Is because it is being over faced. Melissa all right. Thats all the money we have for you today. We will see you back here tomorrow. Here is the willis report. Gerri hello, everybody. Im gerri willis. This is the things we get. Bailed out insurance giant aig now considering suing the federal government after it received a 182 billion taxpayer bailout, just a few years ago. Why . Well, it claims shareholders were cheated. Fox business Liz Macdonald joins me with the inside scoop. Reporter you know, the inside scoop is that basically this has d. C. Reacting big time. We have congress saying, wait a second. You guys got a big taxpayer bailout. Nell you guys are basically the Poster Company for corporate greed. Now youre the Poster Company for corporate heads but, and actually, it was a letter sent to the board and ceo of aig that said, dont even think about it from the congressman. Gerri they dont like that. Did not like that. And for this to be going on, it has really gotten d. C. In an uproar. The white house is weighing in saying it defends the aig bailout. We have a life jicama and skied democrat saying this is sort of like suing the paramedic who gave the cpr for not giving you a pillow in the process. What is going on behind the scenes. Some funny lines coming of washington d. C. Aig is telling fox business that, yes, the board will need to let me to consider whether the companies to join former aig chief lawsuit against the government. A 25 billion lawsuit. He has hired at really highpowered attorney, david boyce, defend, basically file lawsuits. Its against the new York Federal Reserve. He is contending the government took a ig assets and basically use private property for public use. What he is saying is that aig was actually destroying the government overseers run amok. The afg sold of 66 billion in assets, but what he is saying is that afg was overcharged punitive Interest Rates by the new york fed. Gerri they have a lot of complaints. No surprise. Hank greenberg knows how to complain, and vociferously. The new york fed itself said that, you know what the option to this was . You go bankrupt. That is exactly what the new york fed said. There is no merit to the allegations. But, you know what, the interesting sidebar to this was what hank has been saying since 2011 when he filed these lawsuits. His investment vehicle, look, the problem is that aig was used as up there is a response. He is saying, wait a second. Used as a backdoor bailouts for goldman, a deutsche bank, and general. It is an interesting position to take because what happened was, your member in that dark days of september 2008 when a add g collapsed. The thinking was of the treasury secretary tim geithner said if aig folded, collapsed, the World Economy would be in dire straits. The u. S. Economy would be in dire straits, and the retirements would direct. It needed to bailout. And what happened was, behind the scenes, yes tall wall street firms, lot of money out of aig to settle derivative contracts. By the way, erotically the controversy now is that even though the derivatives were cooked up an aig, so that temerity frantic of borden do this lawsuit, i mean, its quite striking. That is where the crux of the suit hangs. That is, the fifth amendment part of it is that taking private property to settle government, you know, for government use to bailout other wall street players, i think that is where the lawsuit said. Gerri a big lawsuit. I am always interested in what Hank Greenberg does. A smart guy. And very colorful. Gerri and very powerful. His insider nickname at the company, a cranky tank. Just thought i would share that with you. Gerri that is probably true. Always good to see you. Thank you for helping us out. Appreciate it. On to another story, and you probably heard about this. Eight and a half billion Dollar Settlement with the countrys biggest banks has critics wondering if the government is trying to shake down these Financial Industries in the wake of the mortgage miltown. Consumer advocates say, its consumers who are getting the shaft. Banks, they say, should put a more. Joining me now, Anthony Sanders to realestate editor and ceo of the Neighborhood Assistance Corporation of america. Welcome to you both. Great to have you here. Im going to start with you because you told us that you thought what the government was doing here was Wealth Redistribution plain and simple. What do you mean by that . What i mean by this, this is really the 15th Administration Loan modification program. They cannot go through congress and get another. Fhfa wont approve the big principal reduction is the way demonstration has helped, so the regulators, the occ is now engaging in, whether its eight and half for 10 billion of new modifications. This is just something, kind of like the trillion dollar coins that are bypassing the constitution. Gerri but youre not answering my question. Why is this Wealth Redistribution . Taking money from the banks and handing it out to people that they be more the. Gerri all right. Do you agree . Lets feel sorry for the banks. I mean, come on. What is, you have to do your homework. The independent consultants. If you talk to the independent consultants, what they say is that they are documenting that the banks of modifications that were available for tens of thousands, hundreds of thousands of homeowners, and those banks did not give those home owners the opportunity to save their homes, so they lost their homes. So the independent consultants are out there showing that these banks were doing violations, doing illegal activity, taking peoples homes, the opportunity was there. Also, this is not a net billion dollars. Its just over 3 billion because the soft money is not real. Gerri oh, come on. Lets let anthony get in here because i think he will probably make some important points here about who is getting this money, first of all. A lot of it is going directly to borrowers. One of the questions our viewers as prehnite, should we be bailing of consumers who made bad decisions about loans . Well, first of all, he card leak he called me karl. Secondly, the issue, but any case, the problem, this is real money. Point of view on this. I think this is coming straight out of the banks. This will end up mummifying the Mortgage Market even more. Fees will go up, and there will be less mortgage availability. I dont think this is a particularly good idea. But to the banks want this settlement. The banks want the settlement. Gerri Anthony Sanders. Anthony. Okay. The banks want the settlement because the independent consultants at the banks are showing that the banks are engaged in this activity. Listen to this. The homeowners were available, modification that was available based on the lenders underwriting criteria. The lenders never provided it to the home owners. The homeowners lost their homes. The independent consultants gerri come on. You know what kind of mortgage you can afford. You know what you can pay each month. Why is the consumer responsible . This is what this is what modifications out there that were available and the home ours lost their homes. Of course they need to compensate the home owners for their activities that were wrongful acts. That is the american way. If you are regulated gerri that is the american way . The american way, is it the american way to make consumer so when they make bad decisions . No. [talking over each other] gerri let at the talks. Please. Let anthony get a word in edgewise. If i get to las vegas and gamble my money and lose, dont code to a tent and say, can i can you please reimburse me. Just for the record, starting in 20018, fannie mae and freddie mac purchased 30 percent of the portfolio. That means low picus court. So they have been brewing this risk, giving its homeowners of canada for the loans. Suddenly everyone goes to moscow, my gosh. Those eu evil banks lend me money when i could not afford to repay it. We have to draw the line somewhere. Gerri and i have a question for you. One of the findings that the sec talked about in their Conference Call with reporters and others was that the number of people who are harmed financially by these loans, only six and a half of the total. This is interesting because you would think that everybody who would be eligible for money who would get money would have been harmed financially. It seems that that is not the case of all. How do you respond to that . If you talk to the independent consultants out there that we have been talking to, they are telling guess is that they were just getting that information now, and they were finding wide spread abuses by these banks, but now theyre stopping. The one time in really history where you do independent review where they are finding gross misconduct, they stopped it in their tracks. The lenders wanted this to end. A delicate one. And just to go back to the previous point, when theyre is a violation of the law we used to have a standard where everyone was responsible. Some of these lenders are getting off without. Gerri that argument works against you. Quickly, what both of you to state what should happen here. And i will start with you. What should happen here . The home owners who lost their homes through the wrongful acts of lenders need to be properly compensated and where appropriate their homes back. Gerri all right. What do you say . I dont disagree. There was a wrongful foreclosure or default, there should be compensation. The problem is, think the vast majorities or not our fault. There is nothing wrong, and if you misspell mississippi, that does not qualify you for lama of la modification. But you and i uni agreed. Gerri one at the time, please. All right. Respond, and then we will leave it there. We agree to the point that if there was damage done to the households, but in the case of the robosigning, you cannot really show damages. Thats mile point. Gerri okay. We have to agree to disagree. I think both of my guests were coming on tonight. Thank you for being with us in the ticketing your point of view. I think it is an important one. Always a pleasure to have you want. Thanks to both of you. Thanks. Thanks. Gerri a fox business alert for you now. Well, i have reported a lot of this show about the stock market and how it can be every game, how individual investors have to play second fiddle to the pros. One of the places where they have the upper end is socalled dark pools. These are price changes up to the general public the New York Stock Exchange and the nasdaq. Nearly one in seven stocks are bought and sold in the pools. Now, the financial end of Financial Industry Regulatory Authority is stepping of oversight of these trading platforms and increasing its surveillance of highspeed trading. The moves are part of an overall effort by regulators to try and keep of with the fastchanging market. Boy, i hope they do for our sake. If you are fired up about this or any of the issues on the program, john b. Drop me an email at gerri foxbusiness. Com. Coming up on the willis report, planned parenthood milking taxpayers for every penny it can get. New figures are out. Oliver how much is coming at a your wallet next. In 2013 Consumer Electronics show is off and running, promising to be bigger and better than ever. Consumer reports joins us to preview some of the hottest gadgets this year. Also, should we prepare for more road trips this year . Will well 2013 have in store next time you travel . Nutrients for your trip planning. Were on the case next on the willis report. Gerri well, you might remember last year about this time, planned parenthood were in the headlines after the susan g. Coleman foundation cut off funding for the notforprofit. For its part, susan k. Komen said that planned parenthood was doing fewer and fewer mammograms. The nations primary advocate for the prevention of breast cancer. Planned parenthood to the planned parenthood president says they could not believe other about to this kind of bullying for antiabortion advocates. That was one of the nicer comments. I have to tell you. Other women called the move disgusting and acts of cowardice. On and on. Ultimately, they change their mind, but not until after some of the most brutal women on women named calling i have ever which brings me to today. Planned parenthood, which prefers to be described as a Womans Health organization rather than the go to abortion source that it is largely known as. Reporting a record year for both abortions and taxpayer funding. Here are the numbers. Planned parenthood performing a loss 334,000 abortions during the last 12 month timeframe. That is up from around 329,000 in 2010. And it had a record year, a banner year when it came to government funding. Look at this. Al system the process live group susan b. Anthony shows the organization that a record 542 million in taxpayer money by the way of government contracts, grants, and medicaid reimbursement. Thats almost half of the organizations budget. Ultimately, the reverse the stands and gave planned parenthood money because the outcry was fierce and ferocious. About what todays record budget reveals is planned parenthood is not under arrest, certainly not financial dress. Next time you hear planned parenthood is being held back in some way by antiabortion advocates or others, dont believe it. Theyre doing just fine. In fact, theyre doing better than ever, and you are picking up the tab. Thats what i think. We want to know what you think. Here is our question. Should taxpayer money goes to planned parenthood . Log on to gerriwillis. Com. But on the righthand side of the screen, and i will share the results of the end of the show. We have more coming. Democrats trying to get the Supreme Court involved in the debt ceiling, and we will take you to the annual gathering of each and gadgets that the Consumer Electronics show in las vegas, including the worlds first smart fork. Im not making that up. They say it will appeal lose weight. Stay with us. [ male announcer ] how do you make 70,000 trades a second. Reach one customer at a time . Or help doctors turn billions of bytes of shared information. Into a fifth anniversary of remission . Whatever your business challenge, dell has the technology and services to help you solve it. Whatever your business challenge, we asked total strangers to watch it for us. Thank you so much. I appreciate it. Ill be right back. They didnt take a dime. How much in fees does your bank take to watch your money . If your bank takes more money than a stranger, you need an ally. Ally bank. Your money needs an ally. Gerri we are covering in like a blanket. What is the craziest New Invention . Youre going to want one and will show you next. Gerri the worlds biggest annual Consumer Electronics trade show. Kicking off today in vegas. He would collect some of the years most wacky gadgets is paul reynolds, an Electronics Editor for consumer reports. Good to see you. You have some pretty silly stuff there. I want to hear all about the smart for that is going to turn me into some kind of stuff person. How does that work . Can you show me . This is a 99 gadget. And what it does, it is called the happy fork. What it does, it actually keeps track of how quickly you eat. You can program it to tell you if you are eating more quickly than you should to lose weight, for example, or if you have acid reflux, and it will program you to eat more slowly which is shown tell people reduce weight. You look this up your computer. It programs it. It vibrates when youre eating more quickly than you should. Gerri one of those things that sounds good in theory, but in reality i dont know if that is going to stop me from reading, my friend. Well, you know, i guess anything is worth a try. A figure for 99 this thing will be out in april. Gerri go get a plastic fork. And apparently it is even dishwasher safe, they say. Gerri i guess that is what you would call a selling point on a happy fork. Lets talk a lot your Wireless Charging in blue to sharing. This sounds like, you know, another century invention. What is going on. Well, here is the thing. We are seeing more Wireless Charging year at sea as where you dont have to look up your phone in order to do that. More and more funds that you can put on to pat that will charge them without a court. What this one does is combine that, a court on top, with the ability also stream music from the phone in to this box, so while you are charging your phone, you can also listen to music from it. That is the idea. Combining to things in one. It is kind of a cool combination gerri that is amazing, and i am sure i would have no idea how to set that thing up. You have what you call and this is funny, water and theres resist water and air resistance cell phone. What do i need that . Well, water resistant phone because, you know, who knows. At some point this kind of thing might happen. You might end up dropping your phone in the toilet, dropping your phone wherever. People worry about that, and the great thing about this phone and one or two others that have been unveiled here, it still works fine. You put it in the water and it will be fine for up to half an hour. And what is good about this is previously you could get these kind of phones that work weather, water resistant, but they were not great phones. These bonds, a couple of really good ones. The sony expiries see which is the new functions are found. This has very good specs, every sign of being a very different, but it also has a water resistant, so you dont have to have a big fat heavy phone anymore to have this kind of protection. People really do worry but the smart phones. They worry a lot about losing the. Gerri that would not be bad in new york city where everything seems to be of all about the selfdrive lexus. Tell us about that. Well, again, it is a car that will use toyota launched this Research Vehicle which is a selfdriving a car. Gerri do you have to drive with all of that yes. Gerri you do . Really . Yes, but it is a Research Vehicle, first of all. Second of all, to allay the idea that we