Skip to main content

tv   MONEY With Melissa Francis  FOX Business  June 5, 2013 12:00am-1:01am EDT

12:00 am
his running mate paul ryan. and david axelrod next it "moneh melissa francis. we'll se you tomorrow. melissa: i'm melissa francis and here's what's money tonight. conservative groups fire back at the irs. targeted leaders detail rampant harrassment to congress. now red flags are being raised about the epa doing the exact same thing. a former trader a memoir blows the roof off ll street. drug, insider trading, you name it. how much is all that driving the latest scandals at places like sac capital? the author gives us the juicy details. plus who made money today? investors gulping down profits from one energy drink company. stay tuned for the afternoon pick me up. even when they say it's not, it is always about money
12:01 am
>> agents and agencies of the federal government do not understand that they are servants of the people. they think they are our maers and they are mistaken. i'm not interested in scoring political points. i want to protect and preserve the america that i grew up in. the america that people cross oceans and risk their lives to become a part of. and i'm terrified it is slipping away. melissa: wow! the consvative targets of the irs finally get theiray in front of congress. emotionally-charged testimony. laid out allegation of how the agency obstructed and intimidated organizations that were just seeking tax-exempt status t was legal the stunning details, making the scandal even more chilling. how much worse can this possibly get? joining us now fox business's charles payne, and rich edson as well. charles, let me start with you. you're right here.
12:02 am
wow! is that what you expected? there was so much emotion. >> yeah. melissa: congressional testimony, it is usually boring. that was, wow. >> that was becky gerritson, who was the star of today because she was such a sincere person. just a regular american. listen, her and her husband never thought about politics but saw the way the country was going and decided hey, we want to do something. it underscores how intimidating the irs is. she talked about filling out the application, sending it in with a check. they cashed her check in a week. listen, in 90 days we'll get back to you. melissa: yeah. >> if you think about this in this area they usually give you 90 days. say you give someone your money and buy furniture, 90 days comes up you don't get it. maybe two or three days later call the store. don't worry it's coming. by 200 days, you get upset go to the store. the bottom line nobody waits for 459 days to hear from someone unless they were extraordinarily intimidated by them. then to receive what she did get from the irs, listen, we
12:03 am
want your don't in lists, we want this, that and all kinds of things or you can forget about it. just a horrible experience. melissa: rich, you want to get your reaction in a second to just the tone and the tenor there. this was kevin kookogey. i hope i say this right. the founder of linchpins of berty. he detailed how invasive the irs got when they were reviewing his case. listen to this and give me reaction on the other side. >> for 2 1/2 years the irs unlawfully delayed and obstruct my application for determination of tax-exempt status by using unconstitutional criteria. the types of questions asked by the irs included asking me to identifyhe political affiliation of my mentors and that i advise the irs on my potical position on virtually every issue of importance to me. melissa: rich, when you walk into the starbucks of d.c., are people talking about this? i hear it's a huge deal. what is it like there? >> when you see what
12:04 am
happened with him, i have to say, everyone buchered his name on capitol hi. melissa: thank you, i appreciate that. >> it is not an easy name. en you look what happened with his story today, you get the sense it's not an isolated story. it's not. melissa: right. >> not only was his story echoed with the other handful of panelists today who were explaining how they applied for tax-exempt status in some cases. wait the 29 months, three years. some people withdrew their applications because it was too onerous and too expensive. the legal bills had gotten too much. this is small sampling of the dozens of scores of other organizations who applied over the last three years for that tax-exempt status who were singled out because of these key buzzwords that were all conservative buzzwords like tea party and patriots having to go through all of this. really no sense on capitol hill o washington if this is going to be corrected, has it been corrected and who's responble for this. we still don't know who is responsible. melissa: no. what instruct me.
12:05 am
i had this on all day long. person after personame up to testify and they were such regular people. they were so sincere. they were so ernest. they were so hurt. they were so upset and yet you ha somebody like democrat congressman jim dermotott, in a lot of hot wateter for comments he said. he actually tried to imply the people it was their fault. listen to this. >> eh of your groups is highly political, from opposing to the president's health care reform to abortion restrictions to gay marriage, you are all entrenched in some of the most controversial political issues in the country. and withth your applications, you were king the american public to pay for that work. melissa: charles, it's their fault. it's their flt. they came and applied the stuff. they deserved abuse. >> you know what? representative mcdermott was angry, condescending. blaming the victims. he was pointing his finger this guy was a piecef work. this is someone who represents america?
12:06 am
this elected official. he ironically he is the reason y had the tea party in the first place. looking at poster-child for why we should, average american, i don't care what side of the aisle you're on. for you to come up there with heartwrenching stories and this guy to poin a finger, you know what? it is your fault. you shouldn't have applied for it. by the way you haven't given us any suggestions. everything that came out of s mouth was really extraordinarily mean-spirited or completely off thmark. just to say, hey, show man, shulman, appointed by bush how could it be doing the bidding of the president. we know shulman's wife, right? most people may not. his wife susan anderson is a huge, huge lefty. she is involved with the company, thing called public campaign, occupy wall street. the point is, this guy was horrendous. he really was the reason that people actually rose up in the 2010 first place. melissa: all of this, ether it is these people asking questions like him, whether it is people working
12:07 am
at irs, these are your tax dollars at work. so when you think about why you don't wa to pay more taxes, why you're afraid of bigger government, these are ur tax dollars at work. it was incredible day. thanks to both of you guys coming on. we appreciate it. >>hanks. melissa: as you heard the irs scandal is still going strong. it looks like thin could be actually worse than we thought. according to a conservative group the competitive enterprise institute the environmental protection agency may also be playing favorites. the rept claims that the epa sometimes refuse to waive public records fees for conservative groups while granting waivers for environmentally friendly group. here with theatest is fox news's eric sawn. so this goes beyond the irs basically what they found? >> melissa, as you were watching and we're seeing irs testimony on capitol hill that focused on the irs targeting conservative groups w now have found out a second federal agency is also accused of potential political biased. that is the epa, the environmental protection
12:08 am
agency. algations are being investigated by two congressional committees. research from the competitive enterprise institute, that conservative washington think tank, says the epa routinely trieso charge conservative groups for documents obtained through the freedom of information act. that it is willing to give to liberal groups for free. the research shows about 90% of the time the epa refes to waive its fees for conservative groups, meaning yeah, they have got to pay up but it said the opposite is true for liberal groups. that 90% of e time the liberal groups have their epa fees waived. now this all came from the institute's senior fellow chris horner. he decided to look into the fee charging his requests for waiaivers were repeatedly turned down. >> earth justice was batting 17 outf the 19. sierra club was the worst at 70% granted. 11 out of 15. you addup some other groups. we had, 75 out of 82 granted like that because of course
12:09 am
these are groups that epa decid are the favorite groups. >> acting admintrator of the epa says the agency policy is to treat everybody the same. its inspector general may investigate. the agency in fact told us, i quote the office of inspector general received from the environmental protection agency the official request to look into this matter just ov a week ago. so the request is currently under review by the oig at this early stage. if they do join an investigation they would be joining the house energy and commerce committee and house oversight and government reform committee. kong tim murphy, republican of pennsylvania is a member of energy and commerce. he says the potential political targeting by administration agencies is deeply troubling. >> similarly with the people with the irs who testified, well some of these things may not be illegal but they can still be wrong and that is what people expect their government to not be acti in these ways but to be fair and jus and truthful in
12:10 am
these informational requests and in their investigations. >> with today's testimony from the is hearings and the questions about e way the epa may have handled the fees for conservative groups, agency policies are really under the microscope on capitol hill, melissa. melissa: wow, absolutely. interesting report. eric, thank you so much. time for today's fuel gauge report. the 50 larst oil and gas companies in the industry investing a record amount in rth american exploration. hitting 185illion in 2012. that is accordin to a new report by ernst & young. profits also fell nearly 60% for the same companies. the study says that decrease is driven by historically low natural gas prices. truck owner ryder wants customers to get on the natural gas bandwagon. the company is unveiling some of its latest models of fuel efficient and natural gas-powered trucks in texas. customers are increasingly expressing interests in the switch. it could save about $1.50 a gallon by not buying diesel.
12:11 am
the interior department% released details for the country's first ever federal sa of offshore wind ener leases. the sale offered about 165,000 acres off the coast of rhode island and massachusetts. the auction is set for july 3rd. i may bid. who knows. all right, coming up the power of money. a former galleon trader aphedge fund titan bears all in a scintillatating new book what is really happening behind the scenes. we'll get the scoop on the latest insider trading scandals which he says were rampant. plus, have you bought a house yet? what in the world are you waiting for? we have got two experts to tell us why you better get in before the opportunity is gone. more "ney" straight ahead. ♪
12:12 am
12:13 am
12:14 am
12:15 am
melissa: we have some breaking news on the patent wars between apple and samsung. let's get to jo ling kent. she s all the details. >> we do have breaking news on apple right now. the u.s. international trade commission has found apple has violated a samsung patent. basically issued a limited exclusion order and cease and desist order for the iphone 4, the 3gs, also an
12:16 am
iphone, the first ipad and the second ipad. these are all at&t models. this basically means the commission is prohibiting apple from porting wireless communication devices, music devices, data processing devices like the iphone and tablet computers that infringe on these claims. we'll get a little more detail for you. but right now the u.s., itc says apple violated a samsung patent. melissa: jo ling, thanks so much. exorbitant underbelly on wall street is exposed. life in galleon group. depicts life prior to raj rajaratnam's trading conviction. it is a tantalizing tale of booze, drugs and sex and give pressure to behind the scenes which could give cause for some recent probes of insider trading. with me to talk about the power of money, autor of buy side, wall street tale of spectacular excess.
12:17 am
welcome to the show. i've got to tellyou i'm hooked. is a great book. >> thank you. melissa: your writing styl is great. you trained to be journalist. >> i did. melissa: before you were a trader. you have that on aone else who might try to write a memoirorhemselves. what is fascinating to read about what was going on inside galleon. >> right. melissa: when everything was going on. i had to remind myself it wasn't fiction because it reads ke that. this is really what was going on. do you think insider trading is rampant all over wall street? do you think it is pretty common? >> i think there's a big difference between today and 10 years ago. back then we were operating sort of, what are the consequences? and you know, the milken and boeskies were distant memories. so the ide of actually getting caught for doing something that maybe crossed the line was not really at the fofront. melissa: you think that changed? the raj conviction changed that? >> yes. melissa: really? >> if i'm a 29-year-old kid
12:18 am
working for pm who has $50 million home in greenwich. melissa: right. >> and he is senng trades across myesk maybe are susppct, i'm going to think twice because what is happening now they're going after the younger guy, trying to get them to flip and then, go up the ladder. melissa: you've got to be watching what is going on at sac capital. >> of course. melissa: what do you think about that? >> never worked there, so i can't speak. melissa: you have inside knowledge how the business works. i mean you know how much pressure is put on people to come up with the right trade. in fact you talk about, this is one great quote that really struck me. raj often pits one employee againsthe other. this is the cockfight model. sound familiar to some people on wall street. like hot cheerleader might get off on suiting so many suitors. the firm gets money and encourages them to stir up this energy where someone will go out and make money. do you feel like this is going on at sac capital or could be, that same kind of
12:19 am
environment? >> my guess that steve is operating 100% by the book today. i have no idea about the past. but, i mean ifou were him, would you continue to, i mean? no. melissa: i don't know. the questions always, when you see the outsized returns. >> right. melissa: when you see somebody do so well for so long, it is like a gambler doing so well for so long. >> right. melissa: can you do that with research? is your research that much beer? your trading skills or momentum that much better or do you have more information than anybody else? >> 10 years ago you prably had more information. melissa: yeah. >> i sort of likened to the steroid era in baseball. say you're a aaa guy and want to make a major league roster. do steroids make the team. don't do steroids. melissa: right, right. >> so you know, if you're at hedge fund and you can get a edge, that is kind of what --. melissa: you think that has changed in this time? >> i do. melissa: okay. the other thing about the book -- >> sorry to interrupt.
12:20 am
if i was at a hedge fund right now i would think, 10 times avoided something that crossed the line. melissa: okay. that's good to hear. the other thing fascinating about the book everyone would love detailing excess. always fun to read it inside. when i read books of fiction you wonder if it is gory or explicit and extravagant. >> right. melissa: you're telling first-hand everything is provided for and paid for by the sell side. they like to please clients. they were kind enough to order in chinese and mexican escorts. i watched as two american express black cards fly across the air across the kitchen and land atop the bl. do you think that is still the same today? >> probay still exists. it is maybe not on the same level or it is done maybe undercover but, you know, wall street doesn't turn people into addicts. i believe --. melissa: no, it attract as certain type of person a gambler. >> right. melissa: into that sensation. >> right. melissa: they're good in that environment.
12:21 am
attracttas certain type of person. >> right. melissa: what has reaction been like to the book? are you still in touch with traders that you worked with. >> it has been mixed. messa: mixed? who is negative? >> i would say more wall street people who don't know me sort of sent me messages or contacted me and they think it is a scathing like tell-all but the truth of the mat every is, i'm exposing myself. melissa: yeah. >> and you know, these are the mistakes i made. and questionable behavior, you know. this is what i did. along the way people get to see the world that i actually lived in wch not too many people get to see. melissa: yeah. >> so the 99%s have actually been more sort of welcoming d saying that th love the book. melissa: when you write a memoir you're putting yourself at sk. you're putting yourself out there. >> right. melissa: don't i know. the buyside was a great read. i'm finishi this copy. >> thank you for having me. melissa: good luck to you. appreciate it. melissa: next on "money," do you buy into the housing comeback hype? maybe you should. prices are jumping and two
12:22 am
top experts say you should be too. hmmm. i don't know. that sound bubblish schuss to me. i don't know, how much is bill clinton worth? $5,000 for 45 minutes? it has critics up in arms. who else could command tha kind of cash. i wish i could? stay right where you are. do you ever have too much money? ♪
12:23 am
12:24 am
12:25 am
12:26 am
♪ . melissa: whether it is on wall street or main street here is who else made money today. everyone that owns monster beverage. it has been under fire for health concerns over its energy drink but that apparently is not hurting sales. demand for monster drinks jumped combined 9% in april
12:27 am
and may. that news sent the stock surging more than 10%. but losing money today, investors in ban dora. its stock took another pounding today. apple reportedly sealed a rights deal with warner music. so analysts think it means an itune radio service is imminent now. that will directly compete with pandora. pandora shares have tumbled more than 15% in just two days. look at that chart, wow. saving money today. hbo and the producers of "entourage. the series ended in 2011 but a movie is now in the works. it is one of the winners of california's tax credit lotteries for films. hbo will get a 20% tax credit to film it in california as if they had any choice. where would they do it? ready to bye a new home. good news on the housing front. prices are up over 12% over last yr. that is new report from core logic. that is highest gain since february of 2006.
12:28 am
whew. big driver behind rising prices. recent trend of wall street buyers scooping up distressed and damaged properties. here is the potential problem. as prices and rates rise and institutional investors start to sell off will we be stuck in another housing bubble? mark fleming from corelogic and ff kokel from truly thanks for joining us. let me start with you. this whole thing is to me is fueled by the fed. they have good intention of trying toprop back up the housing market but what happens when rates go up and private equity like blackstone who has been investing so much money decides to get out? what do you think happens? >> i'm not sure it is actually a problem. the fact of the matter what is really driving up more so than inhave it are -- investor deman andhere prices moved up is pent up supply. people have sufficient equity, put their holmes up for sale.
12:29 am
and there is not enough supply for the demand and prices are moving fast. these are cash price. >> mark, you're an economist, youealize by the logic and pent up supply and supply buys market and people buy the house, the price goes back down as sply comes on the market. eitheray the prices are going back down. >> not quite so simple, melissa. prices don't necessarily go back down or might slow the rise, right? you could have increased supply and slower rise which is what we're expting to happen. melissa: jed, do you think that would make all of these private equit investors who have jumped in to turn their returns in five years, would they be happy with that slowdown in their profits or would they get the hell out? >> they're not all going to be selling those homes at once. these investors, still expect prices to rise. rents remain high, relative to where prices are. the bargains aren't there that were a yearago. we're not seeing as much investor activity jumping in right now. but remember, where the
12:30 am
market was when investors started getting into the market. a couple years ago prices were falling. there were vacant homes everywhere and a lot of people who lost a home to foreclosure who couldn't find a house to rent. what investors have done, they have taken vacant homes. people who needed housing and bought up homes to rent them out. investors are really helped the housing recovery much more than they hurt it. melissa: mark, i believe investors are helping the housing recovery but "the new york times" does not. they talk about people, individual homeowners who want to get into the market and want to take advantage of these low prices you guys are talking about and they're getting squeezed out by the private equity investors coming in and buying up hos by the bushel. spending, we have colony capital, $250 million each month bung new homes. blackstone buying 26,000 home in states. according to "the new york times" the 68% of the damaged homes sold in april went to investors and not to first time homebuyers or individual families. do you think that's a
12:31 am
problem? >> let's look at statistics a little more carefully. we're on pace to do something like five million homes a year of existing home sales. so a few 100,000 there or 10,000 there it's not a big share. even in the markets where investor demand was highest we're talking about 22, 25% of all sales. melissa: 68% of the damaged homes that is not a big shar that is 70%. that is 2/3. >> 68% of the distressed population. but overall population of homes for sale it is less than 2/3. basically 2/3 or more of the homes for sale are being bought by someone other than an investor. melissa: so, jed, i have nothing to worry about. what happens when tes go back up? when the fed gets out and rates start to go back up? go ahead. >> there are several things including rates going up that will probably cause home prices to slow down. higher rates, mean for a given mortgage payment people can afford less house. that hurt housing demand. prices should slow down a bit. with prices rising so much we'll see investor demand slow down. that will also slow down the
12:32 am
price gains. finally, the price gains we've seen will bring more inventory onto the market. both because people will decide to sell and also price gains encourage new construction. if prices slow down, that's if they don't, two or three years from now we're back in public territory. we should hope for prices to slow down rather than continuing pace we'll see them rise today for few years. melissa: i'm a homeowner. i hope you're right. thanks for both of you coming on. we appreciate your time. >> thas, melissa. melissa: moving on to putting the money where your mouth is the jewish national fu is paying former president bill clinton staggering half a million dollars to speak for 45 minutes at the birthday event for israeli president shim. -- shim -- shimon peres. think about it, that breaks down to $11,000 a minute. in all fairness the money is not going to bill's pocket but going to his charity instead.
12:33 am
it caused a stir d thought thousand thinking about value of big name or not so big name seakers. even if you loved him is bill clinton really worth half a million bucks for less than an hour? let's bring in an expert. this is our good friend bruce terkel. bruce, i know that you know a thing or two about public speaking gigs. they even put your happy, almost smiling face, usually smiling face but there very stoic anderious space on e cover of speaker magazine. bruce terkel talks. i love it. >> isn't that beautiful? melissa: are you staggered by this number? do you think, because they're out there will trying to raise charity. do you think that donors, maybe won't like this so much, donors to the jewish national fund. how do they feel about the half million bucks? a couple things. when first of all when did you ever hear of the jewish national fund? never? all of sudden the money they're play paying clinton got them big benefit.
12:34 am
they'ron natnal television. remember it not a matter whatat he says. it is not a matter of clinton. it is exchange of value. people, companies hire speakers for two reasons. they hire them because of their attendance ability. ability to draw pele. clinton can do that. melissa: great point. >> they hire them for content they provide. that's why they hire me. i don' get those fees unfortunately. melissa: of course you do. >> if he gets people there opening their checkbooks and builds reputation jnf wants. remember, chrunt ton is catnip for journalists, when attention.p people pay melissa: i feel like they don't need my mon if they're able it pay him half a million dollars then they don't need my thousand dollars. why would i send them 250, if they have that much cash lying around i don't have a donation meaningful to give to them. i think that is the problem withhat. >> usually don't know the speaker fee. has names of people getting coming. doesn't say how much they're
12:35 am
paid. that is not usually a problem. the problem is when money is paid to the wrong people. commencement of rutgers paid snooki $32,000 to speak. melissa: right. >>hich was $2,000 more than they paid nobel prize winner tony morrison. she told the kids study hard, but party harder. i don't think rutters about got their money's worth. melissa: they got a lot of pr. >> rht. melissa: look at people like, wonder, why people come to see certain people speak. billy dwilliams is one. maybe you want to hear him sing. maybe a lot of different things. i n't kw i want to sit through a speech of his. tiger woods supposedly gets $200,000. i interviewed tiger woods. he is very tough to interview because he doesn't want to say a lot. and he's not terribly dynamic in an interview setting. when y watch him and oking at hi right now, when you watch him after a things upecause he is notose that exciting to listen to. why would you pay him $200,000 to speak, to show
12:36 am
up? maybe, but as a indidder i don't want to -- at dinner i don't want to sit through his speech. >> the case of tiger woods our organization attracts middle-aged c suite men. middle-aged c suiteen play golf. best thing they can do in the golf world is meet tiger woods and list to tiger woods. it is all about the ability to attract atteance. lissa: yee. >> tiger woods, guys like clinton, gore, bush, alan greenspan they get those --. melissa: elizabeth berkeley, looking at her on the screen. elizabeth berkeley gets $10,000 to show up to give some kind of a speech. >> i can't imagine. melissa: do you know who elizabeth beeley is? >> she was in stripper movie. even if she was ever hot. she was hot i don't even know. melissa: bruce, thanks very much. i hope you get half a billion dollars for your mex speech. >> y too, melissa. i hope you command the fees. melissa: thanks so much.
12:37 am
next up on "money," building a brand from scratch isn't sy but it is more challenging when your brand is for high-end marijuana. we'll talk to a former microsoft executive who is betting $100 million that he can smoke out any competition. piles of, money, coming up. ♪ .
12:38 am
12:39 am
12:40 am
12:41 am
melissa: high time for high on marijuana. now the recreational use of pot paased in washington and colorado, a former microsoft executive wants to cash in. he is looking to create the u.s. brand of marijuana, a national chain. think of a starbucks for cannabis. and eventually capture 40% of the global pot market. that is quite a goal. how is he going to make all this happen? he is here to explain. he is the founder of diego. welcome to the show. thanks for joining us. >> thank you, melissa. >> thank you. great to be here. melissa: by starbucks i'm picturing you on every single it corner. is that what you're thinking of doing? >> no, absolutely not. in fact there are a lot of restrictions regarding where exactly the locations of cannabis retail shops whether for medical or whether for adult use or social use where those particular stores can be located.
12:42 am
there are some rules and regulations now but that body of rules and regulations --. melissa: where did the analogy come from? did they wake make that up, or was that sag you said you want to be the starbucks of marijuana. >> i certainly didn't make it up. one of awe speaking broadly in the media. melissa: you will spend $100 million over three years to invest in this you want to open a large chain of retail sales. you would like to capture 40% of the global cannabis market. >> yeah. melissa: how exactly will you do that? what mes you so special. it will be a special super expensive brand or what is your business model? >> so those are a lot of questions. happy to answer all of them. let me start first with our business model. so our business model to be first to market and first to mind in the cannabis industry. in the legalized cannabis industry. for the first time, as a country and world, we're literally standing at a precic
12:43 am
the old crumbling wall, berlin wall of illegal galty of cannabis. melissa: it is still against the law. how will you deal with that. >> welthe same way the east germans dealt with the berlin wall in 1989. they dealt with . it was a problem. it was against the law to defame the wall. it was against the law to crow over the wall. and certainly against the law to take chunks out of the wall. but did that stop them from doing what was right? , they proceeded. melissa: okay. so have you raised a $100 million. >> no, i have haven't, not yet. melissa: how do you plan on doing that? understanding your basic business plan. i'm not getting how you will be the best. why you will take 40% of the market. >> sure. first of all the 40% is a goal. and, you know the story of the american indian, native-amerrcan who shot an arrow and it hit the moon and the person standing next to them, said how did you do that? he said, oh, i missed. melissa: you're giving me a lot of details and like, no
12:44 am
details. a lot of stories and a lot of analogies. what specifically are you going to do to take 40% of the market? give me something specific. give me your business. pretend like you're asking me to give your money to invest. >> sure. first of all we'll look at a market that measures00 of billions of dollars worldwide. we're looking at a market where we're the first company to create the first risk mitigated investment vehicle. not only for investing into the industry in general but specifically investing in that company which will have the first national brand of retail cannabis. we're also the company which has the most global mind share as a brand of legalized cannabis. so first to mine. first to market. first to money and first to gather up the best and most talented team in the inst. we've got all that together. we're rorolling much faster than anyone else. melissa: okay. >> so we've got, we've got a huge lead on the race.
12:45 am
and no one else is even at the starting gate yes. melissa: good luck to you. i know there are a lot of pot users out there rooting for you probably thanks for coming on. >> you're welcome. thank you, melissa. melissa: all right, up nxt, divorce is big biness and there's a new way to get divorced in the digital age that can save both side big bucks. we have the wan behind the first full time online divorce company. tell your unhappy friend bus apparently at the end of the day it is all about money. ♪ . 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. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need
12:46 am
to enjoy all of these years. ♪
12:47 am
12:48 am
12:49 am
♪ . melissa: so you can get just out anything onli these days and now that includes a divorce. a new website revorce, let's a soon to be ex-coles get divorced from the comfort of their own living rooms and a flat fee helping to ease the pain more than one. anything internet based raises questions about its legitimacy espially with something problematic as permanently parting ways. joining me with allhe details is vorce is michelle crosby.
12:50 am
how much does it cost and how does it work? give me the details. >> sure. we came upith a road map. the aim mcable divorce road map for each family based on their particular needs. the uque part is that they are going to get up front pricing. our pricing ranges between 3500 and $15,000, depending on the emotional complexies, that the family faces. the legal complexities and also the financial complexity. melissa: how does a computer program decide what t emotional complexities are? well, through my years as a divorce attorney i've been able to identify aer zoories of types. so the software is built around these archea types. there are 18 of them. based on a a series of questions the couple does online with the initial screening process it helps identify how much support that they're going to need about some of those emotional issues. for example if someone had an affair and they just found out about it, they are
12:51 am
just starting the grief process. divorce is the section most stressful event th some within can go through. if you're start tag process you will need different information and different emotional supports. that is what a initial software questioning an screening processes is identifying for the family. melissa: do they talk to a human being or are you clicking boxes the whole tiie online? >> no. we say that we're high-tech so we can be high touch. we're using technology to really expedite and streamline the process so that we can actually add more services for the family and get them the support theyeed. and soto do that, the family can do as much of the process as they can online but, in every city we're developing teams that, the family can touch in wth. those teams consist of mediators with a background in the law nd counseling for child development and mediators with a background finance. melissa: i'm sorry. we justave a limited time. so i want to make sure our audience understands how
12:52 am
that works. does that make that you call them on the phone or two to the office talk to you because you've done a whole bunch of work online and finish it off? >> yes, the family will start online. then they will meet with local professional as a divorce mediator in areas so think get support they need. melissa: does this hold up in court later on? >> sorry? melissa: does it hold up in court later on? gosh, i clicked the wrong box so my whole divorce is wrong. i clicked this. meant to today that. so as a result i'm not happy with these results and i want to go back and challenge it? >> that's why we use the technology and the team members that are in each of the cities we're live in now. and so, they couple will so get to meet with an attorney who will help verify that all the decisions they made are going to pass a judge's approval in t final order. so they get all of those questions, almost double scrubbed. so they work with themselves to decide all of thei
12:53 am
issues. then they're also going to meet with an attorney live so they get a double-check to make sure that they have reached conclusions that will be approved by the judge. melissa: sounds fun. michelle, thank you so much. for bringing your business on. it is interesting. with half the people getting divorced out there, half of the marriages anything to expedite it to make it easier. thank you so much. >> you're welcome. thanks for having me. melissa: next on "money," the internet guru whose $1 million wedding ended up costing another $2.5 million in fines! don't go away. we have all the juicy details in "sre change." apparently you can never have too muc money if you want a wedding like that. ♪ .
12:54 am
12:55 am
12:56 am
12:57 am
♪ melissa: okay,ightening round. we are joined by monica crowley and adam shapiro. u.s. study says one third of all marriages start online and marriage is a start online are happier and less and in divorce. is that possible? >> anything is possible. this study was commissioned by eharmony.
12:58 am
it is interesting, lot of online dating sites have it down to a scienc trying to match the most compatible people for you. i actually believe these steps. couples who get together because it is scientifically done. >> my cousin did, and they are still together. the question becomes the old single bars are now history. melissa: still, at is your sign, what is your twitter handle. sean parker got married in california in a game of thrones themed ceremony. but it got more expensive after neighbors complained of a movie like set so he got slapped with $2.5 million fine for not having the right permit. extreme?that sound a little >> a couple of things are extreme.
12:59 am
"game of thrones" themed wedding. d doesn't this tell you about big government? big government in the extreme. >> no. melissa: they swooped in later and said here is your bill for two and half million dollars. who made money today? big sur. >> it was a reverse. they saves taxpayers to and half million dollars. he should pay $2 million jus for that. melissa: they will do anything they can to raise revenue. so we all know drinking, caffeine highs is a draw when drinking cofoffee but now they e being considered a legitimate mental disorder. some doctors say they syndrome that effexor work and work habits.
1:00 am
you know what is true, have you ever stopped drinking coffee? >> i drink coffee all the ti. melissa: we will see you tomorrow. a paid advertisement fostarvista entertainment and time life. ♪ i've got sunshine on a cloudy day ♪ it's time to go back... ♪ oh, what a night to the '60s... ♪ and the '70s... ♪ didn't i blow your mind this time ♪ a time when soul music meant love. ♪ ooo, baby, baby this is smooth soul. ♪ ooo, baby, baby man, that takes me back.


info Stream Only

Uploaded by TV Archive on