can you tell us that? i have no comments. reporter: the federal trade commission has frozen patel s bank accounts and a criminal investigation is under way. much of the money has already gone to india well beyond the reach of american law where federal authorities say it may have ended up in the hands of an indian organized crime family. brian ross, abc news, new york. how scary is that? now there s talk about what laws can be, you know, crafted together to prevent some of this in terms of consumer protection here. i have one question i saw this story last night. are people so unaware of the finances they aren t entirely clear as to what they owe on particular card or bank loan or mortgage or whatever that they would be that susceptible to thinking they owe thousands? i think the point is that they are bullied into this and called repeatedly. sometimes up to eight times a day and i think that they may not be privy to that information or may not be smart enough to figure it ou
away the southern vote from president obama. the president this morning struggling and refocusing. security scramble. new information this morning on that u.s. airways plane diverted. you would be surprised how often f-16s are sent up to follow passenger planes. nancy reagan now 90 resting after breaking a number of ribs in a fall. the former first lady recovering. newsroom begins right now. good morning. i m carol costello. high profile investors may have got an insider view of facebook s future before the social network s stock went public. if you didn t have big bucks, you were probably left in the dark. if that is true, it reinforces some of the worst stereotypes about wall street as time magazine put it, it means the entire game is a casino rigged for the house with a sucker played by the average investor. that s the controversy surrounding a name we all know. morgan stanley which served as facebook s lead underwriter and now investigators reportedly want to kn
wired. that s okay because there s lots of news this morning. up first this morning, heads about to roll. at jp morgan chase. according to bloomberg, the firm s entire london staff could be dismissed. the banking giant also expected to accept the resignation of this woman, ina drew. pulling down a salary of over $15 million a year. drew and two other company executives being held accountable for a stunning $2 billion loss. ceo jamie dimon doing damage control on sunday talk shows is. it was a stupid thing that, you know, we should never have done but we re still going to earn a lot of money this quarter. it isn t like this company is jeopardized. we hurt ourselves and credibility, yes, that we have to fully expect and pay the price for that. christine romans is here with us this morning. how much worse is this going to get? i know we were hearing about billion dollar loss, they re going to weather it. the big question is why should we care. the real damage here is f
make facebook worth 100 billion. from a birthday to a blunder. jpmorgan chase taking a bet and losing big time. heads rolling this morning. the ceo saying his bank was sloppy and stupid. manhunt. fbi agents stephen missing in the mountain. bloodhounds sent for the search. newsweek calling president obama the first gay president complete with a rainbow colored halo. so we are asking this morning while social issues are in the headlines, why isn t anyone talking about the number one issue? the economy! newsroom begins right now. good morning to you. i m carol costello. he is young, rich, and powerful and this morning some startling reminders of just how high mark zuckerberg towers over mere mortals like you and me. later being week you might be able to buy stock in facebook his college dorm room project that might be worth $100 million. a higher market value than disney or ford. zuckerberg will be meeting with shareholders in chicago in denver starting today. all this
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