to testify soon. and that day has come. we'll tell you which airline will let you use a cell phone during your flight. dramatic new developments today in the battle between washington and wall street. an fbi source tells cnn the government is looking into the $2 billion trading loss by one of the nation's largest banks, jpmorgan chase. today bank ceo jamie dimon assured shareholders that jpmorgan chase is strong and can with stand the loss. he was speaking today in tampa and played down the sudden departure of the chief investment officer or cio ina drew. >> while we have taken loss of the cio, no clients were affected, no customers suffered as a result of our mistakes. the bottom line is that however unfortunate this incident is we want to do what we always do -- admit our mistakes, learn from them and fix them. i'm confident when we are done here we'll with b a stronger confident. >> the shareholders voted to let him keep his job. they also voted to let him keep his $23 million pay package. bob lenzner is here from forbes magazine. the fbi, s.e.c. and federal reserve are all reportedly looking into the $2 billion trade. >> right. >> so far there is no indication that j.pmorgan violated laws, s why the investigation? >> i don't know why. i doubt they will find there was criminal action in europe on the trades. the s.e.c. and the federal reserve have to look into -- the federal reserve is supposed to be regulating the holding company of jpmorgan and the cio office with $370 billion should be regulated by the new york federal reserve bank, but i don't know how they could be regulating these transactions over in europe on a realtime basis. i think that's where the mistake is. we have not been told exactly what these transactions were, but some of them were done in very, very large amounts in murky credit default securities few understand. the market is not public. it's not where the public can see what's going on. no one can see except the handful of people playing in it. i doubt whether any federal crime has been committed. >> okay. that's the big question. we'll find out if a crime has been committed. at the shareholder meeting today they voted to let dimon keep his job. >> they should. >> instead of sflit splitting up the jobs. he said no customer suffered as a result of the mistakes of the company. do you believe him? >> yes. he wouldn't say it if it wasn't true. he's an honest, straightforward, hard-driving man i have known well over 30 years. i have great confidence he'll straighten this out right away and kick whoever's butt needs to be kicked. i would say by his saying that no customer money was lost he's saying for the first time that the money was not deposits by depositors. >> it was the bank's money. >> it was the bank's money. >> i have another question. >> okay. >> we keep hearing right now that the banks are bigger today than they were before the financial collapse in 2008. >> right. >> how is that possible? >> for jpmorgan, they took over bear stearns which was going out of business. then they took over wamu which was a big -- a huge big savings bank. >> they swallowed up other banks. >> they took them over because they were failing and they were asked to take over -- or it developed that somebody needed to do something to prevent a systemic breakdown and jpmorgan took over the banks just like wells fargo -- >> is that a good thing or a bad thing? >> i think it's worrisome about the fact that there are five or six banks that are responsible for 95% of all the credit default swap trading in the world. if one bank were to get into serious problems it would affect all the other major banks and then you would have a possible crisis where too big to fail would be operating again. >> all right. too big to fail. we have gotten even bigger. bob, thanks for joining us. appreciate it. moving on, john edwards' lawyers spent today picking apart the financial moe motives of andrew young, former edwards aide. edwards' daughter kate is expected to take the stand as soon as tomorrow. his friend and adviser testified the former presidential candidate knew nothing about the money from bunny melon. he said, he was as surprised to hear it as i was. senator edwards said, bunny, you should not be sending money to anyone. jeffrey tubin joins me now. let's start with kate. everyone wants to know if putting her on the stand is an attempt to avoid putting john edwards on the stand and letting his daughter make the case? >> part of it, but that's not the whole thing. sure, she can tell his side of the story, but there is a symbolic thing that's important. so much of the case is about how john edwards treated his family horribly. his wife was dying of cancer. he cheated on her, lied to her. if kate edwards can forgive him then the jury should. that's got to be part of the message here. we'll see if the jury buys it. it's not just that edwards will testify through his daughter. it's that she will forgive him in a way that the jury perhaps will accept. >> if she forgives him the jury should. >> correct. >> we expect kate edwards to testify her father loved her mother elizabeth edwards. any indication what the prosecution plans to ask kate during cross-examination? can you guess what they would ask? >> by and large the prosecution will want to stay away from kate edwards. they have made their case, put in the evidence that this money came from bunny and fred baron and it was, in effect, a campaign contribution. i don't think the prosecution will get a lot of mileage out of attacking the daughter, the blameless daughter of the defendant when her mother has died, her brother died. she's going to be a sympathetic figure. the best thing for the prosecution is to get her off and on the stand as quickly as possible. >> they won't win points attacking her. jeffrey toobin, thanks for joining us. >> okay. >> one of the newest high tech fighter jets has a problem. the f-22 raptor is making pilots and mechanics sick. no one is sure why. today defense secretary leon panetta ordered special precautions. chris lawrence, this is an odd situation. what do they think is wrong? >> jessica, basically some of the pilots who have been flying the f-22 have complained of symptoms -- dizziness, feeling like they will black out. the things you don't want to be feeling when you are flying well over twice the speed of sound. they are feeling the effects of oxygen deprivation and the pentagon is trying to figure out what's going on with the jets. they think it is an engineering problem. for now they have mandated that they install a backup system in the jets and they are limiting the distance they can fly from the airstrip. in other words if the pilots get in trouble they don't want them to have to fly too far to land the plane. >> that's terrifying. how will this affect the air force's ability to conduct missions? >> in the short term some of the long haul flights over alaska, they have to use other planes to pick that up. big picture this is america's most advanced fighter jet. it is used in deployments over seas and to protect the air space at home. there are real questions the military has to delve into. >> i can imagine. they must be all over that. thanks, chris, for the update. we'll stay on top of the story. >> reporter: mitt romney keeps saying he wants to repeal president obama's health care reform law. next, a report card on what he would do to ensure americans would still get health insurance. later, would you be more or less likely to fly on an airline if they let passengers use cell phones in flight? 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bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. we are continuing our candidate report card series with a week-long look at mitt romney's record. today we dig deeper on his health care positions. john king breaks its down for us with this. romneycare came before obamacare and both are debating points. there is a conflict between what romney did and what he proposes now. central to the record on health care is the massachusetts law enacted in 2006 that has expanded access from 94% of state residents to more than 98% including virtually all children. >> every citizen with affordable comprehensive health insurance, small businesses able to conveniently buy insurance for employees at a cost that's competitive with big businesses. medical transparency, bringing marketplace dynamics to health care. really for the first time. and finally, beginning to reign in health care inflation. >> now though as a presidential candidate romney says he would repeal the health care law arguing washington oversteps its authority and enacting a national mandate. >> we dealt wlt people in our state that were uninsured, some 9%. his bill deals with 100% of the people. he puts in place a panel that will ultimately tell people what care they can have. we didn't do that. what the president did is wrong. it is the wrong course for america. it is not what we did in massachusetts. the people in massachusetts favored the plan by three to one. states can make their own choices. >> he now embraces controversial reforms, the program for the elderly including a voucher or allowance that may not be enough to cover retiree health care costs. >> we want to keep medicare alive not just for the current people that rely on it but for coming generations. it is paul ryan and people like him and me who will preserve medicare and won't cut medicare to pay for something like obamacare. >> thanks, john. here to discuss the health care record of romney, tevy troy and nera tamden. let me start with you. long before mitt romney was running for president before the republican primary began i was covering the health care law as it was being written. my reporting was that the obama white house and congress were basing their plan on the romney health care model that was in massachusetts. is that not true? what are the differences between romney's plan and the president's plan as it exists today? >> thanks, jessica. of course i agree with what was said about how the romney plan was successful in massachusetts. i agree that there are problems with the obama plan. some of the main differences are that the obama plan is 2700 pages long. the romney plan was 70 pages long. the obama plan hikes taxes. the romney plan didn't. the obama plan calls for $500 billion in cuts in medicare. the romney plan doesn't. there are so many differences. they are just different. romney doesn't have ipab where bureaucrats tell people what health care they can get. there may be similarities but it is different. >> you were there helping to craft the plan. weren't there actually some tax increases in the romney plan? >> yes. >> ipab can't be done on a state level. >> right. >> so some things couldn't be done. go ahead. >> we studied the massachusetts plan. i worked at the white house on the president's -- the affordable care act for the president. we studied the massachusetts plan because it was the same plan that the congress was looking at. it has the same idea of insurance market reform. it has the same idea of exchanges where people could purchase health insurance. these are fundamentally the same idea. you know, romney six, seven years ago -- not today when running for president -- but six or seven years ago he talked about the virtue of applying principles nationally. and just on these issues that tevi raised i have to say, you know, romney actually used hundreds of billions of dollars over ten years of federal money to subsidize the massachusetts plan. so that's why he didn't use as much on taxes. he went to the federal purse to get a lot of medicaid money to fund the plan. when you're talking about the costs of the plan they are virtually the same. >> we have an interview from 2009 when we asked -- jim accosta of cnn asked mitt romney if it could be applied nationally. here's what he said. >> do you think this massachusetts plan could be a model for the country? >> there are a number of features in the massachusetts plan that could inform washington on ways to improve health care for americans. the fact that we have portable insurance and that we were able to get people insured without a government option is a model they could learn from. >> he now says he would like to repeal the obamacare or the national affordable care act because he doesn't think it should be applied on a federal level. my question is what happens to the 2.5 million young adults that are currently getting health insurance on their parents' plan because of the affordable care act? what happens to the 60,000 who are getting coverage despite the pre-existing conditions because of the affordable care act the day after governor romney -- say he becomes president and repeals obamacare? >> i agree with what governor romney said in the interview. there are certain aspects he would look at. the entire plan is more of a problem as we were talking about. in terms of what happens after, governor romney has an aggressive plan to fix the health care system after repeal. repeal is the key first step. >> over time. the day after these -- someone is in the hospital. what do they do. >> first of all we have -- which covers people who need emergency medical treatment. our system is clearly far from perfect. there are a lot of changes to be made. there are a lot of people who won't be covered under the obama health care plan. this calls for a lot of health care costs. cbo says there are still 20 million uninsured in 2019. there are still people uncovered under the obama plan. it's not like romney would fix all the problems. the obama plan has problems. it's expensive. it will cost over $2 trillion. >> neera, quickly. >> there are a lot of problems here. >> i think what tevi is saying is those people who have coverage today will lose it. if it is comforting that they have emergency room coverage instead of a doctor's visit that's cold comfort. the challenge with romney's plans is he would essentially have tax policies that mean people lose the coverage they have today. he takes away tax subsidies for employer base coverage. that's a big challenge. people who have health insurance would lose it under the romney plan. that's something to be concerned about. >> i think people who have the plan now should worry about the obama plan. 30% of employer said they may drop coverage. >> that wasn't a nonpartisan study. it was a republican study. the congressional budget office disagrees with that. >> thanks to you both. we could probably keep talking. >> for hours. >> and a whole campaign longer. this will keep going. thank you for being with us. campaign savvy political ads. does that sound like a nightmare? it's reality and you will see ads showing up where you have never seen them before. find out where coming up. [ male announcer ] no one just hands you the title, most advanced technology in its class. it needs to be earned. earned with smartbeam head lamps. earned with vented temperature control seats. earned with an 8.4-inch touch screen. and if you're driving one, you know what it means to earn something. ♪ welcome back. here's kate balduan with the latest news you need to know. >> other headlines to catch you up on. george w. bush was in washington for a speech today on human rights but he made political news. as an elevator news was closing bush told a reporter, quote, i'm for romney. not exactly a splashy endorsement. the obama administration unveiled the plan to combat alzheimer's disease, a form of dementia that affects more than 5 million americans as part of the $130 million mr. obama pledged to research efforts in february. a secretary of health and human services kathleen sebelius detailed the plan saying it will lead to effective prevention and treatment by 2025. don't let escalating dpas prices fool you. memorial day drivers plan to flood the highways for the holiday weekend. according to a survey from aaa, 30 million americans will drive to their destinations. 500,000 more road travellers than last year. they will subsidize the trip by staying at less expensive hotels and not driving as far. i'm sure the airlines will be just as packed. >> just as busy. >> who cares? if you're getting away on vacation. >> take the day off. thanks, kate. next, a deadly mystery. where drivers are warned to be careful if they are pulled over because a killer may be posing as a police officer. and an airline lift it is ban on in-flight calls using your own cell phone. the word that we use is jubilation. as you're getting older, you should be able to do the things that you love. recently, students from 31 countries took part in a science test. the top academic performers surprised some people. so did the country that came in 17th place. let's raise the bar and elevate our academic standards. let's do what's best for our students-by investing in our teachers. let's solve this. this half hour, cell phone addicts and frequent flyers rejoice. hear which airline is letting passengers make calls from 30,000 feet. terror on mississippi highways. two drivers found dead and now police say a fake officer could be the killer. plus, house speaker john boehner said he's drawing a line in the sand on government spending. why he's gearing up for another showdown on the debt ceiling. if you have ever gotten a nasty glare from a flight attendant for fidgeting on your phone after it was supposed to be turned off maybe you should book on virgin atlantic. passengers can now use their phones at 30,000 feet if you are on certain flights between london and new york. cnn aviation and regulation correspondent liz o'leary is here. i can't get the words out. i anyway know it makes some fly ecstatic. >> or annoyed. is this the person you want to be next to for hours? what this is -- and people shouldn't freak out yet -- it's not about using the cell phone, blackberry, iphone on the ground. it's like in-flight wifi but with phone calls. virgin atlantic is doing this. they are rolling out more of these flights. we have seen emirates do it, singapore airlines, british airlines, some of the overseas ones. lobbyists want it to happen. i talked to one of the guys pushing for this. he said, customers want this. we love our phones. >> people want to stay connected. we are not so much addicted to it, but we feel we have to be connected. flying can be stressful. being able to connect, not whether you connect or not but being able to connect might be just enough to ease the nerves of one passenger on each flight and that might make the whole thing smoother. >> about 8 million people have made the calls so far on flights affecting abou