CBS Evening News - 2007-10-28
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Read a transcript preview of “CBS Evening News - 2007-10-28” from malgent, uploaded on 2026-01-15.
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Language: English (original, YouTube automatic captions)
[0:01] Tonight, a top Wall Street CEO is
[0:03] reportedly set to take a fall as
[0:05] subprime mortgages, rising oil prices,
[0:08] and the plunging dollar continue to
[0:09] shake up the markets. I'm Russ Mitchell.
[0:12] Also tonight, a deadly fire in a North
[0:14] Carolina beach house filled with college
[0:16] students. Seven were killed. And going
[0:19] public with a family secret, a
[0:21] daughter's discovery of her father's
[0:23] racial background.
[0:24] >> Did you tell black jokes?
[0:25] >> I did. Yeah. In high school. and uh it's
[0:28] a very um painful memory. Now,
[0:34] >> this is the CBS Evening News with Russ
[0:38] Mitchell.
[0:42] And good evening. The shock waves from
[0:44] the subprime mortgage collapse are
[0:45] toppling one of Wall Street's biggest
[0:46] names. Reports in the financial press
[0:48] tonight, say a Stan O'Neal, the head of
[0:50] brokers giant Meil Lynch, is about to
[0:52] resign in the wake of mortgage losses
[0:54] that run into the billions. The news is
[0:56] just one of several clouds over the
[0:57] markets as the new week begins. Randall
[0:59] Pinkson has the latest.
[1:01] >> We haven't written a
[1:03] >> reports that Maril Lynch CEO Stan O'Neal
[1:05] is being pushed out come as no surprise.
[1:08] As head of the world's largest brokerage
[1:10] house, O'Neal's job has been on the line
[1:12] since he revealed a staggering
[1:14] thirdarter multi-billion dollar loss
[1:16] last week, the largest amount in the
[1:18] firm's history. O'Neal decided to step
[1:21] down, according to the Wall Street
[1:22] Journal's online edition, after board
[1:24] members and staff expressed unhappiness
[1:27] with his management, especially his
[1:29] strategy of investing in securities
[1:31] backed by risky loans and sub