tips about a possible acquisition of wachovia bank and the $5 billion investment in the firm by warren buffett's berkshire hathaway. joining us now with analysis of the trial? steven feldman, a former assistant u.s. attorney in new york's securities fraud task force and now a white collar criminal defense attorney at herrick, feinstein. >> susie: hi, steven, how are you? >> great, susie. >> susie: do you think lloyd flank the blankfine helped the government's case? >> absolutely. the government's job is to put a bunch of bricks together and try to make their case. they have the tapes plaintiff gupta allegedly giving tips, and they need a human person, a moderator who give the the information about what was really going on on the outside, outside of that phone call. and mr. blankfein with his credentials and role with a great reputation on wall street was the perfect person to strengthen that case and fill in the bricks in the wall. >> susie: blankfine said it violate the the rule, but did it break the law? >> it looked like mr. gupta violated his duties. he hear mr. gupta had terribles important

. >> susie: some nice positive gains today, tom, in the markets and some people credit warren buffett because over the weekend in his annual market letter, he said he is was pretty bullish on stocks saying that he thinks good times are still ahead of us and a lot of people have confidence in the auricle of omaha. >> tom: certainly that kind of endorsement for the economy and the overall market didn't hurt at all in the last trading day of the month of february, susie. so let's go ahead and look at the impact of that and other things in tonight's market focus can. >> tom: another month of stock gains comes to an end with the major indices adding close to 4% in february. thanks to the volatility in the mideast roiling the oil market this month, the energy sector was the best performer, adding almost 7%. despite the higher energy prices, though, consumer discretionary stocks did well, followed by a small gain in the health care sector. speaking of health care, it helped lead the way today for the dow industrials. johnson & johnson jumped 3% to a five-week high. clearly still well off the

mr campbell japan clearly doesn't want investors to flee but do you agree with warren buffett but they should be moving towards japan. it's difficult not to agree with someone like warren buffett who of course just recently said that the declines in japan present a buying opportunity and both. the move that we saw was over done cory's often financial markets to react to situations like this and to the selling was compounded by fear of a desperate economic catastrophe which for now seemed to have possibly been avoided we're not completely out of the woods here and serve course at some. we could get a japanese stocks were way oversold them already the japanese are on a public holiday today but we expect that certainly the futures markets indicate that the mikhail will rise some three hundred fifty points from the open say over three and a half percent and it goes to show you that the reaction was overdone so of course it is correct to these levels it does present a lot of value considering where we were weeks ago and just how much has been taken off the value of stocks of. this to come o

warren buffett taught me how. >> you mentioned warren buffett and berkshire. you had a relationship with warren buffett for a number of years and one day he called you and said i want to contribute your foundation. how did that come about? >> an unusual set of circumstances. i met him on july 5th, 1991. my mother said that warren buffett was coming over and i said come beat him. i said i am busy. i was feeling fanatical at that point. she said you have to come by. i said he buys himself fox. somehow he knows that. that doesn't really add to human welfare. but she said i should come. so i went and met warren and he started asking me questions about why didn't ibm do what i did, why couldn't people see where the computer industry was going, these are questions i always wanted somebody to asked me. i got to ask him about various things about the business. we became pretty deep friends. we played golf together, played bridge together, we box and had a chance to talk. then tragically his wife died in 2004. his plan was that he would make the money and she would run

warren buffett taught me how. >> you mentioned warren buffett and berkshire. let me get to that. you had a relationship with warren buffett for a number of years, and one day he called you up and said i want to contribute to your foundation. how did that come about? >> a very unusual set of circumstances. i met warren in 1991. a mother said she had warren buffett coming over and i should come meet him. i said i am busy, mom. i said that you are a lot about a lot of things. i was still in my fanatical stage at that point. she said no, you have to come by. i said mom, he buys and sells stocks. that is not really add to human welfare. but she said i should come. so i went and met warren, and he started asking me questions about why it didn't ibm do what i did, and how would affect different things. these are questions i had always wanted somebody to ask me. then i talked to him about things about the businesses he knew. so we became pretty good friends. then tragically, his wife died in 2004, and his plan was that he would make the money and she would run the foundation, and that sh

and i mentioned that i had this conversation with warren buffett a couple of weeks ago when i was giving him the medal of freedom. and his point was, look, i'm bullish about this economy when it comes to the housing market it just takes some time to work itself out because we had such a housing bubble. we had so much construction, particularly in certain states that are harder hit than others, that was then compounded by the overall recession. and it's going to take some time for the housing market to improve. but we're continuing to take a range of steps to try to strengthen that process of recovery in the housing market. the last point i'll make on the economy overall relates back to the budget issues that we talked about. if you looked at the last jobs report, growth in the private sector is very strong. 222,000 jobs created. where you lost jobs was in state and local government. and that means teachers being laid off, firefighters being laid off, police officers being laid off. now, we were able to cushion some of that over the first two years of this recession through the recovery a

warren buffett injected capital into goldman sachs at the height of the financial crisis. goldman today got the okay to buy out that investment, handing buffett a roughly 70% return on his investment. darren gersh, "nightly business report," washington. >> tom: the week ended with a day of gains for the major indices after a volatile week. let's get to tonight's market focus. this week was marked by nuclear fears in japan and more tension in libya, putting investors on edge. for the week, the dow industrials fell 1.5%. the gains today and yesterday were not enough to make up for the losses earlier in the week. the nasdaq dropped 2.7% from a week ago. the nasdaq remains in negative territory for the year. the s&p 500 fell 1.9%. consumer staple stocks were the biggest drag on the index this week. leading the sector gains today, financials. this e.t.f. bounced more than 1% with volume triple its normal pace. big banks took the lead after the federal reserve gave many of them its blessing to hike dividends and start stock buy- backs. as darren reported earlier, j.p. morgan was

also help berkshire hathaway's warren buffett saying he is itchy to make more big acquisitions, as ifcue, deals broke out all over. ventis, which owns senior housing communities, is buying nationwide health for $5.8 billion. health care reit is buying the assets of gensess health care for $2.4 billion. and late last night blackstone group announced buying 588 u.s. shopping mall assets from australia's centro properties for $9.4 billion. elsewhere, the u.s. has approved the first deep water drilling permit in the gulf of mexico since last year's massive oil spill. today, fed chief ben bernanke delivers his twice a year ç economic report to congress. also today treasury secretary timothy geithner will tell a house committee the administration wants congress to overhaul fannie mae and freddie mac, the nation's troubled housing finance giant. finally, heidi," germany's cross-eyed celebrity possum came up one pig short of perfectly predicting the oscars in 127 hours to win best picture. pretty impressive, heidi. i love that. >>> coming up, nba drama. top ten college hoop battles, and a pl

bill gates is second; warren buffett, third. and for the first time, countries outside the u.s. can now boast of having more than 100 billionaires. china has 115 while russia, 101. >> susie: with more americans facing foreclosure, tonight's "money file" is here to help. here's john simons, editorial director of personal finance at "black enterprise." >> last year, there were more than 1.2 million real estate repossessions. this year's foreclosure tally is likely to be even higher. for many american homeowners, foreclosure is looming and very real, but it is possible to rebound from such a crushing circumstance. here are six stepso emotional and financial recovery. one: before your bank confiscates your home, locate affordable rental housing. two: if you've lost your job, secure new sources of income, whether through unemployment benefits, a temporary placement, or part-time work. three: regroup emotionally. don't blame yourself or other family members for your predicament. commit to working as a team to rebuild. four: educate yourself on intricacies of personal finance. learn ho

warren buffett is buying lubrizol, the specialty chemicals maker. it was only a week ago he said his berkshire hathaway was shopping for new acquisitions. then today we hear a $9 billion deal for the maker of lubricants and petroleum additives values lubrizol at $138 a share. it also includes the assumption of $700 million in debt. lubrizol shares surged almost $30 to $134.68 a share. that's a jump of 27%. and that's tonight's "market focus." japan's nuclear problems are prompting a second look at the safety of nuclear energy. governments across the world today said they would slow down development of new nuclear power plants, but china and russia are moving forward on new plants. so is the united states. darren gersh looks at an industry whose future is now in doubt. >> reporter: at a white house briefing today, regulators would not say whether u.s. nuclear plants could withstand the kind of massive earthquake that has crippled japanese reactors, though they insisted u.s. plants are safe. safe enough, white house spokesman jay carney said, to conti

an warren buffett is in third place with only, only $50 billion. mean, really. >> and they give much of it away. thank you. >>> christina loren has a look at your rainy forecast today. good morning, christina. >> good morning, scott. it is looking pretty slick today, but we have a little bit of time before the rain arrives in the east bay. right now we are really mild in terms of our temperatures. the upper 40s across the board. 51 degrees in san francisco if you are headed that way this morning. you are going to climb in temperature on your way. as you can see we have moisture in the area. and fog formation is possible this morning. we have pretty good visibility in the east bay right now, but we'll continue to watch that all morning long. take a look at what's headed our way. a system of low pressure right now is bringing rain showers to northern california. eureka and chico this morning will see those showers as well. the east bay will have to wait until noon for your first showers. they will clear out rapidly. this is not by any means a super s

although, i am you know, not again being a little facetious, i think warren buffett is right and boy are there values in egypt now. if i were an investor i would be going into egypt and picking up these properties because give me five or 10 years, i would be a millionaire. and i think that is true literally, economically about business but i also think it is true in general. this is such a good time to make investments as they say of time, of expertise, commitment, of moral support, of whatever kind of forces you have. this is a great moment to say yes, this whole community of what is estimated to be 8 million egyptians living overseas, who knows? to have that be part of these conversations and be part of the networks and so forth and so on, people in egypt love that. they love to know that people are paying attention and caring and so forth. so whatever your particular resources are, they would be welcomed back in egypt at this juncture. >> it on this very upbeat note, i think you will all agree that we have just heard a varying gauging and quite insightful recitation, so please joi

warren buffett also gave away a third of his money to charity. morning news continues right after the break. 3 >> mark: welcome back to the kron 4 news. here is a look at your 7 day around the bay. win a pheromone a call today '60s around the bay, looks like rain back in the forecast for tomorrow clearing the cooler for friday, saturday showers back sunday-monday. new details on the ongoing nfl labor negotiations the football league has offered to turn over five years of profitability data but that offer was rejected they have long demanded that the leak gave them access to the financial data the two sides have to friday to reach a deal if not a kid mean the first pro football work stops in san 1987. the news service as android is the most used or phone in the u.s., kron4 as did slate concurs it. >> gabe: according to studies android, and google smart phones are not the most popular in the united states. that means android phones are out selling i funds, blackberries, and the other smart phone. iphone is so popular it was the first really success

and warren buffett, who plans to give away 99% of his wealth, is in third., i just keep thinking how much of my wealth do i want to give away? hard to part with so little money. >> let's just say neither of us are on that list. >> right. >> in any capacity. all right, ashley. thanks for joining us live here in new york. >>> lindsay lohan returns to court in los angeles today. and a source tells the associated press she will not accept a plea bargain in that jewelry theft case. accepting the plea deal would mean at least some jail time for the actress. lohan denies stealing a $2500 necklace from a jewelry store back in january. security video shows her trying on the necklace and wearing it as she left the store. >>> also due in an l.a. court tomorrow is mel gibson. celebrity website tmz quotes a source saying the actor will plead no contest to his former girlfriend's charge of domestic abuse. by doing so, gibson is expected to avoid a jail sentence. >>> straight ahead, your thursday morning weather. and in sports, a foul on the refs, after they blow a call at

and warren buffett who plans to give away 99% of his wealth is third. that's your moneywatch. for more, stay with cbsmoneywatch.com. in new york, i'm ashley morrison. >>> starbucks is facing a lawsuit over its tip jar. it stems from 2008 when a customer in st. louis tries to stop a teenager who stole the tip jar. they got in a fight and the 54- year-old fell down and hit his head. he actually died two days later. now his family is arguing that starbucks invited the crime by having the tip jar on the counter. they also claim the company should have warned customers about the potential harm. >> that's a little crazy, huh? >> yeah. dangerous. >> getting a coffee? >>> well, the time now is 4:46. president obama's message to bullis, how he is using facebook to reach out to students. >> plus could you do it? the 40-day challenge to stay off a social network. >> i'm addicted. >> i'm, too. >> your morning cup doing a lot more than just waking you up. the special health benefits coffee has for women. coming up. >>> we have no proven guilt here. >> or does the video speak for itself. a

bill gates second, warren buffett third. there were a total of 1200 billionaires on the list this year compared to about a thousand last year. >>> byron wien is a wall street legend famous for his list of ten surprise. he joins me right now to talk more about all of the issues of the day. byron, it's great to have you on the program. >> always good to be here. >> thank you so much for joining us. let me begin with this terrible earthquake in japan. what economic impact do you expect this is going to have? i mean, it's having an impact we see worldwide both long and short-term. so what is your take on this? >> well, japan's a third largest economy in the world. this is clearly going to affect the economy there. it's obviously affecting the mood and attitude of investors there. so i don't think you can assume this is something that is going to go away in a few days. that's the bad news. the good news is it wasn't in a key economic area. it wasn't like it was in tokyo or kobe. so my view is that it's an important event, but it

it said what do warren buffett and tavis smiley have in common? the answer, absolutely nothing except the fact that neither one of them uses a cell phone. it is true that i do not own a cell phone. i used to own a cell phone and know the pressure that one feels from his family, friends, co-workers and colleagues when he decides he is no longer going to use a cell phone for whatever reason. i raise that to ask, even if you wanted to check out in this era and age, how do you just check out when everybody else is doing it? >> well, i think that is a problem because people talk about addiction and i don't like the metaphor of addiction because if you say you're addicted, this is a problem, there is only one thing you can do, which is to get rid of it and i don't think we really have that option anymore. i'll talk to you later about what you're doing. you essentially, you need an email account to be in college. that is really how your professors get to you and that's how you get your homework. tavis: right. >> you need to have an email account. i think

with global markets after the week at the strong buy in came after several investors including warren buffett said japanese stock valuation turn attractive after last week's driven slump a weaker yen has given some support to export areas with oil to motors up nearly four percent in steel company j f t holdings up more than nine and a half percent but the biggest gains have been posted by the shares mostly hit by the nuclear crisis tokyo electric power which operates the damaged fukushima plant jumped around sixteen percent and to shiva which builds nuclear plants at a twelve percent despite strong performance in europe russian stocks saw a relatively modest gains one day the market was consolidating after outperforming during preview the previous week the r.t.s. closed one percent up and i say point three percent oil related stocks are mostly in the black on stronger commodity prices. looking ahead to how the russian markets are likely to perform in the near future michael stein from old can each year believes equities here are still offering a good value. given the increase in risk aversion

dollars on the crashes and they're making billions of dollars more on the return trip up like a warren buffett for example who's not an honest guy who's making an artist buck these gaming the system and the it should be removed from the system because he's leeching from the system there but they're making money on a collapsing system john paulson who you mentioned i do believe he has alan greenspan working for him so alan greenspan is the architect of the system that we currently have well that it collapsed two years ago we have no system at the moment other than just these kleptocrats just taking so let's look at the consequences of this collapse of the system the twenty three percent of the wealth evaporated from the bottom ninety nine point nine percent of americans here's a response glenn beck exposes economic terrorist plot on us by far left unions so he's blaming the use this guy steve lerner who is a former union leader was caught at a public forum in the left forum at pace university on tape saying that it's a good idea for well average people will be to stop paying their mortgages and

with global markets after the weekend the strong buying came after several investors including warren buffett said japanese stock valuations turned attractive after last week's quite europe and saw a weaker. it has given some support to exports with toyota three and a half percent and sony up around three percent. here in russia stocks are lower this hour after losing earlier gains investors still taking profits after last week's strong gains the r.t.s. is down point three percent the nice x. is shedding almost zero percent. take a look at some of the individual stocks in more detail arrow flow dropping her out a third of a percent the airline told interfax that its net profit rose more than two fold in two thousand and ten to two hundred eighty million dollars profit is down four percent share is not getting a lift from the news that the south stream deal with winter is all over the fact that alexey miller has been elected c.e.o. for another five years meanwhile other energy sector giants are fairing better hydro shares are up more than one percent. russia's largest mobile phone retailer eur

with global markets after the weekend the strong buying came after several investors including warren buffett said japanese stock valuation trying to track it after last week's weight driven slump a weaker yen has given some support to export as with toyota of three and a half percent in sony up around three percent but the biggest gains have been posted by the shares most hit by the nuclear crisis tokyo electric power which operates the damaged fukushima plant jumped around sixteen percent and toshiba which has a role in building nuclear plants added more than eleven for a set here in russia stocks are lower this hour after posting modest gains at open on tuesday losing forty one per cent to my sex shutting around three quarters of a percent most of the blue chips lower with norilsk nickel and ross telecoms gallo around one percent looking ahead to how the russian markets are not markets are likely to perform in the near future michael stein from believes equities here are still offering a good value. given the increase in risk aversion and the increasing volatility that we've seen that inve

with global markets after the weekend a strong buying came out after several investors including warren buffett said japanese stock valuation turned attractive after last week's driven slump a weaker yen has given some support to exports with toyota three percent. three and a half percent rather and sony around three percent here in russia stocks are lower this hour after posting modest gains at the open on tuesday the r.t.s. losing point one per cent and my six shedding around three quarters of a percent most of the blue chips are lower with norilsk nickel and ross telecom down around one per cent let's have a look at how individual stocks are performing arrow flow trading marginally in the black a sort of the airline tells interfax that its net profit rose more than two fold in two thousand and ten to two hundred eighty million dollars gazprom down one point one point four percent possibly on profit taking after the stock strong performance last week the share is not getting a lift from news of the south stream deal with winter's haul or the fact that alexei miller has been elected c.e.o. for

. >>> warren buffett said he was totally surprised by the resignation of the man expected to replace buffett when he steps down at brookshire hathaway. but the 80-year-old oracle of omaha said he did not try to talk him out of resigning either. >>> the american economy is growing faster than almost every other country, it seems. but fewer jobs are being created. analysts say that's because americans have become so much more productive. but that's making it harder for people without a job to get one now. the u.s. growth rate is right behind canada. >>> pg&e saw their overall compensation drop last year. pg&e was dealing, of course, with the san bruno pipeline explosion and other disastrous problems in 2010. >>> starting next wednesday, american airlines will drop two daily flights from the u.s. to japan. american says fewer people are flying to japan since the quake and tsunami there. the affected flights originate from new york city and from dallas. american says they may reinstate the scheduled flights by the end of next month if demand returns. >>> today is the last day to help out

warren buffett but this year we see the emergence of bric countries as key players making up half this list well the u.s. begins to lose its grit and while we all anxiously await the release of this list annually to get a look at the who's who and get excited and dreaming about what every one of us we do with that much money we can't help but notice the disparities based years for lists broken records the total number of billionaires one thousand two hundred ten and the combined wealth of four point five trillion dollars all that while the wealth gap in the united states is at a historic level and while the top one percent of the population in america own more wealth than the bottom ninety percent combined to hear this with me as i am hurst economist at the center for american progress thanks so much for being here thank you i mean first of all these guys are rich over a lot of money they're really rich and you know there's four point five trillion dollars in combined wealth with forbes billionaires there's one point five billion people in the world living on one dollar a day or less i

the warren buffett. has this one. look at these results from a new n.b.c. wall street journal poll eighty one percent of americans this is you know what's the best way to solve the budget crisis right eighty one percent of americans support taxing millionaires sixty eight percent of americans want the bush tax cuts repealed i'm super rich so this is wall street journal poll seventy four percent of americans want to cut off subsidies to big oil producers of course republicans are opposed to all of these ideas so how long until americans realize that the real extremists in our country are the republicans are totally out of step with the river if there were some extremists then why did so many republicans in appealing elected him to go over and over on to the house side apparently all of america happens to be extremist if that's the case i mean let's not forget here there are a number of these wealthy americans that everyone likes to pick on your who are also very. working your two also a number of people in the private sector who are also unemployed unfortuna

having me on again it was a real pleasure thank you this in my opinion is class warfare and as warren buffett said the rich are winning and republicans are the biggest cheerleaders. how let me tell you this this is today i would like here's the brochure the reason are walking over to union station and there was this big booth that said bloomberg government and there were these two women of this movement of giving away water and all this kind of stuff and so i. and this pamphlet here they were they were handing out the trophy of of my hand and it cutting the deficit painful choices put on by bloomberg government. so i said to them was this thing started by by bloomberg you know from new york they were like oh yeah he started it he doesn't fund it now but he started it and i said so a very nice woman who was very courteous who was then in the booth a couple and i said so what is this government for billionaires and and and she said no no it's the website and the and the symposium is about the impact of congressional action on business in america and i said is there anything about the impact of

on course to see bigger profits this year than any time since one nine hundred ninety three as warren buffett said the rich are winning the war i say it's time to turn the tide let's strip personhood from corporations and embrace common sense only people should be considered people. no more no more personhood for corporations it's it is an insane concept it needs to be a bit big that's the big picture for tonight for more information on the stories we covered check out our website amanpour dot com and don't forget democracy begins with your it. more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. hope for asians rule today. the big.

is also happening in print journalism right oh absolutely you look at the washington post and warren buffett we know with his you know financial portfolio is probably invested heavily in some of these companies the washington post running op ed after op ed pro-nuclear in industry nuclear energy industry even in the free papers that the post prints that you pick up at the metro station they had two opinions both were pro-nuclear this is what the nuclear power in industry and lobbies doing right now they're really pushing against any bad news from japan even though everything we get from japan is bad news right now that's totally true it's really interesting to see all of these interests but how how do we move forward i mean there was even if i understand right i think on capitol hill today that the three hearings on nuclear energy we've got the corporate media certainly they've got to pay their bills how do we continue to move in this direction when anything everything seems to be connected make sure the regulators who the f.c.c. grants licenses broadcast licenses to those who broadcast over

i mean it's this is this is nuts this is absolutely nuts you're right it's a shared sacrifice warren buffett said you know he says to my secretary more is based more taxes than i do and he's one of the richest men in america and she does and he's going what's wrong with this picture there same thing with corporations you know one of the big pushes now by the right wing is going to lower the corporate rate it's thirty five percent in america you know this is one of the highest anywhere in the world we can't believe this is going on but when you look at what they actually do you know boeing pays eighteen percent i thing.

warren buffett says, in 1900 that dow was at 50. if you ask in 1900, what you think will happen if over the next 110 years we have two world wars, a great depression, a flu pandemic, a series of things -- list all the things that went wrong, all the challenges. they would say, the dow might be down to 20. [laughter] meanwhile, in 2011, we are hovering around 11,000. mine accounted friends, that is not accounting for inflation. it would be somewhere around 1000. our standard of living is up by a factor of eight or 10 since that time. productive innovative capacity of the american economy is virtually unbounded. also in the economic report to the president, there is a plot of per capita income in the united states from 1820. basically, it is a straight line upward. and there is a downturn, and even the depression, you can see. but it comes back to that line. the thing keeps going. you can see the downturn of 2008-2009 on that chart. but we are getting back on that line and we are growing. for all the hype about china, they could doubl

warren buffett you know famously talks about i was secretary pays income tax and i twenty's and teens. this this change in tax policy since reagan has been paralleled by a tax or a change in the nature of employment since reagan and the consequences been a graph that we just showed everybody that you published today at the center for american progress is progress to work and you tell us about this so basically what's happening right now is conservatives all over the country conservative right wing legislators are saying that we have to start cutting down on our collective bargaining rights here to start attacking unions and the reason why is it can also take a whole lot of money what two of my colleagues at the center for american progress they carla water the david madeline of the american worker project basically what they did is they put together a graph of union membership over the last thirty years and they matched it with what happened to middle class incomes as you can see they both fell dramatically and they fell at nearly the exact same time and what just how this is that uni

bill gates, and warren buffett rounded out the top three. 56 billion, and 50 billion, respectively. the of it donated billions of their own wealth. oracle, larry ellison is no. 5. 39 billion. facebook parka zuckerberg. $13.5 million facebook-mark zuckerberg. (music) >> jacqueline: some breaks of clouds and the rainfall totals are not that impressive. with perhaps not even two tenths of an inch carefuand even less to petaluma not too impressive the stormtracker 4 radar is showing scattered shower activity. mainly dry, add a few clouds to the north bay. with a decrease in clouds through san francisco. and to the south bay. high clouds will be streaming through overnight. mainly, patchy fog. the moisture will be little as you saw on our rainfall totals. the north bay valleys, the inland valleys will see fog but a to be warming up. by noon, the fog will clear with high clouds by 4:00 p.m. cold-mild conditions. ranging from the fifties to low 60s. neighborhood by neighborhood, 61 degrees in santa rosa, 58 in the san rafael. the inland valleys, low 60s and the delta. 62 in antioch, and 55