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Green on Screen; Changing Rules of Wall Street; Iran's War Games; Belgium's Burqa Decision
Aired April 22, 2010 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Thanks, guys. Two hours coming right at you.
Iran says look what we can do. Showing off some military might, blowing stuff up, playing some serious war games. Sure this is only a test but the Pentagon is worried about the real thing.
Another battle but this one is no test. The battle of the burqa. A true faceoff. One country looking to lower the veil.
And the sun like you've never stein before. Go ahead, look right at it. Mom won't mind. Either will your cornea.
But we begin with less than three hours from now, President Obama will demand that the rules of Wall Street will be changed. And he says the need is painfully obvious to most Americans.
October, 2008, the White House's knuckle ride on Wall Street turns to panic. In less than two weeks, stocks plunge more than 22 percent. Americans see their life savings shrivel.
Well, maybe not all Americans. Certainly not executives of insurance giant AIG. Remember this? They lived it up at this posh luxury resort less than a week after taxpayers shelled out $85 billion to keep their company afloat.
We've also footed the bill for all the banks that have gambled and lost. Yes, you and I are paying for all those risky bets on shaky loans. Last year, 140 banks failed. This year, we are on track for even more to go belly up.
So the big question, how do we avoid a replay of these nightmares that many of us are still living? We don't want to bog you down in all the technicalities. Just the bottom line. What would the reforms mean to you and your wallet.
Chief business correspondent Ali Velshi joining us now to break it all down. Hopefully, in simple terms. Actually nothing is simple.
ALI VELSHI, CNN SENIOR BUSINESS CORRESPONDENT: Yes, I wish.
PHILLIPS: And I like the gangster suit here. Is it in honor of the crooks on Wall Street?
VELSHI: Could be that. It could be this -- PHILLIPS: Or the Gambino family being arrested.
VELSHI: You know there are a lot of ways the suit could go. (INAUDIBLE). Listen, two important things to remember. One, we have not updated our financial regulatory framework since the '30s. About 75 years. Number two --
PHILLIPS: Well, it's about time.
VELSHI: It is. It is due for an update. Number two, the only thing -- there's nothing that has changed since the collapse of Wall Street and the financial institutions in 2008. So this is the first stab at new rules at bringing all of these various agencies that regulate how your money is managed, from banks to credit cards to investment banks to places like AIG, insurance companies.
There's a real alphabet soup of agencies out there and this is an effort to try and bring them together and create some semblance of order in financial markets.
PHILLIPS: OK. Some sense of order. We're talking about a cultural shift.
VELSHI: Yes.
PHILLIPS: As you put it. OK, that all sounds good. We want reform.
VELSHI: Yes.
PHILLIPS: We want change. We want more regulation. We want people looking out for us. But if I'm sitting at home.
VELSHI: Yes.
PHILLIPS: And my 401(k) has basically gone into the tank because of all the corruption --
VELSHI: Right.
PHILLIPS: -- and the bad decisions and the lack of oversight, and I am sitting back and I'm watching the president's speech today, what can you --
VELSHI: OK, so --
PHILLIPS: What do you say to me?
VELSHI: The takeaway for the average person is going to start with things as simple as credit card rules, mortgage loans, contracts that are easy to understand. It's going to extend all the way up the system in terms of transparency. So that things that Goldman Sachs stands accused of right now -- no proof there -- but the idea that deals are going to have to be done more -- in a more transparent manner.
Things are going to have to be out in the open a little more and there's going to be some sense on Wall Street that there is an SEC and there are regulators who actually have the equivalent of cops on street.
So it would -- there's less of a culture of shooting from the hip and more of a culture of playing by some rules. That very dangerous part here is making sure you impose enough rules so that the system is fair without imposing so many rules that it stifles business which is the concern of some conservatives.
And they say you stifle business, you stifle competition, and that means fewer jobs and fewer profits in your 401(k).
PHILLIPS: And that doesn't help our --
VELSHI: Right.
PHILLIPS: -- economy at all. Yes, but there -- I mean that's all understandable. But the bottom line we want less corruption. We want --
VELSHI: That's right. That's right.
PHILLIPS: And that's what we're talking about.
VELSHI: Right. And the way --
PHILLIPS: We don't want to stifle business. But we want people doing business --
VELSHI: And what's the best way --
PHILLIPS: -- honestly and fairly.
VELSHI: The best road to honesty is sunshine, is transparency, it's letting everybody do everything out in the open. And thereby, the government can sit there and say, there's this interesting deal going on between these two companies. They are devising some strategy we've never heard about before.
PHILLIPS: Doesn't seem -- doesn't seem right. Let's check it out.
VELSHI: Let's check it out. Now business is worried about the fact that the government says, you don't understand it, so you're going to stop us from doing it just because you don't understand it.
What the government is saying, let us look at it. Let us get the smartest people around to say, is that a fair deal, if it is --
PHILLIPS: OK.
VELSHI: Go ahead. So it's very hard to strike a balance but that's -- this is -- it is epic. It is important to you because this could affect how things happen over the next five, or 10 or 25 years and how you earn your money and save money.
PHILLIPS: Got it. And you're going to join us about an hour before the speech.
VELSHI: Absolutely.
PHILLIPS: And talk a little bit more.
VELSHI: Yes.
PHILLIPS: OK. Ali Velshi, thank you.
And we are going to have live coverage, of course, of President Obama's speech on Wall Street reform. It's now scheduled for about 11:55 Eastern Time, 8:55 Pacific.
First light today brings a new search around a burning oil rig. About 50 miles off the coast of Louisiana, 11 people still missing after that rig exploded. And this is the latest video that we've just gotten in from a CNN iReporter.
A ship captain who is one of the first responders on the scene. Now when you take a look at these pictures, it's hard to believe that 115 people actually survived and only 17 of them were injured. The Coast Guard is out there in full force right now.
(BEGIN VIDEO CLIP)
REAR ADM. MARY LANDRY, U.S. COAST GUARD: We have capabilities to search throughout the night and we continue the search and rescue case. The 11 people are unaccounted for. And we will continue the search and rescue case until it's reasonable that we might not find anybody out there.
(END OF VIDEO CLIP)
PHILLIPS: Now two cutters hung around there all night looking for signs of life. The air search just what got back under way at first light. Now as for those survivors, here they are. They actually made it back to shore overnight reuniting with relieved family members.
Speed boats with missiles, Iran's new toy being unveiled today and right in the shadow of oil tankers in the Persian Gulf. It's all part of the first day of the Iranian war games, the game everyone seems to be watching very closely.
Reza Sayah joining us now from Islamabad, Pakistan.
Reza, what do you think? Is Iran just showing off?
REZA SAYAH, CNN CORRESPONDENT: They are showing off and history has told us that they love to show off. These war games they've started today, Kyra. They're being put on by Iran's Revolutionary Guard and going to be continuing for the next couple of day.
These are the Revolutionary Guard showing off their naval forces, their air forces. And we got the video of these military exercises from Iran's state-funded TV. And I got to tell you, when you look at these pictures, they are very dramatic. So some people could look at these pictures and say, wait a minute, is Iran getting ready to do something? Are they getting ready to launch a military strike?
And we should point out from the outset that there are absolutely no indications that Iran is preparing for military strike. The fact is, they love to put on these war games, these military exercises. They like to show off the military might, especially to western powers, especially to Washington. And that's what they did today, Kyra. Launching scores of missiles and torpedoes from their latest naval vessels.
PHILLIPS: Well, and not far from where they are, our U.S. naval carriers, that could easily bury those ships if anything were to happen.
Now let's talk about the Straits of Hormuz and why this area is so important, Reza.
SAYAH: Yes, I think the location of these war games is extremely significant. Basically, Iran is sending a message that if you attack us we're going to be able to cause a lot of problems.
Keep in mind, this Strait of Hormuz is a waterway through which 30 to 40 percent of the world's oil supply goes through. And Iran is saying if you attack us, we can make your life miserable at the gas pumps, the price of oil is going to go soaring.
And again, this comes in the backdrop of this continuing nuclear face- off between Washington and Iran. Washington convinced Iran is going after nuclear weapons. Iran continues to maintain that no, their nuclear program is for peaceful purposes only -- Kyra.
PHILLIPS: And it's just on the forefront of every military commander right now.
Reza Sayah, live from Islamabad. Reza, thanks.
He had a $2 million price on his head and this morning he's behind bars. Jose Gerardo Alvarez-Vazquez is one of Mexico's most wanted drug cartel leaders. He was captured after a gun battle between the Mexican army and some of his suspected drug cartel members just west of Mexico City.
Two suspected cartel members were killed. In all 18 people were arrested. Mexican authorities say that Alvarez-Vasquez was in charge of cocaine operations in Central and South America.
Something you haven't heard in a week. The skies are clear over Europe. And that's making a lot of weary air travelers very happy right now.
Flight schedules returning to normal after ash from that Icelandic volcano forced most of the continent's major airports to close for nearly a week. A normal day in between 28,000 and 29,000 flights but most but not all airports are open. It's estimated the airlines lost close to $2 billion through Tuesday.
Lowering the veil and showing face. The battle of the burqa is coming to a head in one country. Others are watching very closely.
ROB MARCIANO, CNN METEOROLOGIST: Good morning again. I'm Rob Marciano in the CNN Severe Weather Center. Some fog and spots east coast today and then clearing skies. That's not the best of news as some energy into the plains will spell severe weather. Forecast is coming up.
(COMMERCIAL BREAK)
PHILLIPS: Well, imagine the Pope not being able to wear his hat outside or priests having to lose their collar. But in Belgium, they are close to doing something pretty similar. Banning burqas and other Muslim veils in public. Other European countries are considering similar action.
CNN senior international correspondent Nic Robertson live in Brussels.
So, Nic, will it happen?
NIC ROBERTSON, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, Kyra, who would have guessed but to the day when the government here was about to enter into history as the first government in Europe to pass a law banning the burqa that the government itself is on the verge of collapse.
The prime minister here has handed in his resignation to the king. The king at this moment is quite literally considering it. It's all about the Dutch speakers in the north of Belgium versus the French speakers in the south. Historic divisions but it's a weak coalition government and it's on the verge of collapsing.
So this ban may not go ahead today. But the legislation is there. Legislators tell us they have cross parties support for it. And this will make it illegal for a woman here to wear a burqa or the niqab which covers the face. Just leaving the eyes clear. They will go to jail for up to seven days if they break that law -- Kyra.
PHILLIPS: And what's behind this?
ROBERTSON: Well, you know what, government parliamentarians are telling us is that two things. One is that it should be wrong for anyone to hide their identity on the streets. They feel that this sort of strikes at the national identity of Belgium, if you will, and of Europe.
But they say and they also want to defend the dignity of women. The parliamentarians proposing the law feel that women here are only wearing the burqa because their husbands insist.
But I've just been talking to a woman who wears the niqab, just leaving her eyes clear to view and she says not the case. She wears it because she wants to and she says the law would change her life. She won't be able to leave her house -- Kyra.
PHILLIPS: Well, it seems like we have two things to follow on this developing story now. This possible ban and also the possible collapse of the government.
Nic Robertson, keep in contact with us. Thanks, Nic.
Looks like snow, doesn't it? But it's not. It is marble and pea- sized hail that piled up to four inches deep in the Denver area. Storms actually swirled across parts of Colorado yesterday and more severe weather is expected today.
And Rob, when do you ever bring the snowplows out to get rid of the hail? I don't know. It's the first time I've seen that.
MARCIANO: Yes, well, the thing is, is that in the south where we get a lot of hail, we don't have much in the way of snowplows. But in Denver, they have plenty of snowplows. So --
(LAUGHTER)
MARCIANO: They probably hadn't put them away for the winter. So they got them out there on I-70 and start plowing. Well, I heard about this hail storm but this -- these are the first pictures I have seen. And that is impressive.
(WEATHER REPORT)
PHILLIPS: OK. Thanks, Rob.
Movie making can be very messy. Actors, directors, gaffers, best boys, and so on can pile up the garbage. But one filmmaker is looking to bring more green to the silver screen. You could say he's going the extra green mile?
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PHILLIPS: President Obama headed for New York this morning. He's going to be around Wall Street to talk about the need for financial reform.
Coming up in about 10 minutes, we're going to take a closer look at those proposals and ask the question we all want to answer -- or all want an answer to. What's in it for me? Be sure to stay with CNN for the president's speech, 11:55 Easter Time today.
War games in the Persian Gulf right on Iraq's doorstep and the U.S. is just a spectator actually. These are games for Iran. Just Iran. They're showing off some new military hardware in the oil lane. In particular, something being described as a super fast speed boat armed to the teeth.
A desperate search in the Gulf of Mexico. Here are new iReport pictures of what we're talking about. An oil rig exploding, still on fire, 11 people missing. The Coast Guard is out there in full force. More than 100 people survived and they just arrived to shore just a few hours ago greeted by their relieved families.
So you got migraines? There's a new drug in development to knock them out. And Dr. Sanjay Gupta will tell us if relief is just a bottle cap twist away.
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PHILLIPS: Tired of all those migraines. We don't blame you. Listen up. There may be new hope actually out there for you.
CNN chief medical correspondent Dr. Sanjay Gupta is here. Apparently new drugs being looked at -- but it's not on the market yet. So why are we talking about it?
DR. SANJAY GUPTA, CNN CHIEF MEDICAL CORRESPONDENT: DR. SANJAY GUPTA, CNN CHIEF MEDICAL CORRESPONDENT: Right. Well, you know, the thing about migraines, if you have -- getting right to the chase.
PHILLIPS: I'm getting right to the point.
GUPTA: If you've never had a migraine, it's terrible. I get migraines.
PHILLIPS: Yes, I know.
GUPTA: Do you have them?
PHILLIPS: Awful. Awful.
GUPTA: Yes.
PHILLIPS: They just knock you out.
GUPTA: Usually, one side of the head, very debilitating. Eye can often go blurry. All sorts of things. Drugs either don't work at all, some of the classes, or if they work, they only work for some people or they have significant side effects which is why in this sort of industry of neuro-headache community, they have been trying to find new drugs.
One of the other issues is that triptans, which is a class of drugs. It's one of the most common. They way they work is by constricting your blood vessels. So if you have heart disease or if you've had a risk of stroke before, you're not going to be able to take these medications either.
So they've been looking for a new type of medication that doesn't -- that works in a totally different way that can alleviate pain in people who have simply had no options for a while.
And that's what this specific drug is about. It's called Telkajpan. It's developed by Merck. All the clinical trials were done by Merck but it's not a medical journal where they are looking specifically at this medication to see if it might be an option sometime in the future.
It's gone through a bunch of clinical trials already. But I can tell you, a lot of people have been waiting for something new that they can take when other things wouldn't work for them. PHILLIPS: Now we've told these stories before about there have been things like on the way being studied, could possibly be out there. How soon could this be made available? And what makes this so different from all the other times we've talked about a possible --
GUPTA: Yes, you know, it's hard to say. And usually, you know, when at this point when you and I are talking about, it's one of those things where the FDA is about to vote on something. In this case, you know, they really don't know. And it's probably a good thing they don't know.
And here's why, is that when they were doing some of the clinical trials, it didn't cause the blood vessels to constrict, which is a good thing, but there was some problems with the liver in some of these patients.
The liver enzymes went up. When patients stopped the medication, the liver enzymes went back down. But if this thing is toxic to the liver causing problems, it may never get on the shelves.
But the idea that you can start to treat these headaches, which are very debilitating -- take people out of work for days if not weeks -- in a totally different way than we have been typically treating them, that's pretty exciting this community.
That's what they're talking about today. That's what a lot of people in the neuro-headache world have been focused on for some time. Who -- we don't know with this particular medication.
PHILLIPS: Well, this is your profession. Why aren't you figuring this out?
GUPTA: I should work on it.
PHILLIPS: Yes, you should.
GUPTA: I personally and professionally should be thinking about this. I -- you know, but I bet --
PHILLIPS: What do you do for your headaches?
GUPTA: I have gone through three different medications. And I'll tell you, when I was a resident in neurosurgical, I used to get terrible headaches and they would knock me out. And I used to have to take pain killers which then would make me really sleepy.
I have found pretty good medications now but I literally have to take dissolvable tablets on my tongue because at the time that I get one of these, even swallowing a glass of water with a pill is too much. I can't do it, I'm too nauseated.
Some people take nasal sprays. But there's all sorts of medications out there right now. I don't have some of the side effects that other people have, though. And I find the medication that works. There are a lot of people watching right now that just suffer --
PHILLIPS: Right.
GUPTA: -- with these all the time.
PHILLIPS: Nothing works for them.
GUPTA: Nothing works.
PHILLIPS: You've heard about all these -- you know, homeopathic or kind of homemade ideas, coffee, black licorice. I mean the things that I've heard people do, didn't you --
GUPTA: Well, it's -- you know, it's interesting because caffeine could potentially have an impact.
PHILLIPS: Right.
GUPTA: For the same reason.
PHILLIPS: Constricts.
GUPTA: It constricts the blood vessels.
PHILLIPS: Right.
GUPTA: And also figuring out what your triggers are. Red wine, for example, are trigger for a lot of people. Certain candies, chocolate, for example.
PHILLIPS: Stress.
GUPTA: So -- stress is always a trigger for just about everything.
PHILLIPS: All right.
GUPTA: We have none of that down here.
PHILLIPS: We'll keep following -- no, of course not. That's why we're always so relaxed and never have headaches.
GUPTA: That's right.
PHILLIPS: Thanks, Sanjay.
Well, inmates still running the asylum. That's how one money cop and fraud detective describes Wall Street right now. Pretty harsh words, huh? And that's just beginning. His very candid take on reform in just a few minutes.
(COMMERCIAL BREAK)
ANNOUNCER: Live in the CNN NEWSROOM, Kyra Phillips.
PHILLIPS: Well, our president is heading to New York this morning. And he's going to have tough words for Wall Street.
Felicia Taylor at the New York Stock Exchange with a look at what to expect from investors around all this.
Hi, Felicia.
FELICIA TAYLOR, CNN CORRESPONDENT: hey, Kyra. Yes, indeed, the president is only going to be two miles away from Wall Street. His message, though, it's going to be loud and clear. You can already see the heightened security outside. He wants Wall Street, though, to join him in pushing for financial reform, but frankly, it could be a very hard sell. No business whether it's on Wall Street or any other street frankly likes to be told how to operate. Some fear that too much regulation could actually hurt the economy instead of protecting it.
For now, though, we're expecting stocks to open modestly lower even though new jobless claims did fall last week. Right now, we're seeing the Dow off about a quarter of a percent. The Nasdaq off almost a full 1 percent. Of course, we're going to watch the numbers and see what happens when the president speaks just before noon, eastern time. And that's a quick look at what's going on already today. Kyra, back to you.
PHILLIPS: All right. Sounds good. Felicia, thanks so much.
Democrats and Republicans are still reporting progress on a bill aimed at reforming Wall Street. And a senate committee approved related legislation yesterday. Tough new limits on Wall Street stability to trade those controversial and risky derivatives, but senators weren't the only ones there. Who else? Lobbyists. The financial sector has spent $455 million on lobbyists to protect the billions that they have at stake. Senior congressional correspondent, Dana Bash, spoke with some of them.
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DANA BASH, CNN SENIOR CONGRESSIONAL CORRESPONDENT (voice-over): Who is waiting in this long line to get into a key senate committee meeting on financial reform? A lot of lobbyists. The reason for the line is inside this room, senators are working on details of legislation that would, for the first time, establish oversight on the financial derivatives market. We're talking about hundreds of trillions of dollars in deals, the kind that led to the panic that helped cause the near collapse of the financial industry.
UNIDENTIFIED FEMALE: Within a decade, this market exploded to $600 trillion in national (ph) value. We must bring transparency and accountability to these markets.
BASH (on-camera): In the back of legal committee, and what they're doing is pouring over this legislation line by line and that's why you have this. Lobbyists. They're here watching very carefully. The lobbyists here representing some of the big banks on Wall Street who make (ph) billions of dollars in profits from this mostly unregulated derivatives trading, but it's not just them. There are also lobbyists here representing farmers, manufacturers, and businesses who want to preserve their bottom line. They say that bottom line is helped by derivatives trading. BASH (voice-over): That's why this lobbyist representing an agra business is here.
BASH (on-camera): Do you want to make sure the bid doesn't go too far?
JON HIXSON, LOBBYIST, CARGILL INC.: We need a balanced bill that adds transparency and does a lot of the good things, but again, still allows U.S. manufacturers to be competitive.
BASH: You're a lobbyist?
DOROTHY COLEMAN, LOBBYIST, NATIONAL ASSOC. OF MANUFACTURERS: I am.
BASH: Lobbyists, as you know, don't have the best maybe reputation in this country and certainly at a time when people are pretty angry at Washington. What do you want people to know about your job as a lobbyist?
COLEMAN: Well, I think first of all, I'm an advocate for manufacturing. And my efforts, really, are trying to educate members of Congress and their staff on the impact of legislation on the manufacturing sector.
BASH (voice-over): And what about the lobbyists from Wall Street banks and big financial firms concerned about new regulation? Well, we found several, but they didn't want to talk to us on the record until we tried this approach.
BASH (on-camera): I'm Dana Bash with CNN. How are you?
BASH (voice-over): He is a Washington lobbyist. Who does he represent?
BASH (on-camera): Any big banks?
JAKE SEHER, LOBBYIST, VENABLE: no.
BASH: Any financial firms at all?
SEHER: Several financial firms but no big banks. We are following this development. This is a very important issue here, and it has great implications for any number of institutions, not just on Wall Street but across the country.
BASH (voice-over): An official representing big Wall Street banks later admitted to CNN they're pushing back hard on several provisions in the bill that would make it harder to reap their billions and profits on derivatives trading. But more and more, it looks like Wall Street has an uphill fight. The committee approved legislation limiting Wall Street's ability to make those controversial trades, and it was even bipartisan. Republican, Charles Grassley, voted yes too.
Dana Bash, CNN, Capitol Hill.
(END VIDEOTAPE) PHILLIPS: All right. Now, Harold Copus has a lot to say about this, and believe me, he doesn't hold back. He's a former FBI special agent who investigated fraud, and he seemed to share of it over the years. So, when you see the president is going to be talking about Wall Street reform, my guess is as you've said in the past, you got inmates running the asylum?
HAROLD COPUS, FMR. FBI SPECIAL AGENT: You certainly do. And what you have now as you have a class of individuals who I would say to you are just educated robbers. In the early 1900s, we had the Robert Barron's, and we had the legislation that came out after the bank failures. Today, I've to tell you we have derivative barons, and we got to ring these guys in also.
PHILLIPS: And why is that? How did it get to this point? You've told me in the past because no matter what, no matter who's in charge or who's been designated to oversee these guys, money talks, and people can get paid off no matter what?
COPUS: That's exactly right. And what you have is almost a lack of no supervision here. And so, when this happens in no supervision, guys come in and they take advantage. We see it every day as consumers when we go out there to the gas pump, and we notice our gas is going up. It goes up, and we can't explain why. They have these derivative characters who are out there saying, well, there was a storm somewhere in the Solomon Islands, and they think there's a lack of common sense on the American public. There is not a lack of oil, and there is not a lack of common sense.
PHILLIPS: OK. Now, this is for old fogies like you and me. We remember the S&L crisis, OK, the savings and loan crisis. It was disastrous, but we never hear about that anymore except for talking about it now and bringing back the past. What happened then to get folks in check? What did our -- what went right and why haven't we been able to do that now?
COPUS: Well, what went right is we went through a lot of regulations over those savings and loans, and we just don't have those problems anymore. We have to go back into these big banks that, quote, "are too big to fail." They're too big to fail, because as taxpayers, we bail them out when they fail. So, we're going to have to put some rules back in and say, guys, you can't do some of the crazy things you were doing with this derivative market and let things go down. AIG, big banks, it doesn't make any difference. Bring them in.
PHILLIPS: Now, give us some examples that probably should have prepped you for this because there are probably lots of them, but tell me what first comes to mind because you investigated these guys. You tried to hold these guys accountable. Tell me what you did get your hands on and how hard it was to prosecute and push everything through because of the power of money?
COPUS: Money talks. Money buys expensive lawyers, and what happens is that you're fighting a machine that's just almost impossible to win. It's like that, you know, we always talk about the big elephant in the room. Well, this is not an 800-pound elephant. This is about 900 or 1,000-pound elephant, and what you have to do is you have to go at it a little bit of the time. They're complex cases.
When it gets complex, it's difficult to go before a jury to make them understand. And I have always said, what we have to do is we have to go after the little things that just upset you to death, that the guy takes a house, for instance, that maybe costs $30,000, and by the time they flip it, it's now $150,000 or a $200,000 mansion. No way. Those are the things that you have to go after. And it makes it hard.
PHILLIPS: Yes. You've experienced that firsthand.
COPUS: Firsthand.
PHILLIPS: So when you read about the president's ideas for reform, does anything sound good to you? Is there something that you -- or do you want to sit in front of the president and say, oh, no, let me talk to you about my experience, and this is what you should be doing?
COPUS: I don't think he is going to call me to ask what he should be doing.
PHILLIPS: Well, he should the way you lay it out.
COPUS: Well, maybe, but the bottom line though is, yes, there are a lot of things in there that has to be done. You have to take these banks. You go and have to increase these reserves. You have to be able to allow companies or banks or insurance companies to go into bankruptcy or be able to liquidate them. I don't know about this consumer protection agency. I'm not sure of that.
My reaction is, you got the FTC, let that do its job. But all these other things, sure, we have to do something to regulate this or, as taxpayers, in about five or eight years, we'll be right back one more time asking to bail out these companies.
PHILLIPS: You're always going to be employed. That's for sure, Harold Copus.
COPUS: It is good work.
PHILLIPS: Yes, it is. I know. And you're working hard to set guys straight. Appreciate your time today. It's always great to talk to you. Thanks, Harold.
COPUS: Thank you.
PHILLIPS: We're going to have live coverage of the president's speech on Wall Street reform. Of course, scheduled for 11:55 eastern, 8:55 pacific. Top stories in two minutes.
(COMMERCIAL BREAK)
PHILLIPS: President Obama wants to change the rules for Wall Street. He is heading to Manhattan for a speech a little more than two hours from now. He is going to call for tougher regulations and limits on some of those huge pay packages handed out to top execs. CNN does plan live coverage 11:55, eastern time. Gulf, real bullets, real missiles, but it's only a military exercise. Iran's revolutionary guards conducting three days of war games in the region, and you can sure bet the U.S. warships are watching all of this. Much of the world's oil supply passes through the narrow Strait of Hormuz at the southern ends of the Persian Gulf. >
Belgium on hold. The Prime Minister has offered to resign amid a political dispute, but the king has not yet accepted that resignation. Belgian lawmakers were set to vote today on banning burqa, those head to toe coverings worn by many Muslim women, but that vote now in question. The dispute comes out of a liberal parties decision to withdraw from the coalition government.
Big Ben benched. The NFL telling the steelers quarterbacks to take a seat for a few games, actually not just a few, six. The fallout from his sexcapade in Georgia.
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PHILLIPS: And careful soaking up that sun. This is the view from NASA's solar telescope, a Hubbell for the sun. Showing the sun in a whole new light, huh. These are some of the first sun shot that it sent back since it was launched in February. Scientists hope it will help us understand the sun just a little better, and its impact on our planet.
The debate over Arizona immigration bill getting pretty ugly. New protests planned today against that bill. It pushes police to check citizenship and basically makes it illegal to be a legal. Here's one exchange. Los Angeles cardinal, John Mahoney, likening it to Nazi Germany and communist Russia, but Arizona lawmaker, Russell Pearce, who wrote the bill, discounts Mahoney's outrage saying the cardinal has been busy protecting child molesters. Ultimately, it falls on the shoulder of Arizona governor, Jan Brewer. She has until Saturday to decide, does it live or does it die?
That immigration bill is not the only controversy that Cardinal Mahoney is caught up in. A Mexican man is suing him and Mexico's top ranking Catholic cleric, Cardinal Norberto Rivera. He says that he was sexually abused by the priest as a child and is accusing the two cardinals of aiding the abuse by moving the priest to different assignments as more and more allegations were made.
Wise guys indicted. U.S. attorneys say they have the gambinos right where they want them. You know, the family once led by John Gotty. At the top of the list now, Daniel Marino, not the former Dolphins quarterback, by the way. The government says he's the current gambino boss. Marino, one of 14 alleged mob members facing a wide range of charges, murder, racket tearing, prostitution and jury intimidation. Thirteen of the 14 pleaded not guilty, the other, on the lamb.
A six-game suspension for Pittsburgh Steelers quarterback, Ben Roethlisberger. But he can get two games back for good behavior. The NFL punished the two-time Super Bowl champ in the wake of sexual assault accusations. He wasn't charged but they decided it was bad enough. He violated the league's personal conduct policy and pretty much all good sense. Many reports say the Steelers are trying to trade Roethlisberger before tonight's NFL draft.
Well, it's a pretty safe bet that Ben Roethlisberger isn't laughing about his suspension but Jay Leno sure is.
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JAY LENO, NBC HOST, "THE TONIGHT SHOW WITH JAY LENO": This black cloud is still pretty big, not as big as the black cloud over Ben Roethlisberger. Well, did you hear about that? Because of his actions there, Pittsburgh Steelers quarterback, Ben Roethlisberger has received a six-game suspension from the NFL.
UNIDENTIFIED MALE: Wow.
LENO: Six games, that's big. I guess, for violating the league's personal conduct policy.
Did you know the NFL had a personal conduct policy? Did anybody mention this to the Cincinnati Bengals? Do they know about the -- are they aware of this? Good thing he didn't kill anybody, he could have gotten a ten-game suspension.
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PHILLIPS: Are you a Roethlisberger fan? Rob Marciano?
ROB MARCIANO, AMS METEOROLOGIST: Well, yes, I mean, on the field, you know. The guy can get it done in the field for sure.
PHILLIPS: Well, obviously, he can get it done in the clubs too.
MARCIANO: Yes. He's got to learn to stay home, I guess, a little bit there.
You want to stay home and keep an eye on the sky if you live out in the western part of the U.S., especially the plains where severe weather is going to be an issue I think today and ongoing really for the next couple of days.
Slow-moving, lumbering, large and pretty cold storm that's kind of rolling through the Great Basin right now. You see snow kind of going up and over the top of it even showers as far as south as the Mexican- California border. So this thing is wide, encompassing and moving slowly off towards the east. It throws out energy out ahead of it.
So we've seen some thunderstorms that have been severe across parts of Texas. Right now, it looks like these two cells, that earlier had a warning out, they're heading towards Wichita has been allowed -- that warning has been allowed to expire, but still some gusty winds and some hail essentially with this system.
Watch this thing as it slowly moves off towards the east, across the Red River, across the Mississippi River, the Tennessee and eventually the Ohio River Valleys through Saturday. And tomorrow and Saturday could very well be the worst days as far as severe weather goes.
So our first really severe weather outbreak or at least set up for that this year. And it's been a fairly a quiet year so far. I don't think it'll be so quiet here over the next 48-60 hours.
So we have to be on our toes here in the weather center and if you live in these areas certainly, keep an eye on the sky.
Kyra, back over to you.
PHILLIPS: We'll do it, thanks, Rob.
MARCIANO: Ok.
PHILLIPS: Headline on Politico today, the TEA Party's exaggerated importance. Yes, tell that to the guy who was voicing Geico commercials, operative word, was. Bad things happen when the voiceover guy puts his foot in his mouth.
It's Earth Day today. So recycle something. Earth Day actually started on this date back in 1970, 40 years ago, it started as a thing for students at high schools and colleges across the country but has grown to so much more.
Walt Disney celebrated Earth Day in 1998 by opening a new park; Disney's Animal Kingdom in Orlando, Florida. Part zoo, part amusement park, a destination for millions of people every year and a chance for us to play a little jungle love.
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PHILLIPS: He who lives by the voice gets canned by the voice. A little advice here to Lance Baxter; when you do voiceover work for a living it can be very dangerous to go off script. Who is Lance Baxter, you ask? You know his voice.
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LANCE BAXTER, VOICEOVER: Andrea Barrow is a real Geico customer. Not an advertising spokesperson so to help tell her story we hired one.
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PHILLIPS: But now that voice has offended the mentally challenged and crossed the TEA Party in the process. Baxter apparently called up the TEA Party organizer group Freedom Works and left a message that had nothing to do with saving money on car insurance.
What did he say? How many, quote, "Mentally retarded people work for the Tea Party?" Are you kidding me?
I mean, ok, there's a caveman, demoralize the gecko, but the mentally challenged? And get this after leaving the offensive message Lance Baxter left his name and number. Bad call times two.
Freedom Works posted the message and told readers to voice their displeasure. So now Baxter's gig is up. Geico is holding auditions, the gecko is still trying to fit in and the caveman is still demanding respect.
And if gall were brains, Kwame Kilpatrick would be sinking Albert Einstein. Remember Kwame? The disgraced ex-Mayor of Detroit, yes this guy; the guy who is a sexter when sexting wasn't even cool. His shenanigans cost Detroit about $8.5 million, money the city could ill- afford to lose. He is headed to jail and owes a million bucks for lying in court.
Well, guess what? Kwame needs some cash to help pay that bill. So what's he going to do? Ask for donations. His team is putting together a plan to drum up some cash from supporters. Best of luck, Mr. Former mayor.
We have a lot going on in the CNN NEWSROOM. CNN crews around the world to bring you all the latest developments. Let's check in with our correspondents beginning with Mohammad Jamjoom in Baghdad -- Mohammed.
MOHAMMED JAMJOOM, CNN CORREPSONDENT: A Navy Seal facing court marshal here in Iraq for his alleged role in the beating of an Iraqi prisoner learns his fate. I'm Mohammed Jamjoom in Baghdad; a live report is coming up.
ROB MARCIANO, AMS METEOROLOGIST: I'm Rob Marciano in the CNN Severe Weather Center. A couple of reports of tornados the past two days but I think we'll see multiple reports for the next couple of days. Severe weather setup as we get into prime time tornado season; that's at the top of the hour -- Kyra.
PHILLIPS: Thanks, guys.
Remember the mind-altering mantra of the '60s, "Turn on, tune in, drop out"? Psychedelic drugs aren't just for hippies anymore. Doctors now say those drugs could be good medicine for people with very real needs.
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PHILLIPS: Movie making can be pretty messy. Actors, directors, gaffers, desk boys (ph) and so on can pile up the garbage, but one filmmaker is looking to bring more green to the silver screen.
CNN photojournalist Effie Nadan (ph) takes us behind the scenes.
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GARRETT FENNELLY, FILMMAKER, ACT ZERO FILMS: I love filmmaking. All do I is filmmaking.
I'm Garrett Fennelly and I'm a filmmaker who's trying to reduce waste on the film sets that I manage. Everything about a film set is wasteful.
BURTON MAY, PRODUCTION ASSISTANT: They're worried a lot about what's going on camera. They don't put too much effort into the environmental aspects of the production.
FENNELLY: A location film shoot is a very fast-paced and stressful pace. It's 50 people and you have 10 to 12 hours to do something and at the end of it you're left with waste. As an environmentally- conscious filmmaker that was sort of a breaking point for me because I was just like -- it doesn't make any sense.
We have a lot of green alternatives we bring to the set. We sort out paper, plastics and metal. We no longer use these disposable water bottles. We only use these now re-usable water bottles.
On the film set we use a lot of lighting.
ANDREW WHITE, CINEMATOGRAPHER, 20/20 PICTURES: These light bulbs are extremely energy efficient, the most energy-efficient light bulbs from the market.
FENNELLY: During lunch you'll see our crew eating off of biodegradable plates, bowls, cups. After lunch, people are responsible for sorting their own garbage. Now the movement is to move into digital filmmaking.
JAMIE UNRUH, POST PRODUCTION SUPERVISOR: We're shooting on cards that look like this. Shooting on cards is better for the environment than shooting on film because it's reusable.
MATTHEW O'CONNOR, ACTOR: Working on a green set is very good -- it actually makes you feel very good because I know actually that we're helping to protect the environment and keep everything clean and be eco-friendly.
MAY: Think Garrett is doing a great job.
UNRUH: Garrett is great for what he's been doing.
FENNELLY: My hopes for the industry is that it continues on this path of greening all their sets.
That's a cut.
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PHILLIPS: An observation of Earth Day, CNN photojournalists looking at solutions to environmental issues and the people who are trying to make a difference before it's too late. The award-winning In Focus Team tells the stories of these people and the impact they're having on their neighborhood and beyond.
Watch it unfold on "Green Solutions in Focus", Saturday April 24th, 3:00 p.m. Eastern time.
