tv After the Bell FOX Business March 13, 2019 4:00pm-5:00pm EDT
stocks. he is with jag capital management. [closing bell rings] we had extraordinarily busy hour. the dow with a nice move up 142 points. s&p above 2800. closing at 2810. nasdaq up 49. that is it for closing "countdown." connell: president trump issuing emergency order grounding all boeing 787 max 8 and max 9 jets. continue to the destination, stay on the ground. that is kind of the big news this afternoon. the dow closes up almost 150 points. we're up about 220 or so prior to the president's announcement. look at rest of the market, s&p 500, nasdaq composite higher for three days in a row. we close in the green. a hot going on. good to be with you. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." we have fox business team coverage on biggest stories.
blake burman at the white house. phil flynn is watching action in oil at cme and ashley webster keeping a close eye on the breaking developments following a critical vote on brexit in the uk. blake, we'll start with you. reporter: president trump described boeing as a tremendous company. said it was a tough decision to make to decide the halt the 787 max 8 and max 9 aircraft but said it was decision that was made after new evidence was discovered. the faa is saying today, new evidence involved satellite images but also the aircraft configuration after takeoff. here was the president unveiling his decision earlier this afternoon at the white house. >> the united states has the greatest record in the world of aviation. we want to keep it that way. so i didn't want to take any chances. we didn't have to make this decision today. we could have delayed. maybe we didn't make it at all. i felt it was important both psychologically and a lot of other ways.
and again, working with canada, working with other countries. we just felt it was the right thing to do. reporter: in a statement boeing's ceo, dennis muilenburg said we are doing this at act of caution. deploy safety enhancements, help insure this does not happen again. the u.s. decision comes after countries across most of the globe decided 737 max 8 should not ply in its skies. the second crash in the aircraft in just five months. members of congress on both sides of the aisle have been calling for temporary halt. democrat senator elizabeth warren suggesting that the delay was a result of political coziness this was her take, about time. she ends writing nothing should come before the safety and security of american people especially not corporate profits or political favors.
over here at white house, they said yesterday the ceo, dennis muilenburg had been on the phone. yesterday muilenburg was making the case to the president the planes were safe. connell: blake, thank you very. gerri willis with a recap on wall street from the new york stock exchange. reporter: that's right. boeing the big stock. the we were up 184 points until what happened as blake described about boeing. has dang up about 52 here. it is all about boeing. intraday the stock hit a session low after trump said the faa was grounding 737 max jets. boeing saying we agreed with that. we were in front of that the stock has been down 15% month to date. today those stocks at end of the day trading higher as you're about to see here. interesting trajectory for the stock. we've also been looking at other stocks in the sector, united, southwest, american. those stocks had been weak.
united airlines now trading higher. one of the interesting things going on today fitch said it is to early to talk about credit impacts for boeing. we're seeing the supply chain now being impacted. arrow parts suppliers, spirit trading lower on the buying news. dow rebounding 125 points. interesting turn at tail end of trading today as boeing gets a little air underneath its wings. back to you. melissa: that is interesting, gerri, thank you. let's bring in today's panel jonathan hoenig capitalist pig hedge fund and todd horowitz of the bubba trading show. >> boeing despite the difficult news is still in fact up for the year. melissa, i have to think there could have been some political element going on here. keep in mind canada, the eu, and china were first to ban the 737.
in canada they have bombardier. eu has airbus. china, state-run, the president did this was done out of prominence of caution. my guess the market is looking at statistics air travel, looking extraordinarily safe despite the tragedies and this is good time to get in buy the bounce in boeing. melissa: todd, what is your take? >> you saw panic come in. it started monday morning. we saw a bunch of highlighted today when all the countries said no more flights over. that's it, you can't fly right now. that signified the potential bottom of the market and opportunity to step in, buy it. john is 100% right. it makes sense. eventually all stocks find their level. i think boeing has found probably at least temporary bottom here. i would expect to see it bounce from here based on how strong it has been. based on how strong the company really is, even despite the tragedy. connell: get to the other story breaking late in the day today and that is from the uk where
lawmakers rejected a no-deal brexit. but somehow managed to leave a know deal brexit on the table. that is how confusing things are. ashley webster. >> there is the "brexit" conundrum, connell. very well-put. they voted in parliament to say no way we'll leave the eu with no deal in place. that was the outcome of the vote. is it binding? no because, as it stands the default situation on article 50 legally is that there will be a "no-deal" brexit if no plan can be found despite what parliament said today. what is problem is, what is interesting, theresa may after tonight's vote, by the way she is really on the ropes right now, telling the mps, if you don't come up with a plan that you can agree on and my plan is still the best one even though you defeated it twice now, if you don't approve the plan, we'll go to the eu to ask for extension. that extension will be probably
a long one because we have no forward progress on the divorce agreement. and therefore the longer the delay of brexit, the longer and better chances something else could happen, maybe a second referendum. maybe another general election. there are so many different options that can happen. she is threatening house of commons and lawmakers they have got to get together with some sort of plan, we could get stuck with the eu possibly through the end of the year ard european parliament elections coming the end of may. bottom line, the prime minister had a very bad day today and bad evening and another bad round of votes because she is starting to lose control of her own party. members of the conservative party voted against her today. certainly she lost control of parliament. questions will be raise the how effective she is as a leader. connell: one of the things we talk about, ashley. we have foreign european affairs department assistant secretary of state, now the rand
corporation international vice president. john and todd with us. i go to the issue ashley brings up, the future as this all plays out as theresa may as leader of the uk, what do you think it is? >> well i think she has, she is in a very difficult box. she is very, very determined and hasn't been scared off in previous defeats she faced. there is no evidence she will resign, at least not now. perhaps on the 29th of march, if everything else fails, and britain does crash out, at that point she may feel her time is done but not now. connell: what is the most likely out come of all of this at this point? i know we had on the bottom of the screen but no deal is still technically on the table. what is the most likely outcome? >> the way i put it, not that no deal is on the table. no deal is the floor. connell: right. >> if they fall off the table
with no deal they smash into 100 pieces on the floor. connell: you're in -- >> it is default. connell: you're in the disaster category if that happens economically? >> it is bad, very bad. the british can do some things. they can wave all products in. they can stop inspecting, try to minimize the impact but it will be a very difficult few weeks right afterwards and then ultimately if there is no deal, if there is no access to the european market for uk manufactures, there will be a lot of added unemployment and economic hardship in britain. connell: quick take from everybody else on the panel. jonathan go to you first on that. markets watch this obviously or do they say this is uk issue as opposed to broader macro issue the way it carried on? >> england is the world's fifth economy and for many american companies it is entree to europe. american companies and investors
should watch this closely. to make a long story short, political chaos leads to economic chaos. we've seen that in the underperformance of british stocks and british pound we get that political chaos here at home we expect very much the same thing. connell: todd, tell us what you think is happening over there. >> based on what is happening i see a delay. i don't see hue they come up with a plan. i think theresa may may come back a third time before march 29th. it is this choice or some sort of delay could go well on into the rest of the year. she might try that? connell: todd? >> you will see continued confusion. of course our markets have no interest and don't care. we continue to go higher. we're not concerned what is happening there, it could be a problem but maybe a way for donald trump to say theresa may you're fired. connell: that is interesting. do we enjoy the speaker? melissa: i think it is fine. i think it is fine. connell: i didn't know if you were all okay. ashley is.
thank you for coming on on brexit. melissa: oil hitting a five-month high, topping $58 a barrel for the first time since november. phil flynn at cme. phil? >> right now we're seeing in the oil inventory is here in the united states, melissa, the impact of opec production cuts as well as loss of venezuelan oil. this caught the market by surprise today because most analysts were expecting supplies to build quite dramatically. that didn't happen and probably didn't happen because of these ongoing production cuts and concerns about venezuela. the reason why the market is up even more because of that is because we saw overall imports to the united states drop by over 9% year-over-year. that's a concern, as refiners start to get ready for the upcoming summer driving season. they will need more oil and the oil might not be about there. that is one of the reasons we're break out. if you look at market, we were looking for u.s. production to continue to rise month after month after month.
yesterday the department of energy lowered their production estimates for united states. that actually showed up in the weekly numbers as well. u.s. production actually fellas week. now the market had been expecting that u.s. production was going to continue to rise and go up in offset some of the losses we're seeing from those other places. that may not happen. and that is one of the reasons why the market's up. the good news about this report is that u.s. demand is solid. if you look across the board. gasoline demand is still in demand. that signals the economy is very good. it is good news, bad news situation. the good news is the economy is doing great. we're using a lot of oil. the bad news is, on the other side of that, prices will probably be higher this spring. melissa: phil, okay. thanks for breaking it down for us. as you great. appreciate it. connell: a lot going on today. this is dubbed as the largest college admissions scandal ever. actress lori laughlin set to appear in court moments from now after she surrendered to
authorities in connection with the explosive scam. she is one of a dozens of wealthy parents accused of bribery and fraud. fallout spreading from hollywood, to, among other places silicon valley where one of the most prominent equity investors has been charged as well. we'll talk to a former director of college selection about this and former arkansas governor mike huckabee on the topic later in the hour. melissa: raising funds without big donors. why some democratic candidates are facing a major dilemma heading into the 2020 race. bill mcgurn of "the wall street journal" is coming up. connell: luxury on wheels, the biggest event in the rv industry is under way out in salt lake city. we're live there. jeff flock in the middle of action straight ahead. snow ♪
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personalize team shirts, and even for company events. the design lab is so easy to use. we just upload out logo and if we have any questions, customer service is there to help. seeing our team together in custom ink gear is an amazing reminder of how far we've come as a business. - [narrator] custom ink has hundreds of products to help you look and feel like a team. upload your logo or start your design today at customink.com melissa: enrolling in a scam. hollywood actress lori laughlin is expected to appear in court moments from now being charged in the largest college admission scandal by the justice department. fox business's kristina partsinevelos has all the details. >> the justice department had been working on the case, 10 months, 200 agents involved. like you said the largest college admissions bribery scandal under their watch. not only lori laughlin, but her
husband founder mossimo. manuel enriquez, he has now stepped down as ceo. now former pimco ceo douglas hodge. in regards to hercules capital, look at the stock price, over the past few days you saw it drop down 9% yesterday after the scandal broke. he stepped down. it definitely had an effect on the company, especially since he owns about 2.5% of the shares. if we're talking about how the rich bribe college admissions, from the court document itself this involved the cochairman of wilke gallagher, very popular attorney gordon kaplan. let me put it differently, if somebody catches us what happens? the witness, says only one can catch it if you guys tell
somebody. he responds saying i am not going to tell anybody. clearly they found out. you have 750 families that were involved, that paid this ring leader in california, over $25 million to either cheat on the entrance exams, s.a.t. exams, the a.c.t. exams or to bribe sports coaches to get their children on to sports teams even though they don't even play the sport. they even photoshopped stock photos, stuck their kids on the pictures. the schools all responded, usc, yale, stanford, georgetown, they have written statements saying they're investigating. some let go of coaches. the big question remains were qualified students disqualified because of these wealthy children and their parents? story of wealth, fame, influence. it only continues to unravel. back to you guys. melissa: i love the person from pcg impact fund, supposed to be
social impact, every dollar is used most effectively narrowing the gap in progress towards economic inclusion. connell: crazy. melissa: this is one of his pitches on the fund. amazing. reporter: known for ethical investing. melissa: sure he is. connell. connell: we have analysis with mcgregor crowley knows about this. ivywise college admissions counselor. former mit director of selection was a member of harvard medical school admissions committee. you know kind of inside and outside of it, whether it is helping students get into elite university or working in admissions department of a unique university. a lot of people have been surprised by this whoa, have you, is there anything about this that surprises you or shocks you, and if so, what is it? >> i'm shocked by the magnitude of this. i think we're kind of seeing the tip of the iceberg here with
revelation today that over 750 other families are potentially involved in this. connell: right. >> it is monumental. i'm not surprised by it though. i think the system is complex, it is set up against the vast majority of kids applying to colleges and those who have money are in the know, they know how to exploit the system. connell: tell me a little bit about that if you can, maybe from the perspective having worked at mit a little bit different than yale which was mentioned this. yale is division one athletics program, mit is division 3. however what i read, what people tell me, there are many special circumstances which students are admitted to a school. when you were dealing with that in admissions how much percentagewise of the, freshman class would be under some sort of a special circumstance? how did all that work? >> so be i think you can imagine admissions as looking for like the best of the a can types of
each students. best math kid, best research kid, best fencer who does really well in class. so, our job is to try to take this giant mound of applications and find those kid who are really great matches for our institute and try to get those kids to enroll. i have to say that you know, our coaches at mit are some of the nicest, most ethical people i ever worked with. i could never see this happening at place like mit i suspect one of the reasons why isn't just because the coaches are phenomenal admissions officers are phenomenal too but the way the athletic selection works. if you have got slots and a coach can promise a slot to an applicant, that is a commodity and -- connell: sure. >> it is essentially a way of insuring that a student is going to be admitted offer giving them a pretty high chance of being admitted. connell: especially division 1 level. i'm sure it happens more at
division 1 level than the division 3 level. doesn't mean the student will have 850 on s.a.t. they're still going to have strong s.a.t. scores but they lower them a little bit, right? that does -- maybe give them a little bit of lower bearer -- barrier. each school is different in your experience. should more people have known or do you think more people knew in the admissions office, athletic office, other than the people technically on the take? seems like a breakdown sort of in oversight, right? >> yeah, it's a huge systemic breakdown. i think what happened you had someone who identified a hole and exploited that hole and found weak points at each of these schools and exploited those weak points and used it to generate a significant amount of money. and, i think in any system that is as complex as this is kind of set up to benefit special classes. there is always going to be opportunity to exploit it.
connell: we'll talk about in the future what changes might be put in place as a result of all that. thanks for coming on mcgregor crowley. >> thanks. melissa: we'll have more on the scandal rocking the nation coming up and it is hitting a senior executive in silicon valley, a couple of them this was known in the bay area as one of tech's leading voices in ethical investing, charged, can you imagine in very unethical scam. we'll talk with former arkansas governor mike huckabee coming up. holding boeing accountable. president trump issuing an executive order grounding all boeing 737 max jets. how the company is responding. that's next.
stock came back late in the day. reporter: certainly did, connell, as we followed president trump issuing a executive order grounding all boeing 737 max jets, united airlines, southwest airlines, all have american airlines all have the model in their fleet. southwest is aware of media reports that the boeing 737 jet will be grounded in u.s. this was before the president spoke with additional guidance and faa will respond accordingly in the interesting of aviation safety. once we learn more media updates from southwest will be posted. american airlines made a similar statement. this is very latest as well from boeing's ceo, he says on behalf of the entire boeing team we extend our deepest sympathies to the families and loved ones of those who have lost their lives in these two tragic accidents. we are supporting this proactive step out of an abundance of caution. boeing supports the decision
made by the faa. so boeing temporarily grounding all of its operations for those two particular models. this follows of course what we saw from canada, numerous other countries, numerous other carriers. the canadian transport minister saying satellite tracking data shows possible, but unproven similarities between the ethiopian airliner crash that killed 157 people this weekend and that previous crash off the coast of indonesia about five months ago. so as we know, the eu, multiple other nations have suspended use of the planes. senator ted cruz, chairman of the senate subcommittee on aviation and space, he had already suggested grounding of the models. he says he will be holding hearings on safety. a date for those hearings not yet been announced. but, in this most recent tragedy, the ethiopian airlines spokesperson did say that the pilot had reported night control problems before the crash.
that really implies that there was something at least from the pilot's perspective in the plane. it wasn't external force like birds going into the motors. sometimes that happens. as we know those black boxes are not coming to the u.s. to be analyzed. they are going to europe. so likely to get more details when those are analyzed. connell, meantime back to you. connell: all right. deirdre bolton in the newsroom. melissa. melissa: here is oliver mcgee, former u.s. deputy assistant transportation secretary. thank you for joining us. there are some crosscurrents going on here. seems like one of the fights is if the plane was doing this specific thing is this operator error or is this error on the part of boeing? one, a pilot who raised the concern months ago said the flight manuel is inadequate and almost criminally insufficient. can you blame the flight manuel do you think, for not explaining what you're supposed to do in these situations?
>> thank you for having me, melissa. this is definitely some miscommunication coming from boeing to the operators which are the pilots. essentially what we have is a ct problem on this aircraft. we moved the cg back because -- melissa: cg is what, sorry? >> center of gravity. center of gravity. we moved that back because the engines had to be mounted up front, forward to the wing. essentially when the plane is climbing it essentially tilts up. the computer says it is stalling when it is counting for differential lift coming from the engines which should not happen. so when the computer tries to tilt the aircraft down, the pilot tries to correct it. essentially it goes into perpetual waving motion of the aircraft and goes into perpetual stalling, negative stall, falling down to the ground. melissa: that is absolutely terrifying. that sounds like that is boeing's fault for sure?
>> yes, i think what has happened in the boeing max series they have tried to do an engine mount design when they need to do a clean sheet design to compete with the global competitor which is the a320, which is really higher standing engine. it is also designed to take on bigger live mount engines. we're taking a wide mount engine in the max series placing it on an old structural model of the boeing 737 which pilots are used to flying by themselves. what they had to do put in artificial intelligence, the m cat system, to get it essentially to correct the high angle i just described that is the disconnect between the pilots. we're missing human intelligence matching with the modern boeing had to put in place. unfortunately boeing was slow to let the pilots know about the new software. then they found, they let them know after lyon aircraft.
that is too late. melissa: wow. so does that mean that now with the software upgrade everything is okay? or is this a group of planes that needs to be taken out of service permanently? >> this is group of planes that need as clean sheet design to basically compete with the boeing a320, which is also a clean sheet design in my opinion. but the company knows best. they're waiting for the black box data to see if they can possibly do the software correction. and then that will require a lot of training with the pilots to get them to manuever when this engine tries to, when this engine difference lift tries to change the lift on the wings. but in my opinion i think they would best to take the max series out and do a clean sheet design. it is easy to do. a lot of data on 737, do a shift in the center of gravity, move it forward towards the nose so the plane doesn't tip forward.
like a robin flying with a pack of cigarettes on its back. basically if you shift the cigarettes on the robin, the robin would fly funny that is essentially what we're doing right now. melissa: oliver we had a little problem with your audio. we can understand you. thank our audience for sticking with us. oliver mcagree has really great things to say. that was enlightening. connell: good information. former trump campaign manager paul manafort facing a judge for sentencing. we'll tell you how much more time he has to serve. melissa: campaigning for money, distancing themselves from the megadonors, a major issue presidential candidates on the left are facing. can they manage to do both at once? "wall street journal" columnist bill mcgurn. he is brilliant. he responds next. connell: turning your vehicle into your own paradise. jeff flock showing us how one company is giving a complete makeover to vans. the incredible transformation is coming up. melissa: ohh.
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connell: more money, more problems is what they say. 2020 democrats are indeed facing a dilemma needing to kind of distance themselves from big-money donors to please their base but raise big money for what is sure to be a long, expensive presidential campaign. let's bring in "wall street journal" columnist bill mcgurn on that and more today and wonder one more than the other, probably bernie sanders is set up to take advantage of this phenomenon. what do you think? >> i think it is a challenge for them all because they're always attacking this. now we have some new candidates doing pretty well with low-key -- connell: does harris do well there? >> i don't know what she has been since but in her first 36 hours or something she did well. connell: right. >> but at the end of the day i think even person will do, if they think that it takes x to be president they will do x. remember barack obama didn't accept federal dollars because
he didn't want the limits on spending, right? connell: there is always a different reason. when we ask the candidates, numbers in first 24 hours bernie sanders blew everyone out of the water with 6 million. we ask the candidates before they're officially in, are you going to run. everyone says no and announce afterwards. similar in the fund-raising game. >> they have to have the money for the long haul. you need money not just now but to battle on down the road. connell: the one most intriguing, to everybody in the democratic side, including the president the guy not officially in yet. i do want to talk to you about joe biden. i know you wrote about him in the "wall street journal." >> right. connell: he is leading most of the polls even though he hasn't announced yet. in bill's column, the former vice president could present a formidable challenge to trump if the democrats let him. that was column entitled the case for joe biden. if they let him. >> right. the case for joe biden is on paper in that he has roots in what he calls the working class
ethos of scranton, pennsylvania, which is part of the party they didn't do very well with the in the last election that won for trump. declined to run the last time. this is the first time he is at the top. if you were joe biden, you would say, why not. connell: would be top of the polls as former vice president of the country,. >> name recognition. connell: huge page recognition, i wonder if this pushes back on possible narrative, we say that all the time the democratic party has moved so far to the left. has the voting, have voters in the democratic party move as far as energic base and aocs of the world? >> in the last poll in iowa, bernie sanders was right behind him. 27, 25%. each was the other's second choice for voters. top choice for this. so yes, i think that is some of them. this is a challenge. again on paper, i think joe biden could be a more
moderate candidate and have that feel pretty much to himself. problem to be moderate you have to, you have to really be tough. when i said he could be a challenge to trump i think if he decide to say i will run on a campaign of restoring civility to the white house. connell: sometimes he does speak that way. >> sometimes he does. not all the time. there are couple angry joe bidens out there. connell: absolutely. >> i think he had a great chance he blew recently when he called mike pence a december guy. cynthia nixon from "sex & the city" blasted him for it. he caved. he should have said i'm not backing down. i disagree with everything mike pence says. connell: my point earlier, sometimes like there was another instance remember when somebody, i forget the exact answer, he agreed with republican. put out one of catholic sayings, bless me father, for i have sinned. >> he has on some things. if you read his eulogy for john
mccain it is quite beautifully done. john mccain was easier republican for democrat to like. he was often at odds with his own party. connell: true. >> he ran that kind of campaign. but the point is, takes some guts, takes standing up to do it. to run a campaign saying we're going to restore civility with politics and grace. he treat our opponents not as enemies but people that disagree with us that is hard thing to do. connell: sounds easier than when you actually get into it we'll see if he actually gets in. bill mcgurn. melissa. melissa: not just hitting hollywood. the cheating scandal making it way to silicon valley. a senior executive at investment company for uber is finding himself in the middle of those bribery charges. former governor mike huckabee responds. that's next. ♪
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melissa: lori laughlin is set to appear in court just moments from now after being taken into custody by the fbi in the largest college admissions scandal by the justice department in it is exposing some of the biggest names in hollywood and silicon valley. one of them being private equity firm executive bill mcgoshin who is known for advocating social good in ethical investing. he has ethical investing fund in addition to his other investments. here is mike huckabee, former arkansas governor and fox news contributor. this one really got me, governor, because this is a guy who makes all kinds of lofty statements after he made a fortune investing in spotify, airbnb, uber. he started one of those ethical investing funds you can make money and be ethical at the same
time. bono is involved in it. here is one of his courts every dollar is used most effectively narrowing gaatp, advancing progress towards economic inclusion. from that word salad came the man who now is alleged, you know, spent a fortune bribing his child's way into usc, pretending like he was a place kicker. allegedly changing his test scores. what do you think of the hypocrisy here, governor? >> there is biblical verse, melissa, pride goeth before a fall and this is a pretty big fall for some of these people especially a person who is claiming to be ethical. this is one of the moist unethical and disgusting things we've seen in the way of a crime wave in a long time because it is people who are cheating a system and it is not just that they're cheating for their kids, that's bad enough, but they're cheating kids who need ad break,
who need ad chance. kids that worked hard and tried, made the grades on their own and through their hard work but they didn't have parents shelling out bribe money. so therefore they didn't get to go to harvard or yale or usc. i tell you this, though, those kids, they will be better off than the kids who got in through some phony process. i feel for those kids, because clearly they didn't get there through merit. they're not going to be able to make it that big in the business world or in whatever career they choose to go into, because nobody is going to be able to keep being there to always bail them out and bribe their way through life. it is tragic. melissa: yeah. so this senior executive from tpg, he was placed on leave from the fund. i don't know how he can recover because he is the face of this, rising fund that is supposed, the rise fund, supposed to be all about you know, righting the world's wrongs. some of the things he accused of
doing, prosecutors say he paid $50,000 in order to doctor his son's act performance. he made a 250,000-dollar donation to usc. he faked that he was a placekicker he said. i will make him a kicker, punter, they will walk him through with the football. he says it is pretty funny. the way the world works these days is unbelievable. he is almost sounds like from the tapes with the government, decrying that the world is so corrupt at the same time that he is participating in fraud and then on the other hand running a holier than thou fund where they're going to do good, you know, with their profits, rather than just investing for profit. they will try to do good works in addition to that? >> yeah, melissa, i think the arrogance of this guy who pretends to be one thing and clearly is a hypocrite and does something quick the opposite.
his son a kicker. i think his son need to kick his old man in the rear end, thanks for nothing, pops, you ruined my life. i think there is good chance some of these folks will do a fine, not just get time. i don't like people going to prison because it is absolutely necessary, because frankly we taxpayers have to pay for it. sometimes there ought to be example. there needs to be a real clear accountability for things that have robbed other kids of the opportunity to go to college. i think some of these people will get frog marched across the federal courthouse lawn. melissa: that's funny, you mentioned the taxpayers, one of the things they way they funneled the money to the guy through a fake charitable donation. then they deducted it on their taxes. so he took a tax deduction it is alleged for having used this money for bribery. so that is tax fraud on top of everything else. i think you're right, he faces a long time.
governor, thanks for being on. appreciate it. >> you bet, thanks, melissa. >> the other story today, we'll get to actually in a moment, but a home on wheels with a big price tag the one we'll take you to in salt lake city where six-figure rvs are decked out beyond believe. melissa: i like that. connell: sounds like a jeff flock story. >> i want that one. look at that. connell: you can have it. ♪ cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
the big drug companies don't see they see us as profits. we're paying the highest prescription drug prices in the world so they can make billions? americans shouldn't have to choose between buying medication and buying food for our families. it's time for someone to look out for us. congress, stop the greed. cut drug prices now.
the new capital one savor card. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet? connell: americans are taking their homes on the road, this time with an' grade, the rv industry shows off latest in top end luxuries. we have a cheaper alternative. let's go to jeff flock in salt lake with details. reporter: i'm the cheaper alternative? this is the show for the common man this hour. the big ones today that called
little guy trailers. and vans, this one look at this. this is something called mod vans, i have a personal connection to retrofitting your van. this is me, my daughter bought a 1991 dodge ram van. brought it to chicago, had me put a floor, bookcases. that was the silly way to do it. if you want to right, you come see pj and his wife, they have a business, mod vans. >> i built my own about 3 years ago, drove around for a couple years, friends were like you should sell these. reporter: you have a small growing business. >> i belt a web site. reporter: inside real quick. modular, cool, sleep up in the top.
it is neat. connell: that is great. reporter: 1991 dodge ram van that broke down on my daughterris. connell: another story. melissa: that is amazing. connell: thank you, jeff, thank you for joining us, bulls and bears starts right now. david: breaking news in scandal that is welcoming country actress lori loughlin surrendered to authorities, she is to appear in los angeles federal court at any moment to face charges in connection with the sweeping college admissions scam. this is bulls and bears, i am david asman. with me, my panel, lori loughlin known for her role as aunt becky, on full house with her husband designer mossimo, they allegedly