Gerri lets get to the top story. Hedge funds coming for your many. With the advertising blitz fullpage ads cold calling. And these guys have reason to do this now. Judging by recent performance they have done a terrible job to manage the billions of dollars they already have. Here now personal finance expert, a welcome. With all of the solicitations. The sec reverses theeeve yearold rule to be of the solicitation. Also private equity funds and consumers are calling foul. Are they at risk . Has potential problems the market place will look different in a couple months when the changes take effect. Companies with little or no Operational History soliciting funds they will be on your tv will see the huge billboard on the tv. Maybe even on an facebook. Gerri theyre already on twitter. There is another one that says no information like the inside information. Here is the bottom line. With the index funds charging 2 and another 20 off the top. See even if you have access to the best hedge fund what does that mean . They have to appeal to the masses even only certain income levels over the past couple years, a big deal. They will still go after these guys fast furious and give the mutualfund industry are rise also they try to get the wealthy people to invest their up against different restriction so it is interesting to see how that plays out. Gerri people are smarter than this. Our viewers are too smart to get caught up in this. Did you make over a certain amount maybe you are more sophisticated but investment schemes go across all socioeconomic. Gerri bb so but our viewers your ears are very savvy. Gerri but there is a flip side. Private equity, that is the stock market. Also the highfrequency firms string of the market. It is not a safe place to invest with individual stocks maybe how do you do that . You do not do the ipo because you cannot get a good price. Bb this . Sun will be legitimate some will be fraudulent some will hit the unsuspecting investors to have their way. Gerri that is the bad news and some people will get caught up in that but that is the onus on the input individual investor because they will not get any help as usual. The usual things you should be doing anyway. And the remainder to be taking extra precaution. 60 days away . I know you will be watching. You come back to tell us what you will see. I will. I will do that. Gerri Federal Reserve officials are not on the same page at because investors are obsessed with they will slow the stimulus and ben bernanke try to clear the confusion and peter barnes is in cambridge massachusetts to jointly with the latest. Investors were waiting to get any word from ben bernanke about tapering the quantitative easing bond purchases of 85 billion per month to keep longterm Interest Rates down and of fed chairman sellas like he was interested in that later they and souders. An appointment at 7. 6 if anything overstates the help of the labor market given participation rates and many other indicators of the underemployed and medium long term unemployment. Were not there with maximum employment mandate. With price stability stability, inflation is 1 that is below the 2 objective. So both sides said the mandate employment and inflation say that we need to be more accommodating. But the fed chairman spoke a couple of hours after the minutes were released of the meeting back in june and it is not clear from those minutes that the chairman has the full support of the other fed members. Here is one key line for the minutes several members had judged that the reduction of acid purses purchases would soon be cumulative decline of an employee batson september in 2012 in the ongoing increases of private payroll which had increased their confidence in the outlook for sustained improvement in labor market conditions. But then it also shows half of the fomc participate in its belt quantitative easing should into late this year. Back to you. Gerri now the latest edition yesterday we put the irs of the walsh team for leaking thousands of Social Security numbers of wind. But today is good news from illinois of all places. The newest member is democrat governor using his line item veto power to suspend a state lawmakers pay because of the inaction on the 100 billion pension crisis. He says there will be no paychecks for legislators until they get the job done. Imagine that. Know if we can only do that washington bbv would see a budget. More to come including half of the James Galdolfini estate goes to the irs we will tell you the same step to take to not fall into that trap. This time fighting crespo negative cholesterol if we will get one doctors opinion after the break. Weekdays are for rising to the challenge. Theyre the days to take care of business. When possibilities become reality. With centurylink as your trusted partner, our visionarcloud infrastructure and Global Broadband network free you to focus on what matters. With Custom Communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. Every day of the week. Centurylink® your link to whats next. Gerri a medical game changer a gene marker for cholesterol that could prevent heart attacks in hand igniting a race to be the first to offer the drug. We have a cardiologists. Dr. Campbell, this is fascinating. This means i can eat anything i want but pharmaceutical companies are racing to develop this drug which sells like it will be really expensive. How does it work . It is a game changer. Cholesterol is one of the most important risk factors for Heart Disease for every 1 percent to lower cholesterol number you will reword death by 1 this is an injectable once or twice per month and it pushes the numbers down to the lower ranges in the have ever seen before. Gerri lets give some background. A couple of people out there with the mutated gene they have cholesterol levels 14 or 15. Unheard of levels if we couldat would help so many people. The possibilities are amazing. Absolutely. If we could modify the risk factor such as high cholesterol we could impact disease with the rising cost of health care if we could prevent heart attacks in the cost associated with it it could be a game changer. However the other side is that they make you very theyre very expensive because they are ince one negative expensive to make. Gerri is unlikely they will not pick up the tab . Lb difficult to get insurance expensive to make. Companies to cover this i spent a good amount of time arguing for them to pay for my patients. If it is a game changer in the long run they may. Gerri theyre already testing the drug to fight amazing results for golfer way could we see this introduced . The fda approval process is long. at least 12318 months to complete the Clinical Trials then present the data and let them decide if this is good to help the patients. Gerri what companies are likely to be first out of the gate . Those that are far it be a star amgen, a fee and pfizer. One of these already has plans plants offshore to start making the drug taking there will have a big return gerri thank you for bringing this. You will answer the question next how you do that . Had you keep your estate safe from the irs . How the government is spending your tax dollars dollars, using the many to spy on you and the phone companies are maaing many. We will explain. If youve got it, you know how hard it can be to breathe and man, you know how that feels. Spiriva is a oncedaily inhaled copd maintenance treatment. That helps open my obstructed airways for a full 24 hours. You know, spiriva helps me breathe easr. Spiriva handihaler tiotropium bromide inhalationowder hours. Does not replace fastacting inhalers for sudden symptoms. Tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an larged prostate. These may worsen with spiriva. Discuss all medicines you take, even eye drops. Stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. Other side effects include dry mouth and constipation. Nothing can reverse copd. Spiriva helps me breathe better. Does breathing with copd weigh you down . Dont wait to ask your doctor abo spiriva. Gerri James Gandolfini leaving a large amount of money to friends and family but the lions share will go to the irs. 30 million is heading straaght to of calcium with a death tax. But does not include the state taxes. How a kid you avoid this . To a degree now realestate e. Turner attorney. 30 million goes to uncle sam what did he do wrong . It is easy for us to look at the media in the payroll in the sky to say he did subbing wanted in a Perfect World that you stayed buried forever in you give your wife everything. Gerri the wife should always get everything. But she doesnt pay taxes gerri the wife can take it all with no tax is . Exactly. Number two if you get everything to charity, and the taxes. Period. Number three, he could give out gets yearly, 14,200. Gerri but what about a trust . There was the real vocable trust for property when you put that into a trust not only doesnt skip the taxes but it freezes the day it goes into the trust. In his prime he bought a home. Now 2013 it is worth 60 percent more. It doesnt matter if it freezes 1980s all depreciation is nontaxable and up at 10 million is also not taxable. If you put into a trust he is not paying taxes. Gerri he was only 51 i am sure he was not thinking about this but the tax bill is due in nine months. Not exactly but they get an Automatic Extension so it is 15 months but then they have to put down a reasonable estimate. That could be a problem because you normally paid taxes at of your assets but now they paid before they get the money. But the good news is the irs will work with you they will set up a payment plan and charge interest so that helps you out. Gerri you can do that every year. Talk about thh death ax is generally and what levels you have to pay and how does that work . In 2010 when steinbrenner didy paid no tax on the estate. But right now you pay 40 percent minus the 5 million exemption 40 million to the irs in based in new york york, manhattan, he has to pay 60 percent state tax plus 40 death tax negative 5 million exemption federal and 1 million exemption state. Gerri you mentioned the wife there is a complicated situation his wife is not the mother of his son. What does that mean . When he married her in 2008 he did not give her everything he wrote this in 2012. He gave the wife 20 . Every wife in new york has a right to get onethird no matter what. She can elect not to take a 20 and take a 30 he would have been better off if he gave her the 30 percent and then helped her with the taxes. He definitely used an attorney i dont know how good the attorney was but. Gerri also at 51 he probably wasnt thinking Something Like this would happen in so early. And nobody is thinking about mortality at age 51 and you cannot plan especially with the volatile relationship with your family cannot plan in the we are vocable trust you cannot get it back. It is there for ever. That is what it means these words actually mean something. We try to break that but that is a different story. [laughter] but if he gives it to someone he may not get along with an five years that is a mistake but from heaven he may think he made a bad idea gerri they are more difficult when you make them yourself. He did you probably helped a bunch of people make good decisions todayy what do think . Is it time for the death tax to die . I will share the results at the end of the show. We although nothing is certain but death and taxes even earning money long after you were gone. Which a member of the afterlife earned the most in 2012 . That is the top five. Number five job and in. 32 years later he earned 50 million thanks to the new and remastered music. Never fort Charles Schulz the peanuts creator still earned 26 million. The holland lot and Holidays Television specials on our favorite. Number three maryland darrell five decades after she died still raking in 30 billion in 2012. Number two Elvis Presley marking the 70th anniversary which help the king of rockandroll earned 60 million and number one richest dead celebrity he Michael Jackson three years later birding tour ended Million Dollars in 2012 from a radio airplay, a merchandising feature films and album sales also elizabeth taylor, Albert Einstein and dr. Seuss. Nothing is free any more by doubt how much taxpayers are paying for the government to spy on us. How the government from a major recovery . From our fox business studios in new york, here again is gerri willis. Gerri taxpayers picking up the tab for the government of wiretap us. According to the asssciated press of federal government is giving millions to Telecom Companies in order to listen in on taxpayers private conversations. Here to weigh and, senior Political Columnist for the washington examiner. Welcome back to the show. Who is getting tapped and is it right that we are using taxpayer money to do it . This is about wiretaps, not just about the government collecting this sort of message data of who you are calling in all of that, but they can do it without warrants or anything like that. This is about people they are suspecting of being criminals and terrorists or Something Like that who they have probable cause on, but if at t is going tell wiretap your telephone and listen in on your phone calls, that costs them money. There is no good answer. Of course it would be wrong test at t with the bill, so the only other alternative is to stick you with the bill. Gerri it is always me, jim. It is always me. Lets those shows some numbers of how much this costs. It in federal cases its just under 3 million. Its a pretty significant chunk of change. Kino, we talked a lot about what you describe as met today. This is google, yahoo, collecting all this information which is free. They do not charge the federal government to turn that over. Is there any instance in which cricket, at t, verizon are not charging the government for this information . Well, to the degree that i cost the company money, the explanation is that they are covering their costs in providing it, but also we know that the Different Companies are charging different amounts. And so it is not like their is a market out there where prices are being set by market forces. The company says, will try to do this. Is someone making a profit . Here is why i am upset. I love profit. I dont mind profit, but if a Telephone Company is profiting off of wiretaps of its own customers, then you are creating a lobbying force for more wiretapping because that is the way it works in washington. Gerri from making my head hurt. Once someone gets ridge of the government and the government grows more the wake. Gerri here is what makes me mad. Shouldnt this be disclosed . Absolutely. Gerri you dont disclose it disclose it when you are going after drug dealers, but afterwards our like to know how much money you are spending of my money. A lot of the spending when it comes to intelligence operations is never disclosed because we dont want them going out and saying, well, this is how much we are paying for the secret listening device and that the caves of northern pakistan. That protection that they get for being intelligence agencies were conducting secret operations is extended to the point where all of a sudden because we do not have good transparency, there is not really a democratic accountability. We did have congress go ahead and get this information, but they did not even know it was there for years. We dont have the ability of democracy to work with these intelligence agencies are keeping this information secret. Gerri apparently we know nothing. That is all the information i have been able to surmise as we find out everything that is being kept from us and others by the federal government. It is astonishing. Thank you for coming on. Appreciate it. Thank you. Gerri it is time for the stories that you are clicking on on foxbusiness. Com. And up and down day on wall street. The stock market turns higher after minutes from the fed policy meeting shows they were not ready to slow down stimulus. Investors change their mind. The price of oil rising nearly 2 as the u. S. Government reported another steep decline in our nations supply. Oil has risen 12 per barrel or 13 in the past two weeks. The initial reason reason for the job was the unrest in egypt. A federal judge says the evidence was overwhelming that apple conspired with publishers to raise electronic book prices back in 2010. The judge says that apple knew that no publisher could risk acting alone. Apple stepped in to help. The Company Continues to deny any wrongdoing and says it will appeal. The tribunal wants to split its broadcasting and publishing businesses. The move will let one company take advantage of the growth and broadcasting while the other focuses on its struggling newspapers. Twentythree tv stations along with major newspapers including the Chicago Tribune and the l. A. Times. And those are some of the top stories right now. Coming up, you have heard the old saying, what happens in vegas, stays in vegas. What is currently happening with housing in vegas should definitely stay there. A nnw state law makes it much harder to foreclose on people who are delinquent on their mortgages or who have abandoned their mortgages altogether. Some people are just basically living in their house for free. The ceo of teen Team Investments is here to help break down. You know, this is one of those situations where it is the law of unintended consequences. The government wants to fix the problem with foreclosures that have gone awry so they put in place rules and totally screwed up the market. Tell us what is going on here. [silence] gerri unfortunately we cannot hear right now, so we will come back. Just a few minutes. When we come back, a look at the changing world of Credit Card Rewards and it next, our Farmers Markets really more fresh them what you buy the supermarket . Were putting some of your favorite fruits to the test. Stay with us. She knows you like no one