the market stopped bernie madoff. tavis: in the news, i was reading a story about this, what is going to happen to the mets' owner regarding the scandal, what he knew and when he knew it. >> that will be interesting to see how it plays out. they'd take their baseball very seriously in new york. he said he did not know -- he did not know it was a spoon the scheme. p -- ponzi scheme. i am not too sure he is guilty. there is an investigation ongoing and the truth will come out. tavis: has anybody got any money back as yet from this tragedy? >> yes. the european investors, many of them have been made whole. in the u.s., it will be hit or miss. if you came in through investor protection corp. '70s that were insured, you may get all your money back. if you did not come in through a specific insurance entity, you may be wiped out. it depends on how you got into bernie madoff. tavis: he has given one or two interviews since he has been on lockdown. has he said anything that caught your attention or your eye? anything he has s

and now bernie madoff is about to lose even more.he investigation continues into that deadly stage collapse in indianapolis. >>> plus, hitting the road. president obama gets back into campaign mode. >>> it's back to school today udr more than 30,000 south bay .enst tsalready there's talk of cutti the school year short. i'll have more about state budget woes coming up. >>> welcome back. we're continuing to follow our breaking news. these are the bart protests the we've been following this for the last 90 minutes or so. this is downtown san francisco near the ferry building. protestors started off at the civic center station about 5:00 this evening and walked towards market street towards the ferry building. they were greeted by the san francisco riot crew from the san francisco police department, the riot division and also now have turned around again. it's so far from all accounts and reports on scene and on the ground have been peaceful protests. but it has disrupted the evening commute. the powell station is an exit only station no

how did you start looking at bernie madoff?g billions of dollars in options strategies and bernie madoff was pretending to compete against me, and i couldn't compete against him, because his returns were perfect and mine were not, because i was really managing money, and he was pretending to. >> i love the line, it took me five minutes to know it was a fraud, it took four more hours to prove it was a fraud. you really dug into this after you left your job at the financial firm, you went into a company where you were investigating. this became your life's work? >> i saw so much corruption particularly in 2003 during the madoff investigation, i realized that my talents were better used against the industry, bringing cases against it, so that's what i do. i chase felons on wall vote, mainly large financial institutions. >> so how does this -- did bernie madoff ever respond to you when he heard you were the guy, okay, there's this guy who is looking deeply, did he ever express -- did he go after you? did he contact you in any way?

>> yes. >> jason, thanks. >>> new trouble for bernie madoff serving 150 years in jail for the elaboratenzi scheme. >> the reports show that his wife, of 52 years has dumped him. according to his biographer ruth madoff has not visited their husband since their oldest son commitmented suicide in september and she is reportedly looking to save her relationship with the couple's other son who became estranged after the massve fraud was exposed. the madoffs from high school sweethearts and were married for 52 years. >>> how investigators believe the thief here was able to get away. >>> and surprising new findings about autism. the family connection shown to increase the risk. >>> hi, i'm meteorologist lawrence karnow. sweet summer sunshine showing up around the bay area. just how long will it stick around? we will talk about that next. ,,,,,,,,,,,,,,,,,,,, killed whe the state fair >>> a memorial service was held today in indiana for the five people killed when the stage collapsed at the state fair. hundreds gathered prior to the fair's reopening. on saturday, strong wind gusts toppled the s

i'm so irritated by the whole bernie madoff story.nd a piece of him. it's beside the point. >> i agree. let's talk about the economy because things are so bright and fabulous and people have oodles of money in their savings accounts, not. >> some people do, but it isn't most people. that's what we're kind of finding out and that's the real sad truth about this. we're looking at risks of a double dip recession. that's what people think the fed is concerned about. some people think that all of this market turmoil could actually help cause a new cnn.money.com says there's a 25% chance of a double-dip recession. that's up from a week ago. mark zanld is an economist that you often here us quoting. he says going back into a recession would be scary because we don't have the resources or the will this time to respond in the initial starting point is so weak. he says a recession this time would feel less like a recession and more like a depression from the starting point. i'm just saying it shows you how weak the situation is. if you want to

perry says he stands by those remarks. >> a federal appeals court ruled bernie madoff's ponzy scheme are not entitled to profits he claims they earned in the statements. and madoff is serving a 150 year jents after admitting his role in defrauding thousands of investors. he told them before arrest in 2008 their investments more than tripled. >> with police hot on their trails, thiefs in los angeles may have gotten cold feet. a quarter million dollar art work has been found, too hot to handle. >> a remember brant, recovered thank thanks to a tip, authorities discovered this stolen drawing stashed in a church. >> they were told i think we found a drawing. and i've seen it on the news. i said okay. i'm on my way its called "the judgment". one of 700 known rembrant drawings. not a masterpiece but the work of a master. the heist happened over the weekend at a marina del rey hotel. detectives say the dur rateor was art fully distracted it appears this is not a crime of opportunity. this was something that was thought out and planned. >> the drawing is valued at a quarter million dollars, bu

. >>> new future for bernie madoff's old pants? >> and live to the new york stock exchange. and you see the dow is rallying, it's a long day ahead but the dow is up 139 points. >> plus, new sear quality killer cells that hunted down and destroy cancer. >> and sos, new plan that could have you texting for emergency services. sure, pulling the mold, mildew, and grime from out of the porous caverns of grout takes the right tools, but it also takes a gentle, caring touch. before you can deep clean, you learn to get a feel for its trouble spots. and hey, if you can't listen to grout, you can't truly know its wants...its needs...its dreams. ♪call 1-800-steemer. >>> coming up on on 6:24, time for the travel forecast, pretty quiet around the state. a lot of sunshine away from the coast. coast will have morning clouds, afternoon sunshine and low to mid-70s, l.a. and big sur. 63 in eureka. low to mid 90s around chico. 103 the hot spot in palm springs. >> thanks a lot. >> in london, britain's prime minister says his government is going to look at the u.s. for help in fighting gangs. he

i withoutn't buy bernie madoff -- only thing i'd buy a ticket to madoff observation extended 75 more >> bob: they would buy anything. might even buy mine -- no, they wouldn't. >> dana: in england, the merchant bankers are buying this thing. those are the people that buy this stuff. freddie that is the racist thing i've seen you say. [ overtalk ] >> kimberly: 20 seconds. we'll chip in and give one to bob. anyway, these are selling like

sort of. >>> and a sort of gambling could be on the works. >>> old clothe belonging to bernie madoff ng turned into i pad covers. a new york entrepreneur said he bought several of madoff's cashmere sweaters and pants at an auction. he has enough money to make 30 covers. some of the money he says may go to madoff victims. >>> as congress scrambles with budget cuts, legalized online gambling is being considered. house leaders have introduced a bill to license some online gambling. some experts are warning about addition. >> the way that this expansion is happening is very troubling because people are looking at the revenues and they're not looking at the costs. and this is not painless, easy or free revenue. >>> people associated with fantasy sports gaming have just formed a lobbying association. they hope to gain government support for the legalization of hobbies like fantasy football. >>> coming up in just 90 seconds, we are following that developing news in pacifica. where a husband has made a horrific discovery. what we're learning about the mauling of a pregnant woman apparently by

andrew, what would you think about using bernie madoff's old clothes as an ipad protector.ntly an investor bought a bunch of his own clothes and used them to design ipad covers. you can see some are pants, different ba na ta republic, christian dior. of course, he had the best clothing around. they used these clothes, they were washed, cleaning to become ipad covers. guess what. he says it's not going to protect your ipad if you drop it. it's still going to break. so another bad investment, right? >> i wonder if you put it on will it make different calculations? jen, i've been told we're going to break. thanks, jen. you're watching "world business today." we'll be back in a moment. [ man ] i got this new citi thankyou card and started earning loads of points. you got a weather balloon with points? yes i did. [ man ] points i could use for just about anything. ♪ ♪ there it is. [ man ] so i used mine to get a whole new perspective. ♪ [ male announcer ] the new citi thankyou premier card gives you more ways to earn points. what's your story? citi can help you write it. >>> fro

. >>> coming up we'll talk to bernie madoff from behind bars.f may be the most notorious con messenger in american history. bianna this is something. he's opening up to charlie gasparino on fox and telling him he's working with business. >> business ethics and harvard is denying this. some of the crazy claims that madoff is making. he's known charlrl for years. he interviewed him when he was a prominent businessman but charlie was surprised when he received a collect phone call from the federal penitentiary. >> his voice is the most amazing soothing voice you -- >> really. >> you feel like you're talking to your uncle. your nice rich uncle who is a nice guy and, you know, you don't feel like you're talking to an arch criminal. >> so began a six-week-long process. an occasional phone call and he says he was trapped into the greed of others and wall street corruption is an everyday occurrence. >> this side of the story is pretty simple. it's, listen, i was kind of victimized too. i was part of a racket which is wall street. and, by the way, my cli

but it feels the destructions may have hurt the agency's ability to pursue important cases like bernie madoff's ponzi scheme. >>> and betty if you're looking for a home, here are the most affordable communities in the u.s., topping the list is the central florida community of hunter's creek, where "money" magazine says the median price of a home is $80,000, followed by lake jackson, texas, which is near houston, where homes average $125,000, and wesley chapel, florida, which is near tampa at $134,000. >> yes, i didn't see manhattan on there anywhere. >> no, the other end. >> won't for a very long time. ashley, thanks for joining us. >>> just ahead on the morning news a muslim militant threatens david letterman. >>> plus hugs and tears as joplin, missouri, hits a milestone in their recovery from a devastating tornado. >>> first scott pelley has a preview of tonight's "cbs evening news." >> all across the country, people are locked into homes they can't afford and they're facing foreclosure. we'll tell you about a way that could help homeowners get out without the bank ever taking over. that stor

. >>> a federal appeals court ruled that many of the investors burned in the bernie madoff ponzi scheme are not entitled to billions of dollars they say they're owed. the investors argue they were owed all the money listed on their statements even though much of it never existed. >>> and betty, what are the most affluent towns in america? number one is the washington, d.c., suburb of great falls, virginia, where the average resident pulls in more than $360,000 a year. great falls is followed by hillsborough, california, where the median tops $319,000 and scarsdale, new york, where the average worker has to get by on a little more than $250,000 a year but when you think about the taxes they pay -- >> it adds up. great falls, virginia, i'll keep that on the list. >> google. >> thank you, ashley, joining us live. >>> as we mentioned earlier, president obama and texas governor rick perry are trading barbs over job creation and the economy, it started when perry took a swipe at fed chief ben bernanke. >> plenty more money to play politics at this particular time in american history is almost

growth of the banking industry the growth of the growth the financialization the growth of the bernie madoff ponzi scheme like wall street layer upon layer upon layer of the rivet of the debt and margarette of has been contingent on the growth of credit as a relates to or oil and so talk about the interactivity between peak debt and peak oil debt has become the lifeblood of the society and in many ways we have a debt based currency. the way we create money these days is through bank loans so in order to grow the economy in order to grow the money supply we have to have ever more debt so we've done that over the past several decades particularly the last couple of decades consumer debt has grown of course way we suffered in the early part of the twentieth century from over production with cheap oil we could make stuff faster than people could buy it so we created the advertising industry in the consumer credit industry. and afternoon in the early one nine hundred seventy s. when u.s. wages started to stagnate. people continued to buy more stuff because they were being talked into it by the ad

and chance to get a piece of bernie madoff.hey retail for $500 each. >> that is america's money. >>> developing news from southern california. we're just getting word the u.s. coastguard has rescued the marine corps jet fight they're crashed near san diego. two marines were plucked from the water lowered by helicopter. that is four hours after the jet went down. men were taken to the hospital and listed in stable condition. the jet, the f-18 has not been recovered. >>> apple has surpassed exxon mobil as the most valuable company in the nation. it's valued at $337 billion, at the end of trading yesterday. exxon is worth $331 billion. apple's stock lost only 2.8% of the value compared to exxon compared to 4.4%. >> there are new concerns this morning about the safety of herbal supplements. many popular supplements don't have enough safety information. researchers found remedies such as several herbs are safe but they could cause problems that take certain medicines or suffer from certain diseases. they found 93% of the tested prod

bernie madoff is spending prison.en he does speak out from inside its walls. >> a fox business correspondent recently wrote madoff, and a couple of weeks later madoff called him back collect. charles gasparino talked about the convicted ponzi schemer with abc's bianna golodryga. >> his voice is the most amazing, soothing voice. >> really? >> you feel like you're talking to your uncle. your nice, rich uncle who's a nice guy. you don't feel like you're talking to an archcriminal. >> reporter: so began a six-week-long interview process that included numerous e-mail exchanges and occasional phone calls. madoff says he is trapped into the greed of others and wall street corruption is an everyday occurrence. >> his side of the story is pretty simple. it's, listen, i was kind of victimized too. i was part of a racket which was wall street and my clients all knew i was ripping people off and by the way they were forcing me to do this because they have hutch sigh expectations so i'm kind of a victim too. >> what would you say

. >> if you were bernie madoff's son. >> perry should apologize and say social security was a upon seeponzi plan. >> if you hit a jukebox with your fist and the music plays -- >> don't, don't, don't. >> you tried, andy. you saw it coming. >> we can drop the audio on that. >> no, we cannot. >> bill, while are you running your mouth, there were no corvettes in the midevil times. the word betting refers that a harass be checked by a veterinarian before each race. >> your version is pornographic. this is a family show. >> and you mentioned your lord and save yes, sir obama's grades were better than rick perry's. really? how do you know? >> he went to harvard. >> have you seen his college transcript? nobody else has. >> are you saying he might not have even been an american? >> i am saying he never released his college transcript. >> you are questioning boldly, and i respect that. >> he has that transcript. >> he probably does. >> it is locked in a vault. >> so politico has a new rick perry article called perry panic fires up the left. it claims that the left is getting angsty because of th

. >> krakauer: he's not bernie madoff. i mean, let's be clear-- he has done a lot of good.d thousands of... of school kids in pakistan and afghanistan. he has become perhaps the world's most effective spokesperson for girls' education in developing countries, and he deserves credit for that. nevertheless, he is now threatening to bring it all down, to destroy all of it by this fraud and by these lies. >> kroft: since our story first aired, the montana attorney general has launched an inquiry into greg mortenson's charity, a civil lawsuit has been filed against him, and mortenson has all but disappeared from the public stage. he has said he stands by the information in his books and the value of his charity's work, and he has called the attacks against him "unjustified." but he has cancelled speaking appearances, citing poor health and legal problems. after our story ran, the school at bozoi gumbaz opened for the summer, serving about 35 students. >> cbs money watch update sponsored by: >> mitchell: good evening. an early estimate puts total losses from hurricane irene at $7

. >> who knew this would happen to bernie madoff's old pants?ehind the latest craze sweeping wall street. an entrepreneur are purchased most of his clothing and redesigned them as i and pad covers. they are selling for between $300 and $500 on his website. he was already selling cashes made of cashmere. the first ipad cases sold out almost instantly. i mean -- >> sucker born every minute. >> i know. when i first read that i thought this is the dumbest thing and now that i look at them i'm like wow. that's' not bad, actually. i didn't say i was going to buy one. very bright. in sports the free fall continues as the giants fall out of first place. look at where this ball lands. talk about the mars rover there. that is where this ball is head. sports is next. [ female announcer ] what's so great about jcp cash? no exclusions! with jcp cash, earn ten dollars off when you spend just twenty-five storewide. and unlike other stores, we don't make you come back to save. get ten dollars off with no exclusions! we make style affordable, you make it yours!

. >> whoenl i'm busted like bernie madoff after the fact, then i can go to panama and see if i had moneya great way to take money, dude. this is sweet. if you were to look, though, at this why does the free trade deal affect that? in other words, do i need the panama free tad trade deal to do this? >> already happened. the free trade decements that i u.s. law. we try to change the tax status in panama, make it easier to crack down will be in violation of the trade agreement and subject to international sanctions. >> this gives -- the free trade agreement gives the greedy bastards the leverage to make sure this is never taken away? >> yes. >> and the opportunity to take away that leverage -- >> now in an opportunity to prevent the greedy bastards for from being able to screw us later? is that correct? >> that's light. >> is the reason this trade agreement is built with a way for the greedy bastards with a way to make sure we can never get out of this agreement, the reason it's written this way is because there's money in politics, where again politicians are taking money from bank executi

this is compared as bernie madoff, as you noted.not necessarily play in iowa but this is providing a ton of opposition research for democrats in the general. >> wayne, did he know he was running for president when he wrote that book? usually writing a such a book is a precursor to throwing your hat in the ring. i'm not so sure that's the way it happened in governor perry's case. >> he did not know he was good og run for president when he wrote the book. he wrote the book last year. it was publish bed nine, ten months ago. in fact when it came out, he told me and other reporters here in austin, this is he evidence that i'm not going to run for president. if i were going to run for president, i wouldn't say these kinds of things. real candidate for the white house. so he didn't think he was going to run for president. he laid down the marker. he was going to be the big strong republican voice against washington and the barack obama admin station. and now a few months later be we is running for president and has to either face the musi

and correspondents tracking the latest, plus the rnc chair and the whistle-blower who brought bernie madoff to tamron. >> thank you, martin. the track of hurricane irene has shifted further west which means 55 million people here in the u.s. could be affected be i this storm system. the storm could make landfall saturday on the outer banks of north carolina. you see the storm track at least as it stands right now, and moments ago, north carolina governor bev perdue urged president obama to declare a prelandfall emergency to provide federal assistance to her state ahead of irene, and more than 50,000 people have been ordered to evacuate the area, and kristen welker is in devil kill, and explain this preland-fall declaration that the governor is seeking? >> well, it allows the government to move resources into place, and already the national guard is in place, and fema has moved supplies this this area, and ready for whatever might be needed after the storm, and let's talk a little bit more about the evacuati evacuations, because so far we have seen them for tourists here along the outer bank

and the wife of convicted ponzi schemer bernie madoff going incognito in florida. adoff was spotted taking money out of a an atm in boca raton with his brand new honda civic. he's reportedly severed her ties with her husband. steve? >> that guy was fired from his job as a florida state university administrator after 28 years without cause. but frank stevenson claims the school fired him because he's an alcoholic. something he claims is a handicap protected under the americans with disabilities act. joining us right now for a fair and balanced debate on this topic, we have trial attorney justin lito and criminal defense attorney rachel kuvo. good morning to both of you. >> good morning. >> rachel, you say that alcoholism is protected and is recognized by the american with disabilities act, right? >> that's right. it has been and it should be. i mean, we certainly should give benefits to those who are willing to seek treatment and that's what the ada is about when it concerns alcoholism. he, of course, has to prove to meet that standard but it absolutely has been reco

slightly more than the week before. >>> if you are in the market for a new ipad cover what about bernie madoff'ss company is selling ipad covers made from the ponzi schemer's pants which were sold at auction last year. one of the bargain deals four covers for madoff's khakis, about 250 bucks. certificate of authenticity is available upon request. proceeds go to the victims. for the latest news about your money check out the all new american money. from neutrogena® naturals. developed with dermatologists... it's clinically proven to remove 99% of dirt and toxins and purify pores. and with natural willowbark it contains no dyes, parabens or harsh sulfates. dirt and toxins do a vanishing act and my skin feels pure and healthy. [ female announcer ] new purifying facial cleanser from the new line of neutrogena naturals. [ female announcer ] new purifying facial cleanser ♪ ♪ when you're resonsible for this much of the team, you need a car you can count on. ♪ >>> what's so super about it anyway? before the roster is even complete, critics say it is a smaller version of a dysfunctional correct me if i a

and the answer is, he can go where bernie madoff is. he can go where jeff skilling is.can go to a federal prison that detains white-collar people for a long periods of time where his safety will be insured, as food as a jail can insure it but it won't be a country club. jon: don't the law books say if you can't do the time, don't do the crime?? isn't that what they teach you? >> that is sort of a thumbnail version of this. this is something way out of control, that ruined the lives of hundreds of people, that besmirched the entire court system in pennsylvania. jon: an awful case. you can catch more of judge napolitano on "freedom watch" tonight and every week night, 8:00 p.m. eastern on the fox business network. judge, thanks. >> i'm going wild on debt this week. it is destroying us. jon: all right. jenna: the judge going wild on anything. that means you have to tune in, take it from me. >> thank you, jenna. jenna: no problem, judge. the economy and wall street taking serious hits over the last week that is why the judge is going crazy. what voters are saying about the

. >>> if you ever wanted a piece of bernie madoff, consider this ipad cover.air of madoff's pants. you see this? also a madoff ipad collection. this is the brain child of an entrepreneur who bought his clothes at auction. the madoff collection doesn't come too cheap. a cover made from madoff's khakis from banana republic is going for 200 bucks. >>> a rise in newspaper thefts. popular tv shows like tlc "extreme couponing" is to blame for this. one reporter says some thieves started taking entire newspaper vending machines, the whole thing, which isn't light, like 100 pounds heavy. police are warning these thieves can face fines up to $1,000 over a paper that might have cost you two quarters. >>> in hawaii, a 10-year-old boy has some serious bragging rights. look at this thing. okay. so, he's got this unusual catch. this is an octopus but it's not just any octopus. it has webbing between four of its arms and tentacles kind of like jelly fish. he's handling it like it's his pet dog. the director aquarium thinks it is a blanket octopus. seeing one in the wild is e

. >> host: do you have experts looking at wall street and what happened with the bernie madoff case? displg absolutely. it was an fbi investigation, we changed the way the hedge fund industry works and the new york field office is the largest and has a lot of resources in new york devoted to terrorism looking at the financial crimes where new york is a center for those things. >> host: ron asking a report the hundreds of millions stolen from afghanistan into taliban hands, does the fbi watch all this? >> guest: we had agents in afghanistan for years now working with the department of defense and u.s. intelligence community and train afghan police, law enforcement organizations to come up with the standards of the fbi. if we look into allegations of that, that's something the fbi would look into. >> host: harvey, independent in virginia. good morning. >> caller: morning. my question is does the fbi employ any non-college graduates? >> guest: absolutely we do. we have people we hire straight out of the high school in some cases that worked for the fbi years and years joined recently. t

. >> you may not want bernie madoff to protect your investments but what about your ipad?epreneur is selling ipad cases made from madoff's old clothing that he reportedly bought for a steal during a police auction of madoff's stuff. the first of the cases made from a pricey christian dior sweater sold almost instantly. of course, madoff won't be needing the clothes anyway, he's serving 150 year prison sentence for running the largest ponzi scheme in american history. that might be bad luck if you're putting that around your ipad. don't care who designed it. i don't think i'd go for it. >> go for some weather right now. we've had a rumble of thunder through portions of the panhandle of florida overnight, things are diminishing a little bit there but they have, as you can see, some showers along coastal florida and the northern section of the state and in the central plain states, we've had some thunderstorms fire up overnight moving through portions of oklahoma and now into the arkansas and ozarks area and some widely scattered stuff through portions of the tennessee and oh