tv Cavuto Coast to Coast FOX Business September 29, 2016 12:00pm-2:01pm EDT
prosecutors. >> racketeering. stuart: monica controlly has -- monica crowley has sat here for an hour, we've got 15 seconds left. [laughter] >> the core pillar of the democratic party is beating up wall street because they're now a socialist party. stuart: two seconds, one second, 12 noon. here's neil. neil: thank you very much. what's going on in washington, imagine the reaction we're already getting to this train crash today in hoboken, new jersey. already without even knowing the details and without even knowing what exactly caused this, nancy pelosi, the house minority leader, urging congress to quit delaying something called the positive train control act; that is, the means by which a train's speed can be adjusted automatically if something is happening to the conductor or the conductor is riding the thing like a banshee. so we don't even know what happened there, but nancy pelosi saying it no doubt has to go back to this positive train
control which will be required on all trains. it's been delayed in a lot of cities and states including new jersey, but no doubt, politicians seizing on that. another politician interviewed on fox news saying it's a sign that infrastructure spending is a low priority for congress and that is why we keep having events like this. again, that begs the issue that if we had more infrastructure spending or more spending on trains or high technology trains, we wouldn't have. let alone the fact we don't know what caused this. but this happens every single time. so much to get into here. here's what we know thus far, one person is dead, a hundred-plus are injured in this accident today. the accident, whose cause we still haven't discerned even though a number of politicians have already concluded. adam shapiro with the very latest. adam. >> reporter: and, neil, you can see part of the train station behind me. let me bring you up to laters on what we know about the -- latest on what we know about the people who were injured, and this is coming from the jersey city
medical center. they are treating 40 what they call walking wounded and eight seriously injured patients from the train crash. again, 40 what they call walking wounded and eight seriously are injured patients from the train crash. i'm going to step aside so we can show you the station. you don't see the portion of the station where the train jumped the track and then caused damage. what you see is the outer part of the station where people go into the waiting room. a what we know is that at 8:45 a.m., the train had left spring valley, it was on its way to hoboken, and people on the train who ride this train daily say that usually it slows down and then moves very slowly into the station. that did not happen and, of course, we had the accident. as you said, one person confirmed dead according to new jersey transit. new jersey transit also was very -- they were emphatic when they said the conductor and the engineer, and these are their words, are very much alive. now, the conductor was taken out
by emergency crews, had to be taken out from the front of the train and has been transported to hospital, but again, new jersey transit says conductor and engineer are alive. this is crucial because the ntsb is sending what they call a go team to the scene to begin the investigation of what actually happened. and speaking to the conductor will be a key part of that investigation. as i wrap up, neil, want to let you know what's coming in the next hour or two. there's going to be a press conference here at the scene with the mayor of hoboken, and we presume officials from new jersey transit. there's also going to be a press conference in washington with an administrator from the ntsb. again, they don't know what caused the crash, but this is the next line of information that we're going to be getting. back to you. neil: all right, adam, thank you very much. on the phone with us is bruce blakeland, the former port authority commissioner. commissioner, very good to have you. we are getting a messager from new york governor andrew cuomo commenting on today's developments saying that the state is working closely with
the new jersey transit new jersey authorities as well as port authority members to get to the bottom of this, so there's not much we know outside of the high rate of speed the conductor was going at when he crashed into this facility. do you know anything more? >> i do not know anything more yet, but the new jersey transit rail system, the port authority path system which is a rail system as well and metropolitan transportation over on the new york side, they're all intersected, and they are probably meeting right now. they have an incident command center set up where members of all of the transportation-related agencies will be meeting along with law enforcement people, emergency management people, eventually -- neil: and that's what's going on now. sir, i don't want to interrupt you, but we're getting some updates from hoboken hospital officials, many of the victims were taken to that hospital. >> no, there were no pediatric
patients that came in. >> [inaudible] >> i'm sorry, i couldn't hear what you said. >> [inaudible] sum up the nature of -- >> there were 22 patients that came in from this accident. there were five lacerations, three fractures and the rest were minor injuries of bumps, bruises, or shortness of breath, chest pain. >> so nobody would be characterized in serious or critical position. >> no one from here is critical. >> is this -- [inaudible] can we assume that everybody's in triage -- [inaudible] >> yes. we heard that oem and ems did a great job of doing their full triage at the scene, their mass casualty triage and taking care of every single patient at the scene. and at this point, the scene is cleared of any victims. >> do you think any of the patients will be admitted to the hospital? >> it's a possibility that
patients will be admitted to the hospital. >> how many from here will be admitted? >> at least one. >> [inaudible] >> yes. this is something that we train for. emergency management and the full incident command is fully. facilities they owned just in case we had to transfer any patients there. one patient was seen at christ but, yes, this is something that most emergency departments do train for. it is to be prepared for mass casualties so that there's never any question of what to do at anytime. >> the patient at christ. what is their status have they been released? >> they're stable at this time. i don't know their disposition at this moment. >> can you confirm the patient -- >> i can't confirm that i don't
know what he told the patient. >> [inaudible]. >> [inaudible]. >> good question. and that is often determination by ems of the situation and the condition of the patient. there is. neil: we'll continue to monitor this official from hoboken hospital that has taken in 22 of those who were injured in this morning's train crash. none in life-threatening conditions. not even critical condition. sounded like a few would be admitted to the hospital to stay overnight. back with bruce blakeman, former port authority commissioner. commissioner, we're already getting word that nancy pelosi, the former speaker, house minority leader, now is saying this might have been, this might have been stopped had we had positive train control technology in place, in other words something that automatically slows a train down that might be going too fast. what do you think of that?
>> well, obviously that is another technological device that is available. it is very expensive. i know they are instituting those types of devices throughout our transportation network in the northeast. i do not know whether this particular line or this particular station had such an automated -- neil: did it nod, sir. i'm finding out it did not. all of this is coming, delayed, implementation of this technology has been delayed. but could that have played a role here? in other words, there was no override for it slowing down? i think that is what she is saying. >> the operative word, could, yes, it could have played a role. we don't know human error, alcohol, drug, mechanical, distraction, technological. neil: i'm so grad you said that you know what? i'm so glad you said that you're waiting to find out what the heck happened before assigning
blame which is a novel concept. i wonder, commissioner, people will be looking at this an wondering, how safe is my train? this is luck of the draw that the conductor, can you explain the process authorities go through in your day, what you went through to get to the bottom of an accident? >> well, basically, the first thing we would do is rule things out. that is it what the national transportation safety board is going to do. they will take a look at this. i don't think terror was involved or criminal activity. i certainly wouldn't rule it out right now. they will start to rule things out and zero what may have happened, whether human error, whether technological, mechanical, or something else. national transportation safety board will first try to whittle it down and focus on a few things that they think may have happened. they will probably know that sometime by 6:00, 7:00 this evening. they will have a handle. they will probably look at criminal activity and terror
first because it is unlikely that that happened here but they will look at it, and then they will look at all the other factors that may have contributed to this accident. neil: how quickly do they check on the constructor or check on the fellows in the front of that train? what do they do? >> well typically, when an accident like this occurs there is mandatory drug and alcohol blood test that is taken immediately. and then the conductor or the engineer as the case may be, is interviewed as soon as possible, to get fresh information and to get it in an accurate basis. so my guess is they're going to start interviewing people immediately. i imagine law enforcement is already doing that. the ntsb go team is probably there already because they probably would have rotated somebody out of washington or some place closer by. so they're either there or
they're close by and when they get there they will take over. they're the lead agency. unless there is terror or criminal activity. then it would be the fbi. but the ntsb is the lead agency. they have done these drills before. they work with law enforcement, emergency management people and all the transportation networks to find out what happened. neil: we never. >> you exactly what was the status of the conductor, i believe commissioner in the 2015 amtrak train derailment in philadelphia. that is the one that left eight people dead. there had been some thought he had a medical emergency. you would have to update me on that but they immediately tend to, ntsb as the default investigator they look to that sort of stuff, right? >> yeah. they will look at sleep deprivation. they will look at distraction. was he looking at his iphone or his ipad? you know, was there drugs involved? was there alcohol involved? was there just simple negligence? they will take a look at those
things and make a determination whether it was human error, and if they rule that out, or if they put it to the bottom of the list as unlikely, then they will look at mechanical failure and technological failure. neil: all right. commissioner thank you for taking the time very, very much. we appreciate it. again to update you on governor cuomo commenting on this and stating the obvious for new york area commuters, they're in for some difficult sledding in the next couple days. ferry service to new york city from nearby terminals has been shut down. commuters should expect, quoting the governor, major delays into new york city those of you out in the west and other parts of the country this seems to being be a big deal. this is more important to the busy new york area quarter, so-called northeast corridor that get as great deal of attention and certainly a great deal of funding from you no matter where you are in this country. a lot of people questioning where that funding is boeing.
whether they spend enough. we already heard that i raise for you that inconvenient truth hits those within the come muting range here or not. we have the phone a railroad safety operation consultant as well. richard, thank you for taking the time. any early reads on your part? >> neil, i'm looking at same thing everybody else is right now. without jumping to any conclusions it is obvious the train went through the bumper blocks and into the station. they are i'm sure actively looking for or maybe already found the event recorder box, the black box, that is the first they want to pour over. neil: what does the black box say? similar to airplanes? >> its similar. a black box on a train is sealed good to avoid catastrophic air
incidents. in a train it is usually a box located in the nose of a locomotive or in the ceiling or in rear of commuter car such as this this looks to me what i'm seeing from tv what we call a push-pull operation. locomotive is always on one end. you operate from the locomotive going from one direction. and it is pushing when you're operating from the cab car in the other. i think they were operating from the cab car here. so when they get that black box it is simple as taking a laptop, plugging it into the black box on the train and downloading it. it is that simple. neil: there are a number of witnesses and those on the train felt it was going fast. that it wasn't slowing down when it was approaching the station. obviously that raises issues about the conductor. raises issues about the train itself. what does that tell you? what does a normal procedure? i would assume, sir, as you approach a station you do slow
down. that did not seem to happy here. >> right. they're probably operating at speeds up to 80 miles an hour up and down the line, maybe even faster. when they start approhey will gs of signals, wayside signals like traffic lights that will tell them to slow down or approach to slow down or whatever and, you know, those are meaningless if you ignore them, like running a red light. so if, if the engineers had some sort of catastrophic event, if he had a medical emergency, if he has had a heart attack, passed out or he just fell asleep, nodded off, that is going to just go by the wayside and you know, here he comes down into the station barreling into the butting block. neil: we'll watch very closely. thank you very much for taking the time. we have another big story we're following of course in the business world and that is the grilling and i do mean the grilling of wells fargo ceo john stumpf. as you know he already had to give up $41 million of his pay,
a called clawback urged by the board, embarrassed, probably humiliated more the word, give the chairman's bad performance last week before a senate committee. i got to tell you he isn't doing a lot better before a house committee. i want to dip into a little bit of this grilling here because what they're essentially saying to a man or woman, depending on their party of course he has got do go and things have to change at wells fargo. what is interesting, they're not letting him talk at all. take a look. >> -- low level employees because they almost brought down one of the greatest companies that our country has ever known. i remember wells fargo, the old wagon train days. so i'm happy you got rid of those employees. and i sam sorry for your loss, your $41 million. i'm sorry for the loss of the investors whose stock dropped. but, i am wondering what the
relief his for one of my constituents? i have her letter and i want to enter it into the record. she worked at wells fargo. >> without objection. >> okay, thank you. and she started making $13 an hour and she ended making $15 an hour. she is one of the whistle-blowers, complained to the manager. and then they changed her performance numbers and pushed her out. so she is person who kind of lost her job and other stuff that happens to you when you make $13 an hour. $15 an hour, i'm sorry. and, you're pushed out by people because you don't want to, because you don't fit in with the expectations and the culture. what is the remedy? is there a fund for these employees, the good ones, not these 5300, you know, $12 an hour, $13 an hour employees? what is the remedy for my
constituent at wells fargo? yes. >> we want to know about everyone and we're going to review their files for anyone who had anything to do -- if they were -- >> she has a case with the equal rights division. how come she couldn't come to you and tell you? >> we have people she can talk to. >> no the people she talked to fired her. >> we have corporate resources here of the if you could give me that name, congresswoman -- >> i want to ask a question. i have 49 seconds. i was very disturbed to hear about, you said that the numbers were just not large enough to the rise to the level being material for security law purposes. i guess i don't really understand that. you, would you as an investor invest in, sort of the bernie madoff type enterprise it seems like it was, huge dividends. would you make this kind of investment yourself? >> this is not any, this is a
quality company who made some mistakes but our investment thesis is all about our capital, our growth. >> i got nine section left. i want to ask this one question. you have stated previously that you think dodd-frank overregulates. do you still believe that? >> i never said that. >> oh, really? >> i don't recall saying that. >> time of the gentlelady has expired. the gentleman from indiana, mr. stutzman. >> thank you, mr. chairman, and, mr. stumpf -- neil: i want to bring you up to speed what is going on here. we're focusing on it will developments. not only happening in the new york metropolitan area with the train crash in hoboken what seems to be unraveling john stumpf, ceo of wells fargo. he already had to give up $41 million of his pay package. that could be significantly more. he still has 150 million of that pay package. don't cry for him just yet. what is interesting in this sort
much bipartisan grilling of the wells fargo chief, what he knew and what he knew it. sort of a watergate style questioning he had to have been aware of thousands of accounts added and business boosted and to say he was ignorant would stretch the laws of incredulity. others are saying he is the top chief. he is the big guys. all he knows that accounts are being opened and he is satisfied with the results. revenue is coming in, even though it wasn't much revenue. so much to do about nothing. when he became aware of this he says that he realized these were bogus accounts, false accounts, he put a stop to it, so it took some time. folks say you're in charge and you know what is boeing on or if you're not, you're a doofus. in either case you shouldn't be around and running this bank. they're looking more than a pound of flesh here. they're looking to fry this guy. that is pretty, pretty clear here. many people look at this, who are they to talk about financial
propriety what to do with money and all of that, but it is what it is. jonathan hoenig joins us. dagen mcdowell. basil michael with us. dagen to you first, what do you make of what is going on here and how this will all be resolved if at all? >> i do think john stumpf will end up losing his job as ceo. i think writings on the wall when that happens. no one knows. beyond that the egregious behavior at wells fargo, these lawmakers, particularly the democrats, they're all about controlling pay of corporate executives and particularly those in the banking industry. i think that is the direction that they're trying to go. regulators in april proposed rules about financial pay, about wall street pay, including clawbacks that go back seven years. the banking industry fighting back against those proposed regulations but that is what we're talking about. they will make this act like this is about john stumpf and the $41 million that he has given up but it is about more than that it is about washington
controlling the pay of corporate executives. neil: basil, there was a great deal of criticism led by senator elizabeth warren last week that big banks are still getting away with murder, literally -- not literally, a lot of things under the category of financial hanky-panky and that wouldn't have happened, if we were more vigilant going after this sort of stuff early on. do you agree with that? >> i do agree with that. i agree with a lot of what dagen said, except for the fact towards the end i don't think this is simply a democratic issue. the republican candidate donald trump at least early on in his race talked a lot about the system being rigged until we found out he sort of did a lot to rig the system himself. having said -- neil: why should we, why should we even bother talking about hillary clinton's relationships? >> we're talking about the financial system here. neil: i see. >> truth of the matter -- neil: i just you picked sins of one candidate. let him finish.
>> think both democrats and republicans are looking at this and saying you know, these are the kind of, this is the kind of behavior that caused financial collapse in 2008 for some people to lose their homes. neil: this behavior didn't, no, no. this is apples and oranges. >> i don't see that. neil: john, why should we equate the sins of wells fargo if that's how you want to look at it with the sins of everybody. >> neil, this is mob extortion. this is a shakedown. and you know the point here ask as panels already alluding to portray all financiers as shysters, as these frauds would rip you up at first opportunity. this was a 2 million-dollar fraud, or 2 million-dollars stolen at a 2 trillion-dollar bank. you know, neil, fraud is a fact of life but it is not a way of life for companies like wells fargo, who have very high ratings. if maxine waters wants to be upset about something, or congress be upset looking into not the $2 million fraud at
wells, but $150 billion of fraud at government every year? >> i got to say this though, say it very quickly. i object to the categorization of this sort of mob mentality. and congresswoman who just spoke before we started to speak actually praised the company and its history. so i don't think the majority of individuals believe that these companies by and large are fraudulent. but you do need to penalize bad behavior, because if you're taking advantage of ordinary americans, that is by h birpartisan standpoint everybody can agree there needs to be pun pushment. >> everybody agree lawmakers want more power whether on right or left. they want more control whether pay on people on wall street, pay on executives across the board or whether it is just through regulation, again the more control they have, the more power they have, the whole reason they're in the business of -- >> there is nothing wrong with accountability. there is nothing wrong with
accountability. >> this, i'm sorry, this fraud was not discovered by the regulators. this was discovered by a private newspaper which unearthed it. again they're, regulators get $130 million for more controls that they missed in the first place. there is the hypocrisy at work once again. they will not testify. neil: got a lot more grilling to go. it is not done. but the, be on guard using a hearing to look into actions at one bank as justification to look into actions much lots of other banks and maybe reopen dodd-frank, tight init up so people will pound on this sort of thing. we are keeping abreast of it. we'll go back and forth as warranted. meantime, back to that new jersey crain crash, fox news correspondent bryan little anyone with the -- >> neil, 51 people brought to
new jersey medical center. this is a level two trauma center, regional trauma center. 51 were brought here. 41 were brought by new jersey transit bus. they are considered walking wounded. those have laceration, cuts, bruises. spoke to some people have twisted ankles and whiplash. the other eight in more serious condition. three are in the most serious condition of that. so the 51 that is the breakdown there. obviously the medical doctors here tell us that they expect everyone of those to walk out of here or at least be okay. there are non-life-threatening injuries. that is great, great news, considering images that we are seeing out of that scene this morning. also we went to the hoboken medical center, university medical center which is just a few blocks away from that train derailment. and we spoke to the hospital there. they had about 17 injured there. again, nothing critical you but they're all in stable condition,
lacerations, bumps and bruises. nothing that we've seen that would be life-threatening there as well. so this is is the jersey city medical center. we are about three miles away from when the train derailment occurred at the hoboken new jersey transit station. they set up triage units there right away. they are trained for this kind of thing. this medical center reacted, was a triage center for 9/11 when us airways, with captain sully landed on the hudson. this was the medical center for that. they are trained here. we know one person is in the operating room. another person in intensive care. they are well-trained for this. the first ambulances started arriving 9:15 in the morning. they are expecting people will be walking out of the hospital, we already spoken to some witnesses in the, next couple hours. 40 people here in a triage center set up inside of the cafeteria where they are getting, they are getting treatment for those bumps and bruises things like that, neil. given what we've seen,
thankfully we're not seeing anything more serious than what we've seen thus far, neil. neil: thank you very much, my friend. i'm just doing the numbers and math in my head, folks. that would appear to be 69 who were injured. four of them pretty seriously and one killed earlier on. those are the most recent numbers. new jersey congressman scott garrett whose district is next to hoboken. he sits on the financial services committee, the very one i believe grilling wells fargo, right? thank you for your patience to deal with both. >> sure. neil: congressman, nancy pelosi earlier said this could be avoided if congress hadn't delayed the positive train control measure, a technology that automatically slow as train down when it is going fast. others told me, mainly engineers, emailing, that technology would not be able to kick in as quickly as appears
needed here. i don't know what the truth is, sir. it does sound weird to me, not knowing what caused this accident to assign it some blame anyway. what you do you make of what nancy pelosi is saying? >> well, what i make of it, at this point in time i think our first priority is what has been occurring on the ground bit first-responders, by the various government agencies we've been in contact with from the very beginning and first priority is make sure those people who were injured in this tragedy, who have life-threatening injuries are taken care of. i'm glad to hear that buses are there and bringing people to the hospital and it is an area where there is great trauma services. this is train actually goes through my district. so i personally concerned about that. that has got to be our first priority. we can bet to step two and step three which is in the works as well, try to figure out what the overall, or underlying cause of this. i think it is premature for anyone to be jumping the gun on
this saying it is this cause, whether it is positive traction control, whether it is solution or whether it is the cause of human error. your show has been doing excellent job trying to dig into the facts already but it is premature to making speculations at this point. neil: you know, do you know how much in process like this, sir, is put into the conductor, finding out, you know, his or her health? the sort of thing that became an issue in philadelphia back in 2015. that accident killing eight people i believe. that became a subject of concern right away. >> sure. neil: then i think it eased up. what do you make of that? >> somewhat apples and oranges at least where we stand now. in philadelphia case driver was talking literally right after the accident, be able to give some information. was able to give information in
relatively short time and was able to do so. they had his phone they were able to check in with you will at rest. even then of course it took a period of time to do the toxicology to do all the other investigation. this situation we're only hours into it. to the best of my knowledge we don't have availability of operator. comparisons there are not the same. investigations in either case will be ongoing and quite lengthy, i believe. neil: sir, the other responsibility you have this hearing look into wells fargo and ceo john stumpf, he is not long for this world, is he? i get the sense committee members want to see him gone. what are your thoughts? >> so one of the members on the other side of the aisle made the comment that he has been able to do what is not doing in washington, a long time, bring both parties together. in flippant sort of way. it is true congress is outraged as american public by conduct here, what we see as far as the
actions here. but i think really the question we need to be asking is, two questions. where were they? where was management? but also, also as importantly where were the regulators. we had a hearing today where was management for period of time, 2011, '12, '13, '14. we have some answers. where were the regulators in we pay the regulators good money. they were embedded in the institution. they were there alongside of management. cfpb, for example, they have one job and one job only. where were they? with the occ we know there was 70 regulators right there, employees right there. we got that information. cfpb, being as they always are, being mysterious, won't ask congressional questions where they were, what they were doing. neil: talking about the consumer financial protection board, created in the wake of
dodd-frank. thank you, congressman. that is going to come up here by a series of math, echo a point thatted congressman raised. since dodd-frank, number of police looking at financial industry more than tripled. there are a lot of cops on the beat. the fact of the matter is though, this still happens. if you find what happened at wells fargo to be an anathema to every banking principle you know, you could properly ask where were the regulators, where were the police? where were the cops on the beat? how did they miss this? that will come up, but just doesn't seem to be coming up at this particular hearing. back to the train crash. adam shapiro in hoboken right now with a witness. adam? >> neil, i want to introduce you to nancy solomon. like some people she had come into the train station to catch the past train into manhattan. you were here. your train came in after the accident occurred. what did you see after the roof had collapsed and people trying to got out of that train which
did crash? >> right. we were leaving our train. we didn't really hear anything or see anything. it was like a normal morning. as we walked through on the concourse which is outdoors here on the same level as the train tracks, we heard some yelling and people were being told to stop and turn around and to go back. we weren't sure what was going on. we saw there was a train literally up on the platform and the roof, i would say, about 1/5 of the entire roof of the whole train station was collapsed on top of the. reporter: you told me too you spoke to many soft people that had been on the train. what did they tell you? >> right. i'm a journalist. so i immediately started trying to get information and talk to people. i kept getting rested wherever i was by the police. i talked to a few people. i talked to a gentleman on the second tar of the train. he said the train was coming into the station too fast, which is very unusual. we usually come in, creeping
along. and he noticed that. and he braced himself. there was the impact. i spoke to a woman on the first car who said she wasn't paying attention. first thing she knew was impact. it was after impact it was chaotic and scary inside of the cars. there were a lot of injured people and there were people, passengers who were organizing the injured to get out. they were breaking open windows to get out. and there was, you know, then i was in the triage area as people came through the station. they were really being helped by other passengers and out into a plaza that's in front of the station. reporter: i were going to ask you a question. respond delicately. you said you were in the triage area. at least eight people are critically wounded treated at one hospital. 40, walking wounded. nature of the injuries what would you describe them? >> i was with the 40 people that were walking wounded. a lot of face lacerations.
a lot of bruises. guy literally had size of an egg on his cheekbone. people were limping and holding their arms. there were a lot of bruises, broken breaks, a lot of lacerations, bloody shirts, bloody heads. i saw five people who were not able to walk, lying on the ground being attended to, first by passengers and by first-responders. and they, i couldn't tell exactly what their injuries were. they were conscious but seriously injured. reporter: you saw people, they were tagging injured. tell me about that. >> they were giving people tags if they were on the train injured and going around their neck like luggage tag. those people were moved to buses taken off to hospitals. reporter: other witnesses described the first car, the car wit conduct to would have been. could you describe what you saw? was there any disintegration or intact? >> i couldn't see because the roof was collapsed on top of it. i couldn't see where the first
car was. it looked like you were seeing a part of the train in view, in plain view. i was only able to stay on the platform for a short while but then the police rested me off. folks i talked to on the train said it was dark and people were screaming and crying. it was chaotic. reporter: nancy solomon, we're glad you're okay. we're throwing it back to you. neil: remarkable come poe sure. adam, thank you very much. hoboken is big transit hub. connell mcshane is here to say how big. >> people not from this area, new york metropolitan area don't realize how big hoboken is or gee gravelingally where it is -- geographically. hoboken has highest percentage of transit ridership of any of city in the country. not a lot of people drive cars. a place where people take trains and buses. how they get to there, across the river here to manhattan.
this particular terminal. the lackawanna terminal as it is known is about a century old and historical in many many ways. it was first electric train journey ever with thomas edison in charge of it, the year before he died in 1930. this is the type of place it is. what we can say about the terminal, there are so many people, i know a lot already has been said about this on that platform and those trains at that time of day. just in the new jersey transit system, which is guy gant i can system, this -- guy system, two penn stations one here in man hat and one in newark. port authority bus terminal not far from where we are which is gigantic and secaucus junction. this hoboken terminal is right after those with 15,000 boards per day. that is 600 plus per hour. that is the average. at 8:45 before this happened,
just before 9:00 okay. that is same amount of people coming through there and average work day, 600 on average, definitely higher than that that time. morning. neil: connell, nancy pelosi was addressing this earlier today at the gaggle for reporters. guys, can we replay that? >> i don't think we should have extended the deadline. trains were still running. if you extend the deadline stop the trains because the risk is there. it is about time. and it is about time congress faced its responsibilities when it comes to the safety of the american people. when it comes to security of their families in every way. neil: all right. nancy pelosi was talking about something called positive train control. it watts measure congress enforced after train crash in the philadelphia area in 2015 that killed eight people. this technology essentially allows a train to automatically slow down if something happened to the conductor. it is going too fast. and it was delayed, implementation of that was
delayed. we should stress this was done as request by states involved that had this technology or granted this technology. they couldn't implement it fast enough. the train services couldn't implement it fast enough. so they asked congress and got bipartisan support for the delay, including the obama administration, allowing that delay. even though you had to explain why you were delayed. so, regardless of the history of that, connell, we don't even know what happened here. >> exactly. i think in our business, what we do, for example, when this news broke i was still on the radio as we are every morning. for last hour and maybe 20 minutes without commercials we had to sit and talk about it on wabc radio and we said a number of times there is a lot we don't even know. at that point we knew less than we know now. let's not speculate. in our business, something has to go out over the air. it is 24 hour business how we
operate. for some politicians want to operate in the same way they have no reason to. no reason to make comments now. not to make excuses for journalists, reporters, broadcasters, you're on the air looking to find out information and you say something prematurely and has to be corrected but no reason -- neil: discovered this was a factor, train control, just as we might discover, i heard some public official i believe on fox news saying earlier on, well this is what happens when you don't spend enough money on infrastructure. >> we have no idea. there is no way to know. this happens every time. i heard you say that earlier. happens every single time with terrible tragedy people jumping to conclusions. for no good reason. you're not helping anybody out with this. comments you're making speculating about cause could be made tomorrow, maybe when you have more information. i don't understand it, but it always happens. neil: follows the same pattern. connell, thank you very, very
much. ntsb is in charge of the investigation. unless this is act of terror. no one is saying that, then it falls to the fbi. we're waiting for officials from washington. we have the an anchor that witnessed this crash. what did you see, john? >> quite simply i was standing on top of the, top of the stairway that leads to the path train which is the subway system basically that connects hoboken to the manhattan. and as i was standing on the top ready to take the first step down the stairs i saw a whole bunch of people around me look over to the right, i looked to the right as well, and saw this train that was barreling down track number 5. i'm adjacent to track number 2. i could see quite clearly this train had no intention of stopping. it went through the barrier up on top of the concourse, and
into a, you would call it a, i don't want to call it a snack stand but it would be, it was closed. and it was a closed snack stand that went out of business several months ago. and basically rammed into that. neil: so, john, i don't know that necessarily remotely as well as you do. are there tracks beyond that? this -- >> oh, yeah. neil: if this were not there are there tracks beyond that that kept going. >> no, that could not have kept going. that was the end. neil: if it is going at that speed it is going to crash regardless? >> it shot the support system or bumper or whatever whatever they call it, bumper type system. neil: understood. >> it jumped the track forward and then goes, the concourse is literally right in front of it. that is the last stop. and you know, it is not going to go any further but it jumps the
track and goes on top of the concourse and into that, the building that which would be the waiting area but i think it is like an abandoned snack stand that is actually right there. neil: john, real quickly, we know of one person killed. we know 70 plus injured. numbers are all over the map. so i'm trying to be conservative with those numbers but, is it safe to say given the fact it jumped this, jumped tracks, those who were hurt were not even on the train. >> no. you're right. i mean could have been people that were on that concourse area that were hit by debris. that is possible. neil: once this happened, then what? obviously panic ensues. what were you seeing? what were you thinking? >> as, wells first of all what i was thinking i can't believe this actually happened.
and, you know, and still i can't believe that i have seen this. but,. all of sudden lights went out. this is a dark, dreary day in new york city. this is not a day in the city which the sun was shining. even at 8:45 in the morning, whatever time it was, all lights went off. some of the roof that was above the train which protects the train and passengers from rain, you know, i think some of that collapsed. you probably have pictures of that. neil: indeed. >> for just a moment it became extremely silent, for a second or two, that i noticed, and i assume people were in shock. i was in shock. then i was in a group of about 100 or so, got to the stop of the step, people running up the stairway or people coming off to our right.
we all pushed and shoved ourselves, in a good ways out the doors to get close to the river and get away from the terminal itself. neil: well, john, you kept your composure. i'm glad you're okay. remarkable, remarkable morning for you and everyone else. thank you very much, my friend. john mingo. back with connell mcshane as we wait to hear from the ntsb. i think they're about a minute away. they are the people in charge of this group or in charge of the investigation, unless somehow they link terror and then it is the fbi, right? >> all the local authorities that looked into that that there wasn't any reason to believe there would be any terror involved or foul play, something accidental at this point. to our earlier point it would be only speculating to go further than that. you're right in terms of jurisdiction that is the way it works when terrible things like that happens. johnson's observation were interesting. the one thing i picked out from what he was talking about there, i heard other people say this
already, this is the last stop on the train, but what he said there was, as he put it abandoned snack stand there. those stands, whether it's pick up the morning newspaper, cup of coffee or whatever may be normally would be packed at that hour. he said that one was closed. maybe you start to think as we put pieces together that saved a few people. that there would have few people in line to get a cup of coffee or whatever it was, to get a snack on their way into work. because that one closed down sometime ago, according to john at least because obviously people most at risk were either in the first and second car or on the platform as well. neil: governor cuomo indicating you have to look to alternative ways to get home if that is whatever route, 15,000 facing that prospect. ferries are another idea. how to get manhattan in this case to go across to new jersey. maybe they will spell this out right now. first the ntsb what they have learned thus far. >> that occurred at
approximately 9:00 a.m. this morning. before i go any further i would like to express on behalf of the entire ntsb our condolences and sympathies to everyone that was affected by the accident today. the ntsb team will be led by mr. jim southworth who will serve as investigator in charge. he is accompanied by ntsb staff with expertise in multidisciplinary range ever activities including operations, mechanics track, signals, human performance and survival factors. also accompanying the team are members of the ntsb's transportation disaster assistance office and the office of public affairs. our tda specialists are already working closely with local officials in order to assist them in their efforts to assist everyone who was affected by this accident. we expect to arrive in hoboken
later today. for the latest information on media briefings i encourage you to go our website which is ntsb.gov and also follow us on our twitter handle which is @ ntsb underscore, newsroom. we are launching our go team. we'll have more information after we arrive on scene to begin the investigation. we'll get that to you as soon as we have it. now i think i have time for two or three questions. if you would raise your hand, identify yourself and i will call on you. yes, sir. >> positive train control, is that something you're looking at in the accident. >> the question will we be looking at positive train control? absolutely. ptc has been one of our priorities. we know it can prevent accidents, as whether it is involved in this accident, that is definitely one of the things we will look at carefully. >> -- from reuters. can you confirm how many people
are killed and injured in the incident? >> so the question is, could we confirm how many people have been killed or injured and, you probably have seen media reports but we are there to investigate the cause of this accident. so we'll be working with the local authorities for that. >> are you looking at similarities between this crash and one that happened in 2011 at the train station? >> the question will we be looking at the similarities between this crash and the crash that occurred in 2011? and yes, we will. that was a trash occurred at the sail station on mother's day in 2011 and we always look at the past history and every other factor. but, right now, we are going to it had the ground running. i have a team ready to get on the plane with me right now. we have others on their way in cars and trains. we may have another news briefing later this afternoon. if we do we'll let you know. regardless we will hit the ground running and let you know what happens. thank you. >> thank you. neil: we really didn't learn a lot there. i would have asked about anyone
talked to the conductor or gotten any word on his status right now, or what he was saying or doing, but connell mcshane with me right now. obviously this will take a while to get to the bottom of it. >> the positive train control technology will be one of questions earlier reports saying this particular train did not have that installed. you're right obviously about the conductor. i heard adam shapiro reporting and others that the conductor and or engineer in the train had survived. as often the case you get so many conflicting and what turn out to be wrong reports when something initially happens and now we know of one fatality being reported earlier. some news outlets reportedwere e speculation -- neil: was fatality we know in the first car? >> first reports it was woman standing on the platform. neil: i see. >> we'll wait for further i guess confirmation of that to make sure it is 100% true. but the point i was going to make, that the conduct or and engineer were not reported
fatalities. other people coming out, you can't blame them, they're almost in shock and don't know exactly what happened, saying they thought one of those people had died and that wasn't the case. authorities are being very careful to say that. once this go team as she called it gets from washington to new york and hoboken and able to ininterview on the ground obviously that is who they want to talk to. what we don't know even with officials in charge lived through this? are they among the injured? how seriously are they injured? can they respond being interviewed. when you notice she put together list of staff they were sending. she said they have expertise in operations. they have expertise in mechanics. they said they have expertise in human performance. people looking at whether human error or judgment was a part of that will be part of the team obviously. some people, that is theirs pert tease. they look what the -- their expertise. those are questions they have to ask and get answered. neil: connell, thank you very, very much. just to update you on the
accident then. one person dead. we're showing a wide range of injured. just getting hospital reports about2 injured. but again -- 72 injured. my math could be wrong. others are putting it at 100. hospitals that reported, three in the area that accepted patients. i'm going by that number, i'm at 72. others are putting it as high as 100. regardless they don't foe what caused this. they're still trying to get to the bottom of this. for those who use this and use this hoboken station as way point from work, to work, et cetera, you will have to find other means, and maybe for quite a while. more after this.
that, well both issues have been moving up smartly. others say this would make good sense. still others behind the breakup, formal separation back in 2006 had been there, done that, would be mistake to repeat that nevertheless both issues buoyed by talk they could come together again. deutsche bank, dropping on fears it could be on verge of collapse or at very least not being able to find any funding. complicating things, deutsche bank officials say saying they could be sued big time by u.s. officials who came they had integral role in the mortgage-backed securities debacle highlighted financial meltdown eight years ago. they're looking for deutch to pay a big fine, anywhere from 8 to $15. deutsche bank officials said are you crazy? can't pay that anyway. thought of that fine and the fact that it would seriously restrict it is capital. then rumors the bank ceo was
talking to angela merkel maybe getting a rescue or some backup funding or even getting the government to the have a about 25% stake in the company. these rumors were running rampant. weighed on deutch and our own financial sector. much better capitalized i should say. maybe fears what ails them abroad could ail us here as well. past market conditions, remember they, they sell first and ask questions later. all right. speaking of all things financial, the wells fargo grilling continues this time on the house side. take a look. >> you fired 5300 people. you took 5300 good americans and turned them into felons with a system that you created, benefited from, and drove your stock price up by bragging about your levels of new accounts. >> congressman i have to disagree with that. >> i'm not surprised.
neil: congressman brad sherman with us right now, democrat, fine state of california. are you, are you wanting to see the wells fargo ceo go or more? you wanted to see wells fargo broken up, what? >> i think that the too big to fail or too big to exist. we learned in 2008 that the too big to fail are too big not to bail out. we have learned from eric holder that they're too big to jail. that you can't prosecute such a banker, top executives without hurting entire economy and therefore prosecutors won't do it. you learn that they're too big to compete against because they have 80 basis point advantage over medium-sized banks. because people providing capital, if they get in trouble congress will bail them out. we're learning that they are too big to manage and too big to regulate. we would be in much better system if we had medium-sized banks, rather than eight giant
banks controlling the system, and endangering our economy. neil: in the meantime we don't have that. too big to fail issue might still be alive and well to your point. you heard, probably heard what is going on with deutsche bank, concerns that it could spread here. if wells fargo were on similar brink, if it was about to go under, are you saying that congressman brad sherman would let that happen? >> well, let's hope that is not the circumstance. i would have to look at that, at that situation, and a lot would depend upon what bailout package was submitted. i voted against the 2000 bailout package that was supposed to be cash for trash program. it was presented to us that the government would buy the worst mortgages in from every bank. it turned out to be a cash for preferred stock program. put a lot of pressure on them. neil: i want to be very clear here. as the things stand now,
wells fargo were on the brink, similar to what is going on with deutch, it is not, you're right right, it is not. in fast market conditions it could. money center banks are losing a ton in money, largely concerns going on in europe could spread here. with would you do if we face ad similar situation to eight years ago? >> first, we don't. second i'm trying to avoid that by breaking up the two big to fail institutions. if we had a medium-sizedded institutioning that would be their own shareholders problems. as how i would vote in a crisis that you haven't fully described, about a relief package that you have not fully described, in a economy in the future that you have not fully described -- neil: why do you think these stocks are selling off today? why do you think these banks are under selling pressure today? why do you think the dow is off almost 200 points today? largely on these concerns, sir. >> i don't think the government intervenes because the dow is down 200 points. i do think if you have exposure
to deutsche bank you used to think you had exposure to a or a a mine institution. you now have something a little lower. maybe a particular u.s. company is half a percent less valuable today than we thought deutsche bank was very strong. neil: i only mention it, cascading value of stocks of all of these guys eight years ago, that is the capital they use, a lot of them, that wiped out whatever money they had and that it could happen again. i guess with dodd-frank we were told that kind of thing wouldn't happen. any of these banks are indeed that kind of scenario again we wouldn't rescue them. i guess what i'm asking is, i can't imagine whether that would be the case. that if a lot of depositors holdings on, in the balance here, and your idea might be a very sound one to break them up. but if that were to happen, right now as things stand, it
could, do you think, you might have to hold your nose, and rescue them but you wouldn't let them go? >> well, again, i'll tell you what the markets think all of congress would do. the big money, giant too big to fail institutions are able to get capital for perhaps 80 basis points less, maybe not quite that big of a figure, because wall street believes that a majority of my colleagues, far more important than just how i vote, a majority of my colleagues would bail out the too big to fail. so, the markets are smarter than any one congressman than any one fund. markets say congress would bail them out again. that is why we need to break up too big to fail. the other thing we have to do, this is far less controversial, we need to get audits of the statistics that drive stock prices. it used to be earnings per share, liabilities, assets,
a woman standing on the platform when the trade which people aboard the train was traveling at a high rate of speed crashed through the concrete areas and then up onto the platform causing part of the route to collapse. we also know that the engineer, the person actually operating the train and conductor were removed from the train and the new jersey transit authority is
our quote very much alive and of course the ntsb investigators want to speak to them. we also know more than 100 people are injured. the hospitals to which they were taken, one of the hospitals in new jersey have 40 walking wounded and eight people who were critically injured. so that is the latest trend is seen here. part of the investigation will include reviewing videos from within the station as well as out my as the train approach in trying to answer the question why it was traveling in a high rate of speed has not been answered as of yet. neil: very good reporting, my friend. we are going to have all of these various mayors involved. this is where you can get kind of tricky. who's in charge here. they all seem to be working well with one another. >> the ntsb should be the lead when they get there because once you deal with the injured and
unfortunately at least one fatality we have to we have to deal with is figuring out why this happens, figuring out was it human error and the ntsb should presumably take a leap there. the only thing i say about the governor simply like new york and new jersey because of the way other instances go back to 9/11 on down, the state had to work together in times of crisis before i normally do in the times of the immediate crisis. the things that political and sloppy and all the rest of it at some point down the line? yes, sometimes. for better or worse, agencies have experience working together. governor cuomo shouldn't be too surprising for the 2:00 p.m. news conference to join governor christie of new jersey at the news conference because there are so many people that go back and forth between the two is aids. there are people that live in manhattan and other places, even hoboken and so many people that work here in new york and commute back and forth.
neil: a lot of people aren't aware of the geography. connell: also resources and assets spanning many of their assets over another assets the governor has said will be made available from your ahead across the river to new jersey. neil: thank you are a match. on the phone with us in -- i hope i pronounced that right, monica. you are on the train. could you tell us what happened? >> yeah, sure. i was in the very last part of the train. the first family also have felt was a giant jolt in front of me and there is a gentleman standing right in front of me who fell face forward. the connector was yellng. next-line i know we are filing out of the train as we always do, one by one and looking
around, everything seemed okay. i look forward towards the platform and it looks like the movie. it's an ankle. they were beams everywhere. there was water pouring out and so at this point we are all kind of in a daze right now. i didn't see anyone injured at that moment. i started walking forward to exit the platform and i say this gentleman top right by me crying and holding a bloody hand. that's when it really hit me that this was a lot worse than i had initially thought. once they got the platform, it was chaotic. neil: during the last car, this train. did you sense as we've heard from others that he was going very fast, unusually fast or were you or doing some amount? >> i did notice i was packing my
things up, but stronger than usual. >> you are composed telling us what happened. >> i'm a little bit still in shock. neil: i would imagine. glad you are okay. thank you, monica. back to wells fargo to the ceo getting a real grilling. peter burns at the latest. >> that's right. john stumpf come into this hearing expressed in his accountability and for going $41 billion of stock bonuses giving up salary during an internal investigation by the company's board of directors and will get a bonus this year. lawmakers from both parties that is not enough. >> if the buck stops with you as you came out here is that i apologize ,-com,-com ma the buck stops with me and you have to also admit criminal activity was going on in your bank, then you should be fired. >> again, congressman, the board
has that in my energy rate can be forwarded. >> regulators have fined falls wells fargo trade debate has repaid millions of customer fees and fired more than 5000 employees that have been unethical and sales practice by congress making this clear to wells fargo troubles are far from over. >> will make sure those who are betrayed by wells fargo are not forgotten. it is on their behalf that our committee has launched an investigation. mr. stumpf of your bank activities and let me be clear. today's hearing is just the beginning of our investigation. it is not the end. >> some republicans are charging regulators dropped the ball on this scandal, saying the investigation only came to light by "the los angeles times." neil: peter, thank you very much. peter barnes.
charlie gasparino, you obviously beat is trained to get there and its destructive service along the northeast corridor. so i'm glad about that. in the meantime, this hearing, they want his head. they want him out. >> yeah, it is pretty clear it is bipartisan. he is contrite today, meaning john stumpf, ceo of wells fargo today as he was during the senate banking committee hearings. it is almost inevitable that there is some action taken. i think at minimum they are going to call for the separation chairman and ceo. if you talk to analysts and we were doing that this morning, live as they were talking to someone coming major wall street analysts. to the men into the one and
saying probably not going to survive. the controversy is heating up in such a way. let's put this in this. overall money wise, going back through 2009 when they were looking at this, it could be that customers. doesn't sound like a lot of money. opening up these phony bank account and checking accounts, credit card accounts and charging fees. about two to 5 million. by me telling you something. i'm someone's name to meet a goal and then you cancel it and there's no harm done our minimal harm done. it is still bank fraud in that is the problem on top of the fact you have multiple investigations. on top of the fact this is a bipartisan chorus. the left-wingers. they cannot have that list and i have evidence that this scam went on before they investigate
many years ago which could open up a whole new can of worms. they are going at it. the left from the class warfare argument, evil banks attacking you. the republicans attacked as well. they will try to pin this on the obama administration regulatory apparatus which is big, sprawling and can't control the banks. the guy in the middle obviously is john stumpf. numbers wise not to. one phony bank account from the people i talk to, if you do that, you've committed a fraud and systematically in a certain level you got problems. everybody says it is going to give up one of his roles. give up the chairmanship in beta ceo. one other problem. these banks are so big there is a structural issue. you get rid of guys at the top who know how to make the trains run on time. this is a fickle business. we start getting rid of talent. people know how to run these things as they are so big.
we saw that with citigroup wednesday and he gave it to his number two and didn't do a very good job. neil: timing is everything. they think they do with what is going on at these hearings. some of the commerce and brad sherman going on with the deutsche bank they need to immediately break them out. all of a sudden you get fears that the top sign aware of how to control the thing they are in charge of. neil: you can't regulate these things. it is hard to break a base. i'm scrambling the egg is difficult. i get it. i covered the financial crisis. i know that these big things are so hard to manage. guess what, when you start breaking this up, you're talking about a whole matter can of worms. neil: thank you very much. big financial shares with a look at the doubt almost entirely financial related issues
weighing on investors thinking that was ailing deutsche bank and the fact is running out of investors and hedge funds running out of stock. a matter of time before it comes here. it might not be justified, but as i told you often they ask questions later. we have much more "cavuto: coast-to-coast" after this. freedom. one nation in all of human history
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neil: here is what we've got going here. wells fargo stock getting hammered all your largely on concerns that hedge funds are backing on us. there was report as well in the "financial times" that german authorities so far were talk that they would come in and sure to beg or would come in and sure to beg or have the government take over a quarter of the bank. talking about jewish, not wells fargo. in the case that is a different
kind of situation i stress the ceo getting grilled on wells fargo just adds to desert a financial tumble we haven't financial shares and why the dow was down to the creators almost entirely entirely dominated by financial issues. apologize for that confusion. industry everything out. is the financial sector like a deal that eight years ago? i don't know. some people read deutsche bank as they seriously man. where do you stand? >> i tell you what. these guys have been out of control for as long, long time. the notion we need to break them up is not something that is to be done by the government. in a survey done by the market. it would be very easy to do. central bank has to say we are not backing anybody dealing derivatives. the markets would instantly sort this out and have a return to customer banking.
neil: they could find another word. they could call derivative something else. they are so clever these days. they would find another way to package essentially the same craft. >> absolutely. do not mix this wells fargo situation so top? the derivatives and $60 trillion in 20 times the lehman boat here the recent wells fargo is getting so much play as they showed us that it's understandable, fraud, false accounts. the average can ever get it. they don't understand the lengthy time something arcane like a derivatives. neil: there is a world of difference between maybe duping customers and accounts they didn't know they had and sent them that could expose the world. >> yes and no. you're talking about orders of magnitude.
it is an orders of magnitude issue. this is a huge deal for the individual consumer. this makes me think about my banking relationship with them personally. neil: if you take your money out, give us a head. i am wondering whether this idea we always talk about having banks ready for a financial nuclear where everyone is selling, everyone wants to cash out and they have to have a lot of capital for that. capital ratios people talk about. do you feel comfortable with u.s. banks in the capital they have? >> i have to be very careful with my words in here. no i do not feel comfortable at all. the rules are completely rigged and wall street has spent decades in the senate. do i think that means the earth
is going to fall apart? note either. still opportunity out there. neil: when you do close up that account, that is -- that is going to be big. thank you, my friend. we have not forgotten what's going on in the new york metropolitan area with hoboken, who's who of officials including the governors of new jersey and new york will be gathering, reminding people forget the two governors working concert why? >> port authority system the way it set up in new york and new jersey so the bridges and tunnels that connect new york to new jersey, the george washington bridge which most people have heard of are run by the port authority. in the time after 9/11, for example with the port authority being headquartered at the center. neil: and they work well together. >> when they have to.
neil: "the hill"'s joe concha lived in hoboken for 13 years. his wife in in the e.r. helping patients in the crash. thanks for helping us out. what does she know? >> they were patients when this first broke. i lived in hobokens neil, for 13 years. i taken that train or go through the place more times than i count. hoboken can only handle so much in hoboken. other hospitals around the area, you know it well, hackensack, englewood were prepared for victims to come in. my wife said only a handful have at this point.
and primarily handled out of jersey city which is a trauma center. neil: we have hospitals taking in patients, joe. that's why we're fairly confident we don't think, hopefully, that the fatality list will climb. all of those that have been reported are not life-threatening injuries. many are staying at various facilities but not life-threatening. >> neil, i'm shocked by that by the way. neil: i was too. can you tell me a little bit about this particular facility. obviously it is the last stop in this case. there is no train track beyond it. and people on this train found that out the hard way, but you tell me. >> you okay. so basically where this happened was track 5. there are 14 tracks within this particular terminal. i know this taking it from all those years and track 5 is where this train came in on. what makes that significant on. there is only one concession stand in hoboken terminal. that was lined up exactly where that concession stand was. think about it, neil. 8:45 in the morning. basically rush hour.
a little bit behind in hoboken, you more or less get through the hoboken train station at 8:30 if you want to get to the city by 9:00. a lot of people around the concession stand, waiting for coffee and newspaper, whatever. of all the 14 tracks in there, that was the worst one for this to happen. remember also the path train is to the left. if we're looking at train right there. on other side of that you walk through the area to get to the path. the path is the port authority transhudson shuttle gets you into hoboken. that is very prime walking area. to the right of the train we're looking at for a moment, is ticket counter. if you don't go to kiosk you buy tickets from there. in terms of foot traffic this was the worst track for this to happen. larger injuries may not have been people on the train but people on the platform. on the train, i have to tell you this, neil, as you're coming in this train normally slows down to a crawl, to a point where you're running late, get to the path train, you're almost
frustrated because it is going so slow. what you normally do you get up get between the train, actual cars, so you can stand and get off the steps as quickly as possible. i imagine you hear about people not even in their seats, not even in their cars. they were in between the cars so they would get off the train as quickly as possible to get to the path. this was in terms of adding it up, was a horrible situation. why you're seeing so many victims but i'm so shocked that the fatality list isn't higher considering what track this happened on and how fast this train apparently was going. neil: that stand we're told was closed. it wasn't operating. to your point had it been open many more could have been hit. >> it was closed? i didn't know that. thank god. neil: connell mcshane that telling me, one person that was killed was not on the train but nearby and was killed. so crazy stuff. obviously folks are going to be looking at days before we than use this facility again.
they have to out alternatives, right? >> absolutely. hoboken train station is a pretty busy hub f you're going out of the city, for instance, you don't take the path train out of hoboken to get home. normally you go out of penn station which is in midtown manhattan. looks like it affected that track and probably the two tracks around it. as long as they can repair concrete to get to and from the path train, it won't disrupt service that much because the tracks are so independent of each other. still again, very fortunate, neil, that concession stand was closed. i would stop by there every day. you're usually seeing a line of three or four people deep. that train plowed into it, that would have seriously killed people if that concession stand was open. very fortunate that was closed. neil: especially the speed it was going. we know it was going in there at 80 miles an hour. we don't know the final speed it hit hoboken that exact station. thank you, joseph, very, very much. appreciate that.
>> thank you, neil. neil: we'll update you on this ntsb officials will update us as well. the governors of new york and new jersey, mayors involved, everyone involved here. as bad as this was today, it is safe to say could have been a lot worse. we'll have more after this. the pursuit of healthier. it begins from the second we're born. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by
in fact not today. oil at a-month high now. saudis have committed to curtailing production. it will be implemented next month we're told. the timing was a little weird yesterday. the same day we had override of the president's veto on the 9/11 measure that allows victims families to sue saudi arabia. could be coincidental. the spillover effect oil prices are still climbing. not benefiting markets like they were. stocks are down on fears that deutsche bank is in world of financial hurt. what us used to be money center banks are following suit. we have david asman here. connell mcshane still here. david, first to you on this. how big is this contagion fear? >> that is the question. sometimes runs on banks, i'm not saying there is a run on deutsche bank -- neil: there is run away from hedge funds. >> sometimes when you have a run based on nothing more than rumors and a couple of companies doing what they think is advisable thing that leads to a massive run.
that hasn't happened yet. 11 funds have pulled out of deutsche bank. these are funds that deutsche bank uses to clear the derivative trades. what is a derivative trade? that is when a bank will bet on something. could be bet on interest rate, asset, whatever, but they need cash to cover those bets. 11 funds have pulled their cash out because they're worried about losing that cash if something disasterous happens to deutsche bank. we should mention there are 200 of these funds that deutsche bank relies on. 11 out of 200 is not a lot, but it was enough to send shivers in the market. shivers in terms of deutsche bank which stock is way down, as you can see. and that spread over into the whole marketplace. the concern of course, coming on the same day that there is a sort of a beat-up going on wells fargo, a bank here in the united states, totally unrelated, totally different problem but still it's a bank. it is getting beat up on. the question whether there is contagion taking place. neil: what do you think, connell?
a lot of people say it is this year's potential lehman brothers? they know the fall. they in presidential election, start saying here we go. >> so many quotes i read from more than one european banking official used exactly that term saying this is not our lehman brothers. they're clearly cognizant of that. that is the avenue by which we look through all these events but david's key point per essential sometimes becomes reality. sometimes it doesn't matter. when you sell first, ask questions later all of sudden you're in the middle of something -- neil: we hear hedge funds, so-called smart money, begging out. hedge funds have not been nostradamuss. >> not lately. neil: other folks think maybe i should close my banking account. >> that is how it begins. the question is how much our entire system is leveraged. remember the 2008 crisis there was all kinds of things. everybody was leveraged. average americans were leveraged because they were told they could make a lot of money
flipping houses. went up to top banks in the same position. we're not as highly leveraged. people are not in as much debt. but having said that, because interest rates are so low, a lot of corporations for example, are highly leveraged, borrowing money at high interest rates to buy back stocks. neil: that is one thing trump got right in the debate. >> i think you're right. neil: this idea it wouldn't take much in this house of cards, talking about the markets propped up by the fed for slight uptick in rates to really wham? >> one of the after effects of going through 2008, especially run-of-the-mill average people, there is so much less trust in the system. when we look back now, we know what happened and we know what all these instruments were, but back then, we didn't know. neil: you were in the second grade. >> exactly right. exactly right. glasses and everything. we had no idea. >> one other point about trust in the system. remember the regulators were supposed to foresee all the regulation that he very muched
as a result of 2008. neil: so glad you mentioned that. so glad you mentioned that. >> wells fargo got involved. it was not the cfpa. the consumer financial protection agency that saw the wells fargo problem. it was reporter at "l.a. times" who spotted the problem first. neil: we tripled number of cops watching these things. sometimes not number but how good they are. someone aboved this. guys, thank you very, very much. a lot more coming up. hillary clinton will address reporters on this hoboken crash. you already heard what nancy pelosi said. maybe had they passed positive train control measure sooner and not delayed it, this wouldn't have happened. it is a big leap. i also heard from politicians are saying more infrastructure spending would have avoided this. as connell pointed out, it doesn't take very long for politicians to leap on the right and the left, even when they don't know what the hell's going on. stick around.
reporter: good afternoon, live from the new york stock exchange. i'm lori rothman with business brief. shortly before 1:00 p.m. eastern i want to call violent turn south for the market. we're down 185 on the dow right now. this after a report released showing a lot of concern about deutsche bank and its solvency. you have shares of deutsche bank here down considerably as a result, last five days, shares off 14 1/2%.
there was 14 1/2 billion dollars fine against deutsche bank. unclear whether or not it can cover it and as a result, word here on the street many hedge funds are removing their investments from deutsche bank. i want to switch gears talk about cbs and viacom. reports here that cbs and its board of directors did receive a letter requesting that it consider a potential combination of cbs and viacom. we'll have much more on this throughout the trading day. so keep it here. let's get you back to "cavuto."
neil: all right. heat continues on the head of wells fargo. maxine waters the latest to grill him
right now over t false accounts that were set up for thousands of folks. never the mind, only a few million dollars all said and done. it is what it is and it is a nightmare for wells fargo on the same day that not only wells fargo stock but virtually every major financial player's stock is under intense selling pressure. deutsche bank started it rolling amid reports that hedge funds are bailing out and a lot of other smart investors and talks in "the financial times" and others that maybe the government is quietly meeting about taking a stake in the company, that is berlin, the german government but even the talk has been denied by anybody and everybody has been weighing on that issue.
charlie gasparino with whether we're, i don't know, reliving history here. what do you think, charlie? >> you know the irony of this wells fargo hearing, and i was just in there watching john stumpf get literally the you know what kicked out of him some more, is that wells fargo is essentially a very stable bank. it is considered before all this happened regarding the alleged creation of phony checking accounts and credit card accounts, it was considered the stablest of stable banks. the bank that didn't really need to be bailed out in 2008. the bank right now has very, very strong capital position thanks to really food -- good management. that is getting flushed down the you know what because of this scandal. i don't want to minimize the scandal. let ace be clear. we're not talking about trillions of dollars paralyzing the financial system. there were dead people. at this point they're beating a
dead horse. mr. stumpf answers same question thousands times. neil, when you have banks this big, stuff like this where people under you, because you can't manage everything on bank this big, stuff is going to happen. not that he he willed it to happen, i know what i'm saying? neil: wells fargo situation notwithstanding your sense the deutsche bank is spreading? >> no, that is the good pardon. that's what i'm saying. let's contrast this. a few million dollars. bad behavior, get it. it is not systemic happening at wells fargo. jpmorgan, stable bank, city group on the watch list for many years, bank of america. these are much more stable institutions right now than they were in the past. they have good management and here is the sort of, the problem here in a nutshell. you have eight or nine big banks in this country and in the world. deutsche bank one of them. jpmorgan, citi, b-of-a. we don't have to go through everyone of them. they're semistable.
deutsche bank isn't right now. neil: semi stable. i had people call me semistable. i like that. >> me too. they call me half stable. neil: right. >> this is my point. you start whacking out management of these banks because they're so big, they become a lot less stable. i'll tell you, this committee is going to have to digest if they really want john stumpf to resign, just about everyone say they want to resign. remember he knows how to run things. yes, this is bad. by and large he knows how to run things well. wells fargo is stable institution. we're not talking about hedge funds selling wells fargo stocks. they're not systematically, not blowing up to kill the financial system. this is well-run bank. they have to be really careful with this, sort of anti-capitalism taken to another level by both parties. somebody has to put this in perspective. they think cross-sell something a crime in there. cross-selling is not a crime, no offense. neil: none taken. charlie gasparino, thank you very, he have much. so great having him in
washington. he is right there annoying all these guys. all right. we've got much more on this banking selloff that is leading to big stock selloff. hasten to add here though that the story we're also following, we promised you we would go to it when officials start talking to the press, governors of new jersey and new york, key port authority people are in charge of the transportation services. that joined these two great states. they will be speaking very shortly about what happened today in hoboken, what they know right now. stick around.
13 being treated. 10 with mine juror injuries, i misspoke, at that facility. -- minor injuries. the injuries from 72 to 100. none we're told with life-threatening conditions. we have ross berra on train that crashed. ross is on the phone with us now. ross, everyone says the train was going at very high speed. was it? >> it felt normal as it goes into the station. it felt like a normal speed. i didn't notice anything out of the ordinary. but as we were going in, it definitely did not slow down at all. then it obviously we were jolted out of our seats, very loud explosions outside. but it did not feel like it was going faster than usual. neil: where were you, ross in the train? >> i was in the third car crash. the one that actually jumped platform and one that got twisted, i was directly behind
that. neil: wow. you're looking at you're speaking we're seeing governor christie and governor cuomo, going to update the press. they still don't know what caused this. any idea yourself? not knowing the speed at the time, obviously a lot of damage here. how did people react once it crashed? >> yeah, i mean, you know, it was, everyone was kind of stunned at first. we, you don't know exactly what happened. obviously we had you know, terror scare recently. so that the first thing that goes through your head. you realized the train never braked. it must have gone right through the barricade. you realize how far up we are in the third car. everyone got up, making sure everyone around them was okay. there were mine juror injuries in our car. luckily -- minor injuries in our car. neil: they're saying, ross, get
ready for very least a few days of rough commuting. >> yeah, yeah, i can imagine, count your blessings obviously but have they indicated to you getting home tonight what you got to do? >> i actually was able to get a cab back home. i live in new jersey. it wasn't too bad of a ride. i kind of walked away from the scene and got far enough away to get a cab. neil: all right. be safe, ross. >> thank you. neil: thank you very much for what happened. governor christie. governor cuomo behind him. let's go there. >> governor cuomo and i just taken a tour of the damage inside. obviously an he can extrordinary tragedy. we pray for family of one fatality that we have confirmed. for her and for her family. we now have revised total of injured. we had 108 injured in this accident. and all of those have been evacuated to local hospitals where they are receiving the care they need.
we pray for their recovery. the engineer, who was operating the train, was also critically injured. he is at a local hospital. and cooperating. with law enforcement officials in the investigation. what we know is that this train came in at a high rate of speed into the station and crashed through all of the barriers bringing it right to the interior wall of the hoboken terminal. extraordinary reaction from local law enforcement and ems. alongwith civilian passengers. who assisted ems and local police and state police in evacuating the trains as quickly as possible, and helping with the triage of the passengers who were injured and getting them immediately to local hospitals, for them to receive health care. there will be others who will
speak today about some of the specifics. commissioner hammer, mr. prendergast from the mta, about the specifics of commuting both this afternoon and tomorrow. we won't address that specifically. both governor cuomo and i come from law enforcement background, as does the lieutenant governor. my admonition when i was u.s. attorney all the time to my prosecutors and agents was, don't jump to conclusions. let the facts lead you to proper conclusions. we're not going to speculate about the cause of the accident. the fact is we're in the midst of an investigation. i was called by the white house today as well. they have not only dispatched the ntsb and federal railway administration but also have pledged any resources that we need additionally to deal with the victims or deal with what has happened here at hoboken terminal. we're pleased to get that call. as i said to a number of you earlier today, from the time that the incident happened this
morning governor cuomo and i have been in communication since the train began its journey today in the state of new york. we have a number of new york citizens who were on that train as welcoming here to new jersey. so we're going to work together to make sure that the investigation is seamless and coordinated. that we come to a conclusion as quickly as possible. and then if there are steps that need to be taken thereafter, to provide for even greater assurance of safety for the people of our states. you can be assured we'll work together with the port authority of new york and new jersey and mta, new jersey transit to make sure that occurs. so again, we pray for the victims and their families. we are on the scene. we're going to continue to monitor what's going on. we have engineers that are examining the structural integrity of the building now. we have no estimate when the terminal will be able to be reopened except to say that it appears the path terminal, the structural integrity is fine. so that path trains will be able
to use the terminal. as for the new jersey transit portion we don't have an stilt yet on that we'll need some time to do that. so i want to turn this o estima need time to do that was i will turn this over to governor cuomo and commissioner hammer, and pendergast to make comments and governor cuomo and i will take on topic questions. >> i would like to thank chris christie and his entire team for their outstanding response to this tragedy, thank the lieutenant governor for being here and the first responders. we know what happened, we don't know why it happened. chris christie said the train came in at too high a rate of speed, it went through the barriers. when you see the destruction up close the silver lining is there has only been one fatality