this is the actual woodwork bernie madoff had as well? knowledge it was the same woodwork. it was not the touched by current owners. david: hard to believe you're in a manhattan apartment. >> this could be a 8,000 square foot mack mansion in the bushes. >> until you see the dramatic view and see you're right in the heart of it. liz, surprisingly small. only two master bedrooms on the bottom floor. the thing to emphasize. it is he will began and certainly is. the architect work done, is mon cello. something thomas jefferson would be architect of. the question of whether madoff helps or hurts, says it doesn't matter. real estate is more important than any individual in this town. liz: yeah. nobody was murdered although a lot of people were hurt by what he did in there. no washer dryer there i heard. david: yes, there is a washer-dryer. deep thanks to dolly lens. her new real estate firm which is fantastic is holding this property. apparently already have a lot of offers. very successful firm and very good friend helping us with that. liz: i

what has bernie madoff told you?as you know, sue, we have been in contact on and off for a little more than a year now, actually. and a lot of what he's said about jpmorgan and the other banks is off the record, but he did send me an e-mail back in february that we reported on that is the most on point in terms of what he says jpmorgan did. and he always says he acted alone, but that others were complicit. he said, "you should be aware that i have continued to offer picard information concerning the complicity of the banks. i have little doubt that the information i could provide would clearly demonstrate the vital role my major banks played. in the carrying out of my fraud, including their role in handling the accounts of my major customers." you can't think of madoff and banks without jpmorgan chase because the main account that funded the whole ponzi scheme was a chase account. and we should say, sue, that chase has always said that they were a victim along with everyone else. they were fooled. but others, includi

around they failed to catch bernie madoff and it is their job to do it.ere a way to come up with a fine for the sec? >> i don't think you will come up with a fine for the sec. i do think what we're seeing with jpmorgan is starting to take on a lot of the attributes of what in professional football they call piling on. i think, i think there's way too much bashing of jpmorgan at this point in time. dennis: right. wallace, i think you will disagree. we talked about this before. come on, wallace, at some point, like a bunch of piranha gnawing away at a big dead carcass. we'll kill the bank. >> i don't think we'll kill the bank. the bank is a very healthy institution. i think ceo jamie dimon would underscore that and the stock market actually underscores that but i do think that there's another interpretation here which is that there was a corporate culture of non-compliance and ignoring the rules. and i think what another way to interpret all this is that in fact there are just a number of different things that have gone on. the $13 billion figure from last

bernie madoff's ex-penthouse when "street signs" returns. the ocean gets warmer.ovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. >>> gold losing a lot of luster today down about 2.5%. prices are down almost 8% over the past month though sitting well below $1300 an ounce as we speak right now. let's bring in frank holmes, ceo of u.s. global investors. where do we go from here and how does the shutdown play into it? frank? >> hi. >> hi. can you hear us? >> playing a xylophone? what is that nois >> i have no idea. >> can you hear us? >> hopefully it stops shortly. >> going down despite the shutdown, do they keep on falling? >> well, it's a bizarre behavior in the month of september because historically gold is up in the month of september on a seasonal pattern. 70% of the time these patterns in october seems to have a dip before going into th

today a trial starts for five people accused of taking part in bernie madoff's ponzi scheme. a crime bilking investors out of billions. let's turn things over to bertha coombs. happy tuesday morning. >> happy tuesday. happier if i had that diamond ring in my stocking or hopefully at christmas. futures are pointing to a flat open on wall street. the market slumped on monday, investors are worried about what's going on in washington. we've got the deadline to raise the u.s. debt ceiling and we're not seeing progress when it comes to discussions. the dow and s&p 500 closed at a one-month low. no one is panicking yet. the head of moody's says it's extremely unlikely the u.s. will default on its debt. let's hope so. we were scheduled to get data on the trade deficit but because of the shutdown that is going to be postponed. the dow starts the day at around 14,936 after falling 137 points, and the nasdaq at 3770, after losing 38. americans are apparently being a lot better about spending keeping credit cards in their wallet. new government data shows that credit card balances fell

bernie madoff, to this day, insists he acted alone.to prove once and for all that he did not. five former employees on trial, they include daniel, the former head of operations, who was a 40-year veteran of the firm, and annette, madoff's assist the and account manager, 40-year veteran, joanne, an account manager with the firm, and also jerome, and george, who both designed some of the software. all are accused in various ways of falsifying records helping to cover up the fraud, all have pleaded not guilty. picking a jury in a case that involves the most financial fraud of all time is no easy task. they started with a panel of about 400 people. they filled out questionnaires last week. that weeded out about 160 of them. they are slowly but surely questioning them not just about the household names involved in the fraud like bernie madoff and members of his family but the household names who may have been victims including the likes of kevin bacon and zsa zsa gabor. we also learned outside the presence of the jury today that three of th

jpmorgan was madoff's main bank for two decades.eral officials claim jpmorgan failed to do due diligence or report suspicious activity. jpmorgan says there's no evidence that anyone knew about madoff's illegal dealings. >>> asian markets were mixed after china's money markets shot up. tock owe's nikkei added half a percent. hong kong's hang seng lost half a percent. some corporate earnings sent the stock lower on wall street. the dow lost 54 point, the nasdaq fell 22 points. >>> apparently billionaire carl icahn is putting pressure on am's ceo tim cook. he wants him to do more to raise the price of apple stock. icahn tweeted that he sent cook a letter yesterday. he lobbied that he spent $100 million to buy back apple shares. icahn has about $2 billion invested in apple. apple's stock closed at about $535 yesterday. >>> the irs isn't known for flexibility when it comes to back taxes yet the irs inspector general says 700 of the agency's own contractors owe more than $5 million. most are in violation of irs rules. employees and contra

bernie madoff is serving a 150-year prison sentence. jc penney reports having enough cash on hand to last until the end of the year. that caused a rush of buying in the stock tuesday-- with share trading well above s8 before closing at $7.77. there were concerns the jcp was burning to quickly through its cash. but the retailer anticipates $2 billion in year-end liquidity. jcp also reports revenue fell 4% in september while online revenue increase 25%. microsoft's ceo has some parting words for shareholders. steve ballmer issued his final letter to microsoft investors this week. he outlined accomplisments with microsoft, and offered direction for the road ahead stating the company's focus is to "create a family of devices and services." ballmer is set to leave the company sometime within the next year. toyota will have to stand trial over claims the car company failed to warn the public about design defects. a california judge denied toyota's motion to dismiss the case. the claims about the defects are coming from the estate of a woman w

handling of accounts related to bernie madoff. the ponzi king spoke to our scott cohen about that very topic. that's coming up next. >>> plus, they call him the bishop of bling. the vatican expelling a german bishop over a $40 million renovation of his residence. you have to see it to believe it. and we'll show it to you. >>> and the next chapter in the da vinci code. this is not a book or a movie. it's real life. and it is unfolding right now in italy. stay tuned. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade-proud to be ranked "best overall client experience."

jamie is as bad as mad madoff. i now believe jamie dimon is bernie madoff. we will get to my story. my story is actually good. i have changed my mind. this is a real story, you know what a credit default swap, hard to talk about credit default swap. put up a translator. it is an insurance policy on debt. mostly since the financial crisis, goldman sachs credit default swaps have traded below morgan stanley. people are buying more credit default swaps because the bet is morgan stanley has worse risk management than goldman because those swaps are the insurance policies. except over the last couple of months that range has been narrowing in this week a fairly interesting milestone. if you think this is exoteric, it is not. both companies are talking about it. liz: behold the translator. charlie: a fixed income. it is basically an insurance policy. i buy it as insurance, i buy more of it, the price goes up. liz: people buy it when they are investing on the net. they buy it as a hedge. charlie: why would they buy more hedges on goldman sachs now? liz: they're wor

they completely missed matt -- bernie madoff as well.ehow they are responsible for his embezzlement. if my memory serves me right, i think it was the fec where they had all of these guys that were watching porn when they probably should have. but now the government is jumping on institutions that have nothing to do with them. but that is weird. but once again, it shows the scapegoating of the government knows no bounds. >> would he make of this? >> they were otherwise occupied. you know, we saw this and it's so easy is an easy target. you read my piece from last week that there are a lot of co-conspirators here to the extent that they were comfortable and they should pay the price and i have no problem with that. but the politicians got away scot free. you don't hear anyone in congress talking about it and the situation is this one example of that day. i was in congress at the time, as you know, the abusive tactics from those who pretended that people didn't have to have credit or down payments or assets or nothing, no credit history. it

toss to scott cohn breaking news on the madoff case. >> the madoff bankruptcy trustee is now appealinge supreme court in hopes of holding some of the big banks that dealt with madoff liable for what he says was their role in facilitating the giant ponzi scheme, specifically we're talking about jpmorgan chase which was madoff's biggest bank and ubs and hsbc. an appeals court barred him from going after the banks. pick card says he should be able to saying in the words of the complaint that he wants to hold them responsible for taking millions in fees in exchange for facilitating the world's largest ponzi scheme. we don't know if the supreme court will take the case, but its stake could be billions of dollars that pickcard wants to recover from the banks. back to you. >> scott. fascinating development. thank you. >>> to andrea day on an update on another high-profile case. andrea? >> sue, it's been in the works for a while but looks like andrea sanderlin has made a deal with prosecutors. the so-called pot mom telling a judge, quote, from 2009 to 2013, i operated a facility in which i tog

> narrator: what is life really like for bernie madoff behind bars?e had a smile on his face, you know?

and the madoff 5 go on trial today.the are 5 employees who worked in the bernie madoff's inner circle but are pleading not guilty-- some claim they were unaware of the multi billion dollar ponzi scheme. jim richter of performance trust has his eyes on the bond market for us today. good morning. is the bond market on edge over this government shutdown? or is it not that big of a deal. > >good morning angie. i would say it's not that big of a deal. over the last week or so since the shutdown, bonds have rallied a little bit over the course of the last week but for the most part there has not been a whole lot of volatility in the bond market. > >what would you say about bond inflows and outflows. are people seeking any kind of safe haven with the bond market? > >i would say yes and no. since the beginning of 2013, we have seen a pretty significant exodus in municipal bond funds this year and a lot of that coming in august and september. but overall, fixed income bond funds have only had a little bit of withdrawals when you add in the taxable bonds how well they've done. > >we start off a

next, bernie madoff's former home. >> it was in this very room that b bernie madoff told his sons het could be one of the smartest financial trades in real estate. we'll show you around when "squawk on the street" returns. at farmers, we make you smarter about insurance. because what you don't know, can hurt you. what if you didn't know that posting your travel plans online may attract burglars? [woman] off to hawaii! what if you didn't know that as the price of gold rises, so should the coverage on your jewelry? [prospector] ahh! what if you didn't know that kitty litter can help you out of a slippery situation? the more you know, the better you can plan for what's ahead. talk to farmers and get smarter about your insurance. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male anno

bernard madoff's secretary is headed to trial today along with four other former employees of the now disgraced financier. madoff has always insisted he acted alone and is currently serving a 150-year prison sentence for orchestrating a multi-billion-dollar ponzi scheme. prosecutors will try to prove these five former employees not only helped cover up the fraud, but benefited from it. >> three big box retailers are in an iphone price war. walmart is selling the 5c model for $45 after best buy and radioshack announced they would sell the smartphones for 50 bucks. about half the suggested retail price. that's your moneywatch. for the latest business news, follow me on twitter #alexiscbsnews. i'm alexis christoforous. >>> it was a perfect day for surfing except for the shark. a california surfer describes his face to face encounter with a great white. as k-p-i-x five's ken basti reports... delta airlines is >>> tight airport security checkpoints apparently no match for a 9-year-old boy. as kpix 5's ken bastida reports, delta airlines is now reviewing its procedures after the kid got on

jp morgan may face a penalty in the bernie madoff case. federal prosecutors suspect that the bank ignored madoff's ponzi scheme. the feds are considering a "deferred prosecution agreement" that would suspend criminal charges against the bank in exchange for a fine. jp morgan has denied any involvement and says "all personnel acted in good faith." the federal reserve wants banks to become "crash proof" by having extra cash on hand. the biggest banks with $250 billion in assets or more-- would have to hold enough cash, bonds, securities to fund operations for 30 days during a financial collapse. smaller banks would need funds for 21 days. fed chair ben benanke says adding liqudity to banks will shore up the u.s. banking system. bank of america is cutting jobs in its mortgage department. the bank is slashing up to 13- hundred jobs due to declines in refinancing activity and improvements in delinquent home loans. it plans to cut three- thousand jobs by the end of the year. the cuts include full- time employees, but the majority will be contrac

. >>> a trial against five bernie madoff employeesas opened here in new york.ey woef a web of deception year after year for one reason -- greed. the trial will showcase testimony of madoff's former finance chief and five other insiders who pleaded guilty to cooperate. they claim that madoff kept them in the dark about his misdeeds. >>> billionaire businessman mark cuban has been found not guilty of insider trading. the jury deliberated a few hours before returning the verdict. the government claimed cuban used insider information when he sold shares of an internet company back in 2004. >>> a couple of animal stories in colorado where a man is recovering after attacked by three coyotes. he had several bites, scraps and scrapes all over his body. he received shots for everything from rabies to tetanus. two of the coyotes have been killed. >>> a boy from tennessee is back home recovering from a shark attack in the gulf of mexico. 12-year-old zach standridge and his family were vacationing in destin, florida when the attack took place. it is believed a bull shark b

that crime doesn't pay but now crime does pay lehman brothers collapsed and a collapse and bernie madoff collapsed and we saw many financial scandals over the past five years result. and the central banks in america and england printing billions of pounds or billions hundreds of billions of trillions of pounds and dollars to reward the fraudsters so what you're saying here is really part and parcel of this whole model of fraud for pay so that p.p.i. scandal they were caught mis selling insurance they were caught committing fraud which should be a criminal offense it is a criminal offense and anywhere but the city of london which is its own corporation has its own laws where fraud is legal and the result of all this fraud was a massive money printing which they are now characterizing as economic recovery even though it has deep bass the pound it is debased the economy it has threaten the overall security and national security the country those are taken into consideration the only thing they take into consideration is that a banker made more of this quarter in a bonus therefore the econom

. >>> a trial against five former bernie madoff workers begins here in new york this week.case testimony of madoff's former finance chief and five other insiders who pleaded guilty and agreed to cooperate. may gov kept him. >>> the dam lallas jury deliber for only a few hours. >> couple of human versus animals stories. starting in colorado where a man is recovering after being attacked. now at the hospital he received shots from everything from rabies to tetanus. two of those coyotes have already been killed. a boy from they were vacationing in nor da. it's believed that a bull shark bit him twice in shallow water. he was rushed to the hospital where he received about 20 steps. when i come doin' and i jump down. i blinked and then when i opened up my eyes, i see the skin flapping and i just looked at it. >> he has about ten weeks of therapy. >>> overthe seas we go to thailand. there's a massive fire on the resort island. it forced residents nearby to evacuate. they're desperately trying to keep it from igniting a nearby gas station. >> in russia they pulled a piece of that

all five defendants are madoff's former employees and they are all pleading not guilty.cutors say the five received big payouts to dupe regulators. he pleaded guilty, serving a 150 to-year sentence behind bars. madoff insisted he acted alone. 578 of his victims are from the bay area, according to a data base search. >> 6:17. the dow industrials, they will start the day under 15,000 after a triple digit loss. >> scott, some think that stocks haven't fallen far enough. >> that's right. no one wants stocks to fall unless you're selling short i suppose. some think that the stock market is doing too well, not reflecting the fear that many investors have that congress will fail to raise the debt ceiling. while the government shutdown is a concern it's default that has the world worried. were that to come we could be in uncharted territory as far as the stock market and the world economy. china reminding the u.s. of its responsibility, china holds the vast majority of our debt. the debt ceiling deals with money we already spent. expenditures authorized by congress, congress whi

>>> jury selection begins tomorrow in the new york fraud trial of five former employees of bernie madoffthis trial is of madoff's long time secretary and other workers. >> the defendants are expected to argue they were victims of the fraud as well. >>> the newly redesigned 100- dollar bill is about to debut. it includes new security features. among them it will be a blue portion that will be hard to replicate. >>> a new study by media planning ph.d. funds 48% of women feel the least attractive on plan. >> who does these studies? >> monday is becoming the most op pour tune time for markers to push beauty products. >> brilliant. >> so ladies, if, on monday, your inbox is flooded with bought products -- with beauty products, don't let it bring you down. you look great. >>> still ahead, fire crews are working to contain a wildfire burning right now near camp pendleton in california don't forget we are always on, >>> hello and welcome back to wusa9. it is 6:43 on this monday morning. finish with the 90s? >> i believe so. i thought that in mid september about i got a little surprise last week

we got a sneak peek at bernie madoff's house being sold on the auction block. including our own lauren simonetti at the new york stock exchange. let's talk about the vix first of all. as liz mentioned at the 3:00 hour, this is the highest level since january. >> right now the vix is at 20.29. that is a sharp increase. if we closed above 20.49 that is highest volatility in 2013, david. liz: utility stocks are bucking the trend in the market. there are not many food stocks to name but at the moment it is utilities and some consumers names. >> staples and utilities were only two of the 10 sectors we like to watch that were in the green. [closing bell ringing] we took another leg down right now. 160. who knows what will be in the green at the close. david: man, definitely a selloff at the end of the day. facebook and social media sites were down significantly. facebook down 6 1/2%. look what happened in the last seconds of trading here. we saw very downward movement, liz. it ended up down about 160 points. looks like it is settling off that a little bit. not low po

jamie dimon is bernie madoff.fter watching, what is it called, "the daily show", now i believe jamie dimon is equal to bernie madoff. so i'm not going to say anything nice. adam: we could talk maybe if there is time afterward about jpmorgan chase, the bank having serious issues. >> absolutely. adam: criminal investigations about the link to madoff. >> something you broke. adam: no statement from the bank. it was laid out in the book, that they had an idea he was involved in the ponzi scheme. >> we wrote last week how james gorman was talking around, we reported like they would be better than goldman. their earnings were better than goldman. a good call on our part, if you were an investor you made money. we reported this on thursday. james gorman is feeling pretty good these days not just earnings but a key measurement of risk management. it is called credit default swaps? ever hear of those things? they are insurance contracts on debt. lori: credit default stops? adam: ticking time bomb. lori: i'm all the way ove

so they're they're taking the new money to pay the old investors and then why is it the bernie madoff is in jail and and jamie dimon basically gets his butt kissed every time he comes to washington d.c. . but again this is this is the major problem with this settlement no matter how high the dollar figure is the minute it does it doesn't matter to me you could make it twenty five billion dollars you could make it fifty billion dollars somebody has to go to jail for some of this stuff that it may not even be current employees of chase in terms of the bear stearns and washington mutual stuff chase has its own legal legal issues even apart from the one who would bear stuff that's involved involved in the settlement remember they have their own issues with having been to trust the for bernie made off for taking care of bernie bernie madoff's money and not alerting depositors to the potential problems with made of that the bank apparently suspected there's apparently evidence that the bank had it's had serious suspicions about made off and didn't alert anybody about that there was also a s

to helping madoff and others carry out the fraud. the trial is expected to last up to five months. lori: turns out it pays to loan money to your friends if you are warren buffett and your friends are large companies. adam: how about investing in a black hole? investing here despite the shutdown consuming everything around it. lori: look at the biggest losers on the dow today. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ from td ameritrade. stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. lori: and time for stocks now. as we do every 15 minutes let's head to the floor of the new york stock exchange and nicole petallides. we're down but off the lows of the session. >> that's right, lori and adam. we were down triple digits earlie

. >>> this is the day many of bernie madoff's victims have been waiting for years. five of his former employees will go on trial. prosecutors say they were part of madoff's billion dollar ponzi scheme. >>> an elderly man most likely will not face charges after driving his car into a crowd outside a funeral home in idaho. boise police say the man was parked next to the sidewalk when his car unexpectedly accelerated into the crowd. nine people were injured. two of them were in the car with him. as of now the crash does not seem intentional and all of the injuries seem to be relatively minor. >> take a look at this surveillance video. it captures a robbery at a long island convenience store and then the dramatic fire back. he takes out a machete and chases the robber from the store. the worker is the store owner's nephew. she says she's just glad that he's okay. >>> new jersey residents, new yorkers are cleaning up after a string of storms. take a look at some of the damage. 60-mile-an-hour winds slammed into the area, taking down trees, knocked out power for some resi

>> bernie mad madoff. republican fundraiser, has done the math and examines what could be a grand old party pooper. >> a year ar sandy -- after sandy, only 5 billion spend. meet company that says that is stupid. it took matters in its own hand, and chose the right way to hadn't a hand. >> just a few weeks to mix this health care web site. meet former office depot chief who knows tech, and knows it is not even happening, not even close, saying they should just junk it. and start over. >> the news on prices on the show that is priceless. and on the money, starting now. neil: cracking down or just crack? i am neil cavuto, the more i like at this jpmorgan chase fine, the more i believe it not fine. turning jamie dimon into velcro, and hoping all meltdown sins stick to him or him and his banking buddies but not the government who strong armed them. and now the guys who did their bidding are those getting the beating, and the only ones, no matter when you think of banks, and whether they can or should pay the hu

so you get that free exposure. >> not buying it from the madoff estate. melissa: you don't think it is tainted? >> tainted is charles manson property when you buy something like that. that is tainted. >> wait, i challenge you. could you turn that into a positive? >> you change the address of the property. melissa: seriously, aren't there freaks out there that want to own a property like that? >> great. pull them on in. >> like a piece of art. really sums up what is going on in the market right now. people who bought two or three years ago are putting their houses back on the market even if they're not sure they want to sell because the market is so far up. melissa: you're familiar with this property. >> very familiar with it. melissa: what would you do to sell it? >> i don't know what he did to it. i know what it looked like before. probably has built in '84, '85. it was kind of dated. two-story penthouse. phenomenal terraces. melissa: not a lost bedrooms. >> two or three bedrooms. melissa: for 17.25 million. maybe your number one advice is cut the price?

morgan, madoff's primary bank for more than two decades. madoff is serving a 150 year prison sentence for running a major ponzi scheme. >> the publisher of the new yorker, vanity fair and vogue said its internship program is ending. >> lawsuits, what are the interns suing about? >> these are interns who worked with the new worker and w. magazine, saying they were paid below minimum wage. they were receiving a stipend and that works out to $12 a day. >> this isn't the first case by interns. we seem to be hearing a lot of lawsuits by interns lately. >> a new york court ruled that fox search light pictures broke some laws when they hired interns to work on that hit film about the dancer who fans say threw herself off the stage, feathers everywhere, "black swan." >> could change the way companies use interns moving forward. thank you. >> facebook is pulling back after a public outcry over its revised posting policy after a beheading video was uploaded to the site. facebook loud it on line, saying it was a matter of free speech. after a global b

prosecute orgs say they were part of madoff's billion dollar ponzi scheme. all five have pled not guilty. the trial could last into next year. >>> 6:23 now. thousands of marylanders may be taking advantage of the affordable care act to get health insurance. more than 13,000 members have created accounts. these changes, the executive director says 170,000 people have visited the site since it opened a week ago. more than 10,000 people have called the call centers as well. >>> there were some tense moments in new york city. a crane became stuck with a 13,000 pound concrete counter weight hanging 20 stories above the street. this incident happened yesterday at the same building where a crane dangled during superstorm sandy on 57 street in mid town manhattan. >> it's a disaster. this is crazy. >> i think the building is cursed. >>> the emergency crews evacuated that area. the concrete weight was eventually lowered. the construction management team apologized for the inconvenience. >>> we've been hearing from many federal workers because of the furlough. one cali

could this man be brooklyn's own bernie madoff?ived in that neighborhood never conceived that this schlubby-looking guy was going to hurt them. >> narrator: because, unlike madoff, philip barry's no fancy billionaire flaunting the high life in front of his victims. he's one them. >> he was wrapping himself in the mantle of the hardworking work ethic of that neighborhood and using it to lure people in. >> narrator: and he's quietly building what may be the

yourself from the madoffs of the world, for instance, who offered too good to be true performance.w isn't equipped to find these people or maybe it's in bed with the wrong people. maybe it's examining the minor people rather than the majors. be sure that you can deal directly with the money manager accounts. he won't like that. i don't care. don't let him put it to work in something that he doesn't have an easy accessible price. you never would be putting that mortgage-backed junk that burned so many investors. if you can't find the price on yahoo! or cnbc.com, i want you to take your money away from these people. listen to me on this. here's the bottom line, the financial crash, more like a battlefield, world war i, vastly outpaced the ability of humans to deal with the fire power, stocks trade like commodities, move that makes no sense whatever so. the obama s.e.c. like the bush s.e.c. isn't watching the show. hey, we don't have to like it. we better get used to. stay with cramer. >> announcer: millions of your e-mails and tweets, "mad money" thanks cramerica for being with us fo

madoff's firm squandered nearly $20 billion in investor money over several decades. >> it is also theirst trial as a result of unprecedented fraud that was revealed to thousands of people in to thousand eight with madoffs at rest. a >> made off is serving 150 years in prison for his crimes after taking a plea deal. >> the defendants have pleaded not guilty. >> they are expected to argue they were victims of fraud as well. >> of stories in southern california have identified the four of person killed in a private jet crashed at santa monica airport. >> the court as office says 20 a year old lucas benjamin of malibu was killed when the cessna crashed into a hangar as if our ride from idaho. >> here is video of the crash september 29th. >> the cause of the crash was under investigation by the end t as be but that work has been stopped because the government shut down. >> still ahead on kron4 morning news a crash on the tract sent spectators to the hospital back after the break. whatoes at first spooul tte le? ok. hoy bunches oats. ching! mmmm! mmmm! mm! it's thoats. honey. yeah. hoy bunc

madoff is serving 150 years in prison for his crimes. the defendants have pleaded not guilty.hey're expected to argue they were victims of fraud as well. >> and here's a live look outside. toll plaza line (male annoucer): now here is stanley roberts who found some people behaving badly. >> this man has something to hide. >> did you just really hide your dog. sunny, he calls me a name even though he is the one ignoring rules. >> this is what the farmers market. you are not to have your animals here. but wait, i do not think he is done with me yet. >> why did you hide it? >> because you are assuming may. >> filming me. >> she is not a registered service dog. but however, she is offering some type of service. >> she helps me with my aunt bags bags. >> real service dogs are trained to go potty on demand. >> there was this big dog. security asked her about it but she just come from that it was hers. >> so you brought him here, what is his name? >> there was this walady, >> is this people behaving badly? >> yes. >> oh no. >> if you are to bring your dog that's-this is not a service

the government is counting on madoff's former finance chief as its key witness.he chile is expected to last five months. >>> and huj fund b.e. shores is reportedly closing its doors to new clients. the flagship fund generated a 20% return last year. the performance has been more modest since. the funds were closed earlier this year and the xos yif fund was closed this summer. many extra additional funded strategies have become less profitable. >>> coming up, call the i.t. guy. a week after it's launched the online health exchanges, the u.s. is still experiencing difficulties. can obama care overcome its latest rollout? we'll have more after this. stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. at bny mellon, our business is investments. managing them, moving them, making them work. we oversee 20% of the world's financial assets. and that gives us scale and insight no one else has. investment management combined with investment servicing. bringing the power of investments to people's lives. inve

i'm not even talk about the madoff scandal. there were many people who knew the returns were too outrageous to believe. all these busts from satellite firms allegedly connected to s.e.c. capital. how do you protect yourself from this? first, some of it can't be stopped no matter what happens. there will always be fraud le fraudulence. i can't protect you from an economic collapse. the great credit crunch and recession. even diversification which we always call the only free lunch on wall street only caused you to lose less in that year. consolation, maybe. the great destruction of wealth. let's just say nothing can protect you if you own stocks. but what i can do is offer you some simple rules tonight that will let to you have more confidence in the stock market, even if you think portions of it are rigged or beyond your comprehension. and the first rule, know what you own. i know it sounds simple, of course, everyone thinks they know what they own. how does this protect you from the myriad of ways. first if you actually know w

. >>> jury selection begins tomorrow in the case of five former employees of bernie madoff.he trial for the jailed wall street financier's secretary and others could last five months in a manhattan federal courtroom. madoff is serving 150 years for a multi-billion-dollar ponzi scheme. >> wendy, this is interesting. apparently, marketers actually like it when we women have the monday blues. right? >> reporter: yes. if you tend to get a case of the monday blues, you are not alone. a new study by media planning agency phd shows that 48% of women feel the least attractive on mondays, making it the most opportune time for marketers to push beauty product advertisers. >> i think you ladies look terrific today. >> i'm feeling fine on this monday morning. i know. it's all good. all right. thank you. >> mondays aren't so great but you women look great. >> wendy gillette, have a great day. >>> we have breaking news. live pictures out of palo alto where crews are battling a fire at an abandoned house on mass dare row avenue. firefighters say the building was slated for some sort of rem

. >>> this is a day many of bernie madoff's victims have waited for. five of his employees are going on trial. all five have pled not guilty. the trial could last into next year. >>> right now in new jersey, officials putting together a comprehensive game plan to clean up from the storms. wind gusts of up to 60 miles an hour pummelled the area at some point during yesterday's storm. brought down trees, knocked out power. no injuries have been reported. >>> it is 4:51. time for weather and traffic on the ones. tom kierein is here with a big change in the weather. it feels completely different. >> suddenly it's autumn and a tough summery humid. yesterday morning in the 70s. we had scattered trees come down. now this morning there's the view from space. a lot of cloudiness now over our region. temperatures, they now have dropped down into the 40s. shenandoah valley into the mountains and many of our northern and western suburbs are down into the mid and upper 40s. closer to washington, low to mid 50s. mid to upper 50s along the chesapeake bay. this is the

reporting federal authorities may take action against the bank for looking the other way on the madoff's ponzi scheme. the company continued to work with him even as questions mounted about his business. and there may be a deal in exchange for a fine and other conditions. americans may be spending more than saving. a new report shows 3 in 5 workers are racking up debt faster than putting away for retirement. the biggest reasons for the growing debt, spending on housing and credit car debt and more auto loans. >> when we hit the road, we are always in coach. >> speak for yourselves. >> excuse me, i need a new agent. >> no, i don't. >> give details on what airlines are pinching space in the back. >> now airlines are starting to put one more seat per row, shrinking your seat to 17 inches. the wall street journal reporting in their push to lure passengers for business class seats, they are skipping on the space in coach. they don't want to lose revenue. armrest and aisles coming at a premium, and you are bound to get -- i don't know if that's enough to bump you up, but it might be for me. >>

a defense lawyer for ex-employee of convicted ponzi-schemer i had bernie madoff, that madoff duped thet as he did with everyone else. five former employees of madoff's investment business are on trial facing fraud charges. all pleaded not guilty. >>> jpmorgan chase is denying reports it is adding capital controls on some accounts t will limit wire transfers for certain customers with chase connecting accounts starting november 17th. >>> dallas fed president richard fish he is sighing signs of a quote a u.s. housing bubble. warning about the central bank purchases on bonds. fisher is a critic of the monthly stimulus but again he said he would not argue for tapering at the next meeting. that is the latest from fox business, giving you the power to prosper. adam: troubles abound ad brokerage firm lazard capital as executives flee the firm and employees question the company's survival. charlie gasparino is here with exclusive details. and we have to be clear who we're actually talking about here. >> remember, there is lazard the investment bank, famed investment bank. former finance s.e.e.

prosecutors say they were part of madoff's multibillion-dollar ponzi scheme.trial could last into next year. >>> a group of prince george's county lawmakers is urging a developer to reconsider plans to build a shopping center near the university of maryland. brian gibbons' plan could mean the end for the school's popular golf course. lawmakers say the development would pave over the most significant green space in the area. gibbons has not responded to their request. >>> well, if you bought gas in the district last week, it's possible you paid too much. that's because the d.c. office of tax and revenue says it mistakenly overcharged gasoline wholesalers ahead of the new gas tax. according to "the washington post," whole saerls were overcharged as much as $95,000 last week alone because of a calculation mistake. a new 8.3% wholesale tax on gas and diesel fuel went into effect on october 1st. the tax office says whole saerls should refund the amount overcharged to service stations, then gas stations should pass that refund to motorists. >>> well, take a look at

. >>> jury selection begins today in the fraud trial of several of bernie madoff's former subordinates. they're accused of hiding the ponzi scheme by falsifying records. >>> and buy a suit, get a steak? brooks brothers plans to open a steak house near its flagship store in midtown manhattan. they're targeting next summer for the opening. i guess they figure, you eat a little more, you might need to buy some new pants. keeps them in business. back to you. >> exactly. i see it as eat a steak, get a suit. >>> let's begin with the brand new benjamins off the presses. redesigned $100 bill begins circulating today. >>> maybe a little more snazy, new commemorative coins to mark the october 23rd christening of will and kate's baby boy. >>> there's a project on kick starter that will have you talking. it's called the happiness watch. others call it the death watch. this wristwatch counts down the seconds to the wearer's death. it calculates your time left through a series of questions. the inventors here, their goal is for people to make the most of the time they have left. these watches are es

ponzi schemer bernie madoff had a great track record. > >yes, absolutely. his track record was so good that it was actually one of the ways that they helped identify what he was doing was a scam. consistent returns with low risk...it's what we all dream of but it's simply not possible. it means that track records aren't as important as people think they are when you go to hire someone. > >what should you do because even word of mouth may work against you. > >i think there's two things you can do. one, you have to understand the difference between someone who is strictly a money manager or an investment advisor and someone who is delivering holistic financial planning advice. if it's truly a money manager, you really need multi-millions of dollars before you hire that kind of person. then a track record becomes relevant. but that doesn't apply to most of us. most of us need someone to help us figure out how to allocate our 401k plan or what to do with our ira money. then it's more about approach and philosophy and less about track record. > >if you were abou