a smart ponzi scheme your while. so if you think you can defend yourself from a ponzi scheme or by staying alert to anything that sounds too could be true, back as an amateur. look at caught long before he gets to you. it's the pros who will make it sound just good enough to sound attractive, just good enough to interest you, but not so good that your red flags are going to start waving and your alarm bells will start going off. so that is another one of those lessons i think we need to learn about the modern ponzi scheme. >> any venue were taken in -- not financially, but -- >> i did, i did. just to give you a sense of how persuasive he was. i interviewed madoff in prison. i was the first journalist to be able to go interview him in prison in august of 2010 and a deal that the lawyer insisted on was the interview with embargoed for this book. he didn't want it thrown out into the media if there is a media firestorm engulfing his family at that point he get water fluid poured on the fire. so that was the deal. i will

a smart ponzi scheme your while. so if you think you can defend yourself from a ponzi scheme or by staying alert to anything that sounds too could be true, back as an amateur. look at caught long before he gets to you. it's the pros who will make it sound just good enough to sound attractive, just good enough to interest you, but not so good that your red flags are going to start waving and your alarm bells will start going off. so that is another one of those lessons i think we need to learn about the modern ponzi scheme. >> any venue were taken in -- not financially, but -- >> i did, i did. just to give you a sense of how persuasive he was. i interviewed madoff in prison. i was the first journalist to be able to go interview him in prison in august of 2010 and a deal that the lawyer insisted on was the interview with embargoed for this book. he didn't want it thrown out into the media if there is a media firestorm engulfing his family at that point he get water fluid poured on the fire. so that was the deal. i will

a smart ponzi scheme your while. so if you think you can defend yourself from a ponzi scheme or by staying alert to anything that sounds too could be true, back as an amateur. look at caught long before he gets to you. it's the pros who will make it sound just good enough to sound attractive, just good enough to interest you, but not so good that your red flags are going to start waving and your alarm bells will start going off. so that is another one of those lessons i think we need to learn about the modern ponzi scheme. >> any venue were taken in -- not financially, but -- >> i did, i did. just to give you a sense of how persuasive he was. i interviewed madoff in prison. i was the first journalist to be able to go interview him in prison in august of 2010 and a deal that the lawyer insisted on was the interview with embargoed for this book. he didn't want it thrown out into the media if there is a media firestorm engulfing his family at that point he get water fluid poured on the fire. so that was the deal. i will

funds to feed the ponzi scheme f.h.a. ginnie mae fannie backed freddie mac. fannie mae they're all best lee bundled together in this huge ponzi scheme where the underlying asset is houses but house prices are going to go down and as the economy continues to shrink and as tax revenues continue to collapse because everyone is continuing to pick up part time jobs at least a full time jobs then the bailouts continue but the bailouts are based on more car money which means that the whole system becomes more unstable but hey the top one percent it gets richer in providing the arson that is the economy now you are the victim of a slap suit as a p.p. as a result of your reporting on a case of mortgage lending fraught related f.h.a. loans tell us about you know this was related to one of the most egregious scams as i mentioned there are people who had various ways are frauds only getting these mortgages underwritten by f.h.a. and backed by the government and one of the most egregious scams was what is called seller funded down pay

had to come clean that's a ponzi scheme so social security it's by definition a ponzi scheme the way it's constructed the fact that the government has borrowed against social security to invest in their friends on wall street to create trillions more phantom paper assets to drive the cost of living higher beings that social security won't be able to cover the cost of living if they had not left the if they just left the cash in the accounts then that would not have happened in the movie would have lasted another fifty years but because it's been unmercifully pillaged by government now it's running out it'll run out a lot sooner than that statement but i predict it will run out in ten years well max one final thought there is you know the youngsters left behind when all these retirees and baby boomers go south to mecca. the cocos three could to retire you have a fence there a border fence you could keep them out i told you when they put that fence between mexico and america that this was not about keeping mexicans out it's about keeping americans in ok they don't want them escaping th

he had moved on to bigger pools of money. >> there are two pieces to a ponzi scheme. you always have to attract new investment, and you have to make sure that all... you don have a sudden outflow. the key is stability. >> smith: by the '90s, madoff had already formed alliances with financiers like ezra merkin, president of new york's prestigious fifth avenue synagogue; stanley chais of beverly hills, who worked the hollywood crowd; and bob jaffe of boston and palm beach. >> people who had access to madoff, whether they were advisors or accountants or attorneys or... or fund-to-funds built sort of a cottage industry of just feeding money to bernie and it sort of mushroomed. >> smith: madoff was also being courted by private bankers, mostly from greenwich, connecticut, the capital of the hedge fund business. one of the first to knock on his door was jeffrey tucker, a former sec lawyer with a love for horse racing. he joined private banker walter noel to found fairfield greenwich group. >> fairfield greenwich started as a small-scale investment advisory business led by a

i ponzi scheme is for a typically and lasted themselves, thus the first big via ponzi scheme or has tosell this to himself. and they almost always ironman. i don't know why, but you can count on two hands the number of female ponzi skimmers. so i'm using my pronoun advisedly. i don't know if madoff is telling the truth about that. i do believe the ponzi scheme he constructed begins sooner then you claimed it did. but his story, that is footnoted was least reviled source in history, but his story is that some of its large client got nervous after the 1997 market crash and started to make with draws the fun they had promised they continue to invest in that preston and preston back into a corner and in 1992 he finally started stealing a little money coming in from hedge funds to cover withdraws from long-term clients, thinking the market would recover in this strategy would work in and he would be able to work his way out of this hole. by 1998, the whole was billions of dollars deep and he said he knew he would never get out. and he spent the next decade to expect dean to fall at any mome

reserve of gold ponzi we'll look at the evidence as the f.t.c. commissioner bart chilton says. because it's out there all the time and. we have a. little we. got the condominium and bureau of u.s. and some asian markets are closed for the easter holiday so no big market reaction there today but you can still get a reaction here to the response your comments let's get to today's capital accounts . now a few years ago this statement by jeffrey christian an established member of the commodities industry and founder of d.p.m. group became a really big deal when it confirmed a lot of suspicions when he admitted the leverage in the paper market for gold take a listen the previous owner was talking about use of paper on paper and that's exactly right precious metals are from the usual way in life currencies and she bills and she's gone for the trade in the multiples of a hundred times the underlying physical so in other words there were many more outstanding claims on gold then there was physical gold now this issue remains open to this day nothing has

>> we now know about the ponzi scheme. thinks to bernie madoff. that is very old from the 20th century but but it has come to new nearly unchanged even over the past years well after madoff made headlines the sec has continued to prosecute over 200 ponzi schemes which i find incredible. so once you know, how the con is work to your not susceptible. you cannot be inoculated. some con do not die out and about particular to a moment in history. upon the scheme is the best instance. a few weeks ago there was an homage man that ran a ponzi scheme. [laughter] it is true. he did not intend to defraud but that is one answer. they all have been on the internet and also the most famous is the nigerian 1419 scheme that is the name of the con. where a deposed nigerian prince some now come out of the middle east have a treasure that is locked up in through bureaucratic take you can help them to unlock the treasure in did to help you would get a share. it does have a similar structure to the big con nobody can ever be swindled by something that is obviously not

reserve gold ponzi scheme we'll look at the evidence as the f.t.c. commissioner bart chilton says. because it's out there all the time and. we're going to. be. stop the pons a millennium and you're out us and some asian markets are closed for the easter holiday so no big market reaction there today but you can so get a reaction here to the respond your comments let's get to today's capital accounts . now a few years ago this statement by jeffrey christian and established member of the commodities industry and founder of c.p.m. group became a really big deal when it confirmed a lot of suspicions when he admitted the leverage in the paper market for gold take a listen to preview go dark in gone. and then the right move for new to one hundred and one current. the trade in a more full one hundred time. will so in other words there were many more outstanding claims on gold then there was physical gold now this issue remains open to this day nothing has been resolved concerns about market manipulation continue and here to tell us how to what extent and rea

and is so ponzi is the best instance of that. actually, a few weeks ago there was an article about an amish man who ran a ponzi scheme. so, yeah, it's true. [laughter] and his, he didn't intend to defraud investors, but he did. so that's one answer to your question. another answer would be, well, of course, there are plenty of cons that are particular to our time, and they all happen on the internet. the most famous we all know about the nigerian 419 schemes. they're not all from nigeria, but that's the name of the con. if you go to the sec site, that's the one they're going to warn you against, there's some deposed nigerian prince or, you know, some high-up executive. a lot of them come out of the middle east as well, and they've got some sort of treasure that's, um, locked up in some bureaucratic way. but you can help them unlock that treasure in some complicated way that will generally involve traveling to lots of foreign countries. but if you invest in that cause, you'll get a share of that treasure. um, and it's hard to beli

so ponzi is the best interests to cut instance of that.here was an article about an honest man who ran up on his skin. it's true. [laughter] and he did not intend to defraud investors, but he did. so that is one answer to your question. another would be, there are plenty particular to our time and happen on the internet. so the most famous one that we all know about because we have gotten the mills is the nigerian 419 scheme . that is the name of the connecticut. that is where there is some deposed nigerian prince, high up executive. a lot of them come out of the middle east now as well. they have some sort of treasure that is locked up in some bureaucratic way, but you can help them on lockett in some complicated way that will generally involve you traveling throughout foreign countries. but if you invest in that cause you will get a share of that. it's hard to believe how it works. it has a similar structure to the big on. no one can never be as one of them to fund its two of the is the magical money, too obviously something for nothing.

and fractional reserve lending today we're going to talk about the ponzi scheme in the gold markets and this is something that our viewers have been asking for will have mike maloney a very popular guest ought to talk about it christine just more evidence if you watch the capital account you want a whole lot of words that you never knew before thanks so much to hurt him and for us here that's going to do it but for more on the stories we covered how do you two got com slash r.t. america or circut our web site r t dot com slash usa and you can follow me on twitter at christine for zero. mushers the same i've been a huge musician find in the market folly in the man in the wake of the recent military coup there are growing fears it is for the state to plunge into protracted civil strife.

it is a ponzi scheme.at are 25 or 30 years old today you're paying into a program that's going to be there, anybody that's for the status quo with social security today is involved with a monsterous lie to our kids. >> well, the governor took a lot of heat from the left and the right. that was only six months ago but just this week, a new report announced that the social security trust fund is expected to run out of money by 2033. >> three years earlier than expected. so is social security truly a ponzi scheme? joining us right now, fox judicial analyst judge napolitano. are you surprised the government came out and admitted this? >> yes, i'm glad you asked that. i'm glad the government came out and admitted it and i think so the only reason it did is because governor perry who was excoriated by the left and the right for making what we now believe was a truthful and accurate statement, started this ball rolling. is there really a trust fund? is your money actually being held for you by the government? the

appeared happy the legal settlement with trustee included dropping and they took mean from madoff's ponzis new sentencing, he was sentenced to play center field for the mets this season. [ laughter ] >> bill: now, there is also another baseball connection. another one of his ripped off investors was which hall of fame pitcher? >> bill: the answer is sandy koufax. i knew you were going to blow it. >> baseball i don't know. >> bill: i'm going to call it a tie. >> and factor moves along, the civil war edition. civil war edition. how much do you kno hey, travis... get some friends, loser! you all right, man? ♪ lean on me, thanks. ♪ when you're not strong... ♪ >> bill: great marine news quiz, civil war edition. i wrote a book on it. >> i did, too. >> you like that. >> but i didn't do it but that sock. rick perry accused the obama administration of going to war against the state of south carolina. >> i'm saying that the state of texas is under assault by federal government. i'm saying also that south carolina is at war with this federal government and with this administration. >> bill: south ca

obtained prison sentences up to 60 years in a variety of fraud cases including multi-million dollar ponzi schemes and the largest hedge fund insider trading case in u.s. history. just this week we secured a conviction against the former board of directors chairman for an international bank for orchestrating a $7 billion investment fraud scheme. the task force established two new working groups, the consumer protection working group which will enhance civil and criminal enforcement of consumer fraud and the residential mortgage backed securities working group which will bring federal and state partners together to investigate and prosecute abuses in our housing markets. both will help to amplify existing efforts and to foster cooperation and collaboration in the department's response to these problems. just a few weeks ago, a similar collaborative approach led the departments of justice and housing and urban development, as well as other agencies and 49 state attorneys general to achieve a landmark $25 billion settlement with the nation's top five mortgage servicers, the largest joint fede

appeared happy the legal settlement with trustee included dropping and they took mean from madoff's ponzicing, he was sentenced to play center field for the mets this season. [ laughter ] >> bill: now, there is also another baseball connection. another one of his ripped off investors was which hall of fame pitcher? >> bill: the answer is sandy koufax. i knew you were going to blow it. >> baseball i don't know. >> bill: i'm going to call it a tie. >> and factor moves along, the civil war edition. how much do you know about the nation's most intense conflict. >> bill: great marine news quiz, civil war edition. i wrote a book on it. >> i did, too. >> you like that. >> but i didn't do it but that sock. rick perry accused the obama administration of going to war against the state of south carolina. >> i'm saying that the state of texas is under assault by federal government. i'm saying also that south carolina is at war with this federal government and with this administration. >> bill: south carolina started a path to war back in 1860 when it was the first state to secede? >>> the answer is m

appeared happy the legal settlement with trustee included dropping and they took mean from madoff's ponzing, he was sentenced to play center field for the mets this season. [ laughter ] >> bill: now, there is also another baseball connection. another one of his ripped off investors was which hall of fame pitcher? >> bill: the answer is sandy koufax. i knew you were going to blow it. >> baseball i don't know. >> bill: i'm going to call it a tie. >> and factor moves along, the civil war edition. how much do you kno the capital one cash rewards card gives you a 50% annual bonus. and who doesn't want 50% more cash? ugh, the baby. huh! and then the baby bear said, "i want 50% more cash in my bed!" phhht! 50% more cash is good ri... what's that. ♪ you can spell. [ male announcer ] the capital one cash rewards card. the card for people who want 50% more cash. what's in your wallet? ha ha. ♪ [ male announc ] you plant. you mow. you grow. you dream. meet the new definition of durability: the john deere select series. with endless possibilities, what will you create? ♪ learn more about the new sele

example how long did it take for the media and the courts to hang the man accused of running the largest ponzi scheme in history not very long or a made up a securely behind bars but john teflon dawn quarantined is busy who knows what ordering carmel property you know that the local starbucks as he goes to shop for office space in new york is reports have come out only by the load in of discontent and the dating from the blogosphere and shows like this account what a nuisance we must be to the new god fellows of wall street but ok that's not entirely fair we have had some hearings on capitol hill and there will be another one next week planned on tuesday by the senate banking committee remember these have really been the fertile ground for some eyeopening statements made by m.f. global execs take a look. i was not aware of the transfer before it was made so i would know that i was away but the majority of that week and i apologize in advance if i'm unable to. pull civil responsibility was of the global finance function i was not responsible for but as you could see it was quite a lumina so tel

market new toy financial traders have a new toy big calling a digital currency variously dismissed as a ponzi scheme or allowed is the greatest invention since the internet unlike conventional forgot money and other digital currencies because it runs through peer to peer network independent of central control it's called max that anti bank system because there are no bailouts of banks it coined we've been covering but going for a while it's the latest greatest hope for some type of democratic expression on the internet that was first seen in the one nine hundred ninety s. but quickly got snuffed out by the m.p.a. in the are i say coin is another shot another attempt to bring about the will of the people so this article in the reuters points out that there are all these traders from goldman sachs morgan stanley all the banks in the city of london are you can see from the visits to the actual sites that a lot of these bankers and brokers are on line buying is speculating in big coins but remember there are no bailouts available for there and they talk about bitcoin has become the wild west of f

appeared happy the legal settlement with trustee included dropping and they took mean from madoff's ponzis new sentencing, he was sentenced to play center field for the mets this season. [ laughter ] >> bill: now, there is also another baseball connection. another one of his ripped off investors was which hall of fame pitcher? >> bill: the answer is sandy koufax. i knew you were going to blow it. >> baseball i don't know. >> bill: i'm going to call it a tie. >> and factor moves along, the civil war edition. how much do you kno >> bill: great marine news quiz, civil war edition. i wrote a book on it. >> i did, too. >> you like that. >> but i didn't do it but that sock. rick perry accused the obama administration of going to war against the state of south carolina. >> i'm saying that the state of texas is under assault by federal government. i'm saying also that south carolina is at war with this federal government and with this administration. >> bill: south carolina started a path to war back in 1860 when it was the first state to secede? >>> the answer is mississippi. you both got it wro

failed to detect ponzi schemes such as madoff and stanford, the u.s. financial system nearly collapsed, and judges continue to question s.e.c. settlements and regulations. in recent years, the s.e.c. has also had several embarrassing management lapses, such as purchasing unneeded space, destroying investigative documents and repeating material weaknesses and sec of own financial statements to name a few. those are problems with the sec's organization and structure. it proposing a substantial increase over fiscal 2012. this body is reticent to throw more money at the sec until approven you've address the structural problems from within in a comprehensive way. we want to help facilitate access to capital for american businesses and four, running your operations effectively. just because the sec is funded through this doesn't absolve you from rigorously managing the funding to the sec and doesn't absolve this subcommittee from providing extensive oversight. you're mase fafaced with challe implementing dodd-frank, modernizing technology and reforms your or

but the ponzi scheme? eddings asset management business. i've been lied to all of you for years their mother, customers and myself. i've an appointment to meet on monday bernie return to the family lawyer and i'm probably going to jail. he broke down and really sobbing. enter rows from the cabinet awkwardly put around your arm around his father and andrew started to cry, too. he got up and returned to the ottoman. through his tears he said there's all this money. where did it go? the money is gone. i've got 50 billon and abilities. his voice showed us. andrew stott. 50 million? 50 billion. >> watch this and other programs online at tv.org. >> an sos and present the tea party and the authors examined several regional tea party offers and they are predominantly middle-class older americans who according to the authors mostly enjoy medicare and social security benefit that are reticent to pay taxes to assist those they deem undeserving. this is about an hour. [applause] thank you. we are delighted to be here in durham, north carolina today and

coming up, the uncovering of the biggest ponzi scheme in financial history. bernie madoff. by the government when this guy warned them? the madoff whistle blower here next. >> plus every make and model of car sold in the united states all under one roof. we're live at the auto show. what's under that tarp? maybe some details. [ male announcer ] every day, thousands of people are choosing advil® for their headaches. my name is sunshine and i have three beautiful girls. i like taking advil® for a headache. it nips it in the bud. and i can be that mommy that i want to be. ♪ [ male announcer ] take action. take advil®. ♪ ♪ [ acou[ sighs ]ar: slow ] [ announcer ] all work and no play... will make brady miss his favorite part of the day. ♪ [ upbeat ] [ barking ] [ whines ] that's why there's beneful plful life, made with energy-packed wholesome grains... and real beef and egg. to help you put more play in your day. beneful. play. it's good for you. hi, i just switched jobs, and i want to roll over my old 401(k) into a fidelity ira. man: okay, no problem. it's easy to get started;

negative fracking is can't go into all the details right now but it basically is something like a ponzi scheme you need more and more and more rigs to increase your production and eventually you run out of rigs and you run out of production that's interesting and i think you were talking about greg palast an investigative reporter who was on our news you have to switch gears just because i do want to get really a little bit more nuanced on the dollar issue when i brought up the price that oil and gasoline would be at if the dollar had cut or excuse me if the dollar performs like other currencies have i question what our oil prices because the value of the dollar is down. well you know i would say that the two are interrelated you know if i were on one side of the debate or the other i'd rather say that the dollar is down because or a list scares and when resources get scarce whether it be the dollar whether it be any other essential resource you have to print more and more and more of their currency in order to afford the scarcity and the dollar is no way of basically resources are bein

. >> maybe they should have told that to the victims of the mad madoff ponzi scheme.tone contributor, matt taibbi, thank you for your time tonight. >> thank you very much eloit. >> my view, a tale of two bankers. >>it is an independent progressive voice and i love that. >>jennifer granholm joins current tv. a former two term governor. >>people like somebody who's got a spine. >>determined to find solutions... >>we need government to ensure that people have freedom. >>driven to find the truth... >>what's really going on? >>fearless, independent and above all, politically direct. if you have copd like i do you know how hard it can be to breathe and what that feels like. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open a full 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. and it's steroid-free. spiriva does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems glaucoma, trouble urinatin