. down 4. pryor hits denarius moore on the slant for the 5 yard touchdown pass and a 17-14 lead. luck and the colts would answer. luck breaks out of the pocket and ra

of morgan stanley. the firm has been one of wall street's most respected and profitable institution since its founding nearly 80 years ago. the financial crisis of 2008 changed the landscape for the nation's biggest banks, forcing many to rethink their strengths within the industry. morgan stanley has planted the firm's flag on the future of its wealth management division. in june it completed a four-year quest to acquire the remaining 35% of citigroup's retail brokerage, its institutional services remain a mortar mid-able force as well. it helped lead the financing of the meg deal involving verizon's $130 billion purchase of vodafone. i'm pleased to have james gorman back at this table. welcome. >> thank you, great to be back. >> rose: let me begin this big deal. the third-biggest merger. tell me knew happens. >> well, firstly, it doesn't happen quickly. >> rose: yes. >> these things grow over a long period of time. they've been in a partnership for many years and there was a certain inevitability that

we'll tell you what that means for morgan fire. we gave nike day off. let's check on the morning drive. >> slaughter in the house. that's right. not slaughterhouse, just to make things clear. we're talking about good news, lots of green on the map. we're not looking at heavy congestion. i want to zoom into the area where the mt. diablo fire is, the morgan fire, you can see the winds this morning are more of a northwesterly component. it's not blowing over 680. folks probably trying to get a look at that even from 880 i was driving, we could see it. the smoke in the air. lots of folks probably going to notice as they head down to san ramon. no major accidents to report this morning. >> thank you very much, anthony. drivers are hoping week two with the new san jose bridge will bring more speed. during the first week there was a lot of traffic. gawkers brought speeds to 30 miles per hour. the chp reminding drivers it's illegal to take photos while driving. >> gawkers. >> it's also illegal to pull over on the side of the bridge unless you have an emergency.