. >> nartor: langford decided to consult a friend, birminam financial advisor bill blount. >> blountlooks at it. says, "yeah, it's a pretty good deal, larry. we just swap this debt, you won't have to raise rates, everything looks great, here we go." they didn't just do it once. they did it several times. they were swapping low to high, or variable to fixed, and they were swapping fixed back-- back to variable. where's the market going? if it goes up, we do this. if it goes down, we do this. very sophisticated transactions. i mean it was just basally commodity tradg, because they were just literally betting against the market. >> today wall street had one of its worst days on record. >> narrator: but what the county didn't account for was a big change in the markets. in 2008, it all went horribly wrong. >> it was the day we were afraid to wake up to... >> financial institutions are in trouble. lehman brothers filed for bankruptcy. the worst financial crisis in modern times, and perhaps the end of an era in american... >> then in 2008, when the music stopped, in the fall, they pull out

it turns out lecroy had paid money to langford's friend bill blount. >> if you didn't pay blount, youn't in the deal. if you look at the timing of the transactions between langford and blount, you'll see that they correspond closely with the timing of the jefferson county financial transactions. >> narrator: according to federal prosecutors, the money was for bribes. $3 million from j.p. morgan to blount, who in turn passed money and gifts to langford. >> i can't say that j.p. morgan paid bribes. certainly didn't pay any bribes to... to larry. now, what j.p. morgan did is they paid some benefits to bill blount. is it bribery, is it undue influence, is it good or is it not good? it depends on the situation. but certainly it's at least got the potential for corruption. >> narrator: in 2010, langford went to jail on charges of bribery and fraud. he is currently serving a 15-year sentence. langford's friend bill blount cooperated with authorities and is serving four and a half years. j.p. morgan settled with the sec for $25 million and was ordered to forgive the county fees totaling $697

we can't really criticize the -- offered by senator blount on missouri. it was rejected. the second thing i learned from my staff is that we cannot even agree on what we disagree on coming to this conference committee, here's what i'd say is obvious. look at the senators who came before me, they reached a bipartisan agreement that passed 74 to 22. we have a bill, you have an extension of current law with a lot of extra writers. the third point i would like to make, the house could not pass, thank goodness, manage to mobilize folks that didn't even talk to each other. they all hated your bill. they said make sure it dusht pass. i eliminates the 25% of mass transit that's been on the books for 30 years. eliminates the tiger grant programs. i salute my two illinois republican congressmen who had the courage to stand up and say they wouldn't even vote for that bill as well. this is not the first keystone pipeline, this is the second one. the first one from alberta goes down to roxana illinois in my district. to the conoco -- cleaning them up into viable products. we did this

if senator baucus and senator blount can agree on a bill, we can all agree on a bill. now, many pundits and experts have predicted doom and gloom which it comes to this bill. they were wrong in the past. they said it was over, it was gone. it would never happen. we'd never pass through the senate. the house wouldn't act. we'd never be here. we're here. now the ball is in our court. those of us around this table. it is our job, and we will do it. and we have the wind at our backs, because we have a senate bill map-21 that is a reform bill that received 74 votes. it protects and creating 3 million job, and a million of those came out of a program, i worked with senator inhofe and chairman mica on as well as mr. rayhall. it's an expanded program which leverages values 30-1. an additional million jobs bp so i want you all to know from the house in particular, this is this bill, map-21 a real reform bill. it consolidates 90 programs, just in the highway part alone, into 30. it eliminates earmarks. it gives states flexible. it establishes performance measures. accelerates pr

however, i think the question and the situation of the blount amendment reflects a, you might say a capitulation of one of the major parties on this particular issue. thank god for democrats who are willing to sort of buck the trend and stand up. should we or would we as religious people support specific legislation? absolutely. i think we would have been derelict in the '60s if we didn't support civil rights legislation. i think if there were a way, rv. wade could be joern turned by legislation, we ought to support it. and so i see this as a moral issue, not a partisan issue. when it does become partisanized, i think, i agree with you, robbie. that is a very dire warning to our entire society and culture, but in fact, i think, that is exactly where we are today. >> well, i think this issue in litigation, the litigation that's pending, rabbi soloveichik mentioned the 43 catholic organizations and protestant entities like colorado christian college joining in the litigation. that's going to be litigated. the basic claim is going to be a statutory claim under the religious freedom restoration act.