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tv   MONEY With Melissa Francis  FOX Business  July 23, 2013 5:00pm-6:01pm EDT

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jump in iphone sales. liz: that's all wrong. david: up 5% in after-hours trading. liz: nice move. "money" with melissa francis is next. melissa: i'm melissa francis and here's what's "money" tonight. goldman sachs is under fire. its scheme to cash in on the aluminum market sparks outrage from wall street all the way to capitol hill. you are going to hear from a top executive from one of the country's biggest aluminum companies just how bad this is. plus the does the length of your hair influence how honest you are with money? honesty, he is laughing over here on the sidelines, honesty, conduct as nationwide experiment and everything from your hair to your hometown affects the outcome. honesty's ceo is here with numbers. who made money today. they're eating mcdonald's lunch or big mack is more appropriate. can't figure it out.
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find out who it is. even when they say it's not it is always about money! melissa: we brought it to you first last night, allegations that goldman sachs is jacking up aluminum prices by moving price supplies among storage facility as and delaying shipments to increase demand. the reason this matters, cost of things you buy that contain aluminum, just think about it, are costing more than they should every time you do it. what goldman sachs is doing is legal. businesses dealing with aluminum, beer makers and others are speaking about what it all means. joining me on the phone in a fox business exclusive, nick madden, senior vice president of the aluminum manufacturing company novellus. welcome to the show. miller says global aluminum prices were inflated 3 billion
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over the past year. does that number sound right to you? >> thank you, melissa. thanks for the opportunity to speak with you. i think that is indeed a reasonable for the excess premiums paid today. melissa: how do you respond to that? if you're increasing price of your aluminum by $3 billion, how do you pay for that cost? >> ultimately the consumer pays for it. the price is passed through the system and ultimately carried in the end product. melissa: how does it impact your company in particular? even still we're talking about one point of departure, one storage facility for aluminum. can't you just go buy aluminum somewhere else? >> today we can't, melissa. right now, you know, novelis is the world's biggest buyer of aluminum. we by three billion tons a year. today we have a long term contract for supplies which cover most of our needs. the challenge comes when there is a improvement in the economy
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and we need to source metal from those warehouses. if you wanted to do that today, if you bought metal to be delivered, you would have to wait until january 2015 to get the metal. >> do you think that they're manipulating the market? is it as nefarious as it sound? the articles charge that before goldman bought metro international the average wait time was six weeks. since they have owned the company it has grown to 16 months. is there another explanation that it is more reasonable? has it become harder? is it hardtory source the metal? are they really, do you believe they're doing this on purpose? >> it's a very good question. they're simply following the rules of the london metal exchange which require aware house with that kind of stock in it premises to ship at minimum rate of 3,000 tons a day. in the fact that they're shipping that, the warehouse company is treating that as the
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maximum rate. so that is the most we see coming out in a day. for that warehouse to empty. melissa: there are reports that they're just shuffling this in between warehouses that they're not even delivering it within that time. that all they're doing is moving it to a different warehouse and not selling it. do you believe that? >> i thought it was an interesting comment from the journalist in the "new york times" but we don't have evidence of what's happening to the metal. i can tell you we're not taking it because of inefficiency of working capital for the business. melissa: what can be done to address this situation? do you think a rule change would do the trick? there are some folks think it wouldn't. that they're sort of gaming the system by doing this shell game and moving it around. even if you change the time frame that wouldn't necessarily fix the system. what they want for banks and other, i guess speculators to be kicked out of this market? >> that is a really interesting question. the lme, london metal exchange have made proposed rule change which would ultimately equalize
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to some extent the inputs and outputs in the warehouses and that would probably net-net be positive but it is going to take a long time for that to have an effect. it has not even been approved yet. and so during that period, i think we still see supply chain risk and inflated premiums. melissa: is there a downside to kicking the speculators out of this market? i just think, i covered energy markets for a very long time. when you have speculators in the market they provide a service. in some cases they provide liquidity of they provide the other side of the trade. if you want to lay off part of your risk, they're the ones that buy it because thhy don't have the same interests that you do. is there a potential downside that we need to look out for before the rules are changed? >> yeah. i think the, there are maybe two levels of rule changes. i think the specific rule changes within the london metal exchange can happen independently and would have no major impacts on speculation or
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banking or whatever. the broader issue is the regulation of warehouses overall melissa: so what would you suggest be done right away? what's the best solution in your mind as a player in this market? >> i think, there's a very simple solution to this. the reason that the premiums have been, the cost of metal is being bid up so much because the warehouses are competing for metal alongside consumers and traders. so when a producer is selling the warehouses are in the queue and bidding for it. the reason they're doiig that, they're confident it will stay in storage for a certain length of time. they base their bid for the metal on the length of time it will stay in storage. so the best thing that the lme could do is not allow the warehouse to charge rent, let's say after a month following a buyer asking to get access to his metal. melissa: interesting. of course if everything goes down they're left holding the
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bag. so they're certainly assuming some sort of a risk s well. nick, thank you so much for coming on the show. i hope you go back because you're a player out in the middle of this market, one of the biggest ones out there and you offer insight we can't get anywhere else. i hope you come back as this story develops. >> thank you very much, melissa. melissa: time to check the fuel gauge report. it was a good day for the u.s. government. it sold a billion dollars of leases to drill in the gulf of mexico. good for them. they cover 1.7 million-acres -@over the cost of louisiana, mississippi and alabama. canada slapping new safety regulations on its rail iidustry. they come after a quebec oil train derailed and killed 47 people on july 6th. you remember that. two qualified people must now run any train that hauls dangerous goods. training carrying hazardous products can no longer be left unattended if they're on a main track. iran suffering a major blow in june. china's imports of iranian oil
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plummeted 39% from june 2012. in the wake of. iraq is one of few countries that will buy iranian crude but apparently its appetite is drying up. oh, well. the plot thickens. we found out irs chief counsel william wilkins met with president obama two days before the order was released how to scrutinize tea party and conservative groups. fox business's rich edson is in washington with the late e. rich, what can you tell us? >> good evening, melissa. after a top irs attorney tells congress, william wilkins department, office of chief counsel was involved in looking at groups for tax-exempt status. republicans notice wilkins is one of two political appointees at the internal revenue service, meaning that the president appoints him to his position. white house visitor logs show wilkins met with president obama in the west wing on
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april 23rd, 2012. two days before a treasury inpeck tore general report states that wilkins office reviewed guidance the irs used to request additional information from these conservative groups. senior administration official denies president obama and wilkins met about the list. the irs louis used to target conservative groups. the official said the april 23 meeting focused on general administrative issues with a cross-section of officials with those from the national nuclear security administration, national fish and wildlife service and veterans affairs and others. republican led congressional committees look into the examination into the irs. more investigations from the treasury department's inspector general. that office just release ad report stating that the internal revenue service spent nearly $10 million on executive travel over the 2011 and 2012 fiscal years. the report find a small number of executives had extremely high expenses. that came out just about an hour ago. melissa? melissa: rich, thanks so much.
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next on "money," is it true that the housing recovery is slamming the door on first-time buyers? a lot of the staff say yes but one of our guest says it is actually all hype. we'll debate that. hedge fund billionaire steve cohen says it is not true that he failed to supervise his employees to prevent insider trading at sac. his proof? he says he never reads his e-mails. i'm not sure that is such a strong argument. think about that. you have got to hear why. more "money" coming up. ♪ this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers e same. whether you're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally.
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♪ melissa: home sweet home? maybe not. we've been inundated with reports that the spike in housing prices is literally pricing first-time buyers out of @he market with the stats to boot. number of first-time buyers as a share of all home purchases has dropped from 32% in june of last year to 29% this june. not everyone is buying it. so we want to know what's really happening here with opposing views. christopher thornburg from beacon economics and christian dorsey from the economic institute. great to have you both here. christopher, let me start with you.
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why are you not buying this survey? i mean, the stats seem to support this idea that they are getting priced out. >> well, we have to be careful, 32 to 29% is sort of statistically insignificant if you ask me that. i would have to see a longer trend to see what that means and figure out what the data is saying. when you sit down and look at cost of housing relative to incomes and cost of housing relative to rents, pretty clear affordability is still near all-time high level here in the united states. indeed in the different markets across the united states. i would agree it is hard for first-time buyers to go out and get credit. melissa: rrght. >> that could be an enormous hurdle but in terms of actual cost of buying a home today it is still a screaming deal with these low interest rates. and, boy, if you're thinking about buying a home, my advice is do it as fast as possible. melissa: christian, it is harder to get a loan and there is more competition in the market. private equity and wall street
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buyers buying up foreclose house. it's a great investment. they're very cheap and money is easy to come by. everyone is sort of flocking into to particular investment especially when there aren't a lot of other great invests out there. >> you have a couple things going on, melissa. housing costs are soaring. you know, if you look at it relative to income, we have housing that's more expense seven now than it was prehousing bubble. so you've got that dynamic number one. dynamic number two, think about the demographic, the first-time home buyer. these are people with weaker credit, lower down payments. they can't get the 30-year, you know, fixed-rate mortgage which is really what's making mortgages affordable these days. if you can't get those terms, then you're looking at interest rates spiking which people are very much afraid of. so that's why you've got such a suppression in the first-time homebuyer market. it has become in effect too expensive for them. melissa: this is question i want to ask both of you, and christopher, i will ask you
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first. this whole premise assumes it's a good thing for young people to go in and buy a home. that weebuy these first-time home buyers. we made homeownership a virtue. if you look ad what happened in the last washout, a lot of people got hurt by virtue of owning a home. what is wrong with renting? this isn't nncessarily a risk-free investment. maybe we don't want these people who are starting out and don't have a lot of money and their credit is not that great, maybe they shouldn't be taking the risk of a buying a home? christopher, your thoughts first? >> yeah, that is absolutely the case. look, we know that there is a degree of pleasure owning a home. owning a home i think is wonderful, long-term plan for everybody. melissa: until you lose your shirt. >> what's that? melissa: i said until you lose your shirt. until you lose your investment. >> exactly. melissa: it is a not pleasurable investment when you look at zillow, that the home you owned and scraped to pay for is underwater. >> that's what is sort of my point though.
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we always view homes as this investment item. you shouldn't be. it's something you buy because you want to live in a home you ownn in other words, it's a consumption good. there's been lots of studdes show over the long-term you're probably at least good off, if not better off, excepting the volatility of stock market for higher returns, or if you want true safety go to bonds. ultimately housing for the risk you're taking probably doesn't give you high after return. if you're young, doesn't have the cash, don't stretch. keep renting if you're at that sort of edge it's a good time to buy because again prices are pretty good. melissa: christian are we -- >> remember, you want a home market that's not really based around investment activity. it is based around people who legitimately want to set up roots and buy a home. i agree with chris to that extent but the whole idea that we should dissuade people from homeownership and move them into other vehicles, that is really not the point here. melissa: christian, why do we want to encourage a market where
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we have people who set up roots? why do we care who is buying houses? >> if that's what people want to do, people want to set up roots in a community that is important not only for them but also important for the resail market. it is critical to have people constantly moving in and out of the system, buying up homes. they will be people in turn will allow other people to sell their homes. those young people move up and cycle, virtuous cycle will perpetuate itself f you choke off the first-time home buying market you throw the housing system into chaos and that is not something this economy can afford. melissa: christopher, i will give you the last word. what is wrong with having a private equity group buying a bunch of homes, that have been foreclosed, fixing them up to rent them for affordable prices? why is that not something we value in society? >> i tell you why. middle class america as he already said took a big hit over the last housing downturn. there was unprecedented opportunity for that group of
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people to make money back with the current housing market rally. five years of telling banks they are more or less liable and culpable for any default in the mortgage front, lo and behold you have very tight credit markets which are holding a lot of people back from being able to get some of those gains. to me that's a real shame. melissa: yeah. >> so we do need to do something about the credit markets no doubt about it, to help first-time buyers sure, but ultimately, it shouldn't be this policy priority is all i'm trying to say. melissa: great points on both side. great debate you guys. thanks so much. >> thank you. melissa: coming up on "money," the latest traumatic episode in the steve cohen sac scandal. he pleads total ignorance of a an e-mail of the charges against him. by doing so he may have stepped into his own trap. we've got the details. the "piles of money" coming up ♪ ♪
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melissa: no matter what time it is money is as you on the move. shares of apple are popping after hours. it topped estimates for its fiscal third quarter on both the top and bottom lines. sales of the iphone were particularly strong. apple's gross margins also came in at the high-end of expectations. finally good news for apple, right? on to the latest in sac steve cohen saga. clearly it is no secret that the sec is doing everything it can to take down the hedge fund billionaire. here is his rebuttal to charges that he failed to properly supervise his staff to prevent insider trading. cohen says he gets more than 1,000 e-mails a day. joining club. therefore he doesn't read, quote, the vast majority of them. if you're not reading e-mails couldn't that prove the point you're not overseeing things properly because you're not tuned into what is going on? i don't know, maybe i'm crazy.
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here to weigh in which way this will go, former federal prosecutor, doug burns and steve moore from the "wall street journal." so, doug the problem i see here he is being charged with not overseeing people and his defense is he is not overseeing people. >> you hit it on the head in other words you're trying to work both sides of the room. wait a minute, are you a brilliant genius one of the greatest traders of all time or so bumbling you're not reading e-mails. having said that ceo number one play to say i didn't see that, i didn't read that. because it deflates knowingly. your point is such a good one. melissa: steve what is your take on this? because, it is believable, if you get thousands of e-mails he didn't look at every single one. i don't know. >> yeah. that seems like a reasonable defense. i hate these charges anyway. i think insider trading is an extremely difficult thing to prove. and i think that, by the way, if i were king there wouldn't be
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insider trading laws. i don't think insider trading should be illegal, getting information ahead of somebody else. but you know, steve cohen is no angel here. there is no question this company has been under investigation for a long time for shady dealing but i'm not so sure that this defense might not stick up. that he simply didn't know what was happening. melissa: although, i mean, doug, they will bring a lot of people out. is that even believable? i mean he is known as one of possibly the greatest trersf all time. >> right. melissa: he is somebody who sits on a desk with many, many screens. if anyone can multitask it is him. >> yep. melissa: one the ways he is made all the money because he is able to disseminate at the same time quicker and make good decisions quicker than anybody else. >> yes. melissa: can they bring on witnesses that would convince people? >> yes there are other components of the case that set up inferences. for instance, martoma and he spoke for 20 minutes. they don't have the content of the call. if they did they have a criminal case. but be be a
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inference. at administrative level because brought it at that level because it is much easier. melissa: go ahead. >> all seems pretty circumstantial to me. how do you know when somebody make as good smart trade and somebody has insider information? it is interesting all the allegations has to do with fiscal year 2008. if you look at that year, melissa, the firm actually lost money. so where's all the insider trading that they made money on? >> well, i can't, go ahead, i'm sorry. melissa: what do you think ultimately happens with this? because one thing we're learning from this case is that the government doesn't want to seem to let go of steve cohen. they're sort of the dog with the teeth wrapped around his ankle and they will look like jerks if they don't get something out of it. seems like they will keep at it until they drive him out of business. >> it is so funny because the government doesn't really play on level field. if they have you in a blaze of
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glory, media articles. there is splashed all over the place. two when they lose, they sling away quietly or, b, as you said, slip down from their ankles. they think he is bad. they shouldn't control the pace of play on that alone. sad strategy they're looking to put him out of business which isn't really fair. melissa: so, at the end. day, steve moore, what do you think, do they keep at this until they ultimately drive him out of business? can he sustain it? >> i think they do. that is the real problem with at love these prosecutions even if you don't win the case you drag a firm down with the huge legal costs and simply, they were talking earlier about bringing rico charges against this firm. melissa: right. >> i don't know if that's still the case. let me make another point. again i'm not here to defend steve cohen but the truth is he is the big apple on wall street. he is one they want to go after. what i find kind of offensive why aren't they pursuing
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somebody like corzine with the same kind of doggedness? >> no. that is fantastic point. i felt corzine came in front of congress and it was shameful. i have no idea what happened. no clue. >> right. >> $1.2 billion. melissa: this is defense that works? this is your right. the go-to defense. i just didn't know any of this was going on. i wasn't reading my e-mail. sure i made billions and billions of dollars but i'm as smart as a whip but i happened to be asleep. in this case it is hampton's pool defense. i was by the side of the pool hanging out. >> steve's point, if you pick, corzine, administrative proceeding against steve cohen, you pick the corzine case. >> bingo. melissa: startups are relishing opportunities in detroit saying they wouldn't do it any place else. they have a ceo all-in on detroit. you will hear what's really going on in the motor city that no one else is talking about. people are making money. you might be missing it.
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plus, what does the length of your hair say about how honest you are with money? honesty has some stunning findings from its national honesty index. honesty's ceo is here with numbers. you are going to love this. do you ever have too much money or too much honesty? no way. ♪ in today's markets, a lot can happen in a second. we route your order to up 75 market centers to look for the best possible price -- maybe even better th you expted. it's all part of our goal to execute your trade inne second. i'm derrick an of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
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♪ melissa: here is to mate "money" today. anyone who owns wendy's. wendy's made a profit and topped wall street estimates. premium burgers. sandwiches and salads. of beefing up profit margins. same-store sales climbed. the news sent stocks jumping more than 8%. meanwhile, losing "money" today, carl icahn has made a pile of "money" from his investment. but pierce sounded the stock today, losing about four and a half percent. downing five and a half million shares of netflix -- netflix which means he lost 64 million. he can afford it. and trying to make "money" today , the director wants step fund is next bill.
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the study the 30 day effort to raise a million dollars. centering around vampires. if you put up ten grantee will take you out to dinner and bring you to his courtside seat for a new york knicks game which could be fun. see how that turns out. one man's trash, another man's treasure. detroit is on the decline slightly, but an unexpected silver lining. more entrepreneurs and techies are thinking detroit is the place to be. maybe the attention from the bankruptcy will boost business opportunity. bob martian is the ceo and software startup level 11. he said venture-capital cash and funding are flooding into town. @%lcome. tell me about it. a big influx of cash. >> believe it not, there is. thank you for having me. this has been just a wonderful place to start a business. we are surrounded by many other companies that are ready to kind of lead detroit to the future that we have all been envisioning for a long time. melissa: why is it better than
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other places? where else have you considered working and doing business? >> this is what is kind of the funny and surprising story to a lot people. we certainly could have started this business in many places. it could have been in the suburbs of detroit, the parts of the country. first of all, from michigan. it's a great place because there is all this energy in the city around building a company. so we have the support of incredible entrepreneurs in detroit also trying to grow the city into we have the support. an incredible talent base around the state. melissa: that's one of the biggest concerns when you move into a blighted area. there is the talent there to employ market. the schools are so terrible and the street lights are working. how is it that anybody could get a job in silicon valley and be a good to corker what happened to be in detroit to work for you. >> think about the entire metropolitan area, some pretty amazing schools.
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university of miss you, michigan state, and a building this incredible talent base in the state of michigan. where have left the state criminality for reasons to come back. if we were headquartered in silicon valley the small software company trying to compete with the likes of facebook and others, how will i get that talent? in detroit i can get that because these are people want to get behind not only building a company but also building a city. not only do we have access to those people, it's a special thing that many would not expect melissa: that's a great point. there are people that have family in the area and don't want to move to california where it is incredibly expensive to live and maybe they don't have a tie to the area. do you think that the attention around the bankruptcy could actually be a good thing in the sense that it is sort of bringing people in and they realize that there is a value there.
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could it also clear the decks in terms of the fiscal setting. the city has a chance to regrow around you and fix the situation began some people make theepoint charts has been in decline for a long time. you need to clear the decks and give it the reverse. so could, for you, the bankruptcy be a good thing? >> said think you really nailed it. this is a difficult time. it's affecting a lot of people personally. jobs and pensions. it will be difficult for a lot of people, but this is something that really has been a long time coming. no idea is to have someone have a fresh start. so to your point when i think about the talent base, you have a lot of people that have left the state coming out of these grade schools, left the state because there was an opportunity there. now they want to come back. with their own business we have a number of people on the team that have done exactly that. they let the state and have moved back to detroit to come work for us because they want to play role in city opporunity
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starting to exist. they want to be part of building that. melissa: in the meantime, is it hard to operate day-to-day? are there hurdles to get over in terms of just basic services? we have asked other people in the area and come on the show. we hear there is a 45 minute wait time if you call 911. half the street lights are out, half the parts of closed. i know is neighborhood by neighborhood, but when you have all city that is hurting for cash that has to have an impact on your day-to-day life in operation. >> i mean, those are struggles. everyone has read about them. they will be a challenge, and this is all part of what will be corrected. back to your question. these are things. he looked at the central -- detroit is a vast geographic area. when you're in the central business district which is where we are, right next to forbes field and these incredible areas right downtown, it is a very safe, nice area to walk around.
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restaurants and as more businesses move in and more of these buildings are getting rebuilt there's actually a nice place to be. melissa: all right. thank you for coming down because we want to highlight the positive that can come out of this and the opportunity. an opportunity to make money in people's to know that. can the color everywhere the state 11 determine honesty will be with a five? honesty. nationwide experiment. you won't believe what they found out. the company ceo is here to tell us all about it. the end of the day it's all about "money." ♪ weekdays are for rising to the challenge.
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♪ melissa: do you wonder if -- wonder how honest america really is? does effluence affect your honesty? the annual survey on how genuinely honest tarnation is. some findings are surprising. they did it by setting a been unmanned kiosk stocked with drinks and a sign saying it was a buck a pop.
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yes some many people paid verses those who drank without paying? here with all of the fund backs, a co-founder, ceo, and president thank you for joining us. this is a fascinating study. u.s. people. i was surprised by the number of people who did pay. your experiment paid off. alabama, why a, 100 percent of the people. >> isn't that impressive. melissa: it is shocking. >> when we asked people if so we did this survey we asked people what percentage do you think americans would be honest. we heard guesses of 65, maybe 70 percent. and the national results, 92 percent of americans paid. melissa: some places did worse. texas' 87%, west virginia 85. the district of columbia. they were the lowest. politicians in washington.
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only 80 percent of them are honest. were you surprised about that? >> i was. we have done this in different iterations before. d.c. has done better. add insult to injury our offices base nearby. i actually took the metro. when i got back my bicycle had been stolen. melissa: the worst of paying for their drinks, someone stole your bike at the same time. that is terrible. these things were on hand. i am wondering as an average person, i would think something was up. i would immediately suspect. real looking at the video right now. i would think i am on candid camera. the people make comments like that and look around? >> there was no uniformed personnel and there were not visible cameras. in some situations we had people who tried to walk away with the
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rackety to see if anyone would call them out and no one did. in one state assembly tried to walk away with the money box and what was interesting was that the other people and bald, just of the pedestrian said don't take that. that makes us look bad. melissa: someone paid with a $2 winning scratch off lottery ticket price at least it was a winning ticket. someone else took the tea. and then sends you a letter with money inside later apologizing. obviously there is remorse. i want to get to this idea that you look at overall trends. unlike last year red heads are the most honest. this year it was the bonds. >> bonds that people with long hair. that combination seems to make honest people. in fact, in illinois and indiana bond women or 100 percent honest melissa: to you want to take a stab at the psychology? what do you think it is?
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maybe -- the thing that money comes easy to them? they are more willing to part with it? what was it that you concluded from that exactly? >> and probably won't touch. it was interesting to see it. and another interesting one, bald man with the least honest. melissa: a lot of questions about that on twitter. people said i have no hair. what does that say about me. let merom a serious perspective, why did you do something like this? was the question at the you're trying to answer? >> our company seeks to have this honest and direct relationship with their natural ingredients. we always wanted to test how much the american consumer embody those values. it was refreshing to see. and, of course, it's a nice way to interact with the brand is you think about marketing and how we sort of tell people in anchorage, alaska. we actually had a local story
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that they were able to start talking about it. that was a positive element. melissa: if you are being completely honest, was it a p.r. stunt predicated on the name of your teeth to get it out there? >> no question it was done to help get the name out there, but it was a reassuring message to share with people that despite all the negative dialogue the year people exchange, most people will do the right thing even when no one is looking. melissa: thank you for coming on. i noticed a lot of honest tea out there. you have a lot of fans. thank you for coming on. we appreciate your time. here is our question of the date . it is their link indicate how honest you are? it seems like you've got a lot of that one. we have some fun responses. we want to hear from more of you like us on facebook or follow me on twitter. that is more fun. i loved your responses today. up next, there are good jobs and
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then there are austin jobs. make a huge dinosaur discovery in mexico. i love this one. we have it all in "spare change." it is awesome. you can never have too many dinosaur bones, i promise you. ♪ my mantra?
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help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer. i can tell y you - safety is at the heart of everything we do. we've added cutng-edge technology, like a new deepwater welcap and a state-of-the-art monitoring center, whexperts watch er all drilling activity twenty-four-seven. and we're sharing what we' learned, so we can all produce energy more safely. our commitment has never been stronger. ♪ melissa: all right, onto some "spare change" fun today. we are joined by monica crowley.
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this is why i was choking on the script. the latest explosive and on we will sent by anthony weiner. they were just released a little while ago. we cannot show them or read them to you, but they were sent away after he resigned his congressional seat for sexting half naked pictures of himself. he just called a press conference with his wife saying she is handing by her man. your thoughts on all of this. >> i don't even know where to begin. they were sent six months to a year after he resigned in disgrace. remember he was a member of congress representing all of us and the district in new york he had been through addiction rehab, he was cured, healed, and
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he was in full redemption mode. now i find out that was all b.s. not the sexting per se, it is the lying to the american people and to the people of new york. melissa: do it if you want, but you have a pregnant wife at home, go off and do what you want to do, you don't have to come back and run for mayor. let's get this out of the way. are you going to defend him? >> i ran for city council, he ran for congress. i contributed to his campaign in the past. melissa: are you voting for him now? >> i'm not supposed to tell anyone who i vote for. but the bottom line is new york city has been very fortunate in my opinion spectacular mayors, back to ba
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back, they were spectacular. for those of us who live here full-time, you are beautiful and rich and famous. melissa: what? >> the bottom line is we need to find somebody really competent to run the city. when he comes back into the race he flies through the polls because that is where he was before this whole sexting thing came out. melissa: he cannot stop himself, you think he is competent? speak out it is a game-changer because of this. >> if he was merely a pig, we could say he is redeeming himself, but it is a true psychosis. melissa: now that we settled that one, onto a find in mexico. check out this discovery.
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the archaeologist that found it says the 50 vertebrae on the tail are completely intact. what do you think this thing is worth? >> these are the stories we should be covering. i hope the kids are just eating their macaroni now and not paying attention to melissa francis. melissa: go ahead. >> i was researching this topic, it is very rare to find a tail, and to find a tail in tax. i am studying the dinosaurs with the little guy at home. we change the names an when we e kids. there is no brontosaurus anymore. >> i think this story does connect to the last story. what we're talking but with
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weiner is a dinosaur tail. 72 million years old. it is valuable. melissa: the chain is canceling their kids menu. the company says the reason for the decision is to stay focused on their effort for the brand and having kid meals was inconsistent with the message. i think it is because of the tree does tacos were
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dennis: tonight on "the willis report." find out why unions are calling it an all-out war. and the food police strike again, taco bell dumping kids meals. what is nice, no more happy meals in a fast food establishment? you can't have a government program without waste, fraud and abuse. this one is hard to stomach all coming up tonight on "the willis report."


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