, people do not believe them because they do not believe wall street and we should point out, morgan stanley finished down 5.5 percent or 6 percent and it was down 11 percent at one point because the street is looking at morgan danly and say they have the most exposure, so, the problem is, no one knows who to believe and when you have that type of inconsistent message from the street and that type of confusion, you will have wild difficulties like today and continued wild days. i said don't buy that, that was coming out before, i would be out of this market, if i'm a small investor, this is danger zone. >>neil: the fear is testing this too-big-to-fail mantra that we don't care, that is the message of the financial reform and we don't really adhere to that anymore. i find that hard to believe that if any of the premiere institutions, u.s. institutions you alluded to were in any duress we would not come to their rescue. >>guest: well, i agree particularly not banks. remember this are three big banks: bang of member, j.p. morgan and city group, and those are banks and security firms where they

banks including goldman sachs, bank of america, morgan stanley, citigroup and jpmorgan chase. jpmorgan was the only bank that maintained a positive outlook. s&p says the changes reflected new rules for the world's largest financial institutions. we'll ask christine romans what exactly this means for your money in just a few minutes. >>> still to come, a federal agency comes out swinging against at&t. investigators saying the telecom giant did nothing but lie about a proposed merger with t-mobile. we'll have details for you ahead. >>> and an update from three hedge fund managers who want the powerball lottery. they're revealing what they're going to do with all of that money. >>> and wie'll look ahead to wht to expect today, just a day after protesters stormed the british embassy in iran. it's got tender white meat chicken. the way i always made it for you. one more thing.... those pj's you like, i bought you five new pairs. love you. did you see the hockey game last night? [ male announcer ] progresso. you gotta taste this soup. [ electronic beeping ] [ male announcer ] still

morgan stanley neither admitted nor denied the charges. also pressuring financials was derivatives exchange c.m.e. group. the stock fell below its october low, down 6% to a three-month low on heavy volume. the exchange is among the regulators wrapped up in the implosion of brokerage firm m.f. global and its missing client money. while the c.m.e. has offered $300 million of its own money to help, former m.f. global customers have complained the c.m.e. has been slow to respond. the leading losers on the dow were banks too. bank of america fell back below $6 per share. we'll have more on b. of a. coming up in our "street critique," and j.p. morgan fell more than 3.5%. we mentioned at the beginning of the program the jump in oil prices as new supplies are expected at refiners along the gulf coast. that could mean a drop in refinery margins, sending those stocks lower. marathon petroleum, tesoro and valero each fall by at least 9%. a week before the holiday shopping season officially kicks off and target turned in these third quarter results, b

for commas morgan stanley thanks very much for coming to the program thank you that's it for now more and fifty minutes trying to that. well the mag you're watching r t a reminder of the top stories russia's odyssey to join the world trade organization is now closed today and after almost two decades moscow overcame the last hurdle on the way to accession by sealing a crucial customs agreement with georgia. italy's borrowing costs here a record high pushing the country to the brink of financial collapse and dragging global markets down that's despite the country's prime minister silvio berlusconi promising to resign as soon as polman approves the astaire the measures demanded by the e.u. . and student protesters in california on how he was rising tuition fees are met by riot squads brutally you will get their batons the clashes occurred as the police began dismantling the fam.

organization after eighteen year talks have come to an end and i'm joined by jacob mail from morgan stanley to tell us more about how business i see the excess and hello to you like really good thank you coming in for coming to the program so what will be exceptions to the question to mean particularly for foreign business come right on business and foreign companies that they want to do business and it's a very it's a very complex impacts on the economy but i think you can summarize by saying you should see a surge of foreign investment particularly in business services in sectors that have been protected or investors have felt uncertain about investing in the future it should help some russian exporters increase their market share and it should have an impact on some prices for the russian consumer which will benefit them so it's a broad base complex process unfolding over a number of years who should have pleased when official impacts from russia we're talking about eighteen years of struggle to get into this yes why do you take so long why does things along for russia to get it will i t

morgan, people at morgan stanley, and james gorman.nd they are not quite public yet but they are telling people that they are likely to support romney if he is the winner. and this is a 180 from last year. this has been trick trickling out, but the evidence is more interesting than the money because the election has not begun yet. what we are seeing is a dramatic shift among the executives away from obama. >>neil: what happened? >>guest: dodd-frank and the rhetoric and demonizing. the president's support for occupy wall street put them over the top because this is such, this is not just class warfare they are putting c.e.o.'s heads on stakes and running around if lower manhattan this is a violent movement in many respects. it is supported by not just crony capitalists but supported by marxists and socialists. enough is enough. why does this matter? it matters because usually the people lower down the other executives, that give a lot of money at the big banks, they take the cues from the guy at the top so if diamond is signaling becaus

bank stocks rose sharply led by citigroup and morgan stanley as investors worried less about european vulnerability. fitch raised its outlook to negative on the u.s. triple committee failure however analysts don't expect it to hit hard today on wall street, that's because the street was expecting it. elsewhere, "the wall street journal" reports facebook will look to raise as much as $10 billion in an ipo between april and june of next year. aol's ceo says the company won't be buying any of yahoo's assets and plans to stay independent. americans bought slightly more new homes in october, but the average sales price fell to a low for the year. using unusually harsh language, a judge struck down a $285 million settlement between citigroup and the securities and exchange commission over toxic mortgage securities. he sent a july trial date, calling the settlement neither fair nor reasonable nor adequate. finally, a seattle sears manager says an elderly man came in and repaid, with interest, cash he said he stole from a register back in the '40s. the store will use the money to help needy f

morgan stanley, bank of america, jpmorgan chase, citigroup all fell. yields on safehaven 10 and 30-year treasury notes fell stunning stunningly. the dollar fell after japan vowed to curb yen's strength. pfizer was the dow's only riser after beating estimates. october car sales were impressive, especially chrysler, up 27%, emphasizing the company's rebound since bankruptcy and fabailout. the exception, general motors tumbled on flat sales. in a consumer victory, bank of america scrapped plans for a $5 a month debit card fee. a lawyer for the bankrupt brokerage mg global told a judge tuesday contrary to reports of hundreds of millions in missing customer money, to the best knowledge of management, there is no shortfall in funds. almost $20 billion lawsuit by the trustee representing bernard madoff's victims against his long-time bank, jpmorgan chase, has been thrown out. later today, despite new euro debt fears no action is expected from the fed after its two-day policy meeting. and finally, the woman who won the $25,000 trump taj ma hall casino nip and

financials were hit hard, morgan stanley fell almost 9%, jpmorgan chase, which has $1.2 billion in claims against mf global, also fell. also the dollar shot up to a three-month high after japan intervened to curb its currency appreciation. that set energy and natural resource shares sharply lower. alocoa dropped 7%. freeport copper and gold lost almost 6. on all that news, wall street's so-called fear index jumped 22%. still, it was hard to say good-bye to october. both the dow and the s&p started the month at year lows. yesterday the dow closed october up more than 1,000 points. its best month in nine years. it was the s&p's best month in almost 20 years. in earnings, allstate posted a sharp profit drop posting more than $1 million loss on natural disasters. spending on home entertainment rose for the first time in over three years. finally, zombies are no laughing matter. business analysts 24/7 wall street have calculated the zombie economy, which includes movies, video games, costumes and everything else zombie is worth $5 billion a year to the american economy. >>> la russa says so lo

morgan stanley lost almost 8%. the new focus is on france. the benchmark rate on france's ten-year bond is now creeping toward 4%. worries are deepening europe's second largest economy could lose its aaa credit rating. fitch pointed out that the top five u.s. banks have a total of $114 billion tied to french banks. those same french banks have large holdings of bonds from greece and italy. also worrying investor, the price of oil crossed above $100 a barrel for the first time since july. on the plus side, output in october at factories, utilities and mines rose at the fastest pace in three months. consumer prices held steady last month, actually dropping 0.1%. an index of builder sentiment rose to the highest level since may 2010. in stocks, abercrombie & fitch plunged over 13% on short earnings. dell dropped on late tuesday's report of revenue that fell short. reuters quotes a source saying citigroup may cut 3,000 jobs. in a statement the bank said it would be making, quote, targeted head count reductions. finally, a new national survey show

financials like morgan stanley, goldman sachs, and bank of america were hardest hit. >>> in earnings after the bell, cisco rose on earnings that beat expectations. >>> in late trade, green mountain coffee plunged after missing estimates. >>> elsewhere, yet another toyota recall. this one more than half a million of various models worldwide. >>> working with the government to get more u.s. homes connected to broadband, cable companies will offer internet service for just $9.95 a month to households with children eligible for free lunches. >>> and finally, more evidence politics have gone digital. the hill reports herman cain's campaign anticipating internet searches on harassment allegations against him placed ads on google targeting likely words such as herman cain harassment or herman cain scandal. and the ad at the top of the search results for caintruth.com. >>> offseason tragedy strikes a major leaguer. a strange approach to offense on the ice. and more gyrations in the nba lockout. >>> plus, if you're going through pro basketball withdrawal, we've got last night's college highli

poor's cut credit rating on several, including jpmorgan chase, wells fargo, goldman sachs and morgan stanley. >>> amr plunged 84% to 26 cents a share after filing for bankruptcy protection. trade was halted 28 times throughout the day. amr made the move due to high fuel costs and a heavy debt load. >>> elsewhere, the government claims cargill meat discriminated against over 4,000 qualified people at an arkansas plant, specifically against women, in favor of asians and pacific islanders. federal officials want to cancel hundreds of millions in cargill contracts. >>> facebook is settling charges brought by the federal trade commission of misleading customers about its privacy settings. >>> and finally, justin bieber topped kim kardashian as bing's most searched celebrity in 20 11. not a big surprise there. this may be a surprise. the casey anthony trial topped osama bin laden's death as top news story search. at least i found it surprising. >>> coming up, a valentine for boston. a shakeup in jacksonville. new york's rangers take another on the ice. >>> plus, two giants square off on the colleg

morgan stanley, bank of america, jpmorgan chase, citigroup all fell. safehaven 10 and 30-year treasury notes fell ç suddenly. the dollar fell after japan vowed to curb yen's strength. pfizer was the dow's only riser after beating estimates. october car sales were impressive, especially chrysler, up 27%, emphasizing the company's rebound since bankruptcy and bailout. the exception, general motors tumbled on flat sales. in a consumer victory, bank of america scrapped plans for a $5 a month debit card fee. a lawyer for the bankrupt brokerage mf global told a judge tuesday contrary to reports of hundreds of millions in missingç >>> welcome back to "first look." in sports, we start with some late news. los angeles dodgers owner franc mccourt has suddenly reversed himself and agreed to petition a bankruptcy court to allow him to auction off the team. >>> elsewhere in sports, we start off a night of wild nhl action with boston bruins taking on the ottawa senators. here's nbc's mario solis. >>> good morning. yesterday was supposed to be the opening night in t

jpmorgan chase, goldman sachs, and morgan stanley all lost 7% or more in stock value today. >> pelley: elaine, thank you very much. europe isn't alone in facing a debt crisis. commissioners in jefferson county, alabama, voted today to file for bankruptcy. the county, which includes birmingham, is more than $4 billion in debt, most of that from a costly sewer project. it is the largest bankruptcy filing for a municipality in u.s. history. remains of america's fallen heroes are mishandled, and we will hear from the people who discovered it. does life begin at fertilization? mississippi voters say no. and surf's up, way up, when the "cbs evening news" continues. what's in your wallet? >> pelley: we told you last night that remains of fallen american troops have been mishandled at dover air force base. after an investigation, the commander of the mortuary there received a career-ending letter of reprimand. well, david martin kept working on the story today, and he found the mortuary workers who first reported the trouble and who paid a price. >> reporter: these are people who almost never

financials like morgan stanley, goldman sachs and bank of america were hardest hit.n earnings after the bell, cisco rose on earnings that beat expectations, also in late trade, green mountain coffee plunged after missing estimates. elsewhere, another toyota recall, more than half a million of various models worldwide. working with the government to get more u.s. homes connected to broadband, cable companies will offer internet service for just $9.95 a month to households with children eligible for free school lunches. >>> and more evidence that politics has gone digital. the hill reports that herman cain's campaign anticipating internet searches on harassment allegations against him, placed ads on google targeting likely words, such as herman cain harassment or herman cain scandal. then an ad appears at the top of those search results for cain truth.com. >>> coming up, off-season tragedy strikes a major leaguer. a strange approach to offense on the ice, and more gyrations in the nba lockout. plus if you're going through pro basketball withdrawal, we've got some of la

of greek debt throughout europe are the five largest banks here they are goldman sachs they're morgan stanley they're j.p. morgan chase they are citi group and they are. there is another one today with five of them own ninety seven percent of the credit derivatives that are related to greece and in general in the world us as of the latest report so they could lose money they don't want to lose money what happens. when they lose money as they go to our government for various forms of bailouts and subsidies they push on the fed to continue to have almost zero percent interest rates that they don't then use that money to lend out to help build infrastructure and loan to small businesses and help people restructure their mortgages so their homes are foreclosed upon no they use it to pay off their bad bets so that's how it relates to us is that we would have a situation where banks again want to lose money on their bets we'll go to our government to get money to support them or if they don't play our government they get the e.c.b. to do it for them by putting pressure on them to bail out various c

morgan, citigroup, wells fargo, morgan stanley, and goldman sachs. the downgrades come after s&p changed how it computes debt ratings for large financial institutions. among the changes-- less confidence by s&p that governments would bail out banks that get in trouble. the new criteria aims to link bank's credit health to the health of the overall economy. more on the impact on banking stocks coming up in "market focus." >> susie: still ahead-- enron was once the energy company to work for. then, its house of cards folded. we continue our look at enron's bankruptcy ten years later. >> tom: congress is headed toward a vote this week on extending the payroll tax cut for another year, and expectations are growing the extension will pass. democrats back it as a way to spur consumer spending, but republicans have been reluctant to support it because it would cost more than a billion dollars in revenue. darren gersh talks to council of economic advisors chairman alan krueger about what's at stake. >> i think it's a critical debate. i think we're at a momen

morgan stanley lost almost 8%. the new focus is on france.nchmark rate on france's ten-year bond now creeping towards 4%. worries are deepening europe's second-largest economy could lose its aaa credit rating. fitch pointed out the top five u.s. banks have a total of $114 billion tied to french banks. those same french banks have large holdings of bonds from greece and italy. >>> also worrying investors, the price of oil crossed above $100 a barrel for the first time since july. on the plus side, output in october at factories, utilities and mines rose at the fastest pace in three months. consumer prices dropping .1%. an index of builder sentiment rose to the highest level since may 2010. in stocks, abercrombie and fitch plunged 13% on short earnings. >>> dell dropped on late tuesday's report of revenue that fell short. "reuters" quotes a source saying citigroup may cut 3,000 jobs. in a statement the bank said it soç head-count reductions. ant you're not going to like this, there's a new national survey out that shows 25% of people questioned

financials were hit hard, morgan stanley fell almost 9%, jpmorgan chase, which has $1.2 billion in claimsinst mf global, also fell. also the dollar shot up to a three-month high after japan intervened to curb its currency appreciation. that set energy and natural resource shares sharply lower. alcoa dropped 7%. freeport copper and gold lost almost 6. on all that news, wall street's so-called fear index jumped 22%. still, it was hard to say good-bye to october. both the dow and the s&p started the month at year lows. yesterday the dow closed october up more than 1,000 points. its best month in nine years. it was the s&p's best month in almost 20 years. in earnings, allstate posted a sharp profit drop losing more than $1 million loss on natural disasters. elsewhere a trade group reported consumer spending on home entertainment rose for the first time in over three years. finally, zombies are no laughing matter. business analysts 24/7 wall street have calculated the zombie economy, which includes movies, video games, costumes and everything else zombie is worth $5 billion a year to the ameri

those getting hit include bank of america, citigroup, goldman sachs, jpmorgan chase, morgan stanley and wells fargo. a mixed showing. dow starts at 11,555, added 32 points in trading yesterday. the nasdaq was off by almost 12 and the s&p 500 was up by about two and a half points. >>> a judge has rejected a $285 million settlement between citigroup and the s.e.c. over the sale of toxic mortgages. instead, the federal court judge has ordered a trial. the s.e.c. sold citigroup a billion dollars worth of assets and bet their value would fall. investors lost an alleged amount of money. >>> american airlines each day, the carrier's bankruptcy filing should have little noticeable impact. american was the only major u.s. airline that didn't file for bankruptcy protection after the 2001 terrorist attacks. its parent company is filing chapter 11 to reduce cost and debt to remain competitive. amr operates american eagle. the company is trying to assure passengers the bankruptcy filing will not affect its flight schedule or ticket sales or frequent flier programs. >>> facebook is setting with the f