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Tribune Reportedly Weighs Bankruptcy Filing; Massive Protest and Riots in Greece; Soldiers Home for the Holiday; Pirate Patrol: Threat in the Sea

Aired December 08, 2008 - 09:00   ET

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

HEIDI COLLINS, CNN ANCHOR: Working out a deal to save the Big Three. Lawmakers make progress. The safeguards and the plan and the possible cost to you.
Plus, Chicago factory sit in, workers lose their jobs, but not their will.

It is Monday, December 8th. Hi, everybody. I'm Heidi Collins. You are in the CNN NEWSROOM.

A new week, new deals, and stocks ready to rally, believe it or not. The Asian markets all closing up. Trading across Europe this morning, up as well. We'll see how the Dow does, though, when Wall Street rings in, of course, coming up at the bottom of the hour.

Gas prices keep dropping. One bright spot for people looking for bargains this holiday season.

Not surprisingly, a new poll shows this time of year is even more stressful than usual because of all of the economic strain.

We are watching Capitol Hill today as well where a deal is in the works now to save America's ailing automakers. What could it cost them, and of course, the taxpayers? Senators take it up this afternoon. We'll be watching that.

And Gerri Willis is in New York this morning.

So, Gerri, tell us a little bit more about this hearing and what the possible deal may be.

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Well, Heidi, yes, you're right. This afternoon we could action as soon as 3:00 p.m. actually. The Senate getting together. They're going to be talking about the terms of some sort of auto bailout or loan.

As you know, the industry has asked for some $34 billion. We could see something like $10 to $17 billion, somewhere in there. We'll have to wait and see exactly what those numbers are.

But I have to tell you, this has not been uncontroversial. As you know, the American public does not like it as a whole, and as a matter of fact this weekend, there were some very important people saying they had big questions, too.

Let's listen to what the president-elect had to say about a bailout of the auto industry.

(BEGIN VIDEO CLIP)

BARACK OBAMA (D), PRESIDENT-ELECT: I think that the Big Three -- U.S. automakers have made repeated strategic mistakes, but what I've also said is that the auto industry is the backbone of American manufacturing. It is a huge employer across many states. Millions of people directly or indirectly are reliant on that industry. And so I don't think it's an option to simply allow it to collapse.

(END VIDEO CLIP)

WILLIS: All right. So Barack Obama there saying that definitely we have to do something, but not happy with the industry. He went on to say that, you know, perhaps there need to be -- needs to be some sort of management changes at the top.

Senator Chris Dodd echoed that sentiment this morning. So big questions about how to work this thing. There could, in fact, be some big strings attached to the money.

First off, there could be a car czar, somebody in charge in the Commerce Department of watching over these changes in the industry, and if it wasn't going the way the government wanted it to go, perhaps they could pull that money, new corporate leadership, UAW concessions, so it looks like this money will not be given to the auto industry free and clear.

COLLINS: Yes.

WILLIS: I do want to mention, Heidi, one important note here. I think those jobs number that we saw Friday, jobs falling by 533,000, a very big number for the previous month, you know, and really concerning.

COLLINS: Yes.

WILLIS: It's giving impetus to these talks, impetus to helping out the auto industry because as you know, if some of those companies go out of business, one or all, it would have a very big impact on the economy.

And one note here, the news sent oil prices rebounding, about $2.65 for crude oil a barrel. So interesting ramifications from the story...

COLLINS: Yes.

WILLIS: ... as it unfolds.

COLLINS: Yes, a car czar, though. Very interesting.

WILLIS: A car czar. Yes. Who...

COLLINS: Who would have thought?

(LAUGHTER)

WILLIS: Exactly. Particularly from this administration, right?

COLLINS: Yes.

WILLIS: Who's all about free markets, and allowing the industry to sort of regulate itself, come up with its own ideas? Very different.

COLLINS: Yes. Well...

WILLIS: Different world we're in.

COLLINS: We'll stay on top of that one, certainly.

All right, Gerri Willis, sure do appreciate that live from New York this morning.

WILLIS: My pleasure.

COLLINS: President-elect Barack Obama warns it's going to get worse before it gets better, but he says his economic plan is up to the task.

Let's go ahead and check in with CNN's Elaine Quijano. She is in Chicago with us this morning to talk a little bit more about it.

So there is sort of a specific dollar amount, is there not, for this plan, Elaine?

ELAINE QUIJANO, CNN WHITE HOUSE CORRESPONDENT: Well, you know, he's not saying. If there is one that he has in mind he's certainly not saying. President-elect Barack Obama, in fact, had astutely avoided putting any kind of specific dollar amount on his economic recovery plan.

But, of course, analysts all seem to agree it's going to have to be massive...

COLLINS: Yes.

QUIJANO: ... hundreds of billions of dollars in order to get the economy working once again. But yesterday in a news conference, Mr. Obama said that his administration is going to make decisions based on what will benefit America's financial health over the long term.

Let's take a listen.

(BEGIN VIDEO CLIP)

OBAMA: We are not going to simply write a bunch of checks and let them be spent without some very clear criteria as to how this money is going to benefit the overall economy and put people back to work.

(END VIDEO CLIP) QUIJANO: Now, the president-elect did some shed light on how he plans to deliver those 2.5 million jobs that he's promised over the weekend in his radio address. The president pledged to launch the biggest public works project since the Federal Highway System was created in the 1950s.

Mr. Obama said that doing things like modernizing and making more energy efficient federal buildings and schools will not only help to save taxpayer dollars, but will also help put people back to work -- Heidi?

COLLINS: Yes, creating jobs. Obviously, that's a big part of it.

And back to the auto bailout here, quickly. I want to check in with you on this. We heard some news that Senator Chris Dodd thinks that GM CEO, Rick Wagoner, should retire. There's -- talk of all three of the executives, you know, people wanting them to step aside from their responsibilities.

Does the President-elect Obama have anything to say about that plan?

QUIJANO: Yes, you know, it was interesting yesterday. I was at the news conference here in Chicago, and the president-elect was asked specifically about Senator Dodd's comments regarding GM CEO Rick Wagoner, and it was interesting to watch.

Mr. Obama did not specifically weigh in on Rick Wagoner's situation, but what he did do was broadened out his answer just a bit with all those talk of restructuring.

The president-elect said look, Detroit as it goes through the process of restructuring, getting help possibly from the U.S. government, there are going to have to be some tough decisions that these automakers are going to have to make, and if top managers, CEOs aren't willing to do that, aren't willing to make those difficulty decisions, then they do need to go.

But he did avoid talking about Rick Wagoner's situation specifically -- Heidi.

COLLINS: All right. Very good. Elaine Quijano, following the story for us from Chicago this morning.

Thanks, Elaine.

Barack Obama introducing retired Army General Eric Shinseki as his pick for secretary of Veterans Affairs. Why this election is being hailed by critics of the Bush administration's war policies coming up a little bit later on in the hour.

Meanwhile, charges expected to be revealed today against five former Blackwater security guards. The case centers on a 2007 Baghdad shooting where 17 Iraqis were killed.

Our justice correspondent Kelli Arena is joining us now from Washington with more on this today.

So Kelli, we -- what do we know at this point?

KELLI ARENA, CNN JUSTICE CORRESPONDENT: Well, you know, Heidi, this is, this is a pretty amazing day because a lot of legal experts thought we would never see it. I mean this investigation by the FBI has been going on for more than a year.

Finally, we do expect all five men to turn themselves in later this morning, and that is all supposed to happen, and you will never guess where, Heidi, Utah.

COLLINS: Utah.

ARENA: Yes.

(LAUGHTER)

COLLINS: Yes, and there's been a lot of talk about that. Why Utah? We know that -- one of these people lives there, so how did...

ARENA: That's right.

COLLINS: You know, you get the whole venue changed to that state?

(LAUGHTER)

ARENA: He was meaner than the rest -- no, one of the guards is from Utah. Sources say that defense attorneys decided just basically to have all the men surrender in one location rather than in their various home states or more specifically, not in Washington, D.C....

COLLINS: Right.

ARENA: ... which is where, as you know, the federal grand jury indicted them last week. Now our sources say that basically it's a matter of convenience, but there is no doubt, I mean, this is part of a very aggressive defense strategy. Legal experts say that the jury in Utah is much more likely to be sympathetic to those guards.

COLLINS: Do we have any idea what the charges are going to be at this point?

ARENA: Well, a source tell us that they will include manslaughter, nd a weapons charge which has to do with using a machine gun while committing a crime of violence. But as you know, Heidi, we don't have an official comment yet, because those charges remain under seal.

COLLINS: Yes, and then also, when this happened, there were some questions about whether or not U.S. law even applied because, of course, it did happen in Iraq?

ARENA: Exactly. You know -- and the law that the charges are expected to be brought under covers contractors who are working for the U.S. military. The Blackwater guards were contracted...

COLLINS: But they're not.

ARENA: Right, by the State Department. So some legal experts argue look, the U.S. courts may not even have the necessary jurisdiction which we expect to hear from the defense attorneys. Another issue, too, is that the men were promised, according to our sources, at least partial immunity from the State Department when -- when it was initiating investigating...

COLLINS: Yes.

ARENA: ... before the FBI got involved. And then those men cooperated under that agreement. So we do expect, you know, some give and take there as well.

COLLINS: Yes. What's the defense going to say? Any idea?

ARENA: Well, basically, that their clients have not committed any crime, you know?

COLLINS: Yes.

ARENA: That the prostitution is politically motivated, meant to appease the Iraqi government. I mean, as you know, Heidi, these guys say they came under fire first, and were returning fire.

COLLINS: Yes.

ARENA: But sources say, look, the first U.S. soldiers who arrived in that scene in Iraq told investigators they couldn't find any evidence of that. And then the FBI comes in. It conducts an investigation and sources, they determined again, that the shootings were unprovoked.

COLLINS: All right. Well, we will continue to follow this one no matter how convoluted it gets throughout the course of the case.

CNN's justice correspondent, Kelli Arena. Kelli, thank you.

ARENA: You're welcome, Heidi.

COLLINS: The top commander in Afghanistan says the U.S. will need to nearly double the number of troops and keep them there at least four years to stabilize the country. And the General David McKiernan made the comments in an interview with "USA Today."

His conclusion comes just after the release of a new report that claims Taliban forces have re-established a permanent presence across 72 percent of the country now. The independent think tank that did the report said just one year ago the Taliban had a presence across 54 percent of the country.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Yes we can. Yes, we can. (END VIDEO CLIP)

COLLINS: Workers laid off at a Chicago factory say they won't leave until they get what's coming to them. A sit-in, getting support from all over the country.

(COMMERCIAL BREAK)

COLLINS: It's a story symbolizing the plight of the many Americans who've lost their jobs. Workers are still sitting in on the factory floor of their former employer, as they fight for severance and vacation pay.

CNN's Susan Roesgen is covering the story for us now in Chicago.

Boy, an awful lot going on there. People not very happy.

SUSAN ROESGEN, CNN CORRESPONDENT: Well, Heidi, I think they believed that this is the only thing they can do to hold on to their jobs or get the severance that they believe is coming to them.

This is a window and door factory, vinyl and glass windows and doors. You can see it's a huge factory. It's been around 40 years. We checked the Web site earlier today, nothing about what happened here last Friday, which is when the company decided to close the doors.

Now we've got the workers in here. This is company property, so we won't take you inside. But basically they say that federal law, and this is true, requires 60 days notice or 60 days worth of pay if you're going to lay people off. They say they only got three days.

Earlier today we talked to Congressman Luis Gutierrez of Illinois. He's going to be part of a meeting later with the union and with Bank of America.

The workers blamed Bank of American more than the company, Heidi. They say it's the creditor, Bank of America, the lending institution that is at fault here.

Here's more from Congressman Luis Gutierrez.

(BEGIN VIDEO CLIP)

REP. LUIS GUTIERREZ (D), ILLINOIS: From a moral point of view and from an economic point of view, they have a responsibility once they took the $25 billion. I was there in Congress voting for the $700 billion bailout. They said if you vote for this, we're going to stimulate the economy, create jobs, give lines of credit to people to keep companies open and operating.

Well, let's see if that's exactly what's happening with our billions of taxpayer dollars.

(END VIDEO CLIP)

COLLINS: OK.

ROESGEN: Now we've also talked to Bank of America, and Bank of America spokesperson says, look, it's not our fault. We're being blamed for this, but it is the company's responsibility to pay these workers.

And got to tell you, Heidi, we've been out here for four days now since this whole thing started. We have not seen a single company manager. We understand that the company has agreed to open its books later today when there's going to be a meeting between the union and Bank of America.

But, again, Bank of America still says got to have the company pay the workers. It's not up to the bank to do that.

COLLINS: Sure.

ROESGEN: Heidi?

COLLINS: All right. Well, keep us posted.

Susan Roesgen for us there in Chicago. Watch out for the door. Thank you, Susan. Appreciate that.

And now, boy, a lot of weather happening out there today, too. And I believe the Midwest is probably getting the brunt of it, is that right, it says right above your head, snow in the Great Lakes?

(WEATHER REPORT)

COLLINS: Yes, indeedy(ph).

MARCIANO: They're going to get it tonight and tomorrow.

COLLINS: Yes. Got to get your (INAUDIBLE) out. (INAUDIBLE)

All right. Rob, we'll check back a little later on. Thank you.

MARCIANO: OK. All right.

COLLINS: Pakistan pressured by the U.S. to crack down now on terrorists within its borders. Word of a raid on a camp that may be linked to the Mumbai gunman. We've got a live report coming up.

(COMMERCIAL BREAK)

COLLINS: Pakistan making good on its promise to aid India in the Mumbai investigation. Pakistani troops raided a camp used by the group India blamed for last month's massacre in India. Several people were arrested.

Meanwhile militants torched 50 more supply trucks early today in Peshawar. Yesterday they destroyed 145 U.S. and NATO vehicles including two armored carriers.

CNN's Reza Seyah is live now in Islamabad with more on that story.

Good morning to you, Reza.

REZA SEYAH, CNN CORRESPONDENT: Good morning, Heidi.

Lots happening in Pakistan today. Pakistani government and military officials confirmed to CNN that a raid was carried out against the sites in Pakistani with suspected to the Mumbai attackers. The raid was outside of the city of Muzaffarabad, which is in the Pakistani portion of the disputed territory in Kashmir.

Sources say a number of people were arrested, and there are reports, local media reports that among those arrested is an alleged mastermind of the Mumbai attacks. The raid, according to sources, targeted a site run by the movement called Jamaat-ud-Dawa.

Now here's where things get a little muddled and confusing. Here's why. If you ask Jamaat-ud-Dawa what is your organization do, they'll tell you we're an Islamist movement who does charity work, relief work, we run a couple of schools. We have a Web site right now. You can go on it, check it out. We have some facilities your can tour.

But U.S. intelligence officials -- Indian intelligence officials and many analysts say that Jamaat-ud-Dawa is actually a front group for the notorious militant group Lashkar-e-Tayyiba. This is the group that's been accused in the Mumbai attacks. It was a group that was formed a couple decades ago to fight Indian control in Kashmir, and many suspect that in the past it has been funded and cultivated by intelligence services.

So that's where we stand right now. A raid earlier today, Monday, in Pakistan, against this group. It's not clear who they've arrested and how this impacts the Mumbai attacks, but this took place a few days after Secretary of State Rice came to Islamabad and demanded Pakistan to take action, and it looks like they've taken action -- Heidi?

COLLINS: All right. A lot more work to be done here, obviously, in all of it. We sure do appreciate the update, Reza Seyah, coming to us live from Islamabad this morning.

The stoning of Satan. The last and most dangerous rite of the hajj. Nearly 3 million Muslims have made the spiritual journey.

CNN's Arwa Damon takes us there.

(BEGIN VIDEOTAPE)

ARWA DAMON, CNN CORRESPONDENT (voice over): This is the first day of the strong ritual where pilgrims will throw seven small stones at the largest of three pillars. They are known as the Jamarat. And it's symbolic of man's attempt to cast away evil and vice and reject the temptations of Satan.

It's a ritual that's associated with the story of Satan's attempt to try to persuade Prophet Abraham to ignore God's command to sacrifice his son Ishmael. And this was the greatest test of Prophet Abraham's devotion. Prophet Abraham agreed to sacrifice his son, but at the last minute God spared him and accepted the sacrifice of a ram instead.

It's also here during this ritual that devastating stampedes have occurred in the past. And the Saudi government has since then expanded the Jamarat and put in a number of other measures to try to protect the pilgrims from themselves.

(on camera): Also part of the rituals is what is going on here, men will shave their heads. That's the preferred option, but they can also just trim their hair. Women will also trim a small symbolic lock of hair.

This is to symbolize humility. And it is also the first stage of shedding what's known as the Ihram, the state of purity which the pilgrims enter the Hajj.

The Saudi government has deployed tens of thousands of security officials to try to the flow of human traffic going as the pilgrims perform the various rituals here in Mina. Another of those rituals is the sacrifice of a goat or sheep or other small animal.

This is to give thanks to God and but it's also to remind the pilgrims of those who are less fortunate. Much of the meat is distributed to the poor. That actually doesn't happen just here during the Hajj. It happens throughout the entire Muslim world, because it's also the first day of the religious day festival known as (INAUDIBLE) and at this stage the pilgrims have completed most of their religious journey.

Arwa Damon, CNN, Mina, Saudi Arabia.

(END VIDEOTAPE)

COLLINS: The police killing of a teenager leading to riots in major cities across Greece. We've got an update coming from Athens.

(COMMERCIAL BREAK)

COLLINS: The opening bell just about to ring on a Monday, on Wall Street, as you see there. Investors are hoping stocks can add on to Friday's triple digit rally. That was a nice way to end the week, huh?

Susan Lisovicz is at the New York Stock Exchange now with more on how the trading day is shaping up.

So, Susan, some of the other markets across the world are up. Any chance we can just follow suit?

SUSAN LISOVICZ, CNN CORRESPONDENT: Yes.

COLLINS: Yes. LISOVICZ: A really good chance, Heidi. Now we're going to have some positive (INAUDIBLE) which some (INAUDIBLE) say really is a sign that the stock market is in a bottoming process. If it can rally in spite of bad news. And we are poised for a higher open. Stocks preparing to add to Friday's more than 250-point jump.

Remember that rally came even after U.S. government reported that employers slashed more than half a million jobs last month bringing the unemployment rate up to 6.7 percent. As for today, those rising global markets that President-elect Barack Obama's pledge for massive new stimulus spending plan are boosting sentiment.

Over the weekend, Congressional Democrat and the Bush White House reached an agreement in principle to provide (INAUDIBLE), support to the Big Three automakers, Ford and General Motor shares are surging. GM shares right now are up 24 percent, Heidi, but still trading around $5.

Meanwhile, another American icon, Tribune is in trouble. The company that owns "L.A. Times," "The Chicago Tribune," Wrigley Field, and CareerBuilder.com, reportedly weighing a bankruptcy filing. Tribune was taken private last December by real state magnate Sam Zell and may not have the cash flow to cover the nearly $1 billion in interest payments it owes this year. Today's round off of job cuts. 3M cutting 1800 jobs from its global workforce. Dow Chemical says it will slash 5,000 full time jobs.

Nonetheless, we got a nice rally. The Dow industrials right now up 172 points, or two percent. The Nasdaq is up two percent. Oil prices are on the rebound, up 3 bucks, rebounding from a four-year low.

And finally, well, it's not low, it's high. "The Wall Street Journal," Heidi, says Merrill Lynch CEO John Thain is pushing hard for a bonus of up to $10 million. The Compensation Committee is said to be pushing back. The committee and the full board is suppose to be meeting today. Merrill, remember, had suffered losses of nearly $12 billion this year. Mr. Thain's argument, it would have been worse without him. Tough times to make the case.

(CROSSTALK)

COLLINS: Boy, that's a -- it's a tough sell PR-wise. At least, my goodness.

LISOVICZ: Yes, no question about it. He makes $750,000 a year. So the bonus is by far the bulk of his compensation.

COLLINS: Yes. I mean, they always are on Wall Street. I mean, that's kind of how it works, or at least that's how it worked in the past, because many people will say, I'm sure you agree that it's not going to be the same, certainly.

LISOVICZ: That's right. Yes, the key word there was past -- in the past. COLLINS: Yes. All right, Susan, well, we are watching the numbers today, anyway. We sure do appreciate it. We'll check back later on.

And right now, you are looking at some live pictures coming in from Capitol Hill. Because big city mayors including New York's Michael Bloomberg and Chicago's Richard Daley are at the U.S. conference of mayors urging Congress now to grant a stimulus package. They hope it's going to jumpstart spending in urban areas. The mayors are calling for the federal government to distribute funds directly to cities instead of funneling them through state governments.

Shopping, gift giving, cooking, there can be a lot of stress with the holiday season. Top that with the current economy and we are talking about even more stress. In fact, look at this. In a CNN Opinion Research Corporation Poll, four in ten Americans say, the recession is making the season more stressful than previous years. But 56 percent said the economy is not making Christmas more stressful this year. And then when asked about the economy and spending, you can see some cut backs here as well.

67 percent will cut back on spending for holiday gifts. 65 percent will cut back on leisure activities. 60 percent will cut back on driving. Others are cutting back on clothing, heat and TV phone or Internet service. Everybody is watching that. Coming up in our next hour, medical correspondent Elizabeth Cohen is going to be talking a closer look at the stress and the physical impact it has you on, especially during the holidays.

Another heart-breaking sign of the times. The kettle running dry at the Salvation Army. With food donations down 30 percent now, and their pantry running on empty, the charity which throws major lifelines to desperate families said they had to turn 300 families away last month.

Salvation Army also reports this is the first time in at least a year they have had to buy food to make up for the short falls in their donations.

But good news at the gas pump. The national survey says the average price of gas fell 22 cents a gallon during the past two weeks. The average price of regular unleaded $1.75 on Friday. Gas prices are now the lowest level in nearly five years. But, mass transit benefited most from the higher gas prices. Ridership jumped 6.5 percent. You remember this from July to September. That's the biggest increase in a quarter of a century.

Rob Marciano joining us now to talk a little bit more about the weather scene. And we have been mentioning -- wow, I mean, it's just like a big, old blizzard behind you there.

(WEATHER REPORT)

COLLINS: Yes, I will do that. All right, Rob, we'll check back with you later on. Thank you. Shots that killed a teenage boy in Athens. Now its vibrations are spreading across the entire country. Massive protest and riots against the shooting continue across Greece. And American and British embassies are urging tourists and employees to avoid Athens and other major cities. CNN correspondent Phil Black is live now in Athens with more on what is happening there.

Hi, there, Phil.

PHIL BLACK, CNN INTERNATIONAL CORRESPONDENT: Heidi, Hello. Over my shoulder, you can see the postcard image of Athens, the ancient ruins of the Acropolis. But as my cameraman tilts down, I want to show you the images that are making news out of Athens and Greece today. They should be able to make out a large line of riot police down there. They have been involved in an on-going standoff with rioters.

In this particular area here, this is Parliament Square, just outside the (INAUDIBLE) Parliament. They had been charging around this particular area. (INAUDIBLE), there's the other. In fact, the rioters are throwing whatever they possibly can at those riot police. Large stones, metal polls, whatever debris they can get their hands on.

These scenes, we are told, are being repeated across the country today. As young people, everywhere, they're not at school, they're not at university show their anger over the shooting death of the 16- year-old boy over the weekends, allegedly at the hands of police.

Some 45,000 police -- the country's entire police force have been deployed to try and contain this. It is, we're told, the biggest security operation since Athens hosted the Olympic Games in 2004. And there is widespread public anger. Not just among the rioters, but among general Greeks that this is allowed to happen, that this young life was lost or taken supposedly by the police. But, equally, there is great outrage over the damage and the violence that these rioters have caused over two nights now, and we are looking at potentially going into a third -- Heidi.

COLLINS: Yes, it looks that way at least from the viewpoint that you have. All right. Phil Black, let us know if we need to come back to you for an update on that story. We sure do appreciate that.

And we have some firsthand reports now from some of our CNN iReporters in Athens. Here's a picture from Tony Wenman, taken from a street in Athens yesterday. And here's another one. This one is from Craig Wherlock, who captured the violence as it was happening. And if by any change you have pictures or video you'd like to share with us, you can always do that. Just send it to iReports -- excuse me, ireport.com right here at CNN.

It beats anything that comes under the Christmas tree.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: That's the best gift. It really is. (END VIDEO CLIP)

COLLINS: Families, welcome home love ones from combat duty in Iraq.

(COMMERCIAL BREAK)

COLLINS: Well, trading is open on Wall Street. It had been going on about ten minutes or so. And you can see there, triple digit gains at least early on this morning. Dow Jones Industrial Average is up 239 points, which is nice. We are kind of expecting a good open here because of what is going on across the world. Global markets also up as well. Friday closed up by the end of the day, which is even better, 259. So, again, we're watching those numbers closely today.

Before you head out to do that holiday shopping, one expert says consider putting your money where it might have a chance to go. Here's CNN's Christine Romans with this week's "Right on Your Money."

(BEGIN VIDEOTAPE)

CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT (voice-over): Budgets are tight this holiday season, so here is a gift for you that will last for years to come, an IRA.

HILARY KRAMER, AUTHOR, AHEAD OF THE CURVE: Contributing money to an IRA may not be a sexy option as a present, but it makes a lot of sense and there is value over the long term, especially if you are younger, because you have decades ahead of you for the money to grow.

ROMANS: You have three options for opening an IRA. A bank, a brokerage or a mutual fund company. Most IRA's have a monthly minimum investment so do your research and choose the one that fits you best. And remember, age is a factor.

KRAMER: The younger you are, the more you want to put in, the more you want to be consistent over the long term with your investing, because you're going to see it grow. There is a multiplying affect that takes place, and it is unbelievable the kind of money that over ten, 20 and 30 years that you can eventually amass. Now, if you are an older investor, it's still always the right time to start saving, but you're going to make different choices.

ROMANS: And that's this week's "Right on Your Money."

(END VIDEOTAPE)

COLLINS: A year away, more than 100 members of the 37th Infantry Brigade had been away from their families since January. But they are back home now for the holidays.

And reporter Holly Samuels of affiliate WDTN has the story.

(BEGIN VIDEOTAPE) HOLLY SAMUELS, WDTN CORRESPONDENT (voice-over): As the first glimpse of the caravan appears, the crowd erupts. They have been through highs and lows since they last saw their loved once, and at times they thought this day would never come.

DANIELLE BRIDGEMAN, SOLDIER'S WIFE: Oh, mixed emotions. I'm just glad he's home.

SAMUELS: Finally, members of the 37th Infantry Brigade combat team step off the bus and into the arms of their biggest supporters.

UNIDENTIFIED REPORTER: How are you doing?

UNIDENTIFIED SOLDIER: Good. Good.

SPC. SHANE HESS, 37TH INFANTRY BRIGADE: Indescribable. Just happy to be home in time for Christmas, and it feels great.

BRIDGEMAN: That's the best gift. It really is. To see him hold our daughter is awesome.

SAMUELS: Inside, the troops are honored for their sacrifice. The group was mobilized in January of this year, and spent three months training in Portman (ph), Texas before arriving in Kuwait in March to begin its work in that country and along the Iraqi border. All the while, the troops say their families were in their thoughts.

SGT. DUSTIN BRIDGEMAN, 37TH INFANTRY BRIGADE: She will be two in February. I missed her first birthday. And I wanted to be home for Christmas and her second birthday.

UNIDENTIFIED FEMALE: I'm just glad everybody made it home safe, and can't wait for everybody else to come home.

(END VIDEOTAPE)

COLLINS: Patrolling for pirates. We go onboard a NATO warship off the Somalia Coast. Why? The admiral of the task force is now worried.

(COMMERCIAL BREAK)

COLLINS: It's a story we've been talking about for a while now, the threat of pirates. It's such a serious problem off the Coast of Somalia right now. CNN senior international correspondent Nic Robertson spent time aboard a NATO ship on anti-pirate patrol in the Gulf of Aden.

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UNIDENTIFIED MALE: Security, security, security. This is NATO warship Delta 560.

NIC ROBERTSON, CNN SENIOR INTERNATIONAL CORRESPONDENT (voice- over): Aboard a NATO warship, all eyes are on the horizon. UNIDENTIFIED MALE: If you observed any suspicion or illegal activity, or required our assistance, please call any warship on channel 16.

ROBERTSON: Out of sight but not far away, pirates are searching for prey. We've been invited aboard an Italian destroyer-class warship. They've been patrolling these waters off the Somali coast for almost two months. And what the admiral of the five-ship NATO task force sees is worrying him.

ADM. GIOVANNI GUMIERO, CMDR., STANDING NATO MARITIME GROUP TWO: This threat of piracy has announced a lot in the past months.

ROBERTSON: A threat in sea lanes that carry one fifth of the world's oil supplies.

ROBERTSON (on camera): The coast of Somalia is about 150 miles, 240 kilometers that way. You swing back around, the coast of Yemen in that direction, that is the Gulf of Aden. And that is the route in and out of the Middle East with all these oil supplies. And that's what makes these shipping lanes so important and so valuable.

(voice-over): In the darkened combat control room, they wait for the next pirate sighting.

(on camera): How many pirates?

LT. ENRICO VIGNOLA, ITALIAN NAVY: Hundreds. Thousands.

ROBERTSON: More and more pirates?

VIGNOLIA: More and more pirates, yes.

ROBERTSON (voice-over): In their charts, I'm shown how merchant ships are told to stay away from the Somali coast.

VIGNOLIA: We recommend to merchant vessels and then it's up to the masters to follow our indication. We recommend to follow this corridor.

ROBERTSON: But even this is no longer enough to keep the ships safe. When the Saudi oil tanker Sirius Star carrying a $100 million of oil was recently captured by pirates, hundreds of miles off shore, Admiral Gumiero knew he was no longer dealing with simple criminals.

GUMIERO: To be able to approach a vessel like that, at more than 500 miles from the coastline, it's really something that amazes me. My opinion is that they have the technology to select that, to pick up what they would like to pick up, who have the best result.

ROBERTSON: The NATO deployments primary mission is escorting aid ships, delivering food to war-ravaged Somalia. Chasing down pirates is secondary. The ships helicopters approving the biggest asset.

CPT. FABRIZIO SIMONCINI, ITALIAN NAVY: There's more and more. (INAUDIBLE), rouge the contact and run away from the vessel. ROBERTSON: Did you chase them? Did the helicopter chase them

SIMONCINI: No.

ROBERTSON: The pirates are allowed to escape. Partly NATO officers say because it's not their mission to catch them. And partly because the pirates often hide among the fishermen.

SIMONCINI: Our mission is to deter and to avoid hijacking of the (INAUDIBLE). So when we arrived in the scene, we make sure we remains with the vessel, the merchant vessel.

ROBERTSON: Captain Simoncini says the world needs to wake up to the threat.

SIMONCINI: The piracy phenomenon is no more a -- is more phenomenon. It becomes a new phenomenon. So something we have to do and the mission to our community, you have to do something against the piracy because --

ROBERTSON: To do more than they're doing now.

SIMONCINI: Yes. Yes.

ROBERTSON: The men and women of this ship are due home for Christmas. They are telling their replacements to bring more helicopters. And expect they may well be back here soon.

Nic Robertson, CNN, in the Gulf of Aden.

(END VIDEOTAPE)

COLLINS: We want to let you know, we have a rare opportunity to talk a little bit more about this. We're going to be speaking with Vice Admiral Bill Gortney. He is of course the commander of U.S. Naval Forces for central command. He can give us a little bit more information about the latest on the piracy story.

Meanwhile, what's the secret to a long life? We'll take you to the place where there are more 100 year olds than anywhere else -- their tips that could help you.

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COLLINS: Quickly now, the story that we've been telling you for several weeks here on CNN, more about piracy happening in the Gulf of Aden. We just saw an incredible report by our international correspondent Nic Robertson. Also we want to take a moment now to bring the commander of the U.S. Fifth Fleet, Vice Admiral Bill Gortney is on the line with me now to talk more about this.

Admiral Gortney, if we could, talk to us about the current situation right now. We've been speaking for quite some time about what a vast area this is and how difficult it is to get to these pirates. VOICE OF VICE ADM. WILLIAM GORTNEY, COMMANDER, U.S. NAVAL FORCES CENTCOM: Well, yes, ma'am. It's an international problem that demands an international solution. The scope of the problem is really extensive. Just the maritime piece of it is over 1.5 million square miles. But if we want to counter the piracy we need to work on four -- there's four interrelated elements.

One is the International Naval Protection at Sea. That The Navies of the World. It's improved defensive efforts by the shipping industry, and international legal framework for resolving the piracy cases. Take a pirate. How do we adjudicate them? And finally, removing the safe haven in Somalia. And we're not going to successful unless we address all four of those elements in harmony. None will be successful by itself.

COLLINS: Yes. And so, that's the trick obviously and as we've witnessed, because it's obviously, it continues to happen. How do you work together with the rest of the world, the rest of the navies on this?

GORTNEY: Well, right now, we have an average of about 14 coalition and non-coalition warships that are patrolling the 1.1 million square miles. That's clearly inadequate given the time. If we were just going to control the single shipping lane, north of Somalia, it would take over 61 ships to do that. But we're working with the -- coordinating our efforts to be the most effective in that. And we're also working with the shipping industry, identifying the best practices -- using lookouts, speed maneuver and some non-kinetic measures. And they're turning out to be the most important and effective measure out there to detour or to make an attack unsuccessful.

COLLINS: Yes. And talk to me a little bit if you could about the priority that this is being given. Because, clearly, we still have two wars going on. And I know that there is quite a bit of continuously planning by way of the Navy and where the ships are position with regard to Iraq and Afghanistan. Where does this particular problem fit in?

GORTNEY: Well, I would say it fits in pretty high globally. Because since we established the Maritime Security Patrol Air back on the 22 August, when it was just our coalition ships and the nations of the coalition that were out here to also fight OIF and OEF, since then, we have been joined by many nations to include Russia, India, Saudi Arabia, Malaysia, South Korea will probably be sending a vessel.

These are all nations -- NATO has come with a maritime force and has been out here for the last -- last couple of months working World Food Program, escort piracy efforts. The EU is coming with a flotilla of ships here in the middle of the month. So I see this very high just because of the international response from the nations of the world, sending their Navy to assist in this problem.

COLLINS: Certainly. And obviously, I guess, one of the things that people are concerned about, if you fast forward, and if the problem isn't deterred is what happens if, in fact, we see a cruise ship or luxury liners that are ultimately attacked? We've seen it once.

GORTNEY: We have. The bigger cruise ships, though, operate at a speed and have a height above the water that the pirates aren't going to make a successful attack on. We find the slower vessels, the ones with what we call low-free board are the ones that the pirates have shifted their tactics and those are the ones that are at the highest risk.

COLLINS: Well, we certainly do appreciate your time and wish you all the success in the Gulf of Aden that we possibly can here.

Vice Admiral Bill Gortney, he's the commander of the U.S. fifth fleet.

Thanks again for your time.