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CNNW Early Start May 14, 2012



wired. >> that's okay because there's lots of news this morning. >> up first this morning, heads about to roll. at jp morgan chase. according to bloomberg, the firm's entire london staff could be dismissed. the banking giant also expected to accept the resignation of this woman, ina drew. pulling down a salary of over $15 million a year. drew and two other company executives being held accountable for a stunning $2 billion loss. ceo jamie dimon doing damage control on sunday talk shows is. >> it was a stupid thing that, you know, we should never have done but we're still going to earn a lot of money this quarter. it isn't like this company is jeopardized. we hurt ourselves and credibility, yes, that we have to fully expect and pay the price for that. >> christine romans is here with us this morning. how much worse is this going to get? i know we were hearing about billion dollar loss, they're going to weather it. the big question is why should we care. >> the real damage here is for jp morgue's cj pjp morgan's ceo's reputation. jamie dimon has been front and center. he has been the industry's, i guess, poster child for making sure that they don't have new regulations. so for all the millions of dollars that the banks spent, including jp morgan to lobby against just this sort of kind of behavior running wild on wall street he has a lot of egg on his face, quite frankly. the company is a huge company. $2 billion trading loss is extraordinarily stupid and embarrassing. >> right. >> really embarrassing. i think you could see more heads roll, actually at jp morgan chase. >> this company came through the financial crisis very well. jamie dimon was thought to be a real leader. some even talked about him even becoming treasury secretary. >> i can remember a few years ago people were saying it's too bad for the financial crisis. jamie dimon, the only other thing that would have capped his stellar run in banking was treasury secretary. he is someone who was trusted to talk to the president and other people about this. jamie dimon is someone who, people who work for him, he's a real task master, believes in profits and results and so you can imagine that he's furious that this has happeneds there. especially since it makes him look like, as the guy who has been saying, you know -- >> don't overregulate me and has be been very vocal for the volcker rule. >> what happens to him. >> probably not much but there are executives leaving. >> people have been asking me, why do i care that they lost 3 billion? my issue -- or 2.3 billion. this happened in 2008 with aig and it nearly took down the global financial system. i want to know this is going on. i want to know it's not going on. >> we're talking about indexes on credit default swap. it's insurance on insurance. that the company -- was it a hedge or was it a raw bet that went wrong? >> right. >> when you talk to people in the hedge fund world they're all kind of like giggling a little bit to themselves. they know jamie dimon and that position are probably getting hammered right now. there are people trying to make money off of jamie dimon's unfortunate position and bad bet in the markets. dow futures are down 100 points right now, folks. it's not because of the banks but greece. some developments in greece. we can talk about that later. these stocks got hammered last week. we'll be closely watching this. if you're a share holder in jp morgan and you might have it in your portfolio, could be a mutual fund, then you're getting hurt a little bit. >> i know we are out of time. maybe we'll get to this woman ina later. >> a superstar, right? there's breaking news involving the ex-yahoo! ceo who has resigned over his resume. "the wall street journal" is reporting that before resigning this weekend, ceo scott thompson toll the company's board of directors he had thyroid cancer. the report says the cancer diagnosis was in part responsible for thompson's decision to step down only after four months on the job. his his may claimed a computer science degree he claimed he had. ross levinsohn will now become the interim ceo. >> mark zuckerberg turns 28 years old. can you believe that? facebook is expected to start selling stock and begin trading on the nasdaq this friday. theism po could value the company at $100 billion. making it worth more than disney, ford and kraft foods. >> poor guy. this is his last birthday before being a super gajillionaire. the biggest wildfire burning, the sunflower fire was spotted on saturday in arizona. by sunday, 2,700 acres had burned. >> the terrain is extremely rugged out here, lots of steep cany canyons, rocky. and the other variable is the dry, hot conditions. >> officials say extreme heat and dry vegetation have caused a higher than normal fire risk in some parts of the state. >> and a big day in the john edwards corruption trial. it is now the defense's attorney to present its case. lawyers for the former senator arked for a mistrial on friday claiming prosecutors failed to prove their case. the judge denied that motion. it's not clear which witnesses will be called today. edwards is not expected to testify. this is interesting. the cover of "newsweek" is raising a few eyebrows. take a look. it has a picture of president obama with a multicolored halo over his head, perhaps the rainbow sim billion for gay pride describing him as, quote, the first gay president. last week the president made history by publicly backing same-sex marriage. this afternoon, president will be in new york attending a lesbian, gay, bisexual, transgender event. hosted by singer ricky martin. guests paying up to $35,000 apiece to attend. "newsweek" has a history of walkers with their covers. he's a father, husband, former police officer and most recently an fbi agent specializing in corporate terrorism. now he's also missing. find out why everyone is so worried, after the break. he specialized in counterterrorism. a party? [ music plays, record skips ] hi, i'm new ensure clear. clear, huh? my nutritional standards are high. i'm not juice or fancy water, i'm different. i've got nine grams of protein. twist my lid. that's three times more than me! twenty-one vitamins and minerals and zero fat! hmmm. you'll bring a lot to the party. [ all ] yay! [ female announcer ] new ensure clear. nine grams protein. zero fat. twenty-one vitamins and minerals. in blueberry/pomegranate and peach. refreshing nutrition in charge! dude you don't understand, this is my dad's car. look at the car! my dad's gonna kill me dude... 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(spoken in mandarin) i've still got hours of battery life. it's an ultrabook. you bring great shame upon this coffee hut. with a long-lasting ultrabook, everything else seems old fashioned. ultrabook. inspired by intel. ♪ [ camera clicks ] ♪ it's hard to resist the craveable nature of a nature valley sweet & salty nut bar. welcome back. ten minutes past the hour here. a major manhundred had the is under way in southern california. 100 fbi agents and dozens more law enforcement officers are on the hunt, not for a fugitive but a fellow 5agent missing since last week. >> this has sparked the largest manhunt in burbank, california, in two decades. it's incredible what's happening, zoraida. good morning, everybody. what is so troubling about this story that is special agent steven i've -- ivans is said to be possibly suicidal. police say he left his burbank home on foot and then simply disappeared. and it is believed that he took his handgun with him. >> there is no history of violence associated with special agent ivans or any known threat to the community as the investigation has uncovered no evidence of foul play. special agent ivans is known to have been drought and investigators may believe he may possibly be suicidal. >> dogs had tracked ivans' sent near the mountains east of burbank. since then authorities have widened their search and are looking throughout los angeles county, a big area, as you might imagine. the big question remains, why would this fbi agent seemingly well liked by colleagues, a father and husband simply vanish into thin air? why would he leave, zoraida and more importantly, where is he now? those are questions he simply can't answer. >> how long has he been an agent. >> with the fbi for about three years, he worked in national security on counterterrorism cases, specifically. he's said to be a valuable member of the team, never had any disciplinary problems and before that, he was an l.a. police officer for eight years. so, again, a long history in law enforcement. and why he disappeared, still a big mystery. >> i can't imagine what his family is going through right now. have we heard from them? >> law enforcement is working very closely with his wife, as i mentioned, husband and father, father of a 1-year-old child, a son. married, in fact it was his wife who reported him missing on friday morning at about 7:30 a.m. she did tell authorities that the last time she saw him is when she turned into bed on thursday night. >> oh, my goodness. >> friday morning he was gone. >> his family also at work, right, worried about him. >> yes. >> thank you for the details. >> we wish that family well. >> ali, back to you. all right. it is some number of minutes after the hour. let's get you up to date. haven't done this for a while, christine. let's call it 13, 14 minutes after the hour. time for the news. all right. shaking things up over at jp morgan chase, that's the big story this morning, according to published reports, the london staff of jp morgan chase's office could be dismissed and ina drew is expected to resign after the firm's stunning, embarrassing $2 billion trading loss. ceo jamie dimon revealing they could lose another billion dollars before it all shakes out. and the largest wildfire consuming some 2,700 acres in arizona's tonto national forest. firefighters are attacking the flames from the ground and the air with tankers and helicopters, trying to get the upper hand. in greece, in a desperate effort to form a new government to deal with the country's economic crisis, following last week's elections greece's president called on major political party leaders together for a meeting to produce a coalition. if they fail, greece will have to hold elections next month. dow futures are down 100 points because of that unease about greece. a campus in mourning. three students killed in new zealand in a tragic car accident this weekend. five other students were injured, one critically. they're part of a group of bu students studying abroad. they were on a sight-seeing trip to one of new zealand's national parks. jkony is the leader of the lord's esiftance army, the subject of that viral video, kony 2012. he's accused of recruiting children as soldiers and sex slaves. the u.s. army is placing women in combat, opening 14,000 combat-related jobs to women starting today. six new military occupations now open to women, including intelligence sergeant and health care sergeant. still, 30% of army jobs will remain restricted to men. if you're leaving house, watch us anytime on your desktop or mobile phone. go to cnn.com/tv. zoraida, it is 16 minutes after the hour. please tell ali. >> zoraida reminded me i have a watch. i said there wasn't any clocks anywhere. >> he has a blackberry, two computers, doesn't know he has a watch. there's one on top of the camera. >> i didn't sleep so much last night. >> i know. we'll cut you some slack today. can young children be diagnosed as psychopaths? a researcher in florida has been studying children who are considered at risk of becoming psychopathic auduladults. they exhibit behavior such as lack of remorse and empathy. critics say labeling children psychopaths could doom them for life. it is a fascinating read. they talk about one little boy who threw another boy into the deep end of the pool and then just watched him drown. and when the police asked him why did you do that? the little boy said i wanted to see what it looked like for somebody to drown. bizarre. >> that is weird. "the new york times" is also reporting that the shuttle "enterprise" is a step closer to its final destination on board the "uss intrepid" in new york city. going to be excited about that. the shuttle was separated yesterday from the 747 jumbo jet that brought it here from washington. remember a couple weeks ago we saw it fly in. it will stay in an airport hangar for a few more weeks before moving to the intrepid. it will be brought over on a barge. a public exhibit is expected to open in july. have you had a chance to get on the intrepid yet? >> i have not. >> let's go together. >> i want to take my kids as well. >> we'll do the whole family, ice cream and all that. the milwaukee journal sentinel has a story on axford's wild weekend. he lost his streak of 49 consecutive saves friday night. he ditched a postgame interview. he always grants those interviews because his wife went into premature labor. he left this note for the media. quote, i put my wife into contractions with my performance tonight so i had to run to the hospital. the streak is over is now you can talk about it, the luck i've had in the past didn't show up tonight. all i can do is begin another streak and keep my head up. got to go! love -- >> wow. >> she did not deliver the baby. it was preterm labor, she's fine, everything is okay. >> second son is expected in june. >> yes. >> for an expanded look at our top stories, head to cnn.com/earlystart. it's no surprise that yahoo!'s ceo is amid a resume padding schedule. we'll tell you what he told the board of directors on his way out the door. we'll tell you right after the break. 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[ male announcer ] it's a network of possibilities -- helping you do what you do... even better. ♪ welcome back, folks. it is 22 minutes past the hour. we're minding your business this morning. u.s. markets closing lower two weeks in a row now. the dow lost about 30 points on friday. the nasdaq closed almost flat and the s&p 500 also closing in the red. >> i don't know how it will close but i can tell you, it probably won't open well. u.s. stock futures down sharply is morning. a lot of uncertainty in the markets. this is actually mostly about greece, negotiations continue. there's still no government in greece. christine is here following that. and mostly, this issue about yahoo!. there's new developments evernight with the ceo of yahoo! leaving. >> some resolution there. we've been telling you about the resume scandal at yahoo!. he was brought in with a $26 million potential pay package earlier this year. he was brought in because this is a company that's been in turmoil, quite frankly. they lost their ceo late last year. they have activist board members -- shareholders rather who want seats on the board. this guy was going to come in and fix it. then, some of the activist board-seeking shareholders said this guy's resume doesn't look right. there was a scandal about whether he had a computer science degree. >> which is a good degree to have. >> he does have a bachelor's degree but it turns out they didn't have a computer science degree at the university at that time. the board was investigating how this happened, what these inaccuracies were on his resume. he's stepped down. there's a twist here. he's out but there's a twist. according to "the wall street journal" and other -- "new york times," i think, as well, he has told his board he has thigh rod cancer. he's fighting for his reputation and fighting for all of -- fighting to get the focus back on fixing the board and now he's telling friends and board that he has thyroid cancer. a very complicated and tortured few weeks for this gentleman. >> this isn't sort of a breitbart moment. the yahoo! board has been a bit of a disaster for a long time. they rejected great offers to take over the company. this was a disgruntled investor who said, i need to shake this up and somehow found this. >> he had a degree but lied about the type of degree. >> the funny thing is, in reporting the story, this happens more than you think. the number one white lie or, you know, outright lie on a resume is exaggerating your credentials and degree. >> which you'd think in this day and aage -- >> the second one is lying about what you worked or what your job was. >> the computer science degree part of it was to get credit in the street that he worked in. >> the facebook founder is turning 28. we now live in a day and age when you don't need the computer science degree, per se. you need to inconvenient the or start something. it's almost like what generation of tech ceo are you? in doing this, we found that a lot of -- when companies find out that you've lied on your resume, they will not hire you, period. only 3% of people say they've lied on their resume but companies say it's much more than that. what i would say, don't lie on a resume. >> back to the thyroid cancer, is this a recent diagnosis? >> we don't know. according to "the wall street journal" he's just now beginning treatment. so that's -- >> that's terrible. >> it's unfortunate. we wish him the best, no question. it's been a rough couple of weeks. all of this has taken the focus off of what the company has to do. >> right. >> that's what shareholders don't like. >> yes. >> this shareholder -- >> likes it. >> this is what they like, they wanted a new ceo and seats on the board. now it looks like they'll get it. >> they got it. >> christine, thank you. a trip to the store turned into a three-day life or death ordeal for a west virginia woman. this is a remarkable story. we'll tell you how she survived in her car for three days after a crash and here's the part you need to know. the tool she used to free herself. we'll tell you about that after the break. kiwi. soy milk. impulse buy. gift horse. king crab. rhubarb pie. lettuce shower. made by bees. toucan sam. that's not cheese. grass fed. curry. gingersnaps. soup can tower. 5% cash back. right now, get 5% cash back at grocery stores. it pays to discover. made with only milk... cream... a touch of sugar... and pure natural flavors. coffee-mate natural bliss. from nestle. a

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