recover as much assets for the company as possible but he can't quit for the third parties every time mr pickard in the made off fraud tried to sue j.p. morgan to the big banks he lost in court and that's because he doesn't have that power a receiver on the other hand could look at anything and i think what happened with peregrine was there was an individual who had been involved in fraudulent activities who died a few months ago he had a receiver appointed in his particular case and i think to see if to see finally woke up and realized that fraud was the chief problem here so they went in the federal court said your honor we need a receiver who has the power not of the bankruptcy court but of a real federal judge to go after these third parties that's the key issue. well you're more from chris whalen in the second part of our show but first back by popular demand this. right time now for word of the day when we break down a financial term or concept for our very smart here but just perhaps maybe not the financial expert in our audience and today it is new york stock exchange given that we are h

mr. cronkite turned the television off and turned to his aides and said well if i have lost cronkite, i've lost america. just very quickly, chip mentioned that homer pickardn korea and he won another pulitzer in korea and partnership with the great marguerite higgins. marguerite was every bit as tough and ornery as homer and homer was no misogynist. marguerite would give homer greek and homer would return it just as good as he caught it got it and when word came down and forgive me -- you know what's coming. ms. higgins was expecting. homer said, really? who is the mother? [laughter] then when the baby came into being, homer inquired, if marguerite had eaten its? [laughter] m. betsy, his great protÉge, once worked up the courage to say to homer, you know whom or which of those stories is true homer said, yes. [laughter] any other questions? yes maam. >> how this affected and as a noncombatant i have always wondered how people live their lives after going through these things. my uncle was john hirsi, both japan and europe and he never talked about. i never ask questions and then i wished i had. but he was another of these gentlemen who got through this. h