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CNN Live Today

Runaway Bride; California Mudslide; 49ers Flap; SEC Changes; Identity Theft; SEC Chairman Nomination

Aired June 02, 2005 - 10:00   ET

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

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


DARYN KAGAN, CNN ANCHOR: Long weekend and we'll get started with a look at what's happening "Now in the News."
A 20-hour hostage ordeal ended this morning with the death of the gunman. Authorities in Shelbyville, Indiana, says the hostage taker was killed by police in an exchange of gunfire. Police rescued the female hostage. The standoff began in a convenience store Wednesday morning. The gunmen was one of two burglary suspects police had been chasing.

The runaway bride is back in the news. A short time ago, Jennifer Wilbanks pleaded no contest to a felony charge of making a false statement to police. Wilbanks' fiance was with her at the suburban Atlanta courthouse. Wilbanks says that she was sentenced to two years probation. And look, these are live pictures right now as Jennifer Wilbanks and her fiance leave the Gwinnett County Courthouse. A little bit more about what she faces now. She will be sentenced to two years probation, 120 hours community service. A live report is coming up in just a minute.

To California now where some residents of Laguna Beach, California, will be allowed to return to their home. It's only to retrieve pets and necessities. A landslide yesterday destroyed or damaged 18 homes and forced the evacuations of some 300 others. Remarkably there were no serious injuries. Experts say the ground could shift for several more weeks.

Just minutes from now President Bush will announce his choice to head the U.S. Securities and Exchange Commission. A senior administration official tells CNN it will be Republican Congressman Christopher Cox to the post. If he's confirmed, Cox would succeed current chair William Donaldson who is resigning at the end of the month.

Three suicide car bombings killed at least 16 people and wounded 53 other in Iraq today. The targets included a U.S. diplomatic convoy, a deputy prime minister's body guards and a Baqubah political leader. No American casualties were reported. Two children were among the dead.

Well, good morning to you on this Thursday morning. We're going to get started by following a new development in the case of the so- called runaway bride.

It was just minutes ago we were showing you live pictures of Jennifer Wilbanks at a suburban Atlanta courtroom facing sentencing on charges related to her disappearance. Our David Mattingly joins us. He is in Lawrenceville, Georgia, with the details.

David, good morning.

DAVID MATTINGLY, CNN CORRESPONDENT: Good morning, Daryn.

Runaway bride, Jennifer Wilbanks, not at all running away from the charges against her in Gwinnett County, Georgia. She appeared before a county judge just a short time ago. And she said, "I am truly sorry for my actions." And then she went on to thank the county sheriff and the local police and their efforts. That's when her voice became very soft. She seemed to be choked with emotion. And the entire time she was in court, she appeared very demure, very polite, very soft-spoken and very sorry for exactly the trouble that she caused in creating this episode.

Now, she will face some penalties. She was sentenced by the judge to two years probation. She will also have to undergo 120 hours of community service. She is also required to continue her mental health treatment that she has been getting. You probably saw just a short time ago she has left the courthouse. We have some video of her as she was going in and talking briefly to reporters.

(BEGIN VIDEO CLIP)

UNKNOWN MALE: How are you guys holding up?

JENNIFER WILBANKS: We're OK.

UNKNOWN MALE: Yeah.

(END VIDEO CLIP)

MATTINGLY: She told the court that she was taking prescription medication today. She did not say exactly what that medication was but she did say it was not affecting her decision making in this. Her attorney made it clear to the court that it was completely her decision to not fight these charges and to get on with her life.

Daryn.

KAGAN: But this is just the criminal side of things. Isn't there also the money side that she's going back and forth with the city of Duluth?

MATTINGLY: Yesterday her attorney delivered a check to the city police to pay for their overtime in the amount of over $13,000. There was that matter of restitution and that is also being taken care of right now. There were some costs incurred by state authorities in this as well but it was revealed in court today there's no mechanism for any sort of restitution to be made to the state authorities, so there will not be any restitution made to the state authorities.

KAGAN: David Mattingly live from Gwinnett County, Georgia.

Thank you. On to California now. Homecomings and heartbreak this morning in the shifting hills of Laguna Beach, California. A devastating landslide there has forced the emergency evacuation of some 300 homes and caused damage to some 18 others. Today, some people will go home while others grapple with knowing they have no home to return to. Our Chris Lawrence is in the posh community where homes can run up to $2 million.

Chris, good morning.

CHRIS LAWRENCE, CNN CORRESPONDENT: Good morning, Daryn.

Laguna Beach has been declared a local disaster area. This landslide destroyed 18 homes. And depending on how that ground moves, another 11 could also be in danger. You can see the police blocking off the road behind me where residents are not being allowed to go back up that hillside. And when you take a look at some of the pictures, you can understand why. It will give you an idea of the scope and the power of what this landslide did. Some of the homes literally cracked in half and just collapsed. Others seem to stay intact as they kind of just slid down the hill, a lot of times with the residents actually running out in front of them.

(BEGIN VIDEO CLIP)

JILL LOCKHART, MUDSLIDE EVACUEE: We ran down the front side of the mountain and we could hear this house collapsing behind us, sinking in and I guess the driveway moved 200 feet as we were running down it.

(END VIDEO CLIP)

LAWRENCE: You know of all of the days, for the past couple hours there's been a steady drizzle here. It had been dry here for the past month. But the past winter they had 28 inches of rain here. In a lot of parts of the country, that's not a lot. Here it's more than twice what they get in a normal year. What happened was that water never drained and eventually it destabilized the soil. Scientists were out last night placing certain measurement devices around the affected area. Later today they're going to go back in and check those devices to see how much the ground has moved overnight night.

Daryn.

KAGAN: And Chris, with what these families faced, I understand insurance does not cover a lot of these homes for landslides.

LAWRENCE: Yes, a lot of people very upset about that. We talked with one woman. She said she's got fire, she's got theft but no insurance companies out here will cover a landslide which falls under a term called acts of God. They can get individual items in the house insured individually but not enough to replace some of the damage that we've seen here.

KAGAN: Incredible. Chris Lawrence in Laguna Beach, California.

Thank you.

Another coastal community saw similar landslides, you might remember, in January. This is about two and a half hours up the coast of Laguna Beach. Ten people were killed and 15 homes destroyed in La Conchita, about 80 miles north of Los Angeles. Officials there continue to warn that the hillside there remains unstable and always will be. A lot of people still, though, have returned to their homes.

(BEGIN VIDEO CLIP)

DON SKI, LA CONCHITA RESIDENT: I like living on the beach. I mean, this is where I live. This is my house. This -- you know, I was here for the last one and I guess it's just not my time to go, you know. I'll keep coming back until I can't come back anymore.

(END VIDEO CLIP)

KAGAN: In January, fire crews were able to rescue at least three people who were buried alive when more than 400,000 tons of mud and rock swept down that hillside.

Well, even though Laguna Beach has been dry for the past month, you heard Chris Lawrence talking about that, Southern California's rainfall over the past year has been more than double the usual average. Our meteorologist, Jill Brown, joins us with a closer look at that from the weather center.

It has been a soggy one for Southern California, Jill.

JILL BROWN, METEOROLOGIST: That's true, Daryn.

And again, not the past week, not the past month but in the past year we've had a lot of rain and sometimes it can take a while for the effects to be known. So now we know what they are.

(WEATHER REPORT)

KAGAN: All right, Jill, thank you.

A different kind of fire storm taking place in Northern California. San Francisco 49ers training video is all the buzz of the Bay area. We're going to warn you right now, the pictures might not be suitable for everyone to watch this morning. The man who produced the video says it was intended to prepare players for dealing with the media. But what's in it, including racial slurs, topless blondes, and other stuff has absolutely enraged the community. Here now is Rita Williams of CNN affiliate KTVU.

(BEGIN VIDEOTAPE)

RITA WILLIAMS, CNN CORRESPONDENT: This is the videotape causing all the ruckus. San Francisco 49er Public Relations Director Kirk Reynolds taking over Gavin Newsom's office as mayor.

KIRK REYNOLDS: I'm mayor of San Francisco. It's a beautiful, diverse, tremendous city. WILLIAMS: And then Reynolds takes a tour of the city extensively (ph) to teach 49er players how to deal with the diverse media here. Along the way, making off colored jokes about everything from the mayor, to gay marriages, to the city's Chinese community.

UNKNOWN MALE: Tim Latate (ph) is 00 feel good. He feel good now.

WILLIAMS: And liberally featuring women in various states of undress.

REYNOLDS: There are women in the locker room. There are women in the locker room, so grab a towel.

UNKNOWN MALE: It's patently offensive. This is a piece of electronic exclament (ph).

WILLIAMS: The team saw the video in August. The mayor saw it yesterday after someone leaked it to "The Chronicle."

MAYOR GAVIN NEWSOM, SAN FRANCISCO, CALIF.: I'm used to the belittling, as they attempted to do in the video, but it wasn't right to do it to the Asian community, particular the Chinese community. It was wrong to do it to the gay/lesbian community. It was wrong to exploit women that were exploited in this video. The video is reprehensible.

WILLIAMS: And the man responsible for making the tape couldn't agree with the mayor more.

REYNOLDS: The intention certainly was good. I mean, I certainly had positive thought in my intention to deliver messages to our player in a format that they would receive. I used very poor taste and bad judgment and I take full responsibility for that.

WILLIAMS: A remorseful Reynolds, now looking for a new job, told KTVU's Sports Reporter Fred Inglas (ph) today he had planned to leave the 49ers soon anyway. He said, this is the fifth year he's produced a video. The first one, he says, that crossed the line.

REYNOLDS: Whether it was seen by the outside world or not, I did use bad judgment. There's no getting around that.

WILLIAMS: 49ers owner, John York, says he was shocked. "The content of this training material was never cleared by any officer of this organization and is absolutely contradictory to the ideals and values of the San Francisco 49ers."

MIKE NOLAN, 49ERS HEAD COACH: Although I was not a part of the regime, so to speak, before, I would like to say that I do apologize for the events that took place because I am part of the 49er family at this time.

WILLIAMS: 49er Consultant and Sports Sociologist Harry Edwards said he saw the tape for the first time yesterday.

HARRY EDWARDS, 49ERS CONSULTANT: I think that it probably sinks at -- to some degree to the level of stupidity.

REYNOLDS: Be mindful of your teammates. You don't want to do anything that's going to impact the team in a negative way.

WILLIAMS: And the videotape apparently has taught that lesson to players and done its job -- just not in the way it was intended.

Rita Williams, KTVU, Channel 2 News.

(END VIDEOTAPE)

KAGAN: Straight ahead on CNN LIVE TODAY, we're standing by for a live announcement from President Bush. We expect him to name his choice to head the Securities and Exchange Commission. We'll take you live to the White House for that when we come back.

(COMMERCIAL BREAK)

KAGAN: Looking at a live picture of the White House. We expect any minute President Bush is about to nominate a new chairman for the Security and Exchange Commission. That watchdog post has taken on new prominence in light of recent massive corporate scandals that have damaged public trust. Let's go now to our National Correspondent Bob Franken to set the stage for the announcement.

Bob, good morning.

BOB FRANKEN, CNN CORRESPONDENT: And we're told by a knowledgeable, reliable source, senior in the administration who does not wish to be identified because he doesn't want to upstage the president, that it is going to be Christopher Cox who's been a member of Congress since 1988. Before that, he had lengthy experience in private practice in the financial sector. Prior to that, he worked for President Reagan as a counsel to President Reagan. He is somebody who easily gets re-elected in his very Republican district of Orange County. Someone the administration has been trying to promote for quite some time.

He will have to be approved by the Senate. And the last time around, when he was nominated to be an appeals court judge, Senator Barbara Boxer of California made it known that she would try and block that. So Cox withdrew his name from that nomination.

Now he's going to be going up again and replacing somebody who has gotten a reputation for going after corporations and the person who came in and implemented some tough corporate rules in the wake of the Enron scandal and the other scandals that have been so much a part of these years. President Bush, we're expecting to hear from him, heaping praise on Mr. Donaldson and his stewardship at the Securities and Exchange Commission and then saying that Christopher Cox has exactly the right combination of credentials to be the person to take over.

Cox was the first chairman in the House of Representatives of the Homeland Security -- The Homeland Security Committee. As a matter of fact, he was scheduled to be out in California to appear with Michael Chertoff, who now is the secretary of Homeland Security. But, of course, he's coming back here to be part of this announcement that's going to be coming from the White House.

Daryn.

KAGAN: All right. Bob Franken at the White House. Orange County in the news quite a bit today. That's where those Laguna Beach mudslides are today as well.

Thank you.

We'll go back to the White House when that announcement takes place. Right now we'll fit in a quick break.

(COMMERCIAL BREAK)

KAGAN: And let's go ahead and check out the latest Wall Street numbers. Wall Street's been open just about 50 minutes. A little bit longer than that. And the Dow is down 33 points. So struggling at the start here. The Nasdaq also down. It is down two points.

Identity theft. It is a growing concern for all of us but how can you best protect yourself? CNN's Christina Park has some tips in today's special feature of cnn.com.

(BEGIN VIDEOTAPE)

CHRISTINA PARK, CNN CORRESPONDENT: Your mom may have said there's only one of you in the world, but that might not be so true in the digital age. Cnnmoney.com security special helps you stop identity fraud in its tracks. Let's say your employer lost your personal data or someone cracked into your accounts. First thing, call the credit bureau and set up a fraud alert.

Or sign up for a credit monitoring service. That way if someone tries to set up an account in your name, you'll be one of the first to know. And be vigilant. Check your credit report every few months for suspicious activity like a new credit card account you never signed up for.

And could your personal computer be wide open to identity fraud. Aside from the obvious like installing anti-virus software and a firewall, what else can you do? First, be sure to read any terms of agreement before you download anything for free online. You could be saying yes to spyware, software that gathers personal data without your knowledge. And don't be lazy or too trusting. New viruses are written every day, so keep updating your security software. And don't open just any e-mail that drops into your inbox.

Cnnmoney.com/security is here to make sure that me, myself and I stays that way.

I'm Christina Park reporting from the dot com desk.

(END VIDEOTAPE)

KAGAN: Thank you, Christina.

Let's go live now to the Roosevelt Room, expecting any minute for that door to open and President Bush to walk out with Christopher Cox, currently congressman from Southern California. He is, as we expect and sources tell us, will be nominated to replace William Donaldson as the head of the SEC. Cox has been elected to Congress nine times from Orange County. And there are the gentlemen. Let's listen to President Bush.

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Good morning.

I'm pleased to announce my nomination of Congressman Chris Cox of California as our next chairman of the Securities and Exchange Commission. As a champion of the free enterprise system and Congress, Chris Cox knows that a free economy is built on trust. In the years ahead, Chris will vigorously enforce the rules and laws that guarantee honesty and transparency in our markets and corporate boardrooms. He will be an outstanding leader of the SEC.

Today, the American economy is the envy of the world. Our economy is growing faster than that of any other industrialized country. We have added over 3.5 million new jobs during the last two years. The unemployment rate is down to 5.2 percent. More Americans are working today than ever before. Small businesses are flourishing, families are taking home more of what they earn.

To maintain the confidence that is the cornerstone of our economic system, we must ensure the honesty of American business and the integrity of the capital markets and stock exchanges. Investors must have confidence that the information they use to make their investment decisions is fair and accurate. The Securities and Exchange Commission is the primary federal agency that performs this essential function. The SEC investigates corporate fraud and holds guilty parties responsible when they mislead shareholders and employees.

For more than two years, Bill Donaldson has done an exceptional job as the SEC chairman. Bill took this post at a time when our economy was faced with a crisis in investor confidence. Under his leadership, the SEC vigorously responded to corporate corruption. The commission filed more than 1,700 enforcement actions under Bill Donaldson's chairmanship, a significant increase from previous years.

And the SEC has helped implement the Sarbanes/Oxley Act, the most far reaching reform of American business practices since the time of Franklin Roosevelt. The agency also responded swiftly to the mutual fund abuses that came to light nearly two years ago, enhancing disclosure to mutual fund shareholders. Bill Donaldson has set high standards for American business and the SEC and Chris Cox is the right man to carry on this important work.

For more than a decade and a half, Chris has been a superb representative for the 48th District of California. His achievements range from national security to tax reform. As the first chairman of the House Committee on Homeland Security, Chris Cox helped to coordinate efforts between the federal agencies and Congress to better protect our country against terrorist attacks.

He worked effectively with members of both parties to get more than a dozen of his bills passed into law, including a law protecting investors from abusive lawsuits and a ban on Internet commerce taxes. Four years ago I signed into law a bill that helps American families by phasing out the death tax. The drive to end the death tax was the product of an effort that Chris Cox helped lead for nearly a decade.

Chris understands how markets work and he knows the need for transparency in financial exchanges and in the halls of business. He proved that he can bring people together, diverse opinions to get things done. That kind of leadership will be invaluable as the chairman of the SEC.

I've given Chris a clear mission to continue to strengthen public trust in our markets so the American economy can continue to grow and create jobs. The nation is increasingly a nation of stockholders. A generation ago only a small percentage of American families invested in stocks and bonds. Today, more than a half of households are investing for their families and for their futures. Now more than ever we must make sure Americans can rely upon the integrity of our markets.

Chris Cox is a good man to have taken on this job and he'll do a fine job on behalf of the American people. He brings with him a unique combination of skills and expertise. He graduate with honors from Harvard Law School and Harvard Business School. He worked as a security lawyer for nearly a decade. He taught tax law. He served in President Reagan's White House and he was elected to the Congress.

I thank Chris for his willingness to serve our country in another important position at an important time for our nation. I'm grateful to his wife, Rebecca (ph), and their three children, Charles, Katie and Kevin. I call on the Senate to confirm his nomination at the earliest possible date.

Congratulations.

REP. CHRISTOPHER COX (R), CALIFORNIA: Thank you, Mr. President.

Thank you very much.

Mr. President, I want to thank you very much on behalf of my wife, Rebecca, and Charles, Katie and Kevin, who you were so nice to acknowledge. This is a big day because Charles, Katie and Kevin don't have to go to school this morning. As we were walking into the cabinet room, I told my six-year-old son Kevin that the president of the United States used to own -- and he said, the Texas Rangers.

Mr. President, should the United States Senate confirm me, I will be deeply honored to serve our country as the chairman of the Securities and Exchange Commission. It will be a special honor if confirmed to follow in the footsteps of Bill Donaldson, who has served the commission and our country with honor and distinction.

The rule of law that the SEC enforces has given America the more dynamic and vibrant capital markets in the world. The unprecedented sharing of information about every productive part of our free enterprise part of the country is only made possible by clear and consistently enforced rules. Those rules have to govern every market participant equally, big and small.

In this amazing world of instant global communications, the free and efficient movement of capital is helping to create the greatest prosperity in human history. The natural enemies of this economic marvel are fraud and unfair dealing.

Congress, and your administration, Mr. President, have both done their part to strengthen the laws that protect investors in our financial markets. And if confirmed, I look forward to carrying out that mandate in the special role occupied by the Securities and Exchange Commission.

The SEC is one of the best run agencies in the federal government and has been so for years. During my time as a securities practitioner, I was consistently impressed by the high caliber of professionals who regulate corporate finance in our markets. It will be an honor, if confirmed, to join this exceptional team.

As you know, my most recent assignment in Congress has been to chair the homeland security committee, where I've seen from another advantage point the critical role that America's financial markets play in our society.

The attacks of 9/11 were aimed very deliberately at the financial heart of America's economy. The Wall Street analysts, traders, accountants, and bankers who were the victims of al Qaeda in the Twin Towers that day represented a...

DARYN KAGAN, HOST: Listening to some comments from Congressman Christopher Cox of southern California. Will be nominated by President Bush to take over the head of the SEC, the Securities and Exchange Commission.

Bob Franken, a couple words from you from the White House, please.

BOB FRANKEN, CNN CORRESPONDENT: Well, what's going to be interesting is whether Chris Cox signals the end of this intense enforcement, corporate enforcement, stock exchange enforcement.

Many of the corporations and accounting firms have complained that all the new rules have really become sort of protect your back rules that have inhibited their ability to function. So Chris Cox is going to have a assure the senators are going to confirm him that he's going to continue with this stringent enforcement.

Next step, the Senate. That enforcement is not a slam dunk, to use one of the favorite terms in Washington. We'll see just how intense the opposition is to Christopher Cox now a member of Congress, nominated by President Bush to move to the chairmanship of the Securities and Exchange Commission.

KAGAN: All right. Bob at the White House. Thank you.

Let's get another business perspective. Kathleen Hays with us this morning, as well. Kathleen, good morning.

KATHLEEN HAYS, CNN CORRESPONDENT: Hi, Daryn.

Well, this is an interesting story. Wall Street really wasn't expecting this. In fact, until yesterday, apparently, Bill Donaldson has told his colleagues that he was going to stay at the SEC as head, at least until the end of 2005. So it is a lot to sort out here.

He said he's leaving for private reasons. Some people suspect that there is a bit of politics being played here. Let's listen to what Bill Donaldson had to say yesterday about why he is leaving the Securities and Exchange Commission.

(BEGIN VIDEO CLIP)

BOB DONALDSON, CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION: When you are elected to the Securities and Exchange Commission, or chosen for it, and when you become chairman, I think you leave the politics at the door. I've tried to do that on each and every issue.

(END VIDEO CLIP)

HAYS: And of course, this is really being portrayed in all of the financial write-ups today as maybe he left the politics at the door. But to such an extent, did not side with the Republicans, that that raised the ire of the people at the White House, of some Republican lawmakers, and certainly of some big businesses.

But let's remember what the SEC is and why this is an important debate. The SEC was set up to protect investors, first and foremost, to maintain the integrity of the financial markets. And, of course we just heard President Bush talking about that, saying how important transparency and honesty are to the markets in spreading capitalism around the world.

When they appointed Bill Donaldson, a man who had set up big investment firm, a man who headed the New York Stock Exchange, one time was head of the Yale School of Management one time, he seemed like a guy who would understand business very well, and maybe the thinking was he would be fair but not too tough.

The rap against him has been that he has pushed hard on things like allowing investors to have more say in nominating people on boards of directors. That has been opposed by some people.

So let's look at Christopher Cox, because the question that's being raised now, will he maybe be too pro-business? And of course, he says he's going to enforce the laws, respects the work that Bill Donaldson has done. He did, according to "The Wall Street Journal," in 1995, head up legislation that restricted the ability of investors to sue for securities fraud.

President Bush just mentioned that he was -- led the drive to eliminate the death tax, in other words, to lessen the taxes on inheritances. He also pushed for the elimination of the taxation of stock dividends. These are certainly things the president had on his agenda. These are things that big corporations, many big investment firms have pushed for.

Chris Cox has also had a lot of oversight of the SEC. That's an important ingredient. But remember, in context, again, corporate scandals, Enron, not enough oversight. CEOs that lied to their boards. This is the milieu that Bill Donaldson stepped into that he was supposed to correct. It will be interesting to see, Daryn, how Chris Cox carries this banner in the months and years ahead.

KAGAN: Soap opera Wall Street style. Kathleen Hays, thank you.

And when we come back we're going to talk about one of the most important decisions you might make this summer. What kind of barbecue or grill will you get? Gerri Willis is along with that tip after this break.

(BEGIN VIDEO CLIP)

DR. PHIL MCGRAW, TALK SHOW HOST: For me the Gulf War, CNN really defined that for me. I was very passionate about it. I am insanely supportive of our troops and our military. Once they're there, those are my guys, you know?

And I really became addicted to CNN at that time, and CNN is an addiction. I mean, we probably need to go through detox if they ever go off the air. You'd have to have a country in CNN detox if you ever went off the air. So don't go off the air.

They read me the newspaper in the morning. I mean, what happens is I get up, I turn CNN on, and then I start getting ready for the day. And if I'm going to go in the other room you turn it up. If you're coming back into the room you turn it down. But they tell you what's going on in the world.

Because we truly are in a global economy. We are a global society, and CNN never sleeps. So you can go to bed and get up and they're going to tell you what you missed. That's why it's become the addiction that it has.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

KAGAN: Well, two days after one of Washington's greatest political secrets were revealed we are getting some more details on Mark Felt's relationship with "The Washington Post" reporters Bob Woodward and Carl Bernstein.

Both men say they had complete confidence in their secretive source, the No. 2 man at the FBI. In fact, writing in today's "Post," Woodward went on to say, quote, "I was thankful for any morsel of information, confirmation or assistance Felt gave me while Carl and I were attempting to understand the many-headed monster of Watergate. Because of his position virtually atop the chief investigative agency, his words and guidance had immense, at times even staggering, authority. The weight, authenticity and his restraint were more important than his design, if he had one."

Those Watergate reports from inside, tonight CNN's Larry King will have Carl Bernstein and Bob Woodward on, Those are the "Washington Post" reporters who protected Deep Throat's secrecy for more than 30 years. It's a live CNN prime time exclusive. That's tonight, 9 Eastern, 6 Pacific right here on CNN.

A woman in Oregon may make some money from Mark Felt's name. She's offering what she says is an autographed copy of his 1979 book. She's doing that on eBay. The seller says she bought "The FBI Pyramid" -- that's the name of the book -- in 1981 at FBI headquarters. Bidding opened yesterday at $10. Our last look, the best bid up to $1,175. Very good.

A lot more news ahead after this.

(COMMERCIAL BREAK)

KAGAN: And these pictures just into us here at CNN. This is Michael Jackson and his entourage leaving the Neverland Ranch in San Inez (ph) and heading up to Santa Maria. Today closing arguments expected in Michael Jackson's child molestation case. More on that ahead from our Ted Rowlands, who is at the courthouse.

OK, now the big important stuff. Summer barbecue. The season for many of us. If you need a new grill to fire up, we can save you some money. Our personal finance editor, Gerri Willis, has her top five tips.

Gerri, you could do five -- top five on what you call it. In the west we call it the barbecue. Here you call it the grill. They call it different things.

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: It goes by a lot of names, doesn't it? But I know at the end of the day the dad in the household wants to spend a ton of money on this thing.

KAGAN: It's a genetic thing.

WILLIS: That's right. And the truth is you can spend less. That's what we're trying to figure out today.

If all you really need is the basic grill, you're just going to have burgers, maybe some hot dogs, all you need is $100 to $300 to buy that basic grill. And the folks at "Consumer Reports" recommend the Webber grill. And this is something you can use, backdoor barbecue, if you're tailgating. It's pretty easy to use, pretty small, and it suits your needs if that's all you're doing.

KAGAN: People kind of fascinating with stainless steel.

WILLIS: That's the big thing. Everybody wants stainless steel. And here's an easy way to do it. You're probably going to be directed to something called the 300 series steel. Now, this is like uberlux, and it costs a lot of money because they mix nickel in with the stainless steel. It's supposed to be better over the long haul.

But let me tell you, you don't have to go that far. You can go for the 200 series, pay a little less money. The people at "Consumer Reports" recommend the Great Outdoors five burner grill. It's going to work just as well for you. Over time they found, you know, testing it over time it worked very well. Pretty good deal for you.

KAGAN: How important is that preheat function that some of these gas grills offer?

WILLIS: I'm loving it. I got to tell you, you know, preheating and fast preheating, which is what they try to sell you, it doesn't really make sense. You're better off with a smaller grill, because that's what really fires up quickly.

If you've got extra burners, they don't work that well, particularly if you're trying to make sauces on them. You're better off doing that inside on your stove top.

KAGAN: Here's something that's important to me, to be realistic about your cooking ability, which for me is very small.

WILLIS: Well, it's be realistic and understand what you're doing and how you're using the grill, because that's going to determine exactly what you buy.

Now, if you're one of those people really into barbecue, want to have those little marks on the side of your meat, I mean, you're kind of nutty about it, think about buying one of these things with the grates that are over-sized that will actually give you the effect that you want.

But otherwise, I'm telling you, don't pay for this stuff, because at the end of the day you're not going to need it.

KAGAN: And finally, you want to make sure that whatever you buy is sturdy.

WILLIS: Yes, you know, easy test here. When you're in the store, just walk up to the thing, shake it. If it rattles, it's just not well constructed. Make sure the handles are made out of wood or plastic, not metal, because it will get hot. It will be hard to take care of.

And, Daryn, we're going to be talking about it this weekend on "OPEN HOUSE" Saturday morning. Join us for our summer backyard bash. We have the latest in pool designs, too, and we'll show you the top of the line models for less. Plus, dream decks. We'll help you build the deck of your dreams with the best materials on the market. Nine thirty a.m. Saturday Eastern.

KAGAN: Excellent. I'm still doing the old-fashioned charcoal Webber grill thing.

WILLIS: You know, being a traditionalist is a good thing.

KAGAN: Works for me. Thanks, Gerri.

WILLIS: You're welcome.

KAGAN: Still to come on CNN LIVE TODAY, his death galvanized the civil rights movement. Fifty years later his grave has been reopened. How his family is reacting. Emmett Till's cousin joins me next.

(COMMERCIAL BREAK)

KAGAN: Take you back in history a bit. Fifty years ago the mutilated body of a 14-year-old boy was found floating in the Mississippi River. Word soon spread that he was killed for whistling at a white woman, a story so outrageous it ignited national outrage and helped stoke the civil rights movement.

Yesterday federal investigators unearthed the casket holding the remains of Emmett Till, in search of new leads in his murder.

Joining us is Emmett Till's cousin, Simeon Wright. Mr. Wright, good morning. Thank you for being here with us.

SIMEON WRIGHT, EMMETT TILL'S COUSIN: Good morning, Daryn. It's -- glad to be here.

KAGAN: You were there that day back in 1955 when your cousin was kidnapped. And you were there yesterday when his body was exhumed from his grave. Why was it important for you to be there yesterday?

WRIGHT: Yes, it was. It was very important because, as you know, almost 50 years ago he was taken from my home, and the last time I saw him he was, of course, alive. He was murdered and thrown in the Tallahassee River, where he was found three days later. And yesterday was the piece of the puzzle that we need to try and get this case reopened.

KAGAN: There is some controversy in even bringing his body up. The first thing that they're going to do is actually, in his autopsy, positively identify that it's your cousin. There have been those rumors for years that that's not your cousin's body in that grave.

WRIGHT: Well, that was the defense of the -- defense attorneys used that during the trial in 1955. They said that they wasn't sure that was Emmett Till. So for the state of Mississippi we're going to have to give them proof through forensic evidence that this is Emmett Till.

KAGAN: So that will put one thing to rest. There are some that are saying that this shouldn't happen, that your cousin had this terrible death and so much time has passed you should just let him rest. What would you say to those relatives and to those people who aren't happy with this latest development?

WRIGHT: Well, I -- as far as relatives that's not unhappy, I only know of one and the rest of the people, 50 years, what's the difference, 50 years or two years? A murder was committed, and the people that did this murder, they was -- some were released and others wasn't even charged. So we're in the process of trying to get those that are alive charged with murder.

KAGAN: So there were two men who were put on trial for it. They were acquitted of those charges, later came out and confessed. They're both deed.

WRIGHT: Right.

KAGAN: You are among those who believe that there were others who were part of your cousin's murder.

WRIGHT: Yes, I believe that. There was others that were holding him in the truck. There was a lady in the truck that identified Emmett when he was taken out of my home and marched out to that truck. So we know two of these people to be alive today.

KAGAN: And how are some of those answers going to be found in a autopsy?

WRIGHT: Well, there was no autopsy -- autopsy done in 1955. Today, with the new forensic tools that we have, we could determine the bullet fragments, maybe, that was left. Maybe the bullet is still in his head. All we can determine, how did he actually die, because you can't go to court unless you are able to state how Emmett was killed.

KAGAN: How old were you that day when your cousin was taken in 1955?

WRIGHT: I was 12 years old.

KAGAN: And I would imagine these are images that have stayed with you every single day of your life?

WRIGHT: That's something that will never leave. We call -- we call that scar tissue.

KAGAN: And how will this latest development help you and those in your family that hurt?

WRIGHT: Well, it helps me because in 1955, nothing really was done by the authorities, the Mississippi sheriff department or Tallahassee County. Even the federal government, they didn't do that much. But now we're getting them to reinvestigate the case, and what has been done up to this point is more than what was done in 1955.

KAGAN: And how about the power of your cousin? Only lived 14 years, but even with his terrible death, helped spark a civil rights revolution. And his mother, as well, making the choice to have an open casket at his funeral so people could see what exactly had been done to her son.

And then here we are 50 years later. Still, there's a power from this story and from your cousin that people still care and want to go back and look at this case.

WRIGHT: People that were alive during that time, especially the blacks, we were outraged at that what happened in 1955, how that Emmett was brutally murdered by these people, and the state of Mississippi said, "Who cares?"

KAGAN: And one final -- go ahead, Mr. Wright.

WRIGHT: And that -- that really set the stage for black America. In a sense, what I said was, they're going to kill us anyway, we're not going to just lay down and let them walk over us.

KAGAN: Well, I guess that answers the question of who cares. Quite a few people care, because here we are 50 years later and people are still looking into this and still looking for answers.

One final question for you. When you were there at your cousin's grave site yesterday and they brought up his casket and you had some private moments, what were your thoughts for your cousin and to your cousin?

WRIGHT: Many things I was thinking. One of the things I was thinking about, I asked myself the question, what if they hadn't exhumed the body of Medgar Evers, would his murderers have been convicted? I wouldn't think so.

And I was thinking that this is part of the process, that you have to do this to get the evidence that we need to continue to pursue this case.

KAGAN: Well, one thing that...

WRIGHT: And as far as...

KAGAN: Go ahead.

WRIGHT: As far as -- as far as some ask me was I sad? No, I was sad in 1955. There was sadness back then, and there was a heartbreak back then. But now it's time to move on and try and get those who are involved convicted.

KAGAN: Well, as part of that process I really appreciate you taking the time to visit with us this morning.

WRIGHT: Thank you.

KAGAN: Thank you, sir.

WRIGHT: Thank you.

KAGAN: Simeon Wright, the first cousin of Emmett Till. Thank you for your time, sir.

And on that, we're going to take a break, taking a look at some of these pictures.

(COMMERCIAL BREAK)

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Aired June 2, 2005 - 10:00   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Long weekend and we'll get started with a look at what's happening "Now in the News."
A 20-hour hostage ordeal ended this morning with the death of the gunman. Authorities in Shelbyville, Indiana, says the hostage taker was killed by police in an exchange of gunfire. Police rescued the female hostage. The standoff began in a convenience store Wednesday morning. The gunmen was one of two burglary suspects police had been chasing.

The runaway bride is back in the news. A short time ago, Jennifer Wilbanks pleaded no contest to a felony charge of making a false statement to police. Wilbanks' fiance was with her at the suburban Atlanta courthouse. Wilbanks says that she was sentenced to two years probation. And look, these are live pictures right now as Jennifer Wilbanks and her fiance leave the Gwinnett County Courthouse. A little bit more about what she faces now. She will be sentenced to two years probation, 120 hours community service. A live report is coming up in just a minute.

To California now where some residents of Laguna Beach, California, will be allowed to return to their home. It's only to retrieve pets and necessities. A landslide yesterday destroyed or damaged 18 homes and forced the evacuations of some 300 others. Remarkably there were no serious injuries. Experts say the ground could shift for several more weeks.

Just minutes from now President Bush will announce his choice to head the U.S. Securities and Exchange Commission. A senior administration official tells CNN it will be Republican Congressman Christopher Cox to the post. If he's confirmed, Cox would succeed current chair William Donaldson who is resigning at the end of the month.

Three suicide car bombings killed at least 16 people and wounded 53 other in Iraq today. The targets included a U.S. diplomatic convoy, a deputy prime minister's body guards and a Baqubah political leader. No American casualties were reported. Two children were among the dead.

Well, good morning to you on this Thursday morning. We're going to get started by following a new development in the case of the so- called runaway bride.

It was just minutes ago we were showing you live pictures of Jennifer Wilbanks at a suburban Atlanta courtroom facing sentencing on charges related to her disappearance. Our David Mattingly joins us. He is in Lawrenceville, Georgia, with the details.

David, good morning.

DAVID MATTINGLY, CNN CORRESPONDENT: Good morning, Daryn.

Runaway bride, Jennifer Wilbanks, not at all running away from the charges against her in Gwinnett County, Georgia. She appeared before a county judge just a short time ago. And she said, "I am truly sorry for my actions." And then she went on to thank the county sheriff and the local police and their efforts. That's when her voice became very soft. She seemed to be choked with emotion. And the entire time she was in court, she appeared very demure, very polite, very soft-spoken and very sorry for exactly the trouble that she caused in creating this episode.

Now, she will face some penalties. She was sentenced by the judge to two years probation. She will also have to undergo 120 hours of community service. She is also required to continue her mental health treatment that she has been getting. You probably saw just a short time ago she has left the courthouse. We have some video of her as she was going in and talking briefly to reporters.

(BEGIN VIDEO CLIP)

UNKNOWN MALE: How are you guys holding up?

JENNIFER WILBANKS: We're OK.

UNKNOWN MALE: Yeah.

(END VIDEO CLIP)

MATTINGLY: She told the court that she was taking prescription medication today. She did not say exactly what that medication was but she did say it was not affecting her decision making in this. Her attorney made it clear to the court that it was completely her decision to not fight these charges and to get on with her life.

Daryn.

KAGAN: But this is just the criminal side of things. Isn't there also the money side that she's going back and forth with the city of Duluth?

MATTINGLY: Yesterday her attorney delivered a check to the city police to pay for their overtime in the amount of over $13,000. There was that matter of restitution and that is also being taken care of right now. There were some costs incurred by state authorities in this as well but it was revealed in court today there's no mechanism for any sort of restitution to be made to the state authorities, so there will not be any restitution made to the state authorities.

KAGAN: David Mattingly live from Gwinnett County, Georgia.

Thank you. On to California now. Homecomings and heartbreak this morning in the shifting hills of Laguna Beach, California. A devastating landslide there has forced the emergency evacuation of some 300 homes and caused damage to some 18 others. Today, some people will go home while others grapple with knowing they have no home to return to. Our Chris Lawrence is in the posh community where homes can run up to $2 million.

Chris, good morning.

CHRIS LAWRENCE, CNN CORRESPONDENT: Good morning, Daryn.

Laguna Beach has been declared a local disaster area. This landslide destroyed 18 homes. And depending on how that ground moves, another 11 could also be in danger. You can see the police blocking off the road behind me where residents are not being allowed to go back up that hillside. And when you take a look at some of the pictures, you can understand why. It will give you an idea of the scope and the power of what this landslide did. Some of the homes literally cracked in half and just collapsed. Others seem to stay intact as they kind of just slid down the hill, a lot of times with the residents actually running out in front of them.

(BEGIN VIDEO CLIP)

JILL LOCKHART, MUDSLIDE EVACUEE: We ran down the front side of the mountain and we could hear this house collapsing behind us, sinking in and I guess the driveway moved 200 feet as we were running down it.

(END VIDEO CLIP)

LAWRENCE: You know of all of the days, for the past couple hours there's been a steady drizzle here. It had been dry here for the past month. But the past winter they had 28 inches of rain here. In a lot of parts of the country, that's not a lot. Here it's more than twice what they get in a normal year. What happened was that water never drained and eventually it destabilized the soil. Scientists were out last night placing certain measurement devices around the affected area. Later today they're going to go back in and check those devices to see how much the ground has moved overnight night.

Daryn.

KAGAN: And Chris, with what these families faced, I understand insurance does not cover a lot of these homes for landslides.

LAWRENCE: Yes, a lot of people very upset about that. We talked with one woman. She said she's got fire, she's got theft but no insurance companies out here will cover a landslide which falls under a term called acts of God. They can get individual items in the house insured individually but not enough to replace some of the damage that we've seen here.

KAGAN: Incredible. Chris Lawrence in Laguna Beach, California.

Thank you.

Another coastal community saw similar landslides, you might remember, in January. This is about two and a half hours up the coast of Laguna Beach. Ten people were killed and 15 homes destroyed in La Conchita, about 80 miles north of Los Angeles. Officials there continue to warn that the hillside there remains unstable and always will be. A lot of people still, though, have returned to their homes.

(BEGIN VIDEO CLIP)

DON SKI, LA CONCHITA RESIDENT: I like living on the beach. I mean, this is where I live. This is my house. This -- you know, I was here for the last one and I guess it's just not my time to go, you know. I'll keep coming back until I can't come back anymore.

(END VIDEO CLIP)

KAGAN: In January, fire crews were able to rescue at least three people who were buried alive when more than 400,000 tons of mud and rock swept down that hillside.

Well, even though Laguna Beach has been dry for the past month, you heard Chris Lawrence talking about that, Southern California's rainfall over the past year has been more than double the usual average. Our meteorologist, Jill Brown, joins us with a closer look at that from the weather center.

It has been a soggy one for Southern California, Jill.

JILL BROWN, METEOROLOGIST: That's true, Daryn.

And again, not the past week, not the past month but in the past year we've had a lot of rain and sometimes it can take a while for the effects to be known. So now we know what they are.

(WEATHER REPORT)

KAGAN: All right, Jill, thank you.

A different kind of fire storm taking place in Northern California. San Francisco 49ers training video is all the buzz of the Bay area. We're going to warn you right now, the pictures might not be suitable for everyone to watch this morning. The man who produced the video says it was intended to prepare players for dealing with the media. But what's in it, including racial slurs, topless blondes, and other stuff has absolutely enraged the community. Here now is Rita Williams of CNN affiliate KTVU.

(BEGIN VIDEOTAPE)

RITA WILLIAMS, CNN CORRESPONDENT: This is the videotape causing all the ruckus. San Francisco 49er Public Relations Director Kirk Reynolds taking over Gavin Newsom's office as mayor.

KIRK REYNOLDS: I'm mayor of San Francisco. It's a beautiful, diverse, tremendous city. WILLIAMS: And then Reynolds takes a tour of the city extensively (ph) to teach 49er players how to deal with the diverse media here. Along the way, making off colored jokes about everything from the mayor, to gay marriages, to the city's Chinese community.

UNKNOWN MALE: Tim Latate (ph) is 00 feel good. He feel good now.

WILLIAMS: And liberally featuring women in various states of undress.

REYNOLDS: There are women in the locker room. There are women in the locker room, so grab a towel.

UNKNOWN MALE: It's patently offensive. This is a piece of electronic exclament (ph).

WILLIAMS: The team saw the video in August. The mayor saw it yesterday after someone leaked it to "The Chronicle."

MAYOR GAVIN NEWSOM, SAN FRANCISCO, CALIF.: I'm used to the belittling, as they attempted to do in the video, but it wasn't right to do it to the Asian community, particular the Chinese community. It was wrong to do it to the gay/lesbian community. It was wrong to exploit women that were exploited in this video. The video is reprehensible.

WILLIAMS: And the man responsible for making the tape couldn't agree with the mayor more.

REYNOLDS: The intention certainly was good. I mean, I certainly had positive thought in my intention to deliver messages to our player in a format that they would receive. I used very poor taste and bad judgment and I take full responsibility for that.

WILLIAMS: A remorseful Reynolds, now looking for a new job, told KTVU's Sports Reporter Fred Inglas (ph) today he had planned to leave the 49ers soon anyway. He said, this is the fifth year he's produced a video. The first one, he says, that crossed the line.

REYNOLDS: Whether it was seen by the outside world or not, I did use bad judgment. There's no getting around that.

WILLIAMS: 49ers owner, John York, says he was shocked. "The content of this training material was never cleared by any officer of this organization and is absolutely contradictory to the ideals and values of the San Francisco 49ers."

MIKE NOLAN, 49ERS HEAD COACH: Although I was not a part of the regime, so to speak, before, I would like to say that I do apologize for the events that took place because I am part of the 49er family at this time.

WILLIAMS: 49er Consultant and Sports Sociologist Harry Edwards said he saw the tape for the first time yesterday.

HARRY EDWARDS, 49ERS CONSULTANT: I think that it probably sinks at -- to some degree to the level of stupidity.

REYNOLDS: Be mindful of your teammates. You don't want to do anything that's going to impact the team in a negative way.

WILLIAMS: And the videotape apparently has taught that lesson to players and done its job -- just not in the way it was intended.

Rita Williams, KTVU, Channel 2 News.

(END VIDEOTAPE)

KAGAN: Straight ahead on CNN LIVE TODAY, we're standing by for a live announcement from President Bush. We expect him to name his choice to head the Securities and Exchange Commission. We'll take you live to the White House for that when we come back.

(COMMERCIAL BREAK)

KAGAN: Looking at a live picture of the White House. We expect any minute President Bush is about to nominate a new chairman for the Security and Exchange Commission. That watchdog post has taken on new prominence in light of recent massive corporate scandals that have damaged public trust. Let's go now to our National Correspondent Bob Franken to set the stage for the announcement.

Bob, good morning.

BOB FRANKEN, CNN CORRESPONDENT: And we're told by a knowledgeable, reliable source, senior in the administration who does not wish to be identified because he doesn't want to upstage the president, that it is going to be Christopher Cox who's been a member of Congress since 1988. Before that, he had lengthy experience in private practice in the financial sector. Prior to that, he worked for President Reagan as a counsel to President Reagan. He is somebody who easily gets re-elected in his very Republican district of Orange County. Someone the administration has been trying to promote for quite some time.

He will have to be approved by the Senate. And the last time around, when he was nominated to be an appeals court judge, Senator Barbara Boxer of California made it known that she would try and block that. So Cox withdrew his name from that nomination.

Now he's going to be going up again and replacing somebody who has gotten a reputation for going after corporations and the person who came in and implemented some tough corporate rules in the wake of the Enron scandal and the other scandals that have been so much a part of these years. President Bush, we're expecting to hear from him, heaping praise on Mr. Donaldson and his stewardship at the Securities and Exchange Commission and then saying that Christopher Cox has exactly the right combination of credentials to be the person to take over.

Cox was the first chairman in the House of Representatives of the Homeland Security -- The Homeland Security Committee. As a matter of fact, he was scheduled to be out in California to appear with Michael Chertoff, who now is the secretary of Homeland Security. But, of course, he's coming back here to be part of this announcement that's going to be coming from the White House.

Daryn.

KAGAN: All right. Bob Franken at the White House. Orange County in the news quite a bit today. That's where those Laguna Beach mudslides are today as well.

Thank you.

We'll go back to the White House when that announcement takes place. Right now we'll fit in a quick break.

(COMMERCIAL BREAK)

KAGAN: And let's go ahead and check out the latest Wall Street numbers. Wall Street's been open just about 50 minutes. A little bit longer than that. And the Dow is down 33 points. So struggling at the start here. The Nasdaq also down. It is down two points.

Identity theft. It is a growing concern for all of us but how can you best protect yourself? CNN's Christina Park has some tips in today's special feature of cnn.com.

(BEGIN VIDEOTAPE)

CHRISTINA PARK, CNN CORRESPONDENT: Your mom may have said there's only one of you in the world, but that might not be so true in the digital age. Cnnmoney.com security special helps you stop identity fraud in its tracks. Let's say your employer lost your personal data or someone cracked into your accounts. First thing, call the credit bureau and set up a fraud alert.

Or sign up for a credit monitoring service. That way if someone tries to set up an account in your name, you'll be one of the first to know. And be vigilant. Check your credit report every few months for suspicious activity like a new credit card account you never signed up for.

And could your personal computer be wide open to identity fraud. Aside from the obvious like installing anti-virus software and a firewall, what else can you do? First, be sure to read any terms of agreement before you download anything for free online. You could be saying yes to spyware, software that gathers personal data without your knowledge. And don't be lazy or too trusting. New viruses are written every day, so keep updating your security software. And don't open just any e-mail that drops into your inbox.

Cnnmoney.com/security is here to make sure that me, myself and I stays that way.

I'm Christina Park reporting from the dot com desk.

(END VIDEOTAPE)

KAGAN: Thank you, Christina.

Let's go live now to the Roosevelt Room, expecting any minute for that door to open and President Bush to walk out with Christopher Cox, currently congressman from Southern California. He is, as we expect and sources tell us, will be nominated to replace William Donaldson as the head of the SEC. Cox has been elected to Congress nine times from Orange County. And there are the gentlemen. Let's listen to President Bush.

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Good morning.

I'm pleased to announce my nomination of Congressman Chris Cox of California as our next chairman of the Securities and Exchange Commission. As a champion of the free enterprise system and Congress, Chris Cox knows that a free economy is built on trust. In the years ahead, Chris will vigorously enforce the rules and laws that guarantee honesty and transparency in our markets and corporate boardrooms. He will be an outstanding leader of the SEC.

Today, the American economy is the envy of the world. Our economy is growing faster than that of any other industrialized country. We have added over 3.5 million new jobs during the last two years. The unemployment rate is down to 5.2 percent. More Americans are working today than ever before. Small businesses are flourishing, families are taking home more of what they earn.

To maintain the confidence that is the cornerstone of our economic system, we must ensure the honesty of American business and the integrity of the capital markets and stock exchanges. Investors must have confidence that the information they use to make their investment decisions is fair and accurate. The Securities and Exchange Commission is the primary federal agency that performs this essential function. The SEC investigates corporate fraud and holds guilty parties responsible when they mislead shareholders and employees.

For more than two years, Bill Donaldson has done an exceptional job as the SEC chairman. Bill took this post at a time when our economy was faced with a crisis in investor confidence. Under his leadership, the SEC vigorously responded to corporate corruption. The commission filed more than 1,700 enforcement actions under Bill Donaldson's chairmanship, a significant increase from previous years.

And the SEC has helped implement the Sarbanes/Oxley Act, the most far reaching reform of American business practices since the time of Franklin Roosevelt. The agency also responded swiftly to the mutual fund abuses that came to light nearly two years ago, enhancing disclosure to mutual fund shareholders. Bill Donaldson has set high standards for American business and the SEC and Chris Cox is the right man to carry on this important work.

For more than a decade and a half, Chris has been a superb representative for the 48th District of California. His achievements range from national security to tax reform. As the first chairman of the House Committee on Homeland Security, Chris Cox helped to coordinate efforts between the federal agencies and Congress to better protect our country against terrorist attacks.

He worked effectively with members of both parties to get more than a dozen of his bills passed into law, including a law protecting investors from abusive lawsuits and a ban on Internet commerce taxes. Four years ago I signed into law a bill that helps American families by phasing out the death tax. The drive to end the death tax was the product of an effort that Chris Cox helped lead for nearly a decade.

Chris understands how markets work and he knows the need for transparency in financial exchanges and in the halls of business. He proved that he can bring people together, diverse opinions to get things done. That kind of leadership will be invaluable as the chairman of the SEC.

I've given Chris a clear mission to continue to strengthen public trust in our markets so the American economy can continue to grow and create jobs. The nation is increasingly a nation of stockholders. A generation ago only a small percentage of American families invested in stocks and bonds. Today, more than a half of households are investing for their families and for their futures. Now more than ever we must make sure Americans can rely upon the integrity of our markets.

Chris Cox is a good man to have taken on this job and he'll do a fine job on behalf of the American people. He brings with him a unique combination of skills and expertise. He graduate with honors from Harvard Law School and Harvard Business School. He worked as a security lawyer for nearly a decade. He taught tax law. He served in President Reagan's White House and he was elected to the Congress.

I thank Chris for his willingness to serve our country in another important position at an important time for our nation. I'm grateful to his wife, Rebecca (ph), and their three children, Charles, Katie and Kevin. I call on the Senate to confirm his nomination at the earliest possible date.

Congratulations.

REP. CHRISTOPHER COX (R), CALIFORNIA: Thank you, Mr. President.

Thank you very much.

Mr. President, I want to thank you very much on behalf of my wife, Rebecca, and Charles, Katie and Kevin, who you were so nice to acknowledge. This is a big day because Charles, Katie and Kevin don't have to go to school this morning. As we were walking into the cabinet room, I told my six-year-old son Kevin that the president of the United States used to own -- and he said, the Texas Rangers.

Mr. President, should the United States Senate confirm me, I will be deeply honored to serve our country as the chairman of the Securities and Exchange Commission. It will be a special honor if confirmed to follow in the footsteps of Bill Donaldson, who has served the commission and our country with honor and distinction.

The rule of law that the SEC enforces has given America the more dynamic and vibrant capital markets in the world. The unprecedented sharing of information about every productive part of our free enterprise part of the country is only made possible by clear and consistently enforced rules. Those rules have to govern every market participant equally, big and small.

In this amazing world of instant global communications, the free and efficient movement of capital is helping to create the greatest prosperity in human history. The natural enemies of this economic marvel are fraud and unfair dealing.

Congress, and your administration, Mr. President, have both done their part to strengthen the laws that protect investors in our financial markets. And if confirmed, I look forward to carrying out that mandate in the special role occupied by the Securities and Exchange Commission.

The SEC is one of the best run agencies in the federal government and has been so for years. During my time as a securities practitioner, I was consistently impressed by the high caliber of professionals who regulate corporate finance in our markets. It will be an honor, if confirmed, to join this exceptional team.

As you know, my most recent assignment in Congress has been to chair the homeland security committee, where I've seen from another advantage point the critical role that America's financial markets play in our society.

The attacks of 9/11 were aimed very deliberately at the financial heart of America's economy. The Wall Street analysts, traders, accountants, and bankers who were the victims of al Qaeda in the Twin Towers that day represented a...

DARYN KAGAN, HOST: Listening to some comments from Congressman Christopher Cox of southern California. Will be nominated by President Bush to take over the head of the SEC, the Securities and Exchange Commission.

Bob Franken, a couple words from you from the White House, please.

BOB FRANKEN, CNN CORRESPONDENT: Well, what's going to be interesting is whether Chris Cox signals the end of this intense enforcement, corporate enforcement, stock exchange enforcement.

Many of the corporations and accounting firms have complained that all the new rules have really become sort of protect your back rules that have inhibited their ability to function. So Chris Cox is going to have a assure the senators are going to confirm him that he's going to continue with this stringent enforcement.

Next step, the Senate. That enforcement is not a slam dunk, to use one of the favorite terms in Washington. We'll see just how intense the opposition is to Christopher Cox now a member of Congress, nominated by President Bush to move to the chairmanship of the Securities and Exchange Commission.

KAGAN: All right. Bob at the White House. Thank you.

Let's get another business perspective. Kathleen Hays with us this morning, as well. Kathleen, good morning.

KATHLEEN HAYS, CNN CORRESPONDENT: Hi, Daryn.

Well, this is an interesting story. Wall Street really wasn't expecting this. In fact, until yesterday, apparently, Bill Donaldson has told his colleagues that he was going to stay at the SEC as head, at least until the end of 2005. So it is a lot to sort out here.

He said he's leaving for private reasons. Some people suspect that there is a bit of politics being played here. Let's listen to what Bill Donaldson had to say yesterday about why he is leaving the Securities and Exchange Commission.

(BEGIN VIDEO CLIP)

BOB DONALDSON, CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION: When you are elected to the Securities and Exchange Commission, or chosen for it, and when you become chairman, I think you leave the politics at the door. I've tried to do that on each and every issue.

(END VIDEO CLIP)

HAYS: And of course, this is really being portrayed in all of the financial write-ups today as maybe he left the politics at the door. But to such an extent, did not side with the Republicans, that that raised the ire of the people at the White House, of some Republican lawmakers, and certainly of some big businesses.

But let's remember what the SEC is and why this is an important debate. The SEC was set up to protect investors, first and foremost, to maintain the integrity of the financial markets. And, of course we just heard President Bush talking about that, saying how important transparency and honesty are to the markets in spreading capitalism around the world.

When they appointed Bill Donaldson, a man who had set up big investment firm, a man who headed the New York Stock Exchange, one time was head of the Yale School of Management one time, he seemed like a guy who would understand business very well, and maybe the thinking was he would be fair but not too tough.

The rap against him has been that he has pushed hard on things like allowing investors to have more say in nominating people on boards of directors. That has been opposed by some people.

So let's look at Christopher Cox, because the question that's being raised now, will he maybe be too pro-business? And of course, he says he's going to enforce the laws, respects the work that Bill Donaldson has done. He did, according to "The Wall Street Journal," in 1995, head up legislation that restricted the ability of investors to sue for securities fraud.

President Bush just mentioned that he was -- led the drive to eliminate the death tax, in other words, to lessen the taxes on inheritances. He also pushed for the elimination of the taxation of stock dividends. These are certainly things the president had on his agenda. These are things that big corporations, many big investment firms have pushed for.

Chris Cox has also had a lot of oversight of the SEC. That's an important ingredient. But remember, in context, again, corporate scandals, Enron, not enough oversight. CEOs that lied to their boards. This is the milieu that Bill Donaldson stepped into that he was supposed to correct. It will be interesting to see, Daryn, how Chris Cox carries this banner in the months and years ahead.

KAGAN: Soap opera Wall Street style. Kathleen Hays, thank you.

And when we come back we're going to talk about one of the most important decisions you might make this summer. What kind of barbecue or grill will you get? Gerri Willis is along with that tip after this break.

(BEGIN VIDEO CLIP)

DR. PHIL MCGRAW, TALK SHOW HOST: For me the Gulf War, CNN really defined that for me. I was very passionate about it. I am insanely supportive of our troops and our military. Once they're there, those are my guys, you know?

And I really became addicted to CNN at that time, and CNN is an addiction. I mean, we probably need to go through detox if they ever go off the air. You'd have to have a country in CNN detox if you ever went off the air. So don't go off the air.

They read me the newspaper in the morning. I mean, what happens is I get up, I turn CNN on, and then I start getting ready for the day. And if I'm going to go in the other room you turn it up. If you're coming back into the room you turn it down. But they tell you what's going on in the world.

Because we truly are in a global economy. We are a global society, and CNN never sleeps. So you can go to bed and get up and they're going to tell you what you missed. That's why it's become the addiction that it has.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

KAGAN: Well, two days after one of Washington's greatest political secrets were revealed we are getting some more details on Mark Felt's relationship with "The Washington Post" reporters Bob Woodward and Carl Bernstein.

Both men say they had complete confidence in their secretive source, the No. 2 man at the FBI. In fact, writing in today's "Post," Woodward went on to say, quote, "I was thankful for any morsel of information, confirmation or assistance Felt gave me while Carl and I were attempting to understand the many-headed monster of Watergate. Because of his position virtually atop the chief investigative agency, his words and guidance had immense, at times even staggering, authority. The weight, authenticity and his restraint were more important than his design, if he had one."

Those Watergate reports from inside, tonight CNN's Larry King will have Carl Bernstein and Bob Woodward on, Those are the "Washington Post" reporters who protected Deep Throat's secrecy for more than 30 years. It's a live CNN prime time exclusive. That's tonight, 9 Eastern, 6 Pacific right here on CNN.

A woman in Oregon may make some money from Mark Felt's name. She's offering what she says is an autographed copy of his 1979 book. She's doing that on eBay. The seller says she bought "The FBI Pyramid" -- that's the name of the book -- in 1981 at FBI headquarters. Bidding opened yesterday at $10. Our last look, the best bid up to $1,175. Very good.

A lot more news ahead after this.

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KAGAN: And these pictures just into us here at CNN. This is Michael Jackson and his entourage leaving the Neverland Ranch in San Inez (ph) and heading up to Santa Maria. Today closing arguments expected in Michael Jackson's child molestation case. More on that ahead from our Ted Rowlands, who is at the courthouse.

OK, now the big important stuff. Summer barbecue. The season for many of us. If you need a new grill to fire up, we can save you some money. Our personal finance editor, Gerri Willis, has her top five tips.

Gerri, you could do five -- top five on what you call it. In the west we call it the barbecue. Here you call it the grill. They call it different things.

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: It goes by a lot of names, doesn't it? But I know at the end of the day the dad in the household wants to spend a ton of money on this thing.

KAGAN: It's a genetic thing.

WILLIS: That's right. And the truth is you can spend less. That's what we're trying to figure out today.

If all you really need is the basic grill, you're just going to have burgers, maybe some hot dogs, all you need is $100 to $300 to buy that basic grill. And the folks at "Consumer Reports" recommend the Webber grill. And this is something you can use, backdoor barbecue, if you're tailgating. It's pretty easy to use, pretty small, and it suits your needs if that's all you're doing.

KAGAN: People kind of fascinating with stainless steel.

WILLIS: That's the big thing. Everybody wants stainless steel. And here's an easy way to do it. You're probably going to be directed to something called the 300 series steel. Now, this is like uberlux, and it costs a lot of money because they mix nickel in with the stainless steel. It's supposed to be better over the long haul.

But let me tell you, you don't have to go that far. You can go for the 200 series, pay a little less money. The people at "Consumer Reports" recommend the Great Outdoors five burner grill. It's going to work just as well for you. Over time they found, you know, testing it over time it worked very well. Pretty good deal for you.

KAGAN: How important is that preheat function that some of these gas grills offer?

WILLIS: I'm loving it. I got to tell you, you know, preheating and fast preheating, which is what they try to sell you, it doesn't really make sense. You're better off with a smaller grill, because that's what really fires up quickly.

If you've got extra burners, they don't work that well, particularly if you're trying to make sauces on them. You're better off doing that inside on your stove top.

KAGAN: Here's something that's important to me, to be realistic about your cooking ability, which for me is very small.

WILLIS: Well, it's be realistic and understand what you're doing and how you're using the grill, because that's going to determine exactly what you buy.

Now, if you're one of those people really into barbecue, want to have those little marks on the side of your meat, I mean, you're kind of nutty about it, think about buying one of these things with the grates that are over-sized that will actually give you the effect that you want.

But otherwise, I'm telling you, don't pay for this stuff, because at the end of the day you're not going to need it.

KAGAN: And finally, you want to make sure that whatever you buy is sturdy.

WILLIS: Yes, you know, easy test here. When you're in the store, just walk up to the thing, shake it. If it rattles, it's just not well constructed. Make sure the handles are made out of wood or plastic, not metal, because it will get hot. It will be hard to take care of.

And, Daryn, we're going to be talking about it this weekend on "OPEN HOUSE" Saturday morning. Join us for our summer backyard bash. We have the latest in pool designs, too, and we'll show you the top of the line models for less. Plus, dream decks. We'll help you build the deck of your dreams with the best materials on the market. Nine thirty a.m. Saturday Eastern.

KAGAN: Excellent. I'm still doing the old-fashioned charcoal Webber grill thing.

WILLIS: You know, being a traditionalist is a good thing.

KAGAN: Works for me. Thanks, Gerri.

WILLIS: You're welcome.

KAGAN: Still to come on CNN LIVE TODAY, his death galvanized the civil rights movement. Fifty years later his grave has been reopened. How his family is reacting. Emmett Till's cousin joins me next.

(COMMERCIAL BREAK)

KAGAN: Take you back in history a bit. Fifty years ago the mutilated body of a 14-year-old boy was found floating in the Mississippi River. Word soon spread that he was killed for whistling at a white woman, a story so outrageous it ignited national outrage and helped stoke the civil rights movement.

Yesterday federal investigators unearthed the casket holding the remains of Emmett Till, in search of new leads in his murder.

Joining us is Emmett Till's cousin, Simeon Wright. Mr. Wright, good morning. Thank you for being here with us.

SIMEON WRIGHT, EMMETT TILL'S COUSIN: Good morning, Daryn. It's -- glad to be here.

KAGAN: You were there that day back in 1955 when your cousin was kidnapped. And you were there yesterday when his body was exhumed from his grave. Why was it important for you to be there yesterday?

WRIGHT: Yes, it was. It was very important because, as you know, almost 50 years ago he was taken from my home, and the last time I saw him he was, of course, alive. He was murdered and thrown in the Tallahassee River, where he was found three days later. And yesterday was the piece of the puzzle that we need to try and get this case reopened.

KAGAN: There is some controversy in even bringing his body up. The first thing that they're going to do is actually, in his autopsy, positively identify that it's your cousin. There have been those rumors for years that that's not your cousin's body in that grave.

WRIGHT: Well, that was the defense of the -- defense attorneys used that during the trial in 1955. They said that they wasn't sure that was Emmett Till. So for the state of Mississippi we're going to have to give them proof through forensic evidence that this is Emmett Till.

KAGAN: So that will put one thing to rest. There are some that are saying that this shouldn't happen, that your cousin had this terrible death and so much time has passed you should just let him rest. What would you say to those relatives and to those people who aren't happy with this latest development?

WRIGHT: Well, I -- as far as relatives that's not unhappy, I only know of one and the rest of the people, 50 years, what's the difference, 50 years or two years? A murder was committed, and the people that did this murder, they was -- some were released and others wasn't even charged. So we're in the process of trying to get those that are alive charged with murder.

KAGAN: So there were two men who were put on trial for it. They were acquitted of those charges, later came out and confessed. They're both deed.

WRIGHT: Right.

KAGAN: You are among those who believe that there were others who were part of your cousin's murder.

WRIGHT: Yes, I believe that. There was others that were holding him in the truck. There was a lady in the truck that identified Emmett when he was taken out of my home and marched out to that truck. So we know two of these people to be alive today.

KAGAN: And how are some of those answers going to be found in a autopsy?

WRIGHT: Well, there was no autopsy -- autopsy done in 1955. Today, with the new forensic tools that we have, we could determine the bullet fragments, maybe, that was left. Maybe the bullet is still in his head. All we can determine, how did he actually die, because you can't go to court unless you are able to state how Emmett was killed.

KAGAN: How old were you that day when your cousin was taken in 1955?

WRIGHT: I was 12 years old.

KAGAN: And I would imagine these are images that have stayed with you every single day of your life?

WRIGHT: That's something that will never leave. We call -- we call that scar tissue.

KAGAN: And how will this latest development help you and those in your family that hurt?

WRIGHT: Well, it helps me because in 1955, nothing really was done by the authorities, the Mississippi sheriff department or Tallahassee County. Even the federal government, they didn't do that much. But now we're getting them to reinvestigate the case, and what has been done up to this point is more than what was done in 1955.

KAGAN: And how about the power of your cousin? Only lived 14 years, but even with his terrible death, helped spark a civil rights revolution. And his mother, as well, making the choice to have an open casket at his funeral so people could see what exactly had been done to her son.

And then here we are 50 years later. Still, there's a power from this story and from your cousin that people still care and want to go back and look at this case.

WRIGHT: People that were alive during that time, especially the blacks, we were outraged at that what happened in 1955, how that Emmett was brutally murdered by these people, and the state of Mississippi said, "Who cares?"

KAGAN: And one final -- go ahead, Mr. Wright.

WRIGHT: And that -- that really set the stage for black America. In a sense, what I said was, they're going to kill us anyway, we're not going to just lay down and let them walk over us.

KAGAN: Well, I guess that answers the question of who cares. Quite a few people care, because here we are 50 years later and people are still looking into this and still looking for answers.

One final question for you. When you were there at your cousin's grave site yesterday and they brought up his casket and you had some private moments, what were your thoughts for your cousin and to your cousin?

WRIGHT: Many things I was thinking. One of the things I was thinking about, I asked myself the question, what if they hadn't exhumed the body of Medgar Evers, would his murderers have been convicted? I wouldn't think so.

And I was thinking that this is part of the process, that you have to do this to get the evidence that we need to continue to pursue this case.

KAGAN: Well, one thing that...

WRIGHT: And as far as...

KAGAN: Go ahead.

WRIGHT: As far as -- as far as some ask me was I sad? No, I was sad in 1955. There was sadness back then, and there was a heartbreak back then. But now it's time to move on and try and get those who are involved convicted.

KAGAN: Well, as part of that process I really appreciate you taking the time to visit with us this morning.

WRIGHT: Thank you.

KAGAN: Thank you, sir.

WRIGHT: Thank you.

KAGAN: Simeon Wright, the first cousin of Emmett Till. Thank you for your time, sir.

And on that, we're going to take a break, taking a look at some of these pictures.

(COMMERCIAL BREAK)

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