he single handedly turns men's wearhouse into a household name but today the company he started firedim. joe vasquez asked who could replace george. >> the men's wearhouse has a sglael over the past four decades, as his hair has gotten lighter. >> i've been saying i guarantee it. >> and lighter. >> i guarantee it. >> he has continued his guarantees. >> you're going to like the way you like. i guarantee you. >> but now george zimmer is out, fired, and men's wearhouse is giving in information why. sels suits in san francisco for thousands of dollars each. he knows zimmer but, of course, doesn't consider him a competitor. >> he made sports coats accessible to men that might not otherwise have been exposed to it. >> zimmer started as a small shop owner in texas. he rose to become the multimillionaire ceo of a nationwide discount suit company based here in fremont. last year he was replaced as a hands-on manager and was still guarantees, but there's been turmoil behind the scenes and he's become less prominent in the commercials. crisis pr manager sam singer says men's wearhouse should pro

the entire men's wearhouse brand and identity was george zimmer. when you do away with him, you do away with the image of men's wearhouse, because the moment you mention men's wearhouse, george zimmer, his catchphrase, comes to mind." that was david johnson, ceo of strategic vision. men's wearhouse owns 500 hours of zimmer's voice and tv footage. the retailer reportedly will pay him $1 million in the next 4 years. now on to more fallout from yesterday's policy announcement from the federal reserve. to stimulate the economy, the fed has been keeping borrowing costs low for corporate america and mortgage rates at historic levels for home buyers and re- fi-ers. last month, fed chair ben bernanke made a comment that the fed is considering tapering off its bond-buying program and mortgage rates started to rise. bernanke also mentioned he suspects the uemployment rate will fall to 6.5% by 2014. once that happens, the fed may start to raise rates, which will bring higher interest for americans' savings accounts. in our cover story, healthcare reform exten

tonight's reality check it coming up >>> and men's wearhouse, why it fired the face of the company. >>> and actress halle berry is terrified. the dangerous issue that had her testifying at the state capitol today. back in a moment. >>> protecting children from harmful harass. that's what academy award winning actress halle berry was lobbying for today. the bill would change the definition of harassment to include photographing or recording the child without the permission of a legal guardian. it also says following a parent or staking them out falls under harassment. >> and as a mother, this is probably the most heart breaking, because she tells to me, mommy, why can't you make them stop. why do they do this to me? they don't do this to other little kids. why can't you say something, mommy? and i have to say because i have no rights to do anything. and i'm trying to teach a five year old how to make sense of something that i have a hard time making sense of as a 46-year-old woman. >> the offender could spend up to a year in jail for the offense. but everybody today has a camera phone

men's wearhouse also says, "the board expects to discuss with mr. zimmer the extent, if any, and terms of his ongoing relationship with the company." a sudden turn of events that's hard for either side to dress up. men's wearhouse has been doing verile when it comes to sales, and its stock prices have been strong lately. did take a hit on the news, losing about 1% of its value. raj? >> thank you very much. >>> the questions continue from oakland to san jose. what now regarding the future of the as. after yesterday's bombshell announcement, business owners and baseball fans in the south bay are cautiously optimistic. san jose is hoping to move the as to the south bay. kris sanchez has more. the as and a lot of businesses have been really in limbo for four years now. >> reporter: they've been waiting for a while. and in fact that fence that you see behind me could soon become the gateway to cisco field. that 32,000-seat stadium where the as could play without sharing any of the facilities with any other team. while they've been waiting to see what wou

and he still owns 3% of the men's wearhouse, a stake worth more than 66 million bucks.hile he may not like the look of whoever the new spokesman is, he probably likes the look of his bank statement. >> i guarantee it. >> reporter: for "good morning america," dan harris, abc news, new york. >> he did okay. >> i think he's doing fine. >>> let's get the weather, now, from sam. we are doing okay, as well. yesterday had to be one of the most beautiful days of the year. in new york city. >> a lot of people were saying exactly that. standing outside -- if you got a chance to go out in the evening, from the great lakes to the mid-atlantic, and even through in the northeast, a shot of cape may, new jersey, right behind us. gorgeous, beautiful skies. these are the perfect days. best of the year so far. it's because of an area of high pressure. and you got another day when you don't have the humidity issues in this high. as that slides a little bit east, we'll pick up more humidity, as we get through the weekend. i also think we'll break the cool trend that's been hanging here fro

the men's wearhouse last week fired executive chairman and co-founder george zimmer.r. he's the guy who says "you're going to like the way you look. i guarantee it." zimmer claims he was fired because of disagreements over what the direction of the company should be. i think firing george zimmer from men's wearhouse, it's like firing santa for christmas. you can't. but they did. he's out of his own company. and not only is he out as an executive, they've already replaced him as spokesman, too. >> at men's wearhouse you'll find quality men's clothing at deep discounted prices. thousands of name brand suits, sport coats, slacks, and shirts, all 20% to 30% off retail. >> ah! you're going to like the way you look. i guarantee it. hey! [ applause ] >> jimmy: was that gary busey? we need to take a break. when we come back, i think you'll like this. our confusing question of the day. it involves the supermoon, tightrope walking plus paula deen. plus liev schreiber, amy schumer, and music from iron & wine tonight. so hang out. way off. try the picante. ♪ [ gasps ] a little mo

mens wearhouse explained why it fired executive chairman, george zimmer, the founder.ancial control of the company. the board says that is not in line with what is best for shareholders. one question that remained, whether zimmer will remain the guy in commercials who ensures customers they're going to "like the way they look." according to an sec filing, men's wearhouse would have to pay him $250,000 a year for his likeness. it may be worth it. that's the one thing you know about mens wearhouse. >> daniel issa subpoenaed state department officials about part of the investigation into the attack in benghazi in which four americans were killed. in a letter to secretary of state john kerry, issa accuses the department of dragging its feet, writing, i am concerned waiting weeks or months while the department prepares witnesses to be interviewed creates the risk their testimony will have been rehearsed or coached. issa's office wants to know who denied the american mission security request in the months before the attack. >> it has been 691 days since the united states los

up next on "kudlow," a shocking development at menace wearhouse. get this.zimmer, the founder of the company, the ceo and the guy in all those ads, he was fired by the board and escorted out of the building. we're going to explain what happened next up on "kudlow." .. it's time to go. no. honey, it's too perfect. over a quarter million properties... you'll never want to leave. booking.com booking.yeah to accept less and less in the name of style and sophistication. but to us, less isn't more. more is more. abundant space, available leading-edge technology, impeccable design, and more than you've come to expect from a luxury vehicle. the lexus es350 and epa-estimated 40 mpg es hybrid. this is the pursuit of perfection. and epa-estimated 40 mpg es hybrid. so you can capture your receipts, ink for all business purchases. and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can. >>> we have some breaking news now. actor james gandolfini, who became famous with

on the board of men's wearhouse. i don't know.d not know that. >> how tough he is when it comes -- melissa: that does not come to mind. >> exactly. so i mean, and he is the face of the company, which makes this very awkward because he actually may continue to be the face of the company. they have to pay him for a few more years whether the use his image are not to be the representative of the company. melissa: well, isn't that an interesting question. at the same time they have to pay him a mmllion dollars for the next four years in order to use the ad. he was only making $10,000 as a result. now it will cost them a bunch of money. what do you think is really going on? this strikes me as one of those situations where somebody found the company, build it. it is a fantastic company, but then they want to take it public in order to really cash out, but at the same time they want to it's sort of like have you taken the lead to, but you lose control when you take it public. that is kind of what it is all about. >> it's hard to tell. he

but now the man behind "men's wearhouse"...s out. what the loss of the famous face could me for the company. >> now, the man behind men's warehouse is out! what the loss of the famous face could mean for the company. >> and getting ready for a royal delivery. now details about william and kate's plans. >> and we're about 24 hours away from the official start of summer. but it doesn't really feel like summer! mild and breezy. but a warmup is on the way. and we might even see a little bit of rain. all that coming up. ,,,,,,,,,,,,,, theory on why a plane crash7 years ago, killing >>> a documentary to be released next month explores a new theory on why a plane crashed 17 years ago, killing everyone on board. the twa flight 800 crashed just minutes after takeoff in 1996. all 230 passengers died. initial reports blame the crash on an electrical short circuit. the documentary suggests a coverup by the cia, fbi, and ntsb. producers believe an external explosion brought the plane down. >> they had some political agenda to show this was an acc

he's the founder of men's wearhouse who was also the face and voice of the company until yesterday.s executive chairman. >> in a statement zimmer said quote, over the past several months i have been expressing my concerns about the direction the company has been turning. instead of dealing with it they've chosen to silence my thoughts. >> cbs analyst melodylody hobson is with us. good morning. >> good morning. >> everybody knows george zimmer. this is an interesting business story because how often has a company remove its founder. >> we've seen this story play out time and time again. here you have a founder, 37 years building the company from one store to nearly 1,300. they put in a success plan three years ago saying that he was going to move down and scale out and he's probably had a very hard time letting go. probably became disruptive in the he feels like he's earned the right to win and yet the board has to go with the newer person who's going to be there for a long time. plus the new ceo has had great results. stock is up 207 this year. they reported strong earnings last wee

details are finally emerging about what lead to men's wearhouse firing its founder, george zimmer. after waiting nearly a week, a statement from the retailer says zimmer wanted veto power over corporate decisions. he was also let go in part because he wanted to take the company private by selling it to an investment firm. the board did not want to take on the debt from the transaction. the issue has stirred up strong emotions from clients who are expressing their concerns on facebook. the former head of mf global is facing backlash from wall street. reports say the commodity futures trading commission, better known as the cftc, is planning to sue jon corzine, who led the firm until its collapse in 2011. mf global lost nearly a billion dollars in customer money on risky derivitives trades. the cftc is expected to sue corzine for failure to prevent the losses. in a statement, corzine's lawyers call the suit "unprecedented and meritless civil enforcement action." yahoo's shareholder meeting turned into somewhat of a celebration. according to reports, the meeting had an upbeat tone now

. >> no, what about george zirm, the men's wearhouse, in the u.s. it's kind of iconic, you're going to like the way you look, we guarantee it. they're not letting him go quietly giving pretty detailed statements why he was fired last week. what do you have? >> had he say business can be boring. not in this case. my goodness, it's handbags at dawn company between george zimmer and the team now running this business. zimmer famous pitchman for this business. but ultimately being squeezed out by the new management team who say his face just doesn't fit with the new strategy. they also say he was urging the management team to sell the business on. he still owns a stake in the company here. but a parting of the ways and an acrimonious one, brian. >> jeff, thank you very much. stock futures in the u.s. slightly higher at this hour. majornous overnight, the drama in texas that has many americans hearing the name wendy davis for the very first time. that's because davis, a democratic state senator there filibustered the sp-5 anti-abortion bill for over 11 h

chairman -- and pitchman -- for the discount suit chain, men's wearhouse, has been abruptly dumped by the retailer's board. zimmer had reportedly been in transition with the company and according to annalysts, may have been struggling with a diminshed role. in a statement, zimmer says he had expressed concerns about the direction of the company to the board and its reponse was his termination. starting july first-- shares of rupert murdoch's news corporation will trade as two different empires. the profitable entertainment units of his company -- the 20th century fox movie studio and the fox television network -- will become 21st century fox. the company's publishing arm-- harper collins and the struggling newspaper business will remain under the news corp name.this is a split that investors have been clamoring for.it becomes official on june 28. dish backs off its bid for sprint nextel corp.the satellite t-v provider said it was "impractical" to try and meet a tuesday deadline to submit a new offer. this means that sprint will most likely be acquired by japan's soft bank corp for $21

fremont-based men's wearhouse makes a shocking move today.dismissing it's >> reporter: founder and executive commercial pitchman we just heard. and no reason was given for the firing. the move comes less than a week after the company reported a 23 percent gain in first quarter earnings. >> reporter:but a company spokesperson says it will not affect things going forward, because the company owns the rights to zimmer's image and 500 hours of footage with him saying things like the company slogan "you're going to like the way you look.i guarantee it" men's wearhouse postponed its annual shareholders meeting, to reform a board of directors without zimmer. company stock fell with the news. bay are men's warehouse customers were shocked to hear george zimmer was canned fron the company he founded. >> reporter: >> rain george back, bring george back! he founded the company purest ice >> he knew once he took the company public that as some point it would not be up to him. it is always some problem with the board of directors. >> reporter:the men's warehouse board says it will figure out what role, i

. >>> losing money today, geor zimmerman appareny men's wearhouse doesn't like the way he looks anymoreas been fired from the company that he fired. simmer is the face of the ads. investors weren'happy with the news. shares fell as much as 6% today, before closing down. who wi do the commercials now? >>> making devilishly good mon today, ozzy osbourne and black sabbath. they topped the billboard charts r the first time in 43 years. never say die guys. >>> what has really changed. for the fifth time ben bernanke says though the economy sim proving they're stickg with the 85 billion a month bond buying program for now. but in sorting through his intentionally confusing remarks the market got worried the punchbowl would go away and all we would be left with is a hangover. bond sold off too. there are winners and losers. we'll tell you where youit in. joining me now harvard economics professor, jeff marron. thks for coming on the show. >> nice to be here. melissa: first and foremost, i watched the whole entire thing and the press conference afterwards. my goodness, it w long and boring but

. >>> the founder of men's wearhouse reportedly considering a comeback.e zimmer is thinking about options and talking to investors. that could include teaming up with equity firms for a buyout bid. zimmer abruptly left the company last week, said to have clashed with his hand-picked ceo over the clothing retailer's strategy. you'll like the way you look. he guarantees it. he'll be back? >> or does he no longer guarantee it? >> that's a tough one, when the ceo is the lead guy on the commercials, it's tough. >> martha stewart of men's clothing, like the founder? >> but nobody knew his name. >> come on. >> did you know his name? >> yeah. >> i knew what he looked like and that he says "you'll like the way you look." >> it wasn't zimmer's wearhouse. so, perhaps he should have rethought that. >> the z-man? i dens know that was his name, but i obviously followed the commercials and i -- i'm giving you a hard time. >>> meanwhile, an american executive is being held in his beijing medical supply plant by angry workers. he says he's waiting for his lawyers to arriv

typically, men's wearhouse, two and a half times.oking, surprised stock is down more today. >> short interest is big too? >> so big for so long, especially on the inventory issue. they carry about a year's worth of inventory. >> they need it. they give you four suits if you buy one. >> you would think if they are giving that away it wouldn't be rising as it has over a number of quarters. >> will bond yields take a drop? interest rate on the 10-year near the lowest level in over a week. treasury telegraphing bad news on friday's jobs report. let's talk futures now. jeff, how much do you think the jobs report matters? >> absolutely, judge. we've seen a recent grab across the treasury curve. let's keep am mind rkts we've seen massive selling, traders in chicago selling both and now as pete alluded to earlier, weaker ism number and adp is pointing to a week where -- i think the correlation to stocks and bonds has come back and seeing it grab and that will indicate that some people may get caught offside. people are waiting for the jobs n

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my generation of guys, when i lived in cleveland, i was buying at men's wearhouse.dy has a story. but i think they might be able to make it without george. cheryl: everybody has a media market news story as well. [laughter] >> media market. cheryl: all right. adam shapiro, great story. thank you very much, adam. >> thank you. cheryl: all right. markets are trading higher for a third straight session after a slew of encouraging comments from the fed officials today. will the euphoria last or will market jitters take charge once again? joining me now is dan veru, executive vice president and cio. good to see you. >> good to see you. cheryl: we had two fed officials coming out and making comments, and the market seems to like what they're saying. mr. dudley said i don't think the chairman was trying to send a signal to the market about a possible taper in qe, and he went on to make more comments here. are they that market sensitive at the fed? is that what we're seeing here? >> not in terms of the actual end point, i think it's the rate of change and how fast it happen

he's the founder of the men's wearhouse.s been fired by the very company he built. >> firing the founding? >> you can't do that. >> the company shares fell 6% during trading yesterday and zimmer told cnbc he expressed concern to the board of directors about the company's direction and for that was thrown out by the board. he said, quote, over the past several months i have expressed my concern about the direction of the company. the board has inappropriately chosen to silence my concerns and termination as executive officer. >> willie, who would fire this guy? who would fire steve jobs? >> he's the man. oh, yeah, he was fired. >> and george zimmer, you can't do that. they better bring him back. >> they won't survive. >> the workers were trying to get him out and he wouldn't go gracefully so he went less gracefully. >> what are they going to do without that face and the voice? he's getting paid for four years and they can use it forever. george zimmer, icon. >>> next up, you won't let me speak. kris matthews is joining the di

. >>> coming up, men's wearhouse speaking up on why they fired george zimmer, or he's the "i guaranteey. we have what they say right after the break. >>> and now some of the hottest stories in a flash rapidfire, roll it. once again in california. those in risk of contracting valley fever have to be moved out of two state fevers there. it's a fungus that thrives in the dry central valley. the federal judge has given the state seven days to begin that prison transfer process. several thousand inmates are affected by this. >>> and all records related to the nfl player, new england patriots' aaron hernandez, have been sealed by the court. police have searched a lot of time at hernandez's property over the death of oden lloyd. he is said to have been a friend of hernandez. lloyd's body was found last monday in an industrial park not far from hernandez's home. >>> and you probably know the face, certainly the beard, and you definitely know this tag line. >> i li >> you'll like the way you look, i guarantee it. >> george zimmer will not be guaranteeing that anymore though. the board is explai

. >> but now zimmer, the executive chairman of men's wearhouse is out of a job, booted from the companyf founded 40 years ago. a spokesman for the retailer declined to say exactly why zimmer was fired, but we hear it was nasty. christy romans joins us from new york. good morning. >> reporter: there is more going on there, i guarantee it. you don't usually see a board so tersely fire their pitchman. in fact, the most famous pitchman. he was the founder of this company. very quickly he was out yesterday. very quickly he fired back with his own statement telling cnn he had been expressing his concerns to the board about the directions of the company. the board has inappropriately chosen to silence my concerns through termination. so they fired him, george zimmer fires back. retail analysts who covers this company say he had been stepping back a little bit. he was no longer the ceo of the company. he had been stepping back. he was still the famous face of this company, but they suspect, these analysts, that this is a company really trying to grab the millenial generation, people in their 20

no comment from men's wearhouse. ♪ ♪ ♪ ♪ >> the one of a kind voice of slim whitman, the yodelling country american living rooms when he started selling his records on tv. he was big in europe and australia, where he toured extensively during the 1990s. slim whitman died today in florida, he was 90 years old. jake? >> thanks, mary. >>> still ahead we're looking at the nsa leaker's relationship with china. is there a secret reason he's hiding out in hong kong? >>> plus a surprising new report on a controversial vaccine and its effectiveness in fighting a cancer-causing virus. dad. how did you get here? i don't know. [ speaking in russian ] look, look, look... you probably want to get away as much as we do. with priceline express deals, you can get a fabulous hotel without bidding. think of the rubles you'll save. with one touch, fun in the sun. i like fun. well, that went exactly i as planned.. really? humans. we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back, offering exclusive products like optional better car replacemen

founder of men's wearhouse. he was pushed out by the board of directors yesterday.in a statement they chose to silence his concerns about the direction of the company. he's not hurting for money though. $1.9 million in salary last year. he's got stock options worth nearly $70 million. what will happen to the deep voice commercials about the suits and ties? the company actually owns the rights to his name and image so he may actually still appear in them for awhile even though if he doesn't want to be there. >> bill: i can't believe that story. he's like the persona of the company. he founded it. i've met him. he's a great guy. >> you've met him? >> bill: yeah. >> he seemings like a guy -- he seems like a guy i would want to have a beer with. >> bill: very prominent in the san francisco bay area. what a huge success story. >> a member of the dugger reality tv show family is coming to washington for a job. josh dugger is the oldest of the 19 children of jim bob and michelle who starred in the reality tv show 19 kids and counting about constantly having kids and not us

are a big deal -- >> we're learning more about the firing of george zimmer, the founder of men's wearhousee company released a statement saying they fired him because of his outrageous demands. he expected veto power over significant corporate decision even though he had handed over control of his company in recent years. he also refused to support a new management team unless they ac which esed to his demands. after releasing the statement the company's stock jumped 5% yesterday. >> i don't know. they've done him dirty. >> bill: they did him dirty. it will be interesting to see how they do without the guy who is the whole brains and vision of the company. dumb ass move to fire him. >> i read something that said they had shot so many hours of footage for him that he could remain in the commercials. he probably won't. >> they have the rights to him. >> they own him. his image anyway. >> we still like the way we look. >>> there is a new vehicle that claims the title as the most american-made vehicle in the country. it is now the ford f-150 pickup truck according to cars.com. it is says to be

. >> not to switch the topics too radically, but why is mens we s wearhouse?ve no idea with the loss of george zimmer. >> the stock should be down because he is the company. >> well, he is in ads. >> well, they have no official comment to cnbc on the day that he is fired on the same day they were supposed to hold the shareholder meeting, and we do have the commercial, i guarantee it. let's hear it. >> we have commercial? >> yes. >> you are going to like the way you look, i guarantee it. >> there it is. you won't hear it any longer except on youtube and the oldies. >> and dell is really huge, and sprint is huge and the fed is huge, but it is an oddity for me that we all know the ads and we have all been to mens warehouse, and the guy who we regard as n menswearhouse. >> and here is a great call waiting for mr. bernanke. the stock market goes down no m matter what he says, and i know it is cynical, but it is the stock market. up two days in a row, and the dow is two points away from a historic high. and two, a lot of people think that the market is weird so that

years for the tv ads he's already done for the company and going to get that money whether men's wearhousethe ads or not. he can also get up to $2.7 million in severance. he also owns 3.5% of the company. >> that was messy. >> very public and unfolding every day, unusual to see a board and a founder fighting like that, the press release and open letter, very unusual. >> especially when he is the face of the company but that is your "money time" this morning, everyone. >> the question is is he going to like the way he was let go? i was thinking of that. >>> quick change of subject getting away from a bad joke on the show and on the media we hear about the bad athletes all the time but coming up we'll meet one of the good guys, nba star kevin dumprant he donated million to help the people of moore, oklahoma. rachel nichols is next with the good story. >>> and a good story but just an interesting story i guess, we'll tell you what sparked alec baldwin's latest twitter tirade. let's just say some of his words weren't so appropriate for your morning television dose. >> he should feel to come on