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Which were conducted just hours before the explosion. transocean, one of the world's largest operator of drilling rigs, says it has no reason to believe that the rig's fail-safe device called a blowout preventer, was not fully operational. but we've learned from cameron, the manufacturer of the blowout preventer, that the device had a leak in a crucial hydraulic system and a defectively configured ram. >> internal transocean documents reveal the fail-safe blowout preventers had 260 known scenarios for failure. back in 2001. this one had been modified so one of the rams it uses to force the pip...

Supposed to be sort of a fail safe device that if they do get something like that, they flip all the switches and it shuts everything down, even cuts through the drill pipe if necessary. but you found there were problems with the blowup preventer, what was going on with it? >> well, the blowup preventer, it's almost comical, unfortunately, we have this economic disaster happening. it should cut off this pipe, cut it and seal off the well. there's deadman switches. well, we found that the batteries hasn't worked. when three months, the batteries went dead, therefore, you lost power to it, the b...

To this bp official is wandering off, not accumulating at the surface. there is -- you see the animation there. there is separately oil leaking to the surface, but separately, possibly up to 50%, natural gas coming to the surface, it's either breaking up before it gets to the surface or breaking up on the surface. now, this official says they are not dialing back on their estimates of the liquid flow from the pipe. this is still a huge leak, he says, around 5,000 barrels a day of an oil and gas mix, but, wolf, between the underwater dispersants that they're using and the discovery that a lot c...

During this hearing. first off, that this well before the explosion may have failed two crucial pressure tests. the other thing, that the safety shutoff device, that blowout preventer, we've heard referred to as the bop here in the last couple of days, was not working properly before the explosion. listen to what congressman henry waxman who is the chairman of this full committee, said at the beginning of this hearing. >> transocean, one of the world's largest operator of drilling rigs, says it has no reason to believe that the rig's fail-safe device, called a blowout preventer, was not fully ...

I'm not sure what they are. when the dow is down 1,000 points you are pretty close to it. megyn: it's a fail safe so there can't be too much of a bloodletting in one day? >> yes,, it's a fail safe device that keeps panic from getting a grip and running loose in a big way. megyn: how does this affect -- in the market already it many better than what it was. now it's down 483. it's better. i'm getting this information apparently the biggest all-time point loss was 777. that was back on 9-29-08. how does this what we are seeing on wall street affect the united states and the things that are being...