. >>> the death of mark madoff officially ruled a suicide, the son of ponzi scheme operator bernard madoff hanged himself. his body was discovered saturday, the second anniversary of his father's arrest and the worst investment fraud in u.s. history. manuel gallegus reports. >> reporter: mark madoff could never shake so many people's suspicion he must have been involved or at least known about his father's elaborate ponzi scheme. the medical examiner confirmed the 46-year-old did take his own life. madoff's father-in-law discovered him hanging from a dog leash in his posh apartment as his 2-year-old son slept in another room and his wife was away at disney world with their daughter. a lawyer for his mother, ruth, said simply, ruth is heartbroken. there's been no public reaction from bernie madoff, currently serving a 150-year sentence in a federal prison in north carolina. >> i have no comment. i'm sorry, i can't help you. >> reporter: since the scandal broke, the pressure has not let up on mark or his brother, andrew who ran the firm's

for nine billion in new york court so the trustees of the bernie made up ponzi scheme that collapsed with what sixty billion dollars lost they are suing h.s.b.c. and j.p. morgan for their role in aiding and abetting bernie made off and what is a ponzi scheme what did burning made off to go back to the numbers you spoke of at the top of the show one hundred trillion dollars in derivatives two trillion dollars in equity as the derivatives need to be rolled over they use fabricated new derivative contracts to pay off the bad debt that this coming due in the short term so it's a ponzi scheme the company is a huge ponzi scheme with bernie made off on steroids drinking four loko inhaling alcoholic whipped cream that's the stock price it's so far overvalued that just looking at it will give you you know not to. do something right we're. well ben's want to think of the brands we come up through the water and you're going too fast and you get something out of the look that up we'll put it put a graphic what i'm trying to say in post-production and the people will know what i'm trying to say i

and coming up next, the inside story of why the eldest son of ponzi seemer bernard madoff took his own life this weekend. hey! you're gonna wash the deck. i love it. not wash. power wash. ok. whoa. [ female announcer ] life comes with headaches and that's when people reach for excedrin. excedrin starts relieving headaches faster than extra strength tylenol and advil. the deck looks great. oh, we just washed it. well, not washed, power washed. big difference. hum. big. [ female announcer ] excedrin. for life's headaches. affect wheat output in the u.s., the shipping industry in norway, and the rubber industry in south america? at t. rowe price, we understand the connections of a complex global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment objectives, risks, fees, expenses, and other information to read and consider carefully before investing. and other information to read and consider carefully ah, it's stinging a little bit more than usual! y

>>> later the fallout from bernie madoff's ponzi scheme, a really tragic horrific development over the weekend. another life claimed, this time his son's. htness in my chest. so i went back to my doctor again. we chose symbicort to help control my asthma symptoms all day and night. [ man ] symbicort improves my lung function, starting within 15 minutes. symbicort will not replace a rescue inhaler for sudden symptoms. it is a combination of two medicines and should not be taken more often than prescribed. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems, and children and adolescents may have an increased risk of being hospitalized for asthma problems. symbicort is not for people whose asthma is well controlled with a long-term asthma control medicine like inhaled corticosteroids. once your asthma is well controlled, your doctor will decide if you can stop symbicort without loss of control, and prescribe a long-term asthma control medicine. be sure to see your doctor if your asthma does not improve or gets worse. symbicort is a good

most of us thought no one would ever find bernie madoff's money from that massive ponzi scheme. but today, a motherload. the largest pay back in american history. more than $7 billion being returned. and who is giving it back? a widow whose late husband made more money with madoff than anyone else. and brian voss here to tell us about it tonight. >> reporter: diane, his name was jeffrey picower, the single largest winner of all of madoff's clients, taking $7.2 billion over the last 35 years. but lawyers involved in the case say picower was more likely madoff's secret partner for decades. he made more money than madoff himself and might have faced prosecution without his death last year. the news from the federal courthouse was quite the christmas present for madoff's victims today. the fbi, the irs and the top federal prosecutor announced that jeffrey picower's widow had agreed to turn over all the money her husband ever got from madoff. >> because barbara has done the right thing, $7.2 billion more will now be available. >> 911, where is your emergency? >> reporter: picower dro

. >>> well, two years after ruining thousands of lives in a massive ponzi scheme, bernie madoff is still making headlines. take a look at the "new york post" madoff's final insult. he will not be attending the funeral of his son, mark, who committed suicide over the weekend. jeff rossen has the latest on all of this. it has really been a tragic twist to what is a tragic story for lots of people. >> yeah, it really has. bernie madoff apparently decided not to attend the funeral out of respect, he said, for his family. a fammy that has basically shub shuned him. his kids haven't spoken to him in years and bernie's wife, ruth, is furious with him and blames him for mark's suicide and now bernie madoff own grandkids may pay for his mistakes. at the madoff's connecticut estate, the family gathered monday, no comment as relatives came down the long, winding driveway. as they grieve mark's suicide, apparently depressed over the criminal investigation and lawsuits against him, his father, bernie madoff, has made a decision behind bars. he will not attend mark's funeral out of his consideration o

diana henriques of the "new york times" walks us through the latest developments in the bernard madoff ponzi scheme case. >> ifill: we track today's developments in the senate, as a plan to extend tax cuts heads toward a final vote. >> brown: and judy woodruff explores how a new nonpartisan grass-roots group called no labels wants to shake up the two-party system. >> ifill: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> this was me-- best ribs in nelson county. but i wasn't winning any ribbons managing my diabetes. it was so complicated. there was a lot of information out there, but it was frustrating trying to get the answers i needed. then, my company partnered with united healthcare. they provided on-site screenings, healthy cooking tips. that's a recipe i'm keeping. >> turning complex data into easy tools. we're 78,000 people lookingut f 70 llion amerans. that's health in numbers. united healthcare. to help neighborhoods in massachusetts, restore historic landmark in harlem, fund a local business in chicago, expand green energy initiat

by january 2007 -- will open more than two hundred ponzi cases alone. we've had great success in shutting down these schemes and putting those responsible behind bars. there's always more work to be done. we must continue to focus on intelligence and information staring, -- information sharing to predict and prevent these types of investigations. fbi agents and analysts are trained to identify emerging schemes and threats and we will continue to use sophisticated investigative techniques, including undercover operations, to successfully prosecute our adversaries and to find and stop criminals. the most important weapon in our arsenal is collaboration. we need the help of our many partners, including law enforcement in the private sector. there's no coincidence representatives from so many different agencies are standing here on stage. postal inspection service, secret service, the department of justice, the irs, the sec, the ftc, the commodities futures trading commission, the national association of attorneys general. together we are smarter. together

would never get any money back, but his wife agreed to give back $700 billion that he made off the ponzi scheme. even though the feds have auctioned off all of madoff's assets, it's still not enough. >> with close to $10 million recovered, we have now collected close to 50% of the principle that madoff's clients lost to the ponzi scheme. >>> stores are hoping that shoppers are ready to spend money on this last weekend before christmas. and as nbc bay area scott budman reports, they're pulling out all the stops to get shoppers in the door. ♪ >> retailers are braced for an onslaught of christmas shoppers this weekend. >> i'm going on my lunch break, i'm running around after work. >> i hope something is still there or get a gift certificate, which is what i'm doing today. >> even before this weekend, the national retail federation raised projections for holiday sales to grow 3.3% over last year. >> consumers looked like they were willing to splurge. >> that means stluplurging on discretionary items, too, like jewelry. >> last year it was a little tight, the budget was low. but this year it

for those who lost millions in the burnie madoff ponzi scheme -- >> $7.2 billion is the amount that the state of a florida philanthropist will pay back to the victims of party may off. >> it is the largest forfeiture -- victims of burnie madoff. >> it is the largest forfeiture. it is only fitting as an offset for the most epic fraud in his repaired >> -- at a fraud in history. >> this settlement provides a significant measure of hope for the many victims. >> the men died in 2009. his wife says that the tower was not involved in the man of fraud -- that pikhaur was not involved in the madoff fraud, but that giving back the money was the right thing to do. >> with close to $10 billion now recovered, we have collected close to 50% of the principle that the victim's loss to the ponzi scheme. >> it is a ponzi scheme that continues to hurt those who trusted one man. >> the discovery that is giving scientists a new place to search for life is next. >> and there is a new creative way to steal cars. >> police in kentucky are looking for inmates to help solve some of the state's cold cases. they

cash than they were able to take out before the ponzi scheme could lapsd had. there were many people who just left their fictional profit as cummulate. they never took anything out. and so they lost all the cash they put in those accounts. they are at the front of the line. they're going to be the ones who will share in this recovery. >> suarez: how is the trusty irving picard doing in recouping funds? well. >> well, without a doubt this is a good day for him with. this payment he will be close to $10 billion in the bank. he's also filed lawsuits, as you know, seeking another $50 billion from major banks, big hedge funds, other investors. and he hopes that some of those defendants will come to the bargaining table and enter into settlements like this so that he can collect even more money. but those are likely to be longer fights. some of those big banks are going to fight to the last fence so it's going to take some time. >> diana henriques from "the new york times"s. thanks for joining us. >> sreenivasan: wall street closed out the week on a quiet note. the d

his son hanged himself exactly two years after he told police about his father's ponzi scheme. he is serving a 150-year prison sentence for swindling $65 billion in an elaborate ponzi scheme. only inmates with two years or less pending on their prison term can go to immediateamily funerals >> this morning many people in sweden are under shock after a suicide attacks. one passer-by captured this video showing the fiery explosion. they received an e-mail attack right before the attack. it occurs to swedish soldiers in afghanistan and a controversial cartn of the prophet mohammed. it was the first terror attack in that country 230r0 years. >>> one of wileaks co-founders has broken off and isplanning to start a rival website. it will be called openleaks.org. the co-founder says wikileaks has become too focused on julian assange and it has weakened the organization. he said openleaks will act as an intermedia intermediary. >>> well, it literally slipped through their fingers. they forced overtime yesterday but an extra point proved to be their undoing. they were down 17-10. donovan

the widow returned $7.2 billion reaped from the ponzi scheme.t to see any more of their lost money but he hopes someone will. >> the money they get back, the better it is for investors that are out a lot or out everything. >> it's not going to do us any good. >> berkeley residents mark rosenberg and elizabeth lost accounts worth $450,000 they had saved for retirement. they got back $25,000 investment in an ira they thought was worth $170,000. they are angry with the sister set up and afraid they might end up owing money they took out, money they thought was their honest earnings. >> the security investment protection corporation is out to protect themselves. they are not protecting especially the small investor. >> she is an arrogant man. >> they have interviewed madoff in person. >> it's a settlement, ku doves to the u.s. attorney and bankruptcy trustee. >> $7.2 billion settlement meanings half of the $20 billion worth of fraud has been recovered. heather ishimaru, "abc 7 news." >> in other news this morning, a san francisco federal appeals cou

ponzi schemes fall apart when the market drops. that's exactly what happened here. >> when we come back, the health care bill may have passed but the battle has just begun. we'll go to the arena to follow the winding road that leads to the supreme court. stay tuned. >> diet and exercise are more closely correlated to health care outcomes and taxpayer health care spending than the ownership of health insurance policy. so if anything, there's greater constitutional warrant to require people to join gyms and buy broccoli than to buy health insurance policies. >>> this week, a federal judge struck down a key part of president obama's health care reform law which says individuals must have health insurance. it could be from the government, from your employer or you can pay for it yourself but you got to have it. the court says the government can't force individuals to buy health insurance. it comes down to the commerce clause which gives congress power to regulate anything that affects interstate commerce. >> here to discuss much -- how

mark madoff committed suicide over the weekend, the latest casualty of his father's massive ponzi schemeere's anthony mason. >> reporter: mark madoff was said to have despondent that he'd never find another job. it's a fear many former madoff employees have had to face. when you heard the news about mark this weekend... >> it was devastating. >> reporter: clive brown, who drove for the madoff family for 12 years remembers bernie's first words when he was hired. >> he said "clive, you'll always have a job with us just as long as you don't steal." >> reporter: but when madoff's own ponzi scheme collapsed, brown isn't even get a severance. >> no, we did not get not a dime. >> reporter: it was just over? >> yeah, everything was finito. nothing. >> reporter: two years later, he still hasn't found a job. did you think it would take you this job? >> no, absolutely not. >> stop & shop, a & p. >> reporter: john kelley has also faced two years of rejections and e-mails like this. >> "we'll need substantial convincing as to why someone who worked with the worst of scoundrels should be given any con

one victim of a large ponzi scheme in tennessee said we were such very good friends.we went to his house often. he was a brilliant man. that's how he was able to con people for eight years. financial fraud is not a victimless crime. criminals live lavish lifestyles as attorney general described in the senate lifesaver for me when i'm with uncertain financial futures. victims who might have to postpone retirement and fine second jobs, victims who may lose their homes, victims who are left wondering, what to i do now? to illustrate the scope of the problem, consider this. in the swimsuit alone, we have investigations and 48 of the 56 field offices nationwide. more than 120,000 victims, with an $8.3 billion in fraud, and losses. the mission of operation broken trust was twofold. to stop and bring to justice those that are responsible. focusing on 231 high-priority security fraud cases ranging from ponzi schemes in foreign exchange fraud to the classic pomp and dump schemes. the second goal was to raise awareness of the general public. the american people need to understa

. >> that comes of the barney made off -- bernie ponzi scheme -- bernie madoff ponzi scheme will get some of their money back. the eldest son killed themself on the two-year anniversary of his father's arrest. >>> redskins fans are scratching their heads over the fate of quarterback donovan mcnabb. >> he just signed a contract with the redskins. it looks like he will not be starting sunday against the dallas cowboys. we will get the reaction to today's decision. >> let me tell you, next week, he will be number 3. he is probably done here in washington. the news here was very definitive. the decision was made by one men and one man alone, mike shanahan. but i felt it was in the best interests of the organization. i told held once we were mathematically eliminated from the playoffs, i made the decision that i was going to start grossman. >> eight months ago, mike shanahan introduce donovan mcnabb as the quarterback they had been seeking all along. recent reports had donovan mcnabb on shaky ground. today, he did not speak to the media. he told "the washington post," donovan mcnabb has h

by the trustee trying to recover some of the billions of dollars lost by victims of bernie madoff's ponzi scheme. >> where is all this money coming from that the brothers still seem to have? children in private schools. we can't afford anymore to help our grandkids with private school. >> reporter: madoff timed his suicide, apparently, to coincide with the second anniversary of his father's arrest. marc madoff lost friends after the scandal, and those who knew him tell us he had lost hope and may have been considering suicide for some time. criminal charges were possible, though lawyers say none were imminent. in an e-mail to his attorney, he said, "no one wants to hear the truth." he added, "take care of my family." the suicide inside his living room came as madoff had been trying to pull his life together. he thought nobody else would hire him, so he considered starting his own business in public relations. his wife stephanie has told friends she has no plans to return here to the couple's apartment. today, the medical examiner confirmed madoff's death a suicide. the body will be releas

brian ross, who led the reporting on madoff's ponzi scheme, tells us something new tonight about thetims and the targets. sued, madoff's wife, ruth, who once lived a life of luxury from a penthouse apartment high atop manhattan, but who has been relegated to a condo in florida. we spotted her this year, though she had died her once blond hair red in an apparent effort of being recognized. >> this is your chance to say something to the victims. >> reporter: she still regularly visits her husband bernie at the federal prison in north carolina, where he is serving a 150-year sentence. prosecutors have also brought criminal charges against a handful of madoff's key employees, including his former secretary, who prosecutors say made millions of dollars by helping him pull off the ponzi scheme. but so far, there have been no criminal charges against ruth madoff or sons andrew and mark, or bernie's brother peter, although they are all being sued by the bankruptcy trustee for tens of millions of dollars. >> some of these people were in control or were absolutely in a position to understand w

he had full knowledge of madoff's ponzi scheme. the bankruptcy trustee found picower's purported annual rates of return were more than 100%, with some annual returns as high as 500% or even 950% per year. in fact, some investigators believe madoff was being black-mailed by picower, forced to give him billions of dollars in phony profits keep him quiet about the ponzi scheme. >> at this time, i'm not going to discuss what our investigation showed. >> reporter: in a written statement, barbara picower said she was absolutely "confident that my husband jeffrey was in no way complicit with madoff's fraud." madoff, now in prison, has kept his silence about who helped him in the scene scheme, but now with had i settlement, his victims stand to receive half and likely much more of the $21 billion in cash they initially put into his crooked hands. for "good morning america," brian ross, abc news, new york. >> and now we want to check the other headlines this morning. >> we do. >> good morning. >> good morning, everyone. >>> we begin with ne

squared or more fraud to cover up fraud ponzi scheme look a collateralized debt obligation or c.d.o. is a fictitious nonsensical piece of paper cooked up by quantz on crack who live in a dorm room next to wall street while they're stealing old ladies pension money a c.d.o. squared is just that fraud squared ok it's just it's just exponentially more fraud to cover up bad fraud i mean imagine remember that movie boys from brazil where they cloned hitler that's what a c.d.o. square it is their cloning fraud well didn't have a coli explains it like this fubar finance c.d.o. whole wawa you bury my losses i'll bury yours right well jonah to have a goal is a reaching deep into the current vernacular to come up with foobar which you can look up on google and find out what that stands for but yeah i agree with her and she also makes the note that this is fraud as a business model it's in the center line of fraud america is fraud this is just replaced all stars and stripes with some facsimile of a stars and stripes make it a banana republic make it like pineapples and fake zirconium gemstone a

scheme and one of the characteristics of the ponzi scheme is that you see exploding volume and exploding revenue very rapidly and that is what banks and investment banks saw this became a larger share of their revenue now in order to be able to pay all of that you needed money from new investors to pay off old investors and those were the mortgage lending people who invested in mortgage lenders who were getting double digit dividends the fees and bonuses that were being extracted by people who ran mortgage lenders just look at angelo mozilo compensation as a case in point and then the investment banks whose managers and employees were taking unprecedented salaries and bonuses then she addresses this issue that we couldn't have seen it coming right this is the excuse everybody is using so take a little look at this clip and crony capitalists are excusing this behavior today with a lie and that lie is oh well you know the rating agencies the banks they thought that housing prices were just going to continually go up but i'm here to say that no structured finance professional uses in the su