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Rick's List
Markets Lose Momentum; Conan O'Brien, NBC Settle Over 'Tonight Show'
Aired January 21, 2010 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RICK SANCHEZ, CNN ANCHOR: Three, two, one. Let's do it.
All right. Ready? We are about to get the bell here, right, 4:00? They closing this thing?
Is that's what's going on, Susan Lisovicz?
SUSAN LISOVICZ, CNN CORRESPONDENT: Yes. It just rang, and thank goodness, Rick, because, you know, yesterday at this time we were talking about the worst sell-off of the year. Well, no longer, because today is now the worst sell-off of the year, in fact, the worst two-day stretch since last summer.
Why is that, Rick? Well, you know, once again, we see this intersection between Wall Street and Washington, President Obama talking about ways to limit risks, to prevent another financial crisis.
Well, I don't think anybody wants to see another financial crisis. The way Washington will do it is another story entirely. And we saw a wave of selling on Wall Street today, particularly with big banks, with some of these...
SANCHEZ: Oh. I feel so bad for those guys.
(LAUGHTER)
SANCHEZ: My God.
(LAUGHTER)
LISOVICZ: Well...
(CROSSTALK)
SANCHEZ: How many billions did they -- did they possibly -- oh, that's terrible.
LISOVICZ: Well, I -- hey, look, we all...
SANCHEZ: They are losing money.
LISOVICZ: We all hear you about these record bonuses. But the fact is, there are many people like you and me and everybody else who invest in banking stocks. SANCHEZ: Yes.
LISOVICZ: And there are many people who are not top bankers at these financial institutions. Just remember one thing, Rick. I mean, the financial crisis didn't occur without Washington's help. I put "help" in quotes here.
SANCHEZ: Right, absolutely.
LISOVICZ: Deregulation led to some of these institutions becoming too big to fail. And now Washington again is...
SANCHEZ: But the Dow -- but here -- but here's the point, too. The Dow does not economic recovery make. High stocks doesn't mean that I get my home back, that I get my job back, that prices go lower. It doesn't mean any of that stuff. It just means that stocks are going up or down. That's all it means.
LISOVICZ: That's right.
And, ultimately, though, it is a form of wealth. I mean, along with your house, right, whether your house value goes up or down, and along with your paycheck, what happens with your investments is very important. And it has really been one of the reasons why so many people enjoy the American dream, whatever it is, sending their kids to college, their second home, retiring comfortably. These are things, and these are things that matter. This is why our investments matter.
And this oftentimes is a reflection of what's happening. And what's happening right now is change. Sometimes, investors fear change, especially if they think it will affect profits. That's what is happening today, no question about it.
SANCHEZ: I get it. I get it. And, you know, I will tell you, it is an important conversation. It is one that makes a lot of us very passionate, as you know. Wolf Blitzer is going to join me in just a little bit. And he and I are going to have a very passionate conversation about this. So, stay tuned. Great job. We appreciate it, Susan.
(CROSSTALK)
LISOVICZ: Thanks, Rick.
SANCHEZ: Have you seen "Avatar" yet, folks? I mean, I saw it. My wife said, boring. My kids liked the special effects. And I painted myself blue. It is permanent. I'm kidding. I kid.
Here's the serious point to be made about this. This movie is a sensation around the world, including China. But now China is banning the movie, which is why they get the bronze today on The List You Don't Want to Be On.
"Avatar" made more money in China than any other flick ever, $76 million in ticket sales, reportedly. And people are lining up in freezing cold to see it. So, it is a hit in China. So, why is the government there pulling "Avatar" from most screens? The follow answer is to make room for a documentary about Confucius.
(LAUGHTER)
SANCHEZ: But people who study China say the plot in "Avatar" about the forced removal of entire communities, guess what, it looks an awful lot like exactly what's going on in China right now to the people there.
The silver. Are you ready? Who gets the silver on a list you don't want to be on today? Glenn Beck, who finds himself on our list today because of the muckety-muck he stirred up after going after Republican senator-elect Scott Brown. He criticized Brown on his radio show for saying that his daughters were available.
That was OK. But then Beck seemed to cross the line, according to most insiders, big-time, they say, when he said this about the Massachusetts Senate winner. Listen for yourself.
(BEGIN VIDEO CLIP)
GLENN BECK, HOST, "GLENN BECK": I want a chastity belt on this man. I want his every move watched in Washington. I don't trust this guy. No, I'm just telling you...
UNIDENTIFIED MALE: It is just a creepy moment.
BECK: No, this one -- this one could end with a dead intern.
(CROSSTALK)
BECK: This one could end with a dead intern.
(LAUGHTER)
UNIDENTIFIED MALE: Stop it.
(CROSSTALK)
UNIDENTIFIED MALE: Dead intern. I'm not sure I would go that far.
UNIDENTIFIED MALE: No. I'm pretty sure that's not...
BECK: I'm just saying. I'm just saying, it could end with a dead intern.
(END VIDEO CLIP)
SANCHEZ: He really said that. It is an unfunny illusion to Chandra Levy, a government intern romantically linked to California Congressman Gary Condit, and who tragically turned up dead in Washington.
Condit, now a former congressman, had nothing to do with her death, nothing. Who else isn't laughing? Just about everybody who has heard this. The video has gone viral. And the comments that follow it are uniformly negative, both from the left and from the right.
"The New York Times -- quote -- "He may have gone overboard."
Here's the conservative "National Post" of Canada describing Beck's rant with a word that sums it up in polite Canadian style: "Yikes."
Glenn Beck comes in today as number two on our list that you don't want to be on.
So, who is number one? If you haven't figured it out yet, especially those of you who follow politics, you are going to find out in our next hour.
The suits at NBC finally get some sleep tonight. At 1:00 this morning, they finally cut a deal with Conan O'Brien. It puts Jay Leno back in "The Tonight Show" and it sends O'Brien packing after tomorrow night with a reported $32 million in his pocket, plus big go-away money for his staff as well.
It is kind of sad it is ending, though, because late night hasn't been this funny in quite a long time. Just listen to this zinger Conan delivered last night.
(BEGIN VIDEO CLIP, "THE TONIGHT SHOW WITH CONAN O'BRIEN")
CONAN O'BRIEN, HOST, "THE TONIGHT SHOW WITH CONAN O'BRIEN": I'm been having a really hard explaining the whole situation to my kids, because they are still very young. Yes. So, what I did is, I had a doll made of myself. Now I can show my kids exactly where NBC touched daddy.
(LAUGHTER)
(APPLAUSE)
(END VIDEO CLIP)
SANCHEZ: And, wow, have you seen Letterman and Leno lately? There's never been any love lost between these two, but now it is getting even more personal. I mean, did -- did -- did you see this last night?
(BEGIN VIDEO CLIP, "THE LATE SHOW WITH DAVID LETTERMAN")
DAVID LETTERMAN, HOST, "THE LATE SHOW WITH DAVID LETTERMAN": Listen to this. Conan O'Brien, he had "The Tonight Show," and now he's leaving, and NBC is negotiating with him. And it is that intellectual property. He can't take his signature comedy bits with him.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP, "THE JAY LENO SHOW")
JAY LENO, HOST, "THE JAY LENO SHOW": Letterman, Letterman has been hammering me every night.
KEVIN EUBANKS, BAND LEADER: I know. That's weird. It's weird.
LENO: Oh, going after me. Hey, Kev, you know the best way to get Letterman to ignore you?
EUBANKS: What's that?
LENO: Marry him. OK, that's the best way.
(LAUGHTER)
LENO: He will not bother you. He won't look you in the eye. No problem at all.
(CHEERING AND APPLAUSE)
(END VIDEO CLIP)
SANCHEZ: Whoa.
Joe Flint is the "Los Angeles Times"' majordomo of entertainment news. He's good enough to join us now.
Joe, how you doing?
JOE FLINT, "THE LOS ANGELES TIMES": I'm doing OK. Thank you.
SANCHEZ: Fine.
What do you know we don't? Make some news for us here, Joe. What's going on?
FLINT: Well, I mean, I think, right now, what we know is, NBC has a task at hand to kind of do a little damage control with Jay Leno and reposition him to return to "The Tonight Show."
SANCHEZ: Can they recover from this, especially everything that happens between 9:00 and midnight, and I guess beyond?
FLINT: Well, sure. I mean, Jay Leno is -- is bruised. John Edwards is damaged. You know, ultimately, in the grand scheme of things, Jay Leno has a fan base, and they will follow him.
Whether he will be able to immediately jump back in at 11:30 and resume beating David Letterman, you know, that remains to be seen. And...
SANCHEZ: But you know what I -- you know what we found out today about Jay Leno? You -- I'm interrupting because I'm -- something you just said. You say that Jay Leno is damaged or injured?
FLINT: I said he's bruised. SANCHEZ: He's bruised, all right. Here's how bruised he is. We ran across this. It is a Mirage Web site yesterday. Look at this. Tickets for some of Leno's stand-up shows were cut by half. We called the Mirage to try and ask them what's really going on here. They never got back us to. Apparently, the deal switched today. Now they are down to 20 percent off, because he probably sold enough tickets, and they don't have that many left.
Does that -- what does that -- what does that say to you?
FLINT: Well, I don't want to make a -- draw a conclusion out of ticket sales for a Jay Leno stand-up show. I mean, I don't think people who don't like Jay Leno, they will continue not to like him. And I think the people who do like him, you know, this wouldn't really change their mind, because they would be of the viewpoint that Jay should have never had to leave "The Tonight Show" in the first place.
SANCHEZ: Huh.
The cure to this, of course, is time for NBC. How about Conan? Let's move to him. I mean, how long does he have to stay off the air? And is there some kind of cone of silence that's keeping him and them from trash-talking each other like they were a week ago?
FLINT: Well, I don't think will is anything stopping Conan from talking, as the clip you just ran showed. I don't want to know what he is not saying, if that's what he is saying.
(LAUGHTER)
FLINT: Yes, he -- he can go to another network in September. So, you know, he has about, whatever it is -- we are in January now -- but over -- about eight months, and he can go work somewhere else. And, you know, most people are looking at FOX. And, in terms of a broadcast network, that's really the only play for him.
And there's a lot of things to be worked out there, but if Rupert Murdoch wants something, he tends to get it. So...
SANCHEZ: Yes.
FLINT: ... that's where he could end up.
To your other point...
SANCHEZ: So, if he goes...
FLINT: Sure.
SANCHEZ: If he goes -- if he goes in eight months to FOX, does he get to keep the rest of that $3.2 million -- or $32 million? I'm sorry.
FLINT: You know, as far as we know -- a lot of people report -- and I'm not a room, you are not in a room -- but...
SANCHEZ: Right.
FLINT: ... I mean, that's our understanding.
SANCHEZ: Wow.
FLINT: Keep in mind that his contract paid him about $12 million a year. And he had about two-and-a-half years left on it. So, that's just sort of paying him out of his contract and then whatever else, the cost for the staff that relocated.
I'm not sure, you know, he would get that kind of money from FOX when he goes to work there. I think he will be in for a pay cut.
SANCHEZ: Well, it's the same -- it's the exact same kind of deal you I would get if one of our -- if "The New York" -- if "The L.A. Times" or CNN let us go, they would probably say, here's $32 million. Oh, and, by the way, you can get another job and they will pay you as well on top of that.
FLINT: There would be a 32 in it, but it would probably be cents in my case. I can't speak for you.
(LAUGHTER)
SANCHEZ: Me, too.
Here's a question I have. I think this is interesting. A lot of the stars in Hollywood have been siding with Conan -- not all of them, but a lot of them have been siding with Conan. And they have made their statements in public.
What happens when Jay Leno wants to book them on "The Tonight Show"? Is that going to affect the booking, you think? Does it?
FLINT: Well, I don't know if Rosie O'Donnell will be popping up on "The Tonight Show" any time soon.
(LAUGHTER)
FLINT: She -- she was pretty vocal about it.
You know, ultimately, if people have a product to plug, Jay Leno needs ratings and people need an outlet to promote their stuff, somehow, these things get resolved. But, you know, it is interesting, because Jay is taking a -- taking a beating. And, you know, part of me just wonders, you know, it is not -- was he supposed to take some vow to retire, you know?
I mean, he would leave "The Tonight Show." He twice wanted to leave NBC, and, twice, NBC figured out ways to keep him. I'm not saying who is right or who is wrong here. But the Green Bay Packers didn't tell Brett Favre you can't go play for anyone else after you stop playing for us.
SANCHEZ: Right. Right. No. No. FLINT: And, in a sense, that is what NBC was doing with Jay. And Conan kind of got a raw deal, too, here. There aren't really any -- any winners in this, although you have to quantify loser, too, when loser means...
SANCHEZ: The whole thing, yes.
FLINT: ... you're walking away with $30 million.
SANCHEZ: The whole thing has been circular. It really has. It is like a little problem that became a bigger problem and that went around in circles.
And you've been great for explaining it to us. I will tell your bosses to give you a raise over there at "The L.A. Times." Keep up the good work.
FLINT: All right, thank you very much.
SANCHEZ: All right, we're going to stay on this as well.
As a matter of fact, what did we just get? We got a tweet. I want to share a tweet with you on this very discussion. I'm being told by Eric in Washington there's something I need to show you.
She is a comedy writer. And she just tweeted us this, listening to the conversation: "I'm so glad Conan and Jay reached a deal. It is so sad when two rich, famous, white American men don't get exactly what they want."
Hmm. I will let you decipher that one. We're going to be right back.
Stay there.
(BEGIN VIDEOTAPE)
RICK SANCHEZ, CNN ANCHOR (voice-over): Making THE LIST:
BRIANNA KEILAR, CNN CONGRESSIONAL CORRESPONDENT: Here we go.
SANCHEZ: Brianna Keilar gets Scott Brown.
SCOTT BROWN (R), MASSACHUSETTS SENATOR-ELECT: If it is something the president feels is important, I am certainly willing to look at it.
SANCHEZ: He is on the record, and you will hear it.
SANCHEZ: We're getting new information on the Virginia man accused of killing eight people and shooting down a police helicopter. Oh, three of his victims, children.
BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Enormous and costly risks.
SANCHEZ: President Obama smacks Wall Street bankers right in the chops, accepting the Paul Volcker plan.
And the floods in California, we are getting you to the news any way we have to.
The lists you need to know about. Who is today's most intriguing person? Who is on The List You Don't Want to Be On? You will find out as our national conversation on Twitter, on the air continues.
(END VIDEOTAPE)
(COMMERCIAL BREAK)
SANCHEZ: There's a breaking story that we are following for you.
It's taking place in Pacifica, California. I'm going to show you some really expensive real estate that may not be so expensive today.
Dan Simon standing by now at an apartment where part of the back of the apartment is now on a cliff looking at the Pacific Ocean.
Dan, the only way to really show this is to do a little show and tell. So, take it away, man.
DAN SIMON, CNN CORRESPONDENT: Yes, we will do a little show and tell, Rick.
But, first of all, we should just point out that Pacifica, where we are, they have had a history of problems with coastal erosion. As a matter of fact, about a month ago, they had to evacuate another building. About 20 people live there. And, then, all of a sudden, this week, you have had this unrelenting rain. And that's caused another very serious situation.
So, let's go ahead and show you what it looks like inside this one apartment complex. Four tenants live in this building. They all had to be evacuated. Yesterday, the person who was living here, they had this world-class ocean view. And then overnight, about 5:00 in the morning, the woman that lives here -- her name was Darlene (ph) -- she heard this -- this massive sound.
And what it was, the cliff just decided to give way. And let's go out here on the balcony. This is -- this is actually a balcony where you normally have, say, beach chairs, as she would look out at the ocean. And, then, as I said, about 5:00 in the morning, the cliff just crumbled, went right into the ocean.
This is the engineer who is responsible for rebuilding this cliff. He says we can be out here just for a short period of time, really get a shot, and we can ask you a question or two.
First of all, I mean, when you look at this, as an engineer, what goes through your mind?
TONY FORTUNATO, ENGINEERING SUPERINTENDENT: Well, I'm the superintendent. I'm running this project. You know, this is substantial. We lost this, this morning. It is weather-driven. It was not from the waves. The -- the rain knocked this off. So, we are trying -- the engineers are out here this morning trying to put together a scenario that would fix this, and we're thinking horizontal nails.
SIMON: Yes. What are horizontal nails?
FORTUNATO: Well, basically, they're a soil nail. They will drill back into the bluff in several rows, and, you know, try to stabilize the bluff that way. And then we will put a grate over to the front and put shotcrete (ph) on it. So, essentially, there will be a wall there down the road.
SIMON: All right, well, good luck to you guys.
That's Tony Fortunato, the lead engineer who is overseeing what -- this project.
Rick, we are going to go ahead and go back outside and give you a glimpse of what it looks like out here.
SANCHEZ: Well, I'm telling you...
(CROSSTALK)
SANCHEZ: I don't know if you can hear me yet. You are probably going to be picking me up right about now, because I heard that you wouldn't be able to hear me while you were in the house.
But, I mean, I was almost getting nosebleeds just looking at that picture. And I'm wondering why people live there.
SIMON: Well, this is Pacifica, California.
As you mentioned, this is prime real estate. And it is a -- it's a gorgeous view. And, you know, these -- these apartments were built a very long time ago. They have been very stable over the years. But, with the tides...
SANCHEZ: And I guess nature...
SIMON: ... and over time...
(CROSSTALK)
SANCHEZ: It has taken it back, right? It's taking back what it once owed, so to speak, Mother Nature.
(LAUGHTER)
SIMON: I think that's a good way -- that's a good way of putting it. Over time, the tides, you know, you have the erosion. And, you know, there has been little maintenance of that cliff over the years. And now you have this bad rain that you have had over the last several days. And now you have got this situation. As you can see, people still moving some belongings -- you have got that rental truck there.
SANCHEZ: What a story. Unbelievable. That was great, the way you were able to show it to us. And I got to tell you, you are kind of brave for doing that interview out there just couple of feet from what just fell probably 100 feet or 100 yards or so.
Let us know, Dan. Anything changes, let us know what is going on, so we can tell the good people from that area what the conditions are out there.
By the way, is the rain gone, or is it still going on?
SIMON: It's still going. Maybe you can't see it very well, but, yes, it's little bit after light drizzle now, but it just kind of comes and goes.
SANCHEZ: All right, man, good job. Well, good reporting. We appreciate that.
And we have got this coming up.
(BEGIN VIDEO CLIP)
OBAMA: So, if these folks want a fight, it is a fight I'm ready to have.
(END VIDEO CLIP)
SANCHEZ: Harsh words from President Obama, and he's just getting started, really. He is taking on the big banks, the Wall Street banks, I should say, the Supreme Court, special interests money, you name it -- ahead, a closer look at his new attitude and what's really fueling it.
Also ahead, he just couldn't help himself. When California floods brought waves to his doorstep, this guy grabbed a board and he hitched a ride.
(BEGIN VIDEO CLIP)
(LAUGHTER)
(END VIDEO CLIP)
SANCHEZ: You hear the laughing in the background? That's coming up.
And, then, up next, we told you why Cindy McCain made our list for the most intriguing person. We have got number two. Here's a hint. He likes to go without his sandals -- likes to go without his sandals. Who is number two on the most intriguing person of the day?
The LIST goes on here.
(COMMERCIAL BREAK)
SANCHEZ: Welcome back. I'm Rick Sanchez. This is THE LIST.
Speaking as one, I will tell you that a dad will do just about anything for his daughter. Just ask the number-two entry on our list of the most intriguing person of the day.
This Texas-born college coach likes to stomp on the sidelines until his feet hurt -- not this weekend. Four years ago, he went to Haiti and gave away so moved by the extreme poverty, he adopted a little girl. Now he's taking the shoes off of his feet to help victims of the earthquake in his daughter's birthplace.
Have you guessed this yet? It's South Dakota State basketball coach Scott Nagy, who is going to coach this weekend in his bare feet for charity. He hopes to raise $30,000 and collect 2,000 pair of shoes to send to Haiti. That puts Scott Nagy in the number-two spot on our list of most intriguing persons of the day.
But who is number one? We are going to tell you in just a little bit.
Rescuers try to keep a step ahead of the floodwaters, but this is a tough fight. I mean, you need more proof? A closer look at some of the dangerous conditions that we have been showing you thus far, like that cliff.
This guy is not going to go off a cliff, not if he can help it. He is taking on the big bankers, the big Wall Street banks. Heavy lifting falls in the hands of the man on the left though. You see that guy right there? That is Paul Volcker on the president's right, as you are looking at it from here. That's right.
We put that question, though. Can this president, can Paul Volcker help? What's going to happen? Here's Ali Velshi. He is going to help us through this.
Stay right there, a lot of passionate discussion coming up.
(COMMERCIAL BREAK)
(BEGIN AUDIO CLIP)
CALLER: Hey, Rick. This is Lisa in San Jose.
About that change in banking rules from Obama, I think it's going to be entertaining to watch Wall Street throws a temper tantrum for the next couple weeks about it. But, remember, it's just a temper tantrum and political maneuvering. It doesn't affect the actual value of the company. So, it will level out after they get done throwing a tantrum. Ciao.
(END AUDIO CLIP)
SANCHEZ: We always appreciate your comments. I'm Rick Sanchez.
This is Ali Velshi.
I got to tell you what is going on. The president came out today. He hammered the Wall Street bankers. Since he did that, the Dow has gone way down. Let's set this up. You ready?
ALI VELSHI, CNN CHIEF BUSINESS CORRESPONDENT: Yes.
SANCHEZ: Let's take a look first at what the president said, not all of what he said, but one big part of it.
VELSHI: Yes. And, while he is saying it, look at the guy on the left of your screen standing to right of the president, because we're going to talk about him.
SANCHEZ: And you know him.
VELSHI: Yes.
SANCHEZ: That's Paul Volcker.
All right, hit it, Rog.
(BEGIN VIDEO CLIP)
OBAMA: What we've seen so far, in recent weeks, is an army of industry lobbyists from Wall Street descending on Capitol Hill to try and block basic and common-sense rules of the road that would protect our economy and the American people.
So if these folks want a fight, it's a fight I'm ready to have.
(END VIDEO CLIP)
SANCHEZ: "If these folks want a fight, it is a fight I'm ready to have," Ali Velshi.
VELSHI: Tough populist talk.
SANCHEZ: Well, it is populist talk.
VELSHI: Yes.
SANCHEZ: But, you know, I have got tell you, man, I look at this as a -- as a...
VELSHI: Yes.
SANCHEZ: ... guy who, you know, I have got four kids. I'm trying to put Ricky through college and the whole nine yards.
VELSHI: Yes. Yes.
SANCHEZ: I'm not feeling, as an American...
VELSHI: Right. SANCHEZ: ... like this administration or the previous administration had me in mind when they tried to fix the economy. I have -- I get the feeling that they had those guys on Wall Street on their minds.
VELSHI: Right.
SANCHEZ: And they helped them with our money.
VELSHI: OK. And...
SANCHEZ: And now today, they are mad, and you see the Dow going down.
VELSHI: Let's just remember, why a lot of people are angry about that is because they gave Wall Street very cheap money. They gave the banks, the biggest banks in the country, access to very cheap money...
SANCHEZ: Right.
VELSHI: ... with the idea that they would use that to lend out to businesses and individuals.
What ended up happening is, a lot of people took that money and did other things to make money with it. Now, what the president is doing, and the guy you didn't see to his right was Paul Volcker. He's the tall guy.
(CROSSTALK)
SANCHEZ: Right.
VELSHI: He was Alan Greenspan's predecessor, so two Fed chiefs ago.
SANCHEZ: I like him.
VELSHI: He is a good guy. He advises the president. But what he has been saying is, we need to go back to the way things used to be before 1993, where there was a wall between investment banks and consumer banks.
SANCHEZ: Thank you.
VELSHI: There were rules.
SANCHEZ: Well, why did we get rid of that in the first place?
VELSHI: And we got rid of it under a Democratic president, by the way.
SANCHEZ: Right.
VELSHI: Everybody thinks this was the Republicans.
SANCHEZ: But still supported through the Republican administration.
VELSHI: Absolutely.
SANCHEZ: Right.
VELSHI: Nobody has brought this back. He's been arguing to bring it back. He says make a rule that, if you borrow money cheaply from the government, you have to lend it out. You have to do certain things.
SANCHEZ: But that's common sense.
VELSHI: Right.
SANCHEZ: That rule never should have been gotten rid of in the first place.
VELSHI: Right. Now, so we're -- we have got that idea, that we're bringing some things back. And that's what hit -- hit Wall Street.
People sold off the bank stocks, because they said it's going to bring the value of these companies down. They can't make as much money, these -- these record profits.
On the other side of things, the rules that the president talked about today...
SANCHEZ: Right.
VELSHI: ... not -- not the whole set of rules they want to bring in, but the rules...
(CROSSTALK)
SANCHEZ: Before you get into that, let me just ask you a question.
VELSHI: Yes. Yes.
SANCHEZ: How come it took Volcker to come here and convince the president of this, when he has got his Geithner over there, he's got his Summers over there...
VELSHI: Right. It's not clear...
SANCHEZ: ... and who -- all guys who, by the way, came from that Wall Street mess?
VELSHI: Well, it's -- and it is not clear that Geithner and Summers are on side with this one. Notice the prominence here is Paul Volcker, that's who the president is shaking hands with. He seems to have won this battle after a long time. Geithner and Summers have not really been behind this idea entirely. So we are not quite sure about why the --
SANCHEZ: But you know, forget the populism and forget the politics. This is a move that this president shouldn't have made.
VELSHI: Right.
SANCHEZ: Earlier on.
VELSHI: To their credit, they had a lot on their plate. This move would not have actually prevented exactly what happened this last time. It wouldn't have prevented AIG.
SANCHEZ: You know these guys. Did they fight this? You know Geithner. You know Summers. You talk to Volcker.
VELSHI: Christine Romans and I were talking about this today. We would have loved to have been a fly on the wall in the White House meetings to see who was on which side of this whole thing. But Geithner is on the record as saying he wanted this. Not Geithner, I'm sorry, Paul Volcker. On the record as saying he wanted this to happen.
SANCHEZ: All right. One final question. Now talk to me as an American, as a guy whose not an economist, as you are, and understands this stuff. Is this a good move for the American people?
VELSHI: Yes.
SANCHEZ: For the guys who -- you know, regular guys like us.
VELSHI: Some rules are good. Rules are meant to stop people from breaking them and to stop people from doing extra risky things. A lot of Wall Street looks at rules as bad. They are not necessarily bad.
SANCHEZ: I get it.
VELSHI: The danger is the pendulum can swing too much one way or the other. But these are not terrible rules. They were in place for a long time and they kept the banking system very safe.
SANCHEZ: Some regulation is good.
VELSHI: Some regulation is good.
SANCHEZ: Overregulation is bad. I get that.
VELSHI: Congrats on the show, buddy.
SANCHEZ: You, too, appreciate it. Good job. Let's do this again and be more passionate. We will be right back.
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SANCHEZ: Welcome back to THE LIST and our national conversation. I'm Rick Sanchez. Soccer fans, if you plan to attend this year's World Cup in South Africa, it is never too early to go over your checklist. Tickets, check, beer money, check, anti-stab vest, check, um, Fotos. Some Brits have such a violent soccer reputation that one business man there thought it was high time that he cashed in on it. So he did with his creation. It's called a protector vest. Or as detractors seem to be calling it, the anti-stab vest. Can't be stabbed with it, huh? For $69.95, you can have a vest with the logo of your favorite team stitched over it over the Kevlar of course. Soccer organizers are outraged. They are saying it creates a climate of fear. You think?
Look, we're staying on the Southern California story. The state is soaked with the worst rain in decades or at least a good part of it. They are worried about mud slides now. Cars are up to their axles in water, some deeper than that. Fire crews have their hands full rescuing trapped drivers who didn't heed the rule, don't drive through the standing water. For a place used to sunny days and riding with the top down, this drenching, well it's been a bit rough. Which leaves us to Seal Beach, California. One of our I-Reporters sent this. See this guy right there? He'll surf anywhere. Since the flooding sent waves rolling down his alley, why not grab a board and tie a rope to the back of your pickup truck and just take a ride. He does. He's in Seal Beach, by the way. Of course, a reminder, kids, don't try this at home.
That's Paul Volcker. Remember the big guy we were talking about? Look how tall he is. President Obama's fired up after meeting with him. Bankers have been put on notice and he's also ripped into the Supreme Court. The president ripped into the Supreme Court of the United States. What did the Supreme Court do? This could possibly make you mad as well, don't know. We will see. Let me know on Twitter and I will read it. All that outrage the president is showing, is it a new strategy? Will it make a difference? I'm putting those questions to Wolf Blitzer. Nobody better to do it with in about 10 minutes.
Also, wait until you hear what police found in the home of a man they say was behind a deadly massacre in Virginia. More on that and the people he knew. This story is so bizarre that we've asked Brooke to look into it for us. Let me put this down so people can see you. And we are coming back in just a bit.
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SANCHEZ: You know whenever we get brand new video, I like to share it with you. And we just got some new video, it's coming in from Port-au-Prince. It was just fed into us from our own Soledad O'Brien. You may recall that she was recently at an orphanage where dozens of Haitian children are awaiting adoption. Today more than 100 infants and children from the orphanage were put aboard two vehicles and headed to the U.S. Embassy in Port-au-Prince to get their adoption papers. It was oppressively hot and those vehicles did not have air conditioning. Watch this.
(BEGIN VIDEO CLIP)
SOLEDAD O'BRIEN, CNN SPECIAL CORRESPONDENT: These are the children. We were at the orphanage, you may remember, the other day. And if you get a shot, you can just see how many kids are on this bus, more than 80. They got word that if they brought the children to the embassy, they would be able to start the process. But then they got on the bus and on the bus, we got a little stuck behind a car that had been abandoned. So as we were turning around, someone came and gave word that in fact the embassy hadn't processed the paperwork, there was no reason to come. They had made the decision instead of turning around, made the decision instead of turning around, which is what they were told do, to continue to head to the embassy and sort of take their chances there. It is hot. There's lots of water and everybody is in good spirits. But this -- I expect it is going to be a very long and chaotic day.
(END VIDEO CLIP)
SANCHEZ: She's along for the ride and will let us know. Organizers by the way, finally turned back. They were afraid if the children, you know, being injured from the heat stroke in the vehicle. There was concern about disease for all of cash from all of the rotting corpses as well in the area. Wow. At least at the orphanage they are safe, they say. So that's where they will stay for now. There are no plans at least for now to try to make another run to try to get them to the U.S. Embassy. What a story.
One man, many guns, eight people are dead. The question everybody is asking is why. We told you about this yesterday, right? Yesterday morning police arrested this guy right here. Christopher Speight. It happened in Virginia. He shot several family members and friends from Appomattox County in and around his home there in the rural area. Brooke Baldwin has been looking into this digging for answers. New information about who the victims are, at least, right?
BROOKE BALDWIN, CNN CORRESPONDENT: We have information on the victims. And we are learning a little bit more. I want to get right to the fact that I was just on the phone, finally got this guy on the phone today. David Anderson, basically manager of this food market, if you will, Lynchburg, Virginia, where Chris Speight was working as a contracted security guard, basically, for the last four years. He told me, you know what, Brooke? This guy was the nicest guy I have ever met. He doesn't believe he did it. But did tell me -- shed a little bit of insight, if you will, into what is inside Chris Speight's home, including the fact that he said there are more than two dozen firearms. At the same time, he said hey, it's central Virginia. A lot of people are out and about hunting. He said he had night vision goggles, a pair of military gear. He also had Kevlar vests. He even dug a bunker, apparently, in his yard.
SANCHEZ: Forget what's in his home. Tell me what is in his head.
BALDWIN: We don't know. We don't know.
SANCHEZ: Really?
BALDWIN: As far as motive, police aren't saying. There are reports that --
SANCHEZ: A guy just goes out one day and kills eight people.
BALDWIN: Hang on, hang on. We don't know if he did it. He's charged with first-degree murder. But we do not know if he did it at all. So people are just trying to learn a little bit more. But you mentioned the victim.
SANCHEZ: Well why would he shoot at the helicopter and try to shoot it down if he didn't do it?
BALDWIN: Don't know. He was hiding out in the woods after all of this went down Tuesday afternoon, hiding out in the woods. Shot a couple of rounds with his high-powered rifle at the chopper, ended up having to make an emergency landing at the fuel tank.
Let me tell you about the victims real quickly here. We have learned, we have names, the ages of victims. And many of them, the first four, as you can see, they are family members, including his sister who the guy -- he worked with, close with. Then we have a list of another four who were his friends. Really what's tough to swallow...
SANCHEZ: There's kids on there. I saw kids.
BALDWIN: The four-year-old and three teenagers. As you can imagine, you are a youngster --
SANCHEZ: What could they have done wrong?
BALDWIN: You could have went to high school with these guys and gals. There was a vigil that was held last night. We have sound from two of the young friends. Let's listen to that.
(BEGIN VIDEO CLIP)
UNIDENTIIFED FEMALE: Everybody knows them. We see them in the hallways every day. We have classes with them. And it is just shocking.
UNIDENTIIFED FEMALE: The lives that were taken was precious and innocent. And they didn't deserve to die this way.
(END VIDEO CLIP)
BALDWIN: Charge first decree murder, still waiting.
SANCHEZ: There's a lot of information that we are waiting for on the story. It is frustrating and tough to even tell.
BALDWIN: It's tough to swallow for a small, small community.
SANCHEZ: Thanks a lot, Brooke. We appreciate it.
Banks busted for bad behavior. That's what the president is doing. We are all over that story. Talk about a passionate story. Wolf Blitzer and I are going to pick up on that and something else that happened today in D.C. Stay right there. THE LIST continues. (COMMERCIAL BREAK)
SANCHEZ: Welcome back. A few things can divide a family like a rift over religion. The feelings can be so intense and run so deep that it takes nothing short of a court order to try to get the two sides to even talk. That brings us to the most intriguing person of the day. This Ohio teenager gave her life to Jesus and then ran away to Florida and moved in with two evangelical pastors that she met online. Her Muslim parents wanted her back. Remember the story? But she made this tearful claim that rallied the faithful to her side.
(BEGIN VIDEO CLIP)
RIFQA BARY: They have to kill me, my blood is now halal (ph) which means that because I am now a Christian, I'm from a Muslim background, it is an honor, it is -- if they love god more than me, they have to do this. And I'm fighting for my life. You guys don't understand. They don't understand.
(END VIDEO CLIP)
SANCHEZ: What a story. Remember her, 17-year-old Rifqa Bary who finally reached an agreement with her parents this week. Rifqa gets to live with a foster family until she turns 18. Her parents get to visit her and maybe they have a chance to better understand each other. The parents and daughter have to go to counseling together, of course, and talk about their two religions.
Glenn Beck made our list, the one you don't want to be on. Not most intriguing. Why? We are talking about Senator-elect Scott Brown and a dead intern. And we are going to tell you who took a top spot on our list. That's ahead.
What a day it has been in Washington. Banks took a hit on the chin. So did the Supreme Court. Smackdowns are coming from the president of the United States. What gives? Wolf Blitzer is the man with some answers. We talk with him in just a little bit. Stay there, Wolf.
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SANCHEZ: A conservative Supreme Court made a conservative decision today. They are basically telling corporations or private individuals, we are not going to stop you from giving politicians as much money as you want to give them whenever you want to give it to them. That's essentially what they are doing. They are opening the door. And at least one person, Bob Edgar, he called it the super bowl of bad decisions. Some politicians, Mitch McConnell, for example, are saying well it is a good decision because it basically gives us back the First Amendment. This is an interesting call.
Wolf Blitzer joins us now to give us perspective on this. It is going to be tough for a lot of people to look at this and not say isn't there already too much shenanigans going on with money and politicians and the people who try and buy their influence? Isn't the Supreme Court going too far here? WOLF BLITZER, CNN ANCHOR: Well you know, all the years I have been covering politics, no matter how many regulations you put into effect as far as campaign finance reform is concerned, all of these special interests, whether big corporations or labor unions or others, they always find a way to get involved in the financial part of this. And this is simply going to open the door for big corporations, labor unions, other special interests. They're not going to be able to give the money directly to a candidate, but they are going to be able to spend unlimited sums of money any time they want, even including 30 days before a primary or 60 days -- excuse me, 60 days before a primary or 30 days before an election to spend as much as they want on behalf, in effect, on behalf of a candidate. They are doing a lot of political --
SANCHEZ: I've got to tell you...
BLITZER: You're got to see a lot more advertising, I think, in short.
SANCHEZ: You talked to politicians and I talk to politicians. You more than I do because you are there in Washington and that's your gig. But I talked and read to a lot of them who say, look, I've got to spend so much of my job with my hand out trying on get money so I can beat the guys, so I can buy commercials that sometimes I don't have enough time left over to actually legislate. So I've got to leave it to my aides and my staff. Isn't that a problem?
BLITZER: It's a huge problem. These politicians do spend an enormous amount of time on the phone fund-raising, going to cocktail parties, doing whatever it takes to raise the money. And now there's going to be a lot more money at play. There is going to be a lot more opportunity for these special interests, whether a big corporation or a labor union to go in and directly get involved in the campaigns. So the money is going to be widespread. Now, those who support the 5-4 decision in the Supreme Court, Justice Kennedy, the swing vote, as he often is before the four conservatives and the four liberals, he voted with the conservatives this time. It opens the door to a lot more exposure, if you will, on behalf of the money interests in the world of politics.
SANCHEZ: Speaking of money, the president of the United States today did something that a lot of Americans will probably applaud because it is a populist move. But I think there is more than politics at play here. He basically is telling these Wall Street bankers, hey, enough is enough. You guys got to control yourselves because -- and here's the thing. Tell me if I'm wrong. The money that they were given to save their behinds came from the American people. So they can't play by the same rules they were playing by when they got in trouble. Isn't that just common sense?
BLITZER: Whatever the president said today from his perspective and perspective of those who supported this very, very significant but you know what the problem is he has right now, he has to get that enacted. He's got to get Congress to approve and it there's a lot of opposition in the House and the Senate, so it is a lot easier said than done. SANCHEZ: From which side? The Republicans or the Dems in something like that?
BLITZER: The Dems will go along with them. The populist, the clamor to deal with these big money interests, the big banks and all of that, a lot of Republicans are nervous, you know. This is a capitalist society and they want to make sure that everybody has the freedom to go out and make as much money as possible.
SANCEHZ: Yes. No, I get it. Regulate but don't overregulate. It is an argument that we will have in this country for years. Great conversation, Wolf, I really enjoy your perspective on this. Look forward to "The Situation Room."
At the top of our list that you don't want to be on, he's almost here. Here's a hint. This one is on our list for a saga that took place during a major campaign. Who is it? And what could he possibly have done that makes him the top of this list? That's next.
Looking ahead to tomorrow, Rory Kennedy, the daughter of Robert Kennedy, is going to join me here. And I will ask her a question or two about the fact that her uncle's seat, Ted Kennedy, has gone to a Republican. Stay with us. I'm going to be right back.
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SANCHEZ: Welcome back. I'm Rick Sanchez. Some guys reach for a laugh, even reaching over the head of plain and simple good taste. I'm ready to reveal the top of our list you don't want to be on. Let me remind you first who else is on the list. It is not one person but an entity, the government of China is on the list. We are pulling from theaters the movie that has made more money in China than any other film in that country's history, "Avatar." With its scenes of forced evictions will be replaced with a film about the life of Confucius.
Next? Glenn Beck. Many are asking why did you go there, Glenn? The crack about Senator-elect Brown, a chastity belt and a dead intern. The right and the left are criticizing his dead intern comment specifically and here we go.
The top of the list that you don't want to be on. Show it. He's on more than one difficult list. John Edwards, the former U.S. senator from North Carolina, remember all of this denial about fathering a baby with his on-the-road filmmaker?
(BEGIN VIDEO CLIP)
JOHN EDWARDS, FORMER SENATOR: It is not possible this child could be mine because of the timing of events. So I know it is not possible. I don't talk about these tabloids and -- tabloid trash, full of lies. I don't respond to these lies.
(END VIDEO CLIP)
SANCHEZ: Well, forget all of that. Today he said he is the guy. He is the daddy. And that he was wrong to deny it all this time. Mr. Edwards, you may have a load off your mind but today, as a result of the coverage of this story and all that's being said, you are also on our list you don't want to be on.
And there you have it. By the way, we continue to get some of the tweets that you have been following. These are people that are relevant to the stories we have been following. And let's start with us. This is RepSteveIsrael. Today the Supreme Court legalized corporate bribery. Stop and think about that for a minute. The Supreme Court legalized corporate bribery. That's in response to the Supreme Court decision that basically said corporations and people can give as much as they want to candidates unless the campaign finance situation continue.
By the way, to John McCain's credit, he had come up with McCain/Feingold, a policy that would hopefully try to stop this. Today part of that McCain/Feingold policy was stripped away by the Supreme Court.
Obama's first year has been a series of special deals, special carve-outs, special access for the Dems special interest group, big labor.
That's Representative Tom Price. He's a Republican. So thanks to all of them and you for being on our list. Tomorrow, we'll do it again. Meanwhile, here's Wolf with "THE SITUATION ROOM."
