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rapes of young boys allegedly by a former assistant coach and allegedly covered up or at least ignored by other penn state officials. we get the latest from our mary snow. >> reporter: two days after ousting its president and former coach joe paterno, penn state's board of trustees announced today that it is forming a committee to investigate the failure surrounding the reporting of sex allegations by jerry sandusky. the board of trustees says no resources will be spared. they will have independent counsel and investigative teams saying there are no restrictions on the scope or activ...

good morning. it is thursday, november 10. well tomorrow to "american morning." if you went to sleep early last night or at all, everything is different this morning. >> it really is. first crash of the titan penn state football coach joe paterno out after 46 years as the head man in happy valley. paterno was fired along with the university president over a child sex scandal involving paterno's former assistant jerry sandusky. the decision came hours after paterno said he would finish out the season and then retire. instead penn state's board of trustees brought the hammer down. >> t...

>> i tried to remember if i recognized her, and i didn't. i tried to remember if i remembered that name, and i didn't. the charges and the accusations i absolutely reject. they simply didn't happen. they simply did not happen. >> so it did not happen, and he doesn't remember her. both statements categorical. the second is simple to check. bialek claims cain took her to dinner and upgraded her hotel room. there are credit card statements, no doubt, expense reports, hotel phone record. you can bet that every news organization, ours included, is doing what it can to find the facts. even...

and stock markets react as well. european stocks closing down on grave concerns on what's happening on the euro zone and whether italy will be able to pay its bills. and stresses that we're seeing in the italian bond market. when you talk about stocks, stocks are much smaller than the overall bond market. the bond market is where governments, companies go to borrow money to keep going. the cost to borrow for governments, governments in trouble, has been rising. you have that above 7% now. 7.3% for italy to borrow money. that's even with the european central bank buying italian bonds ...

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