Control which will be required on all trains. Its been delayed in a lot of cities and states including new jersey, but no doubt, politicians seizing on that. Another politician interviewed on fox news saying its a sign that Infrastructure Spending is a low priority for congress and that is why we keep having events like this. Again, that begs the issue that if we had more Infrastructure Spending or more spending on trains or High Technology trains, we wouldnt have. Let alone the fact we dont know what caused this. But this happens every single time. So much to get into here. Heres what we know thus far, one person is dead, a hundredplus are injured in this accident today. The accident, whose cause we still havent discerned even though a number of politicians have already concluded. Adam shapiro with the very latest. Adam. Reporter and, neil, you can see part of the train station behind me. Let me bring you up to laters on what we know about the latest on what we know about the people who were injured, and this is coming from the jersey city Medical Center. They are treating 40 what they call walking wounded and eight seriously injured patients from the train crash. Again, 40 what they call walking wounded and eight seriously are injured patients from the train crash. Im going to step aside so we can show you the station. You dont see the portion of the station where the train jumped the track and then caused damage. What you see is the outer part of the station where people go into the waiting room. A what we know is that at 8 45 a. M. , the train had left spring valley, it was on its way to hoboken, and people on the train who ride this train daily say that usually it slows down and then moves very slowly into the station. That did not happen and, of course, we had the accident. As you said, one person confirmed dead according to new Jersey Transit. New Jersey Transit also was very they were emphatic when they said the conductor and the engineer, and these are their words, are very much alive. Now, the conductor was taken out by emergency crews, had to be taken out from the front of the train and has been transported to hospital, but again, new Jersey Transit says conductor and engineer are alive. This is crucial because the ntsb is sending what they call a go team to the scene to begin the investigation of what actually happened. And speaking to the conductor will be a key part of that investigation. As i wrap up, neil, want to let you know whats coming in the next hour or two. Theres going to be a press conference here at the scene with the mayor of hoboken, and we presume officials from new Jersey Transit. Theres also going to be a press conference in washington with an administrator from the ntsb. Again, they dont know what caused the crash, but this is the next line of information that were going to be getting. Back to you. Neil all right, adam, thank you very much. On the phone with us is bruce blakeland, the former Port Authority commissioner. Commissioner, very good to have you. We are getting a messager from new York Governor Andrew Cuomo commenting on todays developments saying that the state is working closely with the new Jersey Transit new jersey authorities as well as Port Authority members to get to the bottom of this, so theres not much we know outside of the high rate of speed the conductor was going at when he crashed into this facility. Do you know anything more . I do not know anything more yet, but the new Jersey Transit rail system, the Port Authority path system which is a rail system as well and metropolitan transportation over on the new york side, theyre all intersected, and they are probably meeting right now. They have an Incident Command Center set up where members of all of the transportationrelated agencies will be meeting along with Law Enforcement people, Emergency Management people, eventually neil and thats whats going on now. Sir, i dont want to interrupt you, but were getting some updates from hoboken hospital officials, many of the victims were taken to that hospital. No, there were no pediatric patients that came in. [inaudible] im sorry, i couldnt hear what you said. [inaudible] sum up the nature of there were 22 patients that came in from this accident. There were five lacerations, three fractures and the rest were minor injuries of bumps, bruises, or shortness of breath, chest pain. So nobody would be characterized in serious or critical position. No one from here is critical. Is this [inaudible] can we assume that everybodys in triage [inaudible] yes. We heard that oem and ems did a great job of doing their full triage at the scene, their mass casualty triage and taking care of every single patient at the scene. And at this point, the scene is cleared of any victims. Do you think any of the patients will be admitted to the hospital . Its a possibility that patients will be admitted to the hospital. How many from here will be admitted . At least one. [inaudible] yes. This is something that we train for. Emergency management and the full incident command is fully. Facilities they owned just in case we had to transfer any patients there. One patient was seen at christ but, yes, this is something that most Emergency Departments do train for. It is to be prepared for mass casualties so that theres never any question of what to do at anytime. The patient at christ. What is their status have they been released . Theyre stable at this time. I dont know their disposition at this moment. Can you confirm the patient i cant confirm that i dont know what he told the patient. [inaudible]. [inaudible]. Good question. And that is often determination by ems of the situation and the condition of the patient. There is. Neil well continue to monitor this official from hoboken hospital that has taken in 22 of those who were injured in this mornings train crash. None in lifethreatening conditions. Not even critical condition. Sounded like a few would be admitted to the hospital to stay overnight. Back with bruce blakeman, former Port Authority commissioner. Commissioner, were already getting word that nancy pelosi, the former speaker, House Minority leader, now is saying this might have been, this might have been stopped had we had positive Train Control Technology in place, in other words something that automatically slows a train down that might be going too fast. What do you think of that . Well, obviously that is another technological device that is available. It is very expensive. I know they are instituting those types of devices throughout our Transportation Network in the northeast. I do not know whether this particular line or this particular station had such an automated neil did it nod, sir. Im finding out it did not. All of this is coming, delayed, implementation of this technology has been delayed. But could that have played a role here . In other words, there was no override for it slowing down . I think that is what she is saying. The operative word, could, yes, it could have played a role. We dont know human error, alcohol, drug, mechanical, distraction, technological. Neil im so grad you said that you know what . Im so glad you said that youre waiting to find out what the heck happened before assigning blame which is a novel concept. I wonder, commissioner, people will be looking at this an wondering, how safe is my train . This is luck of the draw that the conductor, can you explain the process authorities go through in your day, what you went through to get to the bottom of an accident . Well, basically, the first thing we would do is rule things out. That is it what the National Transportation safety board is going to do. They will take a look at this. I dont think terror was involved or criminal activity. I certainly wouldnt rule it out right now. They will start to rule things out and zero what may have happened, whether human error, whether technological, mechanical, or something else. National Transportation Safety board will first try to whittle it down and focus on a few things that they think may have happened. They will probably know that sometime by 6 00, 7 00 this evening. They will have a handle. They will probably look at criminal activity and terror first because it is unlikely that that happened here but they will look at it, and then they will look at all the other factors that may have contributed to this accident. Neil how quickly do they check on the constructor or check on the fellows in the front of that train . What do they do . Well typically, when an accident like this occurs there is mandatory drug and alcohol blood test that is taken immediately. And then the conductor or the engineer as the case may be, is interviewed as soon as possible, to get Fresh Information and to get it in an accurate basis. So my guess is theyre going to start interviewing people immediately. I imagine Law Enforcement is already doing that. The ntsb go team is probably there already because they probably would have rotated somebody out of washington or some place closer by. So theyre either there or theyre close by and when they get there they will take over. Theyre the lead agency. Unless there is terror or criminal activity. Then it would be the fbi. But the ntsb is the lead agency. They have done these drills before. They work with Law Enforcement, Emergency Management people and all the Transportation Networks to find out what happened. Neil we never. You exactly what was the status of the conductor, i believe commissioner in the 2015 amtrak Train Derailment in philadelphia. That is the one that left eight people dead. There had been some thought he had a medical emergency. You would have to update me on that but they immediately tend to, ntsb as the default investigator they look to that sort of stuff, right . Yeah. They will look at sleep deprivation. They will look at distraction. Was he looking at his iphone or his ipad . You know, was there drugs involved . Was there alcohol involved . Was there just simple negligence . They will take a look at those things and make a determination whether it was human error, and if they rule that out, or if they put it to the bottom of the list as unlikely, then they will look at mechanical failure and technological failure. Neil all right. Commissioner thank you for taking the time very, very much. We appreciate it. Again to update you on Governor Cuomo commenting on this and stating the obvious for new york area commuters, theyre in for some difficult sledding in the next couple days. Ferry service to new york city from nearby terminals has been shut down. Commuters should expect, quoting the governor, major delays into new york city those of you out in the west and other parts of the country this seems to being be a big deal. This is more important to the busy new york area quarter, socalled northeast corridor that get as great deal of attention and certainly a great deal of funding from you no matter where you are in this country. A lot of people questioning where that funding is boeing. Whether they spend enough. We already heard that i raise for you that Inconvenient Truth hits those within the come muting range here or not. We have the phone a Railroad SafetyOperation Consultant as well. Richard, thank you for taking the time. Any early reads on your part . Neil, im looking at same thing everybody else is right now. Without jumping to any conclusions it is obvious the train went through the bumper blocks and into the station. They are im sure actively looking for or maybe already found the event recorder box, the black box, that is the first they want to pour over. Neil what does the black box say . Similar to airplanes . Its similar. A black box on a train is sealed good to avoid catastrophic air incidents. In a train it is usually a box located in the nose of a locomotive or in the ceiling or in rear of commuter car such as this this looks to me what im seeing from tv what we call a pushpull operation. Locomotive is always on one end. You operate from the locomotive going from one direction. And it is pushing when youre operating from the cab car in the other. I think they were operating from the cab car here. So when they get that black box it is simple as taking a laptop, plugging it into the black box on the train and downloading it. It is that simple. Neil there are a number of witnesses and those on the train felt it was going fast. That it wasnt slowing down when it was approaching the station. Obviously that raises issues about the conductor. Raises issues about the train itself. What does that tell you . What does a normal procedure . I would assume, sir, as you approach a station you do slow down. That did not seem to happy here. Right. Theyre probably operating at speeds up to 80 miles an hour up and down the line, maybe even faster. When they start approhey will gs of signals, wayside signals like traffic lights that will tell them to slow down or approach to slow down or whatever and, you know, those are meaningless if you ignore them, like running a red light. So if, if the engineers had some sort of catastrophic event, if he had a medical emergency, if he has had a heart attack, passed out or he just fell asleep, nodded off, that is going to just go by the wayside and you know, here he comes down into the station barreling into the butting block. Neil well watch very closely. Thank you very much for taking the time. We have another big story were following of course in the Business World and that is the grilling and i do mean the grilling of wells fargo ceo john stumpf. As you know he already had to give up 41 million of his pay, a called clawback urged by the board, embarrassed, probably humiliated more the word, give the chairmans bad performance last week before a senate committee. I got to tell you he isnt doing a lot better before a house committee. I want to dip into a little bit of this grilling here because what theyre essentially saying to a man or woman, depending on their party of course he has got do go and things have to change at wells fargo. What is interesting, theyre not letting him talk at all. Take a look. Low level employees because they almost brought down one of the greatest companies that our country has ever known. I remember wells fargo, the old wagon train days. So im happy you got rid of those employees. And i sam sorry for your loss, your 41 million. Im sorry for the loss of the investors whose stock dropped. But, i am wondering what the relief his for one of my constituents . I have her letter and i want to enter it into the record. She worked at wells fargo. Without objection. Okay, thank you. And she started making 13 an hour and she ended making 15 an hour. She is one of the whistleblowers, complained to the manager. And then they changed her performance numbers and pushed her out. So she is person who kind of lost her job and other stuff that happens to you when you make 13 an hour. 15 an hour, im sorry. And, youre pushed out by people because you dont want to, because you dont fit in with the expectations and the culture. What is the remedy . Is there a fund for these employees, the good ones, not these 5300, you know, 12 an hour, 13 an hour employees . What is the remedy for my constituent at wells fargo . Yes. We want to know about everyone and were going to review their files for anyone who had anything to do if they were she has a case with the equal rights division. How come she couldnt come to you and tell you . We have people she can talk to. No the people she talked to fired her. We have Corporate Resources here of the if you could give me that name, congresswoman i want to ask a question. I have 49 seconds. I was very disturbed to hear about, you said that the numbers were just not large enough to the rise to the level being material for security law purposes. I guess i dont really understand that. You, would you as an investor invest in, sort of the Bernie Madoff type enterprise it seems like it was, huge dividends. Would you make this kind of investment yourself . This is not any, this is a Quality Company who made some mistakes but our investment thesis is all about our capital, our growth. I got nine section left. I want to ask this one question. You have stated previously that you think doddfrank overregulates. Do you still believe that . I never said that. Oh, really . I dont recall saying that. Time of the gentlelady has expired. The gentleman from indiana, mr. Stutzman. Thank you, mr. Chairman, and, mr. Stumpf neil i want to bring you up to speed what is going on here. Were focusing on it will developments. Not only happening in the new york metropolitan area with the train crash in hoboken what seems to be unraveling john stumpf, ceo of wells fargo. He already had to give up 41 million of his pay package. That could be significantly more. He still has 150 million of that pay package. Dont cry for him just yet. What is interesting in this sort much bipartisan grilling of the wells fargo chief, what he knew and what he knew it. Sort of a watergate style questioning he had to have been aware of thousands of accounts added and business boosted and to say he was ignorant would stretch the laws of incredulity. Others are saying he is the top chief. He is the big guys. All he knows that accounts are being opened and he is satisfied with the results. Revenue is coming in, even though it wasnt much revenue. So much to do about nothing. When he became aware of this he says that he realized these were bogus accounts, false accounts, he put a stop to it, so it took some time. Folks say youre in charge and you know what is boeing on or if youre not, youre a