tv The Intelligence Report With Trish Regan FOX Business September 29, 2016 2:00pm-3:01pm EDT
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 thus
far because the destruction is significant and the power of the train coming in is obviously devastating in its impact. 100 injured and the fatality and critically injured we remember in our prayers and hope there is only one fatality and it stops there. the ntsb will do a full investigation into what happened exactly. we will let the facts speak for themselves. if there is something to learn from those facts after that investigation, we will be sure to learn and incorporate that lesson. commissioner hammer, they are working very hard, hand in glove, in a seamless approach where new jersey transit is working with the port authority
to expedite tonight's commute and tomorrow's commute because the structural damage to the station itself and we don't know yet how long that damage will take to repair or the consequences of that damage. i would like to applaud all the first responders who did a magnificent job once again and take this opportunity to say these are difficult times over these past weeks and months between terrorist attacks, natural disasters. we have had our hands full in this country, we had our hands full in the northeast. i want to thank the linden police who did an extraordinary job apprehending abca20 in connection with the chelsea
bombing and they did a fantastic job and i want to thank the coordination and cooperation of our neighbors and partners in making that happen. today is another situation for us to deal with but as many challenges as mother nature sends us or our enemies send us, we are up to handling them. we will handle them one at a time but when we work together there is nothing we can't accomplish and nothing we can't overcome. we are going to do that with today's tragedy as well. with that i turn it back to chris christie. >> commissioner rick hammer, commissioner of transportation and chairman of new jersey transit will address the transit issues of the days to come. >> thank you, good afternoon. as chris christie mentioned earlier, the path train service
will be resumed at the station this afternoon. we expect to run a full rush-hour service. there are a couple pilot trains running in the next hour or so but all indications are go, safety inspections determine there is no reason we can't run the system at full peak rush-hour capacity. for the afternoon new jersey transit will be expanding bus, rail and light rail services as much as possible to make up closure of the rail line at hoboken, new jersey transit will the number one, 26 line between hoboken and the port authority bus terminal. customers will be notified where to get the service but a bus shuttle will run between hoboken and caucus station on a load and go basis, customers will be directed by ambassadors wearing safety vests. light rail is suspended into and out of hoboken terminal. there are safety inspections ongoing as we speak. we hope to have that resume
later but we are not ready to announce that was a bus shuttle will operate from hoboken, alternative bus service on observer highway to newport have only a. and hoboken service terminating at newport station. the avenues are terminated at second street. all westside avenue trains are running regular service. customers who normally travel through the caucus are urged to go to new york penn station for service. all other new jersey transit rail services operating regularly, may experience some overcrowding and possible delays due to congestion. thank you very much. >> pendergast will talk about how this will impact new york and the plans he is governor cuomo have to deal with that. >> thank you, governor. west of hudson services operated
by new jersey transit, 1200 daily customers in the past, 1800 customers on the service line. for this evening's rush-hour those customers should utilize the hudson service hands go to the tarrytown and beacon stations where we will have buses the transport them to their ultimate destination in new york west of hudson, we will cross honor in j transit tickets and in the morning depending how long the terminal is out of service we will have bus service in those stations picking up people in those stations and bringing them back. thank you. >> governor cuomo and i can take them on topic questions. brian? brian? >> any indication from nj transit folks as to when the tracks, not the terminal but the tracks, in some regular service.
>> a few things at play here. that portion of the building, second is the power supply for the building. it energized tracks there. as soon as this happens, the damage operated, there were wires everywhere, port authority police, transit police made a decision to cut power to that part of the building to ensure the safety of the people who were there. that was the right decision so we have to determine when it would be available to restore power to those areas so a number of aspects the we look at by urging ears, governor cuomo's pledged to the port authority along with me to have their engineers working with transit engineers to deal with what we need to deal with, and this will not affect path service at all and they will continue to use the hoboken terminal for path service the structural integrity of those places are fine.
we feel the same way. the most important thing is the structural safety of the building and the people. the one fatality we did have was not someone on the train but someone killed by degree, debris created while they were standing on the platform from the crash. we need to make sure the force of the building is safe from a power perspective and structural perspective so we don't have unintended injuries going forward. that is the first priority. when we determine it is safe we will reopen the building but we won't reopen it a minute earlier. follow-up? i am following up. >> as far as the damage, the terminal, probably several days. >> can't tell you. it will be closed today, that
much i can tell you. i have many skills, engineering is not one of them. engineering is not, i will leave this to the engineers. unless governor cuomo has and training he has not -- is it possible for a medical emergency, what do you know about this? >> we don't know a lot about why it happened, engineers are cooperating with law enforcement and the investigation and as i said in my opening statement i learned a long time ago as us attorney, you don't jump to conclusions, let the fact lead to those conclusions so we have nothing to add to that. one thing governor cuomo mentioned that we know is the train came in at too high a rate of speed. the question is why is that? as soon as we know you can be sure we will share it with the public but it is not appropriate
at this time for us to comment beyond that. let law enforcement do their job. >> could you talk about controls? where are we that in new jersey and preventing this from taking place? >> that can only be based on the cause of the accident. until we know the cause of the accident we won't be able to know what steps to take in the future to avoid an accident like this. what i will tell people is pretty clear, the commitment of new jersey transit, the first priority is passenger safety so if there are measures that are recommended based on the fact that are revealed for the cause of this accident, new jersey transit will work to implement those and we will share those things to make sure passengers in new york and new jersey are commuting over this river every day.
there is no real point speculating what happens, why the train came in so fast was was there a medical condition, what happened with the conductor, we had no idea and i don't think the speculation is helpful, the ntsb will do a full investigation, you will have the facts. once we have the facts if there is a lesson to learn we will learn it, but positive train control, until we know what caused the problem we don't know the solution. as chris christie said, let's find out the facts first, then let's follow the facts. first order of business as to helping the commuters tonight and tomorrow or the next day, you will never have had a more coordinated approach between the mta, new jersey transit, port
authority, all agencies working together, sharing personnel, sharing equipment in ways we have never done before, this regional collaboration is only getting stronger and we want all communities to know we will be up and running as fast as humanly possible. we can't -- we are not going to speak to any specifics regarding the one fatality. we want to make sure all next of kin are notified, this won't be appropriate notification so we won't speak to that except to let you know we are in the process of making sure victims families are notified, in a dignified appropriate manner. >> what about the train station? >> four cars, one engine.
[-- >> mj transit will release that information is appropriate. we are in the middle of a pending investigation. >> what exactly -- the transport? >> there is an old style, and old-style ceiling in that portion of the train station, took out a number of the supporting structures in that area, and that leads into the terminal. we have no indication this is anything but a tragic accident but as governor cuomo and i said we will let law enforcement
professionals pursue the facts, folks from ntsb and the federal railway administration working in coordination with the state attorney general, and our state police to gather all the facts and they will brief us when they come to a conclusion. >> what have they said? >> from eyewitness accounts. >> what about that? >> investigation take as long as it takes to come to an appropriate conclusion. we have the best professionals in the port authority, mta, new jersey transit anywhere in the world on mass transportation but i have confidence in them and law enforcement officers to come to a conclusion as quickly as any people come to a conclusion. >> what about -- >> most were in the train. >> you spoke to the white house,
what prevented it from happening? >> we don't know because we don't know what the cause of the high rate of speed -- listen. you speaking was, i speaking was, i heard what you said. now let me answer. that is the way the system works. the fact is we don't know the cause of the high rate of speed. we cannot answer the question whether any apparatus or system is could have slowed the train down or not based on that so we won't speculate on that and i appreciate your question. >> what if they told you and advise you -- >> the white house offered condolences for the victims and their prayers for the survivors and made sure the ntsb and fra will coordinate with law enforcement here, and offer any further assets we, the governor and i think necessary to deal with the problem. it was a brief conversation but the white house offered full cooperation and i think them for
offering that cooperation. i don't know the total number, there were 108 injured. they vary, some people were able to walk in, some were taken by new jersey transit bus to a hospital. and those who remove by ambulance, a varying degree of them. right now we have no reason to believe that there will be any further fatalities but they are determined by the care treatment at the hospital. and the only fatality we have is the one we mentioned already. >> what about a positive -- >> the positive training control system no doubt can be a benefit depending on the circumstances. what we are saying is we don't know what the circumstances were that caused the train to continue at that rate of speed
and could be any number of things, personal to the conductor, equipment failure or anything. before we start to prescribe what could be a solution, you have to define the problem, you won't have a problem defined until after the investigation was human nature says how did this happen? we want to know and know now. we won't know today. we won't know until the investigation runs its course. the train came in at a high rate of speed. when you see the damage i think the silver lining is there was only one fatality, really was a blessing and as soon as we have the facts and we know how it happened, if we can come up with the reform and improvement, make sure it doesn't happen again, that is what we will do.
in the meantime we are cooperating on the investigation, cooperating on the reconstruction, cooperating on expediting the commute tonight and tomorrow morning, by pooling all of our resources, whether they be new york resources and new jersey resources or port authority resources, make sure we are doing everything we can the commuter. >> do we know anything -- >> let me just add so people can feel assured by this, the fact is over the last six years governor cuomo and i served in these positions together, we have gone through hurricane irene, hurricane sandy and a number of terrorist attacks. what that is done for our relationship and the relationships of our staff has been these folks know how to deal with a crisis. that is why the first call i
received after getting a call from staff about this accident was from governor cuomo who was preparing to go to israel and cantered the trip to be here to help manage this crisis with me. with the people in the region to be assured, i don't remember a time in the history of the state when i have been observing it, when you have a that are and more tested relationship between the governor of new york and the governor of new jersey and their respective staff. when we say we get this up and running as quickly as possible people have a track record from irene and terror attacks the governor and i know how to deal with and staff does it because we are tested as have the people of new york and new jersey tested and that is what you saw this morning, the regular commuters left the safety of where they are standing to rush to the train, to help first responders evacuate injured
people off the train. this region developed a resilience admired by the rest of the world by the way we were tested. we have challenges and both believe that and we have a system in place between the two of us and our administrations and incredibly resilient, allow us to confront these things. we will hold another briefing, by the governor and i or our folks in charge of minute to minute operations. we will let you know. we appreciate you informing the public and we provide information regarding the evening commute if there is anything to add to what commissioner hammer and chair pendergast already told you. gunmac you have watched the press conference by chris christie along with new york governor andrew cuomo.
they finished an update updating the public on the deadly train crash in hoboken, new jersey. one person is dead, more than 100 others injured, they do not know right now what caused the crash but the train sped into the station in an alarmingly high speed, going very fast, no one knows how it happened, a lot of questions as to whether it is the conductor's fault, this may or may not have been developed, faulty equipment, we learned the train's engineers are in critical condition. we follow this story a lot coming on it. let's go to the market, a selloff on wall street, 175 points, not as bad as it was moment ago, we have been down 200 throughout recent minutes in the session, we have seen a slight recovery off of the lows
of the session, stemming from concerns about deutsche bank, deutsche bank, the german bank facing a capital crunch as a result of a hefty seat, $14 billion the justice department is hitting it with, as to whether it needs the entire $14 billion we will talk about coming up but traders seriously concerned about the stock as it takes another leg down. we also have wells fargo's ceo john stumpf just finishing his testimony in capitol hill. he has been fielding questions from a very hostile house financial services committee over the scandal that put wall street back into the political spotlight. wells fargo is accused of creating 2 million phony accounts using customer information to create those accounts, john stumpf forwarded
$40 million in compensation but for a lot of people that just isn't enough. we have a lot going on, it will be a busy hour as we tackle this. you are watching the intelligence report. many questions as to how and why the new jersey transit train crashed into the terminal during morning rush hour. i want to go straight to hoboken where adam schapiro is standing by with the latest. >> i want to bring your attention to what your pointing out, that is the person operating the train, the engineer is in critical condition but the key is the governor also said the engineer is cooperating. they obviously have been able to talk to the engineer about the investigation, what we don't know is why the train was traveling at a high rate of speed and what was perplexing, we are locked down where we are,
there were no questions about the engineer and that person's background, have they had any infractions, how old are they? we don't know anything about the engineer other than cooperating in critical condition. many of them were taken to jersey city hospital, 66 in all taken to the hospital, 43 already released, 23 in the hospital, 13 of them in the emergency room and being treated for their injuries. roughly 108 on the train, most taken to jersey city hospital, there was one fatality. the other portion of the press conference which would be vitally important to thousands of people, who used this train station is the portion of the train that runs under the, and according to governor cuomo and christie and new jersey translate train, and and when
they start doing that, it is in place for this evening's rush-hour but the path train is operational and they are getting ready for contingency plans would be welcome news for people who use the train station as part of their commute. last thing i want to say the ntsb is on its way here for their investigation into what happened here. there is no other reason or indication to believe this was anything other than a tragic accident. >> with more on this i'm joined by deborah, thanks for being here. any kind of gut reaction to what you have seen unfold in terms of what might have happened? >> listening to both governors talking it is important to let the fact play out, let investigators arrived on scene and do the job of collecting the
evidence and interviewing that engineer, looking at the recorders that are on the train and also surveillance cameras, all that will give a woman a wealth of information. gunmac that is the steps you take in an investigation. you mention the engineer. a lot of questions about his background, think of a particular crashes, there was one in may of 2015, an amtrak crash which was blamed on the train engineer. >> that is right. that was an investigation into a fatal crash, the train was going too fast for conditions, derailed, there were fatalities, positive train control prevented
that crash. and we need to get going on this and can't wait another day. we need some kind of mechanism and technology exists. take a listen. >> extended the deadline. and trains were still running and extend the deadline, it is about time. it is about time congress live up to its response abilities. gunmac congresswoman nancy pelosi saying we need to do this. what do you say? >> she has experience in this issue. in 2008, a train that crashed in california certainly precipitated, the requirements for positive train control. and in 2015 on commuter lines and hazard lines by toxic hazmat
routes. it is extended by 2018. the technology exists, hasn't happened yet. tell me what the technology would do. >> the technology prevents overspeed events and trained to train collisions. events it is designed to prevent are those most tragic outcomes. and mac thank you for being here. unfortunate day to have you but good to have your perspective. the other big store we were watching today, wells fargo chief executive, and and it was found to have opened 2 million accounts without customer's consent. mister stump took a huge pay cut and the bank will find nearly $200 million but are there more penalties, peter barnes is live,
and the house, professing accountability, talking about forgoing $41 million of stock bonuses, giving up his salary during an internal investigation by of directors, he won't get a bonus this year, but lawmakers, that is not enough. >> the buck stops with you, as you came out here, i apologize, the buck stops with me so you have to admit criminal activity was going on in your bank, you should be fired because it stops with you. >> the board has that power. my energy rate. >> republican chairman of the committee said let me be clear, today's hearing is just the beginning of the investigation, not the end. gunmac they will go after him.
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.. did you steal? >> did wells fargo employees steel from a million to 2 million other customers? >> in some cases they did. trish: today their moments ago john stumpf heard from a number of people on capitol hill. they were asking some very heated questions about exactly what he knew and what the bank actually did when it seemed like they took 2 million customers account information and opened up three accounts. they were there in dc. it seems as though lawmakers
are primed and ready for this one. we are heading into an election all over again. two ways of looking at it. the republicans do for a different reason. they want to show that the democratic regulatory apparatus mainly by the democrats that is not working. it allows the massive scandal. two things that are interesting from a news standpoint on these things. it is confirming the report. warren buffett is the biggest shareholder.
that could say a lot about it. she came and in and said point blank that she is evidence that the scandal for people to open up fake checking account and that happening predated. the increase the amount of money they zero. trish: he is joining the conversation. the problems basically. do we think there are more banks that might have done similar things? >> if you look at through the complaint files but also
thousands of complaints about cross filling at other banks. those aren't verified those are just consumers complaining but that's an indication that there might be similar activity elsewhere. trish: don frank was intended to stop all of this. unscrambling the eggs as can be very difficult. although i kind of am. it's just as bad as managing them. john stumpf is supposed to worry about every branch and product being sold. not one management team could
do that. in the old days jamie diamond when he ran a very small piece of a bank smith barney he can go around and talk to people. i guess we know how you feel you're advocating for smaller banks. you can basically see. there are just as many problems as some of the smaller banks that have come under scrutiny. i think the challenge is cultural at wells fargo. >> i disagree with that. they are always getting in trouble for stuff like this. small banks i'm sure.
they would falsely create accounts. it kind of seems illegal to me. we are just moments away from donald trump speaking in bedford new hampshire. he will address today's deadly train crash in new jersey. you can see the crowd gathering there in bedford. he is speaking there. and both candidates today had expressed their condolences for the victims of that crash. as reports surfaced that donald trump is already preparing for debate number two. sending an e-mail to supporters seeking advice but he is still not letting the scandal from the first debate died down. he's talking about former miss
universe yet again. it is beauty contest. don't do that. let her try and do it. i help somebody and that's he hidden humiliated her. >> i remember this event. she seemed quite happy. he did bring the reporters there to the gym session. it's an issue that they are just jumping all over. hillary clinton and just wrapping up an event in iowa. as she struggles for millennial voters. they were not winning. maybe she would have a better shot.
good to see you guys. why not just let it go. with the whole miss universe thing? >> maybe he needs to just let that one die down for his own sake. never give legs to something that can hurt you. the worst thing you can do is talk about a woman's weight. he needs to be focusing on his second debate this is a very close race. and donald trump can win it. >> on the decks debate he sent out an e-mail to supporters saying i want an honest assessment and honest critique of what i did and what i need to do better. what is your advice. what is your advice.
prepare for one. he was not prepared. it was the kid that was giving the oral presentation on a book that he have not read the book. his supporters think that he won the debate. they think you did a great job. it was huge success. you bring up an interesting point. i think this will be very interesting to see new poll numbers. we've the new poll coming out tomorrow. we will have some sense of how it is shaking out for voters but they were a little disappointed. i think they were watching that and looking for a reason not to vote for hillary clinton. show up and sound decently smart.
and he started out really well. all those points i think hit home and then he meandered down the rabbit holes. distracted. they took the bait. he have the nail on the head. he has to stop that. and over and over hit the anti- status quo message. keep repeating that over and over. he needs to understand sometimes he needs to come back with some one liners. thirty seconds on howard stern. keep recycling and repeating that. you know how to have a debate. here we are having a debate does he need to practice that
is that the key for him. a couple of things mike pence also voted for the iraq war. he needs to be up on issues. and he needs to be prepared but another thing people have a narcissistic personality. i think that hillary clinton capitalized on that. the first ten minutes i thought he was very presidential. and then she would talk and just poke and he let that get to him. you could see on his face. hillary has nothing to offer. she's gonna do nothing but lay traps. keep the political car between the two white lines. we will take a quick break.
trish: that has been a tough time. they've been falling pretty badly today. they're out they are out there more than 6%. after reports some hedge funds may have stopped the business and worries that it won't be able to pay the heavy fine including $14 billion to the u.s. all tied to the subprime mortgage crisis. a number of banks have been hit with very big fines. but they had been able to whittle those fines down. and certainly they hope to sell.
listen the french government was facing a huge fine. the justice department did not reduce it. they had been wobbling out for about a year. this find was like the thing that would push it over the edge. the german government will jump in if they have to. they just don't have enough money to cover it all. all the sudden the italian banks are going to start looking wobbly. it is a difficult situation. they say this is just a huge money grab. those mortgage-backed securities in the fines that are coming with them had been pretty severe. is not good for me of the
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botched investigation or misconduct. the former judges the members of the committee each time we ask the director a question but we discovered further was an error in the process. i was not gathering information in the normal fashion handling a grand jury. cutting deals for voluntary surrender. an active purchase event in e-mailing back and forth classified information with hillary clinton she was given broad immunity. why would you give it destruction and obstruction immunity but they did. when you go beyond that after giving the immunity after all of that they have cheryl mills
acting as a lawyer for hillary clinton to fbi individuals have a question and answer. what you think it really happened. in listening to the testimonies and having these hearings. i think they failed to meet the standards. even gone beyond that there was a level of instruction in the justice department when they gave these communities they wiped clean offenses up fences that some of these individuals committed against congress. >> i know you're gonna keep
liz: we are waiting on donald trump he's can be taking the stage. he is expected to be commenting on the deadly train crash that happened in hoboken, new jersey this morning. liz: what working to do is keep part of that on the screen so that we can at least keep our eye on it as we wait for donald trump and you will hear from him we have to tell you there's so much going on with this market. even covering some of it. on wall street markets have begun to fall were covering and just slightly. some of deutsche bank's customers not moving money from other firms out of concern