which was clear on the other side of town. [ male announcer ] wells fargo.ith you when you're ready to move. >>> that's our broadcast for now. "the tonight show" is

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with you when you want the most from your bank. [ male announcer ] wells fargo.ether we'll go far. communities. industry. energy. her. this. lives. how ? by bringing together... information. ... people ... ... machines ... ... systems ... ideas... verizon helps businesses worldwide... including fortune 500 companies... find and achieve... better. better. better. better. honda accord and toyota camry stand behind their powertrain for up to 60,000 miles. chevy malibu stands behind theirs for up to 100,000 miles. which makes it pretty clear whose standing out front. a consumers digest "best buy" two years running. chevy malibu. compare it to anyone and may the best car win. during the spring event, qualified lessees, now get a 27-month, low mileage lease on this malibu ls for around $199 a month. call for details. see your local chevy dealer. >>> a new mistress scandal. and at the center of it all, someone who is familiar to "prime news" viewers. you know the name, rachel uchitel. she's alleged to be tiger's mistress number one. well now she's linked to actor david

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which was clear on the other side of town. [ male announcer ] wells fargo.h you when you're ready to move. >>> several tornadoes ripped aparts parts of south dakota last night. storm chasers captured the video. >> it is a wedge. >> a wedge tornado. they are so big they look like a wedge on them ground. >> the twister took out power lines heavily damaged homes and buildings and fortunately no serious injuries were reported. wow, a wedge. you usually think of small but a wedge. >> when you say a wedge, the vortex encompasses is more like this opposed to that if that makes sense. >> oh, wow. >> let's talk about our weather. we had the rain and the moisture over the weekend. got activated with daytime heating and it came down. some areas had three inches of rain on saturday. talk about what we are seeing this morning. fairly light. in fact it seems to december appear a little bit. motion to the west southwest. there's low pressure to the south. i want to switch to live doppler 9000 hd. this have just seeing it a little better. not that there's a lot. the stuff i

which was clear on the other side of town. [ male announcer ] wells fargo. with you when you're ready to move. > >>> flight 216 from dulles canceled from tuesday through saturday. flight 264 from dulles, canceled from thursday through saturday. at bwi marshall, flight 228, canceled from tuesday through saturday. the crews are protesting what they call cost-cutting changes by the company. british airway says it will still carry 70% of the booked passengers during this strike. >> if you're making a road trip or plan on relaxing at the park or beach what's on your menu? >> liz crenshaw is here with clever ideas for packing perfect picn picnics. >> and i have snacks with me. >> we call it picnic tricks of the trade, whether you're packing a snack for the kids or an afternoon lunch for you and a friend. forget the quick peanut and butter jelly sandwich. in the same amount of time, you could enjoy so much more. >> we're going to do packing a pick nim nick trick of the trade. we're starting with chicken wraps. >> i don't want you stopping at fast food restaurants.

which was clear on the other side of town. [ male announcer ] wells fargo.ady to move. >>> good morning to you on this monday morning. it is may 4th, 2010. a little bit wet outside today and definitely you will feel the humidity when you step outside with all the rain that we had over the weekend. the shuttle atlantis is headed back to earth. atlantis is scheduled to return to earth wednesday and be retired. the shuttle discovery will fly in september followed by endeavour in november. >> great pictures. look at that. >> isn't that nice? >> wow! very cool. so a few minutes ago, you know, i mentioned that i had a personal shout out. was out saturday night. you went to the fab faux concert. we wanty to restaurant. i met a young man who watches it is show. anniversary i great gay, offered to buy us dinner. said his wife gets up -- she gets up. every night, she makes sure, thank you put the tv on channel 5. she is in bed right now waking up imtold him i would address some comments directly to his wife. so to mara tyree. went thank you for watching. it is time to

which was clear on the other side of town. [ male announcer ] wells fargo.ith you when you're ready to move. >>> who could forget this video? the miracle on the hudson when pilot sully lanked that flight in the hudson river last year. he spoke in boston last night. there was one thing he said he and the co-pilot regret. >> his rating is through the roof. just the mention of his name. and people begin to gush. >> it has to be part of being american to be capable to do that. >> for the record he brought the 1400 boston chamber crowd to its feet. forever a hero after safely land flight 1549 on the icy hudson, and saving the lives of all 155 onboard. >> in spite of my best efforts for over a year now, there are a lot of people who insist on make this about one person. that's not the case. without the couldn't buss of my crew, and i could have not had better colleague that day or since. >> the ntsb's report was released today. pilots and simulators were able to turn the airbus around and land it at la guardia. but those pilots had is that sully did not. time and

which was clear on the other side of town. [ male announcer ] wells fargo. with you when you're ready to move. >>> welcome back to 9 news now. i'm andrea roane. thanks for joining us this wednesday morning. angie goff will have the traffic in a moment. howard is starting us off with a really, really nice forecast. >> yeah. going to be a great day today. a lot of outdoor lunches, long ones i would imagine. wear the sun screen and while you will need the jacket if this morning you won't need it for long. the winds were blowing yesterday, breezy gusts, 20 to 25 miles an hour and much lighter today. the temperatures this morning in the -- above 60 at national thanks to the relative warmth of the water. 54 ocean city. and you hear the waves lapping at the beach. just imagine that, if you will. locally we were looking at 40s and 50s. terrific day ahead. the humidity levels are down. there's weather at national, but it is generally clear out there. i don't know why it isn't showing up. 62 right now. 9:00, sunny and 65. noon, sunny and 74. 5:00 sunny and 80. humidit

with you when you want the most from your bank. [ male announcer ] wells fargo.ether we'll go far. >>> so yes, the oil is gushing unabated into the gulf of mexico, but according to a conservation group called the gulf of mexico foundation, quote, the sky is not falling. today's "new york times" front paging the gulf of mexico foundation's position, which the times described as guardedly optimistic about the big spill. the sky is not falling. that should calm the nerves of a lot of those chicken little types than worried about the gusher offshore. it's the gulf of mexico we're talking about, and this is the gulf of mexico foundation, and they say it's sort of fine. who is the gulf of mexico foundation again? the investigative folks and propublica, reports. one of them is currently an executive at transocean, the company that owns the deepwater horizon rig that exploded last month. or at companies that provide products and services primarily to the offshore oil and gas industry. those includes shell, conoco phillips, llog, anadarko, anding international. so fear no

with you when you want the most from your bank. [ male announcer ] wells fargo. together we'll go far. ♪ [ male announcer ] winning more awards for quality and customer service than any other luxury manufacturer the last 10 years says something. yet the award we value most is the fact that lexus has had more repeat loyal drivers in more of the last 10 years than any other luxury automotive brand. to express our thanks, we are featuring our best values of the year. giving you unprecedented access to lexus at your lexus dealer. [ female announcer ] it's red lobster's festival of shrimp... a chance to get everyone together for a night where everyone gets just what they want. combine two or three favorites, from new creations like crab-stuffed shrimp and pecan-crusted shrimp to classics like decadent shrimp scampi. it's everything you want in a night out. starting at just $11.99, during the festival of shrimp. right now at red lobster. >>> the twitter sensation spit my dad says joins us. he will count as the tweet of the day. we have a lot to do here. let's play "odd

which was clear on the other side of town. [ male announcer ] wells fargo.h you when you're ready to move. and you have a heart attack. that's what happened to me. i'm on an aspirin regimen now. my doctor told me it's the easiest preventative thing you can do. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. see your doctor. simple. okay, we're going to get going right away. [ announcer ] he's never met an appendix he couldn't fix! the abdomen-ator dr. bob bergowitz! yeah, woo! [ announcer ] she's the queen of clean! the 2009 surgeon of the year, dr. nancy mendelsohn! [ male announcer ] doctors and nurses are true heroes. at ge, we're working to give them the innovation, fresh thinking, and advanced technology they need to keep bringing better health to more people. are you ready, mr. randall? let's do this! [ crowd cheering ] ♪ >>> welcome back to new orleans where you can see the lights of the crescent city bridge. in nashville, tennessee, today this is what it looked like downtown after floodwaters from the cumberland

which was clear on the other side of town. [ male announcer ] wells fargo.when you're ready to move. >> larry: do you believe in life, in other places, other planets? >> life appeared on earth very soon after the earth was formed 4 1/2 billion years ago. that suggests life will appear spontaneously on any suitable planet. on the other hand, intelligent life seems very rare. it has wret to be detected on earth. >> larry: steven hawking has a great sense of humor. in 1977 a radio signal was received, called the wow signal. take a look. >> on august 16th, 1977, a radio telescope in ohio picked up a signal that became famous. the signal was a steady source of radio waves, just the kind an alien race might send, because it stands out from the radio static that fills the universe. a computer recorded the signal as six letters and numbers. astronomer jeremy erman saw the data and wrote one word in the margin. >> larry: this is a remarkable, remarkable entertaining feature that will air on discovery sunday. john smithson and ben buoy are the executive producers of "

which was clear on the other side of town. [ male announcer ] wells fargo.dy to move. to chart a greener path in the air... and in our factories. to find cleaner, more efficient ways to power flight. and harness our technology... for new energy solutions. around the globe, the people of boeing are working together, to build a better tomorrow. that's why we're here. ♪ hey what's going on? doing t shipping. man, it would be a lot easier if we didn't have to weigh 'em all. if thosboxes are under 70 lbs. you don't have to weigh em. with these priority mail flat rate boxes from the postal service, if it fits, it ships anywhere in te country for a low flat rate. no weigh? nope. no way. yeah. no weigh? sure. no way! uh-uh. no way. yes way, no weigh. priority mail flat rate box shipping starts at $4.95, only from the postal service. a simpler way to ship. lose weight and save money with our lowest price since 2004. i'm angie everhart, and i lost 34 pounds on nutrisystem. i lost 120 pounds on nutrisystem. enjoy four perfectly portioned meals for as low as $8.92 a day

which was clear on the other side of town. [ male announcer ] wells fargo. when you're ready to move. a heart attack at 57. that was a rough time. my doctor told me i should've been doing more for my high cholesterol. ♪ you should've listened. you're right. now i'm eating healthier and i trust my heart to lipitor. [ male announcer ] when diet and exercise are not enough, adding lipitor may help. lipitor is fda approved to reduce the risk of heart attack and stroke in patients who have heart disease or risk factors for heart disease. lipitor is backed by over 18 years of research. lipitor is not for everyone... including people with liver problems and women who are nursing, pregnant, or may become pregnant. you need simple blood tests to check for liver problems. tell your doctor if you are taking other medications, or if you have any muscle pain or weakness. this may be a sign of a rare but serious side effect. my dad learned the hard way. but you may be able to do something. [ male announcer ] have a heart to heart with your doctor about your risk. and abou

which was clear on the other side of town. [ male announcer ] wells fargo.u when you're ready to move. >>> bobby kennedy will we eventually find out who what, where, when, why? >> well, the coast guard and the management agency is currently doing a postmortem. the -- what they are focusing now is the absence of a number of piece of equipment that could have provided a fail safe for this operation, larry, one that was apparently no acoustic regulator device which is a device that could remotely shut off the valve. there was a manual device but the manual device was a button that was at the precise location where the fire started so we don't know whether the men who were actually killed during the blowout were able to ever push that but the. there is a remote system that is used throughout the world, the north sea and it is used by bp on all of its north sea rigs. it is called an accostic regulator device and it can remotely turn or shut off the pipe in the event of a blowout. they did not have one on this pipe. they were excused from having that in a 2003 mee

with you when you want the most from your bank. [ male announcer ] wells fargo.joining us now, former federal agent, bob freedman, who worked directly with bob during the mob stipulating. welcome, i want to ask you something, in your 27 year career with the fbi. how many people did you deal with like tom? >> one. >> tom ganley. >> he's the only one like that. >> what do you mean? >> normally you're dealing with informants, people who are actually involved in these crimes and you're trying to get them to tell you what's going on, help them help you defeat these people and along comes tom ganley and volunteers to help us and it's just like a miracle that you can deal with somebody like him. who is willing to do that, willing to put himself in danger and his family in danger. >> he was really in danger, wasn't he? >> there's no doubt about it he was in danger. >> a million dollar contract. >> million dollar contract. the mob says somebody gets the guy and a million bucks for them. >> him and his family. not only him and his wife-- >> he knew full well he was taking

which was clear on the other side of town. [ male announcer ] wells fargo.h you when you're ready to move. that's my choice. because with national, i roll past the counter... and choose any car in the aisle. oh, buck chooses the blue one! [ male announcer ] go national. go like a pro. choosing your own car? now, that's a good call. >>> is well take a look at this poll number from "the new york times"/cbs news poll. when asked about the new illegal immigration law in arizona, 51% said it's about right. tag on another 9% who say the law doesn't go far enough and that's six in ten american who is support the new law. this is a tough attitude in the country right now. six in ten, a good indicator why politicians on both sides, right and left are afraid to go after this baby. "hardball" will come back in a moment. why do women like you love activia light? sometimes i have no choice but to eat on the run... and to eat whatever happens to be around. heavy greasy food that's hard on my diet... and my digestive system. so i eat activia light every day. activia light,

which was clear on the other side of town. [ male announcer ] wells fargo. with you when you're ready to move. >>> back to "hardball." now for the "sideshow," jon stewart and stephen colbert both mocked reaction. to the failed bomb plot in times square. here they go. >> it was an amateurish type of bomb. >> it looked amateurish is a nice way to phrase it. >> it was an incompetent bomber. >> this was frankly, pretty pitiful. >> this was so incompetent. >> it was a failure, guys. >> no, guys, it was scary, don't you remember? hi mr. terrorist, whoever they are those people are just jealous, that was a wonderful bomb and we're all sufficiently terrified. there's no need to try again, okay! >> at about 6:30 this last night, an alert t-shirt vendor who is a vietnam veteran noticed an unoccupied suspicious vehicle. he alerted police officer wane rhatigan who was with the nypd mounted unit. who was on his horse, migs, patrolling times square. >> i'm sorry, mr. mayor, mr. mayor. jon stewart, daily show. what type of vendor and what war did he serve in and what was t

john stumpf you mentioned wells fargo and their practice with a senior in your community. $21.3 milliona day. that's incredible. that's more than some people make in a year. they're making every single day. and putting seniors' life savings at risk. many people got hurt in the wall street downturn but seniors have less time to be able to reinvest and make up the difference and recover from what wall street did to main street. we need to work hard to make sure that seniors are potected from other kinds of scams and make sure they know when they get somebody calling them, offering them a mortgage they didn't ask for, that that's an alarm. when they get somebody telling them of the act today, that's another danger sign, and that they need to be carele of balloon payments, prepayment penalties and other tricks and gimmicks that could make that loan very expensive, make it hard for them to get out of or make their money out of reach for a long time, that's why we need the consumer financial protection agency, that's why we need an office protecting older americans, make sure that those kind

with you when you want the most from your bank. [ male announcer ] wells fargo.a cho's here. she's monitoring some of the other top stories in "the situation room" right now. what sels going on? >> hey, wolf. the factory where children's versions of tylenol, motrin, zyrtec and benadryl is shut down. the food and drug administration said it found bacteria in the facility had is owned by a subsidiary of johnson & johnson, a voluntary recall was issued for the products, butt a health official said a serious problem is remote. >>> a new ash plume from the volcano in iceland has shut down more than a dozen airports in ireland and scotland. stranding about 30,000 passengers. london's hubs so far are unaffected. officials apparently are now using more precise safety rules for closures. they're hoping to avoid last month's widespread airline chaos. >>> and nashville's mayor said the damage from days of flooding in his city could top $1 billion, and officials at the inundated opryland complex say it will be at least three months before it reopens. flash floods and storms

with you when you want the most from your bank. [ male announcer ] wells fargo.we'll go far. >>> this is a fox news alert. there you see the arrival of air force one in louisiana. the president has flown down there and will go to thary where the oil is coming ashore in the gulf of mexico. he wanted to be briefed by officials there on the scene about what they are doing to sort of mitigate the situation, an ecological disaster and economic disaster in some quarters. the president taking it seriously. at first there was thought that he would not go. midweek that changed and an announcement was made that he would be going to the gulf of mexico and there you see air force one arriving in new orleans, louisiana, today. and he will then go forward on down to the coast to find out firsthand what is going on. >>> "fox news sunday" host chris wallace interviewed interior secretary ken salazar andd that allen about the ongoing efforts off gulf coast. earlier i spoke with chris for a preview of what they had to say. >> chris, you had the sect other of the interior, ken sala

which was clear on the other side of town. [ male announcer ] wells fargo. with you when you're ready to move. >>> bugging out over dust mites. these creatures are the number one cause of allergies and they could be hiding out in your bedroom. find out the best way to get them out of your home tonight on "news4 at 5:00." >>> good morning. time for weather and traffic on the ones on this wednesday morning. at 5:11, temperatures are cool down in the 50s throughout much of the region. prince george's county in the low 50s, near 50 in montgomery and fairfax county, arlington county in the mid to upper 50s. near 60 in washington, but elsewhere, generally in the 50s except it's in the mid-40s in some locations in the shenandoah valley. in the mountains in the upper 30s to near 40 degrees. we have a clear sky throughout the region. lots of sun today, highs in the low 80s with low humidity. low 80s on thursday, partly cloudy, might get a shower or thunder shower friday evening. maybe a lingering shower through midday saturday. a look at sunday into next week coming

morgan chase, citi group, bank of america, wells fargo, goldman sachs, morgan stanley-- those efforts, i think, are going to amount to, unfortunately, not enough. >> reporter: johnson's new book with co-author james kwak argues that america's big banks have conspired to become too big to fail, and government must therefore break them up. an amendment to the senate financial reform bill that would have done just that-- tougher terms than the president's-- was voted down last week. with the president and his proposals looming large over this city, johnson took us on tour of manhattan to talk about past presidents who took on too- big-to-fail and won. first up, in a new musical at the public theater, an unlikely hero, given his antipathy to native and african americans-- >> ♪ 'cause its the early 19th century ♪ we'll take the land back from the indians... >> reporter: but jackson's targets also included big banking, a hot issue in the early days of the republic. >> ♪ so we'll ruin the banks and we'll cripple the courts ♪ and we'll take on the world, for america's sake... >> reporter: a l

which was clear on the other side of town. [ male announcer ] wells fargo.t would have been too late. they got this guy at the airport as he was about to fly to dubai. here's how it wept down. the alleged bomber boarded the flight, started relaxing, thinks he's home free, but the authorities are hot on his trail, charging through jfk screaming, "stop the plane, stop the plane!" but it's too late! it's too late! the plane is pulling away full of celebrating terrorists. but it's leaking gas and one man has no intention of letting them get away! >> yippy kay-yeah, [ bleep ]. >> victory is ours! >> got to bless john mclain. >> still one of the best movies ever, right? if only it really went down like that. christine romans is minding your business this morning. >> i don't know that all the other people on the plane would have appreciated it. >> jon stewart said it was a plane full of bad guys. >> even though it really wasn't. >> that's why they call it the movies. >> i forgot that line. >> that was the big deal. was he going to be able to say that. >> say the fu

with you when you want the most from your bank. [ male announcer ] wells fargo.saving on packaging by using less cardboard. when we save, you save. that means thousands of rollbacks. it's rollback time. ♪ communities. industry. energy. her. this. lives. how ? by bringing together... information. ... people ... ... machines ... ... systems ... ideas... verizon helps businesses worldwide... including fortune 500 companies... find and achieve... better. better. better. better. ♪ >>> all right. live shot for you of old yankee stadium. oh, willie, it's a shame. you know, we went to a red sox game the other night. those boys did quite well. it was fun. and i got lewis that tool, you know, that yankee shirt. >> are you calling will you wis a tool? or the yankee shirt a tool? >> nope, nope. >> lewis is a good man. >> he needs a haircut, though. >> he needs a haircut. we'll have to send him to our hairstylist and maybe try to fix him up a little bit. that tool. >>> welcome back to "morning joe." it's just after 7:30 on the east coast. >> too strong? >> it's too strong. >>

which was clear on the other side of town. [ male announcer ] wells fargo. morning, i'm joe carter for sports a philadelphia police commissioner is -- the officer acted within department guidelines, philadelphia police are now considering whether officers should get involved at all when nonthreatening fans sprint on to the field during sporting events. the philadelphia enquirer says the 17-year-old boy who ran on to the field monday called his father first for permission, his dad said no, but that didn't stop the man from being charged with disorderly conduct. another man ran on to the field during last night's game, he gave up without incident. >>> sad news this morning, a legendary voice has gone silent, ernie harwell died tuesday after losing his battle with cancer, his voice and spirit will live on forever in the ears and minds of many. >> a bright sunshiny day, and the first pitch and ball one. >> in those 42 years, he only missed two games, which is incredible. last september, he revealed that he was diagnosed with inoperable cancer, harwell was 92 yea

jpmorgan chase, bank of america, citigroup, wells fargo, goldman sachs, morgan stanley, all of those would have to be broken ue into as the old jpmorgan into the jpmorgan bank over here andf morgan stanley securities overve here so each of these firms would have to choose either to be a banking firm or to be a thd securities firm and to divest the part they didn't want to keep. ai >> host: what about like aany aig, that's also an insuranceul- company that does securities, investmente securities? would glass-steagall a plightig? gst: >> guest: aig not so strongly. they do have a so-called thrift institutions arguably they might have to get woul rid of the thr, which is a savings and loan, not a huge part of the business. but certainly i think the question raised is an important one, which is the financial service is very much converged and consolidated ande last 10 to stnglomerate it over the la ten, 20 years and so certainly to only look at the large banks and large securities firms and heook at the large insurance t firms would have major involvement in either securities i banking w

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the four institutions are bank of america, citigroup, wells fargo, and j.p. morgan chase.se four control more than 50% of the gdp. teddy roosevelt a good republican 100 years ago said to break them up. host: next up is asheville, n.c., on the democrats' line. caller: i'm glad that you are trying to do something about getting the federal reserve audited. something needs to be looked into. everyone keeps talking about transparency. what does it do? we do not know what is going on. everyone keeps talking about transparency, but i do not see it. guest: it is a simple issue. i gave the example about the head of goldman sachs sitting in on a meeting, arguing for a bailout from which his own company benefit. there are other examples, a fellow who was head of the new york fed arguing that goldman sachs should become a bank holding company rather than just an investment company, giving them access to cheap loans at the fed window, while he is investing into more stocks at goldman sachs which then go up because of this transaction. it looks to me like there is a conflict of interest

faced, to limit risk and leverage by the major institutions whether they look like a yankee or wells fargo or citigroup or lehman groubrothers or whoever can tell whether they look like aig -- whether they look like aig, citigroup, lehman brothers. we want to make sure that we can put them through a formal bankruptcy without the taxpayer being exposed to loss. we think that this is essential to deal with the cause of this crisis and to make our country less vulnerable to future crises. we will face some risk of crisis in the future. with these reforms, we can dramatically reduce the risk and make sure that if people make those mistakes again, they will not cause this kind of catastrophic damage. >> you said that the tax will cover derivatives off of the balance sheet. how much are the derivatives hall off the balance sheet. is there a footnote reference? how much are they held a fine institution even though they are off the balance sheet? >> the virtue is that they have to disclose every quarter the risk they have whether it is in derivatives or other types of fancy products. whether they

took merrill lynch and pushed it into bank of america, where we took wachovia and pushed it into wells fargoeagall. the clear indicator here is tkpwhraoerbgs 19 -- is glass-steagall, in 1929 we had a credit meltdown in this country, our forebearers on this very floor said we have to do something about it, we have to pass laws. i go *f -- not go back to the regulators. we have to pass laws, and we passed glass-steagall which not only said you can't be a commercial bank and investment bank under the same roof which when i was in school we learned was one of the bases for our success and why we went 60 years without a bank panic. we should not have investment banks and commercial banks under the same roof. commercial banks should be there to protect the small deposit tor, make sure it was safe, that's why we gave it federal guaranteed, fdic insurance. we never thought we would have fdic for an organization that had commercial banking in it. commercial banks should be a low-return business. that's the way the vast majority of americans have at their local bank. it should not be included under th

it doesn't show the fact that wachovia went into wells fargo.t doesn't show the fact that merrill lynch went into bank of america. it clearly shows that the credible concentration just goes on. and what i'd like to do is alan greenspan made a number of decisions, a number of statements while this was going on about how we should proceed during the 1990's and early 2000 that turned out not to be -- and he says himself, he said i thought regulation would work. i'm dismayed it didn't. he has come out with a couple of statements recently that i was so incredibly surprised when i heard this because i didn't know this. let me read this to you. "for years, the federal reserve had been concerned about the ever larger size of our financial institutions. federal reserve research had been unable, unable to find economies of scale in banking beyond a modest-sized institution. a decade ago "-- by the way, modest-sized institution, according to andrew haldane of the bank of england, is is $100 billion. he knows no reason why you would have under $100 billion.

large institutions, the six of them that are the most culpable, jp morgan-chase, morgan stanley, wells fargo, citigroup, goldman sachs had one-third of the assets in those institutions and while taking those bonuses and while this nation has gone through the terrible washout, they command 66%, they've doubled the size and their importance inside this economy. while they are taking the horrendous bonuses, states like my own are losing banks, banks that didn't do any wrong are having to pay. we don't know if some of them will make it, but they are taking over this economy. and look at what they have done. mr. garamendi: like huge dinosaurs. did you say at the beginning of this crisis in 2007, they had a third of the financial assets? and today the largest five have over 60%? ms. kaptur: 66%. mr. garamendi: now we have a serious problem called too big to fail. now we are in a serious problem and i want to refer back to this chart that we were using before and we have to, and the legislation does deal with this issue of too big to fail. we passed a good bill here in december but on the senate si

morgan and bank of america, wells fargo, goldman sachs and citigroup, that somehow swaps will no longer be regulated. this is just plain wrong. just because these swap desks will no longer be overseen by the fdic does not mean that they will not be subject for this will's strong regulation -- this bill's strong regulation by the market regulators, the f.t.c. and the cftcn. short, they simply ignore -- cftc. in short, they simply ignore the strong provisions included in the rest of the underlying bill. that's convenient for their argument but not so convenient when seeking the truth. let me reiterate, mr. president, every swaps dealer and major swap participant will be subject to strong regulation. wall street lobbyists have also argued that this will prevent banks from using swaps to hedge their risk. again, completely false. banks who have been acting as banks will be able to continue doing business as they always have. community banks using swaps to hedge their interest rate risks on their loan portfolio will continue to be able to do so. and most importantly, we want them to do so. c

faced, to limit risk and leverage by the major institutions whether they look like a yankee or wells fargo citigroup or lehman groubrothers or whoever can tell whether they look like aig -- whether they look like aig, citigroup, lehman brothers. we want to make sure that we can put them through a formal bankruptcy without the taxpayer being exposed to loss. we think that this is essential to deal with the cause of this crisis and to make our country less vulnerable to future crises. we will face some risk of crisis in the future. with these reforms, we can dramatically reduce the risk and make sure that if people make those mistakes again, they will not cause this kind of catastrophic damage. >> you said that the tax will cover derivatives off of the balance sheet. how much are the derivatives hall off the balance sheet. is there a footnote reference? how much are they held a fine institution even though they are off the balance sheet? >> the virtue is that they have to disclose every quarter the risk they have whether it is in derivatives or other types of fancy products. whether they hav

$11 million that the top 25 banking firms spent on lobbying, the top six of them, jpmorgan chase, wells fargo, citigroup, goldman sachs and morgan stanley spent $6.9 million on lobbying in the first quarter of this year. that's a lot of money. that marked a 4% increase from late last year, a jump of about a third from the first three months in 2009. but what is going on that wasn't going on then? wall street reform. they're trying to slow reform. so with that, mr. speaker, i'm going to yield back and just say it's been a pleasure coming to the special order on behalf of the progressive caucus. the speaker pro tempore: the gentleman yields back. under the speaker's announced policy of january 6, 2009, the gentleman from iowa, mr. king, is recognized for 60 minutes under the designee of the minority leader. mr. king: thank you, mr. speaker. i'm privileged to be recognized by you to address the house of representatives in this most deliberative body that we are. and i often come here in the 30 or so minutes that i spend waiting and anticipating my opportunity to address you, i also can't afford

morgan swallowed -- wells fargo bought with a cove a. why would we want financial institutions this gigantic? people are telling me how do you unravel this? the first thing we're going to do is now the finance is set, undo these things that we did during the financial crisis. but that's not for me to decide. what we should do is put the limits thrup and let people decide how they're going to reach the limits. the last two years proved beyond dispute that management and risk and america's most prestigious firms were unable to track and mitigate their exposures as alex holdein noted, risks outstrips the bank's ability to manage them in. large banks grew to comprise three distinct entities, when failed it was one million open derivative contracts. robert rubin admitted and i quote -- "there isn't a way for an institution with hundreds of thousands of transactions a day involving something over $1 trillion that you are going to know what's in those position books. end of quote. that is robert rubin. one of the smartist individuals i have eve

fargo is the cool spot today, 48 degrees. >>> well, some falcon chicks who have been living on high-risean francisco bay area are chirping to their hearts' content. >> sounds like a broken record. they're nesting on the san jose city hall and a university of california researcher rappelled to meet the young birds. he put i.d. bands on the baby birds, two males and a female. >> their parents, nicknamed clara and esteban colbert, are two of the most famous residents in san jose. >> they have a last name, how weird. we'll be right back with more "world news now." pick a city. any city. hotwire has special deals with hotels. when hotels have unsold rooms they use hotwire to fill them, so you get them at ridiculously low prices. like four stars in san francisco, hotwire hot rate from $85. so pick a city. then get a four-star hotel at a two-star price, ♪ h-o-t-w-i-r-e save big on car rentals too. from $13.95 a day. here would you go next if you had a hoveround power chair? the statue of liberty? the grand canyon? it's all possible ith a hoveround., tom: hi i'm tom kruse, inventor rand founder

from pierre to fargo to bismarck to north platte to dodge city, large hail, possible tornadoes in these storms as wellh damaging winds. let's get to the big warmth. look at the heat all the way through the mississippi river valley. day two of some record highs. it looks like chicagoland at 90. st. louis 92, minneapolis at 91. all the way down to the gulf and we'll continue to watch the subtropical low off the coast of the carolinas. will this be our first tropical system sometime between now and wednesday? we'll watch it. >>> it is monday morning and i am adam caskey. it will be a lot like yesterday. there could be some spotty showers. there'll be a shower that will pass over the dulles airport in a few minutes. it will be about 73 degrees this >>> and as we step into week five of the gulf oil disaster, we are live in venice, louisiana, all morning long. elizabeth? >> all right, sam. thanks so much. >>> now to the royal scandal caught on tape. britain's prince andrew was reportedly meeting with the queen this morning to discuss his ex-wife sarah ferguson's latest debacle. the duchess of york is offeri

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