run on aig. and there was a real view, by the way, that if aig went under, the game was over. >> aig does business with every major financial institution and in 130 countries. >> aig will destroy much of the capital formation process in the western world. >> paulson, bernanke, tim geithner, they saw the risk that this could be not just a fire that would burn wall street down, but could burn down our economy and burn down the world economy. >> it is uncle sam to the rescue. but what a price tag. >> the federal government is saving insurance giant, aig, from possible collapse with an $85 billion loan. all of it, your money. >> the move was designed to calm and bring stability to the financial markets. did it work? maybe, down the road, but not today. >> another anxiety attack on wall street. even after the aig bailout, the dow tumbled another 450 points. >> in your 30 years, have you ever seen a market like this? >> no, never. >> hank paulson and ben bernanke are working very hard. but it doesn't f

if it you think lehman brothers was complicated to figure out, aig was monumentally bigger. >> aig is this massive insurance company, but they also had a division called aig financial products, which would offer something called a credit default swap. >> a credit default swap is a contract between two people, one of whom is giving insurance to the other that he will be paid in the event that a financial institution or a financial instrument fails. >> so it's an insurance contract? >> it is an insurance contract, but they have been very careful not to call it that. because. if it were insurance, it would be regulated. >> aig essentially facilitated the creation of a lot of the mortgage securities by essentially providing an insurance policy should they go bad. but because the derivatives market had been deregulated, aig could do this without requirement to put up any reserves. it's like a company selling you life insurance policy and not having any money when the time came to pay off. and the time came to pay off. >> after its credit rating was downgraded overnight, aig must raise at l

. >> we couldn't bring up aig in the room. there was no regulator for aig. cheryl: the morass that became aig in the hank greenberg era. we'll talk about it next month on fox business. >> thank you for having me on. great to see you. cheryl: we've got the closing bell ringing. we have seven minutes to go. remember infrastructure week, it may not be a priority in the u.s. but different story around the world. 10 billion-dollar closer has an idea how to build your portfolio that is coming up on "countdown." ♪ i get it all the time. "have you lost weight?" of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. pah! thano, no, no, nah.k. a bulb of light?!? aha ha ha! a flying machine? impossible! a personal' computer?! ha! smart neighborhoods running on a microgrid. a stadium powered with solar.

so well for aig. wells are not working out for aig in the second quarter. lisa: the stock closing down 2.7% and dish network's, stock of the hour, big boost their following -- it was better than expected. alix: let's take a look at the -- joe: take a look at the bond marketjoe:. year, and on the 10 we have the risk on move and nonetheless return to some buying, 10 year yield down to 2.95. it wasn't bad but it did not stream. two-year yield down to 2.65. the loser in government bond play, italy, the rates ticking higher, everything else, ongoing concerns about their budget. keep an eye on italy because investors remain very jittery. they actually intervened because they were a selloff, so interesting. on the currency front, fascinating move, talking about the chinese yuan. you see the strengthening versus the dollar, the dollar weakening after china said we are going to restrict how much people can speculate on the currency to short it. this comes after they really want to highlight this, the chinese r

aig travel destination for the bay area. chief meterologist jeff raneiri joins us now. jeff the big question tonight, should people cancel their vacations? on twitter 24/7. follow him for updates on the storm )s timeilne and path. his handle is "at jeff ranieri". on policy. tibbits was the 20 year-old college student in iowa -- who grew up in oakland. today, the farm worker accused of kidnapping and murdering tibbits, made his first court appearance. there are many conflicting reports -- about his immgration status. was he in this country legally? nbc bay area )s jean elle is in piedmont where tibbetts spent much of her childhood. jean? tonight. san jose state students are being warned about a violent crime. police say a man kidnapped and robbed a student at gunpoint, this afternoon. it happened at a seven-eleven store across the street from the university. police say the student was forced to withdraw money from different a-t-m machines. then, the suspect let the student go. he wasn )t hurt. but some students say they )re shaken up. the suspect is a man in his twenties

ship in a sicilian paul for more than a week it's in his vocalist the government has clashed with the aig you overage refusing to allow them into the country. hands involved which top court has upheld president emerson the man i got was a victory in last month's election judges dismissed the opposition music claims of vote rigging citing lott lack of evidence the challenge had delayed the president's inauguration which will not be held on sunday. that's it you're up to date all of the talk of the out of the. earth. home tombs of species. a home worth seeing if you can. get those are big changes and most start with small steps little indias tell stories of creative people and innovative projects around the world. but here's the.

a number of airlines — including aig — have taken the matter to the european commission and are looking for a legal solution. and then there's the question of norwegian. iag has had two bids rejected by the lowcost carrier — so will the group look to make a third attempt orjust leave it there? peter morris, chief economist, flight global joins me now. he can answer all the questions for us he can answer all the questions for us to be firstly, what are we expecting from the result? fuel prices have been rising and there have been a air—traffic control strikes. how susceptible is british airways and its parent company to those facts? the fuel - is a big deal, tracking about 50% higher than was this time last year and that is a major cost for airlines. it does have an effect but like thatjoke about running from a bear, or you need to do is run faster than the other person. because of the diversification of the iag portfolio, they have a mix of different kinds and different business models and they can optimise reasonably well within europe. you talk about europe and we are coming up to

we have three big names, cbs, aig and shake shack, big stories, different reasons. su: let's go to the after-hours board, aig taking a hit on its investment portfolio, larger than expected underwriting. cbs and focus. they said don't ask, don't tell on the conference call. what we have is a company that performs very well especially with paid tv. the questions about les moonves, the ceo hit with allegations from six women he allegedly harassed. there is a report there could be another story with more allegations. a story about his future is weighing on the company. on the conference call, it was his first public comments since the allegations. he did not address the issue, and nobody asked. there is a legal issue from redstone. shake shack, it is under pressure for slower sales, up 50% year to date and a lot of people ready to short this. it will be interesting. many you can only eat so hamburgers i suppose. it is the summer season. let's bring in the wealth management founder and president here. there is so much we can talk about here. let's go into trade now becau

hour for us here on earnings julia boorstin will be bringing us the numbers morgan brennen covering aigs results and josh lippen will have the numbers from gopro. we're about 30 minutes away from that cbs earnings call joining us today to talk about this market is mike san tolly and michael back from destination management leading the dow of course was apple. cf industries was the big winner on the s&p, trip advisor the biggest loser. apple becoming the first u.s. company in history to hit $1 trillion of the market cap everybody's trying to read into it, mike what does it mean for apple? >> apple didn't keep us in suspense that long finally crossed and closed over a trillion dollars, so that's great. it obviously reflects how big the market is. so it makes sense on that front but also really does reflect how remarkably huge apple is as an economic entity. quarter of a trillion dollar in sales, most profitable company in the world >> stephanie, to what extent do you believe it's been pushed over the line because it was close to the line? >> i think there's no two ways about it, the quarte

strong advocate for human rights and democratic values, that was the soft side of john mccain that aig lot of people don't know about. fighter, not just a fighter but a fighter for the people of arizona. after he got back from the time that he spent in prison, he got back to arizona and he started fighting again. he did that for 36 years after his incarceration. he was shaped by his own military service and that ofr. his father and grandfather. it's been saide several times, statements about his father and grandfather, i've done some studying and that is really what formed john mccain. both of them were admirals in the navy and during his leadership in the senate armed services committee, he continually focused on impact. he has served on the arms services committee and shehe knows, as i know and anybody else knows who have served with him that he was always for thehi underdog, always for the troops in the field and i think the senator from maine articulated that very well, the people that he had compassion for would always take care of the soldier and the airmen and the marine. he art

that includes aig lower by about 5%. second quarter earnings are from investment portfolios, specifically its private equity and hedge fund performance weakening. as a result, profit missed analyst estimates. take to on the other hand is moving up from 8%. the first quarter eps beat analyst estimates, and it's full eps view falls short here. it gave a range. the midpoint of the range does not quite come up to some versus the consensus estimate. nevertheless, the stock is doing better. julie: we are also looking at symantec down 10%. their last quarter was ok, but the current quarter it says will earn as much as $.35 which is three cents below analyst estimates. that appears to be what is behind the tumble in shares. and the medical waste management miss when it comes to its revenue in the second quarter. year forecast is also below estimates. watching shares of cbs. that company came out and it looks like the call has begun. moonves, the ceo under a cloud of allegations in his story -- in a story published by the new yor

we can't have our ambassadors, our soldiers, our aig workers, anybody serving the united states of america abroad be allowed to be hauled in by dictators. that sends a really bad message. and so we've got it push back on that now tragically the president didn't. president trump didn't. called it a great idea. and at the time i don't think he really understood what was going on, right. maybe that is part of the problem. maybe he shouldn't spend two hours with putin when he doesn't understand these issues. eventually they got it right but you know, to this day i have to worry about travel in third countries. >> right. >> there is this interpoll and something called red notice where i done think it's likely but putin is a little unhinged these days where he might chase me around and seek to detain me and exta-- extradite me to russia. >> wow. >> don't travel with me. >> yeah. >> there is an interesting part of the book when you talk about push's relationship with putin. and the two men had an interesting relationship because it seemed like it started off well and then 9/11 took thicks off cou

aig: it would be significant ercore is on point. one of the many questions we have, one that may have been is how is the company doing amid this huge distraction of maybe going private? it looks like they have been able to maintain production and they see a clear path to a level of manufacturing for the model 3 that would enable the company to hit production targets. the company has talked about getting to positive cash flow. if musk is going to pull off to beambit, it is going important he is able to execute on what he says the company is going to do. emily: what about this sec subpoena? investigations can take months and sometimes lead to no action. what is the potential impacts this could have? reporters in washington had a great story about the idea that an inquiry along these yearscan take up to two .even if it looks to us or other outside observers that this is not ok thethere was a violation, sec needs to dot its i's. -- seen pushseen back against what the sec has wanted to claim, you see the ordeal that played out with mark

a number of airlines, including aig, have taken the matter to the european commission and are looking for a legal solution. john grant is an aviation expert atjg aviation consultants. thank you forjoining us. what is your take on these results? i suppose it is a lot of positivity for iag? it is solid, not spectacular, but iag is so large and has so much mass that it is a steady eddie performer in the market and has done it again. good numbers, but almost a continuation of the sort of performance we have come used to seeing from this company. that is notwithstanding these major challenges out there in the market, the ongoing strikes, the rising cost of fuel. if those problems continue to be there, are we going to continue to see these sorts of numbers? i think we will. they are very well—placed in terms of capacity and market position. if you look at heathrow, nobody asked can get there and it has very good, solid yields, the operation is very successful and they are expanding with low—cost, along for operations throughout europe. they are a really solid player. they are almost tef

it is everything from aig to see he's got all this isn't an ad for amazon what i'm saying is that this is a situation we're looking forward into twenty eighteen and twenty twenty because watching i only watch the cable news when i'm here in new york city and in a hotel room and i can watch it and they have no idea what is out there they have no idea what is coming or perhaps like these other billionaires who are like afraid of an apocalypse what you i think what you're seeing from the rachel maddow is she's she's you know she's embodying that apocalypse that fear of the apocalypse that something's coming and they're coming for my class of people my my people so there's i don't think they understand what the voter is feeling and i don't understand i think they i think it's going to be another stalling thing just where they don't hear since the election of twenty sixteen there's a certain group in the media they keep asking the question how did this happen why did this happen how is this continuing to happen how do they are totally disconnected from the average person that's the question

. >>> at least 37 people are dead after aig hhway bridge collapsed in italy. it happened during a severe storm storm. you can look for the latest onay the "tshow. >>> crews are still trying to put out a two-alarm fire at this frcycling plant in clarksburg. these are picture chopper 4. no injuries reported but the fire has been burning for nearly four hours. melissa mollet has another look at the traffic impact. >> it is a big. impa we're talking about a ten-mile delay southbound on 270 as you approach thisproblem. you can't take 355 through that area. allow lot of extra time. 70 to through damcus, it is moving but it will take you a hile. guys? we also have sun blare on the roads too. sunnhot, high of 91. tomorrow, still in the 90s. even friday, the highest humidity will be friday as well with tmperatures in the mid-90s. then rain chances headed into the weekend. doesn't look too bad. cooler on sunday. >>> tomorrow on "news4 today," sending the kids back to school can be a relief for some of the kids but it can be nerveki r for kids dealing with allerg.s at sc

it is everything from aig to see he's got all this isn't an ad for amazon what i'm saying is that this is a situation we're looking forward into twenty eighteen and twenty twenty because watching i only watch the cable news when i'm here in new york city and in a hotel room and i can watch it and they have no idea what is out there they have no idea what is coming or perhaps like these other billionaires who are like afraid of an apocalypse what you i think what you're seeing from the rachel maddow she's she's you know she's embodying that apocalypse that fear of the apocalypse that something's coming and they're coming for my class of people my my people so there's i don't think they understand what the voter is feeling and i don't understand i think they i think it's going to be another stalling thing just where they don't hear since the election of twenty sixteen there's a certain group in the media they keep asking the question how did this happen why did this happen how is this continuing to happen and what how do they are totally disconnected from the average person that's the qu

. >> the big story is aig. they reported that their profit is taking a hit. the ceo was on the conference call. on a largern a hit than expected underwriting loss and some of their investments. shake shack investors were nervous. let's go right to cbs. the network doing fine. questions about the ceo are the issue. under an internal probe after allegations from six women having some kind of harassment issues. will he go?, that is the question. second-quarter earnings grow -- grew. with shake shack, expansion is of concern at a time when growth is starting to slow. stocksthe most shorted on the street. a lot of bears waiting for it to drop. haidi: su keenan with a look at some of the movers. let's get more on the market. joins us strategist from boston. great to have you. today's markets have been pretty putting shaking off or to the side these trade tensions. is the worry that things are escalating and there don't even seem to be talks about talks on the table at the moment? >> it does worry me a little bit. there is an awful lot of complacency out there and a

the reverend kathy alexander joins us this morning with aig donation standing beside h inii with big backpacks. tell me how you congregation has jumped on board. >> we find this to be an amazing effort we can participateev in y year. we want to get or friends and families and have gotten them together. we've been able to give funds and backpacks to outfit about 250 children. >> let's findt out w that is. >> we have a check for 3,1$3,1 o give towards this effort. >> that's going to go a long way. why is this important for the church to lead the congregation and the community because you know the community's needs. >> we feel like we need to be we want to keer out not only in words and prayer but physical ways as well. this is an opportunity for us to do that. >> we can't say it enough. backpacks full ofs suppl get young people started out of gate. assignments like a small gesture for a lot of people but it goes wa long >> it does. it's more than physical needs. it's the hopes and a dream the intentions of every child that's going to carry a backpack. how off that backpack. i love them

flying higher after a surprise increase in july revenues for passengers norwegian facing takeover from aig has been looking to expand it's long hold operation as well and i'm happy to say that the senior research analyst at bernstein research joins us to discuss more about the airlines industry let's start with norweigian air >> our view is in the medium turn we don't think an acquisition will happen. it was great revenues but overall the company faces substantial issues. >> so broadening this out and the reason i'm bringing this up is i know that norwegian air are exposed when it comes to this. fuel costs on average they're about 60% higher than a year ago norwegian air potentially one of the carries that's going to be exposed. who are the most vulnerable? >> they increase about 3 million. most exposed are low cost airlines so they're definitely facing more head winds into next financial year but also air france and slightly less they're actually good. we think they have seen the majority of fuel costs so that will be a positive in the future >> can it not be translated one for one? >> no

and casualty insurance unit aig shares are down about 5% >>> look at shake shack. they're down about 5% as well. the burger joint reported a second quarter beat, but shares are down after the company said it is delaying restaurant openings and that impacting the stock price. >>> horse racing is legal again in massachusetts after a 36-hour unintentional band the state legislature failed to extend laws that permit racing as they scrambled to finish their legislative session on wednesday morning. they failed to address the vote this time. because those laws expired on tuesday, the state's gaming commission was forced to suspend horse racing lawmakers worked quickly to fix the gaffe, but it was too late for yesterday's races. the tracks will be up and running today. >>> now a look at the state of the labor market on this jobs friday we'll get the number at 8:30 we'll play all sorts of prediction games before that, let's bring in manpower group's becky frankowicz let's talk about the skills gap. what you folks are doing, and where the real gap lies no >> it's interestin

apple's shares account is about 25% low are than five years aig. remember, folks, all other things being equal, it means that apple earnings are in fact 25% higher than they would have been under the old share count guys back to you. >> bob thank you for putting that in perspective for us bob pisani on the floor of the new york stock exchange. sticking with apple after hitting the milestone can apple continue to grow and what lies ahead for the tech behemoth. >> joining us guy kwau sackry, the former evangelicalist at apple. the chief economist at conva. >> it's a historic day. >> as somebody who used work for the company and seen it evolve would you ever think we'd get to this point where it's a trillion dollar company. >> never to affirm that i left apple twice and steve jobs offered me a third job and i turned him down. obviously i never anticipated this day because i would have stayed >> do you still own the stock. >> just a few shares, nothing that would change my lifestyle let me put it that way. >> how did you miss it what did you miss -- a

lock in these great reinsurance rates and have even potentially better underwriting than someone like aig? dan: i think that's exactly right. larger incumbents look at companies like lemonade and they would like to mimic some of the technologies we have used, some of the marginal messaging. i think that really is just a bit of the tip of the iceberg that is sticking up and is visible to date. 90% of the iceberg, the value that has been created, the transformation that is a foot, is in the data that is being created as a result of those delightful digital interactions. what that means is, whereas traditional underwriting and traditional broker based businesses, we look at a group of one million people, because of on boarding them using 20 data points, it equals one million, 10 million -- when you get to a digital interaction with consumers, you get order of magnitudes more insight into them. you start being able to look at risks at a far higher resolution. ultimately, you become best in class in terms of underwriting and pricing risk. what has started off as being fast growth, technology e

. >>> big night for the redskins an redskins nation all coming up at fedex field to watch the guys aig this preseason game where they have to fight for their jobs>> retweeted a tweet from julie dau hajulie donaldson saying do you want to see tonight? just no injuries. >> none. >> you know. it's not football weather out there tonight, but it is gorgeous weather. rightow our temperatures are in the 80s. we're at 83 in washington and 82 degrees over in manassas as well as college park. fedex are heading down to field, this is what you can anticipate. you picked the right time to go. fantastwalk the weather. 7:00 p.m., 79 a degre game gets under way at 7:30. if you are not going, we have ht here. r mild at 74 degrees and by 11:00 p.m. it's comfortable with clear skies around 71 and hints of i fathe air. here's your forecast for the weekend. tomorrow sunny skies from start to finish. 66 degrees at 8:00 a.m. and by e 5:00 p.m.it our high of 85. on sunday, i want to point this out.ut i can't rule an isolated thunderstorm, especially west of washington, but for most, if not all of us, it is lo

they have countered with aig proposal of their own. in a statement, the attorney for president trump, former new york city mayor rudy giuliani wrote "we are restating what we have been saying for months, it is time for the office of the special counsel to conclude its inquirn without further delay." the former mayor is notce predicting that the investigation could be over by september 1st. he will be right here on the show with more details in just a few moments. without a doubt, president trump should be aware. mueller, his merry band of anti-trump deep state sycophants, hillary clinton, obama, democratic donors. what's happening here, we all pretty much agree on. they are laying a perjury trap for that president of the united states. mueller should not get what he wants. the president, his attorney should not give in. the president should not sitou down for an interview. tonight we have yet another example of just how corrupt and how flawed mueller's witch hunt really is. according to a shocking new report, john solomon, christopher

. >>> aig took a big restructuring charge and saw lower investment income, had a weak showing in its property and casualty unit those shares are down about 5% >>> shake shack's stock tumbling shake shack reporting a second quarter beat, but sharesdown after the company said it is delaying more restaurant openings shake shack stock is down about 4 h 4.7% in the premarket. >>> we are just getting started on "worldwide exchange." on deck, do you remember this? >> he has no idea -- >> cramer. >> i talked to the heads of almost every single one of these firms in the last 72 hours he has no idea what it's like out there. none bill poole has no idea my people have been in this game 25 years they're losing their jobs, and these firm also go out of business and he's nuts. they're nuts they know nothing! >> cramer -- >> it's been 11 years since jim cramer famously sounded off on the federal reserve. we are firing up the time machine to look back at cramer's call to see how far we have come a little something for all you movie lovers out there two iconic pieces of hollywood history just hit the

starting to see that now with fixed income investors we're seeing last week with bill gross not doing well aig which insurance companies and big investors in the fixed income market. their earnings were hurt by poor investments so we're starting to see that move into the markets so at some point a lot of these other issues will come to play with what's going on in the stock market. >> what's the most important sector of the stock? you do a lot of technical work as well. what's the most important thing that our viewers and listeners should be watching for right now? is it still the f.a.n.g. stocks or semi-conductor stocks, what are you watching >> the tech stocks in general have been the key leader for the stock market ever since the election of 2016 the one thing though is that the f.a.n.g. stocks have been a key leader within that group however so have the semi-conductor stocks. we saw the semi-conductors go down in the spring but the f.a.n.g.s. held up recently. they started to get pressure before apple computer held up with the earnings. so if you watch the combination of those as they both

., wh aig police presence to meet them. garrett haake is there for us. >> reporter: good morning, d.c. police will be flooding this area later today tryingo keep separate groups of white nationalists and counterot ters, even as they converge on this small park later tonight. overnight, tense moments in the streets of charlottesville, virginia, far left protesters heckling the media and chanting anti-police slogans. as the city rolled out a heavy police presences n the eve of darkest day. last august, white nationalists and counter protesters clashed across the city. counter rprotes heather haier died after being struck by a car allegedly driven into a crowd intentionally and a helicopter crash took the lives of two virginia tate police officers monitoring the violence. jason kessler, the organizer of the unite the right rally is planning a seql in d.c. today, among the scheduled speakers former kkk leadur david . >> on sunday, we know that we have people coming to our city for the sole purpose of spewing hate. we, the peopl

s aig deal for golf, because it's usa. >> exactly. >> jimmy: it's us versus the rest of the world. yeah. is that -- that's a different ball game, right? >> it is, it's crazy. i've never actually played in a a ryder cup. i played in the president's cup last year. but my dad, working for the pga, i was able to go to some ryder cups growing up. so i know exactly what i'm getting myself into, and i'm really excited. it's going to be really a lot of fun. >> jimmy: yeah, it's gonna be great. [ cheers and applause ] so justin and i about to go head-to-head or face-to-face in a game of "facebreakers." now, we're going to take turns chipping golf balls at that wall of glass with our faces on it. that is my face. that is justin's face. [ light laughter ] when we hear this sound -- [ air horn ] that means it's a speed round and we'll hit as many balls as we possibly can. the first pers t of their opponent's faces . fedex will be donating $1 million to st. jude's the winner's name. [ cheers and applause ] ♪ how cool is that? >> awesome. >> jimmy: it's my first high-stakes golf game. >> yeah.

cheers and applause ] and alec baldwin wilopbe ng by as well. [ cheers and applause ] alec -- alec got aig round of applause last night. >> steve: oh yeah. >> jimmy: alec had some good scenes in "mission: impossible" st the audience went nut when he came on. he's great. but first, we have a fantastic show tonight. r in the upcoming film "robin hood." jamie foxx and taron egerton are here this evening. [ cheers and applause ] plus, from the hit netix movie "set it up," zoey deutch is stopping by. and -- [ cheers and applause ] we have stand-up comedy from the very funny mark normand, everybody. it's going to be good. [ cheers and applause ] today today is -- today is friday and that's usually when i catch up on personal stuff. you know, i check my inbox, i return e-mails and of course i send out thank you notes. well i was running bind so -- [ cheers and applause ] can i write out some thank you notes right now for you guys? do[ ou mind? eers and applause ] re the best. hey, james. do you have any thank you note writing music for me, please? ♪ wow. he's in a great -- he's in a great mood.

people are forgetting, march of '09, the banks to the bankruptcies of bear stearns, merrill lynch, aig, was on the verge of its own bankruptcy. from march of '09 to mark the election of '16, the fed policymakers in washington did an artful job of restoring confidence in the american economy and boosting back the market to where it really, from the fundamental standpoint, should have been. i think, what we need to measure in terms of the length of the bull market, start the day after the '16 election. that is not a commentary about the winner of the election, more so, is is a commentary about policy. policy that is tax favorable to corporations and individuals. policy that is job creating, and wrapping around that is free of the american people to once again lead. lead domestic from an economic standpoint, lead globally -- >> and what you think if hillary clinton had where would be now? >> if the policies that she had put in place would have or would not have done for the economy. if you're talking about former senator clinton who was very middle-of-the-road, you know, i think very, ver

it provides opportunity for our students to not participate in that summer learning loss, so it's aig advantage for kids. >> what do you like about at >> because they get to teach you something over like spring break and stuff and my favorite class was frenchla c. >> happy to have you back. >> reporter: back-to-school clothes and backpacks aren't all that's new today. there's also a new .uperintendent for alexandra city schoo dr. gregory hutchings jr., a product of alexandria city schools themselves. the start of ts schoolear is especially exciting. >> come back home it's a fee i can get coming home and when i'm walking around i'm seeing things very familiar to me, and there's no place like home so i'm happy to be back to be able to serve this wonderful community. >> reporter: tuckerlentary is the only alexandria city school that's starting today. everybody else is o the traditional calendar, and they start on september the 4th. in alexandria, megan mcgrath, news 4. >> right now at 5:00, we're in weather alert mode with a lot of thunderstorms causing flooding concerns. >> most of the

now investigators are trying to determine if the remains belong to brian aig. the 65-year-old was reported missing by a neighbor earlier this month. that neighbor says he grew suspicious when two strangers started answering his door, saying the homeowner was on vacation. this morning, egg remains missing and police are trying to determine if the body is his. >> safety remains a major concern in football, especially at the youth level. how a program in the south bay is working on new injury prevention techniques. >> a live look at the big board at the new york stock exchange. another update coming up. >> imagine using your phone on a plane in airplane mode and you get a $13,000 bill. >>> this is abc 7 mornings. >> all right, time to jump right back into school in albany. unified school district heading back. happy first day. 59, a little drizzle through about 7:30. then we'll be partly sunny, noon at 62. full on sunshine and a very comfortable afternoon, about 66 degrees. we have 90 around fresno. 80 around l.a. and sacramento. 104 in palm springs. 60 in eureka,

start to another the same boat has been causing a fan frenzy in sydney ahead of his football trial at aig sorry to the central coast mariners fans cheered him posed for selfies with the eight time elin picked gold medalist sprinter at sydney airport felt he retired from the athletics world at the world championships in london last year has trained with germany's boris it all went south africa's mobility sundowns annoys strums called sets as he pursues a career in football something he said is one of history its. citizens out of my last season start to feel that i want to play football. i knew what i'm capable of far i know what i can do some. sort of minus all giving me the opportunity to show people are running the on the other side of some might be to call the serial. so they add champions event to splash more than one hundred million dollars on crissy on a rinaldo and on saturday he'll make his set. davey the portuguese star scored twice in a friendly last week now is the new manager will hope you can do the same in their opening league game against you over a no. true or not this will

aig nearly collapsed. the federal government moved in. congress approved a $700 billion bailout program. the federal reserve bought government securities and other financial assets to increase the money supply. that staved off a greater economic crisis. but the profound effect continues today. the federal reserve bank of san francisco released a study this week which found that the financial crisis cost every american $70,000 in lifetime income. it also says that u.s. economic growth remains well below what its 2007 trend would have implied. and it's unlikely the economy will ever make up that lost ground. columbia university economic history professor adam tews has just written a remarkable extensive history of the financial crisis and its impact, it's titled "crashed, how a decade of financial crises changed the world." adam, thanks so much. thank you for writing this book. >> thank you for having me on. >> i want to put up a chart of u.s. wage growth. u.s. wage growth between 1998, ten years before the crash, an 2018. we'll pull it up

>>as translated ): if c wasn't there, i'd have to sell to individual homes and that would be aig challenge. when i supply classic, i'm paid on a regular basis and that helps me with planning. >> reporter: almost all of the planning and consulting work done by partners in food solutions is done electronically, by telephone and email. julie wavenik is a food scientist at minneapolis-based general mills. >> if there's one piece of equipment i could give my p.f.s. clients, it uld be this. >> reporter: for one client, she tried to find a low tech solution for equment she has that can distinguish among various types of flour. it's critical the quality of baked goods. >> the client i worked for was a co-op. they were essentially milling c whld be a cookie flour and what could be a bread flour and using them interchangeably and it's going to perform pretty terribly. >> reporter: working with her distant clients is a two way street, she sa. not just sharing her expertise but gaining insights in return for her and her company. still need solve the problems and your own preconceived k tions don't app

nice run and everybody feels so comfortable the insurance business is mixed business if you look at aig, you would think the insurance business is terrible. >> yeah. but not for -- >> yeah. >> soft bank we mentioned -- it's funny i'm glad we're taking minute or two on it. i think the stock is looking up. it is. ai is a key focus. >> oh, yeah. >> it's related to every single investment. >> yeah. >> alaevery single investment, a make, to a extent, it doesn't necessarily have to be ai specifically but maybe the chips that help run it the arm holdings deal was one of the first. >> right and the vision fund which is managed by soft bank but a separate roughly $100 million fund the largest investor is the kingdom of saudi arabia. they have a 17% return guaranteed on their money. it's amazing what ma is a son. he's moving out of the mobile phone business and they hope the sprint deal works, in which case, they'll be a combined owner of t-mobile/sprint which telecom is the other owner. >> the paper i know you have, well, you're opposed has the justice department is leaning toward. >> really? >>

the aigs worked on restructuring, and i guess it is time for him to move on with all the changes that blackstone. scarlet: a human right activist and an advisor to boot. lisa: so what is next? becoming the pope? it would not be a bad idea. [laughter] scarlet: it is a little more public hated to become -- complicated to become the pope than that. process, justlong playing around. he did create a big role for himself. he is 62 years old and says he wants to create new fertile ground for the next generation. i want to move into the intern issue, because wall street is trying to become more diverse. there interns are getting their. -- getting there. what's going on here? >> i am skeptical. that is the lowest hanging fruit. you better get that right. the problem with diversity on wall street and consequently wage gap is not what happens at the intern level or the lowest level, but at the seniormost level. they still have a lot of work to do to get there. the big issue is how to frame the issue. this is not some social responsibility for companies. diversity is good. studies have shown more

i will a little flummoxed got interview, wednesday aig 29 top stories 8:00 a.m. eastern trade talks with canada after president trump sealed a deal with mexico white house economic advisories chairman hatchet explaining why the president is choosing to tackle deals one country at a time. >> our objective members and he hopefully canada doo deal become a model for many other countries the president thinks you can talk to one country years than a bunch of countries once a deal with mexico you can lead almost amp l . >> deals the market s&p 500 nasdaq and russell 2000 all-time highs third day in a row, the bottom of the hour second reading how fast economy was growing the second quarter estimate is for 4% growth down from 4.1% the first reading, still the strongest growth that we've seen for this economy, in four years that have the major markets gained yesterday across the board. lets move to europe, we are watching england france, germany there england slightly lower down one-third of a percent asian markets in positive territory shanghai composite the soul loser

apple's become the first privately owned company to top one trillion dollars aig market value is the latest milestone for a company which began with two mavericks in a carriage forty two years ago. or so coming up a slim and siemens despite booking sharply higher orders the german industrial giant wants to streamline operations again. and dumping diesel what germans are doing with all those cars after discovering that engines are actually a lot dirtier than they thought. this is your business update i'm headed home free in berlin that you could join me apple has become the first us company to top one trillion dollars in market value the record crowns a decade long rise fueled by its i phone it transformed the.