i'm erin burnett. "outfront" tonight, dive bombing the carcass. it's just an image that makes me think of the field growing up, dead deer, entrails everywhere, buzzards coming in with their ugly little red bobbles. that's what it looks like for facebook. at least three lawsuits filed in connection to the facebook ipo. plus investigations by the securities and exchange commission and the massachusetts secretary of the commonwealth. of course, public embarrassment. headlines like these on the front pages. the best one today went to cnn money. bumpy start just got a little worse. inside facebook's fumble was from "the wall street journal" and "the washington post" called it a debacle. here's where the stock closed today, at $32 a share. down $10 from where it opened on ipo morning at $42. that means it's lost a quarter of its value since it opened. that is pretty stunning. and you say how? how could one of the most anticipated offerings in american history, and the biggest in terms of size in this country's history, one that was supposed to invigorate and once again make the stock market a place for regular people to play, go so wrong? as everyone in this country is now aware, facebook's numbers don't appear to add up. there are two things that are crucial to know, to see if the billions in dollars of cases against facebook and its bankers are going to hold up. one, facebook amended its offering to the public, and it offering to the public, and it did this saying it was struggling to make money in mobile devices, where more and more people are accessing their facebook accounts. now, this caused some analysts to slash their estimates of facebook and how much money the company could earn. now, the second thing. morgan stanley, the bank responsible for pricing the ipo along with facebook management, made the decision to increase the price and the size of the offering, and this was not a small decision. they increased the price by 52% from the original bottom of the range. and the size by 25%. this is stunning. and they did it after facebook had said it wasn't earning as much money. just in case i'm not clear here, they increased the price of something just when the world learned it wasn't as valuable as it seemed the day before. that's pretty incredible. now, what people familiar with the situation at facebook tell me that there was so much demand that they did price it right. that they're sure they did it right that. the blame is on nasdaq, which completely blew the opening of the stock. that may be true. but the question is was there fraud? was there something illegal? that could cost facebook and those big banks billions and billions of dollars. one lawsuit says yes, and i have it here today. facebook shareholders filing a class action lawsuit against mark zuckerberg and his top management team, and also, the underwriters of facebook's ipo. five banks are also named as defendants, including the one in charge. and that name there to look at is morgan stanley. all the others being sued, but ultimately the one that was responsible is the lead, and that's morgan. investors claim they've lost more than $2.5 billion since friday thanks to misleading information. john avalon and paul cowen are with us tonight. paul, let me start with you as an attorney. i've talked to a lot of s.e.c. attorneys today. i've talked to the s.e.c. about some of these very specific allegations. do you think this case has merit? basically it's saying facebook, they changed this. it was a material thing to say look, we can't make money in mobile and it's future. we haven't yet. they amended it. that was given to everybody. but then, morgan stanley and the banks said look, this is really going to hurt how much this company can earn and not everybody who was buying the ipo was made aware of that. fraud? >> well, it's a close question. if you believe every allegation and the complaint, yes, it does make out a claim of fraud. but i think we have to step back a little bit and say also that every time there's a public offering on a company like this, the class action lawyers swarm around it and file lawsuits because the legal fees that are collected in a case like this are staggering. multi-multi-millions of dollars in fees for the lawyers, so there's not a lot of incentive to sue. you almost always see suits. we've got to see what the discovery reveals in this case and we've got to see more details to know if there is a case here. >> let me bring in robert weissman, the lawyer representing plaintiffs. let me ask you, sir, what is it exactly you are alleging that happened wrong? facebook did file that amendment that was available to everybody. and the investment banks, at least as far as all my conversations with s.e.c. attorneys and the s.e.c. today abided by the law. >> well, good evening. and thank you for the opportunity to address these very serious allegations. with respect to the allegations in the complaint, i think mr. callen hit it on the head. it will be very interesting to see what the discovery reveals in the case. i would like to correct an important point of law that perhaps you or maybe some of the viewers haven't grasped, and that is we don't have to prove fraud to succeed in this case. and that's a critical distinction in the law that comes up specifically in connection with an initial public offering or a secondary offering of stock. if the plaintiffs can demonstrate that there was one material misstatement or omission in any of the offering documents, they're entitled to receive monetary damages. >> so what was left out? but let me just ask you what was left out. because they did file an amendment talking about this mobile issue. a few days later, the banks that were underwriting it, they're not allowed to publish research. they did tell some of their clients they think this will affect the earnings. that wasn't made available to everybody. but bti research -- i'm holding a research report here, available to everybody, you can log on, get a password, you don't have to pay for it. says the exact same thing. this is a problem. evaluates the whole thing. so seems to me the information was available to everybody. the concern on wall street was. >> well, the question is when is the information available to everybody and what were the specific representations made in the offering document itself? because that is the document that investors are allowed to rely upon as a matter of law. it's interesting, because now there are lots of stories circulating around regarding either everything from financial blogs to analyst reports, questioning the value of the -- questioning facebook's valuation and where a good entry point is for investors. but where were the representations in the offering document? where were the disclosures regarding certain select morgan stanley or jp morgan or goldman sachs clients? where were the disclosures that certain privileged clients of those banks -- >> well, that's what i'm trying -- this is something -- and maybe you're going for a broader change in the law. my understanding of the way the law is is if one of the banks is an underwriter and you're a research analyst that works for that bank, you are not allowed to publish anything when your investment bank is underwriting an ipo. that's the law. when you have a view on the stock, all you can do is talk to people on the phone. ptig was not involved and they put all this in a research report, which was available to everybody. and it's in the prospectus, right? so i'm just trying to understand where there really is -- people are pissed, i get it, i would be, too, but that's different than having facebook paying billions of dollars. >> right. and understand that to extent that a lot of the media over the past few days has made the point that the offering was bungled in some manner. either because it was oversubscribed or it wasn't priced appropriately. and it is important to understand that that is not our claim. and to the extent that morgan stanley or any of the other underwriters were negligent, that is not an actual claim under the securities laws. so i would agree with you that in that -- to the extent that there were tactical decisions that were made in connection with the underwriting process and if those decisions were made in good faith, they're not actionable. specifically, you're right, we are specifically challenging the statements regarding trends in the company's business, the company's historical earnings, likely future earnings, and there really are two different issues here. just to be perfectly clear. and i talked about this somewhere else earlier today. that there really are two prongs. one is the specific representations or omissions in connection with the offering document. and then you've got the regulation, the reg fd issue, which is a completely separate issue. >> right. >> and in some ways, those reports based on what's out there in the public domain right now are actually more troubling, at least from my own perspective. >> right. >> the reason why you have that rule -- that rule is the product, the early 2000 frauds, and it really is an example of wall street, the worst part of wall street doing business in the same old tired ways -- >> right. >> that hurt investors, hurt consumers. and my personal opinion is that reg fd has actually been effective. and has served as an effective deterrent. >> thank you very much. i want to hit pause right there because i want to drink paul and john back in. it's an interesting point what he raises. what this is supposed to do is not have an analyst at a wall street bank say all kinds of rosy wonderful things about an underwriting that they think is a pig or other things, if you remember what happened ten years ago, while their investment bank is trying to sell it. what you saw here was morgan stanley research saying we don't like this thing. bankers are trying to sell it. and now it's being called a conflict of interest or something. >> when ordinary people look at this, this is a company that was founded in a harvard dorm room, right? i don't know, what, ten years ago? very short period of time. >> yes. >> now they have 443 million subscribers worldwide. but does anybody really think that it's not a risky investment? is there somebody out there who's buying it for $38 a share who isn't rolling the dice that maybe it's going to double or triple or quadruple? are they relying on these papers? all this lawsuit is an attempt to use these federal regulations to generate a lot of legal fees in the end. >> buying facebook, everyone knew it was risky. it was going public at a price that really valued the company, 26 times its revenue. google went public at ten times. so it was very expensive. nonetheless, the performance of this has taken the bloom off the rose. anyone who was hoping this would get the little guy back in the market believing again, this is a rigged system. >> and that's the larger point i think, is that people do feel like look, this is high finance. we hoped for some transparency. is the system rigged against the little guy? but a lawsuit like this, making the case that it's assigned for a class action lawsuit. the overall reputation of the market is a place where the little guy can play and succeed and invest. that's a different thing. it's not actionable, but it is an issue of perception. >> that's my issue with it. an issue of perception. >> that's my issue with it. you can look through this and say the perception and go through the rules and say it doesn't add up burke there is that problem. you want everybody to feel they can participate. this was supposed to be one of those democratic ipos and it obviously was not. next, mitt romney calling the civil rights issue of our time. we're going to tell you what it is. by the way, just in case you were wondering, it's not gay marriage. and tonight, the tipping point. war or peace with iran? will the country wave or walk? and we've obtained an e-mail exchange between george zimmerman and the police chief of sanford, florida. i went to a small high school. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. our second story "outfront," mitt romney coming out with what he says is the civil rights issue of our time. no, not what you're thinking. whatever it is, i bet it's not what you're thinking. it's education. it's education. who's going to fight with you on that? here's what he's saying. he's defending choice for parents, taking on teachers unions for what he says are the wrong priorities. he says education is the civil rights issue of our era. >> i'm going to give the parents of every low-income and special needs student the chance to choose where their child goes to school. for the first time in history, federal education funds will be linked to the student so that parents can send their child to any public or charter school of their choice. >> ryan, in the advance text, he called for vouchers. when he actually spoke, he didn't use the word "voucher", which is sort of a word that people have a passionate feeling about whether they have thought it through or not, just one of those words. how's it going to fly? >> i think the basic thing is you've also seen in this in president obama's race to the top proposal. the idea is use federal money as leverage to get structural reform. so one idea is lift caps on charter schools. -and-one really important thing mitt romney said is let's be sure the digital learning options aren't prohibited. you have a lot of unions at the local level that are saying hey, we want to fight virtual charters and other things that are giving more importants more -- parents more nontraditional choices. the florida virtual school is offering a ton of classes. it's expensive to offer a.p. classes. >> so these are supplementary. >> allow them to do both of those things and allow that option to expand. for some kids, that's going to be the right option. >> john, you also think this voucher concept can work? >> i think this is a bold proposal by the romney campaign. too often in terms of policy, we've been very clear about what mitt romney is against, but this is a very bold policy in terms of what he's for. school choice. politically it's a winner too because the democrats are backed in. president obama has a pretty good record on some issues like merit pay for teachers, but there's no way a democrat can back school choice at the federal level. mitt romney just did. it's going to move a very important debate forward in this country. >> so vouchers obviously would be the operative word. but when you look at some of the other things mitt romney is for, charter schools, more accountability for teachers, school report cards. that's what president obama wants, too. so really, are they all that different? >> you know, they're not all that different, except in one respect. and i'm glad mitt romney recognizes this challenge, because it is a huge challenge, it's a challenge that we face. it is the civil rights issue of our time. the problem is mitt romney's plan actually doesn't do what he says because it doesn't have any sticks in it. it's all carrots, it's no sticks. what happens to the schools that are left behind? so let's say that every child is able to leave and go to a new school. what happens to the kids who are left? you've got to be able to turn those schools around. if you turn those schools around, you need people who are go into those schools and really make a difference. so i was talking with my brother today who is a middle school principal in washington where they're doing a lot of school reform. he says the problem is you don't have enough teachers and principals who are prepared to go into these high-risk, high-crime, low-performing schools and be able to really make a difference. you need better supply. so he's really -- if i were mitt romney and the republicans, i would focus more on getting more kids out of these education schools, out of college who can go in there and make them fight. >> you got to be able to fire the people who aren't good. >> you have to have different schools pursuing different strat justice. i would say the big difference between their strategies is one thing that president obama did with race to the top is have administrative guidelines that say you need buy-in from union locals for us to like your proposal at the state level. so the states that actually did win that race to the top money were states that got 100% buy-in from teachers unions. those are not necessary tli most transformative approaches. >> but you do need to have -- look, teachers unions are there for a reason. they know education -- teachers know education. it's okay if you've got teachers unions that want to participate. so you've got teachers unions to buy into proposals -- >> 100%? >> let me finish my sentence. instead of having a wisconsin situation where teachers and the reformers are fighting each other, you've got everybody on the same page. >> it's like colorado, new jersey, and louisiana. louisiana, you have tremendous dramatic gains among kids and the local teachers unions did not support the reform proposals that delivered those gains. i get where you're coming from. but the thing is a lot of these locals are resistant to reforms that have been demonstrated to work. >> why fight where you don't have to? >> well, you have to. sorry. >> this is an issue. whatever side you're on, you sure as heck got to fight. an alarming discovery in the waters off this country's coast. we sent a reporter out front to find what is washing up. and we're getting ready for our very special mysterious guest. i tried weight loss plans... but their shakes aren't always made for people with diabetes. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. and they have six grams of sugars. with fifteen grams of protein to help manage hunger... look who's getting smart about her weight. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. is as much about getting there... ♪ ...as it is being there. ♪ [ birds chirping ] away is where the days are packed with wonder... ♪ [ wind whistles ] ...and the evenings are filled with familiar comforts. find your away. for a dealer and the rv that's right for you, visit gorving.com. ♪ in a world where ♪ there is so much to see ♪ there's still no other place ♪ that i would rather, rather ♪ rather, rather be ♪ [ male announcer ] dip into sabra hummus and discover a little taste of the world. enjoy sabra dips. adventure awaits. that's zoe dash nel promoting siri. you say hey, i'm looking for a detour. i'm looking to find a date and she tells you what bar to go to. she's really bad at it, though, my nieces report. but it works well in the ad. she also dictates text messages. ibm has a real problem with that specific feature. you say the text and it dictates it. because the problem is when you say the text, siri sends it off somewhere to get transpired. all the data gets funneled to a center like this one in north carolina. this is an apple data center. ibm says this is a big problem. it's a big security issue. let me tell you why. because of this. ibm is one of several companies that has embraced the whole byod trend. what that means is bring your own device. it used to be that when you got a job at a company, you got a blackberry. that was the way it worked. but that's not so true anymore. blackberry has been losing fans and employees want to use their android or iphones at work. so if you have a byod policy, you can. bog ieger at disney was one of the first to do it. it's a big security risk for companies. they say you can't get this app or you can't download this, they have a big problem with you doing that. you got to wipe it remotely. there's all kinds of problems you have when you do that. that brings me to my number, 75. it's the percentage of companies that allow people to bring their own devices to work. if you work at one of those companies, your employer, like ibm is going to be really worried about siri. what are you telling siri to text? is it salacious or inappropriate? if it is, a lot of people might be able to read it. still "outfront," in our second half, major development in negotiations over iran's nuclear program going on today, and potentially toxic materials from fukashima are washing ashore on the west coast of the united states. we sent a reporter out front to investigate. (female announcer) most life insurance companies look at you and just see a policy. at aviva, we do things differently. we're bringing humanity back to life insurance. that's why only aviva rewards you with savings for getting a check-up. it's our wellness for life program, with online access to mayo clinic. see the difference at avivausa.com. welcome back to the second half of "outfront." stories we care about, where we focus on our reporter from the front lines. tonight, a video from al qaeda urging members to commit what it calls electronic jihad. it calls for cyber attacks against government networks and things like the electric grid. juan zurate says the real danger is elements of al qaeda are adapting their inspiration and direction to tap into an existing pool who may find cyber attacks more dangerous or more convenient way of engaging in attacks that can kill a lot of people. a group of senators from both parties on the homeland security committee say the video underscores the need for cyber security standards in this country. now, cnn has obtained an e-mail written by george zimmerman to sanford police chief billie in september of last year. in it, he highlights the efforts of a volunteer that helped him with the neighborhood watch program at the retreat at twin lakes. he writes, "in the past, i have not had a positive perspective of sanford police department, due primarily to the sherman ware incident." that's a 2010 case in which a black homeless man was assaulted by a white sanford police officer's son. our own legal analyst paul cowen tells us that the defense will likely say this demonstrates a lack of racism in zimmerman's ordinary life. at the time when he had no motive to lie. new data showing oil supplies in the united states are at a 22-year high. the energy information association's weekly reports shows that crude supplies rose to 382.5 million barrels. it's one of the reasons oil prices fell below $90 today. chris jarvis of caprock tells us part of the reason for the buildup in supply is refiners have cut back in production. a lot of you may say what's going on? why are prices at the pump not dropping as quickly? they do take a lot longer to drop there. gas stations don't like to do it. homeowners are taking advantage of record-low mortgage banks. applications rose 3.8% last week. it was another record low for a 30-year fixed rate mortgage. we checked on other interest rates and came across this from bankrate.com. they identified a group of high-yield teching accounts that they say pay 34 times more than the current national average. the yield was all of 2.05%. but that is really high in the current interest rate environment. you might have a certain number of debit card purchases and direct deposit. it's been 293 days since america lost its top credit rating what. have we been doing to get it back? we've been obsessing about housing rating. new home sales rose by 3% in the month of april. hope fading fast for swift resolution over iran's nuclear program. we said this week was a tipping point and it may be. in baghdad today, the second round of negotiations between iran, the united states, and five other western countries unexpectedly spilled into another day. reports are that neither side is budging. now, the united states and its allies want iran to give up any iranian they have that's already been enriched. they want them to stop enriching. the real debate is enriching to what grade? 5%? 3%? no enrichment? or maybe even as high as 20. we also want iran to dismantle a secret underground bunker used to create nuclear material. in exchange, the west would ease sanctions that have severely damaged iran's economy and in fact are scheduled to get much, much worse in just about a month. will the impasse lead to military action? "outfront" tonight, art keller, a former cia spy, and a former iranian specialist for the cia. you guys know more about this than anyone, so let me start with you. will these talks succeed? >> in the short term, absolutely not. i mean, i think what they're feeling out and they've been doing that in preliminary meetings for a month is whether how far the iranians are willing to go into stopping their enrichment program. and the iranians are trying to figure out whether the west will essentially agree to allow them to keep their low enriched uranium, even thee i can'ty is now up to over 13,000 pounds and could be converted into at least five nuclear weapons. >> and so you're saying they could reach some sort of a deal where they say okay, we're going to stop, but as long as they keep that stuff, they would be able to start up and move quickly easily, right? >> not only just keep it. there's no sign the iranians are willing to stop enriching to 3.5 to 5%, and as long as they continue to do that, they're amassing a quantity of uranium which can be fairly quickly converted and highly enriched uranium. >> what are they doing right now? you are a spy, so what sort of intelligence do we really have? i mean, i remember asking prime minister a month ago how iran is doing and he gave an ominous pause and said oh, we know. how does the united states or israel now? >> i don't think we have -- >> art, go ahead. >> i'm sorry. we really know through a combination of factors. of course, to the extent that you can, you get inspectors to look at the facilities that are publicly declared. that tells you something. and really, you get most of your information by watching what falls into a program. in if same way astronomers figure out what's going on inside a black hole by seeing what materials fall into it. that's kind of the way you map out what's going on in any kind of black weapons program. you do try and recruit human spies, but honestly, iranian nuclear physicists do not grow on tears. so most of the information you get, you get from a combination of inspection, signals intelligence and other forms of intelligence. but we do have a fairly good read on what they're doing simply because nuclear weapons require industrial scale facilities. and those are pretty hard to hide. >> right. so the other question then would be in terms of how far they're going with enrichment. this is a real problem. i don't really understand how it's going to get resolved, because iran says they will never stop enriching. the u.s. appears to allow them to enrich to save 5%, which could be used for medical uses. israel has said categorically they will not allow iran to enrich at all. does that just mean that if they keep enriching israel will strike? or will israel be called out on a big bluff? >> it would certainly be difficult for israel to strike iran's nuclear facilities in the same way that in the past they've struck syria's. so it is a much harder nut for israel to crack, and they have to know that. they may be talking tough solely to get as many concessions as possible. it is concerning, the 20% level. i think it really allows them to leapfrog ahead from the moment they decide okay, we're going to go for the bomb, which means withdraw from the nuclear proliferation treaty. close facilities from inspection. if you have a big stockpile of 20%, you get there much faster in a matter of a month or a few months. if you only have a stockpile of 5%, then that timetable is greatly enlarged. and so that's a safety factor that i'm sure we're going to be pushing for if we don't push for complete cessation of enrichment. >> we'll see what will happen. if they have the courage, israel is so worried that the west may not. talks continue into a second day. it was supposed to just be one day. we'll see if that's a breakthrough or a sign of a big fail. fourth story out front. a festering mass of potentially toxic garbage floating towards this country has set off major alarm bels. parts of buildings, cars and other wreckage have been coming across the pacific ocean ever since fukushima, and now are washing up on american beaches. it's all debris from the tsunami that slammed japan just over a year ago. casey wiean is there in alaska. as you can see, it's shocking. but they're more scared about what they can't see. >> a large haul of black cod and a smaller "catching fire" of rock fish arrive at an alaskan seafood company. here it's processed and shipped all over the united states. but nearby, the sea is delivering a potentially toxic threat. one and a half million tons of debris from last year's japanese tsunami has begun washing ashore. locals say their greatest fear is of the unknown contaminants it may contain. >> there's always concerns. is it going to be oil, petroleum, boats, houses? i've always been one of those guys that's like you deal with reality as it approaches. >> but others are worried about the threat of toxic materials, even radiation contaminating alaskan fish. >> i tested a lot of these with the giger counter and none of them have been hot. no radiation whatsoever. otherwise, i wouldn't be doing it. >> government and university scientists say it's highly unlikely radiation will be present in tsunami debris. one reason, most of it was already at sea before the fukushima reactor leak. still, other toxins may be present in waters that provide 90% of the nation's wild salmon. >> cleanser, that's not something you'd want to dump-in your salmon spawning area. >> the tribe has been fishing these waters for centuries. 400 of the 650 residents are pleading for federal help to clean up the tsunami debris. >> we have to get it off the beaches because if it begins to disintegrate there, the birds will eat it and so will the fish. it will affect us. whatever happens in the air or ground or sea will end up in our bodies. >> everyone likes to go and have a nice salmon steak. well, this is where it's coming from. that's why they should invest to keep our waterways open so we can catch this fish. >> how does the debris actually get into the food chain? >> styrofoam buoys and other things like that are breaking up into tiny pieces, they're eaten by small fish, which then think they're full. they don't get nutrients they need. they can get sick and die off or ultimately get eaten by bigger fish that we "catching fire" and eat. >> thanks very much. 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is it superpacs that so many is it superpacs that so many people want to blame it on? >> i know corrie booker and i know him and respect him and the job he's done as mayor has been terrific. i think he really believes it, because corrie booker, he came from a part of this financial world, he knows what it is. but the second is, no one can duck or dodge around this. he gets a lot of campaign contributions from the same people who are being if you will criticized. but not only that, he gets funds from them to do good work in his city. so he's a guy on a tight rope. he's bowed back a little bit, which doesn't surprise me, but he's not the only one who knows of the financial world, but he says be careful of criticizing these people, criticize them when they really need it, but be careful not to make it a blanket criticism. >> all of this leads to what's the truth. there's blatant lies, there's blatant on fis indication. you write what's happening in the media, i'm curious about what you think about it. the fact that there's a way right now to surround yourself in life hearing only what you want to hear, and only points of view that you agree with, and i'm wondering if you think that we the media are partly responsible for the ugliness in this campaign. >> those of us in the media have launched our guts. i think we need a spine transplant. when people lie, when it's an outright lie, they need to be held accountable for that and the press as the world's watch dog should hold them accountable. but we're too often afraid to do so. we're a little afraid to make anybody uncomfortable, much less deal in controversy. a lot of it stems from what i call the corporatization of the media. they do affect news coverage. instead of deep digging investigative reporting, it's much easier to report on paris hilton or some celebrity. that's what i call the trivialization of news and we're all going to answer for it. >> and in your book, you also talk about the incident, the incident of the national guard report and george w. bush's service, you give your side of the story. >> right. >> you stand by that report to this day? >> i do stand by it because the core of the report is true, it's undeniable, and president bush by the way has never denied it. number one, he got into the national guard under the influence of his father to make sure he didn't have to go to vietnam. and that's the truth. secondarily, he disappeared for a year. nobody in the military service can disappear for a year and not be held accountable for it. that was the gut of the story. it was a gut check for us because the story was attacked on all fronts. but those two things are true, they were true then, and they're true now. >> dan rather, thank you very much. my hero of journalism, and it's a pleasure to see you and i hope my mom is watching tonight. millions turn out for egypt's historic elections. i'll show you something i obtained from an eighth grade textbook in cairo that has me really worried. at bank of america, we're lending and investing in communities across the country. from helping to revitalize a neighborhood in brooklyn... financing industries that are creating jobs in boston... providing funding for the expansion of a local business serving a diverse seattle community... and lending to ensure a north texas hospital continues to deliver quality care. because the more we can do in local neighborhoods and communities, the more we can help make opportunity possible. so voters streamed to polling stations in egypt today. they had the opportunity to freely choose a president for the first dime. so there's a lot of questions surrounding the vote, including what role will muslim extremism play? a couple of weeks ago, i met with some egyptian -- here's a history lesson and on the bottom of the page, are lessons students are supposed to lose by the battle. muslims win by the strength of their faith and -- translated into english, it reads, tremendous son and treachery are key attributes of jewish people. just to say it again, this is the current textbook for eighth graders in schools of cairo, approved by the ministry of education, this is not a joke u this is not a relic. my friend's daughter said she didn't want to go back to that school, and that's powerful. what's at stake in the egyptian elections--this election matters for all of us. this textbook is something i certainly will never forget. thanks so much for watching, ac

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