Page 130 - Aig News Today

for the nuts and bolts on this fias fiasco, its the impact on the markets and your own investments. alison kosik joins us now. just what was this massive trading bet all about? before it went south? >> reporter: fredricka, what jpmorgan essentially did was made a big game am. they made risky bets and lost. the bets they made were to protect against possible losses on jpmorgans other investments, but clearly they backfired and the bets produced losses of their own. how did this come out...

same-sex marriage dominated the presss week, suggestions he might have taken part in a bullying incident in high school complicated mitt romney. the two got back to their central cha challenge debating the economy. the president was in nevada, key to his 2008 win, but a toss-up because of high unemployment and a housing crisis. he defended his record and said, governor romney has it wrong. >> we want to cut more taxes, especially for the wealthiest americans. they want to cut back on t...

plus, disturbing video of a deadly police beating. the victim, a meanta willy ill homeless man who can be heard calling out to his father "theyre killing me." im wolf blitzer. youre in "the situation room." -- captions by vitac -- www.vitac.com >> while we begin this hour with the romney campaign, having some trouble staying on message. lets go straight to our national political correspondent jim acosta. hes on the campaign trail with the presumptive republican nominee. youre in lansin...

tennessee to mississippi. the same mitt romney who said auto makers should go bankrupt now is saying this -- >> the auto companies needed to go through bankruptcy before government help. and frankly thats finally what the president did. he took them through bankruptcy. that was the right course. it was the uaw and the president that delayed the idea of bankruptcy. i pushed the idea of a managed bankruptcy. and finally when that was done can and help was given, the companies got back on...

About derivative reform and dodd-frank and some are getting bipartisan support. >> let me remind people, derivatives are financial instruments whose value derives from an underlying asset. which is why theyre called derivatives. they can be used to make bets. in some cases they can be used to hedge. i use a lot of oil i bet on oil. in some cases you can say, i bet greek bonds are going to go up or greek bonds are going to go down. if youre right you get a lot of money. if youre wrong, you lose. ...

There are no atheists in the fox hole on this thing. i remember after days after lehman went under, i remember the fact that credit was drying up. >> neil: i know. >> and i remember-- >> and then tarp was what? >> i remember because i broke the story. >> neil: tarp was right yes or no. >> if we didnt have it it would have been a lot worse. >> whats wrong with being a lot worse and getting that pain over with. in other words, we reported 2.2% gdp growth for the first quarter. think about it, almo...

Wont be back. im started how much wont be paid back. what happened? >> well, the cost of tarp, you know, really relies on things like losing money on the auto bailout. in the end the taxpayers are not going to get paid money that goes out to the the housing programs. and weve actually hold 70% stake in aig. and so, ultimately profit or loss of tarp depends upon what were able to get for that, swells our interest in over 400 banks. >> all right. and shes one of the folks that counts the tarp mess...

Profile. my financial portfolio. tell me what my fair share is. i make a ton of money, all right? >> so, you know, im saying why not ask the financial industry, whom we bailed out, i mean we are talking about jp morgan, goldman sachs, a.i.g., who this country came around and pretty much guaranteed their faulty wagers. >> bill: yeah. >> why not ask them to pitch in. >> bill: most of them do have charitable foundations. since the great society in 1964, america has spent $12 trillion, trillion with...

The active administrator to see if there can be something done and get started looking at the rules to see what we can do. and people should be whistle blowers if there is a lot of money being wasted. >> the chairman is one of our former staffers. she blew the whis until november after this october fisco. >> greta: that was a year and a half ago. >> she reported -- this would still be swept under even after the aig report and briefed the white house, fleob did anything. but she went back. >> gre...

40 billion owed to tarp. ally financial not public and still struggling, owes 15 billion. we own 77% of the aig. both of those companies, their shares are underwater. taxpayers have yet to break even on the shares. that is why treasury is still holding onto the stocks. back to you. rick: i wonder if they will get a call from check shun agencies. liz macdonald, thanks very much. >> sure. jenna: the battle over illegal immigration reaching the highest court in the land as the supreme court hears a...