[applause] the second passage that i read last friday night to different group, the citigroup. he next chapter is called sa sabr sabros, the formal name for israeli. that is where the love story isn't it is that since this is a family crowd we believe that that. those of the passages of wanted to share with you. if you have a few questions and will give me a break. after that, that will be it. [applause] one thing to remember. speak into the microphone but you won't hear yourselves on the p a or anything like that. >> how did they draft? >> how did they draft the six teams? great question. early on in the lead up to the lead they did a fantastic job. they have all jersey's, all team names. they have a draft on espn led by sports reporter jeremy sat -- --sh --shat. i mispronounced his name. he lead the draft. there was a lot of hubbub and buzz around it. the new york times was covering the league. it was a really neat thing. they had a draft and got players from all over the place. the thing that really pushed the lead over the top was once they started out dominican in the leagu

this bid was to fund our hetch- hetchy facilities as well as our water in the city. citigroup global bought those, and then our bank of america/merrill lynch bought all of the re-fundings. so we premature cheap what was adopted as part of the last budget hearing. in that model, we had an average cost of borrowing. we achieved an average overall of about 4.48%, so we are pretty close. the items that also happens, the bond sale, moody's did downgrade us given our weakness. we had thought that would occur. moody's previously had as one notch higher than s&p, so now, with the movies in adjustment -- the moody's adjustment, what that means is we are still very much on a roll with the debt. a strong aa. we noticed in the electronic markets, as we're required to do with our material disclosure, and all of our bond documents, for our build america bond revenues. president vietor: commissioner moran. vice president moran: did they state a reason for the downgrade? >> this is on a current basis as well as a projected basis. what movies does is just take them all and line them up in a ro

company announced yesterday president devin sharma will leave s&p by the end of the year and will be replaced by a former citigroup executive. the resignation comes as the agency faces a justice department inquiry over its rating of subprime mortgage securities. the s&p says the mover has been in the works for months. >>> back on wall street gold shot up nearly 2% hitting an all-time record high, just shy of $1,900 an ounce. bank of america fell sharply again yesterday. down almost 8%. the nation's largest bank has shed more than 50% of its value this year. >>> meanwhile, hewlett-packard got back some of the 20% it lost on friday after announcing the end of its pc business. hp was up more than 3%. lowe's inched up 1% on news of a $5 billion stock repurchase program. boeing got a boost from $1.6 billion helicopter deal from the british royal air force. meanwhile, reports say delta airlines will likely award boeing an $8.6 billion contract early this week. elsewhere fewer folks fell behind on their car payments during the second quarter, according to trans union. goldman sachs was lower on the news that lloyd blankf

but take a look at these other companies who also managed to keep their profits away from the government citigroup bank of america valero all of those are also among the top corporations the didn't pay a dime and why of course because of all those complex loopholes in our complicated tax laws that's what all these major companies have actually structured how their business is run based on how they can get away without paying a penny more than they have to now add about of course the highly skilled lawyers who know all the complexities of the minute details and then of the day these companies who boast billions in profits are paying money to our federal government now we should note that there are other ways to avoid paying corporate federal taxes things like hosting overseas tax havens and in fact eighty three percent of the largest companies in america post were called those overseas overseas tax events yet another way to bend the laws and keep more. dollars in their big old money vault so with more clear evidence that our complicated tax law is helping our debt grow and grow then the frustration

percent more and more than the entire bottom sixty percent and who were richer than the bottom ninety percent citigroup even coined a new word for our economy forget about quaint notions like the american dream or the middle class we are now a plutonic me working people drove the engine of our economy from the one nine hundred thirty s. to the one nine hundred eighty s. when the reagan revolution turn the economy upside down not only did all growth for the middle class stopped but it went into reverse wages for most working people today inflation adjusted are lower than they were when jimmy carter was president since then we've lost about a third of all our manufacturing jobs our engineering and software work are being done in india since then eighty percent of all the new wealth created in america are going to just the top one percent of the richest americans so today four hundred people just the four hundred richest americans now own more wealth than one hundred fifty million other americans combined our nation has not seen such any quality levels this high since the years before the great depression

we brought you the fox news alert at the top of the hour about new warnings from jpmorgan and citigrouphe danger of a new recession and how it is increasing according to them. that is creating new pressure for president obama's job's plan. we won't know the full details until he lace out the plan in september. the plan reportedly will extend the payroll tax cut, it will also include a mix of tax cuts and infrastructure spending, spending on bridges and roads on so on. new ideas to accelerate job growth, including incentives for employers. joining me now, jeanine barelli. alan colmes of the alan colmes show and elizabeth mcdonald of the fox business network. stu varney told us at the top of the hour this is bad, what citigroup and jpmorgan are saying, they are reducing the growth forecast for our country pretty drastically and that would put us closer to another recession. business wise do we trust these guys? do they have a horse in the race? is there a reason not to believe them? >> that is a good question. i think we trust these guys. we had an historic crack up in the u.s. economy, w

the company announced yesterday president deaf insharvin sharma leaving and will be replaced by a citigroupecutive. the resignation comes as the agency faces a justice department inquiry over its rating of sub prime mortgage securities. however, s&p says the move has been in the works for months. >>> back on wall street, gold shot up nearly 2%, hitting an all-time record high. just shy of $1,900 an ounce. >>> bank of america fell sharply again, down almost 8%. the nation's largest bank has sheds more than 50% of its value this year. >>> meanwhile, hewlett-packard got back some of the 20% it lost on friday after announcing the end of its p.c. business. h.p. was up more than 3%. >>> lowe's inched up 1% on news of a $5 billion stock repurchase program. boeing got a boost from a $1.6 billion helicopter deal from the british royal air force. >>> meanwhile, reports say delta airlines will likely award boeing an $8.6 billion contract as early as this week. >>> elsewhere, fewer folks fell behind on their car payments during the second quarter, according to transunion. >>> goldman sachs of lower in

as that wave hit here yesterday, all ten industry groups on the broader s&p 500 fell. bank of america, citigroup, and hewlett-packard were among the stocks hitting new 52-week lows. despite boasting stellar earnings, both kraft and gm fell. >>> a retreat from stocks, gold briefly hit a record high but then tumbled. oil fell even more than stocks. 6% or more than $5 a barrel. and agitated investors were so desperate to get into bonds they were willing to accept almost no return just to get their money into a safe spot. how quickly were stocks being dumped? well, bank of new york told large investors like pension funds and investment houses, it would start charging to hold their cash because they were depositing so much after selling off shares. in things weren't tense enough today, the government releases its all-important payroll report. many expect a slight rise in unemployment. >>> well, don't bug the ump. real cool fans don't need a glove to snag a foul ball. tiger woods is back on the golf course, but did he bring his game with him? your early morning sports headlines are straight ahead. >>>

. >>> the heads of jpmorgan chase and citigroup -- investors are worried about the exposure. analysts say the banks have undergone changes and are safer. >>> california court employees are bracing for the possibility of more layoffs and reductions in the number of lours they work, but judges in the state do not have the same worries. the state constitution prohibits reducing judges salaries, a provision designed to protect judges who might make an unpopular ruling from backlash. >>> a battle is brewing between safe way stores and the people who are paid to gather signatures on petitions. safeway said signature gatherers borgt the customers, block the store entrances and ignore the store's solicitor rules. however, the signature gatherers are accusing safeway of violating their free speech right. safeway said they will go after the signature gatherers. >>> media giant ruche proof -- rupert murdoch said he will not step down but he is offering some new details into his succession plan. according to reuters, his son is not the top choice but instead his to lieutenant. >>> heavy

the broader s&p fell. bank of america, citigroup, and hooup were among the stocks hitting new 52-week lows.osting stellar earnings, kraft and g.m. fell. gold briefly hit a record high then tumbled. oil fell even more than stocks, 6% or more than $5 a barrel. >>> and agitated investors were so desperate to get into bonds, they were willing to accept almost no return just to get their money into a safe spot. so how quickly were stocks dumped? bank of new york mellon told investors like pension funds and investment houses it would start charging to hold their cash because they were depositing so much after selling off shares. and as if things weren't tense enough, today the government releases july's all-important payrolls report. many expect a slight rise in unemployment. >>> well, don't bump the ump. the yankees beat up on chicago again. and real cool fans don't need a glove to snag a foul ball. >>> plus, tiger woods is back on the golf course, but did he bring his game with him? your first look at sports is straight ahead. it's a necessity. i find investments with e-trade's top 5 lists. qui

the banks. >> i think that goldman is different pile of now what, than bank of america and citigroup, and bank of america and city are in some trouble, the trouble, i think, outside of europe. >> and think about it, when we did the bank bailouts, the initial plan to buy the toxic assets off the balance sheet. that was the first one, it didn't work and hank paulson didn't do it, and didn't do it, so that stuff is still on the balance sheet. remember, they recapitalized and gave them money and that's on the balance sheet. if we go into a double dip recession, that stuff, cdo's, mortgage-backed securities, you name it, tied to consumers, they go down in price, banks got to take big write office. >> we couldn't bail them out again and there's no political will. >> that's the best news. >> and the problem, there'll be no problem. >> you know, that, no, no, no, they are too big to fail. if citigroup went under with 800 billion dollars in deposits, we're bailing them out because the fdic funds. >> and this congress is going to bail them out? this congress won't let this president spend money on anyth

paid no taxes but instead got a tax rebate over the last two years of over a billion books not to mention bank of america boeing exxon mobil citigroup wells fargo some of the biggest corporations in america paid no nada none zero zip taxes in the united states and twenty or so and news corp the parent company of fox so-called news they also escaped without paying any taxes last year yet the million are talking heads over there still paying their taxes or dare why i guess that's why they hired ricky santorum as a contributor earlier this year it wasn't always like this in america though there was a time not too long ago when corporations did pay their fair share during the one nine hundred sixty s. back when america was booming and the middle class was growing corporate taxes made up twenty two percent of all the revenue going into the government but today it's about twelve percent as in corporations have managed to get their taxes cut in half . coincidentally millionaires and billionaires by and large the c.e.o.'s of these corporations have also managed to cut their own income taxes in half and today enjoy the lowest levels of taxat

data on the economy, and they want to see the actual figures on, let's say gdp and manufacturing jobs improved, and standard & poor's and morgan stanley and citigroupdebt ceiling debate may be over but the reality is the debt issue is still a huge issue here on wall street. policymakers are still deadlocked and there's too much spending and not enough income to come in and handle all the amount of debt we have. it's not just happening here in the u.s. but happening in europe as well. and they need to see better news in the economy, like home sales and unemployment. the list goes on and on. that's why you see the market not really holding on to its gains for too long. >> thank you so much and appreciate that. >>> a reminder to vote for today's choose the news winner. text 22360 to vote for the story you want to see. text "1" for dying industries, and we'll tell you why paul mccartney is helping record stores protest jay-z and kanye west, and then "2" for cupcakes go global, or "3" for legends of tuskegee, to see how three airmen helped to break barriers and change history. >>> a new explanation from christine o'donnell of why she walked out of a int

crude oil plummeted on worries that the global economy would stall. bank of america and citigroup hit 52-week lows. a stock exchange said, why the dow industrials have tumbled more of the 1000 points in a two-week period. >> there is a lot of selling pressure and also volume is there. the volume is high and we see the big declines. traders have suffered serious risks. there are some general concerns that the u.s. economy might turn into a recession, just two yaft. the latest economic news is not that pretty. there are some technical factors as to why the pressure increases. it is the fear that the u.s. economy might head into another recession. >> one might this trend changed? when would that have to happen? >> maybe tomorrow. we get the jobs figures on friday. if those numbers come in better than expected, that could support the market. a year ago, we had the same point. weak economic news and a lot of selling pressure on wall street. that is when the federal reserve stepped in and pumped more cheap money into the system. there is a lot of talk that ben bernanke might start qe3.

the economy. i'm told exxon mobil is all higher this morning and citigroup and bank of america leading stocks higher, even hewlett packard is up after a 20% stock drop on friday. ben bernanke will signal a new round to help pump up the economy is helping out this morning. here is what stocks are doing. check in on the numbers. dow at 168 points, nasdaq is up 1.7%. one of strong groups is tech, silicon valley index is higher, as well. gold futures hitting record breaking highs about concerns over global currencies. you noticed on friday, because the rise in gold prices is causing a number of jewelry store robberies and home robberies. >>> thanks a lot. >>> time is just about 6:48. tropical storm irene increased in strength overnight and first atlantic hurricane this season. it was packing winds of 75 miles an hour as it passed over puerto rico heading towards haiti. if irene stays on the projected path, hurricane could reach florida late thursday or friday as a category one or two storm. that means winds up to 110 miles per hour. >>> pretty calm year. we've got mist and drizzle to deal with this morn

cit citigroup, $100 billion. these are thenstitutions that in the u.s., these tend to be the capitalists who preach capitalism 364 days a year until the last day when it comes time for their bailout. these firms would have gone belly up if they didn't have a cash infusion at the time that all credit was drying up because they fund themselves on this kind of wacky overnight basis that most folks don't understand. what do you make of this new revelation? >> it really is quite extraordinary. i was hearing in the uk about how close you were to financial armageddon. moving forward, it's important to learn. okay? how do you regulate? how do you go moving forward? we've got the problem with porch gal, ireland, grease and spain. >> i'm sure we agree on this. it tdoes seem like the bankers who were able to get -- they fought the disclosure of all this information. but who got such enormous liquidity, cash, provided by the federal fwovt government in way didn't want to disclose. obviously millions and millions of homeowners. where's the

the children themselves. who's fourteen says she was betrayed by her parents and those who promised to adopt her and never did then she finally found a home citigroup poignant in the home you are always just a part of the group but here in the family you are needed by someone there is not tenderness more love and happy. with the last. so often it does make an effort to connect with the world outside and adoption becomes more widespread and society will be more happy endings like this one. hundred. me here with you know look at the follow up who is a citizen of here on the homefront should provide us with the global fossils perspective on the option now all these officials are telling us that the situation with adoption is improving more and more children are finding new parents now from your own observations is this the case is a becoming more popular yeah i think that this if you shoot the dog truth has changed recently been developed country and being here regional and there are more and more parents who want to see babies from children's films because either they have health problems all the long to come but it's a parabolic maybe some of them.

the top 10 are wall street firms. j.c. morgan choice, goldman sachs, citigroup in the top 10.ca. >> greta: general electric. >> right. and microsoft as well. when you look at the break down by each of the representatives in congress on the super debt committee you have to ask yourself these are the individuals who have to come up with 1.2 trillion cuts by the end of november. when you look at the big issue, oil industry breaks gop members got $800,000 in the last election cycle, 11 times what the democrats got. defense industry up for cuts. senator murray got a lot of money. one interesting fact we came up with is what did these members of congress do in the most recent congressional cycle? look at this screen we have for the track record on the cuts they presented. ranges from 85 billion in spending cuts to 1.2 trillion hike in spending there was representative who co-con spored the bill for the single payer health system. none of the three house democrats backed the bill . >> greta: liz, thank you. >> straight ahead, the future upon us. human beings are becoming a thing of t

among other thing, oil futures are traded, just a few blocks from the new york stock exchange, will be open. big trading firms such as citigroup and knight capital are prepared to start the day normally. but bank of america was waiting for word on new york's public transit. asian markets started off the day higher, thanks to friday's prediction of long-term u.s. economic growth by fed chief ben bernanke. an independent survey out yesterday showed hiring by small businesses slowed in august, suggesting recent stock market turmoil may have hampered job creation. that may not bode well for this week's biggest economic data. friday's august jobs report. most analysts find it hard to imagine the nation's jobless rate of 9.1% dramatically improved. >>> and finally, in a region with some of the nation's highest unemployment, fresno, california, county school superintendent larry powell is givinging back in a big way. going without his next three years' salary, over $800,000. remarkable there. >>> coming up, curtis granderson grabs the major league home run lead. a ray racks up the ks and the saints march against the raiders. plus a t

the same amount that u.s. homeowners currently owe on bad mortgages. citigroup bank of america borrowed the most. $669billion. that information was released as a response to media requests under the freedom of information act. >>> it could be a bumpy ride for bay area transportation projects if congress adopts the plan to pass this plan. if the plan goes through, california would lose $1.7 billion a year. republicans say the cuts are needed because of a shortage in the highway trust fund which pays for road and transit projects. some bay area projects that would be affected by the cuts, include replacing b.a.r.t.'s aging cars and upgrading the caltrain tracks on the peninsula. >>> 7:38. let's see what sal sees sees in our commute now. sal? >> it's been pretty slow. all of a sudden, we've had slow traffic all over the bay. as we go to the live pictures and want to tell you that the south bay is getting in on the action. i know if you live in the south bay you are probably saying what else is now -- new? up downtown is slowing down. usually it doesn't slow this wa

and other files looking into the behavior of big banks like bank of america citigroup wells fargo and morgan stanley in a letter to the chairwoman of the f.c.c. senator grassley wrote it doesn't make sense that an agency responsible for investigations would want to get rid of potential evidence if these charges are true the agency needs to explain why it destroyed documents how many documents are destroyed over what timeframe and to what extent its actions were consistent with the law it looks like this is another case of corporate capture of government regulators but even more troubling maybe the corporate capture of one of the most important committees in the house of representatives the house oversight and governmental reform committee currently chaired by former criminal and now republican congressman darrell issa who also just happens to be the richest man in congress and made much of his money outsourcing the manufacturer of his car alarms to asia for more on that story i'm joined by lee thought investigative journalist and blogger at think progress dot org we welcome back. a ti

other things, oil futures are traded, just a few blocks from the new york stock exchange will be open. >>> big trading firms such as citigroup and night capital are prepared to start the day normally. bank of america was waiting for word on new york's public transit system. >>> asian markets started off the day higher thanks to friday's prediction of long-term u.s. economic growth by a fed chief ben bernanke. >>> an independent survey out yesterday showed hiring by small businesses slowed in august, suggesting recent stock market turmoil may have hampered job creation. >>> and that may not bode well for this week's biggest economic data. that would be friday's august jobs report. most analysts find it hard to imagine the nation's jobless rate of 9.1% dramatically improved. >>> and, finally, some good news for you. in a region with some of the nation's highest unemployment, fresno, california, county school superintendent larry powell is giving back in a big way. get this. he is going without his next three years of salary. that would add up to over $800,000. that would be a lot of help for that area. coming up, curtis grande

the witnesses. thanks for calling this panel. >> he joined barclays capital in to us and for after 15 years at citigroup, where he was the managing director. he has held his current position for 70 years. prior to forming -- he has worked extensively looking and loan portfolios for loan institutions. developing pricing models for loans, and analyzing the prepayment risk in mortgage- backed products. thanks. andrew davidson is the president of his new york firm, specializing in developing analytical tools for the mortgage-backed securities market. he has written extensively on mortgage-backed securities, violation, and hedging. he worked at merrill lynch, where he was a managing director and systems analysts. we begin with mr. hamilton. your written testimony has been a part of the record. phil free to summarize and make points. >> good morning -- feel free to summarize and make points. >> good morning. i am responsible for securitized products business. housing is a critical component of our economy. it is at the center of a virtuous circle. the u.s. mortgage market is enormous. the home mortgage market is equal in size to the to

a global sell off all sectors are trading deep in the red with banks among the west before was well bank of scotland citigroup is now losing eight percent and plunged as much as twenty one percent early in the day that's after the bank swung to a second quarter looks and markets in russia joined the panic across international trading floors the r.t.s. is down three and a half percent of my xix is to have a percent lower now let's have a look at some individual first on the why six energy majors among the worst performers on low oil prices gazprom is losing nearly four percent have fell to its low. since december after oil plunged in new york that's all speculation that fueled a manner for financial stocks are also under pressure and telecommunications company was telecom one of the worst klein as the six percent in the wrapper so. the markets are in turmoil have the u.s. has managed to stave off a potentially crippling default but many countries are considering reducing their large dollar reserves into other less risky currencies however saying you guys over at burbank argues there are. japan and switzerland

the works for some time. he will be replaced by a top executive at citigroup. >>> a cash crunch forced a family-owned supermarket chain in the bay area to file for bankruptcy. the owners blamed their money problems on aggressive expansion efforts and the slow comple. the san francisco -- slow economy. they are hoping to sell their stores to a private investment group. there are no immediate plans apparently that close stores or layoff any employees. the family has been running the markets for three generations since the first store opened in berkeley. that was in 1929. >>> news from entertainment, nick ash ford from ash ford and simpson has died. ash ford and his wife, valerie simpson, put many of his hits, including "ain't no mountain high enough" and they wrote songs for ray charles and many others. the duo were singers in their own right releasing 15 albums. ash ford died in a new york city hospital of throat cancer. he was 70. ash ford is survived by his wife and two daughters. >> ♪ you ain't nothing but a hownt dog ♪ hound dog ♪ >> and another death in the music world, jerry lieber who wrote "hound dog" who

. >>> and no surprise, financial stocks led the markets lower here as well, bank of america, citigroupgoldman sachs each lost 10% of their market value. safe haven gold rose above $1800 an ounce for the first time ever. another safe harbor, the ten-year treasury note rose sharply while its yield tumbled. the dow has lost 2,000 points in less than three weeks. yesterday's volatility was heightened by wild swings of heavy volume set off by computer trading programs. >>> almost double the year's daily average were traded wednesday. >>> walt disney dropped over 9%, a day after posting quarterly results. on the up side after the bell cisco's shares soared after its results edged past street expectations. >>> and finally, apple closed as america's number one company by market value wednesday. passing exxonmobil, finishing the day, worth a total of $337 billion. exxon had held the top spot since 2005. >>> well, a miscue, beating up on a beginner and the hit streak continues. >>> plus, the on-the-field enthusiasm of america's new soccer coach. >>> your "first look" at sports is straight ahead,

some of america's biggest banks were the very big losers today. citigroup and bank of america lost 10% of its value today. analysts blame the crisis in europe. they say the fear is it may start a chain reaction that could hurt big banks here because they own european debt. hackers disrupting part of the hong kong stock exchange today. officials calling it a malicious attack. somebody broke into into exchans web site kept from accessing accounts stopped trading. they say the attack did not effect secures and derivatives markets. what's next for the economy? most of the members of the super committee in congress, that's the panel in charge fing finding more than a trillion dollars in spending cuts as part of that debt limit deal. the deadline is thanksgiving. we're live in d.c. with the items on the team. and the mission ahead on fox report tonight the long arm of the law stretching from florida all the way to colorado where tonight the so-called daugherty gang the gang of siblings is now behind bars after a police chase and car crash. as you may recall, cops

the month. to make matters worse, citigroup and j.p. morgan chase slashed their growth outlook for the u.s.a. so it doesn't look like the economy is going to be turning around any time soon. you may remember that more than a year ago, the obama administration promised they would be creating a half a million jobs every month. but after spending trillions of dollars and with the economy on the brink of another recession, here's what the president is saying now. >> we had reversed the recession, avoided the depression, got the economy moving again, created two million private sector jobs over the last 17 months but over the last six months, we've had a run of bad luck. some things that we could not control. >> fox news analyst charles krauthammer's latest syndicated column in "the washington post" examines the "bad luck." charles joins me now from washington. great to see you, charles. welcome. >> good to see you. thank you. >> so charles, in obama's blame roulette so far, we have seen him blame president bush, the tea party, a dysfunctional washington, the japanese tsunami, the arab spring, atm

we saw gains across the board, and, particularly hitting the big banking names such as citigroup, goldman, bank of america, all saw nice healthy gains today, but, again, as you know, the situation remains very fluid and we continue to pay attention to what happens across the atlantic because it will determine what happens right here at home. >>neil: and the month to day numbers do not look good despite the run up today. to france, bank stocks hit hard but they stabilized by end of the day. they are seeking emergency funding to tell with a host of problems including the ongoing debt crisis which is fueling fears we could be looking at another situation where people were lining outside the bank to take out their money in 2007. and now, the borough chief for the "wall street journal" and dow jones industrial average, what is the mood there? are banks in trouble there or not? >>guest: actually, it is surprisingly quiet on the streets and no concern on the streets of paris of any panic of the banks, any crisis related to the banks. but, of course, most of paris is on holiday because they leban