joining me, taylor branch, joe nocera, the columnist in for the "new york times," jon we are time is the senior writer for "sports illustrated." >> the ones under indictment are overseers. they run a very professionalized sports sysm that earns billion tens of millions of dollars at every unitff the lab and talent that is highly rare a sacrifice of these athletes and the athletes get no money and they have no say. they have no civil rights. they have no right of due process, no right of counsel. you want come forward because u see something terrible happening in your university and you're a scholarship athlete, you can be out onyou're without... with no recourse. so there are no checks and balances in this system. it concentrates all the power in these university officials who tom to believe like idols that i deserve these millions of dollars. i must be doing it not on the players. so to me the greatest thing i've seen at penn strait the stories of the ad hoc seminars going on in classes, how did this happen? how did this happen here? how is college sports organized? how should it be

firm he wrote a letter to joe nocera from the new york times who is the first one to publish those photos and he said mr no sarah. you have destroyed everything and everyone related to stephen jay found it took forty years to build this firm and three weeks to tear down i don't know why it took so long to tear the sucker down because they've been involved in a massive fraud for probably thirty nine of those forty years this guy needs to get on the breadline into the soup kitchen and beg for across the bread as a way to the gallows but you could apply his own charges against mr no sarah to the whole u.s. economy the u.s. empire it took forty fifty sixty years to build that up and a few months for the bankers to take it down less than a few months one day really in two thousand and eight well it's a good point you know the u.s. economy is built on the back of massive debt expansion and then once it becomes clear that they can't be serviced it evaporates like a whole a gram in the wind and that's exactly what we're seeing now because people understand that the u.s. economy wall street is jus

here to fill in the picture for us is joe nocera, "new york times" business columnist and editor of the "executive suites" blog. joe, let's begin by explaining just what mf global was doing that got it the scrutiny, the trouble and eventually bankruptcy. >> well, to start with, you know, it used to be an old- fashioned broker/dealer. all it did was match buyers and sellers who wanteded to buy derivatives or trade derivatives but that business is becoming increasingly less profitable so when corzine took it over in march of 2010 he decided he wanted to bet some of the firm's own money, which is riskier but it's also potentily more profitable, on european sovereign debt. his theory was that european governments were never going to let this debt fail and that ultimately this would be a big winner, a big contrary bet. ultimately they built up a gigantic $6.3 billion position, and the bet, you know, it just turned out to be wrong. it's as simple as that. what we've discovered since is more troubling. in the last really in the last 24 hours with the possibility of customer money being missing