but becker had received an inheritance from his mother that included madoff funds. becker may face charges with the justice department. media in 2011-- it's all about cutting out the middleman. harry lin explains. he's executive-in-residence at idea-lab, a technology incubator in pasadena, california. >> one of my favorite $10 words in the tech industry is "disintermediation." basically, it means cutting out the middleman. the internet is a massive driver of disintermediation, especially in media industries. lets talk about tv and books. back in the pre-youtube days, if you had creative talents suited for television, you'd, well, try to get a job in television. you'd pitch your project to a network or studio, or you'd go to auditions and try to land a role or an agent. today, though, there's the phenomenon of the youtube star, a self-made talent creating his or her own videos and directly reaching millions of viewers. some of these 20-somethings make six figures off their ad revenue. very few of them are pitching themselves to the traditional television industry. "w

madoff? >> i do not believe any of that. >> has any investor been compensated anything from your efforts and from the efforts of the sec? >> i would have to get back to whether any fines or penalties went into a specific fund. >> so we have the most highly visible investor defrauding that has ever occurred and you do not know the answer to that? >> because our goal would be enough to take money to the treasury and deprive -- >> i asked if any payments have been made back to investors. >> i am sorry. i just not know that. >> you understand that, from my point of view, how outstanding that is? back in 2008, and as the company had assets of two billion dollars. they had solar cells. they had public money and went bankrupt. do you have that on your radar scope? >> i am not familiar with it. i will have to get back to you. >> spectra inc. spun off from intel. they took money from goldman sacks, who you do have. specter was a private firm, but it took lots of money from goldman sacks. they also too

the problem with madoff, madoff happen, because of the regulators.if we didn't have security regulation, i don't think bernie madoff could have gotten as big as he was there would have been more due diligence. because he had the blessing of the regulators, nobody questioned him. i think the industry could be -- would be better off if we had none of this regulation. i could provide my customers with different services much more rebust, i could charge less and i wouldn't have to spend much of my time complying with the rules and regulations zaps you of your energy almost like you don't want to come to work in the morning. it takes the fun out of business. people might wonder this guy is rich, why doesn't he just play golf, go fishing. a lot of entrepreneurs in addition to make money enjoy running and growing a business. the government takes that joy away. when the government runs your business and tries to micromanage it with all these regulations, a lot of people say i don't want to do it any more. some of the hashest regulations fall on companies whe

most of these cases got little attention but the media loves arch criminals like financier bernard madoff he's a complicated white collar crimes of which the government does not have the resources to throw really prosecute and the white collar criminals know it so they set it up not as a single transaction that's a crime but a series of transaction. once that it's all put together makes it a crime but to do that you have to go beyond the prosecution of one wrongdoer and look at the way wall street itself became a ponzi scheme you have to examine a pattern a system of criminality which brought the investment and real estate worlds together in a multi trillion dollars. scam. to simplify there were three interconnected rings in this circus involving the biggest firms in the industry it started in the real estate business where our desire for homes the him her dream was turned into a scheme first pretty tory subprime lending over years got people into mortgages they couldn't afford and that the lenders knew they couldn't sustain it was enabled by artificially low interest rates with financing

the mets invested heavily with ponzi schemer bernie madoff and are facing a $1 billion claim by madoff victims. >> we're learning from routers that u.s. security regulators are asking for the recipe to their secret sauces. the securities and exchange commission and the financial industry regulatory authority want them to hand over the details of their trading strategies including secret computer codes. the regulatory agency says it wants to see the algorithms as part of an investigation into suspicious market activity. the securities and exchange commission says it wants to see the codes to better understand the electronic trading market. >> susie: here's what we're watching for tomorrow. as we mentioned, we'll see the august employment numbers. economists expect to see 80,000 jobs added to payrolls. also tomorrow, the tug of war in the market between recession fears and strong corporate earnings has our friday "market monitor" guest thinking big. jack ablin of harris private bank will tell us what large cap u.s. stocks he is buying. oil prices inched higher today after major oil and g

bernie madoff stole billions of dollars and is now serving a one hundred fifty year sentence and federalprison as he should be but here's a couple all of wall street banks or us who stole over seventeen trillion seventeen thousand billion from u.s. households between two thousand and seven two thousand and nine and not one damn person is in jail because of that because you of as much as it does me it's time for these crooks to join their old buddy bernie madoff in jail and for the government to confiscate from these banks the hundreds of billions in bonuses they paid themselves with our dollars and that's the big picture for tonight. craving alerts that doesn't that it appears that we've figured out exactly why the rich.

madoff? >> i do not believe any of that. >> has any investor been compensated anything from your efforts and from the efforts of the sec? >> i would have to get back to whether any fines or penalties went into a specific fund. >> so we have the most highly visible investor defrauding that has ever occurred and you do not know the answer to that? >> because our goal would be enough to take money to the treasury and deprive -- >> i asked if any payments have been made back to investors. >> i am sorry. i just not know that. >> you understand that, from my point of view, how outstanding that is? back in 2008, and as the company had assets of two billion dollars. they had solar cells. they had public money and went bankrupt. do you have that on your radar scope? >> i am not familiar with it. i will have to get back to you. >> spectra inc. spun off from intel. they took money from goldman sacks, who you do have. specter was a private firm, but it took lots of money from goldman sacks. they also too

what's important is my father was honest and madoff is a convicted criminal.ights through their employment to future benefits that future workers will pay taxes to support. this is a long-term contract, and under any long-term commitment of this kind, circumstances are going to change and adjustments are going to have to be made. >> reporter: i heard governor romney talk about the possibility of means testing, of phasing in raises in benefits over a slower schedule, raising the retirement age. would these help secure the program into the future? >> there's a gap projected for the future between revenues and expenditures. either you have to raise revenues or you have to cut benefits. the political debate today is about the mix between the two. that's part of the debate in any event. my own view is that the benefits currently are relatively modest in size. they're lower relative to earnings than they have been in the past and are scheduled under current law to go down, and they are very modest compared to the benefits paid in other developed nations. so i think

thank you. >>> she'sen being called the bernie madoff of campaign treasurers.ations. >>> one democratic lawmaker says she may be the bernie madoff of campaign treasurers. california woman accused of stealing more than 1 million in campaign funds. let's go to los angeles. cnn's casey wian is joining us live. what's going on here? >> reporter: well, wolf, earlier this month the fbi arefed a woman named kinde durkee on suspicion of fraud, well known in california as a campaign treasurer for dozen of candidates and political organizations. and she's accused of pocketing at least $1.5 million in campaign contributions. >> reporter: senator diane feinstein, congress women loretta sanchez and susan dave swiss several california state lawmakers are confirming campaigns each lost hundreds of thousands of dollars in donations because of alleged fraud by this woman, kinde durkee. her burbank california company was hired by democratic lawmakers and political committees to manage donations in accordance with strict campaign finance rules. but an fbi complaint alleges durkee

he is like bernie madoff. he has, in my opinion, stolen i think $1.50 million over all of those people we have investigated. he is now using this board of appeals as weapons against previous people and now using it against us. we wish we could accept any appeal from any neighbor or anyone. we would love it if you could not accept an appeal from w.b., as i have fired him as our manager when we saw he had stolen hundreds of thousands of dollars from us, so as john mentioned, we have litigation against him, and we will try him and hope the criminal- justice system will prevail in getting w.b. coyul -- coyle. again, my objective is to tell you there are a lot of victims and that he is using you to grass and cause terrorism to the victims. -- to harass and cause terrorism to the victims. please use your methods to stop that. director goldstein: thank you. next speaker, please. >> walter paulson. ♪ hope you find the time and that your items turned out great and that they are really fine, and go at it like a fiend, a

jenna: hands down bernie madoff. >> hands down. jennawhat bernie madoff did he promised his investors high return with low risk. he did that he came good on that by taking the money from his newer investors to pay his longer term investors. what are we doing as younger workers we are paying into our social security funds that the retired workers then get to take advantage of. here is the problem, when the pool of money dries up, which is what happened to bernie madoff, he got caught after the 2008 financial market passed he had no money to pay his longer term investors who were looking to cash out. if you look at the debt and deficit problems in our country there is concern whether the retired workers in the very near future will get their due cash pay outs. jenna: with the government ideally being transparent is that the broader point, that because we know these issues are out there it's not a ponzi scheme because no one is lying directly to us? there is the assumption there are some challenges ahead. >> keep in mind a ponzi seem

the case stems from the team owners alleged involvement in the bernie madoff ponzi scheme.laintiff in the case said that the mets owners were willfully blind to the fraud as they reaped $300 million from their investments with madoff. the mets owners deny the charges but could still be on the hook. the plaintiff can recover the mets' owners profits if he can prove that the team owners did not provide value for the money they received, andrew. >>> well, a strong storm is heading for china. a typhoon slamming into the philippines on tuesday, leaving death and destruction in its wake. how china is now preparing for its arrival just ahead. i realized i needed an aarp... medicare supplement insurance card, too. medicare is one of the great things about turning 65, but it doesn't cover everything. in fact, it only pays up to 80% of your part b expenses. if you're already on or eligible for medicare, call now to find out how an aarp... medicare supplement insurance plan, insured by unitedhealthcare insurance company, helps cover some of the medical expenses... not paid by medicare

. >> it was an airtight scheme that trumps the bernie madoff scheme. >> i respectfully deny to answer any questions. >> received nearly a half a billion dollars in federal loans to launch the solar panel plant last year. it abruptly closed its doors last month just after reporting a surge in sales of it solar panels. nearly half of the 1100 employees layed off when solyndra shut down. organizers are looking to fill a thousand open positions at 38 companies. many of them competitors. layed off workers say they expect their skills are transferable to other high-tech industries. >>> likely you know someone that turned their backyard into a garden. elizabeth cook shows us the potential gardening danger that a lot of people never even think to look for. >> urban gardening, an idea that's growing. >> we are sitting on a third of an acre. a typical lot. i have 30 variety of berries, greens, artichokes, kale, tomatoes, pep pers. >> the entirety of this garden is a year and a half old. >> more impressive. >> this is my first garden. >> sits on land that used to be an orchard. about six miles a

. >>> still to come, he's been called the bay area's version of bernie madoff. >> there's no excuse for them not having caught kobayashi in what he was doing. >> prosecutors say he stole millions from investors. now victims want to know why no one caught on. jessica aguirre takes us in depth. >>> plus, keeping pets with their owners during a struggling economy. we'll introduce you to a woman with a unique plan to make sure man's best friend gets fed. >> and good samaritans rush to help a motorcyclist trapped underneath this car. >>> and drizzle for your morning commute tomorrow, but you may be surprised by how cool things get in your seven-day forecast ahead. ♪ ♪ [ female announcer ] because you never stop improving your recipe... we never stop improving ours. we've added a touch of philly cream cheese to kraft natural shredded cheese, which adds a touch of creamy to any dish. kraft touch of philly shredded cheese. we're not just making great cheese. we're taking it further. ♪ >>> when you think of food banks, you think of people. but what about pets? many are going hungry in these toug

documents from early investigations into several major banks and convicted ponzi schemer bernard madoff were illegally destroyed. s.e.c. officials say the former policy that allowed staffers to discard documents has since been revised. >>> finally, say good-bye to brownies baked under a bulb. energy efficiency has sparked a modern makeover for the easy-bake oven. the old school 100-watt incondescent bulb has been replaced with a heating element like you'll find in a grown-up stove. >>> mariano rivera's pursuit of the major league saves record is put on hold. apparently it wasn't time to forgive and forget at last night's dodgers/diamondbacks game. your early morning sports headlines are straight ahead. >>> and our well-advertised taste of fall is moving into the eastern half of the country. your forecast is coming up. you're watching "early today." >>> good morning. if you are just waking up, this is "early today." in sports, the mlb playoffs are just starting to take form with the phillies clinching the first postseason berth. here's nbc's fred roggin with an early look at all your spo

bernie madoff, wizard of wall street. >> he wants to put more money on wall street where bernie madoff is. the average americic, i don't think is ready to go for that radical move. >> to dana's point, i think some of the rhetoric will help him with the base that exists. but he's going to have some problems. at some popot during one of these debates, one of the candidates, maybe it will be mitt romney, who will say, there's only one candidate on the ste here who has voted for tax increases. including the biggest tax increase in the history of texas. that was rick perry. it was a long time ago. he was a democrat. but there will be issues that the tea party, the hard, right conservatives will go after rick perry on. >> you mentioned mitt romney, who was the front-runner until rick perry jumped in. where does he need to go now? he's sort of been posting on his record, being the front-runner. what does he need to do tomorrow and in the coming days, in these debates? >> they know they have an issue here. look, for three years, christiane, mitt romney has been essentially the front-runner in

. >> it was an airtight scheme that touches are the bernie madoff scheme. >> lawmakers demand to know how solyndra executives could tell them that the firm was prospering, doubling sales of its solar panels, and then file for bankruptcy just a few months later. >> on the advice of my counsel, i invoke the privilege afforded to me by the fifth amendment of the constitution of the united states. and i respectfully decline to answer any questions. >> i respectfully decline to answer any questions. >> the hearing was then cut short. solyndra had closed its plant in august laying off 1100 employees. and a week later they filed for bankruptcy and the fbi agents raided the office in search of evidence of wrongdoing. >>> half of the employees laid off from solyndra saw each other again for the first time today since being laid off. but it wasn't for any kind of reunion. don ford on how they are looking to transfer their high- tech work skills. >>> reporter: hundreds of laid off solyndra employees attended a special high-tech jobs fair today at the ohlone college in newark. ex-solyndra competi

documents from early investigations into several major banks and convicted ponzi schemer bernard madoffere illegally destroyed. s.e.c. officials say the former policy that allowed staffers to discard documents in closed cases has since been revised. >>> finally, say good-bye to brownies baked under a bulb. energy efficiency has sparked a modern makeover for the easy-bake oven. the old school 100 watt incandescent bulb has been replaced with a heating element like you'll find in a grown-up oven. >>> mariano rivera's pursuit of the major league saves record is put on hold. apparently it wasn't time to forgive and forget at last night's dodgers/diamondbacks game. your "first look" at sports is straight ahead. [ female announcer ] investing for yourself isn't some optional pursuit. a privilege for the ultra-wealthy. it's a necessity. i find investments with e-trade's top 5 lists. quickly. easily. i use pre-defined screeners and insightful trading ideas to dig deeper. work smarter. not harder. i depend on myself the one person i do trust to take charge of my financial future. [ bell dinging

graduate student cally madoff says the group is protesting the ever rising cost of higher education. >> this is day one. that doesn't necessarily mean that tomorrow is day two. >> reporter: police say it's an aggressive tone. earlier in the day, pro-testers cornered a female officer and grabbed at her gun belt. >> they physically pinned this officer between two of these and one person grabbed at her gun belt and was able to pull one of the magazines for her firearm out of the pouch. >> reporter: protesters say it was chaotic and claim police were too forceful. >> it was a very confusing time, but more importantly, the police were at that moment literally grabbing people by their arms and tossing people out the door. and using pepper spray. >> reporter: uc berkeley has some cleaning up to do. graffiti is painted on walls and a window is broken. police made two arrests tonight. the rest of the protesters were allowed to leave the building, but police believe tonight's action is over but they are prepared for more action tomorrow. reporting live, jean elle, nbc bay area news. >>> new to

>> yes, you know, there was a cartoon in the new yorker p sob was asking bernie madoff what was your inspiration? he said social security. okay? that's true! i'm not making that up. okay. so that's in fact, what you have in social security as we all know, millions of people who will be beneficiaries over the next several decades, and the funding still isn't there. if nobody is willing to address it either by postponing the age at which you get it. so in one sense it's clearly a false basis for the financial structure. >> before we proceed with this, i have to emphasize that you must go to the exact quote of governor perry. he's talking about the corrupting effect it has on the outlook of young people today, because they think there's going to be a social security fund. and he's careful to say that. >> he's not thinking about social security. he's talking about the impact on young people and the falsification that is present to them because there's not going to be anything there. so it's a ponzi scheme as far as they're concerned! it's limited to them! >> we all know that -- >> he is

he was called by some the bernie madoff of the bay area. we caught up with him as he was leaving the courthouse in oakland today. he had no comment. but in court, he did openly apologize to his former clients. kobayashi has to report to prison next month and has to pay $5.4 million in restitution. >>> new tonight at 11:00, secretary of state hillary clinton is in san francisco tonight, meeting with australian diplomats. but diplomacy of a much more sensitive kind is unfolding overseas as the push continues to free two former uc berkeley students jailed in iran. cheryl hurd is live in san francisco where clinton is spending the night. cheryl? >> reporter: secretary of state clinton left about two hours ago. no doubt on her mind the possible release of two jailed hikers in iran. secretary of state hillary clinton waved at a small crowd of onlookers as she entered boulevard restaurant in san francisco. as diplomacy was taking place inside between australian dignitaries and the u.s., there's a struggle going on in iran for the freedom of uc ber

. >> it was an airtight scheme that trumps the bernie madoff scheme. >> i respectfully decline to answer any questions. >> lawmakers demand to know how solyndra experts say they could tell it was prospering and file for bankruptcy a few months later. half of the 1100 employees layed off when solyndra shut down attended a job fair today. organizers are looking to fill a thousand open positions. solyndra competitors are competing for former workers. layed off workers say if they don't get back into the solar industry, that their skills are transferable to other high-tech industries. >>> meanwhile, in san francisco today, governor jerry brown threw his support behind the upcoming america's cup race. he signed some legislation that will help the city finance port improvements needed to host the event and streamline development by cutting through some red tape. >> it will put $40 million a year available for infrastructure, fixing up everything. so san francisco can take the lead in the world cup. >> and the governor says the race will create about 8,000 jobs and inject more than a billion do

. >> bernie madoff. >> neil: you're right. >> but that's another story. it, we did bail out the banks. we bailed out the banks. why shouldn't the consumer who acted just as wrecklessly as the banks, get a piece of the action as well? >> neil: kristen, what do you make of this? >> this is the woman that confused hank paulson with ben bernanke. this is the woman that wanted to nationalize the oil business. >> give her credit. she represents her district well. >> neil: each day you come in with a different -- >> do you want me to read from the script or something? >> neil: are you for a capitalism or are you against it? are you for coddling or are you not? that's all. >> i'm just a nasty s.o.b. >> neil: allallall right. now you know the way to his heart is simply watch "fox business" network. which is not a bad goal. my thanks to charles and kristen for joining us. september is off to a rocky start after a very, very rocky august. but these two guys are here with stocks they say will make some of that money back for you fast: >> stocks ready to snap back. >>

culpability of the guy at the top by working from the bottom the problem that you have in the bernie madoff cases they've got the guy at the top first and he's protecting the other three layers underneath all story a lot of the extraction tends to be very borderline illegal because the people extracting tend to be the ones setting up the legal framework route economics is what limited not only calls it in our new book with the reason why the line between what is criminal what is now criminals disappear it's because a did it would say well when you remove all that is fiction when you remove all the controls then of course what this legal and want this illegal so you're you're creating a crime scene and you're creating the crime and you are. effectively combining the police officers all at the same time only in the form of a regulatory body or. for the laws that work for wall street in june two thousand and nine the f.b.i. said it was investigating thirteen hundred securities fraud cases including many ponzi schemes his will is more than five hundred eighty corporate fraud cases most of these

and next who discovered the real story behind ponzi king a bernie madoff look into why white collar crime is driving that's up next. who had brought down wall street. hedge funds. back in two thousand and seven with the blues still in full swing my business partner e. o'connor attended this party just off wall street for traders under the age of thirty. it reeks of affluence. shiny cars the beautiful people. only clubs where the sums can be invested in complicated vehicles in secret outside the prying eyes of wall street regulators soon all of the traditional investment firms have there is no wonder so many of these young people wanted in and at the top. and i personally spent five years in a private equity and then made the decision instead of going back to business school to move over to the public side so that was a conscious decision on my part i think most people probably get involved because there is an opportunity to move up the ranks and make more money at an earlier age in hedge funds and there isn't private equity which is the natural progression after a couple years in an inves