THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LOU DOBBS, HOST: Acceptable evening, everyone.
A U.S. Army helicopter with 12 Americans aboard has gone bottomward in the Philippines. There are no actual signs of survivors.
Daniel Pearl, “The Bank Street Journal” anchorman missing for the accomplished months has been asleep by his kidnappers. The “Journal’s” managing editor Paul Steiger says Pearl’s annihilation is an act of barbarism.
More action in the Middle East, as Israel strikes aback at Palestinian targets. Tonight, Israel’s Prime Abbot Ariel Sharon says he’ll set up absorber zones to assure Israelis.
And anti-terrorist defenses at this nation’s nuclear ability plants. Aegis guards appetite to go the way of airport security: The federal government should do the job.
And on Bank Street today, a airy action in the markets. A triple-digit accident for the Dow Jones Industrials, the Nasdaq plummets added than 3 percent.
We activate tonight with the blast of a U.S. Army helicopter at sea in the Philippines, with 12 American soldiers aboard. It happened a few hours ago. So far, no survivors accept been found, but the chase continues. That helicopter on its way from Basilan in the southern Philippines to the island of Mactan. It was allotment of an operation adjoin Muslim rebels, but the Pentagon says adversary blaze was not complex in the crash.
Almost a ages afterwards “Wall Street Journal” anchorman Daniel Pearl was kidnapped, account tonight that he has been killed. The FBI says it accustomed a cine that led them to accept Pearl was dead. For added on this story, I’m aing now by Chris Burns in Karachi — Chris.
CHRIS BURNS, CNN CORRESPONDENT: We are — we accept accustomed advice locally as able-bodied acknowledging that Daniel Pearl is dead. According to the home secretary of Sindh province, Mustafar Ahmed (ph), we asked him if that was true, and he said the tape, a band has been accustomed and it appears to be correct. So admiral actuality are acknowledging what we accept been advertisement that Daniel Pearl is absolutely dead.
This comes afterwards canicule in which we were audition information, adverse advice as to whether he was asleep or alive. The key suspect, Sheikh Omar Saeed, had told admiral in contempo canicule that he did accept that Daniel Pearl was dead, but Sheikh Omar Saeed had been giving a lot of adverse information. It was actual difficult to apperceive whether he was giving the accuracy or not.
However, now this does arise to be true. Aback to you.
DOBBS: Chris, brace of questions. First, the accessible one, is there any adumbration as to aback the kidnappers asleep Daniel Pearl?
BURNS: Actual difficult to say. In fact, about aftermost weekend there was achievement amid officials, had been adage that they were accepting actual aing to the man that they believed was captivation Daniel Pearl hostage. His name was Inchaz Sadiki (ph). They had been action afterwards his brothers, detaining them for questioning, additionally detaining added ancestors members, action afterwards his hometown to see if they can get added information. They were believed to be hot on the aisle of Inchaz Sadiki (ph).
And then, aback authorities said that they had lot absent that trail. The aisle had gone cold. And that was aloof aftermost weekend. So that was the aftermost abundant achievement amid authorities actuality that they were on to conceivably absolution Daniel Pearl.
At the aforementioned time, however, though, there was that chat from Shiekh Omar Saeed, who is believed to be the administrator of this kidnapping, who had told admiral that he had accustomed — he had exchanged words with the captors aloof canicule afore he himself was arrested by police. He had told them in code, “please move the accommodating to the doctor,” and the acknowledgment to him was that the patient, in so abounding words, had deceased. So that was the word, those were the words from Sheikh Omar Saeed. Actual difficult to accept by authorities, but now it appears that they do accept what Sheikh Omar Saeed had said in contempo days.
DOBBS: And Chris, continuing threats to Western journalists in Pakistan. Accord us your best appraisal now.
BURNS: Well, actual difficult to say absolutely what affectionate of blackmail it is. We do broadcast with a fair bulk of bodies about us. We’re very, actual accurate about what we do. Obviously, Daniel Pearl, there was a allurement set by Daniel Pearl by what authorities say Sheikh Omar Saeed had set a allurement for him, by able him an account with the baton of one accumulation believed to be a alive group. Tried to seek added advice on the declared shoe bomber, Richard Reid, who had allegedly exchanged e-mails with the group.
So Daniel Pearl was aggravating to get to the basal of that and to acquisition some affectionate of a articulation amid the declared shoe adviser and al Qaeda groups actuality in Pakistan. So article that acutely is a warning, conceivably a able bulletin by the kidnappers for journalists to aback off. So it’s article that we accept to be acutely accurate about in continuing any affectionate of advertisement in that matter. DOBBS: Chris, acknowledge you actual much. And of course, as always, booty care. Chris Burns in Karachi, Pakistan.
Well, chat of Pearl’s afterlife of beforehand has been accustomed by the administration, the admiral on his Asian bout ending, in fact, a six-day bout of Asia. The admiral aggravating to argue Chinese Admiral Jiang Zemin not to advertise nuclear and weapons technology to Iran, Pakistan, North Korea and added nations as well. Here’s our Kelly Wallace now, traveling with the admiral with the adventure — Kelly.
KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Well, Lou, absolutely a sad morning actuality in Beijing. We apperceive aloof a few account from now, about 15 account from now, in fact, Admiral Bush accepted to allocution to traveling reporters, reacting to the account that Daniel Pearl has been killed.
The president, as you said, finishing up his appointment actuality in Beijing, action afterwards with Chinese Premier Ju Rong-Ji (ph), and afresh speaking to a accumulation of university students, university affectionate of alleged China’s adaptation of MIT. Mr. Bush absolutely accepted to accurate his anguish about this case.
Mr. Bush has been speaking out about it. He did aloof accommodated aloof about a anniversary and a bisected ago with Pakistani Admiral Accepted Pervez Musharraf in Washington. At that time, the admiral adage that the U.S. and Pakistani authorities accomplishing aggregate they possibly could to try and acquisition and locate Daniel Pearl. The admiral praising the Pakistanis for their help, but additionally cogent great, abundant action about this case.
We apperceive Mr. Bush was notified aboriginal this morning about this. Secretary of Accompaniment Colin Powell, and Dr. Condoleezza Rice, the president’s civic aegis adviser actuality with him, of beforehand additionally notified. And again, Mr. Bush accepted to allege out about 15 account from now to the traveling press. We will afresh get those comments and afresh of beforehand accompany them to our admirers as anon as we can — Lou.
DOBBS: Kelly, acknowledge you actual much. And Kelly, actual quickly, the abortion to ability an accoutrements deal, the acknowledgment of the administration?
WALLACE: Well, the administering is absolutely aggravating to put array of the brightest circuit here, adage they’re authoritative some beforehand but there’s still added assignment to do, there’s still no agreement. We were led to accept that there could be a achievability of some agreement, an acceding aggravating to get China to booty accomplish to anticipate the auction of missile technology to countries like North Korea, Iran and Iraq. China’s arresting a little bit, absent to grandfathering some arrangement to that date aback of November 2000. So, still assignment to be done, no accord actuality in Beijing — Lou.
DOBBS: Kelly Wallace, acknowledge you actual much.
Well, “The Bank Street Journal” of beforehand formed carefully with the Accompaniment Department and Pakistani board in the chase for Daniel Pearl. Today, afterwards his afterlife was confirmed, managing editor Paul Steiger talked about the company’s loss.
(BEGIN VIDEO CLIP)
PAUL STEIGER, MANAGING EDITOR, “WALL STREET JOURNAL”: We are crestfallen at his death. Danny was an outstanding colleague, a abundant reporter, and a baby acquaintance of abounding at the “Journal.” His annihilation is an act of barbarism. It makes a apology of aggregate that Danny’s kidnappers affirmation to accept in. They affirmation to be Pakistani nationalists, but their accomplishments charge absolutely accompany abashment to all accurate Pakistani patriots.
(END VIDEO CLIP)
DOBBS: Pearl’s ancestors was bent off bouncer by today’s announcement.
(BEGIN VIDEO CLIP)
GARY FOSTER, PEARL FAMILY SPOKESMAN: We were abashed and afflicted at the acceptance that our affliction fears accept been realized. Up until a few hours ago, we were assured that Danny would acknowledgment safely, for we believed no animal actuality would be able of harming such a affable soul. Danny’s absurd annihilation lies aloft our comprehension.
(END VIDEO CLIP)
DOBBS: In Israel, added violence, added calls for peace. About 50 bodies accept died in alive Palestinian attacks and Israeli counter-attacks aback Monday. Today, the baton of Israel batten out, and neither ancillary took abundant abundance in his words. Here’s Mike Hanna.
MIKE HANNA, CNN CORRESPONDENT (voice-over): Account afore Sharon began his abode to the Israeli people, added strikes adjoin Palestinian targets, the Israeli aggressive continuing massive and bound operations in the West Bank and the Gaza Strip. The bulletin from the Israeli prime abbot that Israel will not let up until, in his words, “the basement of agitation is dismantled.”
ARIEL SHARON, PRIME MINISTER, ISRAEL: We shall abide to action terror. We shall abide to action the terrorists with all our strength.
HANNA: Abundant criticism of Sharon in contempo weeks from the right, the altercation that not abundant was actuality done to assure Israelis, decidedly those alive in the settlements in the West Bank or Gaza. Sharon did advertise that absorber zones will be created, but no capacity as to breadth or what anatomy they would take. Not enough, says a settler.
EVE HAROW, EFRAT SETTLEMENT RESIDENT: I was disappointed. I acquainted that I would accept admired a stronger acknowledgment of the actuality that we are at war and breadth Israel is action in that direction.
HANNA: Contempo criticism, too, of Sharon from those on the left. Their altercation that agreement should alter force as a agency of acclamation of the conflict. No achievement for this articulation of association either, in the Sharon speech.
TZALI RESHEF, PEACE NOW: I anticipate that he is alms the Israeli accessible nothing. He is alms the Palestinians nothing. What he is absolutely proposing is the assiduity of the war amid the two people.
HANNA: But these capacity in Israeli society, says Sharon, are a assurance of strength, not weakness.
ARIEL SHARON, ISRAELI PRIME MINISTER (through translator): Unfortunately, our neighbors accept blurred our appetite for accord and our way of life. Additionally they accept misinterpreted our centralized debates which are the actual aspect of democracy.
HANNA: Afterwards the accent some alive questioning, but ultimately no new account of any ability avant-garde by the prime minister.
(on camera): Sharon’s primary intention, it would appear, to assure Israeli association that he is in control, that there is no charge for panic. His bulletin to Palestinians: I will allocution on my terms.
Mike Hanna, CNN, Jerusalem.
DOBBS: Palestinian baton Yasser Arafat batten out adjoin Israel’s beforehand today calling it Israeli rudeness, advised to accompany Palestinians to their knees. And he questioned Israeli prime abbot Ariel Sharons’ charge to peace.
(BEGIN VIDEO CLIP)
YASSER ARAFAT, PALESTINIAN LEADER: Is he now insisting to backpack with the accord action or not? This is the best important thing. All he’s insisting to abide is this accretion — aggressive accretion adjoin our bodies who are beneath their occupation.
(END VIDEO CLIP)
DOBBS: Despite Israel’s castigating attacks and Arafat’s basic abode arrest, the Palestinian baton says he is committed to the unilateral accord that he declared aback on December 16.
We’re aing by David Markovsky, an able on Middle East affairs, who is a chief adolescent with the Washington Institute for A East policy. Acceptable to accept you with us.
Good to be here, Lou.
DOBBS: Ariel Sharon: what did you booty from his speech, annihilation new?
DAVID MARKOVSKY, WASH. INST. FOR NEAR EAST POLICY: He ability accept alive to beforehand to put it in jounalistic parlance. As you know, Lou, the botheration in the Middle East is you accept too abundant history and too little geography.
The accomplished breadth amid the Jordan River and the Mediterranean Sea, is 50 miles. And the catechism is how do you fit in two states in that area. I anticipate Sharon’s bulletin about to the larboard in Israel is that there is no accord now. There’s no accord aback there’s dozens of suicide bombs an Arafat isn’t accomplishing annihilation to stop it.
To the Israeli adapted there’s no war. A lot of them appetite an all- out war adjoin the Palestinian and Sharon is adage that is not accessible either. But what is action to happen, he thinks, it that it is a acid advance of attrition. And what he is cogent the Israeli accessible is that for this advance of abrasion the best achievement is to actualize a absorber breadth essentially, amid the West Bank and Israel proper.
Now that’s a actual loaded appellation which could account Sharon aloft affiliation problems, because the adapted sees that — of Israel — as the alpha of accordant to a two-state solution. But the Israeli accessible wants to be in the bleachers. They don’t appetite to be in the arena acreage as this killing fields is action on in the West Banks. And he sees that two-thirds of the Israeli accessible would like a wall, essentially, no beneath than wall, a fence amid the West Bank and Israel proper, and he’s signaling that he’s accommodating it go that route, but he is not accommodating to do the added half, which is to annihilate some of these abandoned because both for assumption and party.
Principle, he thinks it would arresting to the Palestinians, Israel is folding up its tent, that you bomb Israel and it runs away. He doesn’t appetite to do that. And party, he is beneath blackmail from Benjamin Netanyahu, in his own action who is accommodating to ambush if he goes in that direction.
But he — Israeli accessible that he is action appear a zone, these absorber zones.
DOBBS: A absorber breadth and an able abandonment from the West Bank?
MARKOVSKY: Abandonment is the chat that he will never use because he’s not accommodating to bend up the tent. But by creating this absorber zone, that’s the aboriginal footfall appear a fence, a wall, and it is the admission, in his appearance that Arafat cannot do a admirable deal, some would admiration whether Sharon could do the admirable deal.
But the point is the accessible is so aloof affronted from this acid bearings the aftermost 18 months. It aloof at this point says, enough, disenguage from the Palestinians. Two thirds of Israelis are adage it in the polls, and I anticipate Sharon’s accent today is adage he heard the polling abstracts and he is starting to move in that direction, maybe not as abundant as they would like, but in that direction.
DOBBS: What does disengagment beggarly in this context, David?
MARKOVSKY: It Agency that about that breadth amid Israel and the West Bank will be patrolled now through either jeeps, there’ll be fences, there will be alley blocks, there will be cyberbanking sensors, there will be cyberbanking drones overhead. There will be all sorts of things that will accomplish it harder for suicide bombers to go into Tel Aviv, a disco tech and draft up teenagers, or to go into Hifa (ph) and draft up a Bar Mitzvah anniversary as has happened.
DOBBS: What I apprehend you saying, David, in point of fact, then, is that Sharon took addition footfall adjoin a two-state band-aid as able-bodied as creating some action at atomic for a alteration to that two-state solution?
MARKOVSKY: I anticipate that is the message. But he alive the lead, so to speak, in his animadversion because he’s abashed of angering his own adapted wing. But I attending what he’s adage and he is adage is he’s action to set up these zones. And this is what added on the larboard ancillary of the Israeli spectrum accept been arguing for.
I don’t anticipate he’s accommodating to accomplish the abounding break, which would beggarly demography bottomward these settlements for the affidavit I outline, but the zones is a aloft aboriginal footfall and it’s actuality lost, and everybody is adage there’s no account out of this columnist conference. In actuality there is a lot of account out of it.
DOBBS: David Markovsky, acknowledge you actual much. Acceptable to accept you with us.
MARKOVSKY: My pleasure, Lou.
DOBBS: Still advanced here, Silicon Valley, a gold abundance for high- tech companies. Now it is a acreage of befalling for politicians. We will accept that adventure for you.
Investors, do they booty aim at companies that aren’t headed into the stratosphere? We will acquaint you about a appointment that is befitting a aing eye on antithesis sheets. And we’ll accept a address on threats that nuclear ability plants face and how they’re actuality protected, adapted afterwards this.
DOBBS: What had been a solid Dejected Chip beforehand on Bank Street concluded with a triple-digit accident on the Dow. Technology stocks today suffered an abnormally able-bodied session, the Nasdaq aerobatics added than 3 percent. The Dow falling 106 credibility today. The Nasdaq fell 59 points. The S&P 500 alone 17.
Christine Romans is at the New York Banal Exchange and Greg Clarkin is at the Nasdaq. Let’s activate with the bigger also-ran — Greg.
GREG CLARKIN, CNN CORRESPONDENT: Hi there, Lou. Tech stocks today absolutely never stood a chance. Rigth at the alpha in the aboriginal action today you had a acquirement admonishing out of Ciena, and on top of that you had a actual bearish analyst alarm on Intel, and that absolutely ample the accouter adjoin the nasdaq. It never traded in absolute arena today.
Take attending at some of the losers on the day. Let’s alpha with shares of Ciena. The aggregation is adage that revenue, that’s sales for the quarter, will be far beneath the $148 actor Bank Street was expecting. They will be about about $100 million. That banal bottomward 12 percent.
Intel: Bank of America cut their antithesis estimates for this analysis and aing quarter. Intel shares awash off six percent. Cisco, the networkers are anemic on the action that if Ciena is seeing a dropoff in appeal afresh some of those added arrangement and cilia optic companies will as well. Cisco Systems bottomward sharply. JDS Uniphase falling as well.
Now, all of the big name technology shares were losers on the day with the barring of Worldcom. It was up a few pennies. But Microsoft, Oracle, Applied Materials, Sun Microsystems, all posting, in some cases, aciculate losses on the day. And you apprehend a lot about the trading ambit that the Nasdaq has been in. If you booty a attending at a blueprint of the Nasdaq action aback to about the aboriginal anniversary of aftermost April, you’ll see appealing abundant things accept appear adapted aback about to that level. It was trading in the low 1700s then. It’s trading at a low 1700s now. And the accident today on the composite, it alone 59 credibility to aing at 1716. That’s the everyman aing of the Nasdaq aback Halloween — Lou.
DOBBS: An adapted day to be comparing losses. Greg, acknowledgment a lot.
The Dow up 88 credibility at its aiguille afore accident 100 points. Christine Romans at the Big Board to acquaint us all about the day on the New York Banal Exchange — Christine.
CHRISTINE ROMANS, CNN FINANCIAL NEWS CORRESPONDENT: And, Lou, the problems absolutely came from the Nasdaq and the tech stocks because you had affairs here, again, in abundant industry stocks and oil stocks. And the Dow was aing aboriginal on, but those losses, as they army in the chips and some of the tech stocks, aloof absolutely took things bottomward actuality as well.
And aback you attending at the best alive stocks and the widely-helds, you can see that damage. America Online bottomward addition dollar actuality today. This is a new three-year low. Annihilation new. It is aloof a assiduity of the cynicism we’ve been seeing there. GE abandoning a nice aboriginal rally, catastrophe lower, Lou, alike admitting Goldman Sachs said this banal was the distinct best banal to buy in 2002 because of its antithesis visibility.
Lucent and EMC, anemic with their tech peers, but Qwest ambulatory advanced of a appointment alarm with analysts accepted tomorrow. Bank Street acquisitive for some absolute comments there. Additionally in the account of losers here, AIG, the allowance giant, this one absolutely had three things action adjoin it today: letters that it was asked to accord advice in a delving of PMC Bank, apropos about the assumption of Hank Greenberg afflicted up by his absence from a big industry appointment in Bermuda. And then, an AIG controlling predicts big accountability losses from administrator and administrator apology affairs if there is a flood of actor lawsuits. Computer Associates bottomward addition two bucks. IBM, Lou, bottomward bristles canicule in a row, bottomward 11 percent in those bristles days. Micron Technology bottomward with the chips. And BellSouth gives a warnings for all of 2002 in allotment because of its acknowledgment to Latin America. This one bottomward acutely as well. Three days, now, in a row of amateur chiffre moves, never in the aforementioned direction, for Dow Jones Automated Average. The traders actuality are adage that a trend, Lou, is ambiguous at best.
DOBBS: Christine, acknowledge you actual much. Christine Romans from the Big Board.
Well, one Bank Street adept says the affliction is over and believes the date is set for a aloft rally, adage the abridgement has bottomed, accumulated profits will recover, aloof as the alarm of agitation has receded. So will this accounting scandal.
Harvey Eisen, the administrator of Bedford Oak Advisors, actuality with us tonight. Acceptable to accept you here.
HARVEY EISEN, BEDFORD OAK ADVISORS: Nice to be here.
DOBBS: Harvey, let’s allocution about this bazaar that we’re watching adapted now. As Christine Romans acicular out, GE remarked by some as the best banal to own. Doesn’t attending like a very…
EISEN: Imagine the worst.
DOBBS: Exactly. What’s action on with GE?
EISEN: Well, all these aloft companies that accept accounting issues are in the tank. I mean, GE, AIG, IBM. You saw what they did to Computer Associates. The new hot on for the week, for the month, is this accounting thing, all acquired by Enron and abstract by Tyco. So that’s the big action now and we accept got to get through this.
DOBBS: And you say the big action is, one, to infer you don’t anticipate it’s a abstruse action here?
EISEN: No, of beforehand not. It’s been action on forever. I mean, every few years, we get spotlight on the actuality that companies absolutely do array of blend about with their books. I mean, Enron is a little bit altered obviously, because it is a humongous disaster. But the basal band is we go through this, we get some changes and we’ll antithesis from this. This was Orange County in 1994 aback Merrill Lynch — I mean, it’s the aforementioned replay, aloof a altered casting of characters.
DOBBS: A altered casting of characters and a ample cardinal of stocks that are action the heat, whether it be the Enron aftereffect or simply, as declared actuality at AOL Time Warner, the ancestor of this network, overpromising and underdelivering is one archetype of a botheration for Bank Street adapted now.
EISEN: This network? You guys did that?
(CROSSTALK) DOBBS: Not us. In point of fact, AOL Time Warner, the added media stocks, hammered, what’s action on?
EISEN: Formed — well, because the basal band is they were overpriced. They became analytic priced. Guess what? Now they’re underpriced.
DOBBS: Harvey, I accept to arrest aloof for a moment. We’ve been assured the admiral to animadversion on the annihilation of Daniel Pearl, the “Wall Street Journal” reporter. We’re action to go to White Abode contributor John King, traveling with the admiral and let’s accompany John now — John King.
JOHN KING, CNN SR. WHITE HOUSE CORRESPONDENT: Lou, the admiral aloof accomplished speaking actuality in Beijing to reporters. He delivered a statement, a mix of anguish and condolences, but additionally some able and boxy words from the admiral as well.
Mr. Bush said his affection went out to the Pearl family, and he said, quote, “especially for his approaching child, who will never apperceive his ancestor now.” Mr. Bush said all Americans are afflicted by this adverse murder, he alleged it, and he said journalists about the world, of course, aching their aide for action into this alarming abode and accepting this adverse act happen.
Mr. Bush afresh angry the corner, if you will, Lou. He said those who will abuse Americans by creating — by such barbarian acts, alibi me, charge to apperceive those acts alone deepen America’s resolve. And the admiral concluded his account by saying, quote, “the United States of America will rid the apple of those agents of terror.”
So the admiral delivery his condolences actuality in Beijing today, but additionally able to accumulate up his advance adjoin terrorism. U.S. admiral adage in conversations with the government of Pakistan, they will additionally appetite Admiral Musharraf to accumulate up the investigation, to accompany those amenable to justice. Obviously, aboriginal morning actuality in Beijing, Lou. The admiral a by his staff, the White Abode overnight, relaying chat of this cine acknowledging that Daniel Pearl has been murdered in Pakistan — Lou.
DOBBS: John, acknowledge you actual much. John King advertisement by telephone, of course, from Beijing, traveling with Admiral Bush as he wraps up his six-day tour.
We appetite to about-face aback now talking with Harvey Eisen about this market, about this economy. Let’s about-face to the broader ambience here, and that is the abridgement itself and its recovery. Do you feel that we’re in recovery? Are we on our way?
EISEN: Oh, absolutely. I mean, you’ve had the Fed acid ante 11 times, as able-bodied all know, a big admission in money supply. Yes, everybody you allocution to in business tells you things are badly bigger now. The abridgement has bottomed. It’ll booty the experts six months to realize. I mean, aftermost time I was on this show, we had some economists adage we were in a recession. It’s the acceptable news. The bad account is, hey pal, we knew that a year ago. Now the recession is over. So that’s the acceptable account about the market.
DOBBS: I don’t see a abysmal account for economists and their time limits.
EISEN: I adulation economists, but, I mean, I accept got to accomplish a alive here. So, I can’t (UNINTELLIGIBLE) these people.
DOBBS: So does anybody else. In agreement of this bazaar itself, as we’re — it looks like we’re aggravating to casting the lows of aftermost fall?
EISEN: Right, but you and I apperceive we consistently do.
DOBBS: Well, at this point, breadth do we go? What is the upside here?
EISEN: We accept had a archetypal big time buck market. I mean, there accept been three times in 100 years breadth the bazaar has gone bottomward two years in row: ’29 and ’73-’74. I mean, for the bazaar now to be as austere as it was afresh is preposterous. So what you’ve had is a buck market. The buck bazaar is over, we think. The basal has been put in. You accept had the aboriginal rally. You get a analysis to that.
The catechism not is what are the account today. The catechism is what are the account action to be in six months. Enron is action to be a memory. All the accounting is action to be dealt with. Antithesis are action to go through the roof because of the accessible comparisons from aftermost year.
DOBBS: The analysis to analysis a year ago. Do you anticipate we’re action to see backbone itself admitting reflected in those earnings?
EISEN: Well, it’s action to be backbone about to what it was aftermost year, which is what Bank Street has absitively is what they should attending at. But, sure, business actuality is fundamentally actual sound.
DOBBS: Your admonition to investors?
EISEN: You can’t panic. This is what you delay for. You get to buy AOL at 23, not 33 or 43. You get to buy your admired acceptable companies now. Questions is which ones do you like. I mean, we accept our favorites. The basal band is I anticipate that the buck bazaar is over and this is the acknowledgment that you get. That’s our point of view.
DOBBS: Terrific. Well, Harvey, as always, acknowledgment for administration that point of appearance with us.
EISEN: Oh, it’s abundant to see you again.
DOBBS: Abundant to see you.
Well, today’s selloff was led by weakness in the dejected chips, of course, the best apparent names on the Street. But recently, one accumulation of stocks in accurate has been alluring broker attention: the baby caps.
In fact, over the accomplished year, the Russell 2000 Index of Baby Cap Stocks has outperformed all the aloft indexes. One reason: baby companies generally advance as the abridgement comes out of recession. Casey Wian has the story.
CASEY WIAN, CNN FINANCIAL NEWS CORRESPONDENT (voice-over): At a bank southern California resort, baby companies gluttonous money and acceptance acquaint their belief to abeyant investors. Acacia Analysis licenses the V-chip for TV sets and develops chips for DNA testing. Despite a able antithesis sheet, the company’s banal has struggled.
PAUL RYAN, ACACIA RESEARCH: It’s a actual agitable bazaar attitude adapted now and a lot of bodies are a little afraid about committing to new disinterestedness positions.
WIAN: Acacia, like abounding companies with bazaar ethics beneath a bisected a actor dollars is not covered by aloft Bank Street analysis analysts, so they affix with investors at conferences like this.
RICH BEAVEN, ICM ASSET MANAGEMENT: We try to acquisition abundant companies at abundant prices, you know, companies that the Street acutely has abandoned or befuddled abroad for some acumen or another.
WIAN (on camera): The accent of this year’s Roth Appointment has changed, companies are affirmation fundamentals, such as advantage and banknote flow, and acclamation broker questions about accounting arch on.
(voice-over): From a accent by Ted Waitt, architect and unretired administrator of Gateway Computer.
TED WAITT, FOUNDER, GATEWAY COMPUTER: We accept $1.2 billion in banknote adapted now. And these are things that booty a — took a amazing bulk of work.
WIAN: To bottom accepted companies, the focus is absolutely on the antithesis sheet.
UNIDENTIFIED MALE: It’s not aloof accepting up there and cogent how big this can be, affairs what the business is now, what’s action on now, how are we action to run a assisting business. And a little of the pie in the sky, you know, it gets taken off the table.
WIAN: And that alike goes for fast-food firms, like CKE Enterprises, parents of Carl’s Jr. and Hardy’s. A archetypal turnaround story, CKE has airy contempo bazaar trends.
ANDREW PUZDER, CKE RESTAURANTS: I anticipate bodies see that we’re on a plan for a slow, abiding advance of this brand, slow, abiding acclimation of the problems, not article to be absorbing or y.
WIAN: Words that in antecedent years would accelerate investors active for the aperture now allure a bound audience.
Casey Wian, CNN Banking News, Dana Point, California. (END VIDEOTAPE)
DOBBS: Aback we continue, accepting the assurance of the nation’s nuclear ability plants. We’ll booty a attending at the risks, and the efforts to assure those plants.
Boeing trims its accessory analysis assignment force. We’ll accept that adventure and added bazaar account beeline ahead. Break with us.
DOBBS: Bankrupt Global Crossing reportedly paid its top admiral millions of dollars as bags of its laid off advisers were larboard with nothing. Global Crossing paid admiral multi- million-dollar bonus, forgave loans and fabricated agglomeration sum alimony pay-outs accretion $15 actor to baronial executives, best whom were no best with the company. Meanwhile, the rank-and-file, according to “The Bank Street Journal,” were affected to booty severance bales in all-inclusive payments rather than a agglomeration sum. Aback the aggregation filed for bankruptcy, those payments ended, forth with medical benefits.
In added accumulated account tonight, Continental Airlines is admonishing of a cogent accident in the quarter. Continental says it may additionally booty added accuse for ashore aircraft. The airline is now dabbling deliveries of new aircraft in adjustment to cut costs.
Aerospace aing Boeing acid 1,100 jobs at its accessory unit. Boeing says the cuts are meant to account crumbling appeal for satellites. Boeing has cut tens of bags of jobs over the accomplished year.
Enron’s aloft accountant has offered to achieve actor lawsuits stemming from Enron’s collapse. But attorneys alone Andersen’s offer, adage it is too low. Andersen offered to pay a almanac $700 million. It would accept been the bigger action adjustment anytime by a Big Bristles accounting aing over an analysis failure.
Internet and added high-tech entrepreneurs fabricated their crusade to Silicon Basin over the years, gluttonous fame, fortune. And now, there is addition accumulation authoritative that aforementioned trip, additionally in the coursing for abundance of Silicon Valley. CNN’s Candy Crowley has the adventure from Palo Alto.
CANDY CROWLEY, CNN CORRESPONDENT (voice-over): Dick Cheney today, Joe Lieberman yesterday, and a brace of added senators in between. Welcome to Silicon Valley. The abode is ample with politicians.
JOHN FREIDENRICH, VENTURE CAPITALIST: Of course, it depends on aldermanic calendar, but aback there are breaks, it is a acceptable time for us to leave town, because they do appear out in ample droves.
CROWLEY: Politicians adulation it here. It is hip. It is happening. SEN. JOE LIEBERMAN (D), CONNECTICUT: We are in the new economy. Silicon Basin is breadth it started. So I apprentice a lot every time I got there, and I appetite to end up actuality accessible to them.
CROWLEY: It is aerial income.
SEN. TOM DASCHLE (D), MAJORITY LEADER: We accept a high-tech alignment aural our conclave that comes to Silicon Basin with some frequency, and we accept congenital up some accomplished and I would achievement connected abiding relationships over the years.
CROWLEY: Silicon Basin is the circle of banknote and cool.
GREGORY SLAYTON, CHAIRMAN, CLICKACTION: Air-conditioned because, absolutely frankly, aerial technology still makes up the asymmetric bulk of the job conception in the United States, and I anticipate all adopted politicians accurately appetite to accept what is accident in the high- tech sector, and appetite to be in advanced of it rather than abaft it.
RICHARD CHENEY, VICE PRESIDENT OF THE UNITED STATES: Abounding allege of the new economy, and with acceptable reason. Advice technology was the agent of advance through the 1990s.
CROWLEY: To be sure, the dot-com crash, a recession and a war accept taken a banknote assessment on the adulation action amid acclamation and techies. The seventh bigger contributor in the 2000 acclamation cycle, the computer industry, has alone to 11th. But this year is yet young.
LARRY MAKINSON, CENTER FOR RESPONSIVE POLITICS: We’re accepting aing to $6 million. As I say, in addition month, aback we’ve accomplished action through all the money that was accustomed in 2001, that’s action to jump up absolutely a bit. And I anticipate it’s action to be addition force to be reckoned with in the 2002 elections.
CROWLEY: And in an acclamation year, afterwards all, politicians will charge money, and the industry has needs.
KIM POLESE: And there are analytical issues that are important to ensuring the connected bloom of the technology industry, things like encryption, broadband deployment, privacy.
VIP PATEL, FOUNDER, E HEALTHINSURANCE: Technical talent. The charge for cyber security. And I could go on and on.
CROWLEY: For politicians, it is not so accessible as endlessly by for a handshake and a big check. Techies do their homework, said one CEO. We appetite to talk. And certainly, there is every acumen to accept they will be heard.
Candy Crowley, CNN, Palo Alto.
DOBBS: Companies are now scrambling to analyze their banking reporting. Alike the bluest of the dejected chips aren’t aloft criticism. All the absorption on accounting is banishment companies to change the way they advertise themselves to the advance public. Kitty Pilgrim has the report.
KITTY PILGRIM, CNN CORRESPONDENT (voice-over): Advancing apple-pie is the new bazaar advantage. While regulators and legislators appraise what went wrong, bazaar armament accept taken over already again. In the appetite to break aloft the fray, companies are authoritative a song and ball out of advancing apple-pie with their books.
UNIDENTIFIED MALE: The absolute bulletin for the business community, the one we see today are those companies who are accepting out advanced of the regulators, attractive at the market, and basically saying, we can now authorize our own platinum accepted of business conduct and accomplish that assignment for us, by ascent to a new akin of accuracy and accepting a bazaar advantage in the process.
PILGRIM: Markets accept punished companies that accept any questions about accounting. Companies such as Accepted Electric, Krispy Kreme and IBM say they will acquaint investors added than they would appetite to apperceive about their dealings, aggressive 10k letters the admeasurement of blast books.
10k’s appear out at the end of March, and were not the focus of acute analysis by investors in the past, because they declared the year that concluded three months earlier, not this year.
UNIDENTIFIED MALE: The banking analysts, which were I anticipate in some allotment dismissive of 10k’s as age-old history are action to be acquainted in, abnormally this March, to absolutely how these companies are costs themselves and what the affection of antithesis absolutely is.
PILGRIM: Bazaar watchers say the aing 60 canicule will be key. 10k’s will be followed by pre-announcements, and afresh aboriginal analysis results. Because companies cannot bland over asperous patches of achievement with asymmetric area accounting, antithesis may accept some awful surprises.
(on camera): The boilerplate broker will be alive in detail, but aloft institutional investors will accept to aeon up their abbreviate sleeves and get out the blooming eye shade. The bounce account account aloof got a lot longer.
Kitty Pilgrim, CNN Banking News, New York.
DOBBS: Still ahead, aggrandizement may be beneath control, but costs are ascent in a actual important industry. We’ll be cogent you about that.
Honoring the four-legged accomplishment workers who helped in the after-effects of September 11. All of that and added still ahead. Break with us.
(COMMERCIAL BREAK) DOBBS: The best contempo letters on the abridgement advance we don’t charge to anguish about inflation, and that’s acceptable account of beforehand for consumers who account from lower prices. But the amount of alive is sky-rocketing in bloom care, and Kathleen Hays is actuality to acquaint us all about that — Kathleen.
KATHLEEN HAYS, CNN FINANCIAL NEWS CORRESPONDENT: It is interesting, because we apprehend so abundant about low inflation, but this is on the apperception of a lot of consumers and businesses. The Federal Reserve Bank does a account analysis of business activity. They asked a appropriate catechism this ages about bloom affliction costs. 72 percent of the bodies surveyed — or the businesses surveyed say they apprehend their bloom affliction costs to acceleration this year by 10 percent or more, and 45 percent said that would accept a cogent appulse on their cost.
Now, it’s no admiration they apprehend costs to rise, because attending at what they’ve been doing. Three years ago, bloom allowance costs up about 5 percent. The aing year, up added than 8 percent, and aftermost year up 11 percent. That’s 8 allotment credibility added than the amount of inflation.
Hit baby businesses hardest. Ample businesses, bloom affliction costs up aloof 10 percent — aloof 10 percent, I’m saying. But aback you attending at the aboriginal businesses, three to nine employees, up added than 16 percent.
Ten cents of every dollar paid to workers goes to bloom affliction costs, and if bloom affliction costs accumulate rising, that admeasurement could acceleration and aftereffect added account costs. Helen Darling (ph) of the Washington Bloom Business Council estimates that adapted now boilerplate ancestors bloom affliction cost, $7,000 to $8,000, could go up to $10,000 by year 2004.
The bigger culprits are decree biologic costs. They’re ascent at bigger than a 15 percent amount aftermost year. And hospital outpatient care, emergency rooms, up added than 12 percent.
Now currently, we advisers pay on boilerplate 27 percent of that bloom affliction costs. Administration aces up the rest. But the anguish is that if costs accumulate rising, administration — haven’t done it so far — are action to alpha blame off added of that amount to us, or on the margin. Maybe college a few beneath workers.
DOBBS: OK. Again, with a broader appulse on the economy.
HAYS: Bad for paychecks, bad for profits. It aloof doesn’t advice the business outlook, and a lot of business bodies are talking about this now, Lou.
DOBBS: OK. Kathleen, thanks. Kathleen Hays.
Coming up next, aegis in America’s nuclear ability plants, in their accretion scrutiny. We’ll address to you what aegis guards accept to say about aegis adjoin terrorists. And we’ll acquaint you about thank-yous for New York’s four-legged heroes. That adventure and a lot added still ahead. Break with us. (COMMERCIAL BREAK)
DOBBS: We’ve been advertisement actuality on a analytical aspect of citizenry security, the aegis adjoin agitator attacks on nuclear ability plants. Accomplish are actuality taken to advance aegis at those plants, but guards that we’ve talked with say it is artlessly not enough. Steve Adolescent reports.
STEVE YOUNG, CNN FINANCIAL NEWS CORRESPONDENT (voice-over): Aback we appear that two whistle-blowers at a nuclear ability bulb operated by the Tennessee Basin Authority said guards aren’t accomplished to cope with terrorists, the TVA took able exception. So did Pinkerton, which subcontracts the guards to the government-owned facility.
Since then, we’ve announced with bristles added guards at a added TVA plant. We’re camouflage their identity, because they say they abhorrence reprisal. They say aback the September agitator attacks, the cardinal of bouncer cadre has been increased, but…
UNIDENTIFIED MALE: The all-encompassing training that it takes to get bodies able and to be in position has been actual slow.
UNIDENTIFIED MALE: In agreement of absolutely adopting the bar security-wise, no, you aloof accept added bodies there, about bushing spaces.
YOUNG: TVA beneath our appeal for an interview. Late Thursday afternoon, it issued a account adage in part: “TVA takes actual actively our albatross to accommodate an experienced, dedicated, able-bodied accomplished and reliable force for our nuclear sites. TVA has added the cardinal of aegis cadre at our sites to allay certain overtime. TVA additionally has an added akin of aegis provided by the TVA police.”
While crumbling to animadversion on specific plants, a Nuclear Regulatory Commission agent told MONEYLINE that bouncer armament at some plants accept been supplemented by accompaniment badge and the Civic Guard.
However, he additionally said: “Since September 11, aggrandized patrols accept continued the bouncer armament at best of the plants. Guards are alive best hours, and in some cases it impacted on training.”
If September accomplished anything, it is that the al Qaeda arrangement can aggregation at atomic 19 terrorists to do its behest on a distinct day, but the guards, beneath a accepted that’s a quarter-century old, are alone able for a abundant abate beforehand force.
UNIDENTIFIED MALE: They’ve not accomplished us to avert adjoin added than what was said afore they attacked on September the 11th.
YOUNG (on camera): Raise your duke if you’ve had convenance cutting alive armament at a affective target?
(voice-over): The guards accuse they’ve asked for bullet- aggressive bouncer enclosures to no avail.
(on camera): You’re talking about little bouncer houses?
UNIDENTIFIED MALE: Yeah.
YOUNG: And you’ve asked for ammo proofing, and what do they say?
UNIDENTIFIED MALE: It’s too abundant money. Aloof too abundant money.
YOUNG (voice-over): That decidedly angers the guards, because the TVA was rebuked by the Authority’s ambassador accepted in April of aftermost year for spending added than $1 actor on attenuate copse bank and accoutrement on the controlling attic of a architecture a the Nashville Airport.
In a statement, the TVA said: “Decisions to charter and accouter the Highland Ridge belfry in Nashville were fabricated in 1999 and 2000, and has annihilation to do with the aegis of TVA nuclear plants.”
(on camera): The nuclear ability industry suggests guards accompany up the aegis action in the ambience of abutment activity administration disputes. But the guards we batten with assignment in the Tennessee basin works at this Watts Bar bulb which doesn’t alike accept a activity union.
(voice-over): As for nuclear industry claims that the boilerplate bouncer earns $35,000, here’s what these guards who assignment for Pinkerton say.
UNIDENTIFIED MALE: Our startout pay is $8.65 an hour and we top out at $11.40, and it takes four years to top out.
UNIDENTIFIED MALE: Boilerplate for me was $30,000 with 600 to 700 hours of overtime.
YOUNG: What about about-face in these jobs in which you apprentice actual acute information?
(on camera): To allegorize how the industry claims a 90 percent bouncer assimilation rate, while the guards say the about-face amount can be 60 percent, we went to the Seabrook nuclear bulb in New Hampshire.
(voice-over): John Middlemiss and James Howard accept bodies like them are not included in the statistics. They began training in November and abdicate this month, adage they were disillusioned.
JAMES HOWARD, FORMER PLANT GUARD: I activate that a lot of the trainers were disorganized, incoherent. We had a lot of bottomward time. Out of the six weeks of training, I did added sitting about than annihilation else.
JOHN MIDDLEMISS, FORMER PLANT GUARD: They aloof said that there was action to be all-encompassing training for tactics, things of that attributes of what’s action to administer to accepting a nuclear facility. Aback we went through the training, it seemed to me actual rushed, actual about done. YOUNG: Burns, which provides the guards, denies Middlemiss and Howard were alone from the statistics, and says it’s accouterment aerial affection training.
LARRY BEAN, BURNS SECURITY: If they had been included or if they had completed the training aeon and amorphous assignment as an armed officer, we would account them as allotment of the about-face rate.
YOUNG: Indeed, Seabrook says its assimilation amount is 92 percent, bigger than the civic average. Guards we talked to are anxious about a accessory admission breadth there’s TV surveillance. The alley is blocked by a small, driverless auto truck, but there are no acquaint guards.
AL GRIFFITH, SPOKESMAN, SEABROOK STATION: It’s about like the layers of an onion. What you were attractive at was the actual alfresco of the south aboideau admission road. It is a adherent barrier. It has aggregate that you say it does. But if you were accustomed admission aloft that, you would accept apparent added security.
YOUNG: Guards who’d accept to action off terrorists are paid beneath than janitors at the Seabrook plant, but one bouncer told us why he’s afraid around.
UNIDENTIFIED MALE: Basically, adapted now I’m cat-and-mouse for the changes, or the accessible changes, the accessible federalization, acquisitive that somebody in Congress or in the Senate will absolutely accomplish this affectionate of a claimed adventure and conceivably federalize this.
YOUNG: A bill to federalize the guards has been alien in Congress. And the guards we batten with said they anticipate it’s a acceptable idea. Pinkerton didn’t animadversion on our latest story, but ahead said, quote: “Maintaining a reliable, competent and able automated aegis force is a key cold of our nuclear aegis casework responsibilities for the TVA” — Lou.
DOBBS: Steve, acknowledge you actual much. Steve Young.
Well, about 70 bodies accept died this anniversary in Bolivia as abundant rain and barrage abounding the capital. Accomplishment workers are aggravating to advice victims still trapped by ascent amnion and aggravating to antithesis missing bodies a La Paz. Added than 100 bodies absent their homes in the flooding. Bags accept absent power.
Coming up aing here, some canines accepting aerial acclaim for their ballsy efforts on September 11. We’ll accept that adventure next. Break with us.
DOBBS: In the canicule and weeks afterward the agitator attacks of September 11, chase and accomplishment teams formed endlessly attractive for survivors and victims in the bits that was the Trade Center. Accomplishment workers and dogs were key members. Those dogs action into areas, in fact, of the accident too small, too alarming for animal partners. Now, those four-legged heroes are accepting accolades for their courage and their loyalty. Jeanne Moos with the story.
JEANNE MOOS, CNN CORRESPONDENT (voice-over): Acceptable dog! Picking his way over asperous metal and alive concrete, dangling in midair.
UNIDENTIFIED MALE: Acceptable boy!
MOOS: In the old days, our abstraction of a hero dog was Rin Tin Tin.
UNIDENTIFIED MALE: At ease, Rinny.
MOOS: These days, Rin Tin Tin has been replaced by…
MICHAEL J. LAFAVE, 2002 WKC SHOW ANNOUNCER: Hammer. And Ace. Skye.
MOOS: From the Westminster Abode Club Dog Show, to the ASPCA Annual Awards Luncheon, the accomplishment and accretion dogs from 9/11 are actuality befuddled added than aloof a cartilage of gratitude.
LAFAVE: Joseph Japuto and Bravo.
OFFICER JOSEPH JAPUTO, NEW YORK PORT AUTHORITY POLICE: I’m actual appreciative of him, the way he was there, able to assignment out there.
MOOS: Apollo actuality about able afterlife by blaze at the Apple Trade Center.
OFFICER PETER DAVIS, NEW YORK POLICE DEPARTMENT: The bits aloof gave way and aing action you apperceive I don’t see him anymore and I see the blaze burning.
MOOS: If Apollo hadn’t been assimilation wet from pond to get to the rubble, his abettor says they could never accept adored him.
At the ASPCA luncheon, the accomplishment dogs elicited squeals of delight. But the allowance fell bashful as scenes of 9-11 were replayed.
MOOS: About in that bits lies buried, Administrator David Lim’s dog.
LAFAVE: David is the alone administrator to lose his dog, Cirrus, in the Apple Trade Center tragedy.
MOOS: The Port Authority policeman now has a new bomb-sniffing canine. He and his old dog were in the basset unit’s basement appointment at the Trade Center aback the aboriginal alike hit. David put Cirrus in his kennel.
OFFICER DAVID LIM, PORT AUTHORITY POLICE: I told him to adhere out adapted here. I’ll be adapted aback to get you. MOOS: David himself about died aback the added belfry burst as he was rescuing folks. Three months later, Cirrus was recovered as ceremoniously as any animal victim.
LIM: We saw Cirrus on a stretcher with the American banderole over him, I knew that was him. I wasn’t absolutely as able as I anticipation I would accept been, but it still was apricot of course, you apperceive convalescent my buddy. I accomplished a affiance to acknowledgment and get him.
MOOS: The admiral of the ASPCA acclaimed the dogs, alike as he mourned his own sister.
DR. LARRY HAWK, PRESIDENT, ASPCA: My sister was a flight accessory on American.
MOOS: Families who absent admired ones were comforted by analysis dogs like Molly, so they too were honored. But do the dogs apperceive what the fuss is all about?
JAPUTO: He’s accepting petted by everybody and he knows the — he knows the spotlight’s on him.
MOOS: The Pierre Hotel abiding beats the dog house.
UNIDENTIFIED MALE: The dog now wants a bloom and a bottle of white wine.
MOOS: Not some aeon rolling about the floor. They accept their name in lights. They’ve alike been blessed.
UNIDENTIFIED MALE: In the name of the Ancestor and of the Son and of the Holy Spirit.
MOOS: Instead of accustomed cameras about their necks and demography pictures, they’re accepting their account taken. But best of all, they’re accepting their aerial rubbed.
Jeanne Moos, CNN, New York.
DOBBS: And that’s MONEYLINE for this Thursday evening. Acknowledgment for actuality with us. Acceptable night from New York city. “WOLF BLITZER REPORTS” begins adapted now.
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