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CNN Saturday Morning News

Move Your Money Day; Jackson Trial on Hold Until Monday; CBS: Andy Rooney Has Died

Aired November 05, 2011 - 07:00   ET

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

(COMMERCIAL BREAK)

T.J. HOLMES, CNN ANCHOR: We are crossing the top of the hour on this CNN SATURDAY MORNING.

Give you a look at some stories making news across-country.

In Florida, listen to this, 14-year-old boy, he hugged a girl at school. It was his friend. And it got him suspended. Southwest Middle School is the only school in its district that has a strict no hugging policy.

The principal caught the two students hugging. He said parents should know the policy because it's written in the student handbook.

It should mention this was an in-school suspension. I think kissing -- I don't know what you get for that.

Let's turn now to the sea voyager. Look at this ship. It's a luxury cruise liner.

And hundreds of St. Mary's College students are moving in to the luxury cruise ship. Yes, it's their temporary dorm. They got kicked out of their on campus dorms three weeks ago because there was a mole problem there, some students frustrated over the tight quarters and they don't have any no laundry machines on that ship. That's a problem for college students.

Again, welcome, everybody, to this CNN SATURDAY MORNING. Thank you so much for spending some time here with us.

Today is the day -- they want to you move your money. There's an online movement. It started -- where else -- on Facebook. It already -- we know 650,000 people have started moving money from the big banks to smaller banks and credit unions. That's happened just in the past four weeks. And today, they are hoping will be a big day to move your money. More on that in a moment.

Also, would you believe me? Well, I hope you believe me always. I told you, you could save some money for the holidays. Yes, give yourself a raise. We're talking about hundreds of dollars back into your paycheck. Our expert, Clyde Anderson, is here to explain. And it's as simple, literally, as checking a box.

It's 7:00 a.m. here in Atlanta, Georgia; 6:00 a.m. in Fayetteville, Arkansas. I am T.J. Holmes.

Your money, what are you going to do with it? Are you going to keep it where it is in maybe a big bank? Well, a couple of groups want you to move it out of that big bank and move it to communities and credit unions.

(BEGIN VIDEO CLIP)

ANNOUNCER: It's time to fight back. Move your money.

Pissed off at the banks that crashed our economy are making record profits? Move your money.

On November 5th --

(END VIDEO CLIP)

HOLMES: Move your money. Kind of catchy. But yes, today is supposed to be moving day. They are taking out TV ads to mark move your money day today. And so far, it seems that a lot of people are paying attention to the message.

According to CNNMoney.com, at least 650,000 people have fled the so- called big banks in just the past month. So, why just the past month? Well, it was a month ago that Bank of America announced its $5 debit card fee. That sparked a lot of anger, got a lot of attention. And the Facebook campaign started this whole idea.

Now, Bank of America and other big banks have actually abandoned some of those fees. They said they are not going to do it. It might be too late now. This movement has started. People are still abandoning the banks.

So maybe you're one of the thousands looking for possible alternatives. Well, here's one site some people will direct you to. It's NCUA.gov. It's from the National Credit Union Association. You can actually plug in your zip code and it will show you credit unions that are near you.

Well, we're just past the top of the hour here now. Turn to presidential politics and it seems so much of the political landscape has been about Herman Cain these days and also the controversy swirling around the Republican front-runner. And he spent the past week dismissing and then remembering accusations of sexual harassment from the 1990s.

We did learn a little more about the claims when an attorney for one of the accusers spoke out late yesterday.

Shortly after giving a brief statement to the press, the attorney, Joel Bennett, spoke to our Wolf Blitzer. Listen to this.

(BEGIN VIDEO CLIP)

WOLF BLITZER, HOST, CNN'S THE SITUATION ROOM: Several instances, I believe that's the phrase, you used of sexual harassment. What can you tell us about the nature of this sexual harassment?

JOEL BENNETT, ATTORNEY FOR CAIN ACCUSER: I'm sorry. I would like to reveal all the details but my client prefers not to do that. All I can say is there was more than one incident that qualified as sexual harassment under the law in my opinion as a lawyer. And my client chooses not to get into the details again. The details were filed internally with the National Restaurant Association in 1999 and I assume they were brought to Mr. Cain's attention.

(END VIDEO CLIP)

HOLMES: The Cain campaign says they are tired of talking about this and that they are done talking about this.

But the candidate did make one last reference to it at a major Tea Party event. Listen to him.

(BEGIN VIDEO CLIP)

HERMAN CAIN (R), PRESIDENTIAL CANDIDATE: You know, I've been in Washington all week, and I've attracted a little bit of attention. There was an article in the "New York Times" today that has attempted to attract some more attention. You know, that's kind of what happens when you start to show up near or at the top of the polls, it just happens that way.

(END VIDEO CLIP)

HOLMES: And he has remained near or at the top of many of these polls even after this whole controversy broke. Now, the article you heard him referring to in "The New York Times," that article was talking about his relationship with the Koch brothers. You may have heard that thrown around. The Koch brothers in some campaigns, they are influential conservative businessmen, actually hosted the Tea Party event that Cain was attending.

Cain has another big event on the schedule today and could be interesting -- a one-on-one debate with Newt Gingrich. We've got a preview of that coming your way shortly.

Also, it looks like we'll have to wait until Monday at the earliest before getting a verdict in the Michael Jackson death trial. The jury has the weekend off after not being able to reach a verdict in the manslaughter trial of Jackson's doctor, Conrad Murray.

Our Ted Rowlands is in L.A.

(BEGIN VIDEOTAPE)

TED ROWLANDS, CNN CORRESPONDENT: T.J., seven and a half hours of deliberation and no verdict. We do know that this jury of seven men and five women asked to see some evidence. So, clearly, they are going through the case on some level. But, of course, we don't know are they agreeing, are taking a vote, or are they sort of going by -- going through some of the testimony and some of the high points by subject in the trial, we don't know. They have been together for 20- plus days in court so they know each other well.

And watching them in court, you do get the feeling that they get along well. So, clearly, that will help them in the jury room. We don't know what they plan on doing in terms of speaking afterwards. We do understand they will be given that option if they want to. Clearly, a lot of people following this trial would love to know what they were thinking not only during the trial but what they were thinking during this deliberation process.

Outside the court, we had a lot of people out here on Friday and I expect they will all be back on Monday along with the jurors -- T.J.

(END VIDEOTAPE)

HOLMES: Thanks to our Ted Rowlands.

Let's turn to Greece now. The prime minister there is keeping his job and that means something to all of us. George Papandreou survived a vote that could have forced him to dissolve his government.

But while the political mess is sorted out, a deal to save Greece's economy is gathering dust. The proposed bailout for the country would have -- would wipe out half of Greece's debt. But it would also force severe cuts in public programs. That has led to some widespread rioting. You may have seen the pictures of people in the streets over the past days and weeks.

What may be worse is the fact that Greece's economy is linked to the world markets. So many banks around the world bet big on Greece's recovery and are losing a lot of money.

Meanwhile, world leaders, they pledged support the Greek debt deal and other drastic measures while meeting in France for the G-20 summit. They wrapped up meetings by unveiling a two-page action plan. The plan, though, fall short on specifics. The leaders admit it will be hard for some countries to follow through.

Now, eight minutes past the hour now. And a former United Airlines pilot was sentenced to six months in prison for flying under the influence. They say he was intoxicated while flying. He was in the cockpit of a United Express flight leaving Austin, Texas. Aaron Cope is his name. He was turned in by his copilot who said he smelled an unusual odor in the cockpit. Cope could have been locked up for 15 years.

And an important note for you. Time to set those clocks back an hour, Daylight Savings Time starts at 2:00 a.m. tonight.

It means you get an extra hour of sleep, means you get to stay out a little later tonight -- however you want to call it. Your choice, just do it. You'll be early for whatever you have to do toll morning if you don't handle this appropriately.

Nine minutes past the hour now. Big game today -- some actually are calling this, is this going too far, Reynolds.

REYNOLDS WOLF, AMS METEOROLOGIST: No.

HOLMES: Some calling it the game of the century.

WOLF: Not going too far.

HOLMES: Not going too far.

WOLF: And, you know, this illustrates how incredible college football is in comparison with the NFL. I mean, I like the NFL. I always do.

But, think about this. I mean, if you're playing a game in early November in NFL, it's really inconsequential. I mean, you can basically start off the season in NFL, lose your first five games and still make it to the Super Bowl. This is going to be make-or-break for either of these teams for the most part. I mean, there's always a chance that a one-lose team will go to the national championship. Between these two,

HOLMES: Reynolds, I haven't even -- you know, see this is -- this is so indicative of you and I, Reynolds. And we have to be put in check. You and I are having this conversation about two teams. We haven't even said the name of the teams.

WOLF: Absolutely. LSU and Alabama. LSU and Alabama. I know. I feel bad for viewers.

Guys, I apologize to our friends out there. Yes, we'll muscle it in. But I'm telling you, it should be a lot of fun. Weather is going to be great.

I tell you what, T.J.? That game is going to be in Tuscaloosa. And when as football is flying near, it's going to be great.

However, in the Rockies, snow flakes are going to be flying. Wind gusts topping 50 miles an hour, whiteout conditions possible. A big winter storm in early November. We've got the full scoop coming up.

You're watching CNN SATURDAY. Go football.

(COMMERCIAL BREAK)

HOLMES: Twelve minutes past the hour.

And good morning to you folks in Tuscaloosa, Alabama. A little something is going on there today. Some are calling the game of the century -- certainly the game of the year with national championship implications.

Number one and number two squaring off tonight in Tuscaloosa. The number one LSU Tigers versus the Crimson Tide of Alabama.

This was amazing to me, Reynolds. This is the first time there's been a regular season game in SEC between number one and number two. That blew my mind.

WOLF: It's pretty amazing. HOLMES: I mean, as good as this has been over the years, you would just assume this would have happened before, but no. Tell you how big this game is. Tickets for this game online is going for up to $6,000. Somebody is going to pay that, Reynolds.

One of the reason we need to explain to some of our viewers that may not up to speed in football is that -- help me with this, T.J. -- the national championship for the last four years has been for SEC?

HOLMES: I want to say five or is five out of six, or five out of seven something. The SEC does its thing.

WOLF: It really does, especially SEC West.

HOLMES: Yes.

WOLF: People think that this is where it's going to be decided, this is where it's going to be. I mean, this is Superman and Lex Luthor, OK? That's what this. This is, you know, the Joker and Batman fighting. It's going to be amazing.

Game gets under way at 8:00 p.m. tonight. You've got LSU and Alabama.

There are so many stories within the story. Alabama's head coach Nick Saban used to coach at LSU. Hard to believe there.

And then, of course, you got two entirely different types of coaches, Les Miles, very easy, laid back, funny approach. With Saban, it's all business. So, it should be a lot of fun.

Game gets under way at 8:00 p.m., temperature around 63, kickoff wind out of the east at 5 miles an hour. So, no one is going to make any excuses in terms of the weather really having affect on the game.

The weather out west is really going to affecting the drive, just trying to get around from point A to point B, along parts of I-40, maybe even I-70. You got a massive winter storm that's going to crank up, is going to not only give you some strong wind gusts, some approaching 50 miles an hour. But it's going to release some snow anywhere from, say, eight to even 16 inches of snow.

And that's the first installment because we got another impulse that could sweep through the four corners, bring additional snowfall as we get into Sunday and as we get into Monday. So, it's not just the four corners, but also back to Sierra Nevada, our friends up in Truckee, back over towards Reno. You're going to have the snow really in full force, especially along parts of I-80, it's going to very, very rough for you. I would say especially over the next 12 hours or so.

Meanwhile, you get the windy conditions in the front range of the Rockies, combined with that very low humidity. So, you have a fire threat that will be in effect, nice and warm for you in Texas, sunny and cool for much of the Eastern Seaboard. High temperatures, as we wrap it up into the 50s and 40s, 63 in Atlanta, 74, 62 in Kansas City, 39 Salt Lake City, 63 in Los Angeles, 49 in Seattle.

All right, T.J., your turn.

HOLMES: All right. Reynolds, thank you so much. We're a quarter past the hour.

Sad news to pass along. We were just talking about him not too long ago signing of at CBS, "60 Minutes." Now, we're getting word from CBS News that Andy Rooney has died at the age of 92.

The longtime "60 Minutes" commentator who you know so well doing essays at the end of every "60 Minutes." He delivered his last one not long ago, literally just weeks ago. And we got word that he actually had been in the hospital.

He had surgery that we were told wasn't supposed to be something too complicated, if you will. Any time you have surgery, certainly a complicated matter -- this is the CBS Web site. But the surgery we're told, he developed complications afterwards and had to go back into the hospital. So, he had been in the hospital past several days. We didn't get a lot of details about his condition.

But here we are. It wasn't long ago, we were all stopping and certainly us in this business of journalism come up. And, you know, we've all come up with Andy Rooney it seems. But 60 years at CBS, another 30 years they're doing essays, some 11 hundred he has done n "60 Minutes."

But word from CBS News that Andy Rooney has died at the age of 92, literally just weeks after delivering his last essay on "60 Minutes."

We're going to get more details of this as they come in to us. We'll certainly have more on the life of Andy Rooney throughout the morning. But Andy Rooney dead at the age of 92.

(COMMERCIAL BREAK)

HOLMES: All right. We're 18 minutes past the hour now.

Clyde Anderson here to help us out.

Now, if I told our viewers right now, hey, would you mind giving the government an interest-free loan -- what do you think they would say?

CLYDE ANDERSON, FINANCIAL EXPERT: No, I think you'd get a resounding no.

HOLMES: But was everybody like that?

ANDERSON: They are giving it to them.

HOLMES: Everybody is doing it right now?

ANDERSON: They are doing it right now and they're letting them make money off their money when they could actually be making money off their money.

HOLMES: OK. People don't -- you just don't keep this in mind. ANDERSON: Right.

HOLMES: But people love that big refund check next year.

ANDERSON: Exactly.

HOLMES: But that's exactly what you're doing is letting the government hold that money.

ANDERSON: It's not a good thing. You shouldn't be wanting that refund. I want a refund at the end of the year.

HOLMES: Why not?

ANDERSON: And in fact I gave them too much money. It's my money. Why not get the refund when I deserve it, when I make the money. I want my money when I make it.

And so, what you're doing is you're giving them a loan that you're not getting interest on instead of getting your money when you earn it.

HOLMES: Give us some kind of an -- I don't know if an average is the way to put it. But give us an idea -- how much money could you be adding to your paycheck, the average American right now.

ANDERSON: A lot of Americans get about $3,000 in a tax refund.

HOLMES: OK.

ANDERSON: So, right now, you could be getting $185 a paycheck back every paycheck that you actually earning. So, now, what the -- this whole thing came about, you're thinking about Christmas time, people are saying, OK, they are going to charge up some things. Why not use your money. If you do it right now, change your withholding, and that's the whole thing on that W4 statement, the change your withholding, you can you get your money back now.

HOLMES: And you can do this right now?

ANDERSON: Right now.

HOLMES: OK. Walk us through this withholding. You have several options here. But you've got several options. You have to be careful about the math that you could end up owing.

ANDERSON: Exactly. So, this the tricky part, you got to careful about the math. And, look, on the W4 statement, they give you categories. Whether you're single, or you're married, filing jointly or married filing single. So, you got to know which one you're going to fall in because they're going to tell you what your withholdings are.

Now, the more withholdings you have, the more money you got up front because they fill like you have more dependents, and more things you have to take care of. A lot never -- they never change their categories, whether they have a divorce, maybe they adopted a child or had a new baby, they never go back and changed their withholdings. And so, sometimes they could be paying the government more money than they actually need to.

HOLMES: OK. How are you supposed to decide which applies to you. How are you supposed to do that math to know what you're going to owe and try to break even?

ANDERSON: There are several calculators out there that you can use. The IRS has a great calculator on their Web site and actually go in, take your pay stub and you can go through and walk through.

HOLMES: OK.

ANDERSON: Exactly what my gross wages are, how many dependents do I have, what am I filing, what am I claiming, how much taxes I'm paying right now. And it will spit out how much or where you should probably be as far as exemptions.

HOLMES: OK. Is this simple to do? Do you go -- what do you talk to at the workplace? Who do you go -- talk to H.R.?

ANDERSON: H.R., payroll department. And you go and talk to them immediately and see where you are now and then again to turn to where you want to be. But you mentioned a great point, is to make sure that you don't have to much there as far as that you're going to owe money at the end of the year on taxes. We don't want to get the refund, but we definitely don't want to owe the IRS.

HOLMES: What's wrong with the refund? People enjoy -- you know, at the end of the year, I've done my taxes, my check is coming. What's wrong with that?

ANDERSON: Because again, it's not free money. A lot of people think that's free money. It's not free money.

HOLMES: It's not a chunk, it's a big chunk.

(CROSSTALK)

ANDERSON: But do you know how much interest they made off the money they saved for you. So, the difference is if we're more disciplined and they would take that money and put it in even an account, extra $185, some people are making $200, or $230 more based on having that right exemptions on their paychecks. Take that money, put it away from yourself, make that additional interest off of it. It's your money.

HOLMES: All right. I hate it when you make sense, man. But you do sometimes. Clyde Anderson, good information this morning. Thanks so much.

We're 22 minutes past the hour. We'll be right back.

And, again, the news we're just getting out, we'll have plenty more details for you. But the word that CBS News is that long time "60 Minutes" commentator, there he is, Andy Rooney, has died at the age of 92.

More on that in a moment. Stay with me.

(COMMERCIAL BREAK)

HOLMES: Again, the news -- sad news we're just getting moments ago from CBS news that longtime commentator, "60 Minutes" commentator, Andy Rooney, has died at the age of 92.

I want to bring in Bob Arnot, who actually shared an office over at CBS with Andy Rooney.

Bob, we appreciate you hopping on the line.

Let me just get -- how are you feeling this morning after we just saw him sign off on "60 Minutes" and now word about his death?

BOB ARNOT, FORMER CBS CORRESPONDENT WITH ROONEY (via telephone): Well, you know, when I saw the sign off, I knew this was the end. I mean, he's not going to quit, you know, a year or two before. He was never going to retire ever. So, it's pretty clear at that time that this was pretty close to the end.

HOLMES: You think he knew something about his health?

ARNOT: Oh, he did. He was very much in tune with his health. And, you know, he's just -- it's interesting, at that age, just kind of see the handwriting on the wall, you know this is it. It's time to give it up because it was only, what, a month he had that wonderful signoff?

HOLMES: When was the last time you talked to him? Did you talk to him when he was retiring?

ARNOT: You know, I saw the whole crew, the whole "60 Minutes" crew minus Andy with our old boss Howard Stringer about a month ago. I did not see Andy at that time, though. You know, around New York, he still showed up at events, but haven't probably seen him for the last month.

HOLMES: And, Bob, one other thing before we let you go. A lot of people look at this and so sad to hear he's passed. But in a lot of ways, is this the way to go?

ARNOT: Oh, absolutely. Just to go full out to the end.

You know, interesting thing about Andy is -- you know, he pretended to be this curmudgeon but he really wasn't. I mean, as I said, I was right next, kitty corner to him at the 7th floor at CBS. And, you know, I mean, he has this kind of bluster but he was the nicest, sweetest guy you could ever begin to possibly imagine.

And, you know -- of course, I was a neophyte in television starting as the medical correspondent for the CBS morning show there. And, of course, you know, we're all nervous and frazzled trying to pull stuff together for this little morning show. Here he is on "60 Minutes," he was never flustered about anything. It was like it was no big deal. How did this guy do it?

And, of course, he was so incredibly ingenuous, everything so interesting and so fun. How did he ever figure that out? And he's so low tech. He had this Bob was his producer, you know, this old typewriter, you kind of just typed it all up, took a camera, just no big deal.

I was in awe of the guy.

HOLMES: You know what, Bob, what did he -- did he have plans? You said he was never going to retire. And I just commented to someone here, wow, he didn't get a chance to enjoy any retirement. But y saying that wasn't in the cards anyway for him?

ARNOT: Well, you know, I think for a lot of Americans, myself included, the whole idea of retirement is nonsense. I mean, he totally loved what he did. I mean, what would you want to do, go on a cruise ship? Can you imagine him on a cruise ship? He'd go crazy.

So, you know, he totally loved his work and loved being around everybody. The last thing he ever wanted to do was go out to pasture and retire. No, I don't think -- he wouldn't have missed that for two seconds.

HOLMES: Bob, what do you want us all to talk about today, a guy you knew, shared an office with -- what would you like all the coverage to be about and things to be said today now that he's passed at 92?

ARNOT: I think he was our Andy (ph). You know, he was one of the world's nicest human beings, most thoughtful human beings, you know, ingenuous, fun, a little like the way we all ought to be, which is just loving every single day that you work and, you know, basically helping his fellow human being. Just a really great, first rate nice, nice person, despite this curmudgeonly facade he had. He was really a sweet, wonderful guy.

HOLMES: All right. Well, Bob Arnot, again, who knew Andy Rooney well. We appreciate you hopping on the line with us. Thank you so much.

ARNOT: You're so welcome.

HOLMES: Thanks so much.

To our viewers, the news we're just getting moments ago from CBS News, longtime CBS news and "60 Minutes" commentator Andy Rooney has died at the age of 92, just weeks after he signed off on "60 Minutes" retiring, delivering his last essay just weeks ago. He had been in the hospital for surgery then complications from that, but now dead at the age of 92. Much more Andy Rooney at the top of the hour.

Sanjay right now.