but the fundamental -- the essence of fannie and freddie and the charter they got in 1938 and freddie got 40 years later and it created that implied guarantee and he cannot change that without congress. he cannot change their charter or he could up the assets into a delaware corporation and privatize them but they both have the benefit -- [inaudible] spinning do you remember how much it was? >> they have the right to borrow $5 billion in the treasury. >> right. by the way -- >> you can fool some people some of the time. [talking over each other] >> it's called the fdic. >> i don't think the fdic is what failed. >> no. but this is speeded know. i'm saying -- >> i'm with you. i'm going to make your point for you. [laughter] the right wants to take fannie and freddie get the government out of housing, but the banking system doesn't have enough deposits to step in and take their place, and the banking system doesn't benefit from an explicit guaranteed to get benefits from and expressed guarantee. they have deposit guarantees from the fdic which prevents runs during a crisis and have the r

to your point, john, i don't care if there's fannie and freddie, face it, fannie and freddie still or the function they perform still provides affordable housing even if the goal doesn't exist. i'm not debating whether it should or shouldn't, but if they go away tomorrow, there's just not enough -- you can't -- you're going to have a very small mortgage market, right? and so, you know, the fact that they're making money, great. is it really to get it back into the private sector? i don't know. the one thing that i fear is that using that money to pay for things, you know, pay for it's going to the government whether it's payroll tax increases or things like that, that's not good business east. so we've got -- either. so we've got to figure out a solution to that. it's a complicated, complex thing to try to figure out what this new system needs to look like, the technology, the process that exists within these entities today needs to be harvested and figured out. if fannie and freddie don't exist in their current format, reform still is taking some of the stuff they're using today, kee

no one has done more for the system and fannie and freddie -- a work for fannie and freddie. i am not a consultant. but i can read history and see what they have done. at least one-third of americans today directly contribute the fact that they have a mortgage. probably she go back to generations before that two of most americans have some connection to the fact that we have these government sponsored enterprises. yes, they make money. when did that become a bad thing? in no, it is amazing. but, you know, that is why we're messing with. we're messing with low was at one time the healthiest to mistrust home mortgage finance market in the country. we are about to take it. where are we going to take this and put it? regard to put it into the institutions that led us into the sub prime of this that fannie followed into. >> and drop. >> please. >> going back to his question, i think i am an optimist. so take this with a grain of salt, but i do think the bill, if it is introduced, will fix many of the flaws. i think they're taking very seriously the mission of looking in bringing p

banks are full of fannie and freddie debt. the repo markets are full of fannie and freddie debt. if you want to end too big to fail, you have to start with fannie and freddie. there is no one who is bigger than these two institutions. >> in 2008, one of my colleagues thought, you have two insolvent companies, we have to get rid of them. how hard can -- how hard can that be? and here we are five years later and still hasn't happened. >> what do you think that tells us about the administration's real position on house regular form and what should we expect oming out of it? >> i'm supposed to be meeting with my former colleague soon, looking to my trusty staff, i think he's reached out.

this is $40 stock, fannie and freddie. you think it goes to $18 a share. how does it get there if. >> i have to be very clear with you. if the u.s. treasury does not change any of the things today, the stork is worth zero because 2017 the company is gone. if on the other hand, the stock or company is returned to shareholders, since the company is earning about a buck 60 a share in my estimate and it can sell easily at 10 to 12 times that number, $18 a share is what it is worth. plus if you treasury decide to turn it back to the shareholders, the biggest winner of course is the american taxpayer because the american taxpayer will have 4 billion shares of this stock and will pick up $75 billion if the treasury does what it should do. if the treasury of course chooses not to, the u.s. taxpayer loses $75 billion and everybody else walks away with nothing in their hand. >> what exactly is the treasury trying to do? you have members of congress that want to get rid of fannie and freddie completely. the treasury holds the warrants. what do they want to do right n

that is a way multifamily works in fannie mae and freddie mac. the delinquency rates were so low because you have so much private first loss from. literally by definition there will be doing -- achieving the affordable housing goals because of the nature of the stock. >> i think that is an interesting point. i think the real message here is that it should not be a bad word to say that we want to promote affordable housing or to say that the government is not in the business of housing but in the business of affordable and housing and it does segue into providing assistance. think when you talk about the secondary market the government guarantee, it should not be a bad word to say that we are giving you this government guarantee because we believe that you should engage in providing affordable housing. so when we talk about the multifamily portfolio versus single family, either way putting in affordability requirement there, saying we're doing it because we believe that is what the market should do, it makes sense. and i think we're also reall

taxpayers have recouped all of the money they gave to the mortgage companies fannie mai and freddie mac during the financial crisis. details on this milestone five years in the making. all that and more on "nightly business report" for friday, february 21st. >>> welcome. i'm tyler mathisen. susie gharib has the night off. mark twain reports of the death of the big bookstore may have been greatly exaggerated. borders may have closed, so did walden books but barnes & noble has survived. its market value has steadily fallen and it's struggled to take on the internet and e books but it is still here. it's survived by changing and adapting and being at the forefront of the e book revolution with its nook e reader and now takeover offer for that beaten down chain. along with its nook unit. from a little known investment firm called g asset management. initially investors sent shares of the 128-year-old book seller sharply higher. at the end of the session shares had come back a little bit. they still ended up by a solid 5.5%. courtney reagan joins us now with more on the takeover offer and wh

fannie and freddie is making a lot of money. the government has a plan to basically squeak, take all the money, from the shareholders. take over fannie and freddy, the obama administration. shareholders are suing. he thinks there is good chance shareholders win this lawsuit. he says that the stock goes from 4 to 18. both fannie and freddie. interesting scenario. cheryl: today. >> today earnings were strong. if you believe that these things will be private, remain as they're sort of private companies, they're gses, they're in limbo. i wonder how that will work out. do we back them up? adam: how will that exist, that owasi guaranty. >> that is opening up a whole another can of worms but dick is betting, by the way, big al manage and others hedge fund guys are betting this remains in quasi-setting with shareholders and stock triples. cheryl: net income $8.6 billion in the last quarter. dick bove. >> it was good call. public policy ramifications is for another story, whether this is good thing for all of us. adam: your story in the

over cash flow of fannie and freddie. the investment community believes they are not entitled to it. the reason this is important to the investment unity is because there are common shares and preferred shares to trade. and none of that cash flow is in a sitting -- is benefiting the shareholders because the government is taking it all. >> brad is a former lobbyist, a former hill staffer, a former hedge fund advisor that now works for bloomberg. that youbruce right, cannot touch housing finance? >> he is correct that this is one of the biggest issues in washington right now. can it be touched? congress will touch it. ofy have two pieces legislation, one in the house and when the senate, and the senate banking committee is going to release a third bill sometime in march is likely. the hedge fund you described will be watching to see if any of the grievances will be discussed in that legislation. but what can and should be done? -- >> what can and should be done? >> e-government -- what should be done is the government shoul

this includes fha, fannie, freddie, so it's a broader mix but having said that, fannie and freddie to talk about their profits is largely an illusion. these are not like private companies with capital operating in a marketplace and prices are being set by the market place. they have no capital. they are backed by the government. they have been given the an effective monopoly on the non-fha loans. they do 9%, 85% of all the non-fha loans in the country and so, to say they're making money, relative to what? and so the taxpayer is still on the hook for the risk. most people don't realize this. but they're backing, the taxpayers are still backing fannie and freddie in terms of their capital to the tune of $250 billion. liz: ed, we just showed both fannie mae and freddie mac stock. both people can buy stock. we are a business network. we can sit here and judge gses until the end of time but bill ackman a billionaire hedge fund guy, believes in his heart that fannie mae could be worth 10 types what it is now. he is talking common shares in just a couple of years. he's a smart guy. should pe

to privatize fannie mae and freddie mac.all the time. the obama administration says we want to privatize fannie mae and freddie mac. it's been years now and the president has butt out absolutely zero capital to get that country. so the reality is fannie and freddie are making money again and that's why shaun donovan can say happy times are here again. i've got monday to give to you. >> bottom line, what will happen, will this $5 billion fund be enacted? >> you think it will be enacted. mel watt who is thousand running fannie mae and freddie mac, he already has two funds he can start to fund at his open discretion. i think you'll see that happen and what i think is you'll see taxpayers standing by very risky stuff. >> we've been there before. mary, great to see you. thanks so much. >>> love to know what mayor i rnks about cvs now that they're winning praise from at least some people for a decision that they may stop selling tobacco products. does it really matter? will smokers stop? we'll tell you about the changing nature of that vice in

mortgage giant freddie mac is racking up its 9th profitbale quarter in a row. the agency's profits doubled this time around to $4.5 billion dollars as home prices rose and freddie had to set aside less money to cover losses on mortgages. during the finanicial crisis-- the government spent $187 billion bailing out freddie mac and fannie mae. it's estimated by march the two will have paid back at least $192 billion to taxpayers. now on to "retail" earnings...gap addressed a challenging christmas, as it says revenue and profits both took a hit in the fourth quarter. best buy returned to a profit. still, the electronics chain reportedly plans to cut 2,000 jobs following a disappointing holiday season. shares traded in a wide range thursday ending the session-- down.. at sears...the christmas season was deemed "tough to terrible"that resulted in a 14% sales plunge. and jc-penney stock shot up a whopping 25% yesterday, as turnaround efforts.... appear to be working! u-s regulators are probing recall reaction time of general motors after an ignitian issue was linked t

that replaces a juggernaut like fannie and freddie -- replaces a juggernaut like fannie and freddie? >> will the new capital requirements on banks suppress their natural appetite passionately > - -- some andrked for john wells fargo. who takes over for fannie and freddie? >> one of the things that affect capital of the countries that disproportionately it affects banks versus nonbanks. wells fargo is in the process right now of trying to supposedly offload some servers into an on-deck circle is in company. a big issue regulation. >> i was talking to adam earlier about this. don't come back until you fix i had in real estate. it is insane. >> we can't afford it. >> it is insane. we will be back with more. "bloomberg surveillance." ♪ >> this is "bloomberg surveillance." i am scarlet fu, here with tom keene and adam johnson. let's give you company news, starting with societe generale. 400french bank is posting $89 million in fourth-quarter profit, almost double what analysts had been looking for. the consumer banking business was strong last quarter, with earnings climbing 11%. heinek

as a result freddie mac said it will pay the u s history a ten billion dollars dividend next month. he has already paid its full government bailout last year at the height of the financial crisis in two thousand and eight the government rescued freddie mac and its bigger sibling fannie mae was one hundred eighty seven billion dollars in tax. it has been nearly a month now since french gossip magazine published a story accusing president and online. having an affair. neither confirmed nor denied the reporting but he did eventually split up with his longtime partner validate realignment of the better chance to sit down with the pup iraq so that took the photos. it was an inside look at how the story unfolding. we seem to be in a paris cafe. he sits down for unto thee. he doesn't seem to fit the stereotype. her accent. he's not selling the on duty. he didn't sneak up on us. but then again when the french president coleslaw long the court in an apparent head. sycamore says one or email to staunton with a remote room and then we checked to see if it was just a dreamer. randy and the stac

(george oohs) freddy's in the lead. (excited chattering) all right! fast freddy wins again! isn't he a beaut, george? george? george went to find his own racing worms. and he knew just where to find them.

we have said fannie and freddie cannot pay back. at the end of the day where watching these crazy machinations in washington, focused on restructuring the mortgage finance system and talking about dismantling the cornerstone. >> that would be having a fannie and freddie that were not actually government-sponsored entities. there would be no government involved at all, which would thatif you default on mortgage, if you are the bank holding it, no one is there to guarantee. >> right. i would go further. we are watching the legislative process, with these wonderful are attemptsthat to suggest we can create a fully private market. >> why can't we? europe did. >> at the end of the day we want a 30-year fixed mortgage. >> do we? trillion mutual fund supporting and $8 trillion market. the government will be on a catastrophic pace on the hook. the goal is to structure the market to minimize that risk. >> the bets these hedge fund guys are making -- ackman and berkowitz are on opposite sides of the trade because ackman owes the common stock

fannie mae and freddie mac are close to paying back the 2008 bailout. the two are closing in on the $187 billion owed to the government. as the housing market improved- fannie and freddie were able to return 130 billion dollars in profits to taxpayers last year. however-- a citizen's group argues a portion of that money was originally meant to fund housing for the low income and homeless. the agencies report earnings later this month. chrylser is expected to pay $5 billion to the united auto workers trust in the final payment owned from its bailout. the car company signed off on a bond sale that will reimburse the uaw health-care trust. chrysler is owned by fiat. fiat is planning an ipo for this fall. in our cover story, the auto industry is shifting gears. winding down, in australia--- toyota, the last automaker there announced it will cease australian production in 20-17, ending australia's 66-year-old auto sector. while, in germany, audi plans to add shifts to keep up with rising demand in china and in the u-s. if you're looking for a serious car sho

and speaking of financial situations, remember when the government bailed out fannie and freddie? now they are writing the government a big check because they are making dozens of billions of dollars in profits. stick with us for that. ♪ >> fannie mae is on an incredible role, and u.s. taxpayers are the big winners. the housing finance giant bailed out by the government in 2008 announced it will write a 7.2 billion dollar check to the treasury department after reporting its eighth straight quarterly huge profits. chief washington correspondent peter cook is with us. and it looks like, and i am just looking at the numbers here, the very cursory numbers, they are making a killing in giving it all back. isn't that great? >> they're making a lot of money. $84 billion in 2013. >> $84 billion. with that into perspective. that is more than goldman sachs, morgan stanley, and jpmorgan's annual profits all put together. >> and the profit all goes to treasury? >> almost all the goes to treasury, yes. it under the terms of agreement, after it went to conservatorship, we have lawsuits pendin

hank paulson did is he told them goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has been coined to give to his clients so he could if if he does have he could of course buy a one hundred dollars and then sell them at six hundred dollars later right well goldman sachs for more you know was actually taking a close look at that coin now and then been doing some internal research and circulating it internally so obviously they're quite envious of mt gox and big point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i think goldman sachs will participate like some of these other new up starts well but they will try and they of course will do whatever they need to do to try to grab as much of this business a

it was the bursting of the housing bubble that caused massive losses not just for both fannie and freddie. today comes the pay back with the profit. wolf? >> billion dollars they have gotten back. what about the huge bailouts we were familiar with during the height of the economic troubles five years ago? >> not everybody came up with a profit. general motors came up $10 billion short. more than $1 billion short when you look at chrysler. they are not the only firms to pay back more than they got. taxpayers made almost $23 billion of profit on the aig bailout. they made $22 billion from the combined bank plouts and that includes citigroup that paid the most back. not just for the banks, but the automakers as well. they shouldn't be in the business to step in had to rescue private companies. the government's argument was hey, without the intervention, letting them go belly up would have had a bigger impact and cost us jobs and made the reception more painful. this is really even after the companies approximate continue to pay back the money, it's a debate that really continues. >> they sai

hank paulson did is he told some goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has big coin to give to his clients so he could if if he does have he could of course buy at one hundred dollars and then sell them at six hundred dollars later right well goldman sachs for more you know was actually taking a close look at that calling now and then been doing some internal research and circulating internally so obviously they're quite envious of mt gox and big point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i think goldman sachs will participate like some of these other new up starts well but they will try and they of course will do it. or they need to do to try to grab as much of this business as po

the need to have fannie or freddie or the equivalent in housing finance system. we should begin by knowing that the u.s. is practically alone in the entire modern industrialized world in having government sponsored enterprises directly guaranteed mortgage securities. the u.s. is also practically alone in the level of direct government subsidy and intervention into our housing market. and guess what. we were also practically alone in the level of turmoil in our housing markets as measured by foreclosures and languages. ladies and gentlemen, i posit to you there is clearly a direct causal link. by almost any measure fannie and freddie have not propelled the united states the housing finance nirvana. again, when compared to other modern industrialized nations, whether we look at rates of homeownership or whether we look at spreads between mortgage interest rates and sovereign debt, the u.s. can usually be found somewhere around the middle or the bottom of the pack. again, regrettably, there is one unfortunate category with the united states has clearly read, and you

putin what he needs to know here about freddy mercury and queen? tattoo, the terrible russian girl version for milly vanilli for pretending to be lesbian, but they're not. a lot of it is ignorance, but this really is how russia started the olympic games today. on day one. holding our breath for day two. that does it for us tonight. see you again on monday. now on the count of three, it's off to the gulag. three, two, one. prison. >> due to mature subject matter, viewer discretion is advised. >> msnbc takes you behind the walls to america's most notorious prisonings. now the scenes you've never seen. "lock-up -- raw."

hank paulson did is he told some goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has been going to give to his clients so he could if if he does have he could of course buy it one hundred dollars and then sell them at six hundred dollars later right well goldman sachs for more you know was actually taking a close look at they call him now and then been doing some internal research and circulating it internally so obviously they're quite envious of. mt gox and big point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i think goldman sachs will participate like some of these other new starts well but they will try and they of course will do whatever they need to do to try to grab as much in this business

hank paulson did is he told some goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has big coin to give to his clients so he could if if he does have he could of course buy at one hundred dollars and then sell them at six hundred dollars later well goldman sachs for more you know was actually taking a close look at that coin now and then been doing some internal research and circulating it internally so obviously they're quite envious of mt gox and big point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i don't think goldman sachs will participate like some of these other new up starts well but they will try and they of course will do whatever they need to do to try to grab as much of this business as

hank paulson did is he told some goldman sachs investors that he would be bailing out fannie mae and freddie mac. though in front of congress to the american people he said that would never happen but indeed he did so only goldman sachs knew that he would bail out fannie mae and freddie mac. so this is one of the speculations about mt gox is that of course they know whether or not they have only mark karr peleus knows if he has to give to his clients so he could if if he does have he could of course buy at one hundred dollars and then sell them at six hundred dollars later right well goldman sachs from or you know was actually taking a close look at that calling now and then been doing some internal research and circulating it internally so obviously they're quite envious of mt gox and big point at this stage and grabbing market grabbing attention it's obviously the growth industry to be and i don't think goldman sachs will participate like some of these other new upstart will but they will try and they of course will do whatever they need to do to try to grab as much of this business as pos

one of the appropriate measures to use such that the government's backstop, whether it's fannie or freddie or private institutions, actually serve a public purpose which is to build home ownership across the income and across the racial spectrum in america. >> you know, i'm not as intelligence at the three of you to be able to remember all six questions david asked -- [laughter] >> that's why we're answering just one. >> but i think your question was, you know, with interest rates rising, is that going to create any urgency? i don't think it creates urgency around gse reform. rates are still incredibly low, and even if they go to 5 or 5.5, it's historically low. so i don't think that impacts affordability tremendously. it certainly impacts the monthly payment. i don't think that's going to have anything to do with driving anyone to make a decision around gse reform, nor do i think it should because it's just the wrong reason to try to fix that system. we have to think through the right way to do it. >> i do think, though, bill, that there's a number of things that are occurring. the fed wi

putin what he needs to know here about freddy mercury and queen? they had the band tattoo playing at the opening ceremonies. tattoo, the terrible russian girl version for milly vanilli for pretending to be lesbian, but they're not. a lot of it is ignorance, but most of it is not. nobody wants politics mixzed up in politics or vice versa. this really is how russia started the olympic games today. on day one. holding our breath for day two. that does it for us tonight. see you again on monday. weekends with alex witt starts now. >>> almost glitch free. the opening olympic ceremonies provide a spectacle in sochi. right now, key competitions are under way. we'll bring the latest in a live report. a security scare. the attempt to hijack a plane to sochi and what the flight crew did to stop that man in his steps. >>> the e-mail the christie camp sent out about david wildstein. >>> a home recipe. will yo be able to make coca-cola? that's in the money headlines.

al ritmo de queen nos despedimos. ♪ ♪ >> freddy y yo, somos pos asÍ, muy, muy unidos y apenas nos anda cayendo el 20 de todo esto que estÁ pasando, o sea tambiÉn dame un poco de tiempo ¿no? >> no hay tiempo, ana, o das el ancho o no, o estÁs hecha para esta carrera o no, asÍ de simple, con permiso. ♪. >> ¿mÁs claÚsulas? >> uhum. >> no puede ser. >> en la elecciÓn de presidente,

fannie mae and freddie mac cutting final checks. christine romans has that story. >> reporter: the battle days of the bailout, this one, one of the most ugly, expensive of the financial crisis, taxpayers shouldering a huge burden. but they're getting a paycheck. not all taxpayers are happy about it. i'll tell you why after the break. ses at the age of 80. helps reduce the risk of heart disease. keep heart-healthy. live long. eat the 100% goodness of post shredded wheat. doctors recommend it. you get 4 lines on at&t's network... including unlimited talk... unlimited text... and 10 gigs of data to share. 10 gigs? 10 gigs. all for $160 dollars a month. you know, i think our family really needed this. it's really gonna bring us closer together. yep. yep. yep. yep. yep. [ family ] yep. [ male announcer ] introducing our best-ever family pricing. for a family of 4, that's 10 gigs of data with unlimited talk and text for 160 dollars a month. only from at&t. yeah. i heard about progressive's "name your price" tool? i guess you can tell them

fellows don't forget our government has been get one for freddie for the last few decades have thought even before that that's the way they want to take over the government that's the way they want to take over the system more than that that's the way they want to take over the country. and these are the trails that most of the migrants. that take place take place for a long trail last year they reported two hundred eighty. because. they just. report. that had not yet been found. because it is really difficult. dangerous. one. the. be. all right i got a question. do you have pink underwear cord do you like the pink on door where you know or share versus will california of course say they were pink there you know i know on the street they like. pink though they were they like the innocent people may think what color you were color you are yeah i'm the same with others you do what color your own little of my own the were real for you are you i think the being you are complaining about think good you are if people like innocent people their revitalisation is just five years all just misse

formada en 1971, "queen" se convirtio en una de las mejores bandas del mundo, de la mano de su vocalista freddie mercury. >> gracias por su atenciÓn. muchas gracias. al ritmo de queen nos despedimos. ♪ ♪ > >>>. ♪ ro al despertar ♪ miÉrcoles 12 de febrero es un gusto como kood maÑana que nos sint ni ceso. >>> es un gusto, buenos dÍas, es un gusto estar con ustedes hoy se cumple 10 aÑos de a pro boogs de matrimonio gay. en su momento fue de krofr skwie y ahora se puede ver que esta pues lell matrimonio gay en 17

freddy, te amo. ♪. >> bueno, y aquÍ entre nos. >> ¿quÉ? >> ¿nunca te sientes solo, franco? >> um, claro que sÍ, ana. >> ¿no tienes familia? >> bueno, asÍ como esposa e hijos, no. >> ¿y eso por quÉ? >> pues la verdad, ana, no he tenido tiempo. >> ¿cÓmo? >> yo he dedicado mi vida a este negocio, yo sÉ que no es muy alentador para ti, pero esta es mi vida. hoteles, camiones, aviones, conciertos privados, los foros de televisiÓn, conocer gente, en

reforming fannie and freddie is a priority for this committee. i'd like you to take a couple brief moments to discuss the need to bring private capital back into the market. >> senator, i strongly support and would urge congress to address the issue of gse reform. we've gotten a mortgage system that in a way, be factor sense remains very highly dependent on government backing. and it fails to meet the very important objective of success. securitization without systemic risk. there are a number of different ways in which congress could proceed with gse reform, depending on your assessment of appropriate priorities. in my personal view it's very important for congress to decide explicitly what the role of the government should be in housing finance and there are a lot of possible choices available i think many terms of bringing private capital back into the market, we now have a system where almost all mortgages that are being granted in this country have government backing associated with it, and i think to see private capital return in meaningful

kelly is here my farther supervisor katie tang is here and supervisor yee is here and freddie price and john is here with the 3 doggy heads man i didn't memo and jack and the school is here loyola >> yeah. we have diane scott. it wasn't quite a glorious day when the doggie diner feel detain from its perch. it was very sad i wondered if the defendant's exhibit no. i think was going to be up here thanks to an amazing community work and the dpw head the doggy head was put back up. now like most celebrities the doggie diner had to get work down and thank you to the amazing dpw surgeons i want to bring up the doggie diners best friend mayor ed lee >> tammy thank you, very much this is dear to you happy valentine's day everyone this is where i like to spend my valentine's day. we did so for many years after the falling of the our doggie diner head and the responsibility the city took place as an example for support for something that's part of our history. i know the historic beach society is here they appreciated what we did and john log did moot example of what we can do with the doggie din

the government has finally turned a profit on the bailout of freddie mac. mortgage finance or will return $10 billion to the federal treasury department next month. all are required to return profits as a condition of their bailout. freddie mac and fannie mae have billion in taxpayers have actually profited off of the bailout. wall street has learned that you can't always take jamie diamond literally. diamond -- dimon literally. they said, this is just the weather. this is part of the brutal winter weather that he has been that's the we have been having, but he says he did not mean that. market values are conditional and these things happen. analysts, you should know better. >> analysts are hanging themselves on every word. >> indeed, they are. fed chairman janet yellen is on capitol hill for the congressional testimony that got snowed out two weeks ago. she appears before the senate banking committee and in a few minutes will deliver her opening statement. this lack of her testimony before the house services committee. we have had fresh economic data since

according to freddie mac the average rate for a 30 year fixed mortgage edging up to 4.28% last week. that is up from the previous week, 4.23% and also ends five weeks of decline. that is the latest from the fox business network giving you the power to prosper. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. adam: taking a look at gold, gold cross $1,300 an ounce after news the prime minister in italy was resigning so people were flying to safety. gold was up. looking at oil, it settled a little bit ago just a bit. you can see as we continue to trade with oil, right now, not as strong as it had been not too long ago. greta van susteren seven straight years of losses the postal service is looking at a controversial way to get back in a black. and to offer financial services in an attempt to reduce its $16 billion debt. congressman darrell issa is trying to block that move. why do you want to block it? >> the

stanley has agreed to pay a $1.25 billion fine for selling toxic the federally backed fannie mae and freddie mac. the money will go to the federal housing finance agency, which has sued morgan stanley and more than a dozen other firms for packaging and selling mortgage securities at inflated prices ultimately borne by u.s. taxpayers when economy crashed in late 2008. morgan stanley is said to have falsely marketed over $10 million in securities and sold to fannie and freddie. also tuesday, the financial giant j.p. morgan agreed to $614 million fine for thousands of flawed mortgages whose losses were ultimately covered by taxpayers. jpmorgan has paid over $20 billion in fines and penalties in the past year. the obama administration is reportedly scaling back drone strikes in pakistan at the request of the pakistani government. "the washington post" reports pakistan asked for the pods in midst peace talks with the taliban. a preliminary meeting between the two sides was delayed on tuesday after the pakistani government failed to show up. there appears to have been no u.s. drone strikes in paki

taxpayers have now gotten back all $187 billion from the fannie and freddie bailouts. officials say a drop in mortgage delinquency had a lot to do with that success. little brother freddie mac has already repaid its bailout. >>> rubber necking in a car accident is free out on the road but you can actually pay to gaze at wreckage at bowling green, kentucky. what a shame. apparently people really want to see these damaged cars, dings and all, so the museum is planning to put them on display before they are sent to the body shop. the vets are still in the hole and won't be pulled up for a another couple of weeks. >>> volvo used to get a bad rep for being boxy. now volvo is experimenting with a new technology that will allow ups deliveries to the trunk of your car by giving delivery guys a special key that will grant them temporary access to get inside. customers will be able to track their deliveries and even see when the truck is popped unlocked. what could go wrong? >>> coming up on "the lead," politicians cutting deals with prostitutes and drugs thrown in. but if you t

fannie and freddie aren't in dodd-frank -- >> all those low interest rates, nothing to do with that, and that spurred the housing excess and clearly pushing fannie and freddie to do subprime loans. >> that's right. >> you had a host of republicans and democrats, and that had a huge impact. >> absolutely. so if we are off on a fool's errand, not solving even the last crisis, what are we setting ourselves up for? liz: you want to tell mary jo white that she should come on -- >> i absolutely will. >> insider trading, are we done with the big motherlode of cases? >> wouldn't you like to know, charlie? [laughter] >> spoken like a true sec commissioner. liz: it's a pleasure to have you. >> thanks for having me on. liz: dave gallagher, charlie gasparino, terrific to see you. shares get pun you shoulded, we're going to tell you why, and what's really going on behind the scene ass abc -- as abc and gma at battle against comcast and today show. and how much revenue do these productions really bring in for tear parent companies? who's going to win? gotta watch this. ♪ ♪ i ys say be man with

. >> freddy es amigo de josÉ salvador tambiÉn es pescador dice que si sobreviviÓ fue por su fortaleza. >> entonces serÍa un gran milagro de dios. usted sabe que es un gran amigo. >> pero un milagro como este habÍa ocurrido antes, luz salvador y jesÚs estuvieron durante 9 meses, salieron y terminaron en las islas marshall, la hija de josÉ salvador no conoce e a su padre se fue a mÉxico cuando naciÓ, pero estÁ feliz porque Él estÁ vivo. >> que por favor venga. que lo quiero conocer. >> es que parece que el mar le dio alpes pescador otra oportunidad. >> pero es una historia que no estÁ confirmada, las autoridades estÁn confirmando, pero lo que es cierta se trata de una historia extraordinaria. marÍa celeste. >> sÍ que lo es, muchas gracias, al enterarse, la familia del nau trago no lo podÍa creer, cuando lo vieron por la televisiÓn lo reconocieron inmediatamente y empezÓ la fiesta, lori montenegro hablÓ con ellos en exclusiva en washington, dc. >> los 4s hermanos que viven afuera de la capital estadounidense no salen de su asombrÓ. >> no lo podemos creer. >> no igual qu

there's "the doctors and the devils", directed by freddy francis, a brilliant film, and, i mean, there is - i'm going be on tcm some time in march, and robert osborne will interview me and we'll do six brooks films - not mel brooks, six brooks films. with some of the ones i mentioned. i'll let you know about it. look for tcm to broadcast. >> it's amazing when you think about it, the dimensions to you that so many don't know about. people will say "i know that", but probably didn't know it was connected to mel brooks. there can never be another mel brooks, is there a next best thing in the latest generation of comics, we'll ask mel who he thinks it is, and you tweet us the same. we'll be right back. >> these protestors have decided that today they will be arrested >> these people have chased a president from power, they've torn down a state... >> what's clear is that people don't just need protection, they need assistance. >> [ ♪ music ] i'm looking at a clip in the monitor and mel's face, he's laughing. >> dave shapel was a familiar face, you gave him a big break, an opportunity you

what will the role of fannie and freddie be when it comes out and what the future of it getting passed through congress? >> i can tell some. i can't reveal everything i know because we're in the middle of a process. what i would say is that this is a place where you're sitting in the senate banking committee some real bipartisan work happening together. it happened initially with senator corker and senator warner pulling together people. that provide a good start to altar boy for something to happen you need an equal amount of leadership and bipartisanship from the chairman of the banking committee, chairman johnson. and the ranking member, senator crapo. and i think they, together with, the chief of staff, and others have really been working very well together and i think that chairman johnson and senator crapo deserve a lot of credit for the effort to now try to put things together. i don't know that i'm going to try to handicap the legislation but i would say this is one place in washington, d.c. right now where there is some serious bipartisan work going on. and i think that there

>> is there something you'd like to say, freddy? >> what? >> do you have something you'd like to say? >> i think i'm saying it. >> in "charlie wilson's war," he's a nonconformist that the higher ups can't see, guy who truly knows how to spy. >> did crystal back up your story that you weren't using? >> just go put out the statement. >> you know what? you never should have been in the same room, congressman. >> goth? >> yeah? >> the swiss make an anti-aircraft gun. >> listen, charlie -- >> .20 millimeter cannon. i read about it. >> i know it. don't forget the limo driver. >> what do you mean? >> you took a limo from the casino to the airport. it's easy to track down a limo driver, ask if anything was going on the back seat. terms of cleaning up this. >> were you listening at the door? >> i was listening at the door. >> were you standing at the [ bleep ] door listening to me? that's a thick door. you stood there and listened to me? >> don't be an idiot. i bugged the scotch bottle. >> what? >> it's got a little transmitter on it. got a thing in

. >> freddie is talking about the hydroplaning hazard on highway 101. >> it is overflowing. the rain is high and if you do not take care of your car you are in danger. >> hydroplaning was the cause of one car wreck at 3:30. no one was injured. it was one of only a few accidents in the north bay. the c.h.p. says that most drives kept it safe. >> the department of water resources will conduct a third snow survey of the winter. electronic readings show the snow pack at 22 percent of normal and in the central sierra at 29 percent. this week's storms will only put a dent in the drought. we have another great weather resource: follow live doppler 7 hd on twitter with the latest bay area weather conditions. >> $687 million drought relief plan is headed for floor votes at the capital after winning approval in legislative committees. the assembly and senate committee passed the bill after it was announced including $15 million for emergency water short averages and $1 million for public awareness campaign. brown is not ready to call for mandatory statewide water rationing and will le

freddy alvarez hit two batters, the second one in the head. that cleared two benches. alvarez managed to avoid the full brunt of the bat, but he was knocked to the ground. another player suffered cuts to his lips and nose. >>> well, still to come, a look at some more spirited competitions. we will go to sochi for a preview of today's big olympic events. >> announcer: this portion of "cbs morning news" sponsoreded by international delight. have a delightful day. ♪ ♪ ♪ ♪ dare to leave your lipstick at home. revlon® colorstay ultimate suede™ lipstick gives you all day color and instant moisture with shea butter and aloe. for food proof wear and velvety soft lips. >>> here's look at today's forecast in some cities around the country. new york will be rainy today. sunshine in miami and chicago, but a possible shower in dallas. los angeles can expect sun and clouds today. >>> and time now for a check of the national forecast. a series of storms begins to impact the northwest and rockies today. gusty winds and moderate rainfall is expected. there will be light snow