hard to believe but this week marks ten years since bernie madoff's ponzi scheme blew up. ng to hear from bernie maff himself about life behind bars coming up >>> is it mueller time for the markets? could the drama in d.c. just add to the volatility or is it really all trade and economic fears? japanese prosecutors charging nissan the company and carlos ghosn and the asian markets sagging on the news. >>> hailing an ipo uber taking a big step forward with plans to go public. ♪ ♪ >>> welcome back 5:30 on the east coast thank you for being with us on cnbc let's get all you need to know in 60 seconds. frank is back with your executive weekend. >> reporter: here's what's leading cnbc a european court ruling that the um u.k. can unilaterally cancel brexit >>> some auto news, carlos ghosn and nissan both indicted overnight on financial misconduct allegations they're charging him for under reporting his income for af five-year period they're investigating allegations that the practice went on even longer. >>> big ride share news. uber has reportedly filed confidentially for an ipo

ten years since bernie madoff confessed to orchestrating the rgest ponzi scheme ever. what has chand? those stories and more on "nightly business report" for monday, december >>> and we do bid you a good evening, everybody. griffeth. sue is off tonight. what a reversal de. it looked like today was going to be another ugly one for investors. there were still trade concerns after a white house official said march was adl hard de for talks with china. apple got caught up in a legal battle with qualcomm when the chinese government banned the sale of most iphone models. and a critical vote on brexit in the u.k. parliament was delayed. it a served to push the dow dawn about 500 points at the low of the then apple suddenly reversed course midday and that seemed to help lift tech sector and then the broader market. by the close of another wild day of trading the dow finished 34 points higher to 24,423. the nasdaq added 51. and the s&p 500 was up by 4 points. mike santoli takes a look at the volatile market and whattho expect in e days and weeks ahead. >> reporter: more than tw

because he made them money, lots of it, or so they thought. >> bernie madoff was a modern day dr. he had a legitimate life that was highly successful and he had a darker secret that fed his need for success. >> madoff allegedly had been using new investment money from clients to pay supposed profits out to other investors. under the weight of a tumbling stock market, the scheme had collapsed. >> desperate investors and their lawyers scrambled to madoff's east side offices friday, looking for their money. they were turned away in the lobby. >> there has never been a ponzi scheme on the scale of madoff, ever. we're talking thousands of people who thought that they had millions of dollars socked away for retirement. suddenly found out it was gone. >> rose and jack lance say they invested every penny of their savings with madoff. >> we start today sell our furniture, some of our things that we value. so that we should have some money immediately. >> then there's 91-year-old ian fear man. he had to take a job at a grocery store after losing $700,000 to madoff. >> the human suffering fro

>> one of the most difficult things about them bernie madoff situation was he was a so she'll path.- he was a sociopath. and he was a good one in how convincing he was. it is difficult to prevent something like that from happening. but one thing the regulators are focused on is actually verifying that assets that are supposed to be with a specific brokerage firm are in fact present and there. bernie made off was never more than one phone call away from being exposed. and i am quite sure that the securities and exchange commission, and the treasury and other regulators now make that call every time. david: should they have caught him? there are reports there were warning signals. >> it is so hard to say. did have somels knowledge of what he was doing, but most of the people put their trust in one man. that is an excellent argument for diversifying. it is an excellent argument for the old saying of trust, but verify. and there are a wide variety of ways to verify that the assets are in fact present. david: thank you very much for joining us, a fascinating case. stephen harbeck. broke

behind bars to hear bernie madoff tell it, running a giant ponzi scheme was stressful even beforeught life in prison was kind of a respite. kind of like being in the army he told me in 2013, only you're not worried about getting killed madoff's lead defense attorney is still in touch with his most famous client. >> he's doing okay for 80 years old. there's a respect from the prison population. i think he's got that. it's prison. but it's not the max >> reporter: one person doesn't want to hear from madoff, mark lit was madoff's lead federal prosecutors. >> i don't people who are psychologic psychological liars shouldn't be given a soapbox. i looked around the room and there were pictures of his boats on the wall and they were all named the same what is that i saw that it was a sculpture of a wood screw and it all of a sudden hit me. that here i was, the prospective investor surrounded by bull and getting screwed. but i didn't know it >> reporter: he has never spoken publicly about the case until now. we got more from him and other key players, more about my one-on-one time with be

well, we are doing great getting money back from bernie madoff and his people. we collected over 75 cents on the dollar. we are not doing as well with stanford. we've clawed back 431 million and the lawyers took 226 million. sec took a position to oppose a motion to eliminate the restriction of filing a voluntary bankruptcy which will help people get their money back. why did the sec do that and would you reconsider? >> i know i'm catching a cold. just trust me, it would be a candidate. >> how about i say i trust you. >> i would yield back one minute and 17 seconds. >> thank you, senator kennedy. before i go on, for some of those are just arrived, we have a vote at 11 and i've encourage all members to shrink down the question of the three of them have given back a minute or two. counting me, four have given back a minute or two. you have to the please help us get there. senator warren. >> thank you, mr. chairman. it's good to see you again, chairman clayton. right now investment advisors subject to what's called pretty sure standards. that means there legally re

. >>> bernie madoff has been arrested the founder of bernie madoff investment securities.e on wall street ran a -- was a big market make ner stocks the fbi arrested him this morning after he told senior employees yesterday that his business was a giant ponzi scheme >> well that was our former colleague michelle caruso cabrera reporting the news of the bernie madoff ponzi scheme ten years ago. currently he is serving a 150 year jail sentence we check on the victims of that scheme 10 years later. >> one victim says he has recovered 76 cents on the dollar so far but that only begins to tell the story on the one hand there are investors like joyce greenberg of houston who says she has quoten back about 60% of the multimillion dollar investment. >> i consider myself very fortunate. >> she says part of that is due to good record keeping she is a retired stockbroker but more important she didn't withdraw anymore from the madoff account than she put in. according to irving pickard who is rounding up friends that makes mere a net looser at the top of the food chain for. >> when he

. >>> and the lawyer for the long time secretary of bernie madoff said she should be released from prison's when she will have served two-thirds of her six-year prison term. her attorney cited a law that orders some prisoners released to home confinement. she was among five of madoff's employees convicted for their role in the biggest ponzi scheme that cost thousands of investors about $20 billion. hena. >> thank you. >>> still ahead, christmas lottery. last night's mega millions drawing makes history but was there a winning ticket? mmm, that's good. [sneezing] ♪ you don't want to cancel your plans. [sneezing] cancel your cold. the 1-pill power of new advil multi-symptom cold & flu knocks out your worst symptoms. cancel your cold, not your plans. new advil multi-symptom cold & flu. >>> here's a look at today's forecast in some c ♪ they call me heat mizer ♪ whatever i touch ♪ starts to melt in my clutch ♪ i'm too much >> it's pretty obvious that santa claus made a christmas appearance in one new jersey neighborhood. he was joined by some giant friends like the heat mizer, the 30-foot santa

. >>> it is the 10th anniversary of bernie's madoff massive fraud. others are having to pay back money. is it a tale of two victims, when "power lunch" returns with the chase ink business unlimited card, i get unlimited 1.5% cash back. it's so simple, i don't even have to think about it. so i think about mouthfeel. i don't think about the ink card. i think about nitrogen ice cream in supermarkets all over the world. i think about the details. fine, i obsess over the details. think about every part of your business except the one part that works without a thought. your ink card. chase ink business unlimited. chase ink business unlimited, with unlimited 1.5% cash back on every purchase. chase for business. make more of what's yours. so lionel, what does 24/5 mean to you?rade well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gon

measure of wholesale inflation the producer price index for november it also marks ten years since bernie madoff was sentenced to jail on wednesday consumer price index will be released, and that, of course, measures retail inflation. then on friday the closely watched retail sales report for november will be released. that's important because consumers make up more than two-thirds of the u.s. economy we'll also be seeing how busy factories were last month when the industrial production report was released as well >>> the holidays are traditionally a time of joy, indulgence, and, of course, stress so how can we reduce the anxiety and create more joy? natural food chef daphne oz and yoga, co-found other, elaria baldwin are new hosts of mom brain. i recently spoke to them to find out their tips for the holidays. everything from fitting in fitness to preparing food when you are short on time. >> my kids love -- i'll make them kid-friendly, roasted vegetables, and this is something i will put in my mac and cheese and chicken enchiladas i will make them sunday night and monday and use them throughout

. >>> bernie madoff's former secretary wants to use a new law signed by president trump to get out of prison earlier. annette bongiorno has been in prison since february of 2015. she was one of five employees convicted in the elaborate multibillion dollar ponzi scheme. her lawyer says she's eligible for early release under the prison reform act. they say the 70-year-old qualifies because of her advanced age and time served. >>> despite the bad news on wall street, it appears retailers had their best christmas in six years. mastercard said we spent more than $850 billion this holiday season, 5% more than a year ago. that includes both in-store and online sales. analysts say shoppers are happy with their jobs and wage increases and low gas prices also helped. online shopping was up 19% compared to last year. >>> americans are expected to return nearly $90 billion worth of holiday gifts and today and tomorrow are going to be the busiest days for returns. some stores give you just 15 days to bring back items, but experts warn even if stores have extended return periods, the extension may

that will protect wealthy investors. 10 years ago today bernie madoff with arrested, his ponzi scheme was exposed, no doubt ponzi scheme still in exist, the sec is focused on finding them and punishing wrongdoers as it should. we know a decade ago bernie madoff was far from the biggest threat to most families with wall street firms that just wrecked our economy and as the sec will pursue ponzi schemes results will continue to pursue in many ways the harder the more complex cases against big banks when they break the rules and threaten families homes and savings. i said to this committee a number of times that my zip code 44105 where connie and i live in cleveland had more foreclosures the first half of 2007, i still see the remnants of inaction and wrong actions by regulators and wall street. big banks have not turned into angels in the past we 10 years. last month german authorities conducted a 2 day raid of deutsche bank had quarters and money laundering and tax evasion investigation. last year the fed and new york state regulators impose fines totaling $500 million of deutsche bank

but he was a fugitive, a bernie madoff figure on the run.e had left the country in a private jet for morocco with $16 million in cash and his collections of watches and jewelry, fleeing after learning unhappy investors had gone to the fbi. one month later, he was back in florida, but not under arrest. what no one knew was that scott had cut a deal with the fbi to act as an informant. >> this is scott rothstein, november 16th, monday, 1:43 p.m. >> reporter: he wore a wire and helped convict 26 people involved in his ponzi scheme. and despite his cooperation, in 2010, he was sentenced to 50 years in prison. but one big question emerged, speculation about that woman in the firm who'd been killed. >> whether melissa knew about the ponzi scheme is one of those great mysteries. >> reporter: scott had started his ponzi scheme three years before melissa was murdered. >> is it time to take a fresh look at the whole melissa lewis murder? is there something more sinister? >> reporter: detective brian kendall now had a whole new problem with his fairly

ten years since bernie madoff confessed to orchestrating the largest ponzi scheme ever. what has changed? those stories and more on "nightly business report" for monday, december 10th. >>> and we do bid you a good evening, er

bernie madoff wanted to go there.'s a club fed if there ever was one. >> it's like a boys camp. it's like when you're a kid and you're going to summer camp. they don't lock the doors. there's no fences there. you know, the inmates are really killing time is what it comes down to. >> greed is good. >> reporter: it's the prison where fictional character gordon g gecko did his time in the 2010 film "wall street: money never sleeps." >> 1993, he was sent off. >> reporter: if michael cohen, president trump's former personal attorney, gets his way, it's where he would like to serve out his three-year sentence for, among other things, campaign finance violations. if approved, cohen will leave his posh park avenue apartment in manhattan and head about 70 miles northwest to otisville, new york. what will cohen find at the medium security institution? according to its website, otisville houses 840 inmates. that's considered pretty small by prison standards. it includes a detention center and a minimum security satellite camp wh

to run on the ibm cloud. . >>> ten years ago today in the thick of the 2008 financial crisis, bernie madoff$65 billion hedge fund was nothing but a giant ponzi scheme the ripple effects of the scheme continue to this day scott cohn led our madoff coverage back then he is back with a series of reports about where we've been and where we're headed i can't believe it's been ten years. >> i can't believe it either, but indeed, it has madoff is marking this tenth anniversary near as we can tell quietly at the medium security prison where he turned 80 this spring now 9 1/2 years into a 150-year prison it's where i spent a surreal two years with madoff behind bars. >> reporter: to hear madoff tell it, running a ponzi scheme was stressful even before he got caught it's kind of like being in the army, he told me in 2013 only you're not worried about getting killed madoff's lead defense attorney is still in touch with his most famous client. >> he's doing okay for 80 years old. there's a respect from the prison population. and i think he's got that. and it's prison, but it's not the max. >> reporter:

jillian: bernie madoff's former secretary wants to use the former criminal justice law to get out of role in the largest ponzi scheme in american history. she is asking to be released in march, yearly. lawyers say this makes are eligible since she is 70 years old and serve two thirds of her sentence. rob: a civil rights groups food the nsa and other agencies over surveillance practices. the aclu wants to know how the agency views the financial records to fight terrorism. the lawsuit says they have been unresponsive to previous requests for information. jillian: time for the good, the bad and the ugly. police if christmas were new jersey family. a thief stole there suv packed with presents. officers, police looking for the grinch who stole it. rob: another grinch accused of stealing bikes meant for migrant children. surveillance video capturing a man riding one of them. jillian: a whole lot of whining. >> come on, stop whining. jillian: it is okay today because it is national whiners day. to voice frustrations, everything else there is to be thankful for. rob: 55 after the hour, nearl

. >>> back here in this country, bernie madoff's former secretary annette bongiorno wants an early releaserom prison. she was one of five of madoff's employees convicted in a $20 billion ponzi scheme. her lawyer says she entitled to an early release under the new prison reform act signed by president trump. it allows judges to order some prisoners released to home confinement after they serve 2/3 of a sentence. by march, the 70-year-old will have done exactly that and served 2/3 of her sentence. >>> a new jersey school board has called an emergency meeting today to discuss a controversial haircut at a high school wrestling match. the referee says andrew johnson's hair did not conform with state athletic regulations and he would have to forfeit the match if it was not cut. video of johnson's dreadlocks being cut off has now gone viral. the referee has been suspended. the state's attorney general is investigating and the wrestler's family is considering a lawsuit. other referees have come forward to defend the actions taken that day, saying the ref was simply enforcing the rules. >>> it was

stuart: next case, bernie madoff ponzi scheme are getting paid 10 years after his arrest. $419 million into 880 accounts. the total payouts have totaled 12 billion since the collapse of bernie made us $19 billion scheme. it numbers. delta airlines ending zone boarding. now passengers will be seated based on ticket type with each fare class assigned a different color code. delta says the goal is to discourage customers from lining up in the gate area and are trying to speed up the boarding process. good luck. two groups of central american migrants went to the u.s. consulate in tijuana, mexico demanded the trump administration let them into the country or pay them $50,000 each to go home. you can't make this stuff up if i really did happen. after yesterday's dramatic meeting between president trump and democrat leaders pelosi and schumer, the president said he'd take the blame for a shutdown from a government shutdown. former acting i.c.e. director tom homan is next and he says that the president doesn't get the funding coming you should definitely shut the government down. ♪ our dad wa

uping up, however he made changed the -- bernie made off changed anie madoff industry.ndustry. >> this is bloomberg daybreak. coming up in the next hour, credit suisse cohead for american echo the capital. this is bloomberg. this is bloomberg daybreak. long-awaited merger in the chemical industry is in the works. chem andp and -- sinochem arvinmeritor talks. -- are in merger talks. a settlement of a long-running dispute. they say they infringe on qualcomm's data. there are cases in germany and the u.s. trade commission. apple has stopped using qualcomm chips. cameron winklevoss are trying to woo individuals to a that allows users to buy bitcoins on their exchange. your bloomberg business flash. alix: let's turn to wall street be. -- beat. madoff hedge fund impact. it has been 10 years since he was arrested for fraud. the $100 million wedding. richest man is scheduled to marry his daughter. he will not miss the money. off, it turns out the hedge fund industry has changed. >> in one way it is the fund of funds that has seen the most change. our colleague writes about how