exposed enron's investor deception as "an accounting hoax." "they really are serving in the interests of investors. and by extending protections, they help investors who do not know who to ask or do not have access and need whistleblowers to protect the investors." fidelity's parent company, f-m- r (fidelity management and research) argued that the congrssional post-enron wall street reform law known as the sarbanes-oxley act only applied to employees of public companies and that extending protections beyond would lead to a flood of lawsuits. now, the justices ruling may be applied to wide range of advisors. "the accountants, the lawyers, any private company that works with public companies has to pay attention and handle complaints from their employees." fidelity investments was reorganized in 2007. three dissenting justices called the ruling "a stunning reach" that could protect household employees such as babysitters. the national federation of independent business predicted it would lead to "aggressive litigation" against employers. former

after and wrong, surely following enron was world, declaring bankruptcy surpassing the size of enron's bankruptcy, global crossings declared bankruptcy in the same time frame. martha stewart faced criminal charges in this same six months period. so the environment was hostile for large corporations and their leaders and especially for corporations that had experienced a very rapid growth as tight had -- tyco had. there was extra scrutiny for a company like tyco. on top of the problems-tyco they had just made it $10 billion acquisition in mid 2001 and because of all the problems with the economy and corporate scandals their credit rating dropped, acquisition was going very poorly and kozlowski had a stellar record of having them go well, very successful. this was going badly, they knew they would have to spin off the company. shareholders are not happy about that. there began to the internal disagreements between members of the board of directors, between the board of directors and management. i strongly believe things had been going well, the stock price was up instead of down those di

i don't know if you remember the story of enron, but it was tens of thousands of employees lost their jobs, tens of thousands of retirees lost hairpin turns in a few days time. people were angry, upset, suspicious. all the large corporations and their theaters. after enron was worldcom declaring bankruptcy surpassing the size of the bankruptcy and in the same time frame you might recall that martha stewart faced criminal charges in the same six month period. so the environment is hostile for the large corporations and the leaders and especially for corporations that have experienced very rapid growth when people were suspicious and that there was extra scrutiny for the company like tyco. they just made a 10 billion-dollar acquisition in may the 2001 and because of all of the problems with the economy and the corporate scandals, the credit rating drops, the acquisition was going very poorly and they had a stellar record of having them go well. this one was going badly and they knew almost immediately that they would have to spin off the company of the board of boaf directors isn't happ

china -- china's the enron of government bookkeeping.hey mask their defense spending saying it is space spending. >> with all this stuff going on, the world very dangerous stuff, wouldn't it be a terrible time to slash defense spending? >> i don't think so. the reality is we spend more on defense than the rest of the world combined. they talk about reducing the burden of government, but they are promoting very big government and global dependency on government. i'd argue, it would make the world a safer place. >> it's clear that the american people don't want to slash defense spending. the latest poll shows by a good majority, 59% oppose cutting the number of u.s. army troops. >> picking between two smart people like lizzy and john and a real dilemma, but i'm going to go with her on this one. it created the perfect situation for aggression by adolph hitler and italy. i realize the defense contracting can be very bloated. it's a cost-plus basis which invites a lot of bloated, packed spending. but we can never, ever afford to lose the mili

. >> 2005, and author writer was here talking about the enron case. i know you were not involved in this. what has changed, if anything? >> one of the darker parts of the enron story is the failure of many people in the government to do their job, and in that list you have to include the sec. they are after all in charge of monitoring corporate america. and they had not reviewed the financial statement since 1997. the truth is they were overburdened with work. they had not read that disclosure, because they had not looked. >> reactions? >> i do not know the particulars us directly, obviously. i was not there at the time. we have about 9100 reporting companies. we do our staff in corporation finance. they review these public filings periodically. bigger companies we review -- are mandated to review more often than before. they do a tremendous job. i think you have seen lots of focus on accounting issues, i am sure reporting issues. i think you see and improvements in financial reporting. you have fewer restatements occurring. but it is still a constant

gun politician enron comstock it from there the kids all core ppi has agreed to join the peace talks between the government and focus on bottom of the party has dominated all make the bows on top of its member of the government delegation. who would join due to the chief of the stokes was announced as the pds it is indeed did on monday the decision came off the pop star continues to taunt the nissan leaf on the austin on cancun on the need to be spotless and isn't a good idea before dawson and had an income of the body but had no meaning to him as it was an idiot during the beginning of peace talks last month. he had fallen but declined the offer the pti cheap little pools of any real itchy action against anti neocon only supported and sees his bid them adieu to this. olympic boss he decided to close to you and your intelligence committee to present it in the talks that the insurgents to you and all in all the members on optional school starts. people say putting this on the yukon to be a few beneath the week because i have been the biggest comes up often on me and the country's main

the leaves that enron's delegation said he expects a tough a round of talks this week than the previous meeting in december eight. the parties will be working out details so that iran is a rock heavy water reactor and levels of uranium enrichment. i'm waiting for some a fire in him know the yen as i postpone eventually county with the new round of talks on being held. happily welcome. it will want to have you heard that the main focus of this round of talks will be well i think it's going to be good at it and foreign minister mohamed the nation i had that their country is expecting a tougher round of talks that kind of well he's not expecting any final conclusion to come from the rounded top. he did. we kept the focus of the top of each did i mention of the un particular activity such as the reading enrichment had mentioned either us or we wanted onto that you clean up the fight for and i thought i have a soft trial of the twenty third and lecturing and i need to define what is going to deal with that stockpile it will also be good to think i'd be on that chair the water reactor at the

i could do bit coin fraud and be bigger than enron. stuart: have you ever thought of it?> of course. stuart: you will never get into bitcoin. >> i will never tell you. stuart: any idea how many dollars? you don't know the answer. how many dollars actually went in to bitcoin in the first place? i have no idea? >> i have no idea. there is no accountability. stuart: there's no price on it. it goes up and down. >> most currencies, i read 6 or 7 times more volatile. it is not be insured. somebody runs the bank, the fdic, it is a haven for criminals. it should be outlawed and band. stuart: when you were cooking the books in that whole world -- >> i did money-laundering as a teenager. stuart: would you have used bitcoin? >> of course because it is easier than money to launder. carries more anonymity. you can hide those forces of the money. stuart: a lot of people saying this is wonderful. great thing that there is no central authority, not subject to politics or a central bank, this is a wonderful thing. not a scam item, a great thing. >> that is why i won't tell you if i go bac

enron in new mexico, what is the deal with senator reid?nother lame excuse of the failure of obamacare or whatever you call it. and norman in dallas is what is the deal with you even getting the coverage. you know that he is just bellowing away. that might be your opinion, the fact of the matter is he is a senate leader. and he reminds me of the scarecrow in the wizard of z. isnt t the samey who that wekeepur doctor in the same guy who claims that we would all be grateful for this health care stuff. and he doesn't know you guys have videos. that's a tough choice. and he clarifies that he is and when they don't come in their lives are not in line. he is a take over responsibility for anything politician and so try that. heronto, we think that our mayors have tripped, but at least they are imitating. the nicest thing that i can take about that is that they can afford to pack on a few pounds. and there's a lawyer already suing boeing without evidence or debris as to whether it was part of this. i don't know what is worse, you for having her on

because we don't hold executives personally responsible, like during the enron crisis in 2001, because we don't hold executives responsible any more, basically they pay a fine, so they don't feel a personal risk for themselves to having the problems. that's the calculation that he make. >> next few weeks will they bring in the gall veries tonne bay effort. >> there's about 40 ships dropped out there, and 40 ships in the gulf trying to get in. right now everyone is scrambling, the coast guard is scrambling hard to get the oil cleaned up. because it's bunker fuel, it will be difficult and a long clean-up. that will concern the population and the environmentalist. >> bob cavanagh, thank you for talking to us. >> great to be with you and have you. >> now, to a disturbing video raising questions about a new mexico police department under investigation. a warning to our viewers - you may find the footage disturbing. you are watching the end of a 3-hour standoff between albuquerque police and a homelessman, jams boyd, in the distance illegally camping on the hill. he appeared to be gathering

it's being compared to enron. the indictment comes after the largest law firm bankruptcy in history. >> among the big-name clients, the walt disney company and dallas mavericks owner mark cuban. manhattan district attorney said the men conspired for years to hide the dire condition of their firm. >> the defendants simply lied. they lied and masked the firm's financial shortfallings, deceived lenders, investors, and others into believing the firm was in far better financial condition than it actually was. >> mellody hobson is with us. good morning. >> good morning. >> what is the significance of this. >> huge. it's a big deal. biggest bankrupt in law firm history. it has 1,300 lawyers in new york. you're talking about a firm that has $500 million in debt. so huge. the fraud right at the top, seven people have already said they were involved. the four people running the firm were perpetrating this fraud. and this was enron/worldcom kind of stuff. literally cooking the books. so it is a really big deal. >> a lot of a

it happened with enron. it is about to happen again. >> it is? >> when this perfect machine had some very are because of the real world and it cannot be represented by statistics. it is good for a while. all these things are the midas touch at first. then they break. it happened with health insurance companies. we can become routable by not ensuring people. the problem is that in order to do that, you are affecting the world in a way that will make it great. the nsa had the same vision. if they could just calculate the whole world, we could have security. calculatehat you can is not complete enough to give you that. you fall prey to institutional illusions. that there is a solution? five micro-payments are one way out. i currently think that they look like the best solution. here is how works. any time you contribute in your little way to a so-called automatic intelligent system, if you are a translator and your translations are written to the to gete, you would start a little bit of money on the basis of your contribution. what would happen is t

after enron shortly following and ron was worldcom declaring bankruptcy surpassing the size of enron's bankruptcy. martha stewart faced criminal charges in the same six month period. so the environment was hostile to large corporations and their leaders and especially for corporations that had experienced very rapid growth as tyco had. people were suspicious and there was extra scrutiny for a company like tyco. on top of the problems at tyco they had just made at $10 billion acquisition in mid 2001 and because of all the problems with the economy and the corporate scandals, their credit rating dropped, the acquisition was going very poorly and kozlowski had a stellar record of acquiring companies and have them go well, very successful. this one was going badly and they knew almost immediately they were going to have to spin off the company. the board of directors is and tap the about that, shareholders are not happy about that. there began to be internal disagreements between members of the board of directors, between the board of directors and management. i strongly believe had sting

enron was one of the most explicit.e of these enron guys, john arnold is going around trying to get states to cut pensions. and then, a lot of these investments were basically turned over to wall street to these dicey hedge funds, calpers, the california retirement system, lost over $1 billion on three structured investment vehicles that were rated aaa. and you can go across the country and find just epic fraud. and wall street hasn't had to pay a dime. and they're saying the elderly must pay. that we have greedy geezers that are problem. >> right, that's a very strongly held sentiment. we have to take a quick break. we'll be right back, and talk about something that could affect millions of americans, when we come back after this. a 401(k) is the most sound way to go. let's talk asset allocation. sure. you seem knowledgeable, professional. would you trust me as your financial advisor? i would. i would indeed. well, let's be clear here. i'm actually a dj. [ dance music plays ] [laughs] no way! i have no financial experi

child i sense that that examining the contents of the state will praise to the rest of the wild that enron simply cannot be trusted. definitely this is a case in point that he's really up honest opinion in it and who literally jumped on as soon as the announcement that his capture was made and what was contained on this ship in the you can expect more of these types of sound bites by the israeli prime mister other officials were going to tell the world that said this had these missiles these weapons are the true face of the redeemer gene which on the one hand is offering smiles and handshakes to the international community talking to it telling about its good intentions concerning its nuclear program while at the very same time exploiting what in sports at the organizations that is the land which has already been used by the israeli pundits tipping the need to do when you're probably in a few more of this happened over the past that that coming a couple of days. our investigation and an acid and on since national winnings to add a design store attention to everything from unequal pay betwe

it happens with long term capital management, it happened with enron, it happened with the mortgages. it's about to happen -- >> rose: and it is? >> and it is when this perfect machine making infinite wealth forever hits some barrier because of the real world that can't be represented by statistics, see. so the thing is it is good for a while. all these things seep to be like the midas touch at first but then they break. it happened at first for the health insurance companies. wow, we can just become sort of arbitrarily profitable by not insuring people. but the problem is in order to do that you're affecting the world in hoping the thing will break. that's a bit of a different discussion. i think the nsa had exactly the same illusion. they were starting to say wow if we can calculate the whole world we can have sort of push button security. but in fact what you can calculate in a server is not complete enough to give you that. so you fall prey to the in substitutional illusion of more benefits than you can really have. >> rose: you believe that michael pain is part of the solution to

and yes you read this road is in the enron case were defending their admissions of radical step to the one hobby movement that is omnipresent and seemed to not know. secular democratic people. one thing is that terrorism measures in the muslim brotherhood. it's one radical version of islam and its another and all this the environment and atmosphere is witnessing to turn everyone into the community. mrs ashton today is testament to that and the unique intimate you realize yesterday two days ago with the occupants also demonstrates this trip was the youngest in the sydney concert and also entails the rise of shiite iran and a new system of power and heat i don't know when you're speaking with those syrians amateur much this theology claim to it. this is the question. for iran and syria. so we can speak of olives i start to run the program between solidarity and coke consumption. so the idea now is gone fishing. he who was this a minister for more than my age. and thrown in there i was not really. it was a christian so far. is it right to open. the assyrian christian women but also conduc

there was an enron play on broadway. >> there was. >> that lasted about a day and a half. >> on broadway it was off broadway very quickly. >> let's not get too excited. >> don't dismiss this. let's wait for lunch. >>> after crunching the numbers, standard & poors sam stovall said it's better to buy than bail. it took two months to get back to break even, on average. sam is chief equity strategist at s&p capital iq. he's chairman of the investment policy committee. he comes from a long line of famous stock market people. my generation it was bob stovall. >> that's right. still around, pop turned 88 in mid-february. he and i are going to be doing an event in late may for the executive forum, a program part of nyu. >> i remember him, was he chief market strategist at dean witter? >> if you go back to e.f. hutton, reynolds and company, my grandfather was the first employee of reynolds and company that later became dean witter reynolds, et cetera. >> that's amazing. three generations. okay. it's been good to be long since the bottom of right in the middle of the crisis. you basically have bee

if you had been a short seller on enron and was coming to the government and you figured out that berniede off -- bernie m adoff was a fraud and you were able to bring it to regulators and they were able to expose that and crackdown on it before more people were harmed by them, that is not a bad thing. sometimes that gets demonized. if indeed herbalife is a pyrmanamid game and he is bringing it to light, that is not a bad thing. the questions people have about him coming in is how he is going about that. is he simply bringing the information to regulators saying, look this is a problem. or is he doing things around the edges in the system and trying to use the lobbying system to do things that maybe he shouldn't be doing? guest: greg is next from georgia. independent caller. caller: one comment is, if you look back at history, you can see where that during the spanish-american war, the sugar was the main thing and cuba we were trying to get at. we bombed the spanish fleet in philippines. here comes ike and he kills the shawl of iraq -- host: how does it deal with the topic? caller: corpo

danny tweeting, 200,000 shares of enron. i think that may be my winner.ur. >> as long as he didn't say unc i'm okay with that. they play tonight against providence. >> how are you doing in the bracket? >> doing okay. >> you haven't lost yet? >> i didn't have harvard. >> how many brackets do you have? >> one. tim cook tweeting today enforring coach k and duke so it's okay, tim cook. >> he does a bracket? >> i guess he does. >> a bracket on the -- tim cook, the president, buffett, everyone is in it these days. >>> we want to get a check on the markets. the dow is off the highs of the day. off 92 points. s&p an intraday high. right now, 1880. we have a lot of earnings moving right now. nike, tiffany, and, of course, some of the banks moving on the back of this stress test yesterday, as well. so a lot of stuff to watch today in the market. right now it's still green day though. >> green day, it's the end of st. patrick's day. >> is that a full week of festivities? >> for some people in is color coordinated with all the green arrows. >> a lot of green for the

funds to cover their losses now despite all of the regulation despite everything that happened post enron where c.e.o.'s are supposed to know what's going on with their books he pleaded ignorance he said i'm just stupid i didn't know that this was going on and he got out of jail free well people are saying markopolos should have known he apparently never audited his books once they say in the last three years so he's alleging he's as stupid as john corazon well in a free market capitalist economy something called the price signal john course on the price signal of the bond market. it was manipulated by his folks and friends in the various bankers around the world to make it look like there wasn't this massive fraud going on in the case of free market capitalism a bit coin the pricing all big coin dropping fifty percent from a high tells us that there is in fact something going on that needs to be looked at and now it's being looked at and the deadwood is being cleaned out of the big coin economy you know people who say that bitcoin is not regulated are that's false the big point is the mo

that was done in ninety nine in two thousand by phil gramm on behalf of his wife wendy who was on the enron board of directors you know is this was really ken lay's call to to blow up. blow up this glass steagall and just go back to what worked for for fifty years in the united states we didn't have any bank corrections. look as you said it's the simplest to you know because actually when you do regulation people for good. we're dealing with people and actually regulating behavior so you know the way i look at it is the was a very complex place but our brain is really only about three pounds and so you need to come up with the right tools for that you know i mean if you go back to the two crises let's stick with the dotcom bust of two thousand and two thousand and seven two thousand and eight your big difference that was simple in two thousand was an equity bubble that burst and you know guess what it made for great stories you had some wonderful anecdotes it was painful for people who have equity accounts but it wasn't actually something that tried to at any level to destabilize the econom

all the time that's how it works or how about john arnold he's a billionaire who got his start at enron. and now he's spending millions trying to convince everyone that public employee pensions are at the root of local government budget woes and now people are considering the idea that maybe we need to get rid of pensions. if we wonder if these billionaires were actually promoting ideas that were in their area of expertise technology or banking or decorating manson's but no they promote government agendas as well and pet projects that affect all of our lives as thomas jefferson put it government is supposed to enable the people of a nation to live in safety and happiness that's it but not in today's united states today our government exists for the interest of rich people it's so gross i wish they'd just all shut up and go back to their sheltered lives on golf courses and mansions so the rest of us can try to figure out how to actually live on the peanuts we're all left with tonight let's talk about that by following me on twitter at the restaurant. and before we go don't forget to tune

how do people imagine right enron and situations where there are only virtual consequences no one is actually hurt and yet it does reshape the way that they see that world. can. they look like bounty yard. where the locals can enjoy the sun and the ocean. but what was buried here years ago. means these people are suffering the consequences. how much more poison lies on the this ground. when the behind this job is when there is what we call the collect bank on which there is a because it offers a code you left by security test which calls for this motion of radionuclides despite your the screening efforts there remains the don't hold it i just a little less than two of the laws of the sodium in your stomach is iraq going down to the coral reef and over south of i ten meters down nuclear tests a never ending legacy on aussie. the wheel caught on the roadside tourist car skidded at breakneck speed and fell into a ditch and i was thrown out of the car she was like a broken dolt wasn't a single hole piece left dozen i thought if i lived and had a chance to start my life from scratch with