your home is my home for the city of richmond california is saying to homeowners an effort to help those with underwater mortgages the city is using eminent domain to seize homes with homeowner consent then sell the home back to them at a lower price but as usual all such well intended efforts have unintended consequences and those consequences are being expressed and escaping lawsuits by those who ended up owning the securitized mortgage bond that would include the pension funds which are now facing losses if the suit fails and several other cities are considering a similar eminent domain scheme so the ultimate risk is banks will be less willing to grant loans that the government simply imposes losses m.d.s. investors will be less likely to buy than even freddie paper and mortgage rates will needlessly rise. and apple's on a roll after winning a presidential intervention against samsung recently a federal appeals court just ruled in their favor and a dispute with minor. ironically while the samsung suit would have prevented apple from importing and products the motorola suit might have

. >> one year ago today, massive refinery fire in richmond, california sent 15,000 people to the hospital with respiratory problems. we will speak with richmond's mayor as chevron agrees to pay $2 million. then as president obama speaks about housing recovery in phoenix, we will look at the devastating impact of the foreclosure crisis. trying to convince me the house is foreclosed on, trying to evict me and i'm trying to keep my home. is, you took my money all those years. either work with me and let me keep my home, or give me my money back. >> we will look at how richmond, california is planning to use eminent domain to help fight the foreclosure crisis. we will speak to laura gottesdiener, author of the new book, "a dream foreclosed: black america and the fight for a place to call home." first, we look at the national security agency and the u.s. drug enforcement administration. dea agents are using intelligence gathered by the nsa to investigate americans and then being order to cover it up. all of that and more coming up. this is democracy now!, democracynow.org, the war and peace re

it's been used to expand freeways and even to build baseball stadiums but here in the city of richmond california the public purpose would be to reduce blight in the community so how does the richmond program work in itself though so what richmond wants to do is to negotiate with trustees and holders of these underwater mortgages and offer to buy these underwater loans at a much reduced price where they might all do surprise was yeah kind of the robot i mean and who's if you're a mortgage issuer and if you're a bank if you're somebody who buys all this m.b.'s paper i mean why are you going to buy paper that might be discounted in the future or might be i mean if you're going to take a loss why do that well exactly and that's when eminent domain comes in it pretty much sounds like the city and the investors that it's partnering with are really counting on these services interest to. negotiate and that's when the city is hoping to use eminent domain to seize these properties and really this is almost like a last resort that these local governments are going. really from frustration that they see in

and it was an eminently proactive day on prime interest those richmond california bondholders didn't pull any punches when they filed suit to block a mortgage market meltdown precedents and it seems an apple when a day keeps the plaintiff away or at least off their backs for a while four hundred thousand missing times of gold is no mystery there says the jolly old bank of england and it seems a ton of money can be made and gold and h. at teen and i was second finally what could be more. a newsworthy event a news giant bought out by a tech giant hopefully he doesn't put us out of business until the day comes thanks for tuning into was in your prime interest i'm sorry i'm boring have a great. interview . it was terrible. the city was on fire nobody knew what was happening. five days without a break we were terrified although. there was no communication only tanks all around us we came out to find georgian democracy in our streets. that any one of us could have left straightaway but we knew that our first duty was to defend our homeland now that we've had peace since two thousand and on

and demand our highways railroads and other public facilities however the city of richmond california has crafted an interesting strategy for one point eminent domain richmond is a working class suburb of around one hundred thousand people on the san francisco bay and public officials there have teamed up with a private investment firm mortgage resolution partners or m r p together they began sending letters to mortgage companies last week to purchase loans on six hundred twenty four properties in the city properties that richmond now owns thanks to eminent domain and the city is threatening to for sale if the investors resist the strategy aims to help struggling homeowners avoid foreclosure by allowing the city to forcibly buy mortgages from the investors at a price below the properties current market value the city would then reduce the loan balance and refinance the mortgage resulting in a lower mortgage payment for the homeowner the lawsuit filed against richmond and r.p. serves as a key test for whether other cities can move forward with the same strategy now at least four other

richmond, california, could be the first city to do it. my guest yesterday was all in favor of it. other side is joining us. joining me now, kim cameron, head of sieve ma asset management group. welcome to the show. why do you think this is a bad idea. >> first of all, melissa, i appreciate it. i think it's a bad idea because i think some of of the underlying premises mr. hackett proposed are simply false. first off, he made the sim shun that mortgages in pls can not be modified. if you look at the data from corelogic, it indicates over 46% of those loans who were above water, which is what mrp, the group they're working with out in richmond, california is targeting. over 45% have been modified. melissa: the arguement he was making, we're talking about robert hockket, from colombia, one of the guys who thought of this idea going in and seizing them by eminent domain from the banks and writing them down essentially, keeping people in their house and reselling them. his point was that they have been sold and securitized and resold again and packaged and so, you know, it is just impos

>> well, let me tell you, chris, the housing crisis is not over in the city of richmond, california. last year alone, we had over 900 foreclosures. and nearly half of the mortgages in the city of richmond are under water. and this clearly destabilizes families, destabilizes neighborhoods, and hurts the city as a whole. the banks sold my community predatory loans and now they have no solution. so the city is stepping in. we're taking these troubled loans off the hands of the banks. and we're paying them fair market value for them. and then we're working with the homeowners to help them refinance and to refinance at the current -- in line with current home values. >> so we're clear about what fair market value means, current value, which means the loss, the haircut, is taken by the bank? >> it's a fair market value as the industry indicates what fair market value is. it's something that, you know, under water means that the current value of the home is way under what the original mortgage was. and we're doing this. we're doing this in partnership with others. we have a private firm, mo

that chevron plant in richmond, california erupted into flames.l sorts of toxic chemicals all across the city. it took firefighters more than 4 1/2 hours to fully contain the situation. it turned the city of richmond, california into something that more closely resembled a war zone. when all was said and done, 15,000 richmond-area residents were forced to seek medical treatment at local hospitals for stuff like breathing problems and chest pain and shortness of breath. 15,000 people. that accident was one year ago tomorrow. and now a year after that accident the city of richmond has decided to sue chevron for what they are calling chevron's ultrahazardous activity. richmond decided to sue after talks collapsed over chevron paying back the city for what it did. chevron in fact really kind of seems to hate the city. they said -- they responded to the lawsuit by saying it's a waste of the city's resources designed to divert attention from a dysfunctional city council. whoa, who are you calling dysfunctional? that comment came on friday after the city

. >> one year ago today, massive refinery fire in richmond, california sent 15,000 people to the hospital with respiratory

. >>> after the break, we'll talk to the mayor of richmond, california, a very interesting story. r controversial campaign. she's threatening to impose eminent domain on various properties in richmond under water. she wants banks to sell richmond the mortgages on those properties at a loss. let's just say so far the banks are not being receptive to that. we'll get her side to the story coming up in a moment. >>> can you believe it's been nine years since google went public? remember the big deal they did so different than other companies, the shares are up 925%. since google went public. we'll take a look at what the next nine years may bring. >>> and mark zuckerberg's facebook page hacked. yes, the founder himself was hacked. what else can be hacked on that site? we'll find out later on "closing bell." right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's gi

wall street firms are suing to block "eminent domain" mortgages in richmond, california. richmond is the first city to push for the plan, which sells mortgages to private investors at a discount and allows the city to refinance them into new loans. mortgage- bond trusteees say it could cost investors losses of up to $200 million. the honda civic is the only small car to earn a top rating in a new crash test. the civic received a "good" rating. the dodge dart, ford focus and 2 hyundais were rated "acceptable." the tesla model s received a 5-star rating in a different test. tiger woods is financially back on course. crowd sizes are swelling again for the pro golfer, who tees off today at the pga championship. according to forbes, tiger once again leads as the world's highest- paid athlete, earning $78 million in prize money, appearances, and endorsements. woods was knocked down on the forbes list following an explosive affair scandal in 2009. nike's stock is also making a comeback. the company recently sealed the deal on a new contract with woods. still to come, a sector onc

. >> a woman, she's from the west side, richmond, california. >> right. >> they had to do what they haddo. she didn't use that as a negative thing. >> what are you saying? >> i'm saying i'm tired of looking at your mess. okay. i'm tired of looking at your socks. i'm tired of looking at your books. terry mcmillan, tom clancy all over the place. pick a damn genre. >> whole life just people in the eye. thought white chain-link fence and a yard full of pit bulls. that's nice. >> what happened to rick, i love you. you're the wonl man for me. >> before you got to this point and you were doing television, you had some interesting theater. >> i still do. it's my first love. i was a theater major, went to howard university and majoring in drama. it's like, you're majoring in drama? yes, i am. >> aren't going to have no job. >> i'll go back and play. there's nothing like being live in front of the camera but being live on stage and getting that immediate reaction from the audience is wonderful. it's the best way to really tighten up your chops. i can do comedy. i can do drama, things like that i'

. >> staef richmond, california getting national attention to take away and seize homes of people inuble on the mortgage payments and let those folks live there for a lot less. we could show you why there is a price including the responsibility homeowners. >> it will be 16 years since the world lost princess diana in a tragic accident. and hollywood is a cowed of rewriting history with a budget blockbuster and we'll talk about whether the movie is taking cheap shots at the former president just a head. >> i would like to invite you to the state dinner. as a butler? >> no, ceciowa l as a guest. >> but the president prefers for me to serve him personally. >> don't you worry about ronnie, i will take care of that. [ male announcer ] this is brad. his day of coaching begins with knee pain, when... [ man ] hey, brad, want to trade the all-day relief of two aleve for six tylenol? what's the catch? there's no catch. you want me to give up my two aleve for six tylenol? no. for my knee pain, nothing beats my aleve. >> developing out of london now, scotland yard looking into new evidence that

. >>> chevron will pay $2 million in fines for last year's massive refinery fire in richmond, california. the oil company also pleaded no contest to charges of violating the state's health and labor codes. investigators blamed the fire on a corroded pipe that burst. the fire sent thousands of people to the hospital, most complaining of respiratory problems. protesters were arrested this weekend in a demonstration to mark tomorrow's one-year anniversary of that fire. >>> microsoft is making another price cut, this time for its tablet surface pro, the company is offering a $100 discount. the move am coulds weeks after slashing the price of its less powerful surface rt by 30%. last quarter, microsoft took a $900 million write-off on unsold surface inventory. >>> apple's share of the tablet market fell sharply in the second quarter. apple's ipad accounted for one third of the tablet market, that's down from 60% a year ago. it's still the top single seller in its group. >>> speaking of apple, apple got an assist from washington today, president obama overturned an order from the u.s. internat

richmond, california has crafted an interesting strategy.a working-class suburb of 100,000 people on the san francisco bay, and public officials have teamed up with a private investment firm hold mortgage revolution partners. they began sending letters last week to purchase loans on 624 properties in the city. properties that richmond now owns thanks to eminent domain. the city is threatening a full sale if they exist. they help by allowing the city to forcibly buy mortgages at a price below the property's current market value. it would result in a lower mortgage payment for the homeowner. the lawsuit filed against richmond serves as a key test for if other cities can move forward with the same strategy. these have teamed up with the financial farm assisting richmond, but none of been brazen so far. units of deutsche bank and fannie and freddie mac filed a lawsuit altogether. their lawsuit alleges the loans are not beingnow robert is a cow professor that advocates using eminent domain in this way. he says interstate commerce isn't burdened b

measuring levels of chemicals in people and environments, so one study she did was with also in richmond california to looking at the different levels of chemicals, diesel exhaust in richmond which you would expect to be very different, and she's going to help us see if we can build a study, so this was a great thing that you brought to our attention. >> i start to think about it over the years but especially working in an airport and now in an actively working diesel pump station. >> and it's not something you have any control over, and that's the same kind of fragmentation we're seeing at all levels, it's hard to make changes when jurisdictions move. >> but if i could get her contact information or something after the presentation, that would be great. >> okay, cool. >> i had two questions, one is you were just saying to use glass when you're cooking or microwave, what about -- i was told before that you could use plastic for the refrigerator or storage, are you saying avoid plastics all together for food storage, and then the second question is water bottles, say for instance i have a case of li

exactly what one twenty two year old tried to do his name is melvin willis he's an activist from richmond california who drove seven hundred miles to salt lake city for a wells fargo shareholders meeting three attempted to place c o two john stumpf under citizen's arrest melvin said the idea that c.e.o.'s are too big to jail is an outrage in the work for the citizens arrest he cited offenses such as a legally foreclosing on homes and racially discriminating against mortgage our applicants of course moment make it too far he was quickly discovered on the building by security but it doesn't matter because his message will transcend his action a message that signals americans growing disdain against a two tiered justice system it's only a matter of time before the people in this country realize like melvin willis already has that if our government won't step up and prosecute wall street criminals then it's up to the people to ensure that those fat cat bankers pay the real price so why wait. break the set. a little bit we're allowed to do if you've never seen anything like the trouble. this past preside

your home is mine for the city of richmond california is saying to homeowners an effort to help those with underwater mortgages the city is using eminent domain to seize homes with homeowner consent then sell the home back to them at a lower price but as usual all such well intended at birth have unintended consequences and those consequences are being expressed and escaping life saved by those who ended up owning the. securitized mortgage bonds that would include the pension funds which are now facing losses if the suit fails and several other cities are considering a similar eminent domain scheme so the ultimate risk is banks will be less willing to grant loans that the government simply imposes losses m.v.s. investors will be less likely to buy any and freddie paper and mortgage rates will needlessly write. and apples on a roll after winning a presidential intervention against samsung recently a federal appeals court just ruled and their favor and a dispute with motorola ironically while the samsung sued what have prevented apple from importing at.

your home is mine for the city of richmond california is saying to homeowners an effort to help those with underwater mortgages the city is using eminent domain to seize homes with homeowner consent then sell the homes back to them at a lower price but as usual all such well intended efforts have unintended consequences and those consequences are being expressed and escaping lawsuits by those who ended up owning the securitized mortgages that would include the pension funds which are no place in losses if this suit fails and several other cities are considering a similar eminent domain scheme.

exactly what one twenty two year old tried to do his name is melvin willis he's an activist from richmond california who drove seven hundred miles to salt lake city for a wells fargo shareholders meeting three attempted to place c o two john stumpf under citizen's arrest melvin said the idea that c.e.o.'s are too big to jail is an outrage in the work for the citizens arrest he cited offenses such as a legally foreclosing on homes and a racially discriminating against mortgage our applicants of course moment make it too far he was quickly discovered on the building by security but it doesn't matter because his message will transcend his action a message that signals americans growing disdain against a two tiered justice system it's only a matter of time before the people in this country realize like milton will already have is that if our government won't step up and prosecute wall street criminals then it's up to the people to ensure that those fat cat bankers pay the real price . why wait break that. looks like. you've never seen anything like. this past presidential election was truly an indicator

your home is my home for the city of richmond california is saying to homeowners an effort to help those with underwater mortgages as a city is using eminent domain to seize homes with homeowner consent then sell the home to back to them at a lower price but as usual all such well intended efforts have unintended consequences and those consequences are being expressed and a scathing lawsuit by those who ended up owning the securitized mortgages that would include the pension funds which are no peace and losses if the suit bills and several other cities are considering a similar eminent domain scheme so the ultimate risk is banks will be less willing to grant loans that the government simply imposes losses and b.s. investors will be.

. >> the city of richmond california is considering using eminent doe nan to keep banks from taking 600es. the plan is for the city to buy under water mortgages from lenders at current mortgage values. this would allow them to refinance through other lenders. it will cause lenders to avoid giving home loans there in the future. >> mayor michael bloomberg pushing ahead with the plans to ban large sodas and sugary drinks. he will fight that the soda ban was unconstitutional. he is urging whoever succeeds him as mayor to continue the fight. >> he won't give up, will he? >> even more trouble for the real housewives of new jersey couple tress saw and joe and the reality show may be canceled in the wake of their federal fraud indictment. bravo executives are debating the future of the real housewives in new jersey, or at least they say they are. there has been no official comment from the network. they are currently out of jail on half a million dollars bond. they face up to $50 million and face federal fraught charges. >> the frightening moment when an enormous water tower falls off of the r

domain is not typically neighborly to most homeowners but one city is working to change that, richmond, californiaope to use the seizure power to save foreclosed homes. it has not been done before. with me one of the biggest proponents of this plan, cornell university law profeor robert hackett. welcome to the show. one of the biggest complaints out of the gate it is not constitutional. how is this constitutional? >> hi, melissa. yeah, it is entirely constitutional in fact. the eminent domain o authority applies to all forms of property, tangible and intangible. people tend to think it only appls to tangible because tangible property is always more conspicuous, right? you see it when a kentucky friday chicken is torn down in order to make room for a road or something like that, so you notice that, right? intangible properties le financial instruments, loansnd the like ae not conspicuous so we don't tend to see it but the are taken but those are always subject to eminent domain authority as long as there has been eminent domain authority. to pass constitutional muster you have to have public purpos

richmond, california, most are current on their mortgages.ave to bail out a few people at the expense of the many and at the expense of credit? mark is right. nobody is going to make a loan to this town again. >> we respectfully disagree oftentimes. i would agree with you if you had properly characterized what's ofafoot here. the idea is to aid investors and homeowners alike. and another way of saying the idea is to write down loans in a way that salvages value, then distribute that value sanlged value over all stakeholders. >> i used to be in the financial business p. how does a loan write-down benefit investors? >> consider what the default risk is on a deeply underwater loan. it's quite high. if you look at the 10 k, 10 q forms, their loans that are 120 or higher default at remarkably high rates or at least are subject to high default risk. so you look at the subprimes that are held by fannie and freddie. they're defaulting at 5a 71% rate. >> but there is a rally going on. >> not in richmond. >> well, i've never been in richmond. i don't t

richmond, california. there was nothing there. before long there were three shipyards there, richmond one, richmond two, enrichment three. his son went up the coast of vancouver and there were to our shipyards there. huge ones. and what kaiser did was, if you look at the existing shipyards, they were always crapped for space. so when you build a ship, what happened was you build it piece by pace. it's another boutique operation, and the result is you have all these people falling all over each other trying to do whatever job they are doing. and it's a very inefficient thing. it would drive a production manager crazy. kaiser changed all that. he said, build them from the bottom up. break them down into larger part as you can make. you number the parts and they literally do this. you know, it's like a puzzle. and what determine how large a part you could make? two of three factors. one, how much with the crane lift? because without that you're in big trouble. and number two, if the parts are being made here, and they're being assembl

>> let me ask you about richmond, california. firm, with blackrock, among other bond investors seeking a court order to block richmond and corners llc from seizing mortgagees from imminent domain. you say the initiative would hurt savers and retirees. what can you tell us? >> is a concept of imminent domain, maria, attached to mortgages as opposed to the homes themselves. typically imminent domain with a city or county, basically occurs when you need a freeway and the home's basically have to be torn down and moved out of the way. in this particular case, this is where a city begins attaching or confiscating securities as opposed buildings. and it seems to us that all investors should be concerned about this when a city starts attaching and applying imminent domain to securities as opposed it a physical building. we will ask what's next. shares of apple or ibm. if so, i think equity investors should be worried as well. >> all right, bill, good to see you. thanks for joining us. >> thanks, you guys. >> we appreciate it. see you so

on saturday, -- 200 10 people were arrested at the chevron refinery in richmond, california and the latest mass mobilization against fossil fuel dependence and climate change. thousands of people marched to the refinery to condemn safety issues at the plant and to call for renewable alternatives to fossil fuels. the protests came ahead of tuesday's one-year anniversary of a massive fire at the chevron refinery which sent toxic smoke willing to do air, hospitalizing roughly 15,000 people with respiratory issues. the city of richmond has filed a lawsuit against chevron for the fire, claiming it followed a series of similar incidents. this weakens protest was part of a wave of summer heat actions led by the environmental group 350.org. bill mckibben, the founder, was among those who are rested. >> the reason we're here is because chevron is really bad actor, ok? in the places where they get their oil, they are a bad actor. as the people in canada, ecuador. when they go refine it, they are a bad actor. they sent 15,000 of their neighbors to the hospital, and they are bad, bad actors on this pl

the city of richmond, california, is threatening to use eminent domain to seize troubled mortgages unlesssell them to the city at current market value. the banks say we can't do that. we'll talk exclusively to the mayor about this case which is being watched very closely by other cities hit hard by the housing collapse. maria and i look forward to seeing you at the top of the hour for that all important last hour of the trading day on "closing bell." we'll see you then. of the lexus performance vehicles, including the gs and all-new is. ♪ this is the pursuit of perfection. ♪ when you do what i do, iyou think about risk.. i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum volatility etfs. investments designed for a smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possibl

homes by banks but there may be light at the end of the tunnel on monday the bay area city of richmond california sent a letter to thirty two banks announcing a tentative plan to buy out the debt of the more than six hundred of its residents mortgages using its powers of eminent domain a power provided of the fifth amendment to take private land and use it for public purposes the city would give six hundred twenty four families and individuals struggling to make their mortgage payments new and more affordable loans here's the plan would work say a homeowner has a two hundred thousand dollars mortgage on a house that's now only worth one hundred one hundred thousand dollars under the rules of eminent domain the constitution requires that when the home is taken there be a reimbursement at market value so the city would take the home and offer one hundred thousand dollars minus twenty grand for fees and costs associated with the process and write a check to the bank that held the mortgage for eighty thousand dollars the bank would write off their hundred twenty thousand dollars loss on the deal and

richmond. california. there was nothing there. before long there were three shipyards there. chmond, one, two, three. what he did was if you look at the existing shipyards they were always cramped for space. when you built a ship what happened was you have -- you tbilt piece by piece. it's a boutique operation. the result is you have all the people falling over each other doing whatever they're doing. it's very unfesht. it would drive a production manager crazy. he changed that and said you tbilt from a bottom up. you break it down to as large as parts as you can make. you number the parts. it's like a puzzle. what determined how large a part you could make two or three factor. one, how much would the crane lift. without that you're in big trouble. two, if the parts are being made here, and they're being assembled here, what is the railroad -- how much clearance does it have? can it get through. in california that wont big problem. there was a lot of land. they could freed out and literally fabricate the parts here, have what is called the ways where you build a ships here. an

next story here, the mayor of richmond, california says she will not waiver.be very important to a lot of people. it could take action against the city. this could be very important to a lot of people. they want to take away these mortgages that they hold. >> this is for a public good. you have to pay fair value for it. they are afraid they would be getting less than what the homes would currently sell for. bondholders are saying wait a minute, you will use eminent domain to take something from us for less than it is currently worth. that does not seem fair to them. connell: you started to explain a minute domain. generally speaking, taking private property for public use. >> exactly. normally it is used to take houses or property buildings. in this case, they are taking intangible properties. they claim that this would serve the public good. >> there is a precedent for that. investors are really upset about this. they do not like this plan. they are saying that if the city of richmond moves ahead of this, they will charge borrowers. connell: where are we and

host: the city of richmond, california.alifornia city let's -- looks to c's and d's home once -- look ease home loans. offering $150,000 to buy a bank loan on a house that is now worth $200,000 and is in danger of foreclosure. the would pay the bank, banks are saying that the house is look -- the house is worth more. guest: it is more than that. many of these loans, the beority of these loans, will ones on which borrowers are current in their payments. borrowers are making their payments, as far as the lender is concerned, there is no loss. host: but the mortgages underwater? first in california and some other states, there is a one action role. if the lender goes against the property and forecloses on the loan, the lender cannot turn around and to see the borrower for deficiency. even if the borrower is not liable for a deficiency in court, there are people who are paying their loans, who have the money, who assume that the parcel may go up in value. they do not want them stating on their credit rating. these loans are per

banks representing bond investors, filing suit against richmond, california, a city we talked about yesterdayin attempt to block the city's plans to seize mortgages using ininnocent domain. the plan allows the city to forcibly buy up mortgages at possible below market values, then refinance those mortgages to lower payments for the homeowner or borrowers. deutsche bank and wells fargo filed suit for investors black rock, pacific investment management, and fannie mae and freddie mack. there you go. we'll see where it goes. and, we have a winner, or three. a trio of tickets matching the winning numbers for the $448 million powerball jackpot. two in new jersey, one in minnesota. the winners have yet to claim prizes, and after taxes, the three winners split $258 million. this is the biggest powerball jackpot, by the way, took place in may at $590 million with a winning single ticket -- one single ticket that won held by an 84-year-old woman in florida. so surprised by tesla's results? charles payne says you should not be, and he explains in his "how to make money" report coming up next. "property

one on a richmond, california, highway, the other near oakland.s car two miles from her home. >> it's especially upsetting to think that she might be in danger and that there is foul play here. >> reporter: on wednesday, investigators took bags of evidence from coke's home, including her laptop computers, hoping to find clues. they won't say coke's work, win release on death row, or the search for her missing dog, has anything to do with her disappearance. >> she's a very special person. very unusually kind and generous and big-hearted. >> reporter: coke's family and friends are vowing to keep searching until they found her. for "good morning america," gio benitez, abc news, new york. >> we join her family and friends in hopes that it's going to happen. >> amen. >>> sam? >> let's get to the boards. we have a lot to talk about here. in the west, we barely touched on this. this area of high pressure that's inland and the low that's moving in. the basic thing you need to know about what happens here, is it's a dry and windy pattern. winds not good fo

. >>> chevron will pay a $2 million fine stemming from the fire at its richmond, california, refineryoke from the fire sent hundreds of residents to hospitals with breathing problems. the blaze also closed down the facility located in the san francisco, raising gasoline prices. richmond refinery accounts for 10% of the west coast fuel refining capacity. chevron stock up a third. >>> and christies has been hired to find out the value of the city's art collection. christies will advise detroit. 6,000 piece collection includes a self-portrait of vincent van gogh, a fresco by diego rivera, and a casting of rhoden's the thinker statue. >>> italian economy shrunk by less than expected. gross domestic product contracting .2% after dropping .6 in the first three months. the country has been in recession for eight consecutive quarters. the longest period of contraction on record. but it was a better than expected figure as i say. so european equities firmer. the ftse 100 is flat. u.s. futures inconclusive at the moment. not suggesting much either way. the dow is 6 point business ls value. join