Return to Transcripts main page

American Morning

'Kamber & May'; 'Paging Dr. Gupta'

Aired March 07, 2005 - 08:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Now in the news, new details about Syria's withdrawal from Lebanon. The leaders of those two countries meeting this morning in Damascus, hashing out the details. The talks come as Syrian troops are starting to pack their bags literally.
Earlier on AMERICAN MORNING, Syria's ambassador saying a two- phase pullout will be carried out, the first stage being completed within weeks. We'll hear some debate on that issue just ahead.

In Italy, a state funeral for a secret service agent killed by U.S. troops in Iraq while helping to free an Italian hostage. The coffin of Nicola Calipari was carried out of a Rome church some three hours ago. There are different accounts of his death. U.S. troops say the Italian's car failed to stop at a checkpoint, but an Italian journalist is disputing that.

Here in the United States, you had the notice the price at the pump. It's getting more expensive to fill her up, and it's going to get worse. Gas prices shot across the country shot up nearly 7 cents on average in the past two weeks. Analyst says the risings costs reflect skyrocketing crude oil costs. The trend is expected to continue through the spring.

And in sports, golfer Tiger Woods back at No. 1. Woods shot a six under par 66 to win the Ford Championship at Doral, Florida. He beat Phil Mickelson by just one stroke. Tiger Woods earns $990,000 for the win, and regains the No. 1 ranking in the world of golf. So things are back to normal, I guess, in the world of golf.

HEMMER: If you're putting together a golf tournament, why not have it come down to Tiger Woods and Phil Mickelson.

SOLEDAD O'BRIEN, CNN ANCHOR: 990,000 bucks. That's one good game.

COSTELLO: Chad mentioned this earlier. The winner of the Iditarod (ph) race in Alaska wins $72,000. Compare that.

HEMMER: They need to play more golf in Alaska.

Thank you, Carol.

Back to the story regarding Syria. The Syrian ambassador told us here on AMERICAN MORNING a few moments ago his country's troops will leave Lebanon within weeks, is his suggestion. That's what the White House has been calling for.

To talk about this and more, Democratic consultant Victor Kamber is in Miami.

Vic, good morning there.

VICTOR KAMBER, DEMOCRATIC CONSULTANT: Good morning, Bill.

BILL HEMMER, CNN ANCHOR: Also in D.C., former RNC communications director Cliff May back with us. We call it Kamber and May. Appropriately so.

Good morning, gentlemen.

Cliff, you get the first one.

The Syrian ambassador says it's a done deal, it's just weeks away. End of discussion?

CLIFF MAY, FMR. RNC COMM. DIR.: No, not at all. I mean, I hope that's true, but I don't believe it for a minute. I think they're going to keep the troops within Lebanon. Beirut is crawling with Syrian intelligence agents and secret servicemen. There are a million Syrian settlers in the country. They run the casinos. They run the airport. They squeeze the economy. I think it's time the Syrians really left Lebanon alone, let it pursue a free and Democratic future.

HEMMER: You don't believe the ambassador then, is what you're saying. He says the intelligence agents are gone, too, they're all part of this package deal.

MAY: As Reagan would says, trust but verify, and I'd emphasize the verification.

HEMMER: Victor, how about you? Where do you weigh in on this?

KAMBER: Well, one, I want to believe it, and two, I want to see what happens. This is where I'll give President Bush some credit, and I'd like to see his agenda work. He's put pressure, diplomacy seems to have worked. The Syrian government says they're pulling out. We'll know in two or three weeks. We don't need to escalate anything more. We just need to wait and see.

In terms of the business community of Syria, the Syrian immigrants who's moved to Lebanon, I'm sure Cliff's not suggesting they should leave. We're talking about military intelligence people leaving.

HEMMER: Vic, you're also suggesting without the White House's pressure this would not happen? Is that what you're saying?

MAY: I'm saying to you, I'm giving credit. The White House has made a difference here, there's no doubt.

HEMMER: Let me fry try and rephrase the argument here, and, Cliff, you can start us off here. If Syria were to withdraw from Lebanon, how does that change the Middle East picture?

MAY: First of all, it means that Lebanon becomes a free and Democratic country, along with the other emerging democracies of the region, from Afghanistan, to Iraq to the Palestinian Authority. It keeps freedom and democracy on the march, as President Bush would say.

Secondly, if there are changes like this Lebanon, if this can happen, I expect to see changes in Syria not long after.

HEMMER: Victor, how do you think it would reshape it?

KAMBER: We don't know what it means for Lebanon yet. The fact is Hezbollah, which is the largest political party in Lebanon, still has a major foothold, still has a foothold in the government, in parliament. Elections will have to tell us what goes on there. But it does mean there is a move towards democracy, but not democracy as we know it in the United States, which people have to understand there's a difference.

MAY: I just got to say this, when you say Hezbollah is a political party, it's a terrorist organization, it's suicide-bombed Americans, it's tortured Americans to death. Let's not legitimize Hezbollah.

KAMBER: I'm not trying to legitimize it, but we know in the last 15 years, it's has had a major foothold in Lebanon, and is considered a serious political party in Lebanon.

MAY: Topic number two back in this country. Senate Minority Leader Harry Reid had some very strong words for Alan Greenspan. He says in the past, he always talks this way. Listen to how he parsed it at the end of last week.

(BEGIN VIDEO CLIP)

SEN. HARRY REID (D), SENATE MINORITY LEADER: I'm not a big Alan Greenspan fan. I voted against him the last two times. I think he's one of the biggest political hacks we have in Washington.

(END VIDEO CLIP)

HEMMER: That was the quote. The quote is, i think he's one of the biggest political hacks we have in Washington.

Victor, fair critique?

KAMBER: Well, I think it's fair for Harry Reid. I mean, the bottom line is, he's not talking about a politician. He's talking about the chairman of the Federal Reserve. He said these kinds of things when it was Bill Clinton's appointee, whether it's George Bush's appointee. This is not political action. This is a politician who is being honest with the American public about his views and his feelings.

HEMMER: Is it honest...

KAMBER: I don't know what's wrong with that.

HEMMER: Victor, or Cliff rather, honesty or politics? MAY: It may be what he thinks, but if Victor were, right now, advising the Democrats, I guarantee you two things. One, he'd charge a lot of money. Two, he'd be saying to Harry Reid, don't be calling Alan Greenspan, a public servant for 30 years, a political hack. You sound mean, you sound resentful, you sound angry. Either the Democrats have a very bad strategy or they have no strategy, and they need to get one.

HEMMER: We'll leave it there. Thank you, gentlemen. Kamber and May. Enjoy Miami, by the way, Victor.

KAMBER: Thank you.

HEMMER: We're jealous up here in the Northeast. Alright, thanks guys.

Here's Soledad.

(BEGIN VIDEOTAPE)

O'BRIEN: One of the world's most notorious defendants could be convicted through the work of American law students. Some of the research for the case against Saddam Hussein is being done as part of a law school clinic. Ian Ralby and Mike Dick are William & Mary School of Law students in the program and join us from Richmond, Virginia.

Nice to see you, gentlemen. Thanks for coming to talk to us.

It's not a class, as you mentioned. It's a clinic. I'm not exactly sure what the difference is. But, who exactly is your client?

MIKE DICK, WILLIAM & MARY SCHOOL OF LAW: It's going to be the Department of Justice. We'll be providing research assistance to the Regime Crimes Liaison Office in Baghdad.

O'BRIEN: Mike, you're 49 years old, you're the oldest student in this clinic. You've spent 26 years in the Marine Corps, in fact. Why did you want to be part of what's happening in the clinic and the work that you're providing to the Iraqi judges?

DICK: That's a very good question. I think we need to remember that the soil of Iraq has been watered with American blood. These trials are very important for the future legitimacy of the Iraqi government, and I think all of the folks in the region and, indeed, around the world will be watching these trials. Our enemies will be waiting to paint them as American-run kangaroo courts. It's very important, therefore, that these trials go forward within an Iraqi context, but with -- being reflective of fundamental American values of fairness.

O'BRIEN: How about you, Ian, at 22 you're among the youngest students. Why did you want to be part of this truly -- I mean, it's unnecessary to say, historic and history making, eventually, trial?

IAN RALBY, STUDENT, WILLIAM & MARY SCHOOL OF LAW: Certainly, it is an opportunity that people who are interested in conflict resolution and international affairs and transitional justice dream about at any point in their career. So to be still in law school and only 22 years old is really an amazing, amazing experience to have such a role in the history making.

But it is something that we've all been trained for, and Linda Malone, our professor, who is supervising us in the clinic, has done a wonderful job in making sure that we are sufficiently prepared to undergo the next couple months in terms of the research and the writing, and I think it's a fantastic opportunity and it's one that I'm very excited to be a part of.

O'BRIEN: Final question to you both, and I say this with the greatest of respect. But again, you're second and third year law students. Why aren't they getting lawyers who passed the bar to do this work if it's so important and it's going to have a huge impact eventually on history, right?

DICK: You've got a very bright student body, you've got an energetic and focused student body. And in William & Mary, you have a top-tier law school. And I think it's very important that folks understand at every level that these are very important trials, and I think we got to remember that in keeping in perspective. And as part of our education, that's an important aspect of it.

(END VIDEOTAPE)

O'BRIEN: A previously taped interview with Ian Ralby and Mike Dick of the William & Mary School of Law -- Bill.

HEMMER: They have a sense of history, clearly.

(WEATHER REPORT)

O'BRIEN: Well, call it the myth of milk. Dr. Gupta tells us why it might not do a body good after all. That's ahead on AMERICAN MORNING.

(COMMERCIAL BREAK)

HEMMER: Welcome back.

JACK CAFFERTY, CNN ANCHOR: Warren Buffett says the dollar may be headed lower, and a German takeover of a British stock market fizzles.

Andy Serwer is here "Minding Your Business."

ANDY SERWER, "FORTUNE" MAGAZINE: Yes, we'll get to the fizzling in a minute.

Let's talk about Warren Buffett, though, of course the world's greatest investor. Every word is read very, very carefully. Came out with his annual report to shareholder on Saturday. Here's what he said, first of all, I struck out. I struck out. He said he kind of had a bad year. Yes, he said the dollar will continue to fall, he's going to bet on that. He has $43 billion in cash. That's not a good thing, though, because it means he doesn't see anything out there to buy. He says he's looking for a little action. So if you know of something for him to buy, call him. He'll take the call.

And then finally, word of wisdom for him, I like this, he says, be fearful which others are greedy, and greedy when others are fearful. It's simple stuff, but it's so true, you know, for investing. You got to go against the trend there.

Now, this German situation. Once again, the Germans have failed to invade England. Did you know this? I didn't even know, the German stock Borscht (ph), the German market, had a bid to buy the London Stock Exchange. Now, get this, it was a conditional bid, and one condition was support by the London Stock Exchange, and guess what?

CAFFERTY: Not supportive.

SERWER: They said no. Can you imagine the regulatory problems here? This is like Frankfurt buying London. It's like the Rhine (ph) flowing into the River Thames. It's just such a strange idea, and it's not going to happen, and there have been mergers in the United States, talk of more mergers from various exchanges here, but the cross-country exchange merger is something that I think is far on the horizon.

CAFFERTY: Sometimes speculators can make money just on conversation.

SERWER: That's true, and the London Stock Exchange took a dive this morning when it found out the deal wasn't going to go through.

CAFFERTY: Time for the "Cafferty File." A piece of art that's not for sale, those saffron linens, the gates that made central park look like a giant clothesline for two weeks. "The New York Post" reports the artists, Christo and Jean-Claude, turned down 50 million bucks for these things. Financier Stephen Greenberg wanted to buy all 7,500 gates, and then was going to turn around and resell them to art collectors in sets of four for $250,000 each to, quote, "keep on their lawn." Greenberg would have made $400 some million on his investment. The artists says no. Their spokesman says the stuff will be recycled, meaning it will be put back on the hotel beds where they came from originally. All proceeds from the gates project will go to charity.

"Cafferty File" steroids update: California Governor Arnold Schwarzenegger wants to ban steroids from the sport of bodybuilding. Sure, after he won all the ribbons. He doesn't want to let the rest of the people use these anymore. Schwarzenegger appeared Saturday at a -- that's him on the right, at a bodybuilding competition named after him in Columbus, Ohio. He called for a summit on steroids, saying the sport should be drug-free. Now, Schwarzenegger admitted using steroids when he was a bodybuilder.

In baseball, meantime, commissioner Bud Selig said yesterday that the record books of baseball will not be changed, despite questions about whether some of the records were steroid enhanced. Selig said it would be unfair to change history. Favorite story of the day is this one, two former presidents and but a single bed. That was the situation facing Bill Clinton and George Bush Sr. on their recent tour of Southeast Asia's tsunami damage. Bush tells "Newsweek" the U.S. government's 757 plane on which the two were traveling only had one bedroom. The other room contained a table and some chairs. President Clinton offered to give the 80-year-old former President Bush the bedroom, while he played cards in the other room. The next morning, Bush says he peeked in and he saw Clinton sound asleep on the floor.

SERWER: Couldn't they have got a plane with two beds?

HEMMER: Maybe a rollaway.

SERWER: For two former presidents?

O'BRIEN: A cot exactly.

SERWER: What are they doing?

CAFFERTY: I don't know.

SERWER: Who booked this flight?

O'BRIEN: That is best story of the file, though.

CAFFERY: It's the same sleeping arrangement he's home with Hillary.

O'BRIEN: Moving right along, as they say. Thank you, Jack.

O'BRIEN: Each month, CNN shows you the best of the past 25 years from the top 25 business newsmakers to the top 25 entertainment personalities. Well, this month, Susan Lisovicz counts down the top 25 business leaders who changed the way the world does business during CNN's first 25 years.

(BEGIN VIDEOTAPE)

SUSAN LISOVICZ, CNN CORRESPONDENT: The top 25 business leaders who changed the way the world does business during CNN's first 25 years. We asked the writers at "Fortune" magazine to compile a list. Here are numbers 25 through 21. Big Blue's big brother comes in at 25. Lou Gerstner changed IBM from a company on the verge of a breakup to a moneymaker, catapulting its reputation and stock to record highs.

At No. 24, the 19-year-old who started a music revolution on the Net. Shawn Fanning creating the file-swapping computer program called Napster.

Enron's former CEO, Ken Lay, is No. 23. Accounting scandals drove energy trader Enron into one of the largest bankruptcies in U.S. history. Lay was indicted for fraud and now faces federal criminal charges.

UNIDENTIFIED MALE: CEOs can no longer say, you know, you know, I don't know about those numbers. That was somebody else's job.

No. 22, W. Edwards Deming, the American who helped turn post-war Japan into a manufacturing powerhouse.

Reporting in at 21, the late Katharine Graham. As the leader of "The Washington Post," Graham created a media empire, and she did it at a time when most women were home taking care of the kids. Stay tuned as we count down to No. 1.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com


Aired March 7, 2005 - 08:30   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Now in the news, new details about Syria's withdrawal from Lebanon. The leaders of those two countries meeting this morning in Damascus, hashing out the details. The talks come as Syrian troops are starting to pack their bags literally.
Earlier on AMERICAN MORNING, Syria's ambassador saying a two- phase pullout will be carried out, the first stage being completed within weeks. We'll hear some debate on that issue just ahead.

In Italy, a state funeral for a secret service agent killed by U.S. troops in Iraq while helping to free an Italian hostage. The coffin of Nicola Calipari was carried out of a Rome church some three hours ago. There are different accounts of his death. U.S. troops say the Italian's car failed to stop at a checkpoint, but an Italian journalist is disputing that.

Here in the United States, you had the notice the price at the pump. It's getting more expensive to fill her up, and it's going to get worse. Gas prices shot across the country shot up nearly 7 cents on average in the past two weeks. Analyst says the risings costs reflect skyrocketing crude oil costs. The trend is expected to continue through the spring.

And in sports, golfer Tiger Woods back at No. 1. Woods shot a six under par 66 to win the Ford Championship at Doral, Florida. He beat Phil Mickelson by just one stroke. Tiger Woods earns $990,000 for the win, and regains the No. 1 ranking in the world of golf. So things are back to normal, I guess, in the world of golf.

HEMMER: If you're putting together a golf tournament, why not have it come down to Tiger Woods and Phil Mickelson.

SOLEDAD O'BRIEN, CNN ANCHOR: 990,000 bucks. That's one good game.

COSTELLO: Chad mentioned this earlier. The winner of the Iditarod (ph) race in Alaska wins $72,000. Compare that.

HEMMER: They need to play more golf in Alaska.

Thank you, Carol.

Back to the story regarding Syria. The Syrian ambassador told us here on AMERICAN MORNING a few moments ago his country's troops will leave Lebanon within weeks, is his suggestion. That's what the White House has been calling for.

To talk about this and more, Democratic consultant Victor Kamber is in Miami.

Vic, good morning there.

VICTOR KAMBER, DEMOCRATIC CONSULTANT: Good morning, Bill.

BILL HEMMER, CNN ANCHOR: Also in D.C., former RNC communications director Cliff May back with us. We call it Kamber and May. Appropriately so.

Good morning, gentlemen.

Cliff, you get the first one.

The Syrian ambassador says it's a done deal, it's just weeks away. End of discussion?

CLIFF MAY, FMR. RNC COMM. DIR.: No, not at all. I mean, I hope that's true, but I don't believe it for a minute. I think they're going to keep the troops within Lebanon. Beirut is crawling with Syrian intelligence agents and secret servicemen. There are a million Syrian settlers in the country. They run the casinos. They run the airport. They squeeze the economy. I think it's time the Syrians really left Lebanon alone, let it pursue a free and Democratic future.

HEMMER: You don't believe the ambassador then, is what you're saying. He says the intelligence agents are gone, too, they're all part of this package deal.

MAY: As Reagan would says, trust but verify, and I'd emphasize the verification.

HEMMER: Victor, how about you? Where do you weigh in on this?

KAMBER: Well, one, I want to believe it, and two, I want to see what happens. This is where I'll give President Bush some credit, and I'd like to see his agenda work. He's put pressure, diplomacy seems to have worked. The Syrian government says they're pulling out. We'll know in two or three weeks. We don't need to escalate anything more. We just need to wait and see.

In terms of the business community of Syria, the Syrian immigrants who's moved to Lebanon, I'm sure Cliff's not suggesting they should leave. We're talking about military intelligence people leaving.

HEMMER: Vic, you're also suggesting without the White House's pressure this would not happen? Is that what you're saying?

MAY: I'm saying to you, I'm giving credit. The White House has made a difference here, there's no doubt.

HEMMER: Let me fry try and rephrase the argument here, and, Cliff, you can start us off here. If Syria were to withdraw from Lebanon, how does that change the Middle East picture?

MAY: First of all, it means that Lebanon becomes a free and Democratic country, along with the other emerging democracies of the region, from Afghanistan, to Iraq to the Palestinian Authority. It keeps freedom and democracy on the march, as President Bush would say.

Secondly, if there are changes like this Lebanon, if this can happen, I expect to see changes in Syria not long after.

HEMMER: Victor, how do you think it would reshape it?

KAMBER: We don't know what it means for Lebanon yet. The fact is Hezbollah, which is the largest political party in Lebanon, still has a major foothold, still has a foothold in the government, in parliament. Elections will have to tell us what goes on there. But it does mean there is a move towards democracy, but not democracy as we know it in the United States, which people have to understand there's a difference.

MAY: I just got to say this, when you say Hezbollah is a political party, it's a terrorist organization, it's suicide-bombed Americans, it's tortured Americans to death. Let's not legitimize Hezbollah.

KAMBER: I'm not trying to legitimize it, but we know in the last 15 years, it's has had a major foothold in Lebanon, and is considered a serious political party in Lebanon.

MAY: Topic number two back in this country. Senate Minority Leader Harry Reid had some very strong words for Alan Greenspan. He says in the past, he always talks this way. Listen to how he parsed it at the end of last week.

(BEGIN VIDEO CLIP)

SEN. HARRY REID (D), SENATE MINORITY LEADER: I'm not a big Alan Greenspan fan. I voted against him the last two times. I think he's one of the biggest political hacks we have in Washington.

(END VIDEO CLIP)

HEMMER: That was the quote. The quote is, i think he's one of the biggest political hacks we have in Washington.

Victor, fair critique?

KAMBER: Well, I think it's fair for Harry Reid. I mean, the bottom line is, he's not talking about a politician. He's talking about the chairman of the Federal Reserve. He said these kinds of things when it was Bill Clinton's appointee, whether it's George Bush's appointee. This is not political action. This is a politician who is being honest with the American public about his views and his feelings.

HEMMER: Is it honest...

KAMBER: I don't know what's wrong with that.

HEMMER: Victor, or Cliff rather, honesty or politics? MAY: It may be what he thinks, but if Victor were, right now, advising the Democrats, I guarantee you two things. One, he'd charge a lot of money. Two, he'd be saying to Harry Reid, don't be calling Alan Greenspan, a public servant for 30 years, a political hack. You sound mean, you sound resentful, you sound angry. Either the Democrats have a very bad strategy or they have no strategy, and they need to get one.

HEMMER: We'll leave it there. Thank you, gentlemen. Kamber and May. Enjoy Miami, by the way, Victor.

KAMBER: Thank you.

HEMMER: We're jealous up here in the Northeast. Alright, thanks guys.

Here's Soledad.

(BEGIN VIDEOTAPE)

O'BRIEN: One of the world's most notorious defendants could be convicted through the work of American law students. Some of the research for the case against Saddam Hussein is being done as part of a law school clinic. Ian Ralby and Mike Dick are William & Mary School of Law students in the program and join us from Richmond, Virginia.

Nice to see you, gentlemen. Thanks for coming to talk to us.

It's not a class, as you mentioned. It's a clinic. I'm not exactly sure what the difference is. But, who exactly is your client?

MIKE DICK, WILLIAM & MARY SCHOOL OF LAW: It's going to be the Department of Justice. We'll be providing research assistance to the Regime Crimes Liaison Office in Baghdad.

O'BRIEN: Mike, you're 49 years old, you're the oldest student in this clinic. You've spent 26 years in the Marine Corps, in fact. Why did you want to be part of what's happening in the clinic and the work that you're providing to the Iraqi judges?

DICK: That's a very good question. I think we need to remember that the soil of Iraq has been watered with American blood. These trials are very important for the future legitimacy of the Iraqi government, and I think all of the folks in the region and, indeed, around the world will be watching these trials. Our enemies will be waiting to paint them as American-run kangaroo courts. It's very important, therefore, that these trials go forward within an Iraqi context, but with -- being reflective of fundamental American values of fairness.

O'BRIEN: How about you, Ian, at 22 you're among the youngest students. Why did you want to be part of this truly -- I mean, it's unnecessary to say, historic and history making, eventually, trial?

IAN RALBY, STUDENT, WILLIAM & MARY SCHOOL OF LAW: Certainly, it is an opportunity that people who are interested in conflict resolution and international affairs and transitional justice dream about at any point in their career. So to be still in law school and only 22 years old is really an amazing, amazing experience to have such a role in the history making.

But it is something that we've all been trained for, and Linda Malone, our professor, who is supervising us in the clinic, has done a wonderful job in making sure that we are sufficiently prepared to undergo the next couple months in terms of the research and the writing, and I think it's a fantastic opportunity and it's one that I'm very excited to be a part of.

O'BRIEN: Final question to you both, and I say this with the greatest of respect. But again, you're second and third year law students. Why aren't they getting lawyers who passed the bar to do this work if it's so important and it's going to have a huge impact eventually on history, right?

DICK: You've got a very bright student body, you've got an energetic and focused student body. And in William & Mary, you have a top-tier law school. And I think it's very important that folks understand at every level that these are very important trials, and I think we got to remember that in keeping in perspective. And as part of our education, that's an important aspect of it.

(END VIDEOTAPE)

O'BRIEN: A previously taped interview with Ian Ralby and Mike Dick of the William & Mary School of Law -- Bill.

HEMMER: They have a sense of history, clearly.

(WEATHER REPORT)

O'BRIEN: Well, call it the myth of milk. Dr. Gupta tells us why it might not do a body good after all. That's ahead on AMERICAN MORNING.

(COMMERCIAL BREAK)

HEMMER: Welcome back.

JACK CAFFERTY, CNN ANCHOR: Warren Buffett says the dollar may be headed lower, and a German takeover of a British stock market fizzles.

Andy Serwer is here "Minding Your Business."

ANDY SERWER, "FORTUNE" MAGAZINE: Yes, we'll get to the fizzling in a minute.

Let's talk about Warren Buffett, though, of course the world's greatest investor. Every word is read very, very carefully. Came out with his annual report to shareholder on Saturday. Here's what he said, first of all, I struck out. I struck out. He said he kind of had a bad year. Yes, he said the dollar will continue to fall, he's going to bet on that. He has $43 billion in cash. That's not a good thing, though, because it means he doesn't see anything out there to buy. He says he's looking for a little action. So if you know of something for him to buy, call him. He'll take the call.

And then finally, word of wisdom for him, I like this, he says, be fearful which others are greedy, and greedy when others are fearful. It's simple stuff, but it's so true, you know, for investing. You got to go against the trend there.

Now, this German situation. Once again, the Germans have failed to invade England. Did you know this? I didn't even know, the German stock Borscht (ph), the German market, had a bid to buy the London Stock Exchange. Now, get this, it was a conditional bid, and one condition was support by the London Stock Exchange, and guess what?

CAFFERTY: Not supportive.

SERWER: They said no. Can you imagine the regulatory problems here? This is like Frankfurt buying London. It's like the Rhine (ph) flowing into the River Thames. It's just such a strange idea, and it's not going to happen, and there have been mergers in the United States, talk of more mergers from various exchanges here, but the cross-country exchange merger is something that I think is far on the horizon.

CAFFERTY: Sometimes speculators can make money just on conversation.

SERWER: That's true, and the London Stock Exchange took a dive this morning when it found out the deal wasn't going to go through.

CAFFERTY: Time for the "Cafferty File." A piece of art that's not for sale, those saffron linens, the gates that made central park look like a giant clothesline for two weeks. "The New York Post" reports the artists, Christo and Jean-Claude, turned down 50 million bucks for these things. Financier Stephen Greenberg wanted to buy all 7,500 gates, and then was going to turn around and resell them to art collectors in sets of four for $250,000 each to, quote, "keep on their lawn." Greenberg would have made $400 some million on his investment. The artists says no. Their spokesman says the stuff will be recycled, meaning it will be put back on the hotel beds where they came from originally. All proceeds from the gates project will go to charity.

"Cafferty File" steroids update: California Governor Arnold Schwarzenegger wants to ban steroids from the sport of bodybuilding. Sure, after he won all the ribbons. He doesn't want to let the rest of the people use these anymore. Schwarzenegger appeared Saturday at a -- that's him on the right, at a bodybuilding competition named after him in Columbus, Ohio. He called for a summit on steroids, saying the sport should be drug-free. Now, Schwarzenegger admitted using steroids when he was a bodybuilder.

In baseball, meantime, commissioner Bud Selig said yesterday that the record books of baseball will not be changed, despite questions about whether some of the records were steroid enhanced. Selig said it would be unfair to change history. Favorite story of the day is this one, two former presidents and but a single bed. That was the situation facing Bill Clinton and George Bush Sr. on their recent tour of Southeast Asia's tsunami damage. Bush tells "Newsweek" the U.S. government's 757 plane on which the two were traveling only had one bedroom. The other room contained a table and some chairs. President Clinton offered to give the 80-year-old former President Bush the bedroom, while he played cards in the other room. The next morning, Bush says he peeked in and he saw Clinton sound asleep on the floor.

SERWER: Couldn't they have got a plane with two beds?

HEMMER: Maybe a rollaway.

SERWER: For two former presidents?

O'BRIEN: A cot exactly.

SERWER: What are they doing?

CAFFERTY: I don't know.

SERWER: Who booked this flight?

O'BRIEN: That is best story of the file, though.

CAFFERY: It's the same sleeping arrangement he's home with Hillary.

O'BRIEN: Moving right along, as they say. Thank you, Jack.

O'BRIEN: Each month, CNN shows you the best of the past 25 years from the top 25 business newsmakers to the top 25 entertainment personalities. Well, this month, Susan Lisovicz counts down the top 25 business leaders who changed the way the world does business during CNN's first 25 years.

(BEGIN VIDEOTAPE)

SUSAN LISOVICZ, CNN CORRESPONDENT: The top 25 business leaders who changed the way the world does business during CNN's first 25 years. We asked the writers at "Fortune" magazine to compile a list. Here are numbers 25 through 21. Big Blue's big brother comes in at 25. Lou Gerstner changed IBM from a company on the verge of a breakup to a moneymaker, catapulting its reputation and stock to record highs.

At No. 24, the 19-year-old who started a music revolution on the Net. Shawn Fanning creating the file-swapping computer program called Napster.

Enron's former CEO, Ken Lay, is No. 23. Accounting scandals drove energy trader Enron into one of the largest bankruptcies in U.S. history. Lay was indicted for fraud and now faces federal criminal charges.

UNIDENTIFIED MALE: CEOs can no longer say, you know, you know, I don't know about those numbers. That was somebody else's job.

No. 22, W. Edwards Deming, the American who helped turn post-war Japan into a manufacturing powerhouse.

Reporting in at 21, the late Katharine Graham. As the leader of "The Washington Post," Graham created a media empire, and she did it at a time when most women were home taking care of the kids. Stay tuned as we count down to No. 1.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com