What is left of detroit. Pension fund, union and debtholders scrambling for their cut after the city declared itself bankrupt. But what is haening in detroit may not stay there. It could have big implications for the rest of us. With us now from the frontline rategy company and wth yard advisors. Am going to start with you, this is onof the most talke about bankruptcies before it even happens and certainly the largest that happened t too long ago. What do you make of this . It is a tale of two cities if you dont mind me. Stockton was a perfect storm of a very intense time of overspending, overpromising and under developing where troit is a systematic breakdown what wou have been progressiveve polici in the socialgenda front. I grew up south of detroit in ohio, went to the city on a regular basis. It was a magnificent place. To seet deteriorater you have a a huge pension obligatio, the fact the tax base has left metropolitanarea, buildg up over the last 15 to 20 years, it is the perct storm. Gerri here is what rick snyder said. Hatll come thugh the process, the point is anybody buying bonds should be aware of the financl challenges. We want to work through this, get that done. Gerri having big effects, what do you make of the governors statement, what he had to y about this. What he is saying is quite dangerous. He has characterized the general obgation bondss being Unsecured Creditors of the city, and i alwayselieved and i think the market believes the past 100 years they are obscured by the municipality. Very dangerous precedent he is trying to set here. Chyl emergency ty manager is proposing bondholders get cents on the dollar. The same thg in the stockton case earlier th year where they basicallyided with the city and calpers, thearge pension fund for state workers in the state of cifornia. Of course the bondholders get a haircut and the problem is you have to find some sort of equity or penalty here. If they got the bondholders, who is going to invest in cities and municipalities if they know they will get i gerr detroit has been a mess. The city in big trouble, some people have left, population declining. U cannot even get a cop or a famine to your house inside of an hour. The problems go way beyond muni bonds, right . Absolutely. They are just the finymptom of the collapse it detroit is a mess, it has been a ms, on trial for everything wrong with urban america. Your heart has to go out to these with the you think deserve the pension or not. They are now in a situation where they dont know if the will continue to get the pension that they have relieupon to live. It is veryompete a situation and wont be sorted out quickly. Gerri we have to haveome sympathy for these people, but the city overpromise and under delivered. People are not paying their water bills, their heating bills, at e end of the y the city has made major mistakes on theay and if anybody was to pay, it has to be the local government. Heres where get down to the crux of the probl. Not just in califora, but with detroit and even bigger cities like los angeles tt have a looming pension problem. Not that we dont feel for em who have beepromed in the past, if toney is not there, somebody wilill have to renegotiate. That is what bankruptcy allows them to do. If its a hacut so somebody can get the same kind of penalty in the end we would have a much more successful outcome. Gerri iont know. This is going to be a big fight. A jue today so this bigoted filing i unconstitutional. Yolook back, gm was in bankruptcy for s weeks, how long is this thing going to last r the ci of detroit . This is a completely different kettle of fish. Chapter 11 for corporations, it is a different thing. The other poini want to make is 18 or 20 billion of debt outstanding liabilities outstanding. A huge amount of money and to your point about being a low tax base, that is true. Only 13,000 per year. You do theath, 17 billion is a huge number. Gerri cities go up and citi go down thank you for coming on tonight. Onto our other big story tonight, the sec has slapped llionaire hedge fund manage with Insider Trading th related charges. The most invested ever. Fox business Senior Correspondent charlie gaspino and thor of circle of frids. The government has been after this guy for a long time, you predicted it, was this a surprise . No. They were ramping up the failure to supervise gaze. What is fascinating is its along the lines of what they did with jon corzine. You dont have to charge the target with fraud. Just if you have enough evidence failure to supervise and brings with it all the penalties of a fraud charge. Stevehe will be charged. It is on their home court. If you are betting, in 1995 told me what do you think about detroit, i would say that against detroit bonds because at pla is a basketase. In 2008 i uld have told you they are going bankrupt beccuse th whole Auto Industry is going bankrupt. The chances of him wning are about as high a detroit. He has great lawyers, he makes a coling case. Gerri why didnt they charge him with Insider Trading . We didnt havInsider Trading. If you believehe folks, they have both been indicted. Portfolio manager and if you believe they did sething wrong, and thgovernment clearly did, the g they dealt with has done someing wrong. They dont know that, they dont have evidence he got from them that link them to the Insider Trading. They dont say i have insider information. What we believis they have conversations, they talk about things and he doesnt take the next step like how did you get that. How do you know for sure in his case how do you know for sure that the two stocks he got information that they were going to probably tank because they had unfavorable res, how did you know it was gog to tank . That is an obvious question. What is fascining is just how much power the sec has even without a fraud charge they can take you out on failure to supervise and that is what theyre going to do here. Gerr is it surprising in this case . They think, this is them talking not me, they think he runs a criminal organization with a mpliance all ththese op doad stuff. Gerri there has been no crimal charge, correct . They believe they do all of these bad stuff, the compliance is to protect the man in the middle. There may be a charge against the firm. Still a potential for a charge against steve cohen. I dont think this is the last straw here. I think there is more to come. I think there is a chance, they ll charge the fm with some sort of ariminal Insider Trading case ainst the firm. More than a toretical chance is to pursue steve cohen on some charge. They have given up on the criminal charge on the case, ich is true. If he flips,aybe they can get something on him. Thereres other stuff theye still looking at. Ey believe this company has operated ia very shady fashion they should not be allowed to exist and the compliance is there as a cover. If you dont believe my report, he did not mention him by name but he alluded t them. They speak in code. Gerri it is a fascining story ory. Really appreciate it. Unbelievab. Weill talk about how soon dna testing could be available to everybody at a low cost. The latest technolo you can use to track your teenage driver coming up. For our children is something the purwe all share. Ter life but who can help prepare them for the opportunities ahead . Who can show them how to build on your success, but not rely on it. Who can focus on making your legacy last for generations to come . That someone is a Morgan Stanley financial advisor. And were ready to work for you. Gerri this next segment is important for teenagers, grant has teagers because of this statistics. Everything with an average of 17 die inin car crashes. In a third of those crashes back in 2011, now there are new forms of technology where pants ca monitor their kids when they are behind the wheel. So how do you do that . Great to see you. The talk about technology being a bad thing when youre driving, but is may be the exception to the rule. Absolutely. I first told my kids, you are stalking me. I not stalking you. It opened up a conversation about my experiences in driving and what they had. They agreed this makes sense. I will not monitor every single thing youre doing, areou speeding, their highways and downtown, maybe someplace quitted longdistance c c create invisible fences for them. Thopenf a nversation for a contract between them. They knew what i expected, and what they were supposed to do. If you have an accident or if you are caught speeding you lose the car. Cheryl studies have shown tse were monitored by by their parents do a better job driving. Theyre more careful, they drive slower. I would have to think you would be darn mad abt it. The whole point is to get away from mom and dad. It isbout the freedom but you can still be ae to monitor. There are a lot of different systems that do a lot of different tngs. Have them uderstand speeding is illegal besides the fact it is dangerous. You have other things to be concerned about, but if your kids have an accident that is a health issue that could last the restf their life. Gerri tell me about this. Ford offe something called mikey. It allows you to restrict the mileage. You can seek only drive around downtown, i will limit your speed limit to 45. You can s , liver agreement you have, e best part of this is if you take off the atbelt you lose the radio. Music is so important to this generation, to take that ay. Gerri what is this . To have speed limitsallows is great, thisvia email, text is really important, you can drive my infinity, here are the restctions i am imposing. Gerri why dont we use onstar . A gm vehicle only, available on the new vehicles coming out. Actually we ha an program, however ey added a family link allowing family members see where the her ones are. It can be really great also for watching elderly drivers this will allow you to help them gerri that is a great idea. Or when they drive afr dark. That is a good thing. Tell me about this one there are a bunch of different things. So many different ones. Making sound systems. They are linking into the onboard diagnostics, underneath the dash. You cannot get text meaging or email alerts dont come in. Greafor keeping the kids hands on the wheel and eyes on the road. Gerri i understand more teenagers die from driving and texting than they do drinking and driving. Anything elsyou like, yass, get tested . Whether you have an android or or an iphone, there is a drive camera, veryool. They have it on their website. Emergency braking, the gefoe will record the last few seconds before the accident. To prove it may not beour fault and good for parents who say maybe you didnt have an accident but you are driving a little fast. Ways to open up conversations. Maybe multiple tools would work in your kids cases having someththing that block cell phos and kee an eye on what eyre doing and where they are going. Gerri thank you for coming on in explaining. Thewe willrap up oureeklong series on navigating health car system and cutng cost in the process. And what about dna tting . When and if u should take advantage of dna testing see if youre predisped to chronic illness. And we0h1ill get your reaction. Friday night, buddy. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. Gerri Early Detection is markee Treatment Options and higher surv gerri wt are your jns genes teing you about your heah . Tonight is partly ongoing users guide to health care, we uncover the potential inside your dna. Angelina jolie made headlines for having aouble mastectomy afr dna test revealed she had an 80 chance of developg breast caer. Buis dna testing right for everybody . And is it worth the money . Trek to the Genome Research institute. Welcome to the show, have to tell our viewers you are actually a celebrity in the world of science because you are at the forefront of mapping the human genome and i think people are really interested inhat yodoor a living. Tell us, if you will, d testing back in the headlines, she thought she was very likely get Breast Cancer as a result of genetic testing. Is this the right diagnosis witr the right way to dinose any disease . It is not necessarilyhe case for any disease. In a situation with angelina jolie, it is a genetic defect we know predisposes someoneo very high risk for getting Breast Cancer, and one way to avoid it is the kind of treatment she decided to undergo. Gerri the test for thisscost 3000 a lot of people y why is this so expensiv why does it cost so much money . That will likely change. The reason was one company basically offered that test, others were not loweto becae of intellectual property constraints associated with it. We have a rent supre court ruling i suspect we will talk abouthat. Over the last 10 years has been remarkable new vances in how we can look at dna and basically sequence dna for diagnosticsnd that will reduce the cost of looking at one partular gene. Gerri i asked beforwe can diagnose any disease th this kind of a test. What can you diagnose and are all diseasesn the genes or is it nature versus nurture . Practically everyingle disease that he would name, there is evidence at least genetic component, if not an overt genetic cause. The is both, environmental coribuons and genetic contributions. Gerri you can do this online pay 99, gethe ds, basicacally spitnto a box, the analyze your dna. How adequate is that . There are specific known differences in dna between people and from tat, they can foinformation about possible disease risk of various types. That is just a preview of what the future will bring quite affordably not for 90, but a few thousand drs now to every sgle letter in your blueprint. That eventually will give us much more powerful information thaand to get aubset of those letters. Gerri you have done ts coming only answer tohe question with yourself personally. Wa it personal or negative . I he ver had my dna sequenced. Gerri if you have not had your dna sequence, you dont know all the mysteries of your dna, how long are you goingo wait . When would be the right time to have that kind of work done . That is a great question, could be pmpted if i had a medical condition where i would feel i would gain new information. I have not had a circumstance wherit would change anything i am doing. I rely on family history. I make sure to be checked by my dermatologist once per year. I know my family history. Gerri tnk you for coming on, absolute pleasure to have you on the show. Thank you. Now we want to know what you think, wld you want to know if you are predisposed to chroc illness . Vote on the righthand side of the screen and we will share the resus at the end of the show. I will intduce youou to a man that will make you think twice about coming up with an excuse not to xercis he is 95 and running and winning awards. And next, more of the user guide to health care for everything we have learned how to manage everything from talking with your doctor to cutting cost. Stay wit. [ villain ] well mr. Baldwin. It appears our journey has come to a delightful end. Then i better use the capital one purchase eraser to redeemy venture miles for this trip. Purchase eraser . Its the easy way to erase any recent travel expense. I just pick a charge, like my flight with a few taps, its taken care of. Impresessive baldwin. Does it work for hotels . Absolutely thank goodness. Mrs. Villain and i are planning our. You scare me. And i like it. Lets go whats in your wallet . Ending is part of your insunce network because that could be expensive if they are not. You want to find out about their office hours and who n see you when the docr is not there and and how many. That it is a mater of Public Record for people to access our ey board eligible . That means day pass the residency but never passed the exam. We found out how would you know that . Your child had a sinus surgery, and, obviously, the second procedure was a lot more money. We sorted through this all the time. Gei just because you have a doctor and a provider, you cn trust with your health and money, that doesnt mean you ouldnt still shop around. Prices for procedures vary incredibly, and justgoing to a different provider across the street, well, it could save yout thousands. Health care blue books ceo doctor jeff ryce and the ceo explained why the procedures cost so much, and rich wilson, a Business Executive from nashville gave a real life story on how he saved money on a medical procedure. Prices it very difficult to determine in health care. Theres not a direc relationship the way you find in other industries in terms of the quantity of health care and how much you paid for it, and in particular, the quality aspect is a lot of times missing. Typiclly, the way pricing is determined is volume. Not in this case. It is difficult to determine with the cod involved to create that cost it is tough to rovided estimates with commercial insurance for Common Health care surgery it is tenfold with 700 in one building. I looked up the of their price of the mri. What is interesting is the site showed what was right in front of me with saw high price 1,7 to the low of 500 and. Gerri did you take a back they had a list of actual providers on the site that would the procedure for 500. So white called one of the cilities and confirmed they would do it at 500 so feeling impulsive at that point i said is that the best that you can do . And to my surprise she said cater garett 8 00 p. M. . Then we will do enough for her doars. Gerri negotiate. Negotiate. Negotiate. Looking at all for your health ce we will have more on those coats the you fight your medic bills dr. Gottlieb says it is a scale of. And when we come back young heart the man who puts us all to shame for the 95 yearold runner and joins me after the break. Gerri the latest developments in a story we covered for some time. Gerri now the latest developments apparently the city foote communityplan Foundation Plan to dois w 7. 7 million announced this week is not sitting well with connecticuts two senators. T of calling for an independent in audit of more than the 11 million in donations received they feel that at least 70 percent of the f money should back benefit victims families. We will follow this closely the money was supposed to be handed out next month. But now to bring you a feel good story. Our next guest true legal inspirational starteda writing 45 years ago and today breaking World Records at age 95 proving youre never too old to accomplish and youaordinary cant get healthier as you age. J