mito was not alone regulators are now investigating scores of similar crimes they see there is a ponzi monium under way this four levels and every white collar crime is the gotta gives the orders the people who take the waters the people that knew it was going on but didn't participate and the people that should have known what was going on like boards of directors or it is but the participate what they tried to do is they try to get to the culpability of the guy at the top by working from the bottom the problem that you have in the bernie madoff cases they got the guy at the top first and he's protecting the other three layers underneath them on wall street 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 and what is now criminals disappear is because a did it was a but when you remove all that is fiction when you remove all the controls then of course what this legal and want

of reporters staked out a new york courthouse to report bernie made all submission of guilt in his ponzi scheme and there are millions and millions of dollars they owe it's all the o.j. sort of day and for many of them right to believe angry i had an ira worth one point three million of my other money it was about one point eight million pieces and it's gone on that. how do you think he got away with this for so long now a person who's run a stand for so many years without that effect that was one of the things i thought i. could successfully run a scam for that. was not alone regulators are now investigating scores of similar crimes they say there is a ponzi monium under way there's four levels in every white collar crime there's the gotta gives the orders the people who take the waters the people that knew it was going on but didn't participate and the people that should have known what was going on like boards of directors or it is but the participate so what they try to do is they try to get to the culpability of the guy at the top by working from the bottom the problem that you have

said it was investigating thirteen hundred securities fraud cases including many ponzi schemes as well as more than five hundred eighty corporate fraud cases most of these cases got little attention but the media loves arch criminals like financier bernard made off there's a complicated white collar crimes of which the government does not have the resources to thoroughly 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 that 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 m. hurrican dream was turned into a scheme first pretty tory subprime lendin

for the biggest ponzi scheme in recent .'s a grrat opportunity and i wasn't gonna let that slip by." by."and..she wanted a job... but had no car.how many mmles this woman traveled round trip...to an interview... and how she got there! ((bump out)) been shopping so smart, cash back with your freedom card getting cash back on what? close shave and haircut fan for the ceiling. you're gonna cool off that hoooounddd! tonight you gotta get your cash back, on new slacks. use freedom on lunch with jack. everybody get! everybody get! get your cash back. chase freedom. a north carolina woman says she is so determined to find a job, she rodd her daughter's little pinkkbike 26 miles round trip to fill out an application.kristen hampton talked to this road warrior. warrior. --reporter pkg-as follows -- kimberly white has never been one to see hills as hurdles. "i could tell it was harder for my manager tootell me than i thinn it was for me to take." even last year when her paycheck became a victim of the conomy."i tolddhim, that's fine.

some good news for victims of bernie madoff's ponzi scheme... they will receive twooand a half billion dollars of their stolen funds. funds.a court appointed trustee says he mailed more than 12- hundred checks to investors who were victims of the biggest ponzi scheme in history.that means now more than a thousand iivestors have been fully reimbursed.madoff pleaded guilty to frrud and is currently serving a 150-year sentence in prison. ttoubles continue today... for scene thursday... as hundreds of pilots picketed outsidd chicago's o'hare international airport.they're protesting new contract terms... that include more flying hours and benefit cuts.it's all part of the airline's chapter 11 bankruptcy reorganization.the company says pilots uuhappy with the contract... are calling in sick and filing &pmore maintenance reports. because of that... the airline is cutting 1 to 2 percent of flights through the end of october. a big day for "apple"... dozens of people have been camming outside apple stores all over the world this week... in anticipation f

some good news for victims of bernie madoff's ponzi schemee..heddhow many millions of dollarss biggest ponzi scheme in recent . history. you're watching fox 45 morning news.. all local.. all morning. ((break 1)) girl singing singing this youtube video of a girl singinn karaoke in a grocery store has gone viral. her rendition of whitney houston's "i will always love pou" has garnered more than one and half million hits. hits.they're calling her "random girl" online. she's from the philippines, and recently igned with warner music group. 3 3 3 3 3 3 3 3 3 3 3 3 the nivesity of maryland... will offer free classes online... but there's a catch. catch.where they will be offered.... and why you might not be jumping to take them. you're watthing fox 45 morning news.. all local.. all you're watthing fox 45 morni[ male announcer ]l.. all with ultra-filtered water from the first hands-free system, and micro-climate controls powered by twinchill technology, the new ge french door refrigerator puts fresh in a whole new light. come see the new ge french door

funneled one third of all of bernard made off ponzi scheme funds that eight point nine billion dollars without proper checks or balances you know the uses sophisticated network of feeder funds so if you give your private banker you have clients and the private bank will say put your money into our new strategic advantage by zero doing x. so facto fun time and they don't tell you that is just a label white label you could call it put to the burning made off enterprise of posies scheming and they do this many many many many many times they're all feeding into this one main river of fraud called bernie made off the reason why they have so many different funds and so many different names or so many different phones and so many different feeder funds and so they can sell the same customer the same thing over and over again so the same high net worth individual be saying oh i've got fifteen funds and they name them all their statement ten of those funds could be just different names for the same fund which is called the bernie medo fraud fund in this particular case so the feeder funds feedi

i issue one three two one and the article is obviously about the london unable multibillion dollar ponzi scheme operator bernie mean to boil in a certain london with thankful that they aided and abetted him. and they're noting that there's a new lawsuit in america which is showing that h.s.b.c. funneled one third of all of bernard made off ponzi scheme funds that's eight point nine billion dollars without proper checks or balances you know the uses sophisticated network of feeder funds so if you give your private banker you have clients and the private bank will say put your money into our new strategic advantage by zero do x. so facto fun. and they don't tell you that is just a label white label you could call it put to the burning made off enterprise of posies scheming and they do this many many many many many times they're all feeding into this one main river of fraud called bernie made all the reason why they have so many different funds of so many different names for so many different phones and so many different feeder funds and so they can sell the same customer the same thing ove

in the us and that to keep the ponzi going we have to keep it afloat at least the total liabilities at a flat level so as we had the shadow banking system climb climb climb. no decline something had to take over in the traditional banking liabilities which would be demanded posits of banks has kind of taken over a piece of the actions of the fed and all its quantitative easing so how does how does that make inflation for less of an inflation buffer where people can take their money out of their checking account and request cash for it you have the or the liabilities of the shadow banking system and they're kind of tied up in these financial assets that are necessary like liquid but i think the key point. tyr is that two thousand and eight was a blueprint for what we could have in the future and then two thousand and eight we saw the federal reserve swapping out all of these these shadow banking assets and liabilities for cash and that was part of the q.e. program wasn't it wasn't as big as what could happen in the future but it's definitely a blueprint so i think in the future we ne

madoff lost nearly 17 billion in the largest ponzi scheme in history. he's now serving a 150 year prison sentence. a grandfather jumped on an alligator that was trying to swim away with his dog. steve gustafson lives in a retirement community near orlando, florida with his dog "bounce." steve was outside trimming trees tuesday when he heard "bounce" let out a blood curdling yelp. he saw the dog inside the jaws of a 7-foot alligator. >>without thinking i just said you are not going to get my bounce ... i took the run down the hill took a belly flop on top of the alligator i got a hold of the back leg of the alligator caught the tail under my right arm we were all under water got my feet underneath me ... steve let go of the alligator and it swam away. both he and "bounce" are expected to make full recoveries. that is loving your dog ... just ahead: what new numbers from the census bureau indicate about the gender pay gap -- how much more money men make compared to their female counterparts. also ahead -- the debate over genetically modified corn... a new

representing 52% of the 17th 5 billion lost in the ponzi scheme. much can we expect to recover in the end? >> we'd like to think we can recover all $17.5 billion. >> are you pleasantly encouraged with how far you've come? >> absolutely. we started at zero. when we came, the page was blank and it was through the hard work of forensic accountants, my counsel, and a lot of people who have worked very hard over the last almost four years, that we've been able to recover what we have so far and we believe that there is a lot more than we can do. >> david, the average check, approximately $2 million. the smallest check for $1.784. the largest check, $586 million. these are big figures going back to people. they must be thrilled they are getting anything back. >> they are. with all of the people who received the money to date, they are reaching out to us and let us know that finally after these years, receiving a significant distribution. the one check as you point out, over $500 million is going to a fund, and the people behind that fund, all the investo

. >>> the trustee playing claims for bernard madoff's $17 billion ponzi scheme says so far $2.5 billion has been returned to victims. >>> apparently undeterred by widespread complaints about apple's new mak app, customers snapped up the first iphone 5s overseas this morning. >>> finally at this year's mad science mecca, two japanese researchers received the 2012 ignoble prize for their speech jamming device which echos your voice back to you with a slight delay. only slightly annoying. >>> well, coming up, the giants crush the panthers, tigers tied for the lead and two major league teams clinch playoff spots. >>> plus, a grand slam blasts the yankees into a one game first place lead. your early morning sports headlines are straight ahead. >>> and we're going to see more showers across the great lakes region. sunshine everywhere else. your forecast is coming up. you're watching "early today." [ female announcer ] with swiffer wet cleaning better doesn't have to take longer. i'm done. i'm gonna...use these. ♪ give me just a little more time ♪ [ female announcer ] unlike mops, swiffer can

the fact that it's now all about speculation the fact that it's about ponzi schemes of the facts about selling and buying paper from an economy of real goods real commodities and real services to a system where people were buying and selling money buying and selling assets buying and selling other firms were no new value was created most sasabe says the whole system has gone predatory i think we had a transition from what was a frame market system to something now that is out of control and probably what i would define as a predatory system frequently in markets that are manipulated or the. maybe a few out there who are investors investors it's even even that's very difficult to tell we still don't know point fact is making money while so many in fact are losing money on wall street right now as businessweek noted what we're observing in all of its bizarreness is the ancient paradox of what happens when an irresistible force meets an immovable object the irresistible force in this case is the u.s. economy the immovable object is a wall of debt that now can't be paid back we're in a pos

. >>> the trustee paying claims from ber nad mod dove's $17 billion ponzi scheme says so far $2.5 billionas been returned to victims. >>> apparently undeterred by widespread complaints about apple's new map app, customers snapped up the first iphone 5s overseas this morning. >>> and finally at this year's mad science mecca, two japanese researchers received the 2012 ignoble prize for their speech jamming device which echos your voice back to you with a slight delay. i'm not sure why you'd need that but just in case. >>> the giants crush the panthers. tiger ties for the lead. and two major league teams clinch playoff spots. >>> plus, a grand slam blasts the yankees into a first game one place lead. your first look at sports is straight ahead. ive. nah. [ dennis' voice ] i bet he's got an allstate agent. they can save you up to 30% more by bundling your policies. well his dog's stupid. [ dennis' voice ] poodles are one of the world's smartest breeds. are you in good hands? less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your bu

it is a ponzi scheme, and it is not sustainable over time. >> oh, geez, that's a terrifying thought.hink there are those who would argue us saying the fed is keeping us in the game until we can get the economy growing enough, david, so that we can get back on our own feet, but point taken. >> short-term gain, i agree. short-term gain, increased risk of long-term pain. the real problem is not the fed. it's that the congress and the executive branch are not doing their job. >> peter navarro, last word to you. last thing either this government, the president or both could do today, to make sure that the u.s. stays on top. >> brand china a currency manipulator. obama has the ability to do that. whoever gets in the white house in january needs to do that. it's the gordion knot that needs to be cut in order to deal with the structural imbalances and get our manufacturing base back at 25% of our women and men making things again, not 9%. >> peter navarro, thank you so. david walker, nice to see boast you. have a great weekend. >> good to see you. >>> coming up. >> what do we want? >> a fair

regulators are always fighting a rear guard action that frank was trying to take a look at all the ponzi scheme ing that was going on up until then a during the process of the legislation the banks come up with some new ways to skirt regulations new ways to create securities based on what it took to expose them they just discovered it anti matter particle that was collateral to spin another trillion dollars worth of debt to keep these bankers in los lifestyles while the rest of the world suffers austerity and make no mistake about it the people who are suffering austerity in countries around the world hundred million people now the roast in the body many of them are at death's doorstep to support the transformation of garbage into collateral to feed the stream of corrupt market fundamentalists so remember now with all the stuff that dodd frank bill jamie diamond has been very vocal about going on to the news and standing in front of parliament part of. standing in front of congress we might as well have a parliament by the way wise or just turn it into a constitutional monarchy but remem

the trustee estimates that madoff's investors lost $17 billion in the ponzi scheme.covered about half of that. "endeavour" is nearing the end of its final mission. the shuttle headed west today from houston, strapped on the back of a 747. it flew over tucson, arizona, the home of former congresswoman gabby gifford. her husband, mark kelly, was "endeavour's" last commander. it landed at edwards air force base in california, and tomorrow it flies to los angeles and its retirement in a museum. also tomorrow, president obama will designate colorado's chimney rock archaeological area a national monument. pueblo indians once used the soaring rock formation to see lunar standstills, a phenomenon in which the moon rises between the twin rock towers. it only happens once every 18 years. the secret to saving florida's coral reef involves cutting and pasting. that's next. t. resenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone level

starting to question what does that mean you know when europe started doing this we would laugh at the ponzi bonds they were creating that greek banks were funding themselves weirdly and will kind of go go weird europeans they don't get it and now we're seeing more and more of that activity here and i think it's it's troublesome it is troublesome just to carry it through on the q.e. unlimited that targets and b.s. what does that do just just to be very clear to the holdings of fannie mae and freddie mac. which is controlled by the government and the treasury you know this is another thing where we're starting to see you know very coordinated action between various entities of the government congress basically demanded that fannie and freddie start reducing the size of their balance sheet so they want fannie and freddie to hold less direct mortgages they're still fine with them guaranteeing it but they want them to hold less so as soon as that kind of and you know if the fed steps in and will take some of those mortgages on their balance sheet so they're working very very hard to control you