forcing them to turn the house over to wells fargo to satisfy a debt. but instead of selling the house, a wells fargo executive moved in with her family on weekends. neighbors say they entertained guests and even held a party where people were ferried to and from a yacht offshore. >> you definitely don't need bank executives living and enjoying repossessed property. >> reporter: these photos are from the website of irene due van palmer who tried to lease the home for the former owners before it went into foreclosure in may. she says she had a customer interested in -- she says the bank wouldn't show the property. sandro is her son and business partn partner. >> we had a nice offer but did not get a response back. >> a senior vice president in charge of foreclosed commercial properties moved in on weekends, she was even issued a homeowners parking pass by security guards raidsing the suspicion of neighbors. >> generally speaking everyone knows what everyone e8s is up to. >> linda living stone is head of malibu's pepperdine university's school of business

placing bearish bets in wells fargo in particular. now mike, how do you interpret this action? >> well, one of the things we keep talking about is volatility is coming out of the market a lit bit, but that doesn't necessarily mean as it continues to rally, everybody is completely complacent. that's not what we're seeing here. wells fargo hasn't really participated obviously compared to a name like goldman sachs. a bearish trade in a place where where there isn't that much activity, they bought 50,000 puts and sold 100,000 puts. they expire next week. the xlf will have to sell off 10% to make it pay off. >> if you see this put activity in volatility in general, how do you interpret that? maybe that's just putting on protection at a good price? >> that's a great point. this buyer of those puts is actually buying, you know, a wing here. this is almost a lottery ticket. you know, he paid 15 cents yesterday and 14 cents today for that september 14 put. that's not a lot of capital committed to that trade. so it catches headlines because you see 150,000 contract trade, but it's really

in this case, there was a special circumstance because allegedly the owner had an agreement with wells fargo and wells is not going to resell the property for several months, going to keep it off the market. there may have been some reasons behind that. not the least of which with people of this stature of these homeowners is privacy. there may have been some other litigation they were involved in. there may have been some other reasons that they didn't want the settlement disclosed and there may be some liability for making such a public spectacle of it at this point. >> we could be looking at perhaps a civil case on the part of the owners of this house who had to go into foreclosure because of -- because they were victims of bernie madoff. a final question, the fact that a real estate agent who was supposed to be showing the house was told that the house was not available to be seen and that there were lots of potential buyers who were lining up, one of whom i read was ready to buy it with cash. they were ready to make a deal and the fact that the bank said the house was not available to b

wachovia securities is now wells fargo advisors. together, we'll go far. >> chevron. this is the power of human energy. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: president obama made an appeal today for help in facing the world's problems. he did so in an address to the u.n. general assembly. saying the u.s. wants to work with others not on its own. but he also insisted america's critics show good faith. margaret warner has our lead story report. >> it is my honor to address you for the first time. >> reporter: president obama came before the u.n. general assembly this morning with a blunt call for greater cooperation and engagement at what he called "a pivotal moment" for the 64-year-old world organization. >> no longer do we have

did wells fargo get money?i'll bring the brats and the hot dogs if we're invited, if that's the case. we'll be back. >>> coming up on "good morning america," without a trace. as police search for a bride who vanished just days before her wedding. we'll speak exclusively to one of her friends. >>> and pet rescue. the ambitious cross-country mission to save neglected dogs from being put down. my name is chef michael. and my dog bailey and i love to hang out in the kitchen... so she can watch me cook. you just love the aromas of beef tenderloin... and, ooh, rotisserie chicken. yes, you do. [ barks ] yeah. you're so special, you deserve a very special dog food. [ woman ] introducing chef michael's canine creations. the deliciously different way to serve up your love at mealtime. chef-inspired. dog-desired. chef michael's canine creations. discover gives you a cash back bonus on every single purchase. what you do with it is up to you. what will you get back with your cash back? it pays to discover. did you know 40%

we also have put activity in the regionals and in wells fargo. a crucial test comes wednesday when oracle releases its results. time to make the call where the traders give you next week's best strategy. what do the options markets see for oracle? put and call prices imply a 4.5% move, nearly half the average move in the last four quarters. dan, why don't you get us started here. >> that's very gracious. one of the things i would say is that implied move, shy of its average move is telling me there's not a lot of fear in this situation. and to be quite honest, it's really pretty decent here. one of the things i want to -- i don't think the stock is going to move a whole heck of a lot on earnings. inthe outlook is going to be fine. i think investors are waiting for clarity on the sun mic microsystem that the eu held up a lit built. i want to create a synthetic long structure to take advantage of a breakout. it's a really nice looking chart. things are firing on most cylinders there. i'm selling the october 21 put for 35 cents and using the proceed

especially, wells fargo takes t.a.r.p. money. it's like the worst time in the world to be doing something like that. >> reporter: and today, number 106 in the malibu colony is empty once again. brian rooney, abc news, malibu, california. >>> and when we come back, new yorkers spreading help and humanity far from ground zero, and they are our "persons of the humanity far from ground zero, and they are our "persons of the week." rt, al i'm semi retired and i'm here to tell a story. my parents all smoked. my grandparents smoked. i've been a long-time smoker. you know, discouragement is a big thing in quitting smoking. i'm a guy who had given up quitting. what caused me to be interested was, chantix is not a nicotine product and that intrigued me. the doctor said while you're taking it you can continue to smoke during the first week. (announcer) chantix is proven to reduce the urge to smoke. in studies, 44% of chantix users were quit during weeks 9 to 12 of treatment, compared to 18% on sugar pill. today i see myself as a jolly old m

chief investment manager at wells fargo. a week-long series focusing on where to invest now. making -- >> happy birthday. >> thank you very much. tell me about your strategy in an environment where the market has done so well. and you're looking out long term for wise decisions for the portfolio. >> i think that what investors should be thinking about today is taking away something from the tough times that we've experienced over the past year or two. and i think that one of the things that they need to remember is that investments like golf is a game of mistakes. ben hogan, one of the best golfers of all-time basically said in a round, maybe one or perhaps two shots were as he intended. so becoming a better investor is about making fewer mistakes, and making mistakes that are less severe. those mistakes over the past ten years have been tech boom bust of 1998, 1999, and thereafter. and the housing boom bust as well. if one had just been able to prepare his portfolio, or her portfolio to protect against those big mistakes, you could have done a lot better.. >> the mistake bein

but i want to hear what he has to say about wells fargo. i'm very interested. >> i am as well. that will be the first question we ask the whitt. >> i don't know if he's going by whit these days. >> regardless, if we call him that, that's what it is. well, i mean on the show it is. commodities continuing their run higher on hopes of an economic recovery. got exxon back above $70 a share. wow. alcoa climbing 3%. another nice run on alcoa. yesterday we had a nice raise as well. can we -- >> i think we're getting most of our rally from the dollar weakness. the dxy at a one-year low. one of the things he has said because you posted the exxon chart there, oil company integrateds are doing better than the underlying commodity itself. there's a couple other pieces of news. . anadarko has a new discovery in sierra leonee. chevron also to find oil in south america. repsol. the upstream play for some of these guys is impress pf. >> downstream play works as well. walter industries. bring if up today. i keep saying walter industries. it's not walter industries anymore. walter energy. old-ti

krifshlgts wells fargo. >> wells fargo, man. many times do i have to listen to that company -- people tell me that company is the most honest company in banking. go ahead. >> caller: procter & gamble. >> pg. >> caller: pepsi cola. ebay. >> woe. >> caller: and apple. >> oh, man. apple, raising my price target to $264. first of all, we do have a lot of action -- we have mamz that i own for my travel trust, including wells fargo, proctor & gamble, ebay. that's my disclosure. ebay, who i think is just the finest maim right now on the internet other than google. oh, mefr mind. amazon up 70. it's one of my favorites. pepsi, doing a good job. big acquisitions. we have tech, best of. proctor, is it too much like pepsi? i'm calling it both health care and consumer product. wells fargo, one of the finest banks. i believe that that company is going to be the biggest player in the mortgages in this country other than bank of america. apple, youen i like it. we have a tech, internet play. yes, i do dwesh those. we have a soda company. a cons

. >>> wells fargo didn't take long to follow the bank of america or jpmorgan chase. customers at wells fargo and wachovia will not be charged with they overdraw an account by $5 or less. and they can opt out of overdraft coverage. >>> boeing is looking to get in the aerospace business. the aerospace giant is looking to take astronauts and even tourists into space. the company is working with nasa to build a transportation system to the international space station and other desations. >>> in today's "new york times" tech report, hewlett-packard adds apes to the video frame. it has widgets that pull photos from facebook, lets you listen to radio, play videos and check the weather. "the new york times" sam grobart says, it's a good idea, but still needs improvements. >> it has a very pretty user interface. it's unfortunately rather clunky, though. it looks great. but it's hard to use. the other big problem is, although it can download widgets, it can only download the ones that hp has made, which number about, oh, a don. >> you can read a full review of the hp dreamscre

you mentioned wells fargo joining in? do you think other banks will? do you think legislation goes forward from here? >> it will be interest to see what happens both from a consumer behavior perspective and the legislature behavior perspective. banks have said they say privilege, something users value and now wore going to see a test of that because it's going to be clear, especially people who are signing up for new bank accounts for the first time, it will be clear to them that they have an opportunity to check a box and say, "yes, i want this," or decline the coverage. it will be very interesting in a year or two to see how many people have done that and to the extent the fee revenue has gone done. as far as the legislature is concerned, they've come out in the last day, since the announcements, and they intend to continue pressing forward with the legislation to make sure every bank falls in line and not just some of the big ones that feel a sort of competitive pressure to do so. we'll see how that goes. once the legislation is introduced it will h

wachovia securities is now wells fargo advisors. together, we'll go far. >> chevron.his is the power of human energy. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: a sea of people filled the streets of iran's capital today in competing mass demonstrations. crowds of opposition supporters turned out to compete with pro- government demonstrations. lindsey hilsum of independent television news narrates our lead story report. >> reporter: the official jerusalem day rally on the streets of tehran, the crowd shouting death to america and death to israel. this is the iranian government's annual bid for world leadership in fighting the jewish state, and championing the cause of palestinians, but this year the national flag was replaced in much of the city by the

wachovia securities is now wells fargo advisors. together, we'll go far.nd with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: the u.s. commander in afghanistan is warning the war in afghanistan could be lost without more american troops. that word came today after a confidential assessment was leaked. newshour correspondent kwame holman has our lead story report. >> holman: general stanley mcchrystal delivered his 66-page assessment at the end of august. today came confirmation he would seek more troops. the "washington post" was first to obtain mcchrystal's assessment. in it, he said the overall war effort is deteriorating. he said the u.s. risks an outcome where defeating the insurgency is no longer possible, unless it regains the momentum within 12 months. and he went on to warn: the general also repeated his previous calls for focusing u.s. strategy on reducing afghan civili

>> we do. >> wells fargo. nk of america? no. >> ms. coffin. what do you do with someone who is unemployed but in a home for 10 or 15 years, they want to keep their home, and maybe need a few months before they can find another job. how do you help him? >> we help them with the forbearance plan that was spoken to our. >> how does that work? >> what happened is the barber tells us i'm about to be uninflected date come to a sometimes when and wants to protect their credit also. you put them on a forbearance plan and you may set it up for six months. say we'll give you a bit of time where you don't have to make a payment while you are looking for and establishing income again. and then at the end of that period or throughout that we will communicate and work with them. and they do establish income, and we have to work with them to provide help with those payments that were missed during that period. and we can do that by capitalizing them onto the loan, spreading them over a long period of time. i would suggest to all of us here and probably other

wells fargo? bank of america notes. >> no, in the 12th. >> wells fargo.what do you do with someone who is unemployed, been in their home for 10, 15 years, they nt to keep their home, and maybe need a few months before they can find another job. how do you help them? >> we help them with the forbearance plan that? >> how does work? >> what happens is the borrowers tells us i'm about to be unemployed. they sometimes want to current and want to protect their credit. they are current and they've lost their job, can you help me? you put them on a forbearance, and set it up fo six months. we'll give you a period o time where you don't have to make your payments whileou are loing for and establishing income again. and at the end of the period, or throughout, we'll communica, and if they do establish income, then we have to work with them to provide help with those payments that were missed during that period. and we can do that capitalizing them, and spending them. would suggest one of the things we will speak to the treasury about tomorrow is actually an enhanc

that offer and couldn't get wells fargo to respond.lls fargo about this. they say that they are not going to talk about the individual executive in their foreclosure department who allegedly moved into this property, executive i foreclosure department who moved into this property. but their ethics and business -- appearance of conflict of interests in their personal and business actives. wells fargo says it is going to investigate this case. they weren't say anything more about whether this executive is still working for the company or is still in the house. >> once you get the answers to those other questions, we'll be all over it. let's check back with jack cafferty for "the cafferty file." have you been to malibu? it's a nice place. >> that's one of those things that was fun while it lasted and it's over now. >> "weekend at bernies." >> that's one of the funniest movies ever made. the question of the hour has nothing to do with the question of the hour on "the cafferty fil file". how has the u.s. changed in the years since the 9/11

wachovia security is now wells fargo advisors. together we'll go far. >> chevron.is the power of human energy. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning sponsored by macneil/lehrer productions captioning sponsored by wpbt >> this is a game changer. it positions us in a completely different space. >> paul: xerox kicks off merger

bank of america and wells fargo started it. chase, u.s. bank followed. maybe more.ough to pacify congress? congress has been hearing a lot of people saying they're furious after getting socked by overdraft fees which could be around $35. and if you make a mistake and get hit with a few in one day, it can be hundreds of dollars in some cases. well, banks don't want to give them all up. overdraft fees are a gold mine for them. they brought in $38 billion this year alone. so banks are hoping to give an inch so they can keep most of that revenue stream intact. so bank of america and wells fargo, for example, they're cutting the number of times they can hit you in a day. it used to be ten times a day. in some cases they could hit you $350 in fees. some banks are also not going to hit you say you go over by $10 in your balance. they won't whack you for a mistake. see if that's enough. congress is set to pass new regulations on debit and credit card fees that could protect you. i'm jennifer westhoven looking out for you. >> you could get more great money advice from jennif

. >> and by wells fargo advisors. together, we'll go far. and, this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: the u.s., britain and france reacted sharply today to news about iran's nuclear program. it involved a key facility being built in secret, until now. newshour correspondent kwame holman has our lead story report. >> reporter: the disclosure that iran has been building a new plant to enrich uranium came amidst the g-20 economic summit in pittsburgh. president obama, flanked by the leaders of france and britain, said iran intentionally had hidden the plant for years. >> the size and configuration of this facility is inconsistent with a peaceful program. iran is breaking rules that all nations must follow, endangering the global nonproliferation regime, denying its own people access to the opportunity they deserve, and threatening the stability and security of the region and the world. we have offered iran a clear path towar

wells fargo over $3 billion. jp morgan just over $2 billion. the ftse wants to avoid asking the treasury for help. we had a lower date regarding the markets than yesterday. stock futures pointing to a higher open today. retailers are declaring a war as the holiday shopping season approaches. wal-mart is expected to announce it will offer about 100 toys for $10 or less. kmart announcing its fab 15 toy list, the hottest toys of the season. and the layaway program may help some consumers get an early start to shopping for the holiday. reporting for wbal-tv 11. >> thank you. we will see you back here at 6:15 for your next report. coming up, we will get a ledger morning commute and traffic and weather together. >> here why john harbaugh 0 cannot wait for this sunday's game. that is coming up next. >> do not forget to e-mail us your answer to the water cooler question of the day. do you agree with critics that president obama should stay in washington instead of traveling to copenhagen in a push to get the 2016 olympic games? email us your response t

. >> that skyscraper houses wells fargo bank. the 19-year-old originally from jordan. entered the u.s. illegally. people he knew said he seemed like a standup guy. >> he was really good friends with a lot of people. none of us had nothing bad to say about him. this comes as a very surprising shock to us. >> he worked. went home. hung out with just friends. i knew that he would call his family in jordan and that's about it. >> this is video of his neighborhood. the area is well known for those dome houses you see there. >>> in another terror plot, the one that reached from colorado to new york, a federal judge in denver has taken the first step to send an afghan immigrant to new york to face charges. najibullah zazi is charged with conspiracy to use weapons of mass destruction. he was in court today with a judge dismissing the lesser charge of lying to federal authorities. in this exclusive surveillance video obtained by cnn, you can see according to the fbi this is zazi appearing to buy large quantities of hydrogen peroxide. here is more on his suspicious shopping spre

another one is wells fargo company, w.f.c. wells is a beneficiary-- in some ways-- of the worst-case scenario that was priced into the market in march. really, people were worried that the financial services sector would collapse and these banks would be worth nothing. they also were-- somebody who actually acquired a large bank in wachovia, they bought that bank at fire sale prices. since disast has been averted there's a lot of upside in terms of their ability to leverage the what could you havia assets on their bbs sheets and still trading well below their three-year high. >> paul: we've seen two of your favorite financial stocks. how about the technology group? what do you like there? >> qualcomm, qco"f," one of the principal chip providers for the mobile technology industry. so you're look at things like research in motion, blackberryies and iphones. >> paul: they get business from them all. >> they get to sell to all. >> paul: we have time for one more technology favorite. >> we like dell. i think everybody knows dell is

wells fargo said troubled mortgages it modified are performing well. the bank acquired wachovia.ells fargo completed more than 300,000 modifications and trying to qualify more mortgages for the loan modification program. >>> facebook is showing it can be financially viable. the popular social networking site that has 300 million users became cash flow positive. that's it from cnbc first in business worldwide. now back to msnbc. >>> welcome back, everyone. i'm tamyrn hall in new york. >> i'm david schuster live in washington. senate finance committee chair max baucus released his version of health care reform today but without any republican support. some democrats are not happy with aspects of the the bill. a fact he acknowledged today. >> there are some on both sides of the aisle think i've gone too far. this is basically in the framework that president obama outlined in his state of the union address and similar to what he suggested. >> here are some of the highlights. everyone would be required to buy health care or face a fine of $950, employers would not be forced to provide

aig got downgraded by wells fargo to underperform. they say the company has, and this is interesting, virtually no tangible book value. shares moving lower today by just about 1%. morgan stanley closing abo about .75% of 1%. john mack stepping down as the ceo, replaced by james gorman. of course, campbell's soup beat estimates on improved gross margins. guidance ahead of expectations. technology, on the earnings front as well, semi, the results also top expectations. have a great weekend. >> thanks, scott. thaf have a great weekend. >>> the other business headlines we're following tonight. consumer index to 70.2. better than economists' expectations. they were looking for the highest level. it actually hit the highest level since june because of the optimism that the economy was improving. and they were expecting a lot worse. the commerce department said wholesale inventories fell 1.4% in july. now to the lowest level in nearly three years. the 11th consecutive monthly declines. whole sales rising 0.5% since june of 2008. the labor de

but wells fargo says things are going so well, they want to repay their $25 billion in bailout money. they want out from under the government's thumb and to ease scrutiny over executive compensation. and a new report out today says that half of the 20 financial firms that grabbed the biggest chunks of bailout money gave their executives a raise of sorts. the top executive saw the value of their stock options increase nearly $90 million. >>> and the auto numbers are out, but not everyone came out ahead. only ford saw a big jump in sales. chrysler lost business because it ran out of fuel efficient cars and low inventory was a problem for general motors. >>> and we were going to do this story yesterday, but well, you know, we put it off. today is national fight procrastination day. it helps people get organized and get motivated. michelle? >> karen brown here in new york, thanks. >>> and just ahead on the morning news, ramping up the fight against h1n1 as kids return to school. >>> plus, the greatest muhammad ali gets in touch with his irish roots. >>> plus, harry smith has a preview of

. >> wells fargo announced changes similar to bank of america. jpmorgan chase went farther, to reduce overdraft fees and and the practice of reordering transactions to generate more fees. consumer groups say that all our welcome changes, but not nearly enough. >> overdraft fees are one of the most abusive practices currently out in the marketplace. >> watch your account balance closely, and try to maintain -- if your bank would not let you opt of overdraft protection, shop around. bank of america says it is making the changes now to provide immediate help to customers who repeatedly overdraw their account. but by addressing consumer complaints, banks also hope to quell demands for a crackdown by congress. lisa myers, nbc news, washington. >> your 11 insta-weather + forecast. >> it is a sticky afternoon out there. height dew points before the front gets through. we will stay humid and we're pretty well as well. we are seeing a cloud cover on the visible satellite imagery. massive moisture to our west. it will take us 48 hours to get through. we ar

while one of the nation's biggest banks, citi's is far smaller than bank of america, wells fargo and.p. morgan. and the bank's own fragile financial state, keep in mind that the government owns 34% of citi presents it for growing deposits through a major acquisition as its rivals, wells fargo and j.p. morgan have done recently. so they need to grow internally. but in a way far different than a strategy outlined by the firm's ceo chuck prince, they were talking about expanding the branch network and within those, serving clients would who was citi's over financial services, like brokerage and insurance. back to you. >> what's ahead for citi? let's bring in moisha orrinbuck. hello, what do you make of the pull-back from citi? >> i think that citi has been operating in a mode of kind of preserving capital and shrinking assets over the last several quarters, this is another piece of it. >> what happens here, domestically versus internationally? they have a big international presence. can they make it up overseas? >> well, this isn't as, i think as mary said earlier, this isn't about the

managing director at wells fargo and warren meyers is here on the trading floor.market pricing in a v or is the market pricing in more of what john lipske told us, which would be things are getting better, but slowly? >> i'll tell you, the way you look at the market, the way it's bounced off the lows in march, it's certainly looking an awful lot like a v shape to me. i think the markets have gotten a little bit ahead of the overall economic numbers and results that we've seen. and it's been in a v shape, where maybe the economy should be dictating a little bit more of an l shape. i think the movements in the market thus far has been v. it wouldn't surprise me, though, to see that level out and gradually start to, you know, inch back down and go more towards an l shape going into next year. if it's an l, the markets could go down. do you agree with warren? >> i don't think the market is in a v. i think what you need to look at at the s&p down to 666, that was panic. that was the momentum of downside swinging. arguably, let's say the market, in a non-panic environme

wells fargo went up during the president's speech as did jpmorgan. what does it say? they are in compliance. that would have been good to say we have found good banks and bad banks. people want retribution but they also want success. you have to throw some people to the lions.. he didn't throw the bad guys to the lions and didn't talk about the good guys. we believe in a black and white villains and good guy situation in this country. he has to give us the villains and he can cheer the heroes. >> thank you. much more of jim tonight. jim has a strong view on what the headlines mean. that and his lehman trade, obviously not lehman itself. >>> will hedge funds be the target of president obama's reform agenda? one of the highest profile people in the business is going to be our guest. he isn't called the grave dancer for nothing as o-- he's investig in real estate somewhere else. find out where. >> all the recommendations he can pressed by jim cramer are solely his and are not the opinion of cnbc and may have been previously disseminated by him. before acting on a recomme

morgan and wells fargo have announced similar changes. >>> this is being called the world's longest basketball shot. a student from texas a&m university got nothing but net. the group of students to pull this off are part of a group that raises money for children. >> technically, the shot does not count because it hit the backboard and he did not call glass. this week's full collision reunion make meet the volkswagen jetta. it gets an epa estimated 32 miles per gallon, and was named an iihs top safety pick. all for just $179 a month. and like all new volkswagens, it comes with 3 years or 36,000 miles of no-charge scheduled carefree maintenance. it's all part of why the jetta is the top-selling german engineered sedan in america. >>> as you take a close look at the ravens next opponent, the cleveland browns, a couple of things jump out at you. one, they do not score much. they have a terrible defense, and the ravens did not care about any of this step. the numbers point to a wild mismatch in the ravens' favor. the burris couldn't, they have all figured out the elements -- tavares gooden. it is

the four servicers with the most eligible mortgages are bank of america, citi, j-p morgran and wells fargo. together they account for 58 percent of eligible mortgages. combined, they've started modifications on just eight percent of those eligible. don't know what the s&p 511 month high he even posed labor day dave bahoric is back with us with trade the news. steal and a lot of folks looking for the fall we're gonna talk about that later in the program pretty positive action dave. pretty positive price action as far as the gains for the day. really a lackluster trade a dead trade a very difficult for traders to make money in this typable market. there isn't really any uncertainty in the market just a bunch of certainty. and with certainty that is the prices continue to go higher. to go higher and for what reason? i don't know maybe there are a couple that you can hang your hat on. let's move over to the oil market because we have seen nice air driven home by the dollar and how long can the trade last supply and demand haven't come back in? i don't know the supply and demand does have to co

wachovia securities is now wells fargo. together we will go far. chevron. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: president obama warned the financial industry today not to bring on another meltdown. he spoke on the anniversary of the lehman brothers collapse that triggered a crisis. newshour kwame holman has our lead story report. >> in the financial world, the demise of the storied investment bank touched off a wave of fear. but today in the wall street district the president says the panic is passed thanks to federal rescue and stimulus efforts. >> we can be confident that the storms of the past two years are beginning to break. the growing stability resulting from these interventions means we're beginning to return to normal see. but

. >> and by wells fargo advisors. together, we'll go far. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: the u.n. security council held a rare "summit" today to work toward eliminating nuclear weapons. there were also new calls to confront iran and north korea over their nuclear programs. margaret warner has our lead story report. >> warner: president obama chaired today's meeting of the 15-member security council summit on nuclear weapons, a first for an american president. and 14 of the 15 council members were represented by heads of government, a rare occurrence. the sole item on the agenda: passage of a resolution affirming the goals of nuclear disarmament and nonproliferation, and committing to work more aggressively to achiev

. >> and by wells fargo advisors. together, we'll go far. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: the debate over a government run health plan reached a critical point today. several senate democrats tried to add the "public option" to a reform bill being readied for the senate floor. newhour health correspondent betty ann bowser has our lead story report. >> going to be an interesting week guys and girls >> reporter: today's much anticipated debate in the senate finance committee focused on one of the most contentious issues in health care reform. a government run insurance option to compete with private insurers is a primary goal for liberal democrats, but has so far received a luke warm reception from party moderates and no support at all

jp morgan chase wrote, "knicks tickets." [ laughter ] wells fargo wrote, "gulfstream jet". [ laughter ] and citigroup, of course, wrote, "geithner sucks." [ laughter ] grow up, citigroup. question 23 also stumped several banks. "if federal bank examiners determine your bank to be undercapitalized, the bank's board of directors should?" goldman sachs wrote, "flee the country." [ laughter ] state street of boston said, "shred documents." [ laughter ] and capital one said, "eliminate eyewitnesses." [ laughter ] actually, none of these is correct. the correct answer is, "issue common stock". now, question 30, which most banks got wrong, really has no one correct answer since it would vary with each bank. we asked, "in the event of a nationwide run on the banks, how much in total cash assets does your bank have on hand to pay depositors?" bank of america wrote, "not enough, that's for sure." [ laughter ] citigroup said, "geithner sucks." and gmac answered, "taxpayer bailout." [ laughter ] as you'll notice, that last answer doesn't make sense, and that's because gmac apparently answered, "t

. >>> wells fargo, one of the nation's largest banks, has fired a senior vice president, aused of usingoreclosed home in malibu as her home. the charge came that the employee had been throwing lavish parties at the beach house. >>> on the brink of using millions of rev new in a year, eli lilly is slashing its workforce. it hopes to cut costs by $1 billion a year. in the next few years, lilly will lose patents on several drugs that account for more than half of its current revenue. >>> holiday shopping season is right around the corner. and toys "r" us is planning for a big year. it is opening nearly 350 temporary stores inside malls and at babies are us locations. customers will be able to make returns and exchanges at any toys "r" us store. >>> two of the top rental car companies are banning smokes. starting october 1st, avis and budget will have smoke-free fleets. they are the first major rental car companies to enact a ban like this. customers caught smoking in those cars will be charged a hefty cleaning fee of up to $250. expensive cigarettes right there. >>> you can read more stori

. >>> wells fargo is joining the list of major banks looking to pay back its bailout. it intends to return $25 billion in federal funds shortly. just yesterday, it was reported that bank of america will pay back part of its bailout. >>> cash for clunkers was a boone to the auto industry last month. but now, not all companies are seeing their sales rise. ford sales jumped more than 17%, compared to a year ago. but chrysler and general motors suffered double-digit declines. august was the best month for the industry in a over a year. but analysts say sales may dry up in the coming months now that the rebates are over. >>> southwest is cutting 1 flight per day on 92 routes, while increasing service on 42 routes. southwest will stop flights on three of its routes. >>> american airlines is cutting more than 900 flight attendants. but it could have been worse. it planned to cut its staff by 1,200 workers. >>> one morning in the not-too-distant future, you may be watching us in 3-d. sony is saying it has flat-screen tvs. sony and other manufacturers hope 3-d will help boost s

. >> and by wells fargo advisors. together, we'll go far.the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning sponsored by macneil/lehrer productions captioned by media access group at wgbh access.wgbh.org captioning sponsored by wpbt

. >> reporter: wells fargo announced changes similar to bank of america. jp morgan chase generates more fees. consumer groups say all are welcome changes, but not nearly enough. >> overdraft fees are one of the most abusive practices in the marketplace. >> there are things consumers can do to avoid over draft fees. if your bank won't let you opt out of overdraft protection, shop around. bank of america says it's making the changes now to provide immediate help to customers who repeat idly overdraft their account. banks hope to quell demand for a crackdown by congress. lisa myers, nbc news, washington. >>> a lot more to tell you about when we continue on a wednesday night, including portions of my interview with the prime minister ofreat britain. how special is that special relationship these days? inining. progresso. your chicken tuscany says it has fiber in it. yep. four tasty new soups with 28% of your daily fiber. but i like this chicken tuscany. i like it too. but it has fiber in it. that's right. fiber? yeah. but i like it. (announcer) progresso. you

wells, fargo, have you, your servicers encountered some of mortgages that are clearly fraudulent where the signatures have been falsified, a lot of income falsefications, that was clearly not true. what do you do with that kind of information if you encounter it? >> if we do encouer loans that definity, you know come to our attention that have had fraudulent behavior, yes we do bring that to the attention. unfortunately many of the companies who originated those loans are out of business. and, number two, i will tell you that -- >> should the homeowner, you bought the loan. >> right. >> when bought the loan from this mortgage company, you had to vet it, you had to look at it to see what you were buying, right? well, maybe you didn't. >> not loan by loan. >> not loan by loan. you bought packages. so if you see fraudulent loans where the homeowner has been basically defrauded, what do you do? how can you help that homener? >> i think one of the things that is toughest to do to determine where the fraud came. >> well, i found some of the i know where they came from. it is very clear. it c

wells fargo and discover card are rolling out cards of their own. when fed policy makers meet next week, they'll likely keep interest rates near record lows. all this under scoring that the recession is probably over. stocks advancing for the seventh time in eight days. tracking those gains higher. locally we are watching the bank base. the nation's third largest bank now in discussion to exit the debt guarantee program. city group had $17 million of outstanding debt and has been the biggest user of the government program. that provide expires at the end of next month. at the new york stock exchange reporting for wbal tv 11 news. turning to sports now. the 2009 future deal. the oriole schedule has been released. they will open their season on the road against tampa, that's april 6th. for either league play, they host the mets, marlins and nationals while taking a trip west to play the giants and padres. the season closes down october 3rd against the detroit tigers. >> another check on weather and traffic is straight ahead. should local government ba