a wildfire raging of the u. s. state of california has increased to 8 times it size and just 24 hours. the calendar fire has scorched tens of thousands of since it began on saturday. those are the top stories stay with us. oh i it was july 1st, 2009. i was living in hamburg germany at the time. i was in my flat with my wife that i had just married. 2 men came to the door. i did not recognize,

i did not answer the door. minutes later i left the building walk to the car and to unidentified georgia police officers showed up in front of me and in german basically identified themselves and said they were there, interpol, f, b i a warrant. come with us. that was not at all what he was expecting. obviously he looked at his wife and blew her a kiss and was pretty sure he would never see her again. that's a feeling of total fear because you have the total unknown of what the future holds . the bill data was taken on a plane to chicago, where it was where he had been criminal charge and entered the united states

justice system, which is a really scary place to be was a thing charges of ups counting with $460000000.00 from the f b i for fraud me, my name is phillip james baker and i'm the former managing partner of a $1000000000.00 investment on the collapse during the financial crisis. my story is arise and fall to redemption story. i've been rich. i've been on the top and i've been behind bars. i know what it is to be called a financial criminal. i miss my guilt, but non free. and i want to speak out because of what i saw. because i've been

there, i can tell that if we do nothing, everything can happen. again. they had no consequence. the titans of wall street, basically faith, nothing. for my life. i went to prison. some people would say, well, you know what, you did wrong. it's fair, it's just the argument could be, i agree. but what about the people in the titans of wall street?

the business started in the basement of my parents, and this company grew to be a 1000000000 dollar company. lakeshore was hedge fund farm. philip baker set up a hedge fund and it was designed to trade in commodities on the prices of oil, coal, and like that he was a marketer. he was the client guy. he was the one who would go out to wealthy individuals or institutions and get them to put their money with lakeshore. a clients were global investment banks from around the world. goldman sachs world bank of canada, of commons, hsbc, banking. those goes credits with u. b. s. subs medalist we operated in close to 40 different countries around the world, brazil for room,

anima, colombia, japan, taiwan, hong kong, obviously throughout europe. the were making millions per month. offshore accounts not paying taxes. i was living, the dream weren't worried about anything, but in my particular instance, i had something to worry. all sorts of investors all over the world were very eager to put their money with them because he was generating very good returns. and that's what investors want. he turned out to be doing something else, which was he was misappropriating the investors money and the investors thought they were achieving these excellent returns. in reality,

they were not philip baker and his partners were essentially making it up. they were like, ah, ah, the 2nd thing and in some ways, more damaging issue is that as they thought to recruit additional investors, new investors, which were essential because they needed to paper over the lots of money that they'd already lost. they were in their prospectuses in the documents they provided to investors to show investors how well they've been doing the relying there to when they were saying, instead of having lost 50 percent of their assets in the 1st year they were saying, look at us, we've got a long track record of very impressive return. the they were lying, not only about the returns, but they were lying about the longevity of the fund. so they were saying they had,

i believe, a 14 year track record just wasn't true that they had not been trading for 14 years . trading results were falsely reported. and hence that was a fraud. you cannot do that one, penny not reported properly is wrong. the victims were everyone who invested with them, investors who lost their money initially. investors who put their money and after the initial fraud occurred. and so there were hundreds of millions of dollars that vanished as a result of this i've been asked why did i break the line? i wanted to protect what i had money, family, power. everybody does that, don't they? what do you mean?

how many people say no, i don't want the power. i don't want the money and walk away. would you say that you are right? color printing. if you're interesting, when you see your name, phillip james baker versus the united states of america. it's overwhelming. then you face the assistant us attorney as he's looking you in the eye. and when you go to that circumstance, there are no words that really can describe the depths of the loneliness you feel at that moment. the

ultimately completed a plea deal with the united states government i was sent to 20 years for waterfront still big as a criminal. is he the type of financial mastermind that cause the financial crisis? absolutely not. this is a guy who is, was not very sophisticated about his crime was not very malicious about his crime. and but he admitted that he committed a crime. this is a classic example of where the justice department takes a shortcut. they want to generate a blister for themselves as going after financial groups, and everyone wants them to do that. any time and time again,

the people that they're going after are these little min, they're not going after the big fish are not going after the bankers for the most part. they're certainly not going after the senior executives at the banks or other big financial institutions that were the decision makers leading up to the financial crisis. in 10 years after the financial crisis, how many white colored criminals are behind bars? dreams their golden from credits with is the only banker of wall street to go to jail related crisis. e last, just a few 1000000. not really big fish. not a true alcohol. could you tell me only one big bank, top executive name here, or the number of people convicted of crimes linked to the crisis in the us?

the court in the financial times, 324 people from main street, 0 wall street chief executives have been depressed even though there is today absolutely no doubt that wall street executives and politicians were complicit in creating the price i i. this is the story of how massive gold banks made billions by packaging toxic mortgage loans and financial products and sold them all around the world. the american politicians pull the trigger. it all started with the political build off a garage, grand emission of allowing everyone to own home our

government is supporting home ownership because it is good for america. it is good for our families. it is good for our economy. 7 part of the american dream that was pushed by, you know, all sorts of president clinton bush, whatever for years was the home ownership. the authority kept the interest rates very low in order to make money very, to boil wall street. and politicians had agreed to work together. wall street with the pursuit of profits, politicians of the pursuit of government interference and economic growth. which could be turned into election victory for years to come. this was the beginning of the housing double. when the bubbles expanding.

everybody as a winner. everybody is a genius. the lenders make money. the real estate development companies make money . the construction workers make money. everybody loves a bubble. but this was a devil's deal between politicians. wall street the setting to a perfect storm. what happens in a boon is lenders take more and more risk. and borrowers take for a risk because they both think things are safer than they appear to be. and one of the ways they persuade themselves to take more risk is through financial innovations on wall street and created the risky loan called prime american ill afford to pay the

bank loan that they had just applied for the public were given access to 0, low income and even no job loan. so if you want to be absolute craziness, it would be the ninja loan. so ninja stands for no income, no job, and no assets. and the idea is that you would lend money to people that gave you know, information about whether they had any income with the job. and then you asked that it will allow you to grow enormously because now you can loan in the u. s. context

2 ends of millions of people at reef have a lot of how many people out there are there? who can't get alone? tens of millions of people in the united states, tens of millions people and friends. in these circumstances. this goes under the general category of predation in the united states. the people that were targeted for the worst well, were overwhelmingly a combination for demographic factors, blacks, latinos, the elderly, and females. that is incredibly important as to why, almost everywhere in the world, these things are crimes in

ah, the talks loans became a gold rush for the whole us banking, financial industry all the major actors of wall street, one of the piece of the some prime party goldman sachs, lehman brothers. morgan stanley, merrill lynch, bear stearns, j. p. morgan, city group. and so the friends extended itself along were sought by the public, by falsifying their own financial situation on loan application. therefore, the public and banks are complicit. committee bank for

me. my name is richard. i was senior president and business chief underwriter for 2nd group me at the time city group was the largest think it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing and mortgage alarms that were originated by other banks. and mortgage companies, these met our policy standards in early 2006, i discovered that over 60 percent of these mortgages did not meet our

guidelines. they were by definition defective. when i discovered this in this was june of 2006 silly me, i thought it was my job. i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent email. i put it in my weekly report, i made committee presentations, i mean, i'm not a shy guy. i cornered people in the hallways at the water fountain and everyone say, yeah, yeah we, we, we know we need to fix that, but nothing would happen. and through 20062007, the volumes kept increasing and the rate of defective mortgages increased from 60 to an excess of 80 percent. it was 80 percent of these mortgages that we

were in turn, selling and giving our representations and warranties that they were that met our policy guidelines did not meet our policy guidelines. this is mr. presentation that is true. as a matter of fact, it was fraud. i, i've seen plenty of alone documents with my own eyes that were falsified, and the borrowers still find them as if they were correct. people who were typically hairdressers gardeners and such reporting incomes of over $100000.00 a year. now their actual incomes would be in the range of about $60000.00. in those cases, their income is inflated by 6 types. you would have

waiters in a restaurant showing that they made $150000.00 a year. i mean that clearly is is out of wine, but nonetheless, the loan type permitted them to happen. richard bowen and his staff very carefully, very professionally, are documenting that these loans. the refs and warranties are false. but city is overwhelmingly turning around and reselling these low city group didn't want to know because if it looked. ringback at these places, it couldn't possibly continue to use them. it was all about generating revenue. people who worked on wall street. it seemed of the idea of securitized mortgages package,

the thing mortgages up into securities. they actually arrange to buy the mortgages . they would package them up into securities, they would file documents with the security exchange commission that they had to be able to call them securities and then they would sell them to investors all around the world. and all along the way they were making money was almost like it was a perfect product that anybody who touched a mortgage, i made money off of it. the november 2nd of 2007, sitting at my kitchen table. i put together an email and i sent the email to robert reuben who the next day on sunday at the board meeting was name chairman of the board. i also sent to the chief risk officer, the chief financial officer, matina order. i said urgent,

read immediately, financial issues. i put that in all capital letters i call for an outside investigation. i said come in here from the outside and investigate what is going on here. because everybody here already knows. and no one contact me throughout november through december there was no contact. no one said a word. i will tell you that that particular point in time before i would even get in my car, i was doing what they do when i was looking underneath my car and look it was a very frightening type. the february,

the 6th i received, there was an email that went out with regard to reorganization. and in that reorganization, i was stripped of all my underwriting responsibilities. that next week i was put on in the news grading believe and told i'm not to come back to the back. i. 2 me with the how many nukes has too many new america had in many ways driven the arms

parties are much more like the british parties. now there are fewer regulation to own a tiger than their our own a dog. how can this be happening? your weekly take on us politics and can i see and that's the bottom line. what's your per you in to need? not so much or the yeah, that might be a cost. a rich and diverse culture explored through its music and songs of the city. and now to 0, the conflict between the if you can government and the regional take, great people with the original fund has skills thousands and internally displaced more than 2000000 over the past 7 months. 350000 people in the region are facing

famine, according to the united nation, which says that our vision is being used as a weapon for those who managed to cross the say, it's not because i'm to have improved back home. they say it's a good continue to be targeted because of their lives. and many problems are being reported and all becomes taken refuge conditions here. and there are some of the media stories of critical look at the global news media. on audi 0, government shut off access to social media me on the bulk of in london, the top stories on al jazeera, at least 2 people have been killed in the african city of a sad about during a rally among the countries independence. they have been scattered demonstrations

across the country with the afghan flag flown in an act of defiance to taliban rule . and some cities, the group dispersed crowds with gunfire. people continue to flock to the international airport and carbo hoping to flee the country with fear. the taliban will re impose brutal rule.