tv CBS Overnight News CBS August 23, 2016 2:42am-4:00am MST
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you don't have to have a physical presence and pay for that. you can eliminate hidden fees. and if your cost structure is lower. >> i am hearing eliminate jobs. we are talking about hundreds of thousands of jobs in, in the banking sector. >> tellers. and financial advisers. you name it. >> i think in general. sort of, technology, always -- makes some jobs less rel vanlt or perhaps even obsolete. i will say that the idea that sort of these people will find nothing else to do seems like -- it is way too pessimistic. >> have you looked at. >> of human beings.
employment scene right now. >> it will take a while to adjust. creativity of people. what they're capable of. aspirations and dreams that they have. the idea that they're not capable of anything more than sort of performing ought may tiff clerical tasks i don't believe that. >> there are issues with fintek that go beyond the loss of banking jobs. letting new companies handle your money cupped be risky. there are concerns they're there is also the issue of online skurtd. >> people have been trying to steal money for as long as money has existed. andn't best we can sort of, as a -- as a society is to design security in the most thoughtful rope bust way possible. and that's sort of what we set out to do with stripe. >> it's not like the big banks
so is fintek the next uber. well it is still a small slice of the financial industry. and the powerful and rich old guard is fighting back. its lobby already pushing for more regulation to curb the already pushing for more regulation to curb the newcomers. >> you can see the full report on our website cbs news news.com. the "overnight news" will be
he died of a drug overdose in april. investigators found a batch of counterfeit pills if his home. some of them mislabeled. michelle miller has that story. some of the counterfeit drugs reportedly contain fentanyl, an opioid 50 times more powerful than heroin. but officials say those pills were falsely marked raising the question did prince know what he was taking. prce when he died from an overdose of the drug fentanyl. the medical examiner's report said the fatal dose was self-administered. and his death was an accident. ? purple rain purple rain ? >> reporter: it's unclear how the 57-year-old singer obtained it. but according to the star tribune, investigators are leaning toward the theory that he took the pills not knowing they contained the drug.
prince. he took what he thought was a lower dose of a narcotic. and it ends up being a significantly higher dose. >> reporter: an official close to the investigation told the associated press, some pills found in prince's paisley park mansion were falsely labeled as watson 385 indicating they contained hydrocodone and acetaminophen which is the active ingredient in tylenol. at least one fentanyl, responsible for a growing number of deaths in the united states. >> problem is fentanyl is much, much stronger than the tylenol and the hydrocodone. i think we're seeing an epidemic, and the epidemic is people taking narcotics with an overdoses and deaths. when the two of them collide as in this case, it certainly appears like that, there can be lethal consequences.
the fire is barely out on the olympic cauldron in rio, but cities around the world are already lining up to host the games in 2024. that includes los angeles. ben tracy has the story. >> it's been 20 years sin the summer olympics have been in the ed atlanta. since then, chicago has tried. new york has tried. they've both been passed over. but now los angeles thinks it can go the distance. >> reporter: with the olympic flame now extinguished in rio the competition to get the 2024 games is really heating up. los angeles mayor eric garcetti was in rio to convince olympic officials his city should play
be actually good for los angeles given what they cost? >> a lot of people are asking who would bid for the games. we know we could do games that would be possible like in 1994 when we helped save the movement. >> reporter: los angeles was the only city that wanted the olympics in 1994 and it made money. it predicts it would cost $6 billion and generate $161 million in surplus sales. updated and a temporary swimming area would be built. nearly every other venue already sifts. the los angeles rams football stadium would become a centerpiece of the game. l.a. has also dramatically expanded its public transportation. >> we won't build things for the olympics and hope that they benefit the people of l.a. we're building things for people of l.a. already and hope they benefit the olympics.
is stiff. los angeles is up against paris, rome and budapest. paris is a favorite since 2024 would be 100 years since it last hosted the games. >> the entire olympics ordeal is to have bigger faster stronger profits. >> reporter: the professor gaffney has researched the impact on the host city. he said it would leave billions of you don't think americans would want to see the olympics back on american soil? >> absolutely not. the olympic model is dead. >> reporter: in the past decade, the olympics have just $8.9 billion. but l.a.'s mayor says bringing the games back to the heart of hollywood is not only a win for l.a., but the entire country. this is a movement that needs america. but i think america needs the olympics, too.
for this tuesday. for some of you the news continues. for others, c back to school in the zika zones. lesson one. protection. >> i don't take them anywhere, where we are going to be outside an extended period of time. >> also tonight. campaign 2016. donald trump on immigration. >> no i am not flip-flopping. >> revelations of more hillary clinton e-mails. >> wildfires, firefighters battle them. scientists try to understand them. >> it doesn't require flame to ignite. >> no, just hot air. >> there are 8 million stories in new york city. anthony mason found one in this bookstore. >> a lot of people must come into this shop. and i wonder why you are still here. >> every day.
>> announcer: this is the "cbs overnight news." the reopening of school in miami yesterday came with more than the usual first day jitters with mosquito spread zika infections in the area. up to 37 now. parents worried about the kids they sent out the door and off to class. and teachers skipped right past the abc's and started with z. for zika. from miami, begnaud. >> 7,600 students in miami-dade county started the new school year inside of a zika zone. >> what's zika, the second part of the name. zika what. >> virus. >> the science of the mosquito born virus was part of the first day's lesson plan at this middle school in wynwood. students were offered free protective clothing and insect repellent. alberta calvaro is
>> how many kids were wearing protective clothing? >> a lot more kids. very warm. leaving long sleeve shirts. >> meeting with community leaders, governor rick scott announced $5 million in state funds will go for zika preparedness and mosquito control. that's out of 26.2 million he authorized. in the state's zika zone, the mayor of miami beach criticized the governor's response as inadequate and not timely. >> i think that what the governor did he not only administration, county administration, think he blindsided everybody. atr katrina bernard, mother of two, expecting her third child has all but quarantined herself and her family. >> my kids are restless. we don't go to the zoo. i don't take my son to baseball practice. >> to the person who says you may be a little everreacting? >> i think my baby's life is more important than my comfort right now.
florida infected with zika tonight. federal health officials will not disclose whether any of the women contracted the virus locally. beach. concern as the floodwaters in louisiana and mississippi recede, standing water will become a breeding ground for mosquitoes carrying zika, flooding killed at least 13 people and damaged tens of thousand of homes. manuel >> lived here since 1973. >> raised my kids. >> it is all gone. >> wallace and shirley aymond say they lost everything in their baton rouge home to six feet of walter. >> treasures, memories on the side of the road. and -- we don't know what we are going to do. >> the aymonds, like 80% of louisiana residents did not have flood insurance.
government assistance so far. more than 106,000 people have now registered for emergency federal aid. officialsest mate 60,000 homes across 20 parishes were damaged. in nearby dunham springs, fema workers spent the day asession the needs of flood victims. thousands remain in shelters. state officials on the lookout for any one who may pose a health risk. the focus remains on clean-up and rebuilding. says the mayor of dunham >> take us quite a while, devastation. doesn't happen overnight. the aymonds wonder if they can rebuild at all. >> we cry off and on. we want to come back home. but we can't. >> you can see every single home in the aymonds neighborhood has a pile of debris in the front maurice, president obama who some have criticized for not
last week will visit the area tomorrow. >> thank you so much tonight. now, to the presidential campaign. it seems every time hillary clinton tries to delete the e-mail issue, it winds up back in her in box. today we learned the fbi investigation uncovered nearly 15,000 e-mails from her time as secretary of state that were not among the 30,000 she turned over in 2014. here is nancy cordes. clinto carefully combed through everything on her private server. >> i responded right away. and provided all my e-mails that could possibly be work related. >> but now, justice department lawyers say they have given the state department 14,900 e-mails and documents that clinton did not hand over. state department spokesman, mark toner. >> we still don't have a firm sense of -- how many of these 14,900 are new.
granted, that's a -- a healthy number there. so, there is likely to be, quite a few. >> clinton campaign aides say aren't sure what is in the documents, but support all of her work related e-mail being released as a federal judge has ordered in response to a suit alleging clinton used the server to skirt public records laws. fbi director james comey first indicated last month that his agents had recovered new material from clinton's server. but he evidence it was deliberately withheld by clinton's lawyers. >> it is highly likely that their search missed some work related e-mails. we later found them. in the mailboxes of other officials. or in the slack space of a server. >> clinton told the fbi that colin powell advised her to use a private server as secretary of state. powell told "people" magazine he
donald trump took his campaign to a battleground state as he rekconsiders his immigration policy. here is major garrett. >> donald trump met with akron area law enforcement as part of a brief swing through ohio. trump's primary season, law and order pledge to depor 11 million undock tmted immigrants is now under review. even as trump denied a general election retreat. >> no i am not flip-flopping. we want to come up with a really fair but firm answer. >> trump met with supporter filled hispanic advisory council saturday, a topic, alternatives to mass deportations. something trump called for repeatedly. >> 11 million, 12 million immigrants. >> whatever the number is. >> still in the country.
they're going out and coming back in legally. >> you are rounding them up. >> rounding them up in a very humane way, nice way. >> she attended the closed door saturday session and said trump was interested in something less than full deportation. a touch become to create a path to legalization. >> people don't necessarily go back to their country of origin, but will go back to their embassies or >> new campaign manager, kellyanne conway emphasized fairness over firmness. >> he wants a fair humane way to deal with 11 million who live among us. at the same time. secure the border, build the wall, and be fair to american workers who feel like they're competing for these jobs now. >> reporter: this idea of touchback immigration first surfaced in 2007 congressional debate over comprehensive reform. maurice, back then.
position far tougher than the one trump is looking at now. and one conservatives then, branded amnesty. >> major garrett with the trump campaign in akron, ohio tonight. syria's civil war appears to be entering a dangerous new phase as the the assad regime forces battle kurdish troops, u.s. partners for control of hasaka in the northeast. holly williams reports the u.s. may be drawn into this ba >> reporter: a new front has opened up in syria's civil war. as syrian regime planes bomb kurdish fighters. and the two sides battle street to street on the ground. the kurdish group is backed by the u.s. in the fight against isis. and american special forces operate in the region. so the u.s. scrambled fighter jets to protect them. but that risks a direct clash in
which america has strenuously tried to avoid. five years into syria's civil war, this multisided conflict is more chaotic than ever. it is also again spilling into neighboring countries. like turkey where on saturday. a suicide bomber targeted a wedding party. killing more than 50. including at least 22 children. turkey the prime minister said it could have been another group. the u.s. and kurdish allies have made progress against isis. killing thousand of fighters, and clawing back territory. even itf isis loses all its territory in syria that won't end the civil war. the syrian regime is thought to have killed far more people than isis. and is now backed by fire power
ensuring it will keep bombing its own people. perhaps for years to come. secretary of state, john kerry said today, that talks with russia on possible military cooperation in syria, are drawing to a close. but maurice many are skeptical about moscow's intentions. because the its goal appears to be to prop up the syrian regime. >> holly williams in istanbul tonight. holly, thank you. it was another violent weekend in chicago. 57 shootings. more than one an hour. five of the victims died. dean reynolds now on a new strategy to try to stop the violence. >> reporter: with murders this year up 50% over last year. >> shots fired. >> with increasing number of children count the as collateral damage. the chicago police are now launching precision raids, to sweep up repeat offenders who they say are responsible for much of the bloodshed.
organized crime unit. >> out route we took is attacking them through the sale of narcotics. narcotics is what funds the gangs, funds the operation. it provides them with money to buy the guns. that are used, to shoot at rival gang members. and in some cases now as we have seen to shoot at police officers. >> 61 of the 101 people arrested early friday were documented gang members. the police said. and superintendent eddie johnson says in all, there are about 1400 repeat offenders driving the >> these are people that are choosing the lifestyle. so, imagine if we can eliminate half of those people. our crime, gun violence would be in the city of chicago. until we let them know that we are serious about it. they're going to continue to do what nay do. >> but even with this new dragnet strategy, the mayhem continued this past weekend. a 14-year-old boy, malik cozi among the eight killed.
shot at a vigil for the 14-year-old. >> the kids don't stand a chance. >> ashake banks took jamia to the hospital. four years ago, ms. banks 7-year-old daughter heaven was shot to death while she sold candy on a sidewalk. >> i had to relive that all over again. i've just couldn't see another baby losing their life. i am so sick of it. >> this more aggressive police strategy has been going on since memorial day. and, a few hundred offenders have been tak o maurice as this past weekend shows, the results so far are mixed. >> dean reynolds in chicago. tonight. coming up next, some scientists believe the best way to fight wildfires is to let them burn. and, ryan lochte was not robbed. but he just lost a ton of endorsement
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dozens of wildfires are three broke out yesterday near spokane, washington. at least 1 home have been destroyed there as the fires continue to grow. and more than 100 homes burned in the blue cut fire in southern california. tonight that fire is nearly 90% contained. evacuation orders have been lifted. >> each year wildfires seem to get worse.
carter evans spent time in a lab where they study this. >> reporter: in this especially designed burn chamber. researchers are dissecting a wildfire. by measuring how fast pine needles burn. >> it doesn't require flame to ignite. >> no, hot air. >> huh a fire can propel without wind. >> so the troughs, those dips, are actually where the fire is advancing. >> right. that's right. >> mark phinney, a scientist at u.s. forest service fire lab missoulla. an expression. it spread like wildfires. we don't know how wildfires spread. >> reporter: the forest service spent $1.7 billion fighting fires that burned a record 10.1 million acres last year. but phinney's research shows, putting out every fire is not working. >> are we making it worse? >> we are making it worse. fighting these fires, we
that its, the harder you try to suppress themt wor suppress, them the worse they get. under normal conditions fires thin out forests. by constantly putting them out. more unburned brush is left for the next fire. phinney says firefighters should be intentionally setting more so-called prescribed fires to burn off excess vegetation or simply let some natural fires burn. in a statement to cbs news, the forest service says, it agrees that are important tools but our capacity to complete this work is restricted by the budget which is al low kate allocated . there are liability, use with state and local governments as more devil tupers push to build homes close tire fire-prone areas. >> fire is inevitable. if we convince ourselves it is not we have a repeat every single year of the same situation. >> reporter: for now scientists hope that by setting these
how to manage them in the forest. carter evans, cbs news, missoula, montana. >> next, ryan my hygienist said the most random thing. she said i should think of my teeth like an apple. it could be great on the outside... ...not so great on the inside. her advice? use a toothpaste and mouthwash that strengthens both. go pro with crest pro-health advanced. it's uniquely formulated with activestrength technology... ...to strengthen teeth inside... ...and is better at strengthening the outside... ...than colgate total. ...my whole mouth feel... ...amazing. advance to healthier gums and stronger teeth from day one. my check-up was great. crest. healthy, beautiful smiles for life. ? your heart loves omega-3s. but there's a difference between the omega-3s in fish oil and those in megared krill oil. unlike fish oil, megared is easily absorbed by your body... ...which makes your heart,
is proven to increase omega-3 levels in 30 days. megared. the difference is easy to absorb. discover new magnum double raspberry. made with the perfect balance of raspberry ice cream, and belgian chocolate. discover magnum chocolate pleasure. ryan lochte's career as a corporate pitch man is sinking. today four sponsors dumped the olympic swimmer.
syneron-candela and mattress maker air weave. lochte apologized last week. in stark contrast, two olympic runners have been given a rare sportsmanship award. abbey d'agostino and hamblin collided and fell. d'agostino helped hamblin to her feet. and both finished. grimtion awith torn knee ligaments. a legendary musician died, toots, thieleman turned the harmonica into a jazz instrument. he was searching for a place between a smile and a tear. thieleman can be heard on sound track, commercials and the original theme song for "sesame street." ? ? toots thieleman died today in
we end tonight in new york city. the first capital of the united states. called by many the modern day capital of world where past and and, where anthony mason found a reli iic of the past still thriving. in midtown manhattan squeezed between the skyscrapers on east 59th street is a six-story literary oasis. the argosy bookstore in business 91 years now is run by three sisters. >> this is -- >> "moby dick."
the middle sister. >> this is an act of congress signed by thomas jefferson. >> reporter: runs the autographs department. >> early manhattan. >> reporter: and the youngest presides over the map and art gallery. >> it has no central park. all in their 70s now the three sisters have run argosy since their father died in 1991. >> reporter: a lot of people must come into this shop and wonder why you are >> every day. >> especially real estate brokers. >> why are you still here? >> we're here because we own the building. otherwise we would have had to go out of business long ago. >> reporter: louis cohen opened the store in 1925. he and his wife ruth who also worked at argosy passed on their love of books to their three girls. >> sisters and brothers tend to
here we have a common goal. >> reporter: the internet now brings in orders from around the world. but the store itself isn't as bustling as it used to be. even at the bargain bin. how often do you get offers to sell? >> 100 times a year. >> 100 times a year. >> three calls last week. >> you did? >> the sisters have already planned for their succession. judith's son, ben lowery will make sure this bookstore w't budge. >> do you feel look you are protecting something now? >> yes. >> what is that? >> books. >> books are in danger. >> reporter: to louis cohen's daughters it's not the real estate that has the the most value it's the collection that it houses. anthony mason, cbs news, new york. and that they the "cbs overnight news" for this tuesday. for some of you the news continues. for others, check back with us a little later for the morning news and cbs this morning. from the broadcast center in new york city.
this is the "cbs overnight news." welcome to the "cbs overnight news." i'm jericka duncan. president obama will get a firsthand look at the devastation in louisiana today when he visits flood ravaged baton rouge. a week after t inundated half the state. dozens of highways are still closed. thousand of residents remain in shelters. and 60,000 homes are either damaged or destroyed. the president has faced criticism for not visiting the disaster zone sooner. manuel bojorquez is there. >> take a look around here. this is all debris. things ruined by the floodwaters now. tossed out on to the street. and this entire city block is lined with them.
here in denim springs has lost part of its history. and people nearby have lost their homes. across southern louisiana, roads are lined with debris. as the the scope from the catastrophic flooding becomes more clear. each day. >> master bedroom here. >> water destroyed most of kathy edmondson's home of nearly 30 years. kathy what have you lost here? >> virtually everything. virtually everything. >> reporter: the number of damaged homes jumped to more than 60,000 this weekend. businesses are also feeling the brunt of this disaster. this has got to be so hard to see. >> this is pretty much -- our building right here. what you are looking at. >> alvin watt's business like many others in historic antiques district of denim springs is in shambles. he managed to clean up with little help. >> we are doing it ourselves. we don't have no fema, government, no nothing.
business up without any body's help. if they show up. fine. if they don't. we are going to put this back on the map. >> reporter: the hiss toreic flooding has forced more than 106,000 people to register for fema assistance. a one-week total the agency hasn't seen since superstorm sandy. fema remt representatives tell some places are unreachable and active in all 20 hard hit parishes. >> we did have teams on the ground as the waters were through. we want to be here. want to be here for survivors. that's our goal. >> already. more than 36 million dollars in federal assistance has been approved for this area. but this morning, 3,000 people remain in shelters. miami mayor phillip levine asking for federal help to squash the zika virus in its track. five cases reported in two miami
u.s. mainland. meanwhile, thousands of students return to school. and some of their parents are very concerned. david begnaud reports. >> health officials have told parents you have to have your kids put on bug spray at home. can't do it al school, another kid in your kid's class may have an eler gee. idea is put it on at home. come ready. it is supposed to be effective for the entire school day. it is expected to beep nearly 90 degrees in miami beach >> see if this one is good. >> adam carp, a high school freshman will be dressed for much cooler weather. >> long sleeve. pants and -- and a long shirt. >> sunday, adam and mom carol, an eye doctor picked up free protective uniforms. offered by the school district which has been warning parents to take precautions. >> we have lots of phone calls and. . reminding us about insect repellent. water. safety. and you know getting rid of
>> miami-dade school superintendent, alberto carvallo made it a pent to dress the part. wearing long sleeves and pants. >> better safe than sorry. i know we are trading off comfort for protection. i think that is a fair deal. >> remember not to spray the face. >> two public schools in the new zika zone which covers nearly 1.5 square miles of miami beach. precautions are also being taken at a third school just a few blocks outside the zone. county accused florida's governor rick scott of poor communication. >> when did you find out there were cases in miami beach? >> found out at 12:00 when the governor gave his press interview. >> didn't get a heads up? >> zero. suspicion your office is trying to downplay the zika threat. i wanted to give an opportunity to respond. >> if you look at what the department of health its putting out. what our office is putting out. we will put out accurate information. >> head of the national institutes of health.
see zika hang around, one to two years. new clusters to pop up along the gulf coast. in texas, and louisiana. >> our chief medical correspondent, dr. jon lapook discussed the latest zika outbreak with dr. tom frieden head of the centers for disease control. >> are conditions on miami beach, different. harder than in wynwood. >> miami beach a challenging area. high rise buildings means you can't apply aerial spraying in the same way. also, the windyon products. on the other hand you have more cement, pools that are chlorinated. >> as cdc director, what keeps you up about the whole zika outbreak. >> i worry it will be difficult to stop transmission once it started around the u.s. deeply concerned about puerto rico. concerned we won't have the resources we need to have a rebust response come up with ways to find the virus and
mosquito. >> the olympic games in rio are over. the athletes are finally headed home. the u.s. team dominated wit # m 121 m 121 medals. >> reporter: the american women are taking home 61 medals from rio. last night not about gold, silver or bronze. it was about rio's chance to say good-bye. >> one more from the rio games. >> reporter: even under a soaking rain, rio still know house to throw a party. the elaborate performance inside maracana stadium was rio's sigh of relief after years of turmoil surrounding its hosting of the olympics. >> with the snap! >> earlier in the day, the americans put an exclamation point on their games with a slam dunk gold medal performance on the basketball court.
usa. michael phelps and katie ledecky helped the u.s. swim team grab 33 medals in the pool. track & field team took home 32. in the gym, simone biles led the gymnastings squad with 12. >> we did have the one regretful incident with our swimmers. >> reporter: but the u.s. team is still dealing with a post-rio hangover. >> if i didn't overexaggerate the story and if i told the entire story, none of this would have happened. brazilian tv over the weekend. american swimmer, ryan lochte apologized for embellishing a story he and his team nats were victims of an armed robbery at a rio gas station. he claimed a gun was pointed at his head. >> i'm embarrassford myself. for my family and for my country. i was highly intoxicated. it was, i'm human. i made a mistake. >> u.s. olympic committee ceo scott blackman says the swimmers let their country down. >> we are going to have further
new apps, web sites are changing the way we do business from bookstores to videos to cabs. latest frontier in the digital revolution is financial technology. or fin tech. lesley stahl spoke to some of thee >> which one dropped out of harvard? awe thought was me. >> which one dropped out of mit? >> by elimination, i was the other one. brothers patrick and john collison quit college because they had an idea for modernizing the financial industry they thought needed a shaking up. >> in a world where people can send a facebook message or upload an instagram photo have it available to any one, anywhere in the world. like that. i think the fact that doesn't work for money is something that
unacceptable to people. so i think the question for banks is can they get there first and providiing services o somebody new. >> they want to be the somebody new. john, 26, patrick, 27, first noticed the problem when they were in high school in a dot of a town in ireland. you were coders? >> we both learned to program growing up. we had been building, iphone apps, web services. people to buy the apps, they hit an unexpected snag. they had to go to the bank and file paperwork just to be able to collect the money. >> look really sort of -- kind of look getting a mortgage. you have to convince them that you are worth supporting. >> like the mortgage it would have to be approved. >> it would take weeks for the approval process to happen. just seemed like this crazy mismatch. >> so they decided to do something about it. they created software that allows businesses to cut through
instantly accept payments on line from countries across the globe. we visited their startup, stripe, in the mission district. the heart of san francisco's tech scene where patrick showed me how fast a business could set up a money collection system. using stripe. >> set me up. >> pretend i left 60 minutes to create an online business. t what do you want to sell? >> i will sell dog food. home made dog food. clicks and a cut and paste of their code -- he said my company would be ready to receive payment for home made dog food on line right then. and there. >> it doesn't need to take any longer. this is, this is how it should work. >> this is what would take weeks and weeks and weeks and forms and forms and verification. >> going to the bank branch. waiting for paperwork to be mailed back and all this stuff. >> they developed software for
in new ways. stripe charges sellers a small percentage for every transaction. >> does the buyer pay anything? >> the buyer pays nothing. >> nothing. >> correct. >> reporter: their goal its to make money as easy to send as e-mail for everyone, anywhere, on any device. >> we want to free businesses from just selling via credit cards to fopeople who hold bank accounts and enable people to purchase on line no matter what they use. >> reporter: of course this needed the smartphone. this move to mobile. >> for sure. >> reporter: stripe is hardly alone in inventing new financial technology. or fintek. a revolution brewing with thousand of companies trying to make banking faster, cheaper and increasingly mobile. >> man of the innovative services in financial technology that have come along in the past ten years are, are not coming from banks.
newcomers are not challenging the core function of banks taking deposits. even the startups themselves. park the money they handle at fdic insured banks. >> i think there will be a need for stom wheome where to store money. have it sit. we think for their flaws they have a lot of experience at being banks right. >> but fintek is targeting other fun tgss of banking. startups are peeling off one profitable service after another. typicall it's called unbundling the bangs. say you need a loan. fintek sites match borrowers and lenders the way uber connect passengers with drivers. need financial planning. algorithms are replacing human advisers and brokers. apps, let people click money to each other similar to texting. and itch you want to wire money across borders. >> sending $500.
transferwise showed us how his app can send money abroad and convert currencies, say dollars into pounds, without bank tellers and high exchange rates. users just swap with each other. >> couple of clicks. boom. >> click, click done. >> do you think the big banks see the fintek startups as barbarians at the gate. >> lot of curiosity. >> what about fear? t giant, citigroup says it is the all too familiar tale of david and goliath. >> lot of what you are seeing in fintek its what you are seeing uber, air bnb. you have seen, the impact of technology on travel. >> is that what fintek is doing to bangiking? >> it is early days. banks are thinking about it. trying to understand what all of this new technology can mean?
millenials willing to ditch brand name companies for new apps on their phone. >> the banks have not realized how different this generation is. >> max levchin, co-founded paypal, early investor in stripe sites a survey saying 70% of young adults would rather go to the dentist than to a bank. >> they don't have a problem putting their social security into a web form. they have a terrible problem going up to the tell ter in a bank and figure what you are this is so inefficient, why am i in this stodgy, outdated room, empty and marble-laden. >> not just about technology. there is also a question of trust. >> the millenials, they're basically formative experiences, the financial crisis. they're the one whose really dent trust the banks don't trust the banks. >> and we know that the banks serve their own interests more than those of their consumers.
basically that you helped create. >> well there is no question the crisis demonstrate the that the system didn't work. and when you looked at -- the aftermath of the crisis what needed to be done, you had to make sure banks got back to the basics of banking. and they had to address the trust issue. >> in the meantime, fintek started take root. in the last year and a half. investors have poured $20 billion into the sec on. including this banking insider dozen fintek startups. he says beyond making banking convenient, the companies can offer options to lower income families that can't afford to bank at banks. ten million american households don't have a bank account. >> it is more expensive for a poor person to use the banking system to exist than for a wealthy person. how is that possible?
on the checking account. the commission. exchange rate, it all adds up. >> that doesn't happen with new companies. >> new companies they're transparent. they tell you -- what the fees are. and they're a fraction of some of the fees charged by banks. >> they can provide services more cheaply. many bang you don't have to have a physical presence and pay for that. you can eliminate hidden fees. and ifr lower. >> i am hearing eliminate jobs. we are talking about hundreds of thousands of jobs in, in the banking sector. >> tellers. and financial advisers. you name it. >> i think in general. sort of, technology, always -- makes some jobs less rel vanlt or perhaps even obsolete. i will say that the idea that sort of these people will find nothing else to do seems like --
>> have you looked at. >> of human beings. >> have you looked at the emt ploi employment scene right now. >> it will take a while to adjust. creativity of people. what they're capable of. aspirations and dreams that they have. the idea that they're not capable of anything more than sort of performing ought may tiff clerical tasks i don't believe that. >> there are issues with fintek that go beyond the loss of banking jobs. letting new companies handle your money cupped be there are concerns they're inadequately regulated. there is also the issue of online skurtd. >> people have been trying to steal money for as long as money has existed. andn't best we can sort of, as a -- as a society is to design security in the most thoughtful rope bust way possible. and that's sort of what we set out to do with stripe. >> it's not like the big banks haven't been breached by
well it is still a small slice of the financial industry. and the powerful and rich old guard is fighting back. its lobby already pushing for more regulation to curb the newcomers. newcomers. you can seat full report on our marco...! polo! marco...! polo! marco...! polo! marco...! polo! marco...! s?? polo! marco...! polo! scusa? ma io sono marco polo, ma... marco...! playing "marco polo" with marco polo? ... what's not surprising? how much money amanda and keith saved by switching to geico. ahhh... polo. marco...! polo! fifteen minutes could save you fifteen percent or more. polo! from the first moment you met it was love at first touch and all you wanted to do was surround them in comfort and protection
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april, investigators found a batch of counterfeit pills in his home. some of them mislabeled. michelle miller has the that story. >> some of the counterfeit drugs reportedly contained fentanyl, an opioid considered 50 times more powerful. those pills were falsely marked. raising the question, did prince know what he was taking? prince weighed 112 pound when hi fentanyl. the medical examiner's report said it was self administered and his death was an accident. ? purple rain purple rain ? >> it is unclear how the 57-year-old singer obtained fentanyl. according to the star tribune, investigators are leaning towards the theory that he took the pills, not knowing they contained the drug. you can envision the case of
lower dose of a narcotic. it ended up being a significantly higher dose. >> an official close to the investigation told the associated press. some pills found in prince's paisley park mansion were falsely labeled as watson 385 indicating they contained two active ingredients in tylenol. but at least one of the pills tested positive for fentanyl. the potent drug is responsible for a growing number of deaths in the >> the problem is fentanyl is much, much stronger than the tylenol and the hydrcodone. think we are seeing an epidemic. people taking narcotics. causing problems in significant number of overdose and deaths. at the same time a new epidemic, counterfeit pills. when the two collide as in this case, certainly appears, there can be lethal consequences. >> an official told the
the fire is barely out on the olympic caldron in rio. cities around the world are already lining up to host the games in 2024. that includes los angeles. ben tracy has the story. >> it has been 20 years since the summer olympics have been in the united states. that was the 1996 games in land. since then, chicago has tried. new york has dried. they beoth have been passed ove. los angeles thinks it can go the distance. with the olympic flame now extinguished in rio, the competition to get the 2024 games is really heating up. >> there is no olympic fans like americans. >> los angeles mayor, eric garcetti in rio to convince officials his city should play host. >> why would hosting be good for
costs? >> a lot of people are asking who would want to bid for the games. we know we can do a games profitable in 1984 when we helped save the olympic movement. >> anything angt only city that wanted the games in 1984 and it made money. l.a. predicts its 2024 games would cost $6 billion and generate a $161 million surplus from tv rights. sponsorships and ticket sales. the l.a. coliseum would be updated. and a temporary swimming venue nearly every other olympic venue already existed. the planned $2.6 billion state of the art rams football stadium, a centerpiece of the games. lay hey has also dramatically expanded its public transportation. >> we won't build things for the olympics and hope they benefit l.a. the we are build things for the people of l.a. and we hope they will benefit the olympics in turn. >> competition is stiff.
roam, budapest. paris is a favorite. 2024, 100 years since it last hosted the games. >> the entire olympic ideal ties have bigger, higher, stronger, faster profits. >> professor christopher gafney studied the impact of olympics on host cities. he said most games make money for international olympic committee but leave their hosts billions in debt with empty, rotting olympic venues. >> you don't think americans should want to seat olympics back on >> no, absolutely not. the olympic model is dead. >> in the past decade, olympics have cost $8.9 billion with average cost overrun of $156%. but l.a.'s mayor says bringing the games back to the heart of hollywood is not only a win for l.a., but the entire country. >> this is a movement that needs america, but i think america need the olympics too. >> that's the overnight news for
for others, check back a little later for the morning news and cbs this morning. from the broadcast center in n n ? ? it's tuesday, august 23rd, 2016. this is the "cbs morning news." two new controversies erupt for hillary clinton. the fbi uncovering another 15,000 e-mails and new allegations against the clinton foundation. but clinton laughed it off with jimmy kimmel. >> have you considered using facetime instead of e-mail? [ laughter ] in a possible pivot, donald trump reaches out to immigrant communities, calling for a firm, but fair deportation policy.