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IndyMac Bank Failure; Tony Snow Dies; California Wildfire Crisis; Daughters Discuss Iconic Dads; New DNA Test Clears JonBenet Ramsey Family

Aired July 12, 2008 - 17:00   ET

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

RICK SANCHEZ, CNN HOST: This is what America is going to be talking about today. IndyMac Bank, whether you heard of them or not it doesn't matter because they're now Uncle Sam's bank. This is it a live picture of the headquarters in Pasadena, California. Now, this could be the scene of the costliest bank collapse in U.S. history. A lot of the customers are still finding out about this meltdown as we go on the air right now for the very first time.
Also -- he was one of the president's spokespersons. Tony Snow's courageous battle with cancer has come to an end.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: He fought brain cancer to the very end. I mean, I think about him walking me down the aisle. He went to therapy three times a day before my wedding.

(END VIDEO CLIP)

SANCHEZ: Five women whose fathers helped change the world. This is a special we're going to bring you. It's called "The Daughters of Legacy."

Hi, everybody. I'm Rick Sanchez here in the world headquarters of CNN in Atlanta. Let's get right to it. This is one of the nation's largest lenders burned big-time in the ongoing mortgage meltdown some would say of their own doing. California-based IndyMac bank is now under government control.

Federal regulators seized it late yesterday after a billion-dollar run on the bank made it go belly up. This could end up being the nation's costliest bank failure ever. Too tough to call right now. The FDIC is now claiming IndyMac's failure will cost thousands of customers up to $500 million in uninsured deposits. Remember that word "uninsured." it's going to mean a lot to us in future.

Also, the cost of the deposit insurance fund up to $8 billion. Those are the early estimates. After this financial freefall, should we fear there could be a domino effect on the way? Let's check with CNN's senior business correspondent Ali Velshi. He has been checking on this for us and he is live in Philly.

There's a lot of questions, Ali. But one of them does seem to be for people waking up this morning, oh, my goodness, is this the beginning of something which could turn out to be even worse? Your answer? VELSHI: That's exactly right. That's the question people have on their minds. This was a fairly large bank to fail. Banks do fail from time to time but this is a big one. It may not be familiar to everybody. As you said, it's a very big mortgage lender but it does take deposits from people. And there is a lesson from this. Something you could do to protect yourself if you think that this could happen to you.

(BEGIN VIDEOTAPE)

VELSHI (voice-over): But first let me show you how this all went down. IndyMac Bank Corp had been on the brink of collapse months. In June, New York Senator Charles Schumer wrote to banking regulators saying, quote, "I am concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers." Within days, customers closed accounts and withdrew $1.3 billion from the bank.

UNIDENTIFIED FEMALE: I guess I did panic just a little bit.

VELSHI: On Monday, IndyMac reported massive losses and warned of bigger ones to come. On Tuesday, the bank told its government regulators it was no longer well capitalized. It fired more than half its staff and said it was getting out of the mortgage business. By Friday, investors had given up with the stock closing at just 28 cents, the government moved in, seizing the bank and putting the Federal Deposit Insurance Corporation in charge.

IndyMac specialized in mortgages for people who provided little or no documentation of their income or assets. The idea was that the property financed is worth or will be worth enough that the borrower's finances are less important. But as property values dropped, the borrowers defaulted and the bank lost money. For IndyMac borrowers, the shutdown will have little impact. They'll still have to make their payments. But for people with individual retirement accounts or individual retirement accounts at IndyMac, a different story. Most bank accounts in the United States are automatically insured by the FDIC for up to $100,000. IRAs for up to a quarter million.

DAVID BARR, FDIC SPOKESMAN: If you have less than $100,000, there's nothing to worry about. If you need access to your money, use your checks, ATM or debit cards over the weekend. Come Monday morning, it will be business as usual.

VELSHI: But the FDIC says that up to 10,000 IndyMac customers have more than the insured amount with the bank. Those customers can claim the insured amount plus half the uninsured remainder. They may get more later depending on how much the FDIC gets when it sells the bank. The total loss to customers could be as much as half a billion dollars. For now, people with IndyMac accounts can still get money out of ATMs but they can't bank at a branch by phone or online until Monday morning.

(END VIDEOTAPE)

VELSHI (on camera): And Rick, I just want to emphasize the point, if you have more than the insured amount, meaning more than $100,000 in a deposit or more than $250,000 in an IRA, you're going to get half the extra. If you had $150,000, you'd get $100,000 which is insured, plus $25,000.

You'll get the rest maybe if the government is able to sell this bank.

So the lesson to everybody else out there is check your accounts. Don't keep more than $100,000 in one account with one institution even if you're getting a higher interest rate for doing so if you feel that your bank might be in danger. That's the big lesson out there. Rick, the Federal Depository Insurance Corporation won't give us the names, but apparently they have 90 banks on their watch list, banks that could possibly fail where they may have to intervene the way they did with IndyMac.

SANCHEZ: Let me ask you a question my wife and I were asking ourselves as we were reading this news. I get your explanation, look, if you don't have more than 100,000, you're going to be OK. But today guys like you and most people who are watching this newscast, our money is out all over the place. We're in an IRA and this fund and we're in that fund. Sometimes you don't exactly know where it is.

VELSHI: You're right. That's the lesson. Take stock. That's exactly the lesson. I say, four times a year when you get earnings reports, it means nothing to the average American except take the stock. Use that opportunity four times a year to see where your stuff is. OK, you hear that a bank fails, take stock. Find out where your stuff is. Make sure you've got it all somewhere centralized and you understand where to go in case there's a problem and make sure you're not over those limits. The FDIC has a great Web site and a phone number, call if you're unsure.

But now this is an opportunity, it is a wake-up call. Just see. I don't think there's a bank failure coming across America. I don't think we're seeing a wave of this stuff. Just take stock of your own stuff though.

SANCHEZ: I was just talking to Suze Orman and she says, look, if you have more than $100,000 in a bank, like in a savings account, that's pretty stupid.

By the way, speaking of stupid, I almost think you and I could have a conversation about this because I guarantee you there are Americans watching us who are really angry about this. I was almost going to use another word. How can our country allow a bank to give mortgages to people based on something they hope will happen in the future, like the house will be worth more so then we'll be able to get that money out when the house -- I just watched your report. That's essentially what you were saying they were doing. Who dropped the ball, who allowed these jokers to do this, Ali?

VELSHI: There's something called Ninja loans they used to give out, no income, no job, or assets. In other words, I'm going to buy a property. That property is on such a valuable piece of land in such a valuable community it's going to go up. The bank couldn't care less whether I've ever made any money. They're going to loan me the money. If anything goes wrong, they'll own the land. It didn't work for IndyMac. It didn't work for other lenders. You're absolutely right in thinking it sounds like nuts. It is nuts. We shouldn't be making mortgages like that.

SANCHEZ: And is there an agency in Washington that was supposed to stop these guys or watch these guys?

VELSHI: There are several agencies. And that's why these banks are on the watch list right now that could be in trouble. You're right. We got into this trouble, banks I think are going to understand they can't get that because if a bank wants to make those loans, they can't get the money to make those loans anyway. You're going to see those type of mortgages fall off the face of the earth for the next little while at least.

SANCHEZ: Good stuff. As usual, you're all over it, Ali. It's always great to have you talking about these things. You're not following it like many of us now. You've been following this for years and in some cases you were saying, look out, folks. Something's about to happen, here.

Thanks, man. IndyMac's collapse makes for more jitters in an already shaky financial sector. Here's what we're going to do tonight. We'll bring Ali back. As you can see there. I'm going to have a conversation tonight as well with Suze Orman. I've already been on the phone with her today and she's been sharing with me some really interesting stuff with me that you all need to know. We're going to hit this story from a microstandpoint and from a macrostand point.

In other words, how does it affect all of us as a nation and how does it affect you as a person, as a homeowner, as a citizen. We're going to be all over that. By the way, IndyMac's federal takeover was not a surprise to those who have been inside the financial industry.

But for some customers, they were pretty shocked to find the doors locked Friday and the confusion remains still. I want to get you to this picture now. This is a live picture from Pasadena. This is where IndyMac's home offices are.

You can imagine what was going on there when people went to get their money out and uh-oh. CNN's Kara Finnstrom has more on the IndyMac customers' reaction, caught in the undertow of a bank gone bad.

(BEGIN VIDEOTAPE)

RACHAEL SACRAMENTO, BANK CUSTOMER: I saw all the news crews parked in the Ralph's parking lot so I'm about to read the notice.

KARA FINNSTROM, CNN CORRESPONDENT (voice-over): Rachael Sacramento just found out the bank that claimed, "You can count on us," wasn't so reliable after all.

SACRAMENTO: It is disconcerting that you believe that your bank is very strong.

FINNSTROM: Sacramento had watched IndyMac's financial struggles detailed on the news for weeks. She had acted.

SACRAMENTO: Investor panic so I decided to close my accounts. But I did leave my checking account here.

FINNSTROM: Customer Allen Sands waited.

ALAN SANDS, BANK CUSTOMER: I have been thinking about doing this. I've been thinking about taking my money out, and I'm just kind of kicking myself for not doing it earlier.

FINNSTROM: Sands simply did not believe it would all lead to it. The federal government shutting down his bank.

SANDS: We have quite a bit of our funds there, my wife and I and my mom. So, I knew the headquarters was down here so i rushed down here. Now they're closed so I guess I have to wait until Monday.

FINNSTROM: FDIC officials who say customers with less than $100,000 in the bank, the majority of customers, are fully insured and can have full access to their money on Monday. But if customers have more than $100,000 in a single account, the FDIC will only provide 50 percent of that money up front. It hopes to make more payments as it sells off the bank's assets. So which customers could take the hit?

BARR: It runs the whole gamut. We've had fairly young people. We've had older people with their life savings here. There are businesses, nonprofit organizations.

FINNSTROM: Alan Sands think his mom may have saved more than is fully insured.

SANDS: My mom, she is a little worried. She's been around longer and has a little more saved up.

FINNSTROM: The fine print is especially confusing to customers like Jean Poulin who never heard the rumors of IndyMac's downfall.

JEANNE POULIN, BANK CUSTOMER: They wouldn't open the doors.

UNIDENTIFIED MALE: Not even for you to give them money?

POULIN: No.

FINNSTROM: Poulin just came to make her house payment.

She left like so many others, questioning, who can she trust with her money now?

(on camera): The message the FDIC wants Americans to take away from this? Make sure your savings are fully insured. In most cases that means not putting more than $100,000 into a single account. If you have questions, the FDIC says logon to their Web site, call their hotline. But make sure those savings are safe.

Kara Finnstrom for CNN, Los Angeles.

(END VIDEOTAPE)

SANCHEZ: Obviously there's going to be a lot of questions. Let's give you something that you could use to perhaps answer your questions. The FDIC has now set up this toll free hotline. If you're an IndyMac customer and you need more information, it's 866-806-5919, 866-806-5919. It's going to be up and running daily 8:00 a.m. until 8:00 p.m. Pacific Time.

Also in the news today -- former White House spokesperson Tony Snow died. Details next.

(COMMERCIAL BREAK)

SANCHEZ: This guy was one of the true crossover personalities. He was able to take his skills from one side of the aisle to the other. He had wit, he had charm, he had verbal ability. Skills that he was able to hone as first writer/journalist/host and then through politics as White House press secretary.

Today we found out that he lost his struggle with colon cancer at the age of 53. Friends and colleagues are sharing their memories of Mr. Snow. Among them, our own Ed Henry.

(BEGIN VIDEOTAPE)

ED HENRY, CNN CORRESPONDENT (voice-over): White House aides knew for months that Tony Snow was privately battling cancer again, but news of his death still stunned them, especially Dana Perino, his successor at the podium.

DANA PERINO, WHITE HOUSE SPOKESPERSON: I think we all wanted to believe that a miracle had happened, but he did take a turn for the worse and we are all deeply saddened by it.

HENRY: At Camp David for the weekend, President Bush released a statement praising Snow's wit, grace, and humor, adding, "All of us here at the White House will miss Tony, as will the millions of Americans he inspired with his brave struggle against cancer."

Former President George Herbert Walker Bush told CNN he spoke by telephone to the president who was devastated.

GEORGE H.W. BUSH, FORMER PRESIDENT: He, of course, was very stricken because he shares the same feeling of emotion about Tony that Barbara and I do. He was a dear, valued friend that went on to heaven.

HENRY: Snow's passing hit former colleagues in the television business just as hard as they recalled a devoted family man.

RICK DIBELLA, CNN SENIOR PRODUCER: I had spoken about how much an inspiration Tony was to everybody.

TONY SNOW, FORMER WHITE HOUSE PRESS SECRETARY: Let me say back at you ...

HENRY: On his final day at the podium, Tony Snow reflected on how much he enjoyed serving as President Bush's press secretary.

SNOW: I love these briefings. I'm really going to miss them.

HENRY: A former broadcaster, snow had an affinity for the media. His background with Fox News and as a conservative radio talk show host prepped him for hand to hand combat.

SNOW: You're jumping topics. Let me finish the answer, then you can come back, OK?

HENRY: He was in his element battling reporters in what quickly became known as the Tony Snow show, full of theatrics.

SNOW: All right. I give up.

HENRY: Ups and downs in Iraq dominated his time at the podium, with liberals pouncing on missteps, such as when he was asked about bungled prewar planning.

SNOW: I'm not sure anything went wrong.

HENRY: But compared to his predecessor, Scott McClellan, conservatives felt Snow was far more effective at delivering the president's message.

GEORGE W. BUSH, U.S. PRESIDENT: It's been a joy to watch him spar with you.

HENRY: His tenure, however, was overshadowed by his valiant fight against cancer. When he started out the White House, in spring of 2006, Snow spoke about his first bout with colon cancer.

SNOW: And I'll be personal here, but -- no, no. Just having gone through this last year -- and I said this to Chris Wallace -- was the best thing that ever happened to me. It's my Ed Muskie moment.

HENRY: Robert Anthony "Tony" Snow grew up in Cincinnati. He was devastated when his mother, a nurse, died of colon cancer while he was in high school. He first of made his mark as a conservative editorial writer for various newspapers, cut his teeth in politics as a speech writer for the first President Bush, then made the transition to broadcaster first at CNN, later at Fox.

G.W. BUSH: Tony already knows most of you, and he's agreed to take the job anyway.

HENRY: But the laughter slowed in March 2007 when Snow needed surgery to remove a growth in his stomach. It seemed routine at first, but then Snow called the White House with stunning news.

G.W. BUSH: He told me that when at the went in and operated on him, they found cancer.

HENRY: Snow came back, but the strain was clear.

He kept a positive attitude, playing with his band Beats Workin' and sticking it out until September 2007, reveling in being part of a select few to hold this historic post.

SNOW: This job has been the most fun I've ever had. I'm sorry I have to leave it.

HENRY: He had to leave to make more money for his family. He was popular on the lecture circuit and had just returned to CNN as a contributor.

SNOW: Thank you, Larry. Good to be here.

HENRY: He leaves behind his wife Jill and three children. In his final days, Snow told those closest to him he felt like he had been hoisted on the shoulders of friends, which helped him see life from a wonderful new perspective. Tony Snow was only 53. Ed Henry, CNN, the White House.

(END VIDEOTAPE)

SANCHEZ: Tony Snow, one of those guys who no matter where you worked in the business you got to know him and you liked him.

Talking Bertha now. In fact, we're also talking about two potential tropical systems? Jacqui Jeras joining us. Where - Alita (ph), is that what I'm reading?

JACQUI JERAS, CNN METEOROLOGIST: Yeah, don't worry about it.

SANCHEZ: OK. Good.

JERAS: We will tell you about it because if you're maybe traveling to max Mexico it could impact your beach plans. And Bertha won't likely make landfall, but it's also affecting the beaches in the U.S. We'll have that and your fire forecast coming up.

(COMMERCIAL BREAK)

SANCHEZ: Fire crews in California have this to deal with. Still, this is the Sierra Nevada of foothills. They say they've turned the corner on that, though. That's one of the lines they set up so it doesn't jump the highway. The wildfire in Butte County just north of Sacramento, 40 percent contained, they're telling us, that's 40, by the way. Less wind and more humidity is helping. Thousands of evacuated residents are allowed back home, but they're on a short leash on alert to leave at a moment's notice we're told.

California Governor Arnold Schwarzenegger has ordered more help for the weary fire crews. Two thousand National Guard troops as well as firefighters from other counties are joining the fight we understand. Our Reynolds Wolf has been there. He's at a staging center in Chico, California. Watch this.

(BEGIN VIDEOTAPE)

REYNOLDS WOLF, CNN METEOROLOGIST: I'm coming to you from Silver Dollar Park in Chico, California. But today goes by a different name. Today it's fire camp, home to nearly 3,000 firefighters. You see a couple of the guys behind me. Some of these fellows have worked beyond 24 hours straight going out there and doing what they can to battle a blaze that's consumed over 49,000 acres. They've got it about 55 percent contained, but still there's came of variables they've got to deal with. The biggest is going to be nature. Today they're anticipating the forecast to be a little more favorable. That sun you see in the sky, not burning quite as high, they're expecting temperatures not to rise into the 90s. A little cooler into the 80s, they're also expecting the wind to be less intense and humidity to be going up. That should certainly be favorable.

However, it is still going to be hard work for these fellows. The crew here from Flagstaff, Arizona, we have people obviously not just from this state but from across the region, across the country, across the world in fact.

Fire crews as far away as places as Australia, New Zealand, but even crews in place like Mexico and even to our north in Canada. It's going to be a tough battle for them, but they are certainly up to the task. Reporting from Chico, California. Back to you in the studio.

(END VIDEOTAPE)

SANCHEZ: Hot shots and smoke jumpers is what he's talking about. Those guys are unbelievable. Talk about courageous. But they need help, and the weather can help. Jacqui Jeras following this thing for us. Are they going to get it, Jack?

JERAS: They got it, Rick. It's taking place right now, like you didn't need a reason to be happy about the weekend. This is certainly making a lot of people happy across parts of the West. This is the big break that they really needed to help get a better handle on this fire and the good news it's going to last through the weekend and likely into the early part of next week. The winds are calmer. The humidity is up. We've got more of an onshore flow. Look, we've even got a few showers and thundershowers trying to develop in interior parts of Southern California.

So the marine layer has moved back in. We've got that weak flow pulling in. You know, the humidity last week was so, so low. We're talking single digits for percentage. This morning you waking up to 50 percent to 70 percent humidity. So wow, what a far cry from what we were dealing with. You know, the heat down big-time as well. We've still got some 90s out there but not looking at the triple digits we've been seeing as of late. Ninety-four in Fresno. The one problem you're still dealing with that's really critical yet is the air quality, all of the smoke you have through the valley areas and also where the fires are burning up into the coastal are or near the coast into Northern California.

Elsewhere across the country today, we've got some showers and thunderstorms becoming severe across parts of Oklahoma, a watch for you in Oklahoma City over toward Ft. Smith. We've got hit and miss thunderstorms through the Gulf Coast into the Great Lakes. Most of these not severe, but you can see some heavy downpours. If you're going to the beaches this weekend, watch out for the threat of rip currents from the Jersey Shore all the way through the Carolinas. Some big swells coming in, and this is related to Bertha, which is barely a hurricane now, 75-mile-per-hour winds, should stay east of Bermuda, just bringing in a couple of rain showers there and a few wind gusts. There you can see the forecast track moving so slowly, by the way. And then this is Alita Rick, that you asked me about. Just a tropical storm could bring waves to the Mexican coastal areas. Shouldn't be bother anybody other than that.

SANCHEZ: You thought my voice sounded a little different today?

JERAS: I noticed. It's not a cold. You were swimming?

SANCHEZ: No. I took the boys up to the mountains in North Georgia mountains, the Akowi (ph) and we did that water rafting.

JERAS: Love it.

SANCHEZ: And it just shoots this water into your nose. I feel like I'm full of water.

JERAS: Bummer. I didn't know you were so adventurous by the way. Impressive.

SANCHEZ: Oh, yeah. I'm going to fly around the world next week without a plane. Jack, thanks. We'll catch up to you in a little bit.

He was famous for courtroom battles, but his family will always remember another fight.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: He fought brain cancer to the very end. I mean, I think about him walking me down the aisle. He went to therapy three times a day.

(END VIDEO CLIP)

SANCHEZ: This is Johnny Cochran's daughter. She's just one of the "Daughters of Legacy," for a conversation on their dads' impact on their lives. Coming right back.

(COMMERCIAL BREAK)

SANCHEZ: News across America. Police in North Carolina say that they have tracked down the children of a missing Ft. Bragg soldier and the kids are safe but still No sign of Lieutenant Holly Wimunc. She failed to show up for work Thursday and her apartment had been set on fire. That doesn't sound at this point like cause for concern. Amongst co-workers, they say she had been concerned for her own safety prior for that. In May she filed for an order of protection against her husband. The two are getting divorced. We're going to keep tabs on you for that story.

Three hostages are being reunited with family and friends. Earlier today the men left a medical center in Texas where they had spent the last several days. They were held hostage by Colombian rebels for five years before finally being rescued along with Ingrid Betancourt.

Hazmat teams are on Capitol Hill. The reason? Dead ducks. Police found 17 of them near the capitol reflecting pool last night. The area was blocked off for several hours while police investigated why the bird died. Air samples is what they were looking for, the effect it could have on people. Not so much the ducks. They're now looking at water and soil samples as well.

They are five iconic and inspirational figures in our history. As a nation, they were men of far reaching impact. But at home, these guys are just dads."

CNN's Don Lemon spent some time talking to the people who called them dads.

This is interesting. Tonight there's a special called "The Daughters of Legacy."

Why do we talk to them?

DON LEMON, CNN NEWS CORRESPONDENT: Why not?

SANCHEZ: What do we learn?

LEMON: We learn everything.

SANCHEZ: Why is it timely?

LEMON: Here's why it's timely. It's timely because the person who could become the next president, one of the people, has two daughters. Imagine what stories they could tell about their father.

SANCHEZ: Inside stuff.

LEMON: Inside stuff. What he likes, how he is at home, behind the scenes. These women do that and more. They're inspiring not only to me, to the country, to the world.

Imagine, imagine, Rick, being the daughter of Martin Luther King Jr. or Muhammad Ali or Johnny Cochran after the O.J. Simpson thing happened. Imagine being his daughter. That's why we do it.

SANCHEZ: Let's take a look.

LEMON: That's why we do it.

(BEGIN VIDEOTAPE)

LEMON (voice-over): Daughters tend to idolize their fathers. That's one of the happier facts of life. In the Poitier family, it's an understatement.

SHERRI POITIER, DAUGHTER OF SIDNEY POITIER: He is amazing, when he speaks. And we would ask certain questions, you know, where does the moon come from? Why do we have stars? And he would literally answer every one of those questions. And we would be in awe. LEMON (on camera): Wouldn't you want people to know about your father?

TIFFANY COCHRAN, DAUGHTER OF JOHNEE COCHRAN: He was a fighter. I've never seen anyone fight except for Muhammad Ali -- he was a fighter because he fought brain cancer to the very end.

When I think about him walking me down the aisle -- he wasn't able to walk. The tumor, it took away his ability walk -- one side of his leg was not operational. But he went to therapy three times a day before my wedding to regain the use of that side of his leg to walk me down the aisle for my wedding. And it was just -- I had never seen anyone work that hard for any one thing.

ATTALLAH SHABAZZ, DAUGHTER OF MALCOM X: Many people don't know that I watched my father's funeral from her parents' master bedroom because in the chaos of such trauma, they helped my mother out, a young widow, pregnant, and a lot was on her.

LEMON: You don't have that many memories of your dad because you were so young when he died.

BERNICE KING, DAUGHTER OF MARTIN LUTHER KING JR.: Well, there are a couple of things I can share about my father. One, this great orator, who was very charismatic and commanded his audience -- and many times when he had to speak he would tell my mom, I don't have anything to say. I just don't know what I'm going to say. I don't know what to say to the people. And it's interesting because that's the same way I feel.

(END VIDEOTAPE)

LEMON: But it's in her DNA. She doesn't know what she's going to say and yet she gets up and she says it.

SANCHEZ: You know what's interesting about this and why I think this is particularly his salient? Because I know what the media can be. And it can be someone in his underwear in his basement writing a blog about you or me. It could be CNN or anything. And they write and say anything or it could be somebody who really knows the person. And that story never gets told.

My sons about me or me about my dad.

LEMON: I talked to them about that. And Attallah Shabazz, who says everyone has all of these preconceptions about her dad. He was very controversial. You only see 20 percent of the person, she believes, when you see a public figure. You don't see the other 80 percent.

SANCHEZ: Think about yourself. Think about me.

LEMON: Yes. I can't even compare to these men.

SANCHEZ: But just about anybody, about your dad.

LEMON: Yeah. This story changed my life. And I think if you watch it will change your life. If you're not evolved after watching this -- this is a tribute to women, to all women and to fathers, and what our relationships should be like at home. It's a learning experience.

SANCHEZ: It's fabulous, and the real person.

LEMON: The real person.

SANCHEZ: Not the image, the icon, all that other stuff.

LEMON: Not everything you've heard, like, you know, if it doesn't fit, you must acquit. You've heard all that.

SANCHEZ: The real man.

LEMON: You don't know that he walked down the aisle and could barely walk. He wanted to walk his daughter down the aisle.

SANCHEZ: Sounds fascinating. Thanks, Don.

LEMON: "Daughters of Legacy."

SANCHEZ: I'll be looking for it.

LEMON: Appreciate it.

SANCHEZ: Always good to have you here.

"Daughters of Legacy," there it is, tonight and tomorrow night, Don, at 6:00 eastern. A remarkable hour-long conversation you'll find only right here on CNN.

Back to this huge financial institution that goes down. How does it possibly happen in our country today? Could it happen to your bank is what you're wondering. We'll try to get answers. Stay with us. We'll be right back.

(COMMERCIAL BREAK)

SANCHEZ: Welcome back to the world headquarters of CNN. I'm Rick Sanchez.

Must be a shock and a real scare to go to your bank and find that the doors are locked during normal business hours. That's the situation IndyMac customers found themselves in Friday.

CNN's Deborah Feyerick is joining us from New York with more on protecting your money.

I guess the first thing we have to tackle is customers. What do can they need to know at this point, Deb?

DEBORAH FEYERICK, NEW YORK: Really what they need to know, this particular situation is going to hit about 10,000 customers the hardest, the ones with uninsured money. Anything under $100,000 is guaranteed. Those people won't lose a penny, same with IRAs up to $250,000. For that small group, they could lose up to $500 million. That is really going to hurt. This is a big lesson. Don't ever keep more than $100,000 in one particular account because that's the only amount that the FDIC will cover. What this really means is that now the FDIC controls the bank until they can find a buyer.

SANCHEZ: And the FDIC is a government agency, which means they live off of our money, which is another story altogether. Hopefully this doesn't get any worse. The fact that the FDIC is in control -- who are they? What does that mean?

FEYERICK: It's a good thing. The FDIC was created as a result of the Great Depression in order to guarantee money. Basically, they charge banks premiums. They provide insurance for anyone who keeps money in the banks.

Now, here is Beverly Goodman of "Smart Money" magazine. This is her take on it.

(BEGIN VIDEO CLIP)

BEVERLY GOODMAN, SMART MONEY MAGAZINE: The FDIC is insurance. It's the government's guarantee that you will not lose your money and the fact that they have swung into action means that the vast majority of IndyMac depositors will not lose their money.

(END VIDEO CLIP)

SANCHEZ: The easy answer on something like this is, what? By the way, I lost my train of thought here. I was talking to you. I'm wondering, if there are other banks out there and why this bank as the first, Deb?

FEYERICK: Well, there are other banks out there, but for this particular one, for IndyMac, the easy answer is that it's the latest casualty of the housing crisis, which frankly it helped trigger.

IndyMac created a business model based on making home loans to people without proof they could repay the loans. The loans were then bundled together and sold to investors to the tune of trillions of dollars. When the bubble burst, foreclosures skyrocketed, the housing market fell, investors withdrew, IndyMac couldn't sustain itself. and so the regulating agency stepped in and called the bank unsound, unsafe, and gave it over to the FDIC, which now effectively is running it.

SANCHEZ: And is this the first of many, many would wonder? In other words, are other banks at risk?

FEYERICK: There are about 90 banks at risk, smaller ones that are projected to fail, could be dozens, could be hundreds. Not the big banks, not Chase, Bank of America, Citibank. They are considered pretty safe. But those other ones, the smaller ones, yeah, they're at risk. As long as you have $100,000 or less, then you're OK as long as the bank is FDIC insured.

SANCHEZ: Deb, good stuff. Good explanation. We thank you. Good to see you again.

FEYERICK: You, too.

SANCHEZ: Jitters on Wall Street and jitters on Main Street. We are all over this story. Tonight at 10:00, I'm going to bring in personal finance guru Suze Orman. She's as good as they get when it comes to talking about this from a micro standpoint. In other words, on what you need to do, what you need to think about, where you are on this thing. That's why we got her. She really is as good as they get. And, of course, Ali Velshi, who can give us both perspectives, both the macro and the micro. In other words, what's going on in the country, what causes this, what might happen next. We'll have all of that for you tonight here at 10 p.m.

Invisible evidence clears Jon Benet Ramsey's family once and for all. Get a look inside the lab, the next generation of DNA testing that was used in this case.

(COMMERCIAL BREAK)

SANCHEZ: Welcome back. I'm Rick Sanchez.

I want to tell about somebody, Maria Ruiz. She lives in El Paso, Texas, and she has just completely refused to ignore the poverty she sees every day on the other side of the river.

(CNN HERO)

ANNOUNCER: July is the last month to nominate someone you know as a "CNN Hero" for 2008. Go to cnn.com/heroes.

(COMMERCIAL BREAK)

SANCHEZ: Tonight we're going to remember a man who may have ended up saving millions of lives. Heart surgeon, Michael DeBakey, has died after a 70-year career. Dr. DeBakey was a world famous cardiovascular surgery. He pioneered heart bypass surgery, the first one to come up with these common procedures. He also invented a host of devices invented to help heart patients. He died of natural causes last night in Houston at the age of 99.

Some news this week in the 11-year-old JonBenet Ramsey murder case. Her family's been cleared one and for all because of a brand new type of DNA test.

CNN's Brian Todd has more on this touch DNA technology.

(BEGIN VIDEOTAPE)

BRIAN TODD, CNN NEWS CORRESPONDENT (voice-over): In a cold case more than 11 years old, a dramatic turn. JonBenet Ramsey's family is cleared of her murder by prosecutors who tapped into a new world of DNA testing.

This office park in Norton, Virginia, may seem an unlikely setting, but this is where the evidence finally turned in the Ramseys' favor, the labs of Bode Technology, where prosecutors for Boulder, Colorado, came for what's called touch evidence DNA testing. How is it different from traditional body fluid DNA tests?

ANGELA WILLIAMSON, DNA ANALYST, BODE TECHNOLOGY: Touch samples are samples you can't see. You can't look at an item and say, that's touch evidence. It's not a blood stain or seminal stain. It's an area where you think that person may have been grabbed.

TODD: DNA analyst, Angela Williamson, handled the Ramsey case. She can't show us the long-johns belonging to JonBenet Ramsey they tested here, but they take us through the process with a pair of shorts.

(on camera): This is essentially where the analysis process begins. Say I'm the perpetrator and I've grabbed this piece of clothing, pulled down or pulled in any other direct, and then left it.

Angela, you're going to tell me how you take the sample from this clothing, a skin sample.

WILLIAMSON: Once we know that information, we would mark the area where we think you made contact. In this case, we mark a large area like this and also include the inside. Get your scalpel blade and take a fine layer of shavings from the top surface.

TODD: (voice-over): The shavings from my skin cells are placed in a small vial. For hard surfaces, swabs are used. Next step, extraction, using machines like this centrifuge to remove dyes, dirt, bacteria from the sample.

WILLIAMSON: That one takes about two hours. We have one that takes almost two days.

TODD: Next the samples are copied, amplified. Extraneous DNA is cleaned out in thee hoods with UV rays. Then they can get a profile. In the Ramsey case...

WILLIAMSON: The DNA profile that we obtained is attributed to an unknown male. There is an X-Y chromosome present.

TODD: One important part of this, touch evidence is used at the state and local levels on cases, but federal agents tell us there are certain types of touch evidence they don't use because the technology's not been perfected yet. This is when there's only minute amounts of skin cell DNA available and you could get a false positive.

Brian Todd, CNN, Norton, Virginia.

(END VIDEOTAPE)

SANCHEZ: An amazing story and development.

Shattering the odds of making a splash at the Olympics, a 41-year-old mom plans to compete against swimmers half her age. You've got to see what she does to keep in top form.

(COMMERCIAL BREAK) SANCHEZ: Here's a great story for you. A 41-year-old mom beats kids half her age -- doesn't beat them, I mean beats them, like wins against them. As a result, she's going to the Olympics in Beijing and not them. Swimmer Dara Torres is proving that age is really just a number. How many times have you heard that?

Here's Dr. Sanjay Gupta taking a closer look at how she does it in tonight's "Fit Nation."

(FIT NATION)

SANCHEZ: What a workout.

I'm Rick Sanchez. Thanks so much for being with us.

The CNN special, "Daughters of Legacy," starts right now.