>> kroft: in the end, harry markopolos had been right about bernie madoff. he will be going to prison, but not because of anything that harry or the sec did. in a bad economy, madoff's lies simply collapsed under their own weight. >> no one was investigating mr. madoff at the end. >> kroft: so he turned himself in before anybody in a position of authority began a serious investigation? >> that's typically how the sec does it. they come in after the crime has been committed, they toe-tag the victims, count the bodies, and try to figure out who the crooks were after the fact, which does none of us any good. >> stahl: the mastermind of the ponzi scheme of all ponzi schemes, bernard madoff, may be in prison, but he is hardly forgotten. his untidy little business that bilked thousands of people out of billions of dollars is no more, but the big question, "where did all the money go?" remains unanswered. irving picard is the court-appointed trustee assigned to find that money and return as much of it as possible to madoff's investors. it's a daunting and thankless

. >> in the first interview since bernie madoff's arrest, his wife ruth... >> i trusted him. >> and son andrew... >> that's who i am. my name is madoff. and i'll live with that for the rest of my life. >> speak out about crime, guilt, suicide... >> mr. madoff, what do you have to say for yourself? >> and the day bernie admitted to committing the largest financial fraud in history. >> and he said, "i have a confession to make. i've been running a ponzi scheme." [ticking] >> do you think you could pull off this scam today? >> given the same security measures? >> yep. >> easily. piece of cake. >> sam eshaghoff's scam was getting paid thousands of dollars to take the s.a.t. test for other students. he did it at least 16 times, scoring in the 97th percentile of the country. >> i would call him an academic gun for hire. that's what he was. >> welcome to 60 minutes on cnbc. i'm bob simon. in this edition, we examine two very different kinds of fraud. bernie madoff's wife and surviving son break their silence about wall street's most infamous criminal. and later, we visit a high school con man

in october of 2011, ruth and andrew gave their first interview since bernie madoff's arrest. they sat down with morley safer to speak out about crime, punishment, and the shame of being a madoff. >> it's a tough name to live with. >> it sure is. >> ruth madoff. you feel the shame? >> of course i feel the shame. i can barely walk down the street without worrying about people recognizing me. >> and andrew madoff. >> from the very beginning of this whole episode, i've had absolutely nothing to hide. and i've been eager, i would say almost desperate, to speak out publicly and tell people that i'm absolutely not involved. >> andrew and ruth madoff speak out in the book truth and consequences, a more or less tell-all arranged by andrew's fiancee, catherine hooper, an attempt to separate the family from the father's crimes. is it dismaying for you that no matter what you say people aren't gonna believe you? >> i think in many ways it is dismaying, but public opinion has to be something that doesn't matter to us. what matters to us is the truth. >> it's really hard for people to belie

and also, remember bernie madoff?ter his arrest, the financial world still has not learned the right lesson to his ponzi scheme. i will talk about that with charlie gasparino coming up in a moment. and there is no holding back twitter stock. next we will have a face-off over the social media darling and skyrocketing shares, a debate that is certain to be longer than 140 characters. ♪ hmm. mm-hmm. [ engine rev] ♪ [ male announcer ] oh what fun it is to ride. gethe mercedes-benz on your wish list at the winter event going on now -- but hurry, the offers end december 31s [ santa ] ho, ho, ho! [ male announcer ] lease the 2014 ml350 for $599 a month at your local mercedes-benz dealer. [ male announcer ] lease the 2014 ml350 every day we're working to and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five ye

five years ago, bernie madoff was arrested for orchestrating wall street's biggest fraud ever, $65 billion in paper losses. scott cohn talked to victims and madoff himself about that scheme. >> really lost everything except the home we're living in now. >> reporter: now in their 70s, stephanie and their husband had to go back to work operating a small limo service. >> i have to lift 50-pound food cases. >> reporter: they got some money back, but not close to what they thought. >> we don't have that total amount. you only have what you deposited. >> reporter: under the law, victims aren't entitled to any returns on their money because madoff didn't make any actual trades. >> the essential theory is that the returns that you thought you were making on your investment were actually money stolen from other investors? >> correct. >> reporter: madoff trustee and his counsel david sheen are responsible for rounding up and distributing the money. >> we understand that people thought they were making money, and that's what they were getting paid. >> i'm sure if you ask the people that got more than

years to a lawsuit that the bankruptcy trustee filed, the same allegations that jp morgan was bernie madoff's primary banker. all of the money flowed through one account, the 703 account and the bank had to know based on that. not only that, they were actually saling structured products, funds based on madoff's returns. they had to know where they were coming from and whether in fact they were real. >> now you mentioned a little bit about where the $2 billion, if it is, turns out to be $2 million will go between the currency and justice department. will victims get any of this money? >> there was a fund set up last month that would pay to the victims and not just any victims. it's victims that invested in madoff indirectly in feeder funds. people that didn't invest directly are not entitled to recoveries from the trustee. >> from city card. >> uh-huh, so they have to wait. this would give them perhaps a little lifeline. >> scott, thank you very much, scott cohn reporting. >>> this latest jp morgan settlement comes at the five-year anniversary of madoff's arrest. mention the name bernie madoff

you've also maintained communication with bernie madoff himself over the years. >> yes. >> woodruff: you were telling us that you found that his attitude, the tone you hear coming from him has changed since he's been in prison. tell us about that. >> it has. it actually has changed fairly recently, judy. for the first several years of our communications, we were exchanging regular exmails and letters, occasional phone calls. he was very careful to always include a fairly extensive expression of regret. acknowledging his guilt, acknowledging the people he had hurt and the people he had betrayed whose trust he had betrayed. but now in our more recent conversations over about the past year, that rhetoric is gone. he is very bitter towards his victims. beyond irony he sees them as greedy. he sees them as expecting too much from this compensation process. and his remorse has really shrunk down to the very profound and deep remorse that he feels for the wreckage he made of his family's life. >> woodruff: well, separately from all of this, we know there's a troil going on of madoff's associ

the technology making indepth probes >> bernie madoff says prison is like summer camp. the master mind. largest ponsy scheme in history was interviewed by "the wall street journal" and says they should have known better. madoff says: >> you're about to enter a computer imaging simulator that can take you in the brain, deep into the ocean or fly you over the surface of mars. it may look like an unemployment video game, but it's anything but. >> in this stunning 320 degree cabin of pixels data coles to life. numbers transform into a flight, skipping the surface of farmars known as the cave-2, this environmental was dreamt up by computer scientists at the electronic visualisation lab. >> think of a project room or a war room where you hang up pieces of paper or photographs, and you tape them to the wall and see lots of data at the same time. today it is all stored in computers. rather than print them out, we wanted electronic walls where you can explain information. >> the cave-2 can transform data in the brain. the visualsisations can show critical understandings of how it

got to be locked up, but this is the place to do it. >> on this fifth anniversary of his arrest, bernie madoffone silent. we haven't heard from him since october. he does have time. his sentence has 146 years to go. we have a lot more about my morning with bernie at cnbc.com plus later on the "closing bell" what's become of his victims and lots more madoff tonight on cbs prime with "60 minutes" and the "american greed" special "madoff behind bars." sue? >> thank you very much. look forward to both of those. bernie is behind bars but ponzi schemes are still alive and well. cnbc's andrea day investigates. >> reporter: there's no telling just how many new ponzi schemes are lurking out there until they blow up. this time a man named gerard the mini madoff of minnesota. >> so many zeros there. >> a stunning confession. >> he saw the scheme tumbling around him and he had to get out. >> reporter: a massive ponzi scheme laid out for mike friedman and his team in minnesota. the master mind, gerard, now serving 96 months in prison after pleading guilty to 36 counts of securities fraud in 2011. >> he had

gerri: five years ago the ponzi schemes of bernie madoff made headlines. victim, thank you for coming on the show tonight. so what are the lessons and what should we know, having read a lot about it and people tend to forget these lessons. >> yes, they do. the main thing to do to avoid this kind of scandal. here he was, a wealthy jewish mandalas targeting other wealthy jewish people and its sort of a feel-good kind of approach that approaches you at a vulnerable place and he would say that you are jewish, i am jewish, we are both wealthy, we understand each other. i will tell you what, i will be conservative with your money and that's another smart thing he did. he did not over promise. gerri: just making that promise was such a red flag for people. >> in the stock market you cannot promise that. he was running such a complicated strategy. many people would've said, i'm not giving you a penny. that's another thing. complicated strategy. gerri: talking about red flags, we talked about a wealthy florida congressman that lost $18 million in the scheme. this g

you have bernie madoff calling you up, yelling with you. >> yes, the last conversation was in june. ng at me. he didn't like the story, and he said that -- well, he claimed he never mentioned black monday, 1987. he claimed that he told me he started the ponzi scheme in 1992. and so i said to him, well, bernie, actually, you did not say that to me. we had a bit of a back and forth. interestingly, frank who was the government witness in the ongoing federal court trial was saying a few days ago, he had been working for bernie since 1975, and fraudulent activity had been going on as long as he could remember. so we're grerting all kinds of different timelines and no one really knows when bernie madoff started the ponzi scheme. maybe not even bernie himself. >> he's got a lot of time to think about it, i suppose, in prison in north carolina. aaron smith with cnn money, thank you very much for sharing your fascinating phone conversations with this man. >>> you use the websites all the time, facebook, google, twitter. tech giants writing a letter to washington, asking tough questions about

woes, jpmorgan chase has at any time actively agreed to pay $2 into its end probes deals with bernie madoffho ran ponzi scheme. i know this week is the anniversary since madoff's arrest and he banked with jpmorgan two decades before fraud was uncovered? >> exactly. this raises questions about what whether it should have reported it. this potential settlement and his estimony in a trial of former employees is almost five years to the day of his arrest duping clients in a $17 billion ponzi scheme. 150-year ing a sentence and he banked with before ther 20 years fraud was uncovered. the bank also facing investor is close to resolving a justice department ignored o whether it warning signs. jamie dimon touched on the issue yesterday. litigation lot of behind us. we have more. you read about made after. we have to get there behind us. our job is to serve clients. get it behind us. address he tkpdidn't specifics yesterday or today a person briefed on the matter $2 billion accord could be announced by year-end. what is the latest on the trial? >> key witness testimony is fascinating details of mado

bernie madoff, yesterday he turned himself in, he was indicted.year anniversary. but before that, there were lots of other problems. there was the internet bubble. people believed internet stocks would keep going up. it happens all the time. it's going to happen again. the best way to forget yourself is use your common sense. if stocks go down, housing prices go down. >> beware of a guarantee? >> beware of any guarantee. >> thank you, charlie. great advice. love what you have to say about that. in other news, giselle spark ago huge debate over this multi tasking moment. is it acceptable to breast-feed in public? and does this remind you of your office christmas party? >> hey. >> hi. >> do y'all come to these christmas parties often? >> that's a don't. cheryl casone has the dos and don'ts that could save your job. she's coming in now to help us. >>> time for news by the numbers. the santa edition. first, $1.6 billion. santa will deliver that many gifts to children this christmas. next, 5,556. that's how many homes santa will visit per second on chr

the accusation is the bank helped launder 76,000,000,004 bernie madoff.epa employee who lied about the cia agents to get hundred thousand dollars worth of time off and bonuses? turns out supervisors knew it as far back as 2010 including the current epa administrator. facebook instagram expected to announce a direct competitor for step chat today. allows you to send a picture, automatically deleted after being viewed. the big ipo is hilton. priced at $20 per share. investors are not buying part of paris hilton, this is all about the resort and hotel business. shares start trading today. you're going to see stocks go up maybe just a tiny fraction of the opening bell, which is in its away. watch it here. so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat scrch) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a

we're on the five-year anniversary of bernie madoff. telling you, they hired 200 more sec people they would not have caught bernie madoff. bernie madoff didn't get caught because the sec officials and other people in the u.s. attorney's office failed to do very simple analysis like check in bernie madoff ever made a trade. okay that's what bureaucrats do. they are handcuffed by the crock crocksy. there is institutional mentality that prevents people from acting and thinking on their own. if you're an average investor out there and you think that volcker rule will prevent the next financial crisis, you're crazy. adam: this is five-year anniversary of the meeting with madoff and his sonsed alleged -- >> that's what happened. madoff did not get caught. madoff turned himself in. adam: 11th a day a lot of people remember. >> tomorrow. adam: charlie gasparino, thanks very much. lori: thanks, charlie. taper fears seem to weigh on the averages today. let's check in with mark newton on the floor of the new york stock exchange. mark, the dow is o

. >>> and a stunner from a convicted swindler, bernie madoff.is now pointing fingers from behind bars. you are watching "world news now." ♪ >> announcer: "world news now" weather, brought to you by mucinex sinus max. >> announcer: "world news now" weather, brought to you by mucinex sinus max. >> announcer: "world news now" weather, brought to you by mucinex sigh mus max. max. i max. . . . . . bigger, tougher messes was better leverage, he created a magic eraser with an attachable handy grip. it gives you the leverage you need to tackle tough kitchen messes and big bathroom grime, too. mr. clean's new magic eraser handy grip. with head & shoulders? since before jeans were this skinny... since us three got a haircut. since my first 29th birthday [ female announcer ] head & shoulders. the number one dermatologist recommended dandruff brand. ♪ >>> bernie madoff has been behind bars five years and some of his alleged accomplices are on trial this week. >> the man who once ran an investment empire is again making headlines, now placing some of the bla

today we got word jpmorgan is forking over $2 billion to the feds for looking the other way while bernie madoff they allege jpmorgan should have known what madoff was up to. we may recall whistle blower harry markopolous said he handed madoff to the s.e.c. on a silver platter but they shrugged him off. while the s.e.c. has made reforms they haven't had any penalties close to what jp morgan is facing. mark, is this a double standard? >> good evening, kelly. to a certain extent i think a lot of people watching the story may feel that it is. part of the reason the s.e.c. got a pass is that the s.e.c. obviously has the ability to take advantage of government immunity. there were such significant and blatant shortcomings as it relates to the routine examinations that were done at madoff's operations that it's really hard to believe that this was allowed to continue for as long as it has. and on this, the fifth anniversary of this story coming to light, it's really a terrible remembrance of what went on. >> herb, i'm curious about your thoughts on this one. we're talking about should we be so surpris

. >>> we're getting some e-mails from bernie madoff.s. >> if jpmorgan and u.s. authorities can come to terms on the settlement they're working on over the bank's role in the madoff scandal, could some of the government's leverage have come from bernie madoff himself? that's the latest claim from bernie madoff in a brand new series of e-mails that he sent me from the federal prison in north carolina where he's living out his life. he said he has provided key information to the treasury inspector general's office which is among those investigating jpmorgan which, of course, was madoff's primary bank for decades. the ig's office confirms that it heard from someone saying they represented madoff but they haven't said if that information was of any use or even if they received any information. for months madoff is claiming that he was instrumental in pressuring those who were complicit in his scheme to return the money. picard has recovered millions but his business says no thanks to madoff. >> i think he would like to turn his image around

i consider iran on the same level of trustworthiness of bernie madoff. >> i agree with that.espect, i admire you greatly, but frankly, you don't know much about what you are talking about. the fact of the matter is we did degrade, they cannot take centrifuges and make the grade level you need for the nuclear weapons one. two, the germans are doing the inspection, best in the world. >> three, you have -- >> you talk about -- >> you have to haveew centrifuges to finish the program. that is stopped. what is the alternative? we said nothing, done nothing and in the meantime they go ahead with the nuclear program. at least this gives us an opportunity to see. >> this is six months, though, bob. six months. >> please pay some attention to the details of this agreement. it's six months. it does degrade the weapons system because it does not allow them to make weapon grade plutonium. it also has german and u.n. inspectors doing something about it. you don't know what you are talking about. >> i will agree with you, michelle. i think you know what you are talking about. bob is offbase

morgan will pay more than a billion dollars for turning a blind eye to bernie madoff working his ponzieme. some of it will compensate victims. madoff's relationship with with j.p. morgan spanned two decades before his arrest five years ago. >> a major development in the battle over where the bowing 777x will be built, the companies machinist union is making a new contract proposal after the rank and file rejected a deal that the plane be produced in the seattle area. bowing has threatened to move the production elsewhere. >> bowing landed a $6.5 billion order with air canada. >> we'll learn shortly if retailers are having a very happy holiday season with retail sales for november. economists expect it will be auto sales driving numbers higher. >> what we're seeing is cyber monday got pushed into the entire month of november. holiday shopping is probably not going to impress anyone on wall street or in these retail borders. >> the retail number is the last piece of major economic data ahead of next week's if he had meeting. >> wall street picking up with more selling, do you futures dow

this one said to be over one billion dollars for ties, yep, you know it, bernie madoff. sec picking on jamie dimon's bank? tracy: hilton shares higher in the first day of trading. we'll see if the hotel stock is worth buying. if you heard of bit strips. check this one out. we have one of ashton. ashley: i'm one in the middle. trace to the right. that is ceo of the company to the far left. tracy: i look svelt. ashley: that is a good word. word for the day, svelte. thanks for joining us. time to look at stocks. they are down for the third straight day in a row. let's get down to the floor of the new york stock exchange. >> that is very funny. your guest looks uncomfortable during that interview. dow jones industrials down 92 points. nasdaq we'll get to that in a moment. techs are doing a little better. both the dow and s&p are pulling back. the dow is down half a percent. s&p down a quarter of a percent. traders are watching crucial support levels. the nasdaq is managing to squeeze out a gain. i it is up 2 points at 40006. we got in a batch of nick news including retail sa

bernie madoff's former right- hand-man has turned into the star witness for the prosecution against madoff's former employees. frank di-pascali was madoff's finance chief for many years. he testified yesterday against five former co-workers. those former madoff employees have pleaded innocent and claim they were tricked by their former boss. di-pascalli tells the court- madoff's laid the ground work for his $17 billion ponzi scheme back in the 1970's at his small firm on wall street. defense attorneys are attacking di-pascalli's credibility calling him a partner in crime. bank of america is agreeing to pay $404 million to freddie mac...the bank is accused of selling bad loans to mortgage buying giant. the loans were sold from 2000 though 2009. mortgages and mortgage backed investments took a turn for the worse during the housing crisis. earlier this year.. b of a paid $3.6 billion to fannie mae. investigators continue to search for answers into a new york train derailment that killed four people and injured 60 others on sunday. the national transportation safety board says the commuter train

it's a not-so-happy anniversary for victims of bernie madoff. this month marks five years since madoff was sent to prison for 150 years for bilking billions of dollars from trusting investors in a ponzi scheme. so far, courts have recovered more than $9.5 billion to distribute to former-clients through an ongoing claims process. but most are struggling to move on after losing their life savings. hilton worldwide is moving up the date for its ipo to "this" thursday instead of friday. the potential $2.7 billion ipo could become the second-largest of the year. hilton plans to sell up to 130 million shares for around $18 to $21. shares would trade under the ticker h-l-t on the new york stock exchange. it's suggested the change of date is due to strong demand from ipo investors. still to come... as the rich get richer---- how to up your chances of making more money... plus-- how to use trading skills to get cheap seats on flights... and later on... cheap eats. why mcdonald's could fatten up your portolio-- stick around... top business economists are

with federal authorities, going to cost around $2 billion, this result in the ponzi scheme run by bernie madoff, five years ago he was arrested. jpmorgan agreed to a deferred prosecution agreement they will have criminal violations lifted and filed in court but it will stop short of an indictment. elsewhere, facebook is joining the s&p 500, now worth around about $121 billion. listing in may 2012, they fell from 38 bucks and rallied to somewhere in the region of $50. they have a little bit of buying after announcement they'd be in the s&p on the back of passive buy-in. >> you know we talked so much about the disaster that was facebook's ipo. twitter ipo seems to be healthy and trading well above what it originally listed for. now we have something outside of the tech world in the ipo space that's going to do pretty well on top of that. >> yes, hilton, the code hlt, will be back on the market. it's got a top evaluation according to the analyst i've spoken to today. $250, which is near the top of the $18 to $20 range. the company is valued around 199 billion. the measure of the industry, revpar i

bank is finalizing a $2 billion settlement for turning a blind eye to obvious signs of fraud in bernie madoff's massive ponzi scheme. federal authorities are looking into whether the bank tried to impede the department's investigation into madoff's misdeeds. the treasury's inspector general's office says j.p. morgan is contesting a subpoena that was issued earlier this year. >> the u.s. appears to be flushed with crude. a new forecast from the energy energy administration expects domestic oil output to surge to nearly 10 million barrels a day by the year 2016 and that would be an historic high thanks to the sharp rise in shale oil extraction, but it's not just oil coming out of that shale boom. so is natural gas and the supply could last for decades. >> sharon epperson has the story. >>> after reaching a near-record level, a new government report shows u.s. oil production may start to plateau in a few years. while the rise in natural gas output would continue for decades. u.s. oil production is expected to level off and start to decline after 2020 according to the u.s. energy information admini

jp morgan chase is closer to a costly settlement with the justice department connected to the bernie madoff case. authorities reportedly suspect jp moregan served as madoff's primary bank.reuters reports-- the firm could pay roughly $2 billion in penalties for ignoring madoff's ponzi scheme. there may also be fines for inadequate warnings to regulators about madoff and "control weaknesses" within the bank. a portion of the money will go to madoff victims. new technology makes it possible for passengers to use cell phones during flights without interfering with the jets flight plan... it's up to the transportation department and the fcc to decide if people talking on phones on crowded jets is the right route to take. i'm the last person in the world that wants to listen to somebody talking to me while i fly across the country, but we are the technical agency. and we will make the technical rules that reflect the way the new technology works. sounds like he "gets" what many of us are grappling with ... google is under fire for fuel. from the government. the company is accused of buying fuel f

hard to believe but today marks the five-year anniversary of bernie madoff's arrest for the massive ponzi scheme. >> and five years later madoff's victims is are still trying to cover. scott cohn joins us with the latest. >> the recovery process that began exactly five years ago has been unlike any in the history of investing. with some notable success, but the victims are still hurting. >> we really lost everything except the home we're living in now. >> now in their 70s, stephanie and her husband have had to go back to work, operating a small limo service. >> i have to lift 50-pound suitcases. >> they've gotten some money back but nothing close to what they thought they had. >> you don't have that total amount, you only have what you deposited. >> under the formula upheld by the courts victims aren't entitled to any returns on their money because madoff didn't make any actual trades. >> the essential theory is that the returns that you thought you were making on your investment were actually just money that was stolen from other investors? >> correct. >> madoff trustee irving picard and

it's what bernie madoff is doing in prison.arrested for the multibilli multibillion-dollar ponzi scheme in just a moment. so i c an reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally. losing thrusters. i need more power. give me more power! [ mainframe ] located. ge deep-sea fuel technology. a 50,000-pound, ingeniously wired machine that optimizes raw data to help safely discover and maximize resources in extreme conditions. our current situation seems rather extreme. why can't we maximize our... ready. ♪ brilliant. let's get out of here. warp speed. ♪ they always have. they always will. that's why you take charge of your future. your retirement. ♪ ameripris

i am convinced that they knew about bernie madoff and it wasn't the right checks and balances becauses so bad. >> it's impossible to manage. >> i think it's terrible. on the service that sends a message and you think that the government did the right thing. but the sec was charged with the responsibility and the oversight and also they were in there in the offices and the government has no money to pay. so what do you do? the best offense is a big checkbook and the government knows you don't want to get indicted. >> i'm not a lawyer. it could have credible evidence internally? >> no, criminally not. >> they do not have any exposure criminally. because crime is intent and knowledge. >> what about civilly? >> we're not talking about that, we're talking about criminal. neil: part of what you are saying is that there are other culpable parties here. >> yes. >> what i am asking is the government. it is a prior and the government really had to lending programs and the rest are pushing this into aggressive lending and those types of activities and all of this and making a big mess of this an

this time to settle a criminal probe into whether or not the bank provided adequate warning about bernie madoff multibillion dollar ponzi scheme now prosecutors are considering it j.p. morgan deliberately failed to alert regulators to the ponzi scheme despite numerous red flags made off had a two decade long relationship with j.p. morgan prior to his arrest in two thousand and eight and now a central factor in this case is why a formal report was not filed here in the u.s. in regards to concerns about meet ups business yet the bank did file such documents with authorities in the u.k. well it looks like twenty years and billions of dollars will buy you a little bit of loyalty at j.p. morgan that's for sure now finally dell is really thinking outside the box here when it comes to trimming fat off its business a spokesperson for the company confirmed that dell is asking its employees to quit in what dell is calling a quote voluntary separation agreement kind of like an amicable divorce if there ever was such a thing now in a written statement from the company dell says quote a critical element of

. >>> it was five years ago this week, the explosive headlines surrounding bernie madoff. this week, some of his alleged cronies are on trial, now years after investors first learned of that giant scheme. tonight, an interview with madoff, getting attention all over again, after placing some of the blame on his trusting clients themselves. abc's susan saulny tonight. >> reporter: at the federal prison in north carolina where bernard madoff is serving a 150-year sentence, fellow inmates want him to teach an investment class. but he said the prison won't allow it. in a recent interview with "the wall street journal," madoff shared new insight about the massive ponzi scheme he master minded. on wednesday, it will be five years since his arrest. his victims, he said, have themselves to blame. "my investors were sophisticated people, smart enough to know what was going on and how money was made. but they still invested with me without any explanations." this comes as five of madoff's ex-employees are facing trial on charges that they knew about the scheme and profited from it.

five years ago ernie madoff -- bernie madoff was arrested for his ponzi scheme.nced yet, but it will be announced most likely, according to "the new york times," in a couple of days. ralph, this marks another piece of litigation that is plaguing the banks. are we going to get another year of litigation for the banks in 2014? >> i think what we're seeing -- we have seen this before -- are these white large arid i'm -- m shifts in paradig what is acceptable and unacceptable. if you go back to research in the early part of this century, research was used by investment banks to count companies to get investment banking deals. and then we put in place some very appropriate separations between research and banking. for a long time there was a big boy rule. if you were dealing with sophisticated people, you didn't have to look at what you were selling them. this is changing. it is a good thing. should mentionwe that jamie dimon will be speaking later today as well here it "bloomberg surveillance" continues on radio. "in the loop" on bloomberg, coming up next. ♪ flex who

history bernie madoff, a man responsiblefo from stealing 50. says prison is like summer camp. he spoke out about how he beliefs investors should have known better. he says people asked me all the time, how did i do it? and i refused to tell them and they still invested. things have to make sense to you. you should ask good questions. if they, meaning the sec, had checked me, i would have been found out. madoff pled guilty to fraud charges and is serving a 150 year prison term. all righty, michael is back with sports headlines. a nasty injury? >> could be a care career-threatening, jonathan t new england patriots rob bronkowski was carted off of the field. the media fears he suffered a tear in his acl on his right knee. the two-time pro bowler suffered it in the third quarter, after a direct hit to his knee. he firsted the first six games recovering from off season back and forearm surgeries. > >>>a riot police had to be brought in to break up a fight in brazil that started 10 minutes into the soccer game. three fans were taken to the hospital and one died from his injuries. >>

authorities over the bank's relationship with bernie madoff. tentative deal would involve around $2 billion in fines and a rare criminal action or a so-called deferred prosecution agreement. reports say jpmorgan is being faulted for turning a blind eye to madoff's ponzi scheme which costs investors $2 billion. >>> and ford motors board reportedly plans to press ceo anl mulally for a decision on his future plans. speculation is that he may be offered the ceo job at microsoft. the decision will be discussed when the board meets today. it's not clear if mulally is going to attend. but directors may talk to him this week or next. mulally is a handful of candidates in contention and he hasn't tried to suggest he is or is not interested in the job. >>> still to come, health and twitter makes its return to the market. we'll take a look at the ipo and find out later what it could mean for the hotel change. ♪ [ male announcer ] this december, experience the gift of true artistry and some of the best offers of the year at the lexus december to remember sa

i don't know if trusting crimes, the thefts and bernie madoffs and things are down. don't trust anyone with my medical records, so i'm screwed to obama. >> you had to bring it to that. dana, go ahead. >> i think they track the way people feel about the general direction of the country. country on the wrong or right track. i think this is similar. i think it also has to do with major institutions failing people. can you look at the catholic church and what happened in the '80s and '90s. i think that affected a lot of people. government doesn't live up to expectations. even if you look at the financial crisis of the fall of 2008, people felt like even that institution would let them down. so, it's -- i don't know if it's in personal relationships, neighbor to neighbor, but certainly institutions have fallen away. >> greg? >> i think it's a couple of thins. one, i think it's -- it's our fault. it's the media. consumer reporters have made it impossible to trust anyone. they're always doing something catching somebody trying to rip you off. think about all the health scar

that is like inventing with bernie madoff with intention of losing money. >> what do you call a prenupadam: protection. >> protection. adam: do you buy a car with intention of having an accident? we got to go. >> marriage and a car two different things. adam: we've got to go. i'm sorry. i got everybody up. >> stirred things up. i think i succeeded. >> i think you did. adam: all of you, thank you very much. i want to let you know, willie and cory robinson will be part of live coverage tonight on fox news channel as part of special new year's eve coverage with bill hemmer and elizabeth hassleback. >> that is good thing, right, adam? adam: good thing for the fox news channel. hope you watch the fox business network. it is one happy new year. no wedding advice. 2014 can you guess which companies will fight for their lives? if you're a woman with a comment, write david asman by the way. speaking of new year, how shanghai is celebrating. that's impressive. more money coming up. [woman]ask me... [announcer]...if you think the best bed for one of you might be a compromise for the other one...