when they picked up wachovia, they were very near the bottom. because wachovia was one of the big sellers of option rate securities. now, what wachovia failed to tell its customers, its clients, its suckers, its chumps was that every time an option rate security sale was made unlike a money market, an ordinary, plain, vanilla money market fund was that the broker got a commission. so when you sold a stock, as i did, i had bunches of brokers, lots of brokers, okay? and of those brokers over 30-some years, i can count five that i would say are honest people. but in any case, every time i would take a profit my broker would say, okay, we'll buy -- let's get into, we'll put that cash away in the option rate money market bank. i didn't know that he was make what they call a tail, a tail on every frank action. transaction. so as to wells fargo, yes. when they were out in acquisition mode and they picked up wachovia, yes, indeed, they were very close to the bottom of the marianas trench when they picked up that company. does that answer your question?

with you when you're ready for the next move. [ male announcer ] now that wells fargo and wachovia havegether, what's in it for you? unprecedented strength, the stability of the leading community bank in the nation and with 12,000 atms and thousands of branches, we're with you in more ways and places than ever before. with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far. >>> dozens of vintage airplanes display in northern virginia today. helped to raise for a program that scholarships, internships, and other sources. >>> we have the kentucky derby today. running of the derby went off in its usual fashion. derby went off in its usual fashion. i am sure there were we don't just make a taillight... ..we mae a sculpture. we don't just make a sunroof... ..we make the heavens wide. we don't just make a crossover... ..we make a statement. the cadillac srx. we don't just make luxury cars, we make cadillacs. bright, colorful screen, high-speed downloads, hd video. she'll want videos of grandkids. i'm not ready for kids. what would i name it ? bria

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with you when you're ready for the next move. [ male announcer ] now that wells fargo and wachovia havetogether what's in it for you? unprecedented strength the stability of the leading community bank in the nation and with 12,000 atms and thoundnds of branches, we're with you in more ways and places than ever before. with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far. >> final look at our doppler radar. a few showers now moving on to the south. alexandria, prince george's county. 75 degrees for our high tomorrow. same on tuesday. better chance for some storms come friday but a quiet start to the work and school week. >> just a little bit. thanks for watching. we'll see you back here tonight

witp you when you're ready for the next move. [ male announcer ] now that wells fargo and wachovia have come together what's in it for you? unprecedented strength the stability of the leading communitcobank in the nation and with 12,000 atms and thousands of branches, we're with you in more ways and places than ever before. with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far. >>> a first grader is recovering after he was mauled by a leopard in wichita kansas. it happened yesterday. several were visiting the counties to and saw the attack happened. he climbed over a security fence and the leopard grabbed the boy with his paws. they stepped in and rescue the boy. he suffered puncture wounds to his head and neck. >>> jury selection is underway in the case of casey anthony. she refused to see her mother. the judge ruled that the parents will be allowed in the courtroom. >>> gas prices could soon be dropping. oil prices fell 15% this week and with trading below $100 per barrel, gas prices fell on the slightly but still averaging nearly $4 per

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with you when you're ready for the next move. [ male announcer ] now that wells fargo and wachovia have, what's in it for you? unprecedented strength, the stability of the leading community bank in the nation and with 12,000 atms and thousands of branches, we're with you in more ways and places than ever before. with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far. >> in 2001 he won the championship as a member of duke's basketball team. now ten years later he's the president's righthand man. lindsay czarniak talked to reggie love to find out more about his success on the court and in the white house. ♪ ♪ >>> former dukes forward reggie love has trancinged from playing for mike krzyzewski, one of the most revered college coaches to assisting one of the world's powerful leader. he makes life easier for president obama and sometimes that includes taking a little ribbing. >> some of you may know that my assistant reggie love used to play for coach k at duke. reggie played on the 2001 national championship team and he was a team captain in 20

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. >>> wells fargo is planting the finishes touches on the take over of wachovia. be a relic of the past. they will put their names on banks in florida next hunt. in august they move on to all banks in the mid-atlantic. >>> a federal appeals court refused a request to re-hear a lawsuit. the twins claim facebook overvalued stock they got as part of a settle permanent. the only legal step remaining is a appeal to the u.s. supreme court. >>> the recall of 1,000 blackberry tablet community. the reason is defective operating software. only play books with 16 gigabits of memory are effected. >>> sunday dinners have taken a leap forward. a volunteer group started pouring local premium wines for dezdants at the -- for residents at that home. officials at the home say the wine is wonderful and the connection with the community is just as important. >>> children taking -- drugs don't appear to be at a greater risk of getting heart problems. a study found no difference in heart problems between adhd patients and other children. >>> researchers may have prove an genetic link t

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trying to work out the balance between its decentralized operating model and the centralized one of wachovia which it bought three years ago. san francisco based bank serves one-third of the households in the country. >>> a tragic accident involving a mother and child. they are hit by an suv in the middle of a crosswalk and it's all caught on tape. >>> also stanford sports fans can soon go wireless down on the farm. we'll explain. >>> if you are driving on highway 4, it looks good at bay point but it's slowing down in antioch. we will tell you more. go! go! completing an atm deposit in record time... that's a step forward. go! go! with deposit friendly atms, you can make ultra fast, secure deposits with no slips or envelopes. take a step forward and chase what matters. >>> good morning, if you are driving across it's a nice drive. the caution nights are up but they were reconfiguring some of the lanes. for the most part the traffic does look good on the span. 6:24 let's go back to the desk. >>> frightening video coming out of arizona. mother crossing a street with her four-year-old in a stro

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bear stearns kamala lehman brothers, wachovia, they were taken out with accusatory language about reckless behavior. if the u.s. to read was a bank, the fdic would close and down friday night. they have run their fiscal books in an awful manner. what is interesting is when i have discussions with politicians and some in the leadership will have talked to, they are saying we need a 10 or 15 or 20 or 25 years to fix this. we cannot cut it as fast. the private sector does not get that luxury. nothing, no family gets that luxury. . you either cut spending now, laypeople off, or go bankrupt. they turn around and say i am being extreme. i'm the one who is extreme. i am saying you are out of control. it is fascinating to me. you don't get the luxury of time in the private sector. this is a bipartisan problem. this was created in a bipartisan manner. i have known paul ryan for a very long time. i met him when he was 19 years old and he was in turn to jack kemp. i love the guy. for the most part, he is an incredibly smart and free market and cabalistic person. however, he voted for tarp, the bush s

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with you when you're ready for the next move. [ male announcer ] now that wells fargo and wachovia havegether, what's in it for you? unprecedented strength, the stability of the leading community bank in the nation and with 12,000 atms and thousands of branches, we're with you in more ways and places than ever before. with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far.

they avoided even during the crisis, the fed was trying to get goldman to merge with wachovia, or citigroup or whatever it was. they resisted that and stuck to the knitting. and i think that as a result of that, you know, they are still very strong as is jpmorgan. they are both very strong. but i still think goldman is more envied, feared, admired, whatever one of those words that you want to use in ways that jpmorgan chase is not. i know i worked at jpmorgan chase. i'm familiar with the firm. you know, goldman still has a certain cache that they don't. >> host: well, your book certainly explains very well the very disciplined model that goldman follows in recruiting and hiring the best of the class in harvard business school and other top schools. and i guess what -- one of your points is that this type, you know, it's really amyrrh tock si. >> guest: very much so. >> host: this is a society when we reward that. and we also envy the one that is succeed so well, like goldman. that seems to be in play today too. so your back -- book discusses the goldman type. i saw very types. one is just y

basically have avoided even though during the crisis the fed was trying to get goldman to merge with wachovia or citigroup or whoever it was they resisted that and they stuck to their knitting and as a result of that, they are still very strong as is jpmorgan, and goldman is more in the, feared, admired, whichever one of those words you want to use in ways that jpmorgan chase has done and i know i worked at jpmorgan chase so i'm familiar with that firm. and goldman still has a certain cachet. >> host: your book certainly explains very well the very disciplined model that goldman follows in recruiting and hiring the best of the class and the harvard business school and other top schools, and i guess one of your points is this type, it is a meritocracy. >> guest: very much so. >> host: this is a society where we reward the meritocracies but also in the the ones that succeed like goldman and that seems to be in play today, too so your book discusses the sort of goldman type, and i saw various types. one is just your yondah brilliant harvard business school graduate who may be like a math ph.d. o

bear stearns kamala lehman brothers, wachovia, they were taken out with accusatory language about reckless behavior. if the u.s. to read was a bank, the fdic would close and down friday night. they have run their fiscal books in an awful manner. what is interesting is when i have discussions with politicians and some in the leadership will have talked to, they are saying we need a 10 or 15 or 20 or 25 years to fix this. we cannot cut it as fast. the private sector does not get that luxury. nothing, no family gets that luxury. . there cut spending now, when people off, or " big rep. and so the bottom line is and what is fascinating to me is they turn around and say, i am being extreme. i am the one who is extreme. because i am saying you are -- you are out of control. we need 15 years to fix things. you do not get that luxury in the private sector. this is a bipartisan problem. this was created in a bipartisan manner. paul ryan, i met him when he was 19 when he was an intern to jack kemp. he is a smart and free market and capitalistic person. he voted for t.a.r.p., medicare part b and no ch

bear stearns, lehman brothers, wachovia, wamu they were taken out summarily by the government with accusatoryanguage of reckless behavior and speculation. i mean, if the u.s. government was a bank, the fdic would close them down this friday night. they have run their fiscal books in an awful manner. and what's interesting about this is that when i have discussions with politicians and some in the leadership who i have talked to in repeat days, they're basically saying, well, we need a glide path, a t10 or 5 or even 25 years to fix this because we can't cut it this fast. and my point back to them is the private sector doesn't get that luxury. nothing -- no family gets that luxury. you either cut spending now, lay people off or go bankrupt. and so the bottom line is -- and what's fascinating to me as a private economist is that then they turn around and say i'm being extreme. i'm the one who's extreme because i'm saying you're out of control. it's fascinating to me. we need 15 years to fix things. well, you don't get that luxury in the private sector. and my final point about this is that this