san bernardino, nassau county all going bankrupt, what happens?pens is precisely what we are seeing happen. this is the only way in many instances for these municipalities that have been hammered by public employee unions for them to recover. they have got to go bankrupt. >> bill: i don't think nassau is ever going to recover. >> folks in stockton says they are not going to negotiate because they are afraid much the awful cost of negotiating it with the unions. >> bill: i don't know where the money is going to come from down the road. >> we are going to see some vanish. >> bill: stayen on the case. great american news quiz, the funniest people in america edition on the horizon. we think you are going to like it. megyn kelly returns. new york city in the middle of a racial controversy over the stocks stopping and frisking suspected criminals in the suspected criminals in the minority communi another cup of coffee? how long is this one going to last? forty-five minutes? an hour? well... listen. 5-hour energy lasts a whole lot of hours. take one in t

in fact, nassau county in long island, they alone think they lost $13 million.ne municipality in the toronto. he went on to say about 75% of major cities have contracts linked to this libor: baltimore's city solicitor said this. the injure we suffered during the time we suffered it hurt more because we were challenged budgets tearily every dollar we lost due to illegal conduct was a dollar we couldn't pay to keep open recreation centers or to pay police officers. this effected at least 75% of us, at least through the city governments, etc. because they took money basically out of our pocket. now i'm going to bring in an expert here on this. it happens to be our very own eliot spitzer. governor spitzer great to have you here. >> it is always here to chat with you. >> cenk: all right, let me start by saying this. they've got a multi national bank saying this is the banking industry's tobacco moment. it's that big. do you agree with that? do you think that the scandal is that gigantic? >> eliot: i think the scandal is that big. i think of all the multiple scandals

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in the case of the creole it was a revolt by slaves and not bad weather that forced into ship into nassau. although the authorities were willing to hold for trial those involved in the revolt. in none of the cases whether it was the action of slaves or the result of inclement weather that forced the ship into port were the slaves returned. in may of 1855 a crowd of 300 gathered on the wharf in jamaica when it was rumored there was a slave on board a ship in the harbor that arrived from baltimore. word spread rapidly that the captain had confined a slave on board worried that an attempt would be made to rescue him. although the gates of -- to the wharves were closed to prevent access to the ships. a crowd of men and women launched a number of row boats from nearby beaches. within minutes the slave was taken on board one of the boats which brought him to shore where he was taken into custody. the next day the slave was set free following a brief apeernts before a local magistrate. behind a simple outline lies a complex story. prior to leaving baltimore. captain rogers hired on philip nettle

. >> reporter: nassau county police boats are anchored in the waters of cold spring harbor over the boat that sank sitting some 60 feet below. the candy 1 is a silverton 1984 model similar to this one. it's 34 feet long but had 27 people, adults and kids, on board when it capsized last night. around 10:10 p.m. the boat had just left lloyd harbor after a july 4th fireworks show headed to homeport in huntington. the owner reportedly told police he got hit by a wake and the boat capsized. >> it could be a mechanical malfunction. it could be a wake created by another boat or there was a weather condition last evening that suddenly erupted. >> reporter: other boaters began to rescue most of the 24 people who fell overboard. three children, david oralleno12, holly 11 and victoria gaines 8 were inside the boat and drowned. they did not have life jackets on, but police say life jackets are not legally required when a person is inside a boat. >> they were found in the cabin. there was no requirement for them to have it on. >> reporter: a ra mean a owner and salesman of the civil -- a marina owner

including massachusetts, nassau county, long island, and california public pension system are looking at whether they suffered similar losses and weighing legal action. we'll talk more about the libor scandal with former fdic chair sheila bair. the chair bair. but she isn't chair anymore. you knew that lawyers would be able to talk people into -- >> oh, right. >> that you would find a way to -- i remember when -- the guy that elizabeth warren's -- oh, he was -- >> the ambulance chaser. >> he had magnetic business cards as ambulances went by. call me, call me, call me. now he's in charge of the -- i mean, i -- >> they'll be running ads with 800 numbers for you to call. >> oh, yeah. definitely. >> except i think there's -- maybe i'm wrong on this. there's a mistaken belief that libor impacts a lot -- it does impact consumers but your mortgage rate is the prime rate. your credit cards, prime rate. >> what they're saying here -- >> not to dismiss what's happening -- >> are they saying rates were too low and they got in trouble? >> pre-2008 when manipulation was more related to the setting

nassau county police, along with the fbi, are now involved.ble of me to discuss that at this point in time. with regard to a civil lawsuit, that's the furthest thing from this family's mind at this time. their mission now is victoria, their efficacy, our main objective for coming today. >> we'll put information on that so people can learn more about this. as you said to me, paul, so that perhaps tragedies like this can be avoided in the future? >> absolutely, absolutely. i woke up the other morning and it just hit me very hard that my daughter is no longer with us. i hate the thought of her loss of life not benefiting anybody in the future. so i can't stand the thought of something like this happening again when it's completely avoidable on multiple levels. >> again, our condolences. i know how hard it is to be here this morning. thank you very much. michael, thank you as well. it's 8:18. we're back right after this. living with the pain of moderate to severe rheumatoid arthritis could mean living with joint damage. help stop the damage before

baltimore leading the charge, and others like massachusetts, nassau county, and others may follow. >> our guests say these moves are ridiculous, you can't blame the bad decisions on the scandal. >> first of all, this is not about if barclays did something acollie jous, they did. you will start seeing other pension funds grasping at straws to try to avoid the possibility for the lending decisions. if baltimore today a different rate for it, if it had been a lower libor rate, they would have borrowed more money. the fact is these are totally separate issues. it's not about if they did anything right or wrong, it's that they have their own issues and they're looking to deflect attention from that. let's get your reaction to what sheila said this morning. >> i think it was very serious, you know -- there has always been a judgment factor with libor. there also always been a fudge factor, but i never, in my middlest imagination thought traders would overtly call up -- you mean regulators? >> calling other banks, that's outrageous. >> there's no question we have banks that took advantage of

. >> the next day, nassau county homicide detectives are called to a quiet neighborhood less than a milef the train station. >> he accosted margaret kierer right here right on the street. then dragged her up into the driveway here, into the backyard. that's where the actual homicide took place. then after he killed her, he dumped her between that chain link fence and the garage back there. >> and what did you do? >> i ritualistically killed her. >> tell me what that means. >> well, you make it a situation that the crime had to be symbolic or a crime had to send a message to a bigger picture in my estimation, and it had to be such that it be devastating. if that was the case, it happened in the bronx or it happened to a minority, it probably wouldn't have hit the front pages. it was intentional, it was deliberate, it was calculated. and above all what it was, it was pure evil. >> he described his behavior as ritualistic. his description of that, his interpretation of ritualistic is different from mine. from our perspective, it really derives from a need-based behavior that usually develop

. >> reporter: the nassau additions are underway for season 12.ion should be made in the next several weeks. >> i'm trying to think. i don't know who. you got any choices? >> if they can afford mariah cary. >> then she'd be competing against nick. >> i am surprise. i would think that was a cash cue for any artist of any cal -- cow for any artist of any caliber. >> i'll take it. >> i know gary, would 20 mill a year. come on. >> i'd take it for 4 or 5 million. >> i'd take it for 2. will? >> i'll do it for one. >> what are we talking about? >> the warm weather, the heatwave. >> okay. i'm sure somebody knows. there it is out there this evening. it's pretty nice in terms of a summer evening. i mean the storms got out of here earlier. it actually -- believe it or not, the storm came through the city early this evening i should say and it didn't take out any humidity, but it took out some haze. we got rid of a little bit of that. it's still been warm and muggy but dry. all things considered not a real bad summer evening. in terms of today's highs, two da

remember there were reports president nixon had offshore accounts at the castle bank and trust in nassau and bahamas in the 1960s and '70s. it's not a partisan issue. it would be nice if romney revealed his offshore activity. there's lots on all sides of the political spectrum engaged in this, if they are wealthy enough. the global banks come after them for their international private banking assets. >> it is being politicized. i don't know if you saw the obama campaign's latest ad pointing to romney's cayman island account. it's not just a u.s. problem, a global problem. is there anything inherently wrong. i know it's unseemly to many, is there anything wrong, anything we can do to restrict it. >> you asked a lot of questions. first, appreciate the size of the problem. we've take an shot at using three independent methods from the capital world 9 trillion out of 21 trillion and we looked at individual financial institutions active in this, ubs and hsbc and credit suisse, these institutions, the top ten alone manage international assets of 6$6.3 trillion. in the top 50 global private ban

the two other victims were recovered by nassau county police scuba divers. >> police say they will not know why that yacht sank until they can get it from the bottom of the bay. but the 34-foot boat may have been overcrowded with about 27 people on board. it is official. campaign season now in high gear. we swing states seen the ad you know that already. president kicking off a bus tour in a key swing state and republic rival campaigning staying hot on his trail. plus, 20 minutes worth of fireworks is what they were supposed to get it was over in a few short seconds. it was expensive, too. see what happens when an entire city's show goes up in smoke. yes it's true. how is this possible? proper tire inflation, by using proper grades of oil, your car runs more efficiently, saves gas. you could be doing this right now? yes i could, mike. i'm slowing you down? yes you are. my bad. the works fuel saver package. just $29.95 or less after rebate. only at your ford dealer. so, to sum up, you take care of that, you take care of these, you save a bunch of this. that works. >> harris: a fireworks

. >>> a great white shark following a kayaker not far from shore at nassau beach.is was his first time in the ocean with his kayak and when he saw that, i all he could think is turn around and paddle. >> what did he look like? he was a dark image. i didn't put a lot of time in it to be honest. i couldn't see his head, so i had to assume it was underneath me. i could seat tail and pretty wide round image. i didn't see the tip of the shark, you know, his head. so i turned and paddled. >> visitors were ordered out of the water. the beach closed until sunday. searchers didn't find more sharks, but they did find dolphins and seals which attract sharks. >>> three people were gored during the third day of spain's running of the bulls. today an american and two brits had leg injuries. yesterday everyone got out unscathed, though one person was gored saturday. the runs until until january 14th. >>> coming up next the amazing spider-man made a killing at the box office this weekend and we're less than two weeks way from the dark knight rises. stars from both movies talk abou

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the center of nassau county, which would've been over there where the roosevelt mall is, was not as hempsteadlains, and hempstead plains was the only naturally occurring prairie east of the alleghenies. it was flat. there were no trees. there were few farms. the grass was soft and spongy. the undercarriages of the planes at those times were very delicate but you landed on them and yet to be able to bounce up and down all of it or they would break and you would crash. and so in 1926-1927 when this story takes place, there were three airfields which were right next to each other on instead place. it was curtiss field, mitchell field and roosevelt field. mitchell and curtis were not really available to private flyers. roosevelt was the best kept, the longest and the one or even though that's not where -- it was where all of them took off. this is renÉe faulkner in 1926 renÉ fall came over from france and said he was going to be the winner in the orteig prize. he was the greatest living ace from world war i to the 75 official kills to his name. remember, the red baron had more but had not survive

ted kennedy before his death reached out to david nassau, author of the atlantic biography of andrew carnegie among other things, and give him an extraordinary offer which was to say he gave an exclusive access to the kennedy family paper some of the papers of his father, joseph kennedy, which had never been shared with any biographers , and there were no strings attached. no family review. and david spent years on this book the to the archives, digging passed the myth and release starting from scratch. one of the things these papers allowed him to do, of course, is to get a kind of closer to the emotional core of joseph kennedy because of his letters were voluminous and had never been used. i think crucially david was, for the first time, really able to follow the money. the kennedy family fortune has always been a black box. dave was really able to put together exactly how justice kennedy did it. hollywood is a big part of the story in a way that is not exact to be understood before. we all know of wall street. we all know some of the myth, some even more true than we might have th

to give you the sense of the size of the losses that is larger than nassau's annual budget and larger than the entire foreign-aid budget and that is larger than the annual budget of the state of missouri. it would be much more accurate to refer to this as a uaw bailout, rather than an automotive bailout. we have heard a lot of talk about shared sacrifice today. but i think that stephen ratner, the obama administration former car mazar said it best when he said we should have asked uaw to do more. we didn't ask any member to take a cut in their pay. james a. by document three different ways in which the uaw was given preferential treatment here there resulted in the massive loss to the taxpayers. first, uaw were given for better treatment as unsecured creditors than any other either to general motors or chrysler bankruptcy cases. second, the uaw employees were given preferential treatment as employees. usually in the bankruptcy cases when confronted with a above market uncompetitive wage, the bankruptcy is used to reduce them to the competitive levels. what's going on right now as we s

will be back in this building for a luncheon with charles bolden, the director, the administrator of nassau and we hope to see you all then. thank you. [inaudible conversations]