tv CNN Newsroom CNN April 2, 2013 10:00am-11:00am PDT
>> good work being done there. that will do it for me on "around the world." see you tomorrow, i hope. >> nice to see you as always. thank you, michael. bribery, extortion, mail fraud part of an alleged plot to win the new york city mayor's race. putting armed guards if school what the nra recommends after the sandy hook school massacre. after spending thousands of dollars for a college degree, most people hope to land a good paying job. what if your school did not give you the full picture of how successful graduates are in getting those jobs? this is "cnn newsroom" and i'm suzanne malveaux. we start with michael jackson, of course, he is dead but certainly he's being put on trial in a los angeles courtroom today. that is right. jackson's mother and children are suing the singer's last concert promoter, amounteg live.
they claim the company was negligent in hiring and supervisor, dr. conrad murray. convict order involuntary manslaughter in jackson's death and is serving a four-year sentence-murray gave jackson the fatal dose of propose poe thol. aeg's lawyers say it's michael jackson, he's a green man, responsible for his own behavior. they are expected to bring up the charges of child molestation on which michael jackson was actually acquitted. also going to bring up evidence of drug addiction. want to bring in our miguel marquez covering the trial from l.a. and dianedimond, author of "be careful who you love, inside the mooishg caichael jackson ca" miguel, what have we seen in the courtroom? has the jury been set? what do we expect? >> there is no jury yet.
if this is any indication of how this is going to go, it's going to be fireworks all the way. the lawyers, you know, it's amazing, a very tiny courtroom in the superior courtroom. a couple of other cases before, one or two people to work with the judge on those. when they called the michael jackson aeg live case nine or ten lawyers get up, it's a -- the fight is over whether or not cameras in the courtroom will be allowed. and whether or not there will be a gag order on this case. the lawyers for aeg say they are going to bring up a lot of michael jackson's medical history, a lot of that negative medical history in this case. michael jackson's estate concerned about that, but also wanting the cameras to be allowed in the courtroom. much of the argument today was about cnn and the interview that -- two interviews that cnn did with the lawyer for mr. jackson and the lawyers for aeg in last couple of days. the lawyers trading barbs for
almost an hour over whether or what was said during that interview by aeg. aeg supporting the idea of not putting cameras in the courtroom. the lawyers saying how can you slur our client like you did on cnn and say we don't want cameras in the courtroom? this is going to get very interesting. >> when do we expect to see the major players here? michael jackson's mother and his kids, who have all been named in the lawsuit? >> reporter: they have been named. they're all bringing the lawsuit. they want money from -- they're the ones that claimed aeg essentially killed michael jackson by hiring dr. conrad murray. all of this will come down to that. clearly, the e-mails that aeg that were released through the -- leaked to "the l.a. times," that will all come up. there are many more documents that the plaintiffs have with regard to aeg and aeg is going
to fight back not only with michael jackson's medical records but a lot of the evidence out there from the molestation trial in 2005, dredging up a lot of ugly history about michael jackson, what they believe was this man who was trying to kill himself and he brought this on himself. >> miguel, thank you. want to bring in diane to talk about this. miguel mentioning e-mails which are critical here. this is from the aeg live president, randy phillips, who was with jackson in march 2009 about to announce the this is it in tour. writes in his frantic e-mail to his boss, mj is locked in his room, drunk and despondent. i'm trying to sober him up. he's in an emotionally paralyzed mess riddled with seth loefling and doubt now that it is show time. i don't know what to make of that. how damage could it to the defense? >> it's damaging to both sides.
it goes to show that michael jackson had a substance abuse problem of some sort even before this this is it concert tour set to start. but it shows he's a fragile, vulnerable person. i think aeg, miguel is right, aeg is going try to paint an ugly picture of michael jackson having a mess of a life, long before they ever entered his life and entered into this contract with him. but then the jackson side can counter, you knew how frail he was, how dare you, you kept pushing and pushing him. there's another e-mail. i think that you'll bring up, that talks about conrad murray -- >> let's read that one. this is the one that says, 11 days before jackson died aeg's ceo wrote to the director and choreographer, we want to remain murray it's aeg, not m.j., paying his salary. we want to remain him what is expected of him. how will that be used?
>> see, that, i think, the jackson people think that's a real smoking gun because there it is in black and white, aeg is admitting they're paying conrad murray's salary. why that ceo would write that is beyond me because there was never a signed contract between murray and aeg, not even between murray and jackson. conrad murray was supposed to make $150,000 a month. he never got a dime of it. nobody paid him. so it's going to be -- miguel, what miguel is reporting this morning, it's already fireworks. this is going to be a very lively trial. it can go on as long as three months. i frankly worry what it's going to do to those kids. >> absolutely. we might actually see the kids on the stan or in the courtroom. talking about self-billion dollars of potential earnings lost. so this is big money that's at stake as well. and of course everybody feature of the kids. diane, miguel, thank you very
much. michael jackson's two oldest children, prince and paris, they are expected to possibly testify at that trial while they're father was alive, all three of his kids led sheltered lives. the singer tried to keep them out of public life. but now all of that has changed. >> reporter: remember this scene? michael jackson's kids, prince michael, paris, prince michael ii, better known as blanket. at the singer's 2009 funeral. for a lot of us that was the first time we'd seen his kids up close without veils and masks they used to wear all the time. paris told oprah her dad wanted kids to cover their faces in public. in an effort to keep people from recognizing them. but they're not hiding from the public anymore. prince michael, now 16, made his debut as corner on entertainment tonight in februar. before he did his first interrue he gave a shout out to his dad saying, he raises me right. prince michael seems to
inherited his dad's work ethic. he wants to producer, director, actor. paris just got an offer from the philadelphia eagles to try out for cheerleader. of course she'll have to wait a couple of years. she's only 14. right now she's cheering for her high school, buckley high in sherman oaks. and then there's blanket who is only 7 when his dad died. now he's 11. but a lot of us remember the first time we saw him when his dad dangled him from a hotel balcony in germany back in 2002. jackson later apologized, say he got caught up in the moment. blanket hags pres pretty much s out of the limelight so far. he was at the grammys in 2010 when they accepted a lifetime achievement award on behalf of their dad. tonight 8:00 eastern, dr. conrad murray tells his side of the story in an anderson cooper 360 exclusive, murray's first tv
interview from prison. tune in 8:00 p.m. eastern. well this is an amazing story. teachers and principals accused of cheating students out of an education by cheating on standardized tests. that is right. this is what happened here in atlanta. five educators have now so far turned themselves in to face charges in one of the country's biggest cheating scandals. in all, 35 teachers and administrators were indicted. so these are the details. they're pretty shocking actually. teachers and principals wearing gloves to avoid leaving fingerprints on test papers. groups holding changing parties to erase wrong answers and fill in the right ones. even using coolers to transport test papers. former georgia attorney general mike bower investigated the cheating scandal and joins us now. this is unbelievable when you take a look at this. give us some of the details, some of the details that shocked you when you learned about what was happening. >> well, we looked at some 56
schools. we had cheating that we confirmed in over 40 schools. we had six principals who took the fifth amendment and would not even talk to us. we have had cheating all up and down the line. it was absolutely amazing. >> how did they do this? >> they did every way that you can imagine. they had cheating parties. they had erasures in the classroom, outside the classroom. they directed teachers to make erasures. just anything that you can imagine that could involve cheating, it was done. >> how long did this take place? >> we confirmed it from about '06, the mid -- the mid -- between 2000 and 2010, it occurred from midway all the way to 2010. but most likely it started about
2001. over a continten-year period. >> how many kids were impacted. >> thousands. >> thousands. what was behind this? why did they do this? >> it's hard to say. pride. an attempt to gain bonuses that was a lot of an attempt to enhance careers without any regard to the little children. and you have to understand, the children involved here were among the most vulnerable children in this state which makes it even more outrageous. >> because you have thousands of kids passed along the line because of the test scores who cannot read -- >> cannot write. cannot do arithmetic. and they were deprived of an education. it's just simply -- i'm a grandfather. and it's simply outrageous. but not only were the children deprived, a lot of teachers were forced into cheating, forced into criminal acts. now, granted, they did wrong.
but a lot of them did this to protect jobs and i heard some of most outrageous and pitiful stories that you can imagine. >> from teachers? >> yes. >> i understand some of the teachers -- >> teachers fainted in the interviews because they were overcome with emotion and it would break your heart. i remember one teacher who told me, mr. bowers, this is -- whole things a great big joke because my kids, third graders, can't read or write and i spend my day combing hair, brushing teeth, getting clothes, getting shoes, and making sure they've got a place to go at night and here i am sitting in front of you admitting cheating knowing i'm going to get fired and this is a big joke. and i know i'm going to get fired and lose the best job i will ever have. i'll never forget her. >> wow. unbelievable. what happens next? what happens to the teachers? what happens to the kids? >> well, the children, i don't
know, i only hope that the current administration will make sure those children get what's needed in terms of remedial education, in terms of the criminal process that's up to our district attorney. and he deserves a great deal of credit undertaking this. the criminal process will just have to take place. >> all right. michael bowers, thank you so much. appreciate it. we ran out of time. we'll bring you back. a very big story and has national implications as well. here what happens we're working on for this hour. after all of the time, money, and drama, the jodi arias trial could end today. plus, louisville's kevin ware is already on crutches, two days after his leg snapped that horrific injury. you remember it. one person who knows what he's going through, joe theismann, his advice next. i tried weight loss plans... but their shakes aren't always made for people with diabetes.
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home. two months earlier an assistant d.a. was gunned down in broad daylight. george howell is joining us. are there any clues in the investigation in anymore information today? >> suzanne, no new information from investigators at this point. but we do have some new insight into the case from a search warrant affidavit. basically we understand that the bodies of the victims, mr. mcclellan and his wife, cynthia, found by friends trying to reach them repeatedly that day. we also know mr. mcclellan contacted relatives friday, a day before he and his wife were discovered in that home. according to the affidavit investigators are trying to work with a judge to try to get cell phone information from a nearby tower by that home. 0 that's the latest we know regarding the investigation. >> they are afraid there's a follow up attack, another revenge attack.
they've beefed up security for some law enforcement officials. >> reporter: in fact, you know, law enforcement here, here at the courthouse, they're asking us move quickly, so that's one example hoof how stepped up law enforcement is now. they're acutely aware of the dangers of the job. take a listen to this. a district attorney from nearby anderson county explaining how he feels given everything that's happening here. let's listen. >> i feel like that mike was murdered for what he did and so it's -- it makes it kind of you know -- it's scary to people like me, it's not going to change the way i do business. i'm not going to walk in fear. i'm not going to -- not prosecute people -- you've got to be careful. >> reporter: suzanne, again you, can tell there is a heightened awareness with law enforcement, with public officials. and we were expecting to hear a news conference to get a news conference today at 1:30 eastern
time. that's what we were told by one public official. but we're told by the sheriff's office that will not happen. we'll get information through some other route, whether it's e-mail, we're still not sure. but as we get that insight in the case, we will of course pass that along. still investigators are tight lipped about this investigation. >> george, we'll double back when you get more information. armed guards and schools that's what the nra wants saying the only thing that stops a bad guy with a gun is a good guy with a gun. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz.
in connecticut where the newtown school massacre shocked the nation, a legislative task force has agreed on a major overhaul of state's gun laws. both republicans and democrats actually support the changes and they would add more than 100 types of guns to the state's list of banned assault weapons. it would limit the capacity of ammunition magazines to ten rounds and require background checks for all weapons sales and allow mental health training for teachers. the state general assembly will take up legislation when it returns it session on wednesday.
colorado recently passed some of the nation's strictest gun laws. tomorrow the president will head to denver, talk with law enforcement officials and community leaders about stopping gun violence. he's also going to call on congress again to pass federal gun control measures. immediately after the sandy hook elementary school massacre the nra said the only thing that stops a bad guy with a gun is a good guy with a gun. today, an nra-backed group announced findings from a report on how to protect schools from gun violence. it includes a training program for armed school resource officers, recommendations on stronger exterior doors and window that will can stop an armed intruder and better placement of security cameras. >> we looked at surveillance monitoring and we -- we find that many of them have surveillance cameras but the monitoring might be at the ceiling level where resident at
the eye level. a simple change that is a vulnerability but can be done better. >> the recommendations also include laws to permit armed guards in the schools. john king from washington joining us here. john, let's set the scene here. recent polls that show slight majority of americans support having armed guards at school. what do we think the nra's push, how do we think that's going to either help or hurt the president's own push for gun reform. >> suzanne there are some things in there, you heard mr. hutchinson talking about making sure monitoring screens were right eye level. talk about having more armed guard at schools that will stoke the gun control debate which is regional and cultural than a partisan debate. not so much democrats and republicans. yes there are democratic and republican lines on gun control but reege in and culture, big city mayors like bloomberg in new york, like the mayor o atlanta, i suspect, would say that's nuts. we don't want to put more guns
on school property, we don't want to arm people around the schools. the key is to take gun as way from the bad guys. if you travel not far from atlanta, not far from washington, d.c., out into suburban and rural new york and in the south and across west in the country, you have a lot of people who would listen to the nra, maybe not agree completely but will say let's have respect. nra will stoke the polarization in the debate to those who say answer to the tragedies, more gun control laws, fewer weapons on the strets and those who say, no, as you noted only way to stop a bad guy with a gun is a good guy with a gun. it makes the president's job of trying to sell his proposals tougher. >> perhaps this makes the president's job harder. take a look at polls here. you have a bit of the support for major restrictions dropping here. you had a high of 52% in december of people who thought there ought to be changes here to 43%, as more time goes on, more distance, if you will, from
that school massacre, how much harder is it for the president to make his case? >> the numbers don't lie, suzanne. a great urgency, more public attention, more focus, media coverage after a horrible tragedy like knewtown. the president's going to colorado, he added a trip to hartford, connecticut, monday to push for gun control. despite the president's efforts, despite the vice president's efforts the math hasn't changed in the congress. you mentioned there are states taking gun control measures, new york has done it, connecticut has done it colorado is doing it. but at the national level, even the president's proposal for universal background checks nisz trouble. i was making phone calls yesterday and e-mail exchanges, people expect more reburst background checks can pass the congress. when the president called for assault weapons ban, to ban the larger magazine clips not only does he face nra opposition, majority republican pop significance but part of the president's problem there riz a lot of democrats up in 2014 from
conversation gun right states who they're not with the president either. it's not a republican/democratic divide. it's more regional and cultural issues and the president's not able to overcome that. >> a political hot potato. the jodi arias trial could end today all because of juror number five. is kevin. to prove to you that aleve is the better choice for him, he's agreed to give it up. that's today? [ male announcer ] we'll be with him all day as he goes back to taking tylenol. i was okay, but after lunch my knee started to hurt again. and now i've got to take more pills. ♪ yup. another pill stop. can i get my aleve back yet? ♪ for my pain, i want my aleve. ♪ [ male announcer ] look for the easy-open red arthritis cap.
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out. it is called the brain initiative. the project will map inner workings of the brain looking for clues to things like epilepsy, autism, alzheimer's disease. the project's initial cost, $100 million. congress is going to have to agree to fund it. jodi arias has been on trial for 40 days and now could be all over because of a single juror. the defense has filed a motion for a mistrial saying juror number five did something you cannot do as a juror. she allegedly talked about the case in front of fellow jurors. i want to bring in ted rowlands following this every step of the way. first of all, explain to us about juror number five, what the defense is claiming in the mistrial motion. >> reporte well you said they are claiming she talked about a case a huge no-no, no matter what the case but especially a death penalty case. that's being discussed right now. court was to have started at top
of the hour but they're in chambers discussing what to do about juror number five. what happened was they were in chambers talking to jurors last week and it came up juror number five said something to multiple jurors about the case. that triggered this defense motion for a mistrial. also in the motion, they said that they would be happy if they would just get rid of juror number five, if the judge would get rid of juror number five, that's lookly where this will go. we'll find out in the next few minutes presumably as they're talking about it in chambers. >> if they get rid of the juror is it a mistrial. >> can they replace that juror? is there middle ground here? >> reporter: yeah. the he defense right now is asking for a mistrial which would start everything from scratch, they've spent $1.4 million defending jodi arias. the odds of that happening are miniscule. if the judge decides to intercede -- we don't know what juror number 5 said -- likely she'll get rid of juror number
five to err on the side of caution. there's 18 jurors, which means 6 alternates, down to 5, plenty over jurors to conduct the trial. they would just pick up, send her home, pick up where they left off. >> we'll get back to you as soon as you find out whether or not there's a mistrial or this continues. bribely, extorsion, mail fraud part of an alleged plot to rig the new york city mayor's race. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us.
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six new york politicians arrested today accused of pay organize taking bribes involving the upcoming mayor's case. mary snow is joining us from white plains, new york, with details. sounds serious. tell us who was involved and how much money we're talking about behind this. >> reporter: well, suzanne, prosecutors say more than $100 now, cash bribes changed hands in three bribery schemes. at score of it, the central figure that prosecutors say was the mastermind or was behind the game plan a key figure named malcolm smith, a democratic state senator, prominent one, had been president of state senate at one point. hes a excused of trying to bribe his way to the mayoral race next year. and in this criminal complaint, it was unsealed today, it is alleged that he tried to pay people off in or to run as a
republican candidate thinking that was his best shot in next year's race. and the u.s. attorney says new york government it demonstrates what he calls a show me the money culture. >> every new yorker should be disheartened and dismayed by the sad state of affairs in this great state. from time to time the question arises how common is corruption in new york? i can tell you based on the cases that we have brought and continue to bring, it seems downright pervasive. but don't take my word for it. consider the words of the city councilman caught on tape in this case. after allegedly receiving a $7500 cash bribe, he says to the cooperating witness, you can see it on the chart to my left, quote, money is what greases the wheels. >> reporter: malcolm smith is
expected along with several others to appear in court within the hour. his attorney earlier today calls him a dedicated public servant say he denies the allegations in that complaint. >> mary, appreciate it. they go to law school, right, dreaming of jobs with fat salaries. the jobs they actually get, waiting tables, folding shirts at department stores and testing software. ó? ??çó
injured basketball player kevin ware has been released from the hospital. that is good news. he's hoping for a quick recovery. you might recall, of course, this after he broke his leg at last within's ncaa midwest regional final. it was so dramatic and traumatic his team went on to beat duke. but he's out for at least the next six months. his mother says ware is a fight somewhere wants to watch his team play here in atlanta this weekend, at the final four. >> he's not so much focusing on what happened but he's focusing on recovery of it all. he still wants to be there to support his team and he's in great spirits. vie no doubts that he would be back stronger and even better than he was. like i said, he's had to overcome a lot of obstacles and it seems as if every obstacle he
has to go through he becomes a better man because of it. >> kevin ware he got support from, of course a guy who knows something about injuries, joe theismann, the nfl great who had a career-ending leg injury on national tv. watch. >> everybody i talked to feels like he'll able to come back and do the things that he was able to do. i told him, i said you're going to be the ncaa comeback player of the year next year. i believe that 100%. i believe he's going to be a great contributor to louisville going forward for the next couple of years in the program. you have to have a dream. there has to be a reason to get up, go through the anguish and the pain and the rehab. >> one of the reason for ware making it here to atlanta, it's not just about the final four. it is really a homecoming for him. he is from the area, the atlanta area. we, of course, are wishing him all the best as we follow him here here home. florida gulf coast of march madness did not make it past the
sweet 16 but the coach is moving on. he has been hired by university of southern california as its new head coach. florida gulf coast eagles captivated the nation as the first number 15 seed to make it to the ncaa sweet 16. in today's economy it could be hard to find a job. many students look at the school's success rate. if the school says 97% of graduates found employment within nine months you'd want to apply. what if i not the truth? they're show n.o.ow suing their school because they can find a job. the first blush, paul, you blame the school, really? but we're learning graduates look at records of their schools and perhaps they're not really telling full story about the kinds of jobs those graduate are getting. >> well, it's very true. i'm happy i have a job.
so in this market. i tell you why, because what happened with the law schools is, it became a cash cow for the university industry. you know? you put a law professor in front of 25, 30, 300 students and charge them 50 grand a year to go to law school. universities make a lot of money. what's happened now? in california two-thirds of california law schools report less than 50% of their graduates have jobs in the law nine months after graduation. that's after paying, in some cases $150,000 in educational expenses. people are very upset and saying law schools made material representations of employable that were lees and they're starting lawsuits all across the country. >> talk about that. i mean i guess the lie aspect of it. people think you can blame the school for the state of the economy if people can't get good jobs. there does seem to be a case if
the school says we have a record number of people employed but don't go into details might be working minimum wage or a bar or restaurant that is misleading. >> i lost my -- >> where did you go? >> he lost his microphone. let's see if we can get him back. >> see if you can hear me. what was going on was the schools were -- i mean it's amazing what they were doing. what the schools were doing was, when u.s. news and world report was doing its survey, they were hiring unemployed law students from their universities as for of paralegals so they could then claim that they were employed nine months after graduating. then they would lay them off. it would look like they had huge numbers of graduates employed. so these people are bringing these lawsuits, they're saying that's fraud, and we can't tolerate that. >> any precedent for this in? a strong case?
he doesn't hear us. we'll let you go there. we'll circle back and talk about this at another time. really fascinating lawsuits, these students that are actually weighing in against their law schools. another story, family vacation turning into a scary situation. this is for supermodel heidi klum. her daring rescue next. jimmy fallon versus jay leno. a lot of buzz over who will win the battle to host "the tonight show." welcostate.the new new k what's the "new" in the new new york? a new property tax cap... and the lowest middle class income tax rate in 60 years... and a billion dollars in tax breaks and incentives. new opportunities for business. over 250,000 new private sector jobs were created over the last two years. and 17 straight months of job growth. with the most private sector jobs ever. lower taxes, new incentives, new jobs, now that's news. to grow or start your business in the new new york visit thenewny.com
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frightening incident happening there. supermodel heidi klum, her 7-year-old son was swimming with two nannies ies iy hawaii when caught up in a riptide. she jumped in and helped pull all three to safety. she's thankful that her son is a strong swimmer. and one of best dramas on tv, what happens go on with jay leno? rumors jimmy fallon stepping in his shoes on "the tonight show." but the two of them having fun with it all last night. take a look. ♪ tonight, tonight who's going to host "tonight" is it going to be jimmy or jay?
tonight, tonight where will they tape tonight ♪ ♪ in new york will it stay in l.a.♪ >> i love this, nischelle. this is so funny. nischelle turner joining us. >> we get to hear jay leno's voice. come on. >> we're kind of running out of time. give us the full skinny anyway. tell us. >> well, you know, suzanne what is at stake here is basically one of the most famous franchises in television history. but, you know, i think these guys are trying to deal with this issue of will fallon replace leno the best way they know how, by making a joke about it. despite his popularity, jay leno is a pretty polarizing figure. always had his share of detractors inside and outside of the industry. but he is a survivor. remember, back in 1992, he survived the attempt to replace him with conan o'brien and though nbc seems to be ready to
move on with jimmy fallon as the host of "the tonight show," i say don't ever count jay out. number one, his ratings are generally higher than letterman or jimmy kimmel's and he has a contract and that runs through the fall of next year. actually, suzanne, all of this adds up to a sticky situation for nbc executives. >> we got leno on there. got both of them on here. there is a lot at stake here, yes? >> yeah. you know, there definitely is a lot at stake. like i said, just basically the future of the franchise, "the tonight show." it is interesting because some people wonder why would nbc want to replace him. first of all, the networks are always looking for a younger demographic. second of all, jimmy fallon is developing a strong following online. he does a lot of videos like you saw that become viral. remember the history of rap videos with justin timberlake. all of that are kind of thing is what the network executives seem to think that would help grow
their audience. now, if nbc does replace jay leno, you hear about them joke about his options, saying in the video there, he's got fox on the line. fox doesn't have a late night show. but if leno becomes available, they may get one. >> that's where it might be going. all right. nischelle, thank you. good to see you. the markets are up again, hitting another record. look at how and when to sell your stocks to make the most of your money. anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. ♪ let's face it. everyone has their own way of doing things.
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we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. in northern california, the city of stockton might be allowed to file for a bankruptcy now. federal judge approved the city's request in a case that sets the stage for a long battle
between bond hole e holders and california pension system. it is the largest city ever to file for bankruptcy. among the creditors, it owes $900 million to the california employees public employees retirement system. stocks climbing today, that's good news. the market reaching new highs. how do you know when to sell? ali velshi and christine romans on how to speak money. >> thanks. stocks off to a good start the second quarter after what the technical term for first quarter is awesome. awesome first quarter. the dow opened at a record trading high this morning. all this good news begs the question, though, when does it end and when should you get out? >> i have an answer, actually. if i had an answer i could afford a hair transplant. most investors have no idea when a rally will begin for that mat, which is why you should be aware of what's in your portfolio. the dow, since the beginning of the year, up 11%. nasdaq up 8%. s&p, which i think is more important for most people, is up 10%. >> let's look at what experts
say about this particular rally. if you look at the new cnn money survey of the s&p 500 where it will be at the end of the year, you see where it is now, right here, the consensus is not very far from where we are right now. some keep going higher. some think they're going to take money off the table. this is not much of an advance for the rest of the year. >> 5070-ish today. the consensus high is 1581. some think it will go way down. if you're one of those people, there is a way to invest or cash out. some think it could go higher. if it gets to 1581, that's 11%, the long-term average of what the stock market does. the question is, if the stock market is only going to go up one more percentage point for the entire year, how do you make money? >> what signs do you need to look for to know when to cash out? that's the big question here. consider selling. many people say if a stock is up 20%, 25%, maybe you're up that in your portfolio. no one is ever upset with a 25% gain. there is also the idea of a sugar rush. if everyone is talking about a stock, might be the time to get
out. don't always follow the herd. >> read up on companies' quarterly earnings report. pay attention to a slip in profits. you can get all of this on cnnmoney.com and pay attention to the pessimists. we're not pessimists. but chicken little, never popular. sometimes they have a good track record. you might want to pay attention. and got losing stocks, don't hang on to a loser forever. consider selling a stock if it is down 7% or 8% from where you paid and you don't see it going up. remember one thing, your money in the bank or in cds will never keep up with inflation. you're not invested in the stock market, but you can't just invest and walk away, especially when you're in a high market like this. pay attention and don't be afraid to book profits and sell things when you can. >> good luck. >> thank you. each week ali and christine giving you tips on how to put your financial house in order. you can check out their books, how to speak money. david beckham balancing career, parenting and traveling
all at once. he let us in on how life has been since leaving l.a. for paris. >> about the sacrifices, that's the sacrifice that i have to make as a father and as a husband, you know, being away from my family. only for a short time, but it is difficult being away from the children, you know. being away from the children every single day. but, you know, they understand it. they understand daddy works hard. >> and he says if he's ever going to play for a team for his home country, england, he says if there is ever a chance, an opportunity, he's available. several stories catching our attention today. look at this. this is in gaza city. a girls only class in session. new law that mandates separate classrooms for boys and girls starting at age 9 now going into effect. in bangladesh, police stand guard as anti-government strikes intensify. today, opposition forces launched homemade