CBS Evening News - 1999-08-09

Channel: malgent

Transcript

Language: English (original, YouTube automatic captions)

[0:03] A scathing attack on the stock market

[0:05] day trading industry. Government

[0:07] regulators accuse day trading firms of

[0:10] misleading investors who they say almost

[0:13] always end up losing money.

[0:16] A big shakeup in the Kremlin. Boris

[0:18] Yeltsin names a new prime minister and

[0:21] his heir apparent.

[0:23] And American business heads for a new

[0:25] frontier where the profit potential is

[0:28] astronomical.

[0:32] This is the CBS Evening News.

[0:36] With Dan Rather reporting from CBS News

[0:39] headquarters in New York. Good evening.

[0:42] They seek their fortunes online on the

[0:44] internet stock market day traders. Today

[0:47] state regulators accused the industry

[0:49] that caters to day traders of misleading

[0:52] them about the risk versus the potential

[0:55] for striking it rich. While some day

[0:57] traders do make big bucks, this report

[1:00] says seven out of 10 actually lose

[1:03] money. The day trading industry sharply

[1:05] disagrees. CBS coverage begins with

[1:08] Diana Olick.

[1:10] At this Virginia office, you don't need

[1:12] a broker or a financial advisor.

[1:15] >> who do make money are the people who put

[1:17] their time and effort into this. All you

[1:19] need is cash.

[1:21] >> Minimum deposit to open an account is

[1:22] $25,000.

[1:24] These are day traders, average Americans

[1:26] out to make quick money by buying and

[1:28] selling stocks minute to minute and then

[1:30] cashing in at the end of the day. The

[1:33] fact is day trading isn't investing,

[1:35] it's gambling. There's no other word for

[1:38] it. A study released today by a watchdog

[1:41] group representing state securities

[1:42] regulators claims you have a better

[1:44] chance of winning here than you do here.

[1:47] This is hucksterism.

[1:49] The odds are you won't get rich.

[1:52] The odds are you'll lose money. The

[1:53] study analyzed only one day trading

[1:55] office over 7 months and found 70% of

[1:59] the customers lost money. The day

[2:01] trading firm used deceptive marketing

[2:03] promising fast easy money and it

[2:05] encouraged questionable lending schemes

[2:07] to keep customers at the computer even

[2:10] when they didn't have the cash. Day

[2:12] trading firms are after anybody they can

[2:13] get from everything we've seen. Day

[2:15] trading was pushed into the spotlight

[2:17] when a former customer shot his way

[2:19] through two day trading firms in

[2:21] Atlanta. Critics of today's study argue

[2:23] that has made some unfairly suspicious

[2:26] of the business. After the first 5

[2:28] months, something like 60 to 65% of

[2:30] people make money. Attorney Saul Cohen,

[2:33] who represents day trading firms, says

[2:35] the study failed to take into account a

[2:37] day trader's learning curve. One of the

[2:39] interesting things about the NASA report

[2:41] is there are no complaints. It doesn't

[2:43] talk about customer complaints because

[2:45] there ain't none. Day trading is as old

[2:47] as the stock market, but like everything

[2:49] else, going high-tech made it faster,

[2:51] easier and more accessible. The number

[2:54] of day traders is expected to rise as

[2:56] long as the market heads in the same

[2:58] direction. Diana Olick, CBS News,

[3:00] Washington. It should be noted that the

[3:02] study today is careful to distinguish

[3:05] between the day trading industry and the

[3:07] millions of people who trade online with

[3:10] more traditional brokerage accounts.

[3:12] Now, while day traders can lose personal

[3:14] fortunes as anyone who deals in stocks

[3:16] can, day trading has developed into a

[3:20] major new factor on Wall Street as a

[3:22] whole, especially the technology heavy

[3:25] Nasdaq exchange. CBS's John Roberts has

[3:27] that part of the story.

[3:30] Whatever you call it, a hobby,

[3:32] a vocation,

[3:35] or a sport,

[3:37] day trading has gone in 10 years from a

[3:39] novelty to a phenomenon that now has the

[3:42] power to move markets. Though day

[3:44] traders represent less than 1% of all

[3:47] investors, they account for 15% of the

[3:50] volume on the Nasdaq exchange, their

[3:52] main playground. And in a world where

[3:54] long-term investment is measured in

[3:56] seconds, all that buying and selling can

[3:58] send shock waves through the markets.

[4:00] It's creating tremendous levels of

[4:02] volatility in individual issues. Scott

[4:05] Bleier, a market strategist for a major

[4:07] brokerage firm, says short-term

[4:09] speculation is as old as the market.

[4:12] What's different now is that technology

[4:14] has given day traders the tools to make

[4:16] hundreds of transactions a day. Internet

[4:19] stocks in short supply are a favorite

[4:21] target.

[4:22] When everybody wants to buy them, it's

[4:24] like an elephant going through a door.

[4:26] Everybody wants the same thing at the

[4:27] same time, nobody's got it and it drives

[4:30] the stock price way up. Who gets hurt?

[4:33] Individuals who get sucked in by the

[4:35] frenzy created by day traders and buy

[4:38] those so-called momentum stocks looking

[4:40] for long-term investment. You can profit

[4:43] from it by knowing the game. If you know

[4:45] the game, you make sure you're in and

[4:47] out. And if you don't know the game?

[4:49] >> you don't know the game, you shouldn't

[4:50] play it because you're going to lose and

[4:51] you're going to lose fast. The new

[4:52] fascination with day trading has created

[4:55] a paradox. Usually, the more people in

[4:57] the market, the more stable it is

[4:59] because each individual investor has

[5:01] less influence. But with many new

[5:03] players bringing a video game mentality

[5:05] to trading, the ride on Wall Street

[5:07] could get even wilder.

[5:09] John Roberts, CBS News, New York.

[5:12] Now, about political fortunes overseas.

[5:15] There was another Kremlin shakeup today.

[5:17] Out, Prime Minister Stepashin, who met

[5:20] recently with President Clinton. In is a

[5:23] former espionage operative and Boris

[5:26] Yeltsin's fifth new prime minister in 18

[5:29] months. CBS's David Hawkins reports

[5:31] Yeltsin gives every appearance of

[5:33] thinking long-term survival.

[5:38] Vladimir Putin, Yeltsin's latest choice

[5:40] for prime minister and political heir

[5:42] apparent, is a former Soviet spy and

[5:45] until today ran Russia's Federal

[5:47] Security Service, once known as the KGB.

[5:52] In a televised address, Yeltsin said the

[5:54] 46-year-old security boss is the best

[5:57] man to lead Russia into the 21st

[5:59] century.

[6:00] But friends and enemies alike say

[6:02] Yeltsin's new favorite was picked to

[6:04] guarantee that Yeltsin's inner circle

[6:07] will remain in power even after the

[6:09] 68-year-old president steps down next

[6:12] year. That is, if he steps down. Russia

[6:16] is scheduled to hold presidential

[6:17] elections next summer and Yeltsin is

[6:19] forbidden by law from running for

[6:21] another term. But there have been rumors

[6:24] here for months that the Kremlin is

[6:26] hatching a plot to keep the ailing

[6:28] president in office after his term

[6:30] expires. A small team of Yeltsin's most

[6:33] loyal aides and supporters, known as the

[6:36] family, are said to be trying

[6:38] desperately to find a way to hold on to

[6:40] the power and wealth they've accumulated

[6:42] during Yeltsin's reign. And more

[6:44] importantly, they want to avoid criminal

[6:47] prosecution for their alleged

[6:48] involvement in any number of corruption

[6:50] scandals.

[6:52] Vladimir Putin, a former KGB man, may be

[6:55] just the person to protect Yeltsin and

[6:57] the family from political revenge.

[7:00] It might seem as if Boris Yeltsin is

[7:02] once again throwing Russia's political

[7:04] chessboard into the air, tossing out one

[7:07] prime minister for the next. But in

[7:09] reality, it's a shrewd and calculated

[7:11] move to play the kingmaker. David

[7:14] Hawkins, CBS News, Moscow. Still ahead

[7:17] on the CBS Evening News, new allegations

[7:20] that American workers were exposed to

[7:22] high radiation and didn't know it. Ken

[7:25] Starr's latest comments about the

[7:27] Clintons and plans for a final report.

[7:30] And watch this space for a look at the

[7:33] future of business.

[7:39] Opening arguments start at 9:30 whether

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[8:37] You're on Love Matters. When Love

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[9:09] Tragedy struck today on a quiet country

[9:11] road near Fresno, California. A crowded

[9:13] van carrying farm workers slammed into a

[9:15] tractor trailer that was making a

[9:17] U-turn. 13 people in the van who worked

[9:21] sorting tomatoes were killed. The

[9:23] highway patrol says the van's brakes

[9:25] apparently locked.

[9:27] Another nasty nuclear dirty secret of

[9:29] the Cold War has surfaced with a

[9:31] familiar plot line. Americans who may

[9:34] have been exposed to highly radioactive

[9:36] materials without their knowledge or

[9:38] consent. This time the disclosures and

[9:40] allegations involve American workers at

[9:43] a nuclear plant. CBS's Jim Stewart has

[9:46] been digging up the facts.

[9:48] For 23 years, federal workers at this

[9:50] Energy Department plant in Paducah,

[9:52] Kentucky inhaled ate and worked in

[9:55] highly radioactive dust that the

[9:57] government knew about but never informed

[9:59] the workers of according to a just

[10:01] published report. Siting sealed court

[10:03] documents, the Washington Post said the

[10:05] workers were misled into thinking they

[10:07] were working with less harmful uranium

[10:10] rather than the more radioactive

[10:11] plutonium and that the subterfuge has

[10:14] led many to develop serious health

[10:16] problems.

[10:17] Workers like Joe Harding who recorded

[10:19] this message even as he was dying. Well,

[10:22] you could see your own tracks in this

[10:24] uranium dust. Thinking back on this now

[10:28] just horrifies you. Well, that'll kill

[10:30] you. Energy Secretary Bill Richardson

[10:32] has launched an investigation but is

[10:34] already apologizing. We should look our

[10:37] workers in the eye, say to them

[10:40] we lied to you if we did.

[10:42] We should compensate you if you've been

[10:44] harmed. We will help you with your

[10:46] medical bills. Opened in 1952 when the

[10:49] Cold War was just underway, the Paducah

[10:52] plant was designed to create nuclear

[10:54] weapons grade material first for atomic

[10:56] bombs and later for the precision guided

[10:59] ICBM missiles. But in the rush to

[11:01] develop weapons, critics say few

[11:03] thoughts went into safety. I believe

[11:05] that it was quite a systematic thing to

[11:08] put bomb making first and health and

[11:10] environment second. As with most of the

[11:13] horror stories of radioactive

[11:15] contamination that continue to leak out

[11:17] of America's past, this one too appears

[11:19] to be based on deceit. The workers at

[11:22] the Paducah plant say they were never

[11:23] told that the dust they were breathing

[11:26] just might kill them one day. Jim

[11:28] Stewart, CBS News, Washington.

[11:30] On the CBS MarketWatch, the Postal

[11:32] Service today introduced PC Postage.

[11:35] With an online personal computer, you

[11:37] can now buy and print your own postage.

[11:40] A long distance telephone price war has

[11:42] broken out. MCI WorldCom today announced

[11:45] a nickel a minute rate for nights and

[11:47] weekends similar to a new Sprint plan.

[11:50] Gasoline prices are inching up to a

[11:52] nationwide average tonight of a dollar

[11:54] 28 a gallon. On Wall Street, stock

[11:56] prices closed lower, the Dow down six

[11:58] points, Nasdaq off 29.

[12:01] Next up on the CBS Evening News, crunch

[12:03] time in Kosovo for NATO troops trying

[12:06] and often failing to keep the ethnic

[12:08] peace.

[12:13] Nancy will have to see from near to far

[12:15] almost a thousand times today. Her eyes

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[12:55] Lipitor, the number one prescribed

[12:57] medication for lowering cholesterol. In

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[13:02] proven to lower bad cholesterol 39 to

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[13:08] triglycerides 19 to 37%. He said over 4

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[13:14] Lipitor is not for everyone, including

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[13:18] liver problems, women who are nursing,

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[13:21] >> There'll be blood tests to check for

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[14:14] NATO and United Nations planners in

[14:16] Kosovo had counted on ethnic violence

[14:18] abating by now, eight weeks after the

[14:21] allied bombing stopped. But violent

[14:23] confrontations are escalating and US

[14:26] officials are asking tonight if this

[14:28] trend can be reversed.

[14:30] More about that now from CBS's Bill

[14:31] Plant at the White House.

[14:34] This is exactly what the US and its NATO

[14:36] allies hoped UN forces in Kosovo would

[14:39] prevent in the wake of a bitter war.

[14:42] For the third straight day, French

[14:44] peacekeeping forces battled back

[14:46] rock-throwing Kosovar Albanians bent on

[14:49] revenge against Serbs who live across a

[14:51] bridge on the other side of Mitrovica.

[14:53] The peacekeepers' mission is to help

[14:55] Kosovo's Albanians and Serbs rebuild as

[14:58] a multi-ethnic society. But on the

[15:00] ground, all politics is local. The big

[15:02] picture is not the first concern of

[15:04] ethnic Albanians who once had homes

[15:07] across the bridge. We understand people

[15:09] want to go home. We believe they have a

[15:11] right to go home. Our only concern is

[15:14] that this proceed in an orderly and safe

[15:16] manner so that there's no more death in

[15:17] Mitrovica. In war-ravaged Kosovo,

[15:20] officials fear that the tensions of

[15:22] Mitrovica will be duplicated in any of

[15:24] the places where Serbs have remained.

[15:26] The wounds are too fresh, the damage too

[15:28] great for reconciliation to be easy. It

[15:31] will take, said one official, an

[15:33] environment in which people feel they

[15:35] have a stake in keeping the peace.

[15:37] A senior White House official tells CBS

[15:39] News that the next month will be

[15:41] critical in Kosovo. If the international

[15:44] community can't succeed in imposing its

[15:46] will, then the situation could easily

[15:48] spin out of control. And the ideal of a

[15:51] multi-ethnic Kosovo for which NATO

[15:53] troops fought would never come to pass.

[15:55] Dan. Bill Plant, one of our White House

[15:57] correspondents. The number three man in

[15:59] the US State Department arrives tonight

[16:01] in Colombia. Thomas Pickering is to

[16:03] discuss the growing concern over the

[16:06] rapid rise of a Marxist-style guerrilla

[16:09] army now heavily financed by the

[16:11] narcotics business. The US is already

[16:14] more heavily involved than is generally

[16:16] known in efforts to stem the

[16:17] narco-guerrillas' operations in wide

[16:19] areas of Colombia and in parts of

[16:22] Venezuela and Panama.

[16:24] Pickering is in Colombia now to talk

[16:26] about a possible significant US increase

[16:29] in that help.

[16:30] Just ahead on the CBS Evening News,

[16:32] Special Prosecutor Ken Starr again

[16:34] talking about the Clintons and his still

[16:37] in progress investigation.

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[18:43] Special Prosecutor Ken Starr said today

[18:45] his final report on the Clintons is

[18:47] still in the works. The latest due date,

[18:49] he said, sometime before election day

[18:52] 2000. The total cost of Starr's

[18:54] five-year investigation, when completed,

[18:56] is expected to be more than 48 and a

[18:58] half million dollars, the most expensive

[19:00] ever. CBS's Phil Jones has the latest on

[19:03] what Starr said and didn't say.

[19:06] As President Clinton was in Washington

[19:08] trying to save a part of his legacy, a

[19:11] youth volunteer program In so many ways,

[19:13] AmeriCorps is the embodiment

[19:15] of the

[19:17] deal I struck with the American people.

[19:19] And as Hillary Clinton was on the New

[19:21] York Senate campaign trail promoting

[19:23] herself and attacking Republicans on

[19:25] education But the Republican tax plan

[19:28] would literally gut this investment. The

[19:31] man who could change the legacies of

[19:33] both Clintons was also talking.

[19:35] Independent Counsel Kenneth Starr said

[19:37] he would issue his final report on the

[19:39] Clinton investigation before the 2000

[19:41] election. And he said it would need to

[19:44] be a comprehensive final report that is

[19:47] factually straightforward, that does not

[19:49] engage in characterization.

[19:52] Lanny Davis, a Clinton White House

[19:54] lawyer, today called for Starr to issue

[19:56] a complete exoneration and say,

[20:00] "I investigated the Clintons. I found no

[20:02] wrongdoing. I investigated the travel

[20:04] office. I found no wrongdoing. I

[20:07] investigated the FBI files concerning

[20:09] the Clintons. I found no wrongdoing. We

[20:12] would all be amazed if Kenneth Starr

[20:15] would do that. He won't because so much

[20:18] of his orientation was to find guilt and

[20:21] he should, I think, in conscience where

[20:23] he doesn't find guilt, say so."

[20:26] Starr did say he's gotten a clear

[20:27] message that Congress does not want a

[20:29] final report to be an avenue for

[20:31] allegations of criminal conduct on the

[20:33] part of the Clintons. If he believes

[20:36] there is criminal wrongdoing, he'll have

[20:38] to prosecute, something he refused to

[20:40] speculate on today.

[20:42] Phil Jones, CBS News, Washington.

[20:45] It was 25 years ago today.

[20:48] Richard M. Nixon did something no other

[20:50] American president did before or since.

[20:54] We don't have a good

[20:56] word for it in English.

[20:58] Uh the best is au revoir.

[21:01] We'll see you again.

[21:03] August 9th, 1974.

[21:06] A defining moment for America and the

[21:08] American presidency.

[21:10] Forced out over his cover-up of a

[21:12] widespread criminal conspiracy called

[21:14] for short Watergate,

[21:15] Richard M. Nixon became the first

[21:18] president ever to resign from office.

[21:21] My mother was a saint.

[21:22] At times tearful, Nixon stood before

[21:25] family and friends in the East Room of

[21:26] the White House

[21:28] and delivered his capitulation speech.

[21:31] Always remember,

[21:33] others may hate you.

[21:36] Those who hate you don't win

[21:38] unless you hate them.

[21:42] And then, you destroy yourself.

[21:44] In a dramatic scene forever etched in

[21:46] the national consciousness,

[21:48] Mr. Nixon boarded Marine One for the

[21:50] last time.

[21:51] He turned and waved

[21:53] and then he was gone.

[21:55] I, Gerald R. Ford, do solemnly swear

[21:58] At 12:00 noon that day, without a single

[22:01] vote, Gerald Ford became our 38th

[22:04] president. My fellow Americans,

[22:07] our long national nightmare is over.

[22:12] A moment in history, 25 years ago today.

[22:16] Up next on the CBS Evening News, all

[22:19] eyes on the sky for Eye on America, the

[22:21] new business pioneers with stars and

[22:24] dollar signs in their eyes.

[22:28] The CBS Evening News and tonight's Eye

[22:31] on America segment are sponsored by

[22:33] Tylenol. Take comfort in our strength.

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[24:41] We began our broadcast tonight with news

[24:43] of the new high-risk business of day

[24:45] trading on the Internet. Tonight we end

[24:48] with an Eye on America report on the

[24:50] competition for sky-high profits in

[24:52] another sphere. CBS's Anthony Mason

[24:55] takes you to space, the final frontier

[24:58] of free enterprise. 3

[25:01] 2

[25:02] 1 The countdown has begun on a new space

[25:05] race and this time the pioneers aren't

[25:07] astronauts, they're entrepreneurs. And

[25:09] then it dawned on me Businessman Jim

[25:11] Benson has launched the world's first

[25:13] commercial space exploration company.

[25:16] The small rocket that we do to start

[25:18] with will be about the size of uh of

[25:20] this one right here. He's not in it for

[25:22] the adventure, he's in it for the

[25:23] profit. How much money can be made, do

[25:25] you think?

[25:26] I it's it's uh it's in the trillions. At

[25:29] SpaceDev's headquarters in a San Diego

[25:31] suburb, Benson already has recruited 20

[25:34] top rocket scientists. He's building his

[25:37] own space center. And after we finish

[25:39] assembling and testing the spacecraft in

[25:41] here, they'll be launched and uh this

[25:44] will become the mission control center.

[25:46] >> And Benson says he can do it all for a

[25:48] quarter of what it cost NASA.

[25:50] Miniaturization and off-the-shelf

[25:51] components are allowing spacecraft to be

[25:53] built that don't cost any more than a

[25:54] private jet or a mega-yacht these days.

[25:56] And oh yes, he'll even have a gift shop

[25:58] for guests. One fellow wants us to sell

[26:01] uh golf putters made out of iron

[26:03] meteorites. Scientists say it's no

[26:05] fantasy. It's critical to understand

[26:08] that commercial space is a reality today

[26:10] and a very significant very significant

[26:13] business. Consultant Carissa Christensen

[26:15] says last year for the first time more

[26:17] than half of all launches were not

[26:19] governmental, but commercial. The

[26:21] commercial segment of the industry is

[26:23] growing at a much faster rate.

[26:25] >> Satellite launches for telephones and

[26:27] television account for much of that

[26:29] growth, but Benson has bigger dreams

[26:31] like mining asteroids. So, what what's

[26:34] out there to mine? These right here that

[26:37] may be comets because comets are ice,

[26:40] ice is water and water is hydrogen and

[26:42] oxygen. That's rocket fuel. Filling

[26:44] stations in space, Benson says water

[26:47] will be white gold. White gold. They'll

[26:50] need it to mine the asteroid called 1986

[26:53] DA, a mile-wide ball of nickel and iron.

[26:56] It's probably worth about 80 trillion

[26:58] dollars if it were on Earth. There are

[27:00] risks in this gold rush, of course. If

[27:02] you invest in a satellite operation

[27:07] and the launch fails, and that's rare,

[27:09] but it happens, you've lost a huge

[27:11] amount of money, 50, 75 million dollars.

[27:15] Six major launches have failed in the

[27:17] past year in the US. Burnout on solid I

[27:20] mean, nobody wants a failure. We don't

[27:22] plan to fail, but we'll be backed up in

[27:24] case we do and we'll go out and we'll do

[27:26] it again and we'll do it again until

[27:27] we're successful. SpaceDev's first

[27:29] mission will blast off this winter. It's

[27:32] Benson's first voyage towards an

[27:33] extraterrestrial economy. You know,

[27:35] space is just a challenge, that's all.

[27:37] >> No, the space race isn't over, it's just

[27:40] begun.

[27:41] In Washington, I'm Anthony Mason for Eye

[27:44] on America.

[27:46] And that's part of our world tonight.

[27:48] I'll be back later with a Monday edition

[27:50] of a 48 Hours Mystery. Phil Jones has a

[27:53] preview.

[27:55] When a treatable illness kills an

[27:57] 11-year-old boy, his parents stand

[28:00] accused. Are they to blame? You ought to

[28:03] know when your child is dying before

[28:05] your eyes.

[28:06] Who killed Alan Griffin? Later on 48

[28:10] Hours.

[28:11] A 48 Hours Monday Mystery, tonight at

[28:13] 10:00, 9:00 Central Time here on CBS.

[28:17] For the CBS Evening News, Dan Rather

[28:19] reporting. I'll see you again soon on 48

[28:22] Hours.

[28:24] For news 24 hours a day, cbs.com on the

[28:27] Internet and on our interactive partner

[28:29] America Online at keyword CBS News.

[28:40] How much would you pay to buy your

[28:42] freedom? These Cubans are paying through

[28:44] the nose and wait until you see who's

[28:45] getting them out. Tomorrow on the CBS

[28:48] Evening News with Dan Rather. Get

[28:50] high-tech help with the housework.

[28:52] Tomorrow on this morning.

[28:54] CBS News.

[28:56] It's it's hard to sleep at night.