morgan chase now owns bear stearns it received bear stearns with our money with our federal backing to the tune of twenty nine billion dollars during the spring of two thousand and eight which was around the same time the ambac opened its lawsuit against bear stearns so we are still looking at that fallout all right now let's look at this suit filed by ambac against j.p. morgan it states quote knowing that it's fraudulent and breach and conduct was resulting and would result. grave harm to ambac bear stearns then implementing implemented a trading strategy to profit from and back to potential demise by shorting banks with large exposure to m. back i'm sure securities is a mount against the law unfortunately it's in that gray area where the law doesn't really keep up with what's going on it at these investment banks and it still doesn't what happened then was very similar to what happened with the goldman sachs case and and shorting loans that were going into their abacus deal for which they then settled with the f.c.c. for five hundred fifty million dollars admitting no wrongdoing the

morgan embarras stearns the federal reserve decided hey you know what j.p. morgan take bear stearns will back whatever it is they did with money that will print and are still backing and the same thing in a different vein happened with goldman sachs and morgan stanley back in september of two thousand and eight which is these firms did not have enough capital to survive the weekend. and so on a sunday night they basically got to the fed and said you know what we need capital that might end up in the exact conversation but that's why banks go to the fed when they are in dire straits because they need capital but the problem was goldman sachs marcella were not classified as bank holding companies so technically this was a situation again where you push the law but then the law changes for you and in the case of the fed it didn't really have to change that much the fed just said ok fine we're going to waive our five day anti-trust check it out period which we obviously did with j.p. morgan and bear stearns we're going to just keep on doing whatever we can to he

officer stearns and sgt. kane could have done nothing. officer came and started o'malley also could have decided not to. each of these officers showed restraint in not firing their weapons where a suspect provocative action would normally end in shooting. these officers were awarded the gold medal of valor. [applause] >> a sgt. paine, who could not be here tonight, was also awarded the gold medal of valor. >> it is with great pride that we honor these individuals for their valor. every day, officers put their lives at risk and do very good police work and we do not do enough to thank them for that. i am brought to be part of a ceremony where we can point to these heroes and thank them publicly, the way that we should do so every day publicly. so thank you again. [applause] the police commission and the park would would also like to think the diversity of california's san francisco for its generous support in co- sponsored tonight's event. we would like to single out the community relations office and the conference center office for putti

stearns of florida. the chair: pursuant to thed orer of the house of february 17, 2011, the gentleman from florida, mr. stearns, and a member opposed, each will control five minutes. the chair recognizes the gentleman from florida. mr. stearns: thank you, mr. chairman. i yield myself such time as i may consume. my amendment, my colleagues, is simply to say that the united nations is a very valuable building and the renovations that are occurring right now are necessary. the chair: the gentleman will suspend. the gentleman is correct, the house, the committee is not in order. i ask all members to take your conversations to the cloakroom. the gentleman deserves to be heard on his amendment. the gentleman may continue. mr. stearns: thank you. the ren rations occurring on the u.n. are ultimately necessary. but the cost that is occurring is not. there's a huge overrun. i want to be clear that the opposition i have with this amendment is not to on stuct the u.n. from making a safe environment for their workers

stearns and others on the appropriations committee. there's an old adage if it ain't broke, don't fix it. the internet is not broken. it's working. creating jobs. look at all the devices that are out there, whether it be ipods, iphones, glackberries, cell phones, look at all the things that are working. mr. upton: we don't need regulations on the internet. i think it was george will that said most americans think that the government doesn't work so well and the internet does. why are we allowing the f.c.c. then to regulate the internet. it makes no sense. this amendment denies funds to the f.c.c. to implement this order. it's a good amendment. i like to think it would be bipartisan. i support the authors that are offering this and i yield back my time. mr. bilirakis: -- mr. stearns: i will say it's not appropriate for them to make these rules on a whim without any input from congress and this would allow the f.c.c. to do anything, anything it could allege to promote broad band under their jurisdiction which they don't have. congress mu

look at bear stearns. where is the track record profit wears bear stearns now?ost: another viewpoint is coming up in just a couple minutes. stay tuned. we'll take more calls. guest: the constitution was clear. it was enumerated powers for the federal government. what happened over these 222 years is the federal government's fuel of its role in the economy keeps getting bigger and bigger and bigger. the constitution did not envision that the federal government would be doing mortgages. the constitution did not envision the enumerated powers of for the federal government would make billions and billions of dollars of loans to small business, which gives powers to bureaucrats and creates lots of jobs in washington but cost the country dearly. my reading of limited powers, a core principle of the constitution, is that we have gone beyond that. we need to find a way back. host: sarasota, last call. gary. caller: i have one question for you. two parties controlling everything. republicans will reach -- the symbol is the elephant and they are big-headed. democrats are

during the financial crisis, warsh played a key role, helping arrange the sale of bear stearns. still ahead, behind the mega- screens at imax. we talk with c.e.o. richard gelfond about the next twist in the entertainment giant's fast- moving story. >> tom: the egyptian people wanted more, but hosni mubarak did not step down today. instead, the embattled president handed over some of his powers to his vice president, and said he'll work toward a smooth transition come september's elections. egyptians have been protesting for 17 days, closing businesses, government services and stock markets. with mubarak's refusal to step down immediately, the demonstrations are expected to continue for the foreseeable future. and max rodenbeck, middle east correspondent for "the economist," says while there are no concrete numbers, the economic impact is huge. >> we're talking about many billions of dollars lost. certainly, the economic growth rate, which was running at 5% to 6% for many years, seven years or so, is going to take a real knock. and i think egypt may be in for a much lower-- 2...

stearns and others on the appropriations committee.here's an old adage if it ain't broke, don't fix it. the internet is not broken. it's working. creating jobs. look at all the devices that are out there, whether it be ipods, iphones, glackberries, cell phones, look at all the things that are working. mr. upton: we don't need regulations on the internet. i think it was george will that said most americans think that the government doesn't work so well and the internet does. why are we allowing the f.c.c. then to regulate the internet. it makes no sense. this amendment denies funds to the f.c.c. to implement this order. it's a good amendment. i like to think it would be bipartisan. i support the authors that are offering this and i yield back my time. mr. bilirakis: -- mr. stearns: i will say it's not appropriate for them to make these rules on a whim without any input from congress and this would allow the f.c.c. to do anything, anything it could allege to promote broad band under their jurisdiction which they don't have. congress must

street is back, the dow and s&p 500 closed above the mark set before the housing crisis before bear stearns collapsed. when you thought tarp was something that covered the car in the kraj, the dow open this is morning above 12 k sap sam above 1300. we get the jobs report and certainly egypt and the blizzards are pressuring energy prices. >> i've got the human torpedo making a return to the olympic games. ian thorp says he's getting ready to come back into competitive swimming. the 28-year-old has nine olympic medals, five are gold, he could swim back in 2006 but he never lost his love for the sport. >> i have never not liked swimming. i like laps, i like the hard work t training and i like racing. i think in the time out of the pool, you know, i've been able to get on with what i wanted which was a more normal life. and there has been something that has kind of been nagging but i want to do this. >> the competition shutters around the world. thorp hopes to compete in next year's games in london. 5:19. the 21st film festival starts in san jose next month. >> the build-up kicked off last noyt

before bear stearns collapsed. this is all good news. 2008 highs. the dow opens above 10 kt s&p 500 above 1300. we get the big jobs report. there are a couple them. from the labor department on friday. egypt and the blizzard are both rshing energy prices. that is worth watching as we continue to watch wall street. >> thanks a lot. of course we're watching the huge winter storm. we've been talking about the big blizzard and it's here. in dallas, this guy had a way around it. he got out and helped other guys get unstuck. looks hike a dune buggy, off-road thing. there were jackknifed semis on the road, lots of problems. we'll update you. you may have heard a football game, they got one going on. scheduled in the dallas area. now they have snow plows out around cowboy stadium trying to get it cleared out. with 800 flights were canceled at dallas/ft. worth. that leaves a lot of passengers stranded. it keeps a lot of football fans out. they have been trying to get in the dallas area for sunday's game. >> you can't go. see the perks of staying home. >> it'

in places like chicago, charlotte or las vegas, things have not gotten better than back when bear stearnspsed. san francisco numbers, house prices down 1% compared to last year. the numbers are kind of weird. it says oakland is part of san francisco but doesn't include san jose. several big news agencies speculate apple will hold a small event next week to introduce the ipad 2 likely would steve jobs, on heels of reports that the sale of ipad 2 will be delayed until june because of production bottlenecks. these two bits of news are not contradictory. >> builds to the hype. >> it does. >> thanks, scott. the hiker who had to cut off his arm is getting a lot of screen time. he is the subject of an academy award nominated movie. >> she making the small screen debut on minute to win it. aaron ralston plays a round of ping tic-tac-toe on the game show which is what it sounds like. will he win the big prize? you can tune in tonight at 8:00 here on nbcbayarea.com. by the way, james franco nominated for playing ralston in that film. franco is also hosting this year's oscars. >> fascinating. 5:57.

stearns of florida, we agree with that. why don't we dust off a proven and bipartisan job creating bill, home star, which the energy and commerce committee passed out on a bipartisan basis last year and bring it forward to this congress this year. it's something that saves money for our homeowners on their energy bills. it's something that puts local contractors who are reeling from the decline in home building back to work, retrofitting our homes, and it saves $10 billion in nrning bills, creates 170,000 jobs and it's all by using less, not more. it's about efficiency. that's common ground. we're not having a debate about whether we should or shouldn't p drilling or what's the preferred energy source, coal, nuclear or solar, it's really whatever energy source you're using if you use less of it as a business or as a consumer, you're going to save money. it's something we can do together. the new majority would have the final say on how we would pay for this. it would take care or could be designed in a way to take care of t

jeffrey stearns says he's innocent, that his former mistress orchestrated the plot on her own. his side in court. first, ashleigh banfield has the latest on the case. >> reporter: it's a mystery with a marital twist. a houston woman who has survived three attempts on her life, is standing by the husband who has been indicted in the crime. in fact, she accompanied him to the police station where he turned himself in. >> let me be perfectly clear. jeff stern is clear of the charges. >> reporter: it began after jeffrey stern's mistress was charged with plotting to kill his wife. and yvonne stern filed for divorce. months later, she changed her mind and reconciled with her cheating husband. >> the only thing jeff is guilty of is having had a marital transgression. >> reporter: not so says the district attorney, who indicted stern on two counts of solicitation of capital murder. after surviving two gunshot attempts on her life here at the family home, they moved to a nearby apartment for safety. but a gunman tracked her down there, as she sat in her car. she begged through the windo

take bear stearns, for example. in 2007 they had $11 billion in equity, about $380 billion in f liabilities, and they were borrowing up to $70 billion in the overnight markets. that's like a small businessli that has 50,000 equities borrowing 1.6 million with about 300,000 due every day. so in this environment you have toin be careful for excesses, bt this idea that reasonably-priced capital is necessarily the maker of the crisis, i think, is a flawed one. it can be channeled to productive uses. unfortunately, where the moneyme went was to create $13 trillion of mortgage securities many of which were wholly defective.the institutions either didn't care to know, didn't examine or knew theye were defective but still moved them in the marketplace. and be instead of building the economy, we built a house ofkn cards built on financial neernging. as -- engineering. as to the matter of consensus, h do want to say that there were a number of areas if you look i where, in fact, nine of the ten commissioners did find common g

mckinley: i want to thank my colleague cliff stearns for offering a similar amendment. this amendment will specifically bar the use of use of funds to carry out the regulation of fossil fuel combustion waste under subtitle c of the solid waste disposal act. in 2010, the e.p.a. proposed this regulation and we are standing against this emotional reaction. what happened in tennessee is tragic and should be dealt by the proper agency regarding the dam's integrity and should not be used to advance an idealogically agenda regarding the environment. fly ash is a by-product using coal. it is captured before being emitted into the atmosphere. the fine grain parallels are recycled for roads, bridges and buildings. it is in masonry production, concrete blocks and bricks and been used in houses, schools and offices. the fly ash is even used in fertilizers and agriculture and solar. if the e.p.a. continues their plan to designate fly ash as a hazardous material, all of these would come to a halt. the expense of handling the product would increase and so would our electric prices. to

government to bail out one or more of the states as it failed financial institutions like a bear stearns, fannie mae, freddie mac and ag during the recent financial crisis. i believe that both of these alternatives are deeply problematic and that congress should enact a bankruptcy law with the state's not as a first resort, but it's an absolute last resort in the event that everything else fails. the claim that we don't need a bankruptcy law for states strikes me as a little bit like saying there's no need for a fire department because most homeowners have never had fires in their houses and this one starts the homeowner can probably started before the crisis gets out of control. each of these things is true but we still need fire departments for the case when a fire does burn out of control. my major discussion i would like to make three simple points. first, bankruptcy would provide several enormously important benefits that we don't have in the absence of bankruptcy. second, it is constitutionally permissible in case you all are concerned about that as well as you should be. third, th

take bear stearns, for example, they had $11 billion in equity, abou$380 billion in liabilities and they were borring up to $70 billion in the overnight markets. that's like a small business that has 50,000 in equities, borrowing $1.6 million with about 300,000 due every day. in this environment have you to be careful for excesses, but this idea that reasonably priced capital is it necessarily the maker of the crisis i think is a flawed one. it can be channelled to productive uses. unfortunately where the money went was to create $13 trillion in mortgage securities, many of which were wholly defective. institutions didn't care to know, didn't examine, knew they were defective but still moved them in the marketplace. instead of building the economy, we built a house of cards built on financial engineering. as to the matter of consensus, i do want to say there were a number of areas where 9 of the 120 commissioners did find common ground. i would say, they noted we find agreements. fannie mae and freddie mac did not cause the crisis, but they contribute contributed extensively. they were s

stearns: mr. speaker, this past weekend americans came together to honor the 100th birthday of president reagan. president reagan believed that personal accountability and hard work are the corner stones of the american dream. he understand america's greatness and exceptionalism. no american will ever forget how he touted america as a shining city on a hill. and quote, built on rocks stronger than oceans, windswept, and teeming with people of all kinds living in harmony and peace. in these drubbled economic times, we would be wise to follow reagan's lessons that limited government, low taxes, and free enterprise foster economic growth and job creation. reagan knew that freedom was america's greatest export to the world. whether it was promoting freedom overseas against a communist threat or at home through free markets. president reagan left an unparalleled legacy to his country and we honor his extraordinary life on what would have been his is00th -- 100th birthday. the speaker pro tempore: for w

government to bail out one or more of the states as it bail out financial institutions like bear stearns, fannie mae, freddie mac, and aig during the recent financial crisis. i believe that both of these alternatives are deeply problematic and that congress should enact a bankruptcy law for the state, not as a first resort, but as an absolute last resort in the event that everything else fails. the claim that we do not need a bankruptcy law per se strikes me a little bit like saying that there is no need for a fire department because most homeowners have never had fires in their houses. if one starts, the homeowner can probably stop it before the crisis gets out of control. each of these things is true, but we still need fire departments for the rare case when the fire does burned out of control. the remainder of my discussion, i would like to make three simple points. first, bankruptcy would provide several enormously important benefits that we do not have in the absence of bankruptcy. second, it is constitutionally permissible in case you are concerned about that, as well you should be