. >> eliot: the fall of mf global and its ceo jon corzine could it finally be long overdue change fories and exchange commission? bethy mclean joins me coming up ahead. smart kid. [ voice of dennis ] indeed. are you in good hands? >> eliot: do we still need safeguards for our right to vote? you better believe it. that's next on my view. at 10:00 p.m. eastern, join jennifer granholm in "the war room" with governor jay ins lip of washington state on clean energy initiatives and the new marijuana laws in his state. that's ahead at 10:00 p.m. there's more "viewpoint" coming right up. thinking. >>ok, so there's wiggle room in the ten commandments, that's what you're saying. (vo) she's joy behar. >>current will let me say anything. ñ etty overwhelming proof we don't need a voter's right act to protect against the discrimination of voting. right? wrong. it is just because we have a voting rights act that hundreds of thousands of voters were able to cast the votes necessary to re-elect president obama. so it may be somewhat disconcerting to realize the supreme court accepted for review a case

jon corzine. the house financial services subcommittee report says, "choices made by jon corzine during his tenure as chairman and c.e.o. sealed m.f. global's fate." corzine is a former new jersey governor and senator. the report says he missed warning signs of problems, leading to its bankruptcy. $1.6 billion in client money remains missing. no one has been charged with any wrongdoing. >> susie: another dent for toyota's reputation. for the second time in two months, the japanese automaker is launching a massive recall. this one involving nearly three million vehicles around the globe. this time it's a steering defect. and this recall affect's toyota's iconic hybrid name plate: the prius. 670,000 prius hybrids in the u.s. are being called back. worldwide. the voluntary recall involves over 2.7 million vehicles. the cars are being recalled because the connection between the steering wheel and the gearbox could wear out, leading to a loss of steering. so far, the company says there have been no acc

to today, to accusing him of breaking the law. >> there are circumstantial evidence that either jon corzinerected or knew about it. >> republicans also blasted regulators for weak coordination and communication in preventing the company's collapse in the first place. a spokesman for corzine did not immediately respond to our requests for comment. david and liz. liz: thank you, peter barnes. up next find out the toys being added to the national toy hall of fame. still big sellers today. david: time to go off the desk. there were 12 nominees but only two toys make it into the national hall of fame of toys in 2012. "star wars" action figures which first hit chefs in 1977 when the first movie was released. dominos beat out clue, twister. leave it to dominos. we think old things are the best. liz: we promise you an interview with erskine bowles and alan simpleton, guess what they stiffed us. they made a commitment and alan simpson's people for fix the debt, specifically beth sullivan have not allowed them to come to speak to you on fox business. apparently david, they don't want to fix the debt.

what does this report say about jon corzine's management of the firm?porter: well, martha, this is a culmination of a year-long investigation into the collapse of mf global because of risky bets that jon corzine made on european debt. $1.6 billion in customer funds went missing. and the report blasts corzine for his management of the company, saying, quote, during his 19-month tenure as chairman and ceo of mf global jon corzine made several fateful decisions. the cumulative effects of which, caused mf global's bankruptcy and jeopardized customer funds. soon after joining mf global jon corzine decided to turn the company it into a full service investment bank. this chart ad radical new course for the financially troubled company. regulators are investigating, continuing their investigations into the firm's collapse and looking at possible violations of the law. there is a report also blasts regulators for not coordinating and communicating enough before the bankruptcy to try to prevent it. corzine could face civil charges in this case, martha. martha: wo

carl back to you and still no real closure on mf or jon corzine. >> rick, some are pointing out if itrently we might have been referring to corzine as the potential treasury secretary. >> that's the bullet there. >> thanks a lot, rick. >>> still to come, angel investor and husband of yahoo ceo melissa meyer zachary bogue on the opportunities in big data after a break. seball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> got the eurozone officially in recession agai

. >> very quick thought to the findings of the congressional committee on the culpability of jon corzine, the former u.s. senator with respect to the mf global collapse. >> i think it is no surprise that corzine gets all the blame there from republicans. they want to embarrass a guy who's got democratic connections. he was to blame. he made these big bets. the more interesting thing to me is the extent to which it shows that the s.e.c. and the cftc were completely at odds with one another, not in sync, and makes the argument strongly for merging those two. it does make the case more strongly for merging those two agencies. >> thank you very much, ben. we'll talk more about that congressional report in our next half-hour. simon? >>> tyler, in 53 minutes, a major news conference begins in which we're expecting an announcement that bp, british petroleum, is agreeing flou to pay the u.s. government a record fine for the disastrous oil spill in the gulf of mexico. what was it? two years ago. bertha coombs has details. bertha. >> that's right, simon. they will admit guilt and pay the largest f

jon corzine became ceo after plosing re-election in 2009. the firm went bankrupt last year. global lost more than a billion dollars of clients' money. house republicans say he allowed the firm to make risky trades. corzine disputes the claim. >>> it's the dollar menu for the 1%. a restaurant in beverly hills is selling a $500 burger. that's right, $500 burger. it's 12 ounces of kobe beef burger with truffle cheese. and two ounces of white truffles. if you want it you have to order it two days ahead of time and pay in advance. that better be one amazing burger. >> i can't imagine how it tastes. >> no. better throw in a bottle of wine. >> ashley morrison here in new york. thanks. in sports the awards for the best pitcher in major league baseball went to a young lefty and a 38-year-old knuckleballer. r.a. dicky, 14 years in the minors earned the national league's cy young award. his trademark knuckleball baffled nl hitters all year. david price won the american league's cy young. >>> treat for nba fans, miami lebron james and clipper's star blake griffith. in one of the two mee

they said yeah, jon corzine was sloppy, bad, but they stopped way short of calling him criminal. melissa: you don't seal the fa fate. >they blame his decisions for te collapse. you generally don't go to jail for failing to disclose. you could be charged by the seccrity exchange commission, that is likely what he is going to do. it is a problem we did at the fox business network right off the bat when mf global went down in flames at this time last year. we knew that jon corzine did not set up the appropriate systems, control systems in place for transforming what mf global was, a sleepy brokerage that handles trade cleared for farmers and ranchers in the commodity market. something different which he transformed two, which is a hedge fund. he never put those pipes in place. reading this report, they will talk about that. now here's the question. is that sort of stuff criminal negligence? i am telling you it is not. you do not go to jail for that. where would he go to jail? if you found jon corzine went out and knew that they were stealing company money, remember that was the whol

we are expecting this full report to hit tomorrow morning but the house is saying that jon corzine is at fault in mf global. guys, back to you. >> kayla, thank you very much. >>> all right. as you know, we have full team coverage of this afternoon's event as we lt that live picture of the white house where president obama is going to be meeting with ceos to discuss how to avoid the fiscal cliff. all the reporters are gathering as you can see at the white house because the president is set to hold a news conference just minutes from now and you will be able to see that as we carry it live right here on cnbc. but the big question here on wall street is what investors need to hear from president obama today. rich weis is a five-star senior portfolio manager, overseeing $16 billion at mesh seamerican investments. what do you want to hear from the president at this point on the fiscal cliff discussion? >> well, as draconian a measure as the fiscal cliff seems to be, and the most palatable analogy i can come up with is trying to lose weight by hacking off your left foot. i think what we nee

jon corzine was found responsible, choices made by jon corzine during his tenure as chairman sealed mfour 29,000 americans filed for first-time benefits last week pushing jobless claims to their highest level in 18 months. hurricane sandwich a factor. the storm added claims to an already weakening job market. that is the latest look at business from the fox business network giving you the power to prosper. tracy: just when we thought we were as the worst of the housing crisis the federal housing administration is on the verge of meeting a bailout and liz macdonald called it in 2009 but our next guest says this rescue need to be a top priority in washington to make sure the housing recovery is not derailed. a professor of the university of pennsylvania's school of business, like i said, elizabeth knew this in 2009. we all knew this was eventually going to happen. stuart: the only agency left that hadn't asked for a bailout. why haven't we been prepared for this? >> it is hard to take steps to prepare. the reserves are likely to go lower. they need 2% reserves. we are waiting on a report

a scathing congressional report sclams former ceo jon corzine for $1.6 billion in missing customer cash for the farms collapse. the former new jersey governor made poor management decisions and failed to properly protect funds. corzine denies any wrong doing. this really stinks for people in scranton, pennsylvania. the city has dug up more than 10 years worth of delinquent garbage bills. he wants to cut hundreds of worker's pay to minimum wage. >>> 17 minutes after the hour president obama will be on the ground in new york city today to get a first-hand look at all of the devastation left by super storm sandy. this as a state attorney general in new york launched an investigation. it has two major power utilities over their handling of power outages. it is freezing. we are live at oceanside new york with details. >> good morning to you. good morning everyone. we are standing outside of an outreach center that the power authority where customers can come to get answers. believe it or not there are people in long eye p land without power even as we speak. he sent subpoenas also sent a sub

well, we found that jon corzine contributed greatly to the demise of this company. this company was already struggling somewhat. they have some problems with internal control, rogue trader. they brought mr. corzine and purity was charged with turning this to more possible. he decided the way to do that was to make it a mini goldman sachs and unfortunately, that plan did not pan out for the company and almost 17 and later after mr. corzine took office, this company failed. the breakdown in communications and the regulatory community. we saw that with the cftc and ftc were not talking to each other. there were actions being taken apart share to some of the other regulators and even the coordination relief you can color coordination, communication didn't start taking place until the last hours and days of the life of mf global. one of the things we need for market to be is open and transparent and companies have a fiduciaries its ability to make sure they are providing accurate information to investors and lenders the market purchase depends. we feel like mf global was

. >>> an investigation has found that jon corzine was to blame for the collapse of mf global.rs say his attempt to turn the firm into a full investment bank led to the bankruptcy over a year ago and they blame him for the $1.6 billion shortfall at the end of it when there wasn't enough money to give customers back. they blamed it on an authoritarian culture where no one could challenge his decisions. it will be up to prosecutors to determine if corzine violated laws. we spoke to lawyer mark fern who tells us he doesn't think corzine will be prosecuted. no one yet has gone to jail due to the financial crisis. >>> it is been 468 days since the u.s. lost its top credit rating. what are we doing to get it back? today, the president met with several business leaders. one is david koe, the chairman and ceo of honey well. >> here's what i would love to see. this would be my perfect world is that they have a $4 trillion deal that comprises a simplified tax system that collects more, entitlements reform, discretionary cuts and infrastructure investment and they say something like by ju

. >> eliot: the fall of mf global and its ceo jon corzine could it finally be long overdue change for>> eliot: do we still need safeguards for our right to vote? you better believe it. that's next on my view. at 10:00 p.m. eastern, join jennifer granholm in "the war room" with governor jay ins lip of washington state on clean energy initiatives and the new marijuana laws in his state. that's ahead our conversation is with you the viewer because we're independent. >>here's how you can connect with "viewpoint with eliot spitzer." >>questions, of course, need to be answered. >>we will not settle for the easyñccm02073

in an update on the mf global jon corzine scandal pointing blame to credit ratings agencies for failingfy risk and pointing to federal regulators. keith and barbara, back to you. >> thanks, julia. >>> unique touches can make weddings memorable to brides and grooms and guests. we are joined with a few suggestions. this is a really different setting than we have seen so far. >> this is a gorgeous setting. lounge chairs are back. you can use them after the dancing, put them around the dance floor. ift's a gorgeous setting. move the reception tables out. you can use them for all sorts of things. >> if it's not outside and you want to look outside, bring the fireworks in. >> with digital lighting, you can do it. if you find a location and they don't allow you to have your fireworks, you can bring it in. it's extremely budget friendly as well. >> we have the fireworks going here on the inside. there are other things to make it more comfortable experience for your guests. >> always think about your guests. never forget about them. you want them to have fun. a good fun fact is the photo booth.

jon corzine thanked mf global.to the firm's bankruptcy and loss of $1.6 billion in customers' money. specifically the report says that he created an atmosphere where no one could challenge his decisions. corzine used to be the democratic governor of new jersey. >> steve: meanwhile, it could have been him. this morning we're hearing from the owner of the plane that crashed into a home leaving three people dead. roger latham was supposed to be on the plane with three pilots heading to an faa safety conference. at the last minute, he decided to go hunting instead. >> horrible thing. i don't really know what to say about that. i kind of feel guilty in some sense. >> steve: he is awe live. the pilots are now being identified. john tilten, wc young and david williams. they had just taken off when their plane sputtered and crashed in jackson, mississippi. >> brian: police busted bon jovi's daughter after she overdosed on heroin. she's 19. she was found unresponsive inside her it dorm at hamilton. she was rushed to the hos

well, we found that jon corzine contributed greatly to the demise of this company. his company was already struggling somewhat. they've had some problems with our internal controls, they brought mr. corzine in. mr. corzine was charged with turning the company around. he decided the way to do that was to make it a mini goldman sachs. and unfortunately, that plan did not pan out for the company in him a the sentiments later after mr. corzine took office, this company failed. this break down in communication in the regulatory community. we saw that with the cftc and sec were not talking to each other, there were some actions being taken that were shared for some of the other regulators and has even the court nation, if you can call the court nation, communication really didn't start taking place until the last hours and days of mf global. one of the things we need for market to be as open and transparent and companies have a think a fiduciary responsibility to make sure they provide accurate information to investors and lenders in record participants out there. we feel

obviously, as we see in the report, we are pretty clear that we feel jon corzine was the primary culprit for the demise of mf global. [inaudible] >> well, in the at this particular point in time, like he said, some of the agencies have their investigation going on. we didn't have access to all the records, so we didn't know where the cftc and they are in their recommend nations and their findings. we hope at some point in time they release their findings as well. we weren't on a witchhunt here. we were on a five-time family feel represented fairly pathetic some chronology of what happened and a little bit of why it happened and hopefully as i said this becomes a discussion document to move forward. yes, sir. >> chairman bachus noted the farmers and ranchers and in the report, do you think the users should be more confident or less confident going forward using this market? >> well, what we are hearing insert after some what we are hearing impact. people have moved their businesses. they are taking a closer look at who they do business with and the counterparties and off the structure and

this money was not in any joint account with " jon corzine. it was a separate account. it was not a joint account. it was as if someone took your pension money and went to las vegas and gambled away that would be wrong. that is what happened here. it was not mf global's money. they had no right to use it. had they used it and had they made a profit on it, these farmers and ranchers would not have seen the progress. -- that profit. it was only when they lost it. if you missed everything else, this guy had the reputation, a former senator, he was politically active. to give you some evidence of that, when the cftc chairman was asked to investigate this and take charge, he said i cannot do this because we were friends on wall street. i am going to have to recuse myself. well, should we have someone that cannot, as a friend of someone and cannot get involved in it or does not feel like he can be fair and impartial in that position? i was actually shocked when he said that. doesn't he know he came from wall street, doesn't he know everybody on wall street? aren't there four

asking a court for permission to subpoena the commodities brokers executives, including former ceo jon corzine, although no one's seen him. the commodity customer coalition is an advocate for trader customers who lost money when mf global went under. it wants to question mf executives under oath. we used to have him on here a lot. have we placed the call? is he returning our calls? yeah, call me. judge denied a similar request in february. and while corzine has stepped down, some executives remain at the company and they're assisting in its wind down. >>> bankruptcy beard dino, california has devoted to halt payments in an effort to try to balance its budget. the city will present the plan to a bankruptcy judge on friday. sa they need to close a nearly $46 billion budget deficit. new york and new jersey need at least $71.3 billion to recover from the devastation of super storm sandy and prevent similar damage from future storms. this is according to the state's latest estimates. that total of course could grow. steve liesman has been crunching the newspaperup i numbers and hn the next hour. th