Calling it the "most humble day of his life," Rupert Murdoch asserted yesterday that he did not know about the phone hacking at News of the World when he testified before Parliament alongside his son, James, and former News Corporation top executive Rebekah Brooks.

Paul La Monica, Assistant Managing Editor of CNNMoney.com and author of Inside Rupert's Brain, discusses his reaction to Murdoch's testimony with Kiran Chetry and Ali Velshi on American Morning today, explaining what kind of damage he thinks the scandal could have on Murdoch's media empire.

On the heels of a report that media baron Rupert Murdoch may be replaced as the CEO of his own company, Murdoch is set to testify this morning before British lawmakers about allegations that journalists working for him illegally eavesdropped on thousands of people.

Murdoch's son James and Rebekah Brooks, the former editor of News of the World, are also scheduled to appear before parliament's Culture, Media and Sport Select Committee to answer questions.

Jeffrey Toobin, CNN Senior Legal Analyst, covers the hearing live today on American Morning, offering commentary during the testimony of  Sir Paul Stephenson, the Acting Commissioner of the  Metropolitan Police and Dick Fedorcio, the Director of Public Affairs and Internal Communication. Toobin weighs in on what's at stake for Murdoch and what the possible penalties could be for those facing testimony.