a business model that enron, enron had. that's right!n seems a little more rock solid in tangible than this. yeah. they're trading and selling air. kind of like the scheme, you know, they were plotting for in crime inc. enron got us into buying water. at least you could see and drink that. carbon credit, no. now we have the little people like you on the road to recovery. jp morgan chase. then barclay's and citigroup. citigroup. and then, oh, what road to recovery would be complete without goldman sachs, merrill lynch. those are the usual suspects that are part of the cook stove plan to get us on the road to recover. land rover. section of video from land rover. watch, kid. it's great. >> traditionally, the cook would have been done using inefficient charcoal stoves. use of the stove causes release of four tons of co2 per year. the project has new independent cooking stove to community. >> glenn: nicely, the cooking stoves. isn't that great, land rover? thank you so much. this is the way of the world. elites decided that the world is unsu

what enron was. i did not know how complex the organization had gotten. i certainly knew how revered the company was. at the time, in 2001, everyone was worried about argentina default in. i wrote a note on a sunday, december 1, and said that it would be bigger than anything you can imagine. that was a big call. the citi called was about one of the largest banks in the world. it had made so many acquisitions over the years that you could not really see what was coming or going with the company. when a company restates, it is hard to get a perspective on what is really happening because they would restate every line adam and you do not know what your looking at. >> was sent in charge at that time? -- was sandie in charge at that time? >> know. there were major deals between citibank and he was the architect behind a lot of that. >> was bob rubin there? >> yes. >> he was involved in speculating. >> yes. in the summer of 2007, and they have a new -- they had a new cfo who had come over from american exp

. >> back to the enron situation. there was a short seller on a telephone call that started that whole process and here you are. who is citi and what happened to it after you made your call? >> going back to enron, during my brief time as an oil and gas junior analyst, i actually knew what enron was. i did not know how complex the organization had gotten. i certainly knew how revered the company was. at the time, in 2001, everyone was worried about argentina defaulting. i wrote a note on a sunday, december 1, and said that it would be bigger than anything you can imagine. at the time, you could see who the creditors were. that was a big call. the citi call was one of the largest banks in the world. with over $2 trillion in assets. it had made so many acquisitions over the years that you could not really see what was coming or going with the company. each quarter, they restated. when a company restates, it is hard to get a historical perspective on what is really happening because they would restate every line item and

like enron. >> it's warren buffett's job.at fair to say you have to treat the market that way? frankly, i think everyone would pull out of the market. >> we can't expect that. people don't have the time. warren buffett does well because he does it 24 hour as day, seven days a week and has done it for decades. is it realistic to think we are going to understand enron? no. there has to be a degree of honesty and a degree of transparency. there has to be laws and rules. >> it's all true. let's not mislead investors. we have seen the biggest bull market investment. the dow jones with 800 today, it's near 10,000 and 11,000. there have been ups and downs. stocks for the long run is always -- just park the money in the stock market and keep it there. don't be a day trader. >> thanks to you both for being here. we can gather in the old folks home and see how it turns out. up next, why a good number of folks applying for jobs might not actually want the job at all. we'll explain, next. we speak value. and people like what we're saying

. >> this bankruptcy was 10 times the stiez of enron. >> reporter: $6 six billion to be exact.wrence mcdonald traded jufng bonds at lehman for four years. his book blames the bank's collapse on arrigan in the board room, not feverish action on the trading floor. >> the story of lehman brothers comes down to once sense-- there pey and eight guys losing it. >> reporter: sotheby's raised $12 million saturday, selling lehman art, hardly enough to tip the creditors' limo drivers. in the two years since lehman imploded, washington and wall street have created new rules that they hope will prevent future cat clizims. will they work? wall street and main street are watching. tony guida, cbs news, new york. >> glor: still ahead, why more and more european countries are taking away the welcome mat. >> glor: nato says three coalition soldiers were killed today in afghanistan in two separate bombings in the east and south. their nationalities were not released. nato reports more than 30 insurgents were killed during operations in eastern afghanistan. germany's chancellor fired the latest w

enron, aig, j.p. morgan, country wide fan and he freddie were no accidents. based on good faith, they were not accountable. it was just a effort prone to fail. board members in 2003 bruce shaller, the now president of the taxi and limo commission in new york city was hired by the taxi commission and recommended a customer survey be done. in 2006 they produced one. in 2007 the taxi commission produced one which was generated by 42 responses. they refused the taxi commission's offer to do another survey. hardly that is what was recommended, a 42-response survey. i know the response rate and margin of error is far better than the barts, but i am sorry i am not a team player. you know, maybe you think you need a college degree to produce a valid survey. but they don't teach taxi driving in college. they don't teach common sense. i have known a few graduates from college that do not seem to have it. it is just like muni. you have a mandate on time. where is it? >> good afternoon directors. i was waiting to speak about the taxi advisory committee. drivers could not

insider trader created the insider panel with the bush administration father of the enron scandal father of the how the burton scandals father of the scandals over there. blackwater now xe he is evil incarnate when ronald reagan talked about the axis of evil it was dick cheney his mirror image and the mirror image of his mirror image he is the father son and holy ghost of evil dick cheney and he's absolutely right king yes wrecked i should say the american economy and this is absurd tony blair remember is dick cheney's little pool remember dick cheney goes down to washington to washington avenue you know we're in washington and look at the end of the least there's little tony blair. yes i'll spend british money on your wars yes i'm a little blue he's disgusting blair is why is why blair mom for the thai people looks like well he says it's not stupid cheney's view but let's look how stupid it is because the other thing the it's a scandal you forgot there was that cheney was the head of the scandal of nine eleven ok what america has lost it's clear we overreacted to nine eleven this is for

stop legalizing the accounting fraud in many cases of very same accounting fraud that brought down enron you know on the subject of mortgage fraud. there is allegedly some mortgage fraud by all the major banks foreclosing on homes they don't own how do you stop this ongoing crime way it is a crime wave and i'm excited at least to see the judicial system stepping up a little bit and pushing back against this just this immense flood of paper and again this financial engineering happened with a lot of shortcuts being taken through the systems of the chain of custody was required to happen legally and expected documents and titles all of that had been short cut in the need for speed and securitizing these loans that's a bad policy besides being illegal and the fact that we've allowed the banking industry to get away with this for so long as i think you know kind of endemic of a problem it really tells you who really doesn't washington but at the same time i do think that there is hope that the judicial system is stepping up and saying you know what you can't just claim that you're that you h

of the same way i think it's astonishing for anyone to make the argument that after world com after enron after the financial crisis that financial fraud is not really a serious crime can anyone say that accusations serious credible accusations lodged in a u.s. court that these things are petty and on serious are not worthy of extradition we've had over a decade now of serious financial crimes but you yourself mentioned you wrote an entire piece about this where you talk about the idea of human rights and that that is now being your opinion abused and as in so that certain people can't be actor died because. staying in jail for a long period of time is considered a violation of human rights this is totally separate from the u.s. u.k. treaty it has absolutely nothing to do with it the u.k. is a member of the european union and a signatory of the european convention on human rights it is therefore subject to itself the jurisdiction of the european courts and they have attempted successfully to stop extraditions of terrorists from britain to the united states the argument being that since te

and practicing enron-like accounting.says the real debt is 15 times higher than the government estimates. he's calculating it at $202 trillion if you include the non-budgetary items like unfunded liabilities, medicare, medicaid, social security, defense in the budget. fannie and freddie. $202 trillion. can't get your way out of that box. all right. some of the other things in the news today. been six months. americans still have no idea what is in the health bill. nancy pelosi says once it's passed we'll find out. oh, boy, we are finding out. the bill is now about to destroy private insurance companies making it more difficult for children to get health insurance. now, this is something that i told you over a year ago was coming. how did i know that? i'm not a prophet or eseer. i'm a guy that listens to what they say and i don't dismiss because it sounds crazy. that's what they're counting on. they are counting on you going well, no, nobody would do that. yes, they would and they are. that's how a lot of the stuff that we

to think we are going to understand the intrick cass so i was a can't seventh largest in america, enron over that matter we can understand any company? no. so there has to be a degree of honesty and has to be a degree of transparency and laws an rules. >> tom that is all true, but let's not mislead investors. over the last 30 year, we have seen the biggest bull market expansion in the history of the world. you know, you go back to 1982, the dow jones was 800. today, well over 10,000, near 11,000. so there have been ups and downs there have been periods in the late '80s, obviously what we have just lived through. stocks, for the long run -- park your money in the stock market and keep it there don't be an e-trader. >> thanks to you both for being here. all gather in the old folks home 30 years from now and see how it turned out. >> the last 30 years. >>> up next why a good number of folks applying for jobs at small businesses might, might, not actually want the job at all. we will explain that next. we could've gone a more traditional route... ... but it wouldn't have been nearly as memo

enron bubble. the dot com bubble. the real estate bubble. the banking, ponzi schemes. trying to create wealth from nothing. instead, we should be making and building things in this country. a major major reason why we're not successful in manufacturing and putting people back to work today and that's because we've ignored the issue of trade distorting practices that has gone on for 20 years. the last president to get it right was ronald reagan and nobody since has gotten it right. we have to do with the trade deficit, made up of energy and manufactured goods. when you talk in the energy, you need every resource available to us, wind rk solar, coal, oil and technology. we need that to get all the spending money, trade over seas over the last 20 years. the second thing is manufactured goods. we've got to start making these here. we've allowed china to practice major non-free trade distorting practices, currency manipulation, predatory practices to build up their economy. but the problem is not their building up theirs and doing it in a way to destroy our manufacturing se

voters of virginia, they would be offended if we took the state park and made it the coca-cola or the enron. we're not about build it to put a name. these are special places that belong to people. >> so if you see a logo on your trail map or park workers t-shirt, you might be offended, but keep in mind that that company's money is making it possible for you to enjoy the great outdoors in a clean and safe setting. back to you. >> julie: all right. thank you very much. >> gregg: an air show taking a dramatic twist. we're going to show you what happened after the plane starts falling out of the sky. >> julie: and a union for the unemployed? the new grassroots organization and how it could impact all of us. find out next. >> gregg: a small plane crashing into the ground during an air show and bursting into flames and the whole thing caught on videotape, happening yesterday in indonesia. look at this. the pilot was the only person on board rushed to a nearby hospital in critical condition. hundreds of school children happened at the at the air show and witnessed the whole thing. >> julie: marine

virtually every energy company has agreed to see sales of petroleum to enron -- to cease sales of petroleum to iran pay th. press reports indicate that sanctions have cut in half by iranian trade with the dubai. south korean sanctions have suspended the operations of the branch in seoul. south korea is iran's fourth trading partner. based on our discussion, the operations in the country have effectively been shut down for good fo. these sanctions along with the prohibition and a new investment will deep in the international financial and energy sectors. japan is a major trading partner. i recognize the significant step they are taking. they have fought tooth and nail against these actions. i applaud their determination and courage. i hope other nations involved soon choose to make the same sacrifices for the better good of the international community. everyone's interests are served by preventing iran from achieving a nuclear weapons capability. if they are properly enforced, they will now be essentially unable to purchase a vital part. we have seen numerous reports that they are starting t

the same wall street bonding agencies gave enron and lehman brothers a triple a rating before they went under and the stockholders lost everything. >> governor branstad, i have a follow-up question for you and you will have 30 seconds to respond. under your administration, how do you see specifically iowa's unemployment crisis being addressed and how quickly? >> well, i came in when unemployment was even worse than it is today, the beginning of the farm crisis and i worked day in and day out, hands on to bring industry business and jobs to iowa. i want to reduce the tax burden. i want to get rid of this dysfunctional department of economic development where culver has either fired or five people have left who have mismanaged the film office. instead, i want to replace it with an effective private/public partnership that you have in the siouxland and other development groups have across the state of iowa. >> all right. our next question comes from josh nelson of "the waterloo courier." it's for governor branstad. you'll hava minute 30 to answer. >> governor, since 1962, iowa has used a n

th same wall street bonding agencies gave enron and lehman brothers a triple a rating before they went under and the stockholders lost everything. >> governor branstad, i have a follow-up question for you and you will have 30 seconds to respond. under your administration, how do you see specifically iowa's unemployment crisis being addressed and how quickly? >> well, i came in when unemployment was even worse than it is today, the beginning of the farm crisis and i worked day in and day out, hands on to bring industry business and jobs to iowa. i want to reduce the tax burden. i want to get rid of this dysfunctional department of economic development where culver has either fired or five people have left who have mismanaged the film office. instead, i want to replace it with an effective private/public partnership that you have in the siouxland and other development groups have across the state of iowa. >> all right. our next question comes from josh nelson of "the waterloo courier." it's for governor branstad. you'll hava minute 30 to answer. >> governor, since 1962, iowa has used a n

virtually every energy company has agreed to see sales of petroleum to enron -- to cease sales of petroleum to iran pay th. press reports indicate that sanctions have cut in half by iranian trade with the dubai. south korean sanctions have suspended the operations of the branch in seoul. south korea is iran's fourth trading partner. based on our discussion, the operations in the country have effectively been shut down for good fo. these sanctions along with the prohibition and a new investment will deep in the international financial and energy sectors. japan is a major trading partner. i recognize the significant step they are taking. they have fought tooth and nail against these actions. i applaud their determination and courage. i hope other nations involved soon choose to make the same sacrifices for the better good of the international community. everyone's interests are served by preventing iran from achieving a nuclear weapons capability. if they are properly enforced, they will now be essentially unable to purchase a vital part. we have seen numerous reports that they are starting t

enron does play a role in this process a doubt is going to be a positive one. >> beei do not think itble. i will say it in three ways. they have to support the palestinians. they can argue. politically and financially it is costly. it has to be hammered were strongly and may have seen before. they talk about supporting for israel and the building. i think the general assembly would be a great opportunity for the u.s. and the arab states. they can start discussing the issue in the gulf and the wider region. this year will come into the process of the right time. there is something to be done in that front. there is fighting the issue of normalization. i think the initial message was too vague. i like to see a matrix of certain actions to bring certain other actions. israel is making historical concessions. o ultimate, you have that metric in what triggers a particular action. in terms of holding back, i do not think that part is terribly accurate for two reasons. i think ultimately it is very vulnerable. if the mayor can see a lack of good faith, i think you'll pay a price. i think he