tv News Nation MSNBC July 13, 2012 11:00am-12:00pm PDT
president obama through virginia as back and forth over mitt romney's tenure at bain capital is kicking into high gear. a new report supports goveor romney's claim he left the firm in 1999 and is not responsible for job layoffs and outsourcing that occurred after that point as the obama campaign charges. the piece contradicts yesterday's report in the boston globe that claims romney's own government filing show he was still working for the company in 2002. now team obama is doubling down on comments made by its deputy campaign manager. comments that the romney team would like to see an apology made for. >> either mitt romney through his own words and his own signature was misrepresenting his position at bain to the fcc or he was misrepresenting his
position at bain to the american people and if that's the case, if he was lying to the american people, then that's a real character and trust issue. >> let me bring in our political panel for this friday. democratic strategist and msnbc contributor, jimmy williams, republican strategist and former huckaby campaign manager and amy is with us, associate editor and columnist for "the hill." the romney team asked for an apology from the boston globe. the editor said good luck with that. they're not giving an apology. they're standing by their report here. there's plenty of information. governor ed rendell was on our noon show here where he said governor romney's wife, ann romney, said her husband was splitting his time between the games in utah and bain during this time in question. >> the romney campaign has asked twice for them to retract the
story. they're not going to do that. i understand there was a mistake that was made. if you file edgar filings, they kept him on as ceo, president and chairman of the board for three straight years. they did it nine times. i get that if that was just a slipup and he was earning no income and was not drawing a salary, et cetera, et cetera. the problem with that is he was earning income. he earned at least $100,000 a year. we know that for a fact in 2001 and 2002. i'm not sure about you, tamron, i sure as hell would love to have a job where i never had to show up, i got to be president, ceo of the company, earn $100,000 a year and have another job i could pay attention to. that's the american dream. there's a major problem. it's a credibility issue. the romney campaign cannot squeeze out of this corner. they're going to have to explain what happened here. >> chip, politico quotes you as saying he needs to get way in front of this and explain with detail number one. and they go on to quote you in this article, it's interesting
that in 2002 according to the hu huffington post in a hearing to determine governor romney's status to run for governor, he said he remained on board of staples corporation, marriott international and a number of social and business trips that brought him back and forth to massachusetts, board meetings and so on and so forth here. i don't want to get mired in the details because people don't know what to believe at this point. if you summize it to a problem. >> they neat to get out in front of it and explain it. >> it means they have a problem, right? >> i think they will explain it or i hope they will. it seems to me it's simple. in 1999, he left bain to work on the olympics. it's pretty normal for someone to leave a corporation and have a passive ownership in something and receive income for many years after they left.
that's a pretty normal thing in business when people leave and have a stock position or position in a company. that's not that big of a deal. the romney campaign needs to come out and explain that clearly because we've obviously seen the obama campaigns using the kitchen sink strategy which is throw everything they got. they're doubling down on those comments. i think ultimately it will hurt them but the romney campaign can get out in front and slain thex this. >> the boston globe is not the first to report this. the so-called bain attacks did not start yesterday. if i'm wrong, you tell me that. they've been going on for a while. if it is so easy to explain, why haven't we seen an explanation from the romney campaign as you have attempted to explain this. this is now in multiple months of coverage on this bain problem that he has. the problem is he's not explaining what he did there from the outsourcing to exactly when he worked there. the list goes on and on. it adds to the narrative of what
is going on with the taxes. the offshore. it's a total package here that if it is so easy to explain away, why hasn't he done it? >> well, because every time something happens, the obama campaign is going to attack bain because they feel they have an issue that works. we haven't seen that in reality. it's a bad strategy for the obama campaign because at the end of the day this election is going to be about jobs and the economy and the future of this country and not what mitt romney did 15 years ago at bain capital. that's what they are trying to make it about. i'm not making excuses. >> let me ask a question and then you can answer. do you dispute the polling that shows that in the rust belt in the midwest, these questions about bain is affecting how people who don't know govern roar romney well and that he are just getting to know what he would like to do as president is vague policies at this moment but specifically about jobs they don't know a lot about him and these bain attacks are working. polling shows that. do you dispute that? >> i think what the obama campaign is trying to do is to do that with mitt romney. i have seen polling that shows
the exact opposite that mitt romney is doing well in those battleground states. i think that's why obama is trying to define him right now. they are trying to put a doubt in the minds of those voters right now that he is the job creator and that he can fix this economy. i think that's what they're going with. i think that's why we see them double down on it. >> jimmy, you were trying to get in. >> chip said something interesting. romney owned a patch of bain. here's the problem. until 2002, romney was the 100% investor. he was the main stock holder. the only stock holder of bain. you can't own a patch of a company for three years and own 100% of a company for three years and not be involved in the day-to-day or the month to month or the year to year running of it. i'm sorry. it doesn't pass the laugh test. i can tell you this. if i were the ceo of a company for three years and i were the only investor of that company, i would probably be wanting to run that company as opposed to leaving it to someone else while i was off doing another job. >> the president just gave a new interview where he talked about
these questions regarding mitt romney's business record, which he wants to run on, governor romney does. good and bad come with that. let me play what the president said. >> i do not think at all it disqualifies him but i also think it's important if that's his main calling card, if his basic premise is that i'm mr. fix it on the economy because i made a lot of money. i think it is entirely appropriate to look at that record and see whether in fact his focus was creating jobs and he successfully did that and when you look at the record there are questions there. >> there you have it. the president pretty much lining up what he wants to challenge mitt romney's business record or how he wants to. how does governor romney respond and has he had plenty of time to put it together? >> well, if you look at the polls, what chip mentioned is that romney still does better than the president in polling on
who would best handle the economy. the most recent abc news/"the washington post" poll that came out a few days ago that says his business experience is less of a reason to elect him rather than more. and so these bain ads are working to an effect. it is interesting that mitt romney's campaign in '08 and 2012 have not come up with an adequate response. they didn't in the primaries against attacks by newt gingrich and they're not now coming up with an adequate response to the questions of why this is so confusing. i actually agree with chip. i think what years he left and how many jobs went here and there is really immaterial. the net effect of this is every single day that mitt romney has to respond about bain capital whether he earned the money or offshore tax haven or offshore account but didn't reduce tax liability, whether he was really there in this year or that, what sole stock holder means, most americans don't understand any of this.
this is a political liability for him. as long as we're not talking about the jobs report of last friday, only seven days ago, and talking about this, he's on the defensive. there's no other way to explain it. >> chip, that's the point i was making as well. i don't think that most people especially at this time of the year with summer vacations dealing with their own issues really want to write down was it 1999 or 2002. what we do know is we haven't heard a lot from governor romney good and bad and we don't have more information on his tax returns, these offshore accounts and i think that as politico puts it and others have, that is a cloud and clouds eventually rain on you and at some point you either duck for cover or get an umbrella and stand out and face the music. he's not facing the music. i don't think you can say that he is or explain that he is and i don't get it. >> i think -- what i was trying to say is that's true.
he's got an opportunity to get out there and explain it. that's what i was talking about in politico in today's article. he has an opportunity to get out in front of it and explain in great detail where every can understand it because like you said, it's not all great. it's not all bad. the obama people are just talking about it bad and if they don't get there and talk about the good, that cloud does settle and fester and romney campaign that's their challenge upcoming. >> team obama should talk about the bad. that's the whole point. they compete with this man to remain in the white house and his job if there's a platform and i don't like putting things in good and bad terms, either you created jobs, didn't know what was happening here. this is not just team obama. this came from newt gingrich, governor perry, the list goes on and on. this is not a response that is exclusive to the democratic party or the president. this came from within his own party. >> we may have asked a few of those questions in 2008 when i was running mike huckabee's campaign. these questions have been going around for a long time.
if i was running governor romney's campaign, i would use this as an opportunity to get in front of this and talk about positive and good of bain capital and don't play defense on this. >> are we at the point of nowhere to run and nowhere to hide? how soon can we expect governor romney to come up with a sitdown interview and perhaps not on fox news and answer these questions? >> i agree with chip. he should try to figure out how to explain it. here's the problem, he's already in the corner. the only way to explain this is to show your investments. how do you show your investments? that would be income earned off those investments. how do you show that? release your tax returns just like your father did. this is not complicated. if he can't release his tax returns, i would like to know what else is there. >> all right. thank you so much. great pleasure having all three of you on. i love you guys together. coming up on "news nation" -- >> the mistake of my first couple of years was -- >> we'll have the rest of what the president admitted in that new telling interview plus new
details on the d.c. police officer being investigated for allegedly making threatening comments about the first lady. where is he now? joining our conversation, you can do that any time you want. that's our twitter page. find it @tamronhall. [ man ] ever year, sophia and i use the points we earn with our citi thankyou card for a relaxing vacation. ♪ sometimes, we go for a ride in the park. maybe do a little sightseeing. or, get some fresh air. but this summer, we used our thank youpoints to just hang out with a few friends in london. [ male announcer ] the citi thankyou visa card. redeem the points you've earned to travel with no restrictions. rewarding you, every step of the way. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan.
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now back to politics. a new report on mitt romney's vice presidential short list that caught a lot of people off guard late last night. according to the conservative website drudge report, former secretary of state condoleezza rice has emerged as the top c n contender to be mitt romney's running mate despite repeated denials of having any interest in the job.
>> it's not for me. i love public service. i'm happy doing what i'm doing. >> one republican consultant describes her to politico as the "shining ornament at the top of a christmas tree that we can always admire but never reach." bruce hayes called her a figure of eternal fascination for republicans. let's bring in our "news nation" political panel. this time we start with jimmy. are you all three with us? >> we're here. >> let me start this. let's say that condy rice leak was a trial balloon designed to pop so another sucky pick gets it. the expectation will be that conservatives will say at least it wasn't condy. we dodged a bullet. what's your take on that? >> i'm a huge fan of condoleezza rice. we've seen she's never had an appetite for politics. she's always been policy as she said in her own comments. she's wonderful. she's great. i just don't think she's on the
list. i'm not sure who floated the trial balloon. i'm not sure it was the romney campaign but someone did to get drudge to put it out there. i don't think she's on the list. >> who would be on the list of people -- who would be motivated enough to get drudge to put this on there if it wasn't the romney campaign? i ask you to put on your sherlock holmes act and figure this out for me. >> in politics at all levels there are people in the know and tell people they're in the know and leaking information and being sources and in washington unfortunately sometimes it's information that's the currency and so someone was dealing with bad information on this one. >> a.b., let me bring you in. drudge report points to this speech that condoleezza rice gave in utah at that retreat and apparently according to drudge she blew the socks off everyone and stole the show. with that said, you have the other argument out this was a trial balloon floated to distract from the questions regarding governor romney's tax
returns and latest round of bain attacks, do you believe it's a ploy to distract and get off topic at the end of the week. >> timing is interesting. it was a tough day yesterday with the obama campaign accusing mitt romney of potentially being a felon which i would like to add i do not think he is. condy rice is not on the list of people who are being considered seriously to be mitt romney's vice presidential running mate. i actually suggested her six weeks ago. i got barraged with e-mails including from members of congress telling me no way, never. she's a rhino and pro-choice. not conservative enough. they won't pick her. however, he's been campaigning with a senator from new hampshire and there are ways to flatter people and send these leaks out to make certain people believe they were under consideration. mr. romney said that a woman was under serious consideration.
these are ways to make certain voters maybe independents for example think that you were considering a broad swath of individuals to pair up with but white men only are on the ticket right now. there's a few of them. it does not include condy rice. >> with certainty you said that you do not believe that governor romney is a felon and comments made were out of place. can you tell me with certainty you think this wasn't planted to distract from this latest round of attacks? i have to tell you that is one of the immediate things -- >> i can tell you why it happened last night. i said the timing is curious. you make a good point. if she's not under serious consideration, why do you put this out to sources at the drudge report? it's a questionable leak. i think that this is done often in the vp sweepstakes and done
to flatter people. >> i haven't seen a full screen picture of pawlenty on the cover of drudge but all day long condy rice's picture, there are far more attractive ones they could have put up, i digress. it's interesting timing here. >> timing is suspicious. i don't have have many conversations with the romney people. i can tell you republicans i talk to in this building behind me and throughout washington, d.c. and the suburbs, condoleezza rice has never been on that list nor do i think she would be on that list for one reason and one reason only. she's pro-choice. mitt romney cannot risk that in a race that's going to be as tight as it is. i think a.b. is right and chip is right. you have the known contenders. mitt romney is a queen bee. he's surrounded by the bees. it would be implausible for the
queen bee to pick his running mate for someone that's not within the hive already. the typical people you're hearing about, i think it will be a southern governor. i think that he has to be able to motivate the south in huge numbers especially virginia. i think he's got to be able to appeal to a broader swath of the electorate and if he goes with the southern governor, that's a problem for him. portman doesn't give him ohio. >> we talked about negatives of condoleezza rice. what about the positives here? we're just playing monopoly here with names. we all believe that this story was leaked on purpose and not a real story. >> that's what makes it fun. >> that's what makes it fun in some ways if we weren't talking about our country. with that said, condoleezza rice does bring a certain energy. she was seen as a person that could have beaten hillary clinton if the two were in a face-off which obviously never happened and perhaps will never. she is formidable and while some
conservatives may dismiss her and questions certainly about her connection to the bush administration and the awfulness of the war, certainly she has a lot to bring to the table and not just diversity and not just she's a woman or that she's black. >> no question. she is smart. she's articulate. as you heard from reports in utah when she gets in a room, she blows people away. i got to spend a great amount of time with her in the first governor bush campaign in 2000 and was just blown away by her. she's an amazing woman. her foreign policy chops are rival to none. she is just incredible on so many levels. i'm a huge fan. >> chip, a.b. and jimmy, i know chip will be jealous but we have several tweets. one says, jimmy, you look dashing. looking mighty good in your bow tie. >> i look like a republican, chip. you better watch out, buddy. >> we'll take it. come on over, jimmy. >> i used to be a republican. don't forget that. >> used to be a lot of things.
we won't go down the least. thank you all. we appreciate it. coming up, bill clinton now weighing in on whether mitt romney should release more tax returns. >> i'm a little surprised that he only released a year's worth of tax returns. that's kind of perplexed me because it's the first time in i don't know more than 30 years that anybody running for president has only done that. >> more of the former president's interview with savannah guthrie and we'll get the latest in the investigation into the d.c. police officer who reportedly made a dangerous threat against the first lady. >> time for "your business" entrepreneur of the week. pamela was doing well serving big corporate customers and passing on smaller clients. when the work stopped coming, she had to rethink her business plan and diversify by thinking big and small. made sure every customer knew they were valuable to her.
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dignitaries. the secret service was immediately alerted to this threat though they do not believe the first lady was in any actual danger. coming up, with nearly six months left in the year, how many more working days do you think members of congress have? the answer is one of the things we thought you should know. plus, the u.s. olympic committee is responding to the outrage over the u.s. team uniforms being made in china. >> i think they should be embarrassed. i think they should take all of the uniforms, put them in a big pile and burn them and start all over again. >> do you agree with senator reid that the american athletes should get new uniforms made in the usa? it's our "news nation" gut check. ♪ [ male announcer ] we believe small things can make a big difference. like how a little oil from here can be such a big thing in an old friend's life. purina one discovered that by blending enhanced botanical oils into our food, we can help brighten an old dog's mind so he's up to his old tricks. with this kind of thinking going into our food,
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olympians don't train their entire lives to don chinese uniforms." a u.s. olympic committee spokesperson said all of this talk about olympic uniforms made in china is nonsense in response to other comments like these from senate majority leader harry reid. >> i am so upset that i think the olympic committee should be ashamed of themselves. i think they should be embarrassed and take all of the uniforms and put them in a big pile and burn them and start all over again. >> kelly o'donnell joins us live. we just got word at least from senator schumer that obviously he's outraged about this and suggested that at least one company based in rochester, new york, might be able to do the job to get uniforms made in time for the opening ceremony. >> chuck schumer was looking for a solution to avert this chinese-made display at the beginning of the opening ceremony for the olympic games. a well known men's suiting
company's president said they could get it done. we're talking about roughly 1,000 outfits. all of the u.s. team coaches and so forth that you see that would parade into the stadium for the start of the olympic games. that's what the uniforms look like made by the ralph lauren company. so american designed but manufactured in china. and it's not the first time this has happened. it certainly got a lot of attention. you heard that fire from harry reid and others who are really upset about what this means especially at a time when so many jobs in the u.s. are hard to come by and the textile industry in the u.s. has suffered so much. to give you a sense of how this blew up on capitol hill, take a listen. >> today there are 600,000 vacant manufacturing jobs in this country and the olympic committee is outsourcing the manufacturing of uniforms to china? that's not just outrageous. it's just plain dumb.
it's self-defeating. >> they should wear uniforms made in america. >> you would think they would know better. >> a couple new york lawmakers also wrote to the olympic committee asking them to pledge in the future that they would be american made uniforms. now the ralph lauren company has not made a specific comment about this. they have said through talking to some of their officials that this is something that happens regularly. that athletic wear is often produced in china, other overseas companies. back in 2002 when i was at the games, the team beret was so popular that year it was made in canada. when our colleagues were in beijing in '08, they went to one of the locations where team uniforms were being made. this is not a new issue, but in the current political environment, boy did it catch fire. >> the current unemployment environment. i mean, you talk about the uniforms in the past. 2002, 2004, 2006, we reached out to the company that made them. they were made, you're right, in canada. senator bernie sanders makes
this point regarding the unemployment. he says at a time when millions of americans are unemployed, there's no reason why u.s. olympic uniforms are not manufactured in the u.s. this is a new statement from bernie sanders here. the upside is that it is refreshing to see republicans, democrats, independents, all agreeing this looks lousy. >> it's one of those unfortunate side tracked issues where everyone is so pro-u.s. when it comes to the olympic games that you didn't expect to have this kind of a furor right before it. you do have bipartisanship here and they are happy to have the support of a major sponsor like ralph lauren. the usoc points out that unlike other countries that compete, it's all private money that makes this possible. and so ralph lauren used an outside company in asia to make these goods. it is something that's got people talking. it's hard to imagine there will be time to make a change now but, boy, they have made a lot
of attention. >> we are the usa. anything is possible. we would like to believe. to your point as well, you can be unhappy that these uniforms are made in china. we can debate that. in the end, i believe we all certainly support team usa. those are two separate issues. we'll support our team and people that compete to represent us but you can take issue with at least how this has gone down with the uniforms. thank you, kelly. >> we can't wait to see the games. >> i can't wait. i'll therebbe there. >> i'm jealous. >> i'll by you a beret. closing arguments under way at a trial in washington that will determine the fate of the controversial voter i.d. law out of texas. the law passed last year requires texas voters to produce a government issued photo i.d. and at issue is whether the law violates the federal voting rights act. states with similar laws obviously watching the outcome of this. the obama administration has vigorously challenged these laws and joining me now, victoria, a
visiting scholar at the university of texas. thank you so much for joining me. >> my pleasure. >> obviously in texas we talked a lot about african-americans but in texas we're looking at the numbers regarding especially the hispanic community that many believe could be alienated and somehow disenfranchised by these laws. >> absolutely. you know, the voter i.d. law is a perfect solution looking for a problem. the fact that there is evidence of systematic vote fraud just isn't there. however, we do have hard evidence that if voter i.d. laws such as these are put into place, you'll suppress voter turnout and you'll suppress the voter turnout with minorities, the poor, elderly and the youth. here in texas, minority voters being disproportionately latino. at the end of the day the cost of voterr suppression doesn't
support voter fraud. >> they have put enough measures in place to be sure there will be no voter suppression and people won't be kept from the voting booth and that's a part of their closing arguments fighting for this law. >> you know, the vast majority of texans do have driver's licenses or gun permits which you can use to vote in texas or passports. what about the over million registered voters who do not have those forms of identification? they say, well, you can get a free electoral identification card. i spent 40 minutes yesterday online trying to figure out how i would get this electoral identification card, which would be used if the voter law is upheld. i couldn't figure it out. i'm a political science professor. i'm a political junky and i couldn't figure it out. >> tell me why you couldn't figure it out? >> there was no information on it. they proposed this law and maybe
they pulled it back waiting it see whether or not it's upheld or not but in theory this would be in effect for november. folks who are going to have to go through the process would probably want to start looking now how they get that one form of free i.d. that's the only form of free i.d. there's no information yet on that. >> we'll see the results when this panel makes its decision here. all eyes certainly on texas this time. thank you so much. it turns out that jpmorgan's stunning $2 billion loss, we're now learning it's even bigger than originally thought and guess what? we're learning the bad trade cost the bank nearly triple the amount. the question now, did employees try to cover it all up? first, there's a lot going on today. here's some things we just thought you should know with almost six months left in 2012, do you know how many more days congress will work? the huffington post says house leaders have scheduled 41 more
working days between now and the end of this year. there's lots to be done including expiring bush era tax cuts and automatic spending cuts which are one of the things. the national journal reports on the gender pay gap on capitol hill. it says female staffers there make thousands of dollars less than their male counterparts. the biggest pay gap, women who work for house republicans make more than $10,000 less than those who work for house democrats. singer alicia keys is hitting the campaign trail for president obama. she sent out a tweet saying "join me in philly next monday" according to the obama campaign, alicia keys will attend the philadelphia women's vote 2012 summit along with white house adviser valerie jared and debbie wasserman schultz. those are things we thought you should know. [ male announcer ] this is rudy. his morning starts with arthritis pain. and two pills. afternoon's overhaul starts with more pain.
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craving carb latent foods, you probably skipped breakfast. those who skip breakfast are more likely to crave starchy foods. it may be because starch is a fast acting energy. time now for the "news nation" post-script. we look at the headlines dominating the political debate. the conversation centered around taxes the growing pressure on mitt romney to release more of his tax returns and president's call to extend tax cuts for the middle class. >> i'm calling on congress to extend the tax cuts for the 98%
of americans who make less than $250,000 for another year. >> that's another kick in the gut to the middle class in america. >> what we ought to be doing is extending the current tax rates for another year. >> the next four years we're going to have to undergo comprehensive tax reform. >> with a hard requirement to get through kprcomprehensive ta reform. >> someone who sheltered the incomes taxing in switzerland and caymans and bermuda, someone who will get us to a place of tax fairness. >> all of the taxes are paid as appropriate. all of them have been reported to the government. there is nothing hidden there. >> i think what's important if you are running for president is that the american people know who you are and what you've done and that you're an open book. >> and joining us to help break it down, what we saw all week, mark murray back with us. thank you, mark, for your time.
okay. so it's an interesting week. a lot of talk about taxes. neither issue it looks like will be resolved any time soon. we don't know if or when governor romney will release more tax returns. he says he will. that date to be determined. the fight over middle class tax cuts not going to end any time soon either. >> that's right. the way to look at the totality of the week is that mitt romney found himself on the defensive whether on his own tax records or that the president and the obama campaign really took the offensive trying to make a battle over these bush tax cuts. when the week began, i think we were all talking we thought the issue would be about friday's disappointing jobs reports. as you see the obama campaign and the white house trying to change the subject and they were effective. this thing goes up and down week to week and we'll probably see the romney campaign on the offensive next week. when you look at the past five days, you have seen the campaign on their heels.
>> let me play former president bill clinton. mitt romney has been quoting bill clinton as of late. we'll see if he quotes him this time around with these new remarks. let's play it. >> i'm a little surprised that he only released a year's worth of tax returns. that's kind of perplexed me because it's the first time in more than 30 years that anybody running for president has only done that. the voters can make up their own mind about whether they think it's a good thing for a person who wants to be president to minimize his own tax liability by putting the money in overseas tax shelters. >> that's the former president speaking with savannah guthrie. might mitt romney start quoting that line from bill clinton? >> probably not. there's an increasing drum beat for mitt romney to release more tax records. he's released full 2010 and estimate to 2011 and we should be able to get that 2011 tax return later this fall.
as we saw in january when newt gingrich, rick santorum, rick perry were leading the drum beat for mitt romney to release his taxes, he finally did release those 2010 returns and i have to say that it's almost deja vu all over again. we see this drum beat that might end up forcing romney to have to release more taxes. >> i have to play this sound bite from president obama in this any interview asked about mistakes made in his first term. let's play it. >> the mistake of my first term, a couple years, was thinking that this job was just about getting the policy right. and that's important. but the nature of this office is also to tell a story to the american people that gives them a sense of unity and purpose and
optimism especially during tough times. >> what's your take, mark, on that comment? >> the romney campaign pounced and said that his biggest short coming should have been admitting 8.2% unemployment rate but, tamron, this goes to criticism that he's received from his supporters and detractors that this white house has not done a good enough job in communicating. we saw an admission from the president there that the story telling or overall communication of its policies and what they inherited, that was their biggest shortcoming in the first two years. >> mark murray, thank you. have a great weekend. see you monday. jpmorgan losses are bigger than previously thought and that tops our look at stories around the "news nation" today. in releasing second quarter earnings, the country's largest banks said a bad trade costed 5.8 billi$5.8 billion this year the original estimate we were all told. $2 billion was the number then. traders may have tried to cover up the extent of the losses.
jpmorgan still reported solid profits for the quarter. its stock is one of wall street's best performers today. video from red light camera to encourage safer driving. the video from june 29 shows a driver slamming into a pole. he was later arrested for driving while intoxicated. look at that video. the guy ended up suffering minor injuries. thankfully no one else was hurt. a lesson learned there. don't drink and drive. an update to an important practice to help veterans find work after the military. the unemployment rate for post- 9/11 vets is 9.5% opposed to the national average of 8.2%. that's where the program hiring our heroes has come in. 10,000 vets have now found work thanks to the program which was launched by the u.s. chamber of commerce in march of last year. the 10,000th hire, a marine from st. louis. he joins me now. good to see you, cory. >> thanks for having me.
>> thanks for your service to this country. we all appreciate it. we probably don't say that enough to guys and women like yourself. nonetheless, tell me about this new gig you have. >> i'm working as a security officer down at the power plant. >> so what do you do daily with the new job? >> access control, searching personnel and vehicles and roving patrols. >> how long were you out of work before you were able to get in at your new job? >> about two months. >> what was it like the two months without having work and knowing that the unemployment rate for veterans was higher than the national average? >> it was really rough leading up to my marriage was just a few weeks away and we were worried we won't be able to afford our own place or make it. >> so i imagine for a young man about to take on a new wife, a new family here, like so many
others the 11 million plus if not more people that were unemployed in this country, you had to be facing fear of what would happen next. >> yeah, it was very overwhelming coming up to my time of getting out of the military. >> did you think a lot about it? what did you think? >> well, we considered staying in for a while there but me and my wife decided that more time together and starting a family was more important than the money and we decided together we would figure it out. >> you got involved with hiring our heros how? >> i got an e-mail from my mother about the program. >> so like every good mother looking out for her child, what did she say in the e-mail? >> it gave me an address and a time and that it was there to help veterans and it was a good idea to go try it out. >> did you have a lot of confidence that it would work out or did you say let me just
give it a try. i need a job. i have a new wife. i have to pay these bills. >> well, i actually went to the marines right out of high school maybe two months after i got out of high school i went. i was worried not having any experience in the real world going into something like this and competing with people who might have college or other job skills. >> i get that. you hear a lot of vets utter the same thing even though you have these incredible life skills that you learned serving this country. you don't know what you're going to face. i'm happy to announce that you are the 10,000th person who has been able to land a job with this program. cory, i think what i love about you most, is that you are a man of few words. let me tell you, as a single woman there are not enough men out there who can keep your comments as short as you kept yours. your wife is lucky. a strong, silent type. i appreciate your time. >> thank you very much. >> absolutely. i'm sorry. up next, it is one of the most talked about stories of the day. should the u.s. olympic
committee toss out those uniforms made in china and rush in with american workers and get new uniforms complete before the opening ceremonies? it's our "news nation" gut check. art of my life, between taking insulin and testing my blood sugar... is this part of your life? freestyle lite test strips? why, are they any... beep! wow, that hardly needs any blood! yeah... and the unique zipwik tab targets the blood and pulls it in. so easy. freestyle lite needs just a third the blood of onetouch ultra. really? yep, which is great for people who use insulin and test a lot. max and i are gonna run out and get them right now. or you can call or click today and get strips and a meter free. test easy.
time for "news nation" gut check. we told you about the uproar on capitol hill over team usa's uniforms for the opening ceremonies in the london games being made in china. new york senator chuck schumer says new uniforms he believes could be made by a new york company. they could also be made in ohio and make it in time for the games. what does your gut tell you? should the u.s. olympic committee start over and rush new uniforms so that our olympians can have made in america not made in china in the label. go to facebook.com/newsnation to cast your vote. it is a hot topic. that does it for "news nation" on this friday. "the cycle" is up next.
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