we did see a financial firm go bust in recent weeks, m.f. glocialg eighth largest bankruptcy in u.s. history. the market absorbed it. hasn't the market gotten used to this risk? >> you're right, m.f. global, taxpayer money wasn't used. failure is part of capitalism. that part is fine. but just like i read about-- write about in "exile on"" you can considerv many eyes on the market providing checks and boston polices on the system and a lot ofize the market didn't do the job just like they didn't do the job over the last decade, whether accountantes, regulating agencies and others. i would like markets to do their jobs, and markets still aren't doing their jobs. the conclusion of m.f. global and the conclusion of my book is capitalism didn't cause the crisis. a lack of capitalism is what caused the crisis, and that means better transparency, and more skin in the game for the top dogs in these companies and that wasn't the case here, either. >> tom: in fact, you go so far as you say the credit crisis in 2007 and 8 wasn't because of something t

, turbulence at the bottom, challenging the incumbent big firms. and to the extent that washington wants to hold on to big firms like a safety blanket, they are implicitly dampening the environment fo new firm starts. >> carl schramm, we appreciate your insights, great some of, always great to catch up with, you from washington carl schramm the chief executive officer of the kauffman foundation. all this talk about entrepreneurialism today marks today marks the beginning of global entrepreneurship week, which is supported by the kauffman foundation. the idea is to inspire the next generation of big thinkers. ken colwell, director of entrepreneuship at the university of miami school of business, says those outside- the-box thinkers are a different breed. >> successful entrepreneurs think and act differently than the average person. steve jobs revolutionized multiple industries, but refused to bathe even when his coworkers complained about the odor. when complaints about his dirty feet grew too loud, he would soak them in the toilet. thomas edison al

be dedicated to those firms, i. including a minority firm, with 41% value. steven and associates would be a san francisco-based firm of african-americans. 10% participation with 100% minority holding in the principal position. ted crickpritchett is an african american who owned his own firm and provides architectural design services. in total, the participation on at this consultant team would exceed the 20% goal exceeded. it would hit the 50% mark. with that, we're happy to into questioned in are seeking recommendation for word of the contract. think you. supervisor mar: -- thank you. i appreciate the details that was once into. this a quick question. the queue for the bridge down, because i was curious about this question and stevenson associates. were the other two, are they based in the area? >> i believe steven and associates is san francisco- based. cal christian, i do not show it in my notes as san francisco, but they could be regional. mr. allen says they are oak land-based. supervisor mar anyone: anyone fm

the payroll processing firm says 110,000 jobs were added at private firms last month, slightly more than expected. a.d.p. also revised its september numbers higher, to 116,000 positions added. on friday, the labor department releases its report on how many jobs were created in october. >> tom: harvest season is over, and the crops may be out of the fields, but the booming business of agriculture underpins an iowan economy growing faster and with a lower unemployment rate than the nation's. during our visit to iowa this week, we had a chance to talk with governor terry branstad. in tonight's "how to fix the economy", the governor tells us how his state's economy has outpaced much of the rest of the nation. >> we are benefited by the fact that agriculture is an important part of our economy. i was governor in the 80s when agriculture was the weakes part of the economy, the farm crisis. now we're selling, you know, we have record prices for corn and soybeans, also cattle and hogs are doing well, we're the number one egg producing state. all those things are good. but also we're investing in

be dedicated to those firms, i. including a minority firm, with 41% value. steven and associates would be a san francisco-based firm of african-americans. 10% participation with 100% minority holding in the principal position. ted crickpritchett is an african american who owned his own firm and provides architectural design services. in total, the participation on at this consultant team would exceed the 20% goal exceeded. it would hit the 50% mark. with that, we're happy to into questioned in are seeking

the firm's total liabilities amount to just below $40 billion. mf global engaged in a wide range of financial businesses including brokerage services for commodity futures and other derivative products. its assets include large holdings of italian and spanish government bonds. the focus is now on how the firm's bankruptcy will affect the global financial system. >>> and now it is time to get a check on the markets. overnight, the dow jones industrial average fell more than 2%, snapping three days of gains, but it did end october on a positive note. let's see how things are kicking off here in japan. for that we go to ramin mellegard who is at the tokyo stock exchange. how are stocks trading this first day of november here in tokyo? >> first day of november, very good morning to you, ai. market is actually taking a little bit of a step back after those gains that we've seen in the last few sessions which actually left global stocks on a bit of a high for the month of october. we did see the dow up around 10%, we saw gold up around 6% and oil was u

they then lend the money to firms at about 100%. the high interest rates have lured many people into making loans to money lenders. last year this man went to a money lender. 47,000 u.s. dollars. he says he was attracted by the annual interest rate. >> translator: most of my friends have also placed money with them. some have lent as much as $130,000. it became popular because it seemed like an easy investment. >> reporter: but more and more small and medium sized firms now find they can't pay back the money they've borrowed. so people who lend money to the money lenders are worried that they won't get their money back. >> translator: lots of firms face a deadline to repay their deadlines by the end of the year. and the situation is going to become more pressing. it's very worrisome. >> translator: money lenders like these have spread throughout china and involve lots of people. local governments are determined to prevent social instability and are keeping careful track of the situation. if a problem breaks out in one place, it coul

outplacement firm challenger, gray and christmas says almost 70% of firms plan to hold parties this year. that's still far below pre- recession levels, when 95% of big firms were in the mood to celebrate. and the companies that are doing the party thing say they're budgeting about the same as last year. but there are some differences, tom. more than half say parties will be employees only, and about half will hold their celebrations during the workday. so anything is better than nothing. >> tom: absolutely. a little bit of toast to the year that was and the year that will be susie. that is nightly business report. that's "nightly business report" for tuesday, november 22. i'm tom hudson. good night, everyone, and good night to you, too, susie. >> susie: good night, tom. i'm susie gharib. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> more information abo

for a big financial firm that has to include their risk controls. willful violation is-- sorry, a knowing violation is punishable by up to five years in jail time, willful violation is 20 years of jail time but no one's gone after these theories seriously. it's worse than lynn alludes, although what he says about the revolving door is 100% true, is the role big banks play in campaign finance. theatre second biggest donors in washington, second only to the health care industry, and for any case to be pursuedaisa criminal case, they can't pursue criminal cases on their own. they have to be pursued in conjunction with the department of justice and the department of justice has been noticeably absent on this beat. >> suarez: mark, have people who committed crimes actually been in some jeopardy after the fact? >> not that we can tell for those who have committed crimes. i don't think it's an either/or. i think there's a very high level to prove intent in criminal cases and as somebody who cares about the rights of the accused i think there should be a hi

global, the brokerage firm that collapsed last week. now the top u.s. futures regulator has recused himself from the investigation of m.f. global. gary gensler, chairman of the commodity futures trading commission, stepped down today because of concerns of conflict of interest. gensler and former m.f. global c.e.o. jon corzine held prominent positions at goldman sachs at one time. both left the investment bank in the late 1990s. the nation's top securities regulator, mary shapiro, told n.b.r. today that regulators are not to blame for the collapse of m.f. global. she said the securities and exchange commission and other regulators are investigating what exactly went wrong at the firm. schapiro was speaking at a securities industry conference, where she said the sec is looking at revamping money market funds. one option is to let the value of money market funds fluctuate instead of being fixed at $1 a share. it's a controversial idea, because safety and stability are the reasons most people buy money market mutual funds. erika miller talked with shapiro

i mean, wall street law firms work. they do great work. they do the best practice of law that is done in the country. and if you don't believe that, you're just wrong. [laughing] >> no. the death penalty, appellate lawyers do the best work in the country. their objective is valid. and their industry matches your industry and the competency that you speak of. >> this could be fun. >> i disagree. >> ok. i think we can agree that, you know, when you're talking about the law, it's really a question of whose interest you serve. and when you talk about, you know, for example, defending poor people or the criminal courts, the resources just aren't there. it is interesting. i met the public defender in england. they told me -- he told me there that an indingon person can go to any of the big law firms, like morris and forestier, and ask them to represent you and the government will pay for it. they will pay every penny. and he told me that they spend something like $1.5 billion there on representing poor people in criminal cases. and they spend le

olympus paid about $845 million in 2008 to the skuxt consulting firm axis and a related firm. it labeled the money as an advisory fee for the brokering of the $2.8 billion buy-out of a surgical equipment maker. the pay-out was 30% of the total transaction. that's unusually high. normally an advisory fee amounts to a few percent of the purchase price, axiam was created in the cayman islands, a well-known tax haven and dissolved three months after it received the payment from olympus. it's believed to have been a paper company. olympus also purchased three japanese firms between 2006 and 2008. the companies were said to have annual sales of $8ilon to $26 million. olympus bought them for a total of $940 million. it's believed olympus paid the disproportionately high purchase price to hide its outstanding securities investment losses. from space to baktsia is the motto for olympus, which gained worldwide recognition for its state-of-the-art technology and high-quality lens manufacturing. but the company faces a difficult future after admitting to the cover-up. >> translator: i can

following the conduct of the firm? >> we have gone forward from that. fhfa recently directed fannie mae and freddie mac to begin the wind down of their retained attorney networks. law firms around the country are used processed for closures so this whole approach to doing business this way and direct engagement between freddie mae and -- freddie mac and fannie mae and individual law firm is and a path -- >> that is good news. we understand you had said that the firm would have to me -- i am quoting -- certain minimum uniform criteria. what are those criteria? >> those are the process of being developed. >> could ask for a draft of those criteria when they are completed? when will they be completed? >> there's work actively going on. >> i can't tell you exactly but over the next couple months--we're not just working with fannie and freddie on this but the primary banking agencies because the banking agencies have been involved in oversight with banks as mortgage servicers have in doing in this area. the law firm actuall