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i've been running a ponzi scheme." [ticking] >> do you think you could pull off this scam today? >> given the same security measures? >> yep. >> easily. piece of cake. >> sam eshaghoff's scam was getting paid thousands of dollars to take the s.a.t. test for other students. he did it at least 16 times, scoring in the 97th percentile of the country. >> i would call him an academic gun for hire. that's what he was. >> welcome to 60 minutes on cnbc. i'm bob simon. in this edition, we examine two very different kinds of fraud. bernie madoff's wife and surviving son break their silence about wall street's most infamous criminal. and later, we visit a high school con man who figured the best way to make the grade was to cheat the s.a.t.s but first, in december 2008, bernie madoff confessed to running a $65-billion ponzi scheme, the largest financial fraud in history. while madoff is serving 150 years in prison, his family had to deal with the consequences of his crimes. his wife ruth divested of most of her great wealth and d
i've been running a ponzi scheme." [ticking] >> do you think you could pull off this scam today? >> given the same security measures? >> yep. >> easily. piece of cake. >> sam eshaghoff's scam was getting paid thousands of dollars to take the s.a.t. test for other students. he did it at least 16 times, scoring in the 97th percentile of the country. >> i would call him an academic gun for hire. that's what he was. >> welcome to 60 minutes on cnbc....
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charles ponzi thank you in. boston massachusetts back in the twenty's you know. the thing the difference between what charles ponzi is to and what social security is doing is a charles ponzi scheme and thirty forty percent off the top and social security is taking three percent everybody knows that it's in a lockbox you know this is so so so security of course to. security to lend to the government is not quite the same on own steam and argue. but here's the here's the no it's invest you've got to but that has to do with the boomers double pay let's a whole different way let's look at the entire picture looking at your opening rant if you look at the entire picture that person working at seven eleven is still paying negative taxes and so the yahi has been negative tells you most three thousand dollars a year he's paying and he's paying a six percent says go to the bottom forty percent of the i mean we've all learned last year paid a negative tax rate so i don't know i'm not really sure how to how your math is working out talking income tax income tax you know bei
charles ponzi thank you in. boston massachusetts back in the twenty's you know. the thing the difference between what charles ponzi is to and what social security is doing is a charles ponzi scheme and thirty forty percent off the top and social security is taking three percent everybody knows that it's in a lockbox you know this is so so so security of course to. security to lend to the government is not quite the same on own steam and argue. but here's the here's the no it's invest you've got...
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authorities say the bank ignored obvious warning signs of bernie ponzi scheme.ll show you the new gadgets rolling out at the consumer electronic show. ♪
authorities say the bank ignored obvious warning signs of bernie ponzi scheme.ll show you the new gadgets rolling out at the consumer electronic show. ♪
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morgan didn't do when it learned of bernie madoff's ponzi scheme. plus, the head of the u.n.'s world food program, the group on the front lines of the fight against hunger, in areas crippled by violence. >> in the central african republic there are 100,000 people in and around the airport itself, in bangui. when we began a feeding program in that area, our humanitarian workers were attacked. >> woodruff: those are just some of the stories we're covering on tonight's pbs newshour. >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >>> bitter cold, persistent and spread across much of the country today. conditions were better suited to peng wins that people and gave new meaning to the term blue states. >> i'm wearing long underwear, i feel like i'm going skiing but i'm no
morgan didn't do when it learned of bernie madoff's ponzi scheme. plus, the head of the u.n.'s world food program, the group on the front lines of the fight against hunger, in areas crippled by violence. >> in the central african republic there are 100,000 people in and around the airport itself, in bangui. when we began a feeding program in that area, our humanitarian workers were attacked. >> woodruff: those are just some of the stories we're covering on tonight's pbs newshour....
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we read about another ponzi scheme. this one went on long, that's what made it different. some how he was protected. >> how did you decide to invest with berni madoff? >> we had an unusual situation. my mother had invested many years ago through friends, and she, my dad had passed away, and we were really helping her. she was beginning, she was quite senior but totally with it and quite a good investor, and she had checked him out, and she decided to stay. we were looking at helping her. we put money into her account to give her more to live on, and we felt it was a safer investment of just trading stocks which she had been doing, successfully, i'm afraid. >> you heard people veh of the victims they should have done more to check it out. >> i don't know how much more because mother really was very good. my dad had even been a limited partner in a brokerage firm, and she was very good at that. she had checked it, and she had files going back talking about how he had run the nasdaq, and he was an expert with the sec. i don't know what more you could do as an order citizen. n
we read about another ponzi scheme. this one went on long, that's what made it different. some how he was protected. >> how did you decide to invest with berni madoff? >> we had an unusual situation. my mother had invested many years ago through friends, and she, my dad had passed away, and we were really helping her. she was beginning, she was quite senior but totally with it and quite a good investor, and she had checked him out, and she decided to stay. we were looking at helping...
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jpmorgan chase will settle claims that it facilitated the ponzi made off --madoff scheme.lso, private equity firm carlyle preparing to launch two publicly listed -- listed mutual funds. they are whiting the investor , and we will take you to las vegas to show you the latest from the contributor -- consumer electronics show. procedural vote, six republicans joined democrats to vote yes, and archie washington correspondent peter cook is with us. even though the move over from was there,can side it is a long way from being a done deal. they did break ranks and joined with those democrats to move forward today in the u.s. senate, and even before the vote happened, we had top senate leaders lamenting this. we had six republicans, some of them from some very high unemployment states deciding to for a the final tally further conversation and perhaps another vote later this week. this would extend the unemployment benefits for another three months retroactively. this would affect those who lost them at the end of the year. they say it is important to keep that money flowing, and t
jpmorgan chase will settle claims that it facilitated the ponzi made off --madoff scheme.lso, private equity firm carlyle preparing to launch two publicly listed -- listed mutual funds. they are whiting the investor , and we will take you to las vegas to show you the latest from the contributor -- consumer electronics show. procedural vote, six republicans joined democrats to vote yes, and archie washington correspondent peter cook is with us. even though the move over from was there,can side...
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this in the wake of rod gues >>> a big price for failing to sound the alarm about bernie madoff's ponzi scheme. $2.6 billion to settle various criminal and civil cases involving the madoff fraud that bilked investors of billions of dollars. some of the victims will receive part of the 1.7 billion that j.p. morgan is paying to the department of justice for failing to file a suspicious activity record about madoff's trades. here is what u.s. attorney prique barara said about the bank. >> j.p. morgan as an institution failed and failed miserablmiser because of that failure, in part, for decades, bernie mad off was able to launder billions of dollars of ponzi proceeds essentially through a single set of accounts at j.p. morgan. >> as part of the settlement, j.p. morgan is admitting it violated laws requiring it to monitor customer activity for money laundering. a j.p. morgan recommend presentative said they realize they could have done a better job and is improving practices. victims lost $17,000,000,000. a court appointed trustee has recovered about half of it. victims included judd issue
this in the wake of rod gues >>> a big price for failing to sound the alarm about bernie madoff's ponzi scheme. $2.6 billion to settle various criminal and civil cases involving the madoff fraud that bilked investors of billions of dollars. some of the victims will receive part of the 1.7 billion that j.p. morgan is paying to the department of justice for failing to file a suspicious activity record about madoff's trades. here is what u.s. attorney prique barara said about the bank....
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of florida who did not invest with madoff but they have told me that there have been any number of ponzichemes exposed down there. good to see you. i am glad you have been able to move o the madoff settlement is the latest legal set back for jamie diamond. in 2013, the bank agreed to pay nearly $20,000,000,000 to settle a variety of cases, many involving sale of toxic mortgage securities. long-time banking analyst dig boveir says as much as diamond wants to put these behind him, he faces years of court battles. he published "guardians of prosperity" why america needs big banks. it lays out his belief over regulation of banks is hurting american consumers and businesses. aren't the banks the ones who dragged so us into this? here is my first question. here is what he said? >> i don't think so. i think they were a big part in creating bad things, wrong things that odors during the financial prices. they didn't create the financial crisis if we had gone to the corps reasons for creation of the financial crisis we might have come up with a solution to real solutions we chose to focus on the
of florida who did not invest with madoff but they have told me that there have been any number of ponzichemes exposed down there. good to see you. i am glad you have been able to move o the madoff settlement is the latest legal set back for jamie diamond. in 2013, the bank agreed to pay nearly $20,000,000,000 to settle a variety of cases, many involving sale of toxic mortgage securities. long-time banking analyst dig boveir says as much as diamond wants to put these behind him, he faces years...
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the current derivative market the value it derives from other derivatives so you have an enormous ponzi scheme there is no more gold in the equation anymore derivatives are referring to other derivatives but this generation of the rhythms that you're talking about with what you're introducing would be deriving their value from big coin and big point has unimpeachable intrinsic value correct correct you know. there's a lot of discussion because i know whether it has any value a lot of people say it's just bits and bytes. you know there's a lot of misunderstanding i approached brick or not she waits again but i did it as a true student no preconceived notions biases prejudices i simply look at it like what i saw what we call in does number one primary value is the fact that it allows you to me is that it allows you to totally circumvent the money center banks and the central banks you know that's very valuable. a lot of people look at the actual bitcoins as a currency and ignore the transmission network an analogy that often uses a car you have the dollar which is say a chevrolet and it's
the current derivative market the value it derives from other derivatives so you have an enormous ponzi scheme there is no more gold in the equation anymore derivatives are referring to other derivatives but this generation of the rhythms that you're talking about with what you're introducing would be deriving their value from big coin and big point has unimpeachable intrinsic value correct correct you know. there's a lot of discussion because i know whether it has any value a lot of people say...
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schemes like do it your bank is an enormous ponzi scheme so is h.s.b.c. so is j.p. morgan at the base of these ponzi schemes are a few ounces of gold that they've read that gated into infinity and so they've created this enormous hole a gram of fraud that encompasses the global economy now the blunder span. the one of the physical delivery of gold thanks to the report we did a few years ago which started the whole in motion they suddenly realize that a gold stoli wouldn't be late it be never get their gold back and see what your bank which is there j.p. morgan is probably technically insolvent without a shadow of a doubt now that is something that was announced in one of these articles talking about the bundesbank only getting thirty seven tons back they did mention that it was that you and i went into the bank in case you don't know this march eighteenth two thousand and eight that weekend bear stearns had collapsed j.p. morgan took over the bank on a sunday night. bernanke slashed interest rates by seventy five basis points on sunday night monday mornin
schemes like do it your bank is an enormous ponzi scheme so is h.s.b.c. so is j.p. morgan at the base of these ponzi schemes are a few ounces of gold that they've read that gated into infinity and so they've created this enormous hole a gram of fraud that encompasses the global economy now the blunder span. the one of the physical delivery of gold thanks to the report we did a few years ago which started the whole in motion they suddenly realize that a gold stoli wouldn't be late it be never...
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authorities say the bank ignored obvious warning signs of bernie ponzi scheme. we will show you the new gadgets rolling out at the consumer electronic show. ♪ welcome to our viewers on public television in america and also around the globe. today, there was fierce fighting in the iraqi province of an bar, as the military tries to gain the upper hand of those who are in key cities. they say they have killed 25 al qaeda-linked militants, but hundreds of civilians are fleeing falluja, fearing they may be caught in an all-out situation with the military. we have this report. >> the armed forces take the battle to the militants. direct hitis shows a against some of the al qaeda- affiliated militants, and these are some. the iraqi military claims that one airstrike alone killed 25 on tuesday, and residents of the city have told the bbc that special forces are now working with the sunni tribes to get them from ramadi. some of the heaviest fighting in years, being seen as a serious threat to the authority. upernment troops broke antigovernment protests, but then the fig
authorities say the bank ignored obvious warning signs of bernie ponzi scheme. we will show you the new gadgets rolling out at the consumer electronic show. ♪ welcome to our viewers on public television in america and also around the globe. today, there was fierce fighting in the iraqi province of an bar, as the military tries to gain the upper hand of those who are in key cities. they say they have killed 25 al qaeda-linked militants, but hundreds of civilians are fleeing falluja, fearing...
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1986, jpmorgan and its predecessor institutions was the primary bank through which madoff ran his ponzid so through a series of linked accounts that i mentioned that we refer to collectivelyly as the 703 account. early on, and throughout the banking relationship, jpmorgan because of its vantage point as madoff's banker, had plenty of reasons to be uniquely suspicious about him. warning signs abounded. first, as the statement of facts recites, in the mid-1990s, the bank learned that madoff and a prominent client of jpmorgan's private bank were engaged in what looked like round trip or check-kiting transactions. large sums of money were being transferred back and forth between accounts for no apparent legitimate business purpose. these transactions were sufficiently suspicious that another bank involved in those transactions filed a suspicious activity report or s.a.r., and closed madoff's account at the bank. but jpmorgan, far from closing madoff's account, let the transactions continue for close to a decade more, never filing a single s.a.r. or even notifying its own anti-money launderi
1986, jpmorgan and its predecessor institutions was the primary bank through which madoff ran his ponzid so through a series of linked accounts that i mentioned that we refer to collectivelyly as the 703 account. early on, and throughout the banking relationship, jpmorgan because of its vantage point as madoff's banker, had plenty of reasons to be uniquely suspicious about him. warning signs abounded. first, as the statement of facts recites, in the mid-1990s, the bank learned that madoff and a...
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to pay slightly more than $2 billion to settle allegations it failed to warn about bernie madoff's ponzicheme. the company was made a prime bank for years. reports say settlement could be announced on tuesday. the bulk of the fines expected to go to madoff's victims. reports say jpmorgan hoped to resolve this case before reporting fourth quarter earnings on january 14th. jpmorgan stock flat in frankfort. >>> and germany's banking supervisor buffett has criticized deutsche's live manipulation according to a report in the nation's "spiegel" magazine. we are joining now there live and happy new year to you. >> reporter: happy new year to you. they have done two different studies by the supervisors for the bank. and deutsche bank failed to clarify and thus investigate its procedures regarding the live or manipulation or alleged manipulation. and the other study found several insufficiencies. this doesn't sound good when it comes to the manipulation inside deutsche bank. also one of the studies found that there's no clear action in terms of stuff. that means there are no clear layoffs regardi
to pay slightly more than $2 billion to settle allegations it failed to warn about bernie madoff's ponzicheme. the company was made a prime bank for years. reports say settlement could be announced on tuesday. the bulk of the fines expected to go to madoff's victims. reports say jpmorgan hoped to resolve this case before reporting fourth quarter earnings on january 14th. jpmorgan stock flat in frankfort. >>> and germany's banking supervisor buffett has criticized deutsche's live...
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but there's any number of ponzi schemes exposed. maybe we are looking closer, i don't know. >> good to see you. glad you have been able to move on from a terrible situation. judith welling a victim of bernie madoff. >> it is just the latest setback from jpmorgan, chief executive jamie diamond. the bank agreed in 2013 to pay $20 billion to setting a variety of cases, many to do with the toxic mortgage securities. as much as diamond wants to put the messes behind him, the bank faces years of court battles. a book had ban published "guardians of prosperity, why america needs big banks", he believes over regulating banks discourages ledgeding at institutions like jpmorgan. i didn't know there was a bottom half of you, because we always see you on a screen. "the guardians of prosperity", if you walk down the streets of new york and show it to 10 people and say this is about the banks, nine out of 10 would tell you you are crazy, you are calling the banks the guardian of prosperity. aren't they the ones that took us down this rabbit hole
but there's any number of ponzi schemes exposed. maybe we are looking closer, i don't know. >> good to see you. glad you have been able to move on from a terrible situation. judith welling a victim of bernie madoff. >> it is just the latest setback from jpmorgan, chief executive jamie diamond. the bank agreed in 2013 to pay $20 billion to setting a variety of cases, many to do with the toxic mortgage securities. as much as diamond wants to put the messes behind him, the bank faces...
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the country's largest bank, they'll pay to we and dollars to charges they ignored bernie made off's ponzi scheme. despite the settlement, the bank says it is confident none of the employees knew about the fraud. madoff is serving time in new york. the sentinels maintain their vigil outside of the tomb of the unknown today. army saysrson for the the soldiers work in 30 minute shifts as to mr. santo as well as five degrees. -- even as temperatures sank to five degrees. days a year. i don't think i'm contagious. another, the wind has diminished. a pretty decent warm is on the way. let's get started with pictures. starting with current temperatures, it is plenty cold. temperatures in the teens. double digits across the region. 10 in gaithersburg. 19 in quantico. 18 at reagan national. floorboard, look at the averages. we did not tie the record low. we missed that by one degree. there are some records today. these are the records for the lowest high temperature day. only hitting 16 at baltimore. that was a record low. we missed that by five degrees. these cold debentures are going to continue
the country's largest bank, they'll pay to we and dollars to charges they ignored bernie made off's ponzi scheme. despite the settlement, the bank says it is confident none of the employees knew about the fraud. madoff is serving time in new york. the sentinels maintain their vigil outside of the tomb of the unknown today. army saysrson for the the soldiers work in 30 minute shifts as to mr. santo as well as five degrees. -- even as temperatures sank to five degrees. days a year. i don't think...
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kayla tausche has more. >> reporter: five years after bernie madoff confessed to running a ponzi scheme, questions still remain about how he kept his secret for so long. speaking from jail in 2011, the convicted fraudster told "the new york times," banks, quote, had to know, but the attitude was sort of if you're doing something wrong, we don't want to know. prosecutors perked up in a light shone on jpmorgan chase, madoff's bank for nearly two decades and custodian for nearly all his customer accounts. the multiyear investigation could come to a head this week with a $2 billion settlement and reportedly a deferred prosecution agreement. that would rule out criminal charges against the bank. the joint deal inked with the department of justice and the office of the comptroller of the currency closing two open cases and including a general penalty for anti-money laundering. comptroller tom curry said in october banks like jpmorgan must be better at managing risk than the status quo. >> the standard here is really strong corporate governance and individual institutions will be prodded to ta
kayla tausche has more. >> reporter: five years after bernie madoff confessed to running a ponzi scheme, questions still remain about how he kept his secret for so long. speaking from jail in 2011, the convicted fraudster told "the new york times," banks, quote, had to know, but the attitude was sort of if you're doing something wrong, we don't want to know. prosecutors perked up in a light shone on jpmorgan chase, madoff's bank for nearly two decades and custodian for nearly...
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they have agreed to billions that they knew obvious warning signs to the bernie made us ponzi scheme and failed to report them to authorities. what the allegations amount to a much jp morgan has admitted. >> it looks like jpmorgan had concerns that bernie made off was running internally. they were saying the returns are too good to be too. all that good stuff. they failed to escalate that you proper regulatory authorities. >> are they required too? >> yes. all banks have to have a very have the they compliance program. >> know your clients. >> in failing to do that, it cost them $1.7 billion. >> the money is going where? >> according to the southern district, it will be going to madoff victims. we do not have any details on that right now. commented ongan this at all? they said this is jamie dimon just wanting to start 2014 with a clean slate eared they may not be as culpable as it sounds. we cannot go through the ringer anymore. we have arty pay the 13 billion fine at the end of last year. heard anything from the company? >> i have not spoken to the company. that is definitely the s
they have agreed to billions that they knew obvious warning signs to the bernie made us ponzi scheme and failed to report them to authorities. what the allegations amount to a much jp morgan has admitted. >> it looks like jpmorgan had concerns that bernie made off was running internally. they were saying the returns are too good to be too. all that good stuff. they failed to escalate that you proper regulatory authorities. >> are they required too? >> yes. all banks have to...
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reserve banking model and create these concatenations of multi lever pyar pyramid pirated pyramid ponzi schemes all that gets blown by having true transparent counting totally accountable and distributed the total accounting is distributed to everybody on the network so basil three forget three everyone will know exactly what the banks own as collateral collateral values will be all aaa because bitcoin is a aaa credit big point is aaa credit there's only two or three countries in the world now the aaa credit america is not aaa anymore most of your zone is fricken junk big coin is aaa credit think about that with open transparent security creation and the ability to wipe out wall street with actual securities distributed in matter to give capitalism two point zero this is fantastic so while the shrieker is out there are concentrating only on this the price the exchange rate with the dollar the euro at their yander of the u.n. so here are people deploying services. that are needed and dis intermediating out of existence the entire over compensated banking sector so one other issue that al
reserve banking model and create these concatenations of multi lever pyar pyramid pirated pyramid ponzi schemes all that gets blown by having true transparent counting totally accountable and distributed the total accounting is distributed to everybody on the network so basil three forget three everyone will know exactly what the banks own as collateral collateral values will be all aaa because bitcoin is a aaa credit big point is aaa credit there's only two or three countries in the world now...
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$2.6 million settlement tied to the ponzi scheme. visa shares and the sale of properties. analysts like to call it a noisy quarter. when you strip out one month -- some of the one-time items, jpmorgan had a profit beat of $1.40. jpmorgan set in excess of $20 billion in legal settlements in 2013. when reporters asked jamie dimon on a conference call later on whether jpmorgan will be done with the legal headaches this year, he declined to comment and said he would to take a rain check on that. no clarity from him so far on the upcoming legal settlement. what we learned from the earnings report and a fourth quarter is credit trends continue to improve at jpmorgan, though trading revenue and equities did miss the mark in the fourth quarter. commodities trading revenue was higher than anticipated, even as it drop seven percent from the third quarter. investment banking fees were higher than anticipated thanks to an increase in ipos and dealmaking. compensation is a big area of concern for a lot of people because of expenses and the need t
$2.6 million settlement tied to the ponzi scheme. visa shares and the sale of properties. analysts like to call it a noisy quarter. when you strip out one month -- some of the one-time items, jpmorgan had a profit beat of $1.40. jpmorgan set in excess of $20 billion in legal settlements in 2013. when reporters asked jamie dimon on a conference call later on whether jpmorgan will be done with the legal headaches this year, he declined to comment and said he would to take a rain check on that. no...
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the case involves allegations the bank ignored signs of bernard madoff's ponzi scheme.duals will be implicated in the expected $2 billion settlement which could be announced as soon as today. >>> meantime, jury selection begins in federal court for the insider trading case against former s.e.c. capital portfolio manager matthew martoma, a bird who is apparently unwilling to sing. >> kind of shocking that he's not done that especially because we know that prosecutors would gladly have taken something he might have given them to implicate mr. cohen, his boss. but in particular in light of the fact that steinberg was convicted, if there was ever a case where the feds were really to have thought the weakest opportunity to convict it was in the prosecution of michael steinberg which took place at the end of last year. another -- more senior executive at sac. he was convicted, i believe, he's appealing now. one would have to believe martoma having seen that, what chance does he think he has when the doctor who he was allegedly paying off is going to testify against him? >> we
the case involves allegations the bank ignored signs of bernard madoff's ponzi scheme.duals will be implicated in the expected $2 billion settlement which could be announced as soon as today. >>> meantime, jury selection begins in federal court for the insider trading case against former s.e.c. capital portfolio manager matthew martoma, a bird who is apparently unwilling to sing. >> kind of shocking that he's not done that especially because we know that prosecutors would gladly...
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the long-running investigation into the bank's alleged role in the bernie madoff ponzi scheme.espondent scott cohen is here with the latest. i guess new year, another big settlement with federal regulators. >> they're ticking these off left and right. things could change for reasons as basic as the weather, we should point out but i'm told we can get an announcement as soon as tomorrow of this $2 billion deal that the bank clearly hopes will go a long way toward removing a big black eye. jpmorgan chase of course was bernie madoff's primary banker for more than 20 years. indeed, all that investor money, close to $20 billion, went into a single chase account. u.s. banking laws require banks to know their customers, particularly a major depositor like bernie madoff, and to report suspicious activity. there is plenty of evidence some at the bank did have suspicion. for example, an e-mail from john hogan, then chief risk officer, who says he was just told in this e-mail the head of fixed income at the time, that there is a well-known cloud over the head of madoff and his returns are
the long-running investigation into the bank's alleged role in the bernie madoff ponzi scheme.espondent scott cohen is here with the latest. i guess new year, another big settlement with federal regulators. >> they're ticking these off left and right. things could change for reasons as basic as the weather, we should point out but i'm told we can get an announcement as soon as tomorrow of this $2 billion deal that the bank clearly hopes will go a long way toward removing a big black eye....
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scheme -- ponzi scheme. prosecutors have been looking into whether the bank failed. germany's chancellor angela merkel has fractured her pelvis. when shen switzerland fell. doctors told her to cancel appearances for the next three weeks. $2 billion. others are asking, maybe you are just going to pay and pay. you are living in elizabeth warren country. >> perhaps i should be making the hostile offer. >> joseph a bank. malone, the one and only trying to buy out the rest of serious xm. of serious xm -- of sirius xm. >> and basement bistro, it is the most exclusive restaurant in america. we are going to tell you all about it. this is market makers on bloomberg television. ourcan now see all of interview streaming live and on- demand. >> this weekend it wasn't just big moves in terms of weather, there were big moves in media. liberty announced to acquire the remaining shell -- the remaining shares of satellite radio serious xm. xm.atellite radio sirius alex, for john malone the, is this about radio or is this the
scheme -- ponzi scheme. prosecutors have been looking into whether the bank failed. germany's chancellor angela merkel has fractured her pelvis. when shen switzerland fell. doctors told her to cancel appearances for the next three weeks. $2 billion. others are asking, maybe you are just going to pay and pay. you are living in elizabeth warren country. >> perhaps i should be making the hostile offer. >> joseph a bank. malone, the one and only trying to buy out the rest of serious xm....
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to the victims of bernie madoff's massive ponzi scheme, you remember that. the prosecutors say that the bank failed to provide warnings about his activities, criminal charges for the bank secrecy act will be delayed two years, and the anti-money laundering policy. in the nation's biggest bank is where madoff kept his account for decade. they released a statement that we believe that no employee knew of his ponzi scheme. madoff is now serving a 150 year prison term. >>> another record find for jpmorgan chase. do the big fines even matter to the big banks? joining us, a professor of economics at the university of kansas, and a former bank regulator who investigating the savings and loan increase. and i should point out that your book, mr. black, the best way to rob a bank is to own one, which seems apropos to this conversation that we're having. in terms of a fine, $2 billion. and how big is that to jpmorgan chase? >> well, the issue, as your previous story said, it's not jpmorgan chase. it's officers and directors who make decisions, and corporations are fict
to the victims of bernie madoff's massive ponzi scheme, you remember that. the prosecutors say that the bank failed to provide warnings about his activities, criminal charges for the bank secrecy act will be delayed two years, and the anti-money laundering policy. in the nation's biggest bank is where madoff kept his account for decade. they released a statement that we believe that no employee knew of his ponzi scheme. madoff is now serving a 150 year prison term. >>> another record...
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. >> a victim of ponzi schemes to write off their losses was struck down last night, and that means that people who were misled by ponzi scheme prairps e perpetrators like bernie madoff. >> thank y of victims out there like myself. there are people out there in my shoes who have set aside lost years of savings, retirement and because the federal -- the state zi not in line in step with the schemes or any type of investment law. >> let's help our viewers understand what happened to you. you lost almost $1 million in your life savings to a bernie me it was called the michael mccann scheme. older people were contacted to invest in his billionaire cat corporation. he posed as a successful rap producer, producing folks, concert overseas, concerts in alignmding hotels where he entertain court with the victim. >> so you invested with him? >> i invested in it. >> was it a million? >> it was a little over aese wed saved throughout my lifetime, my retirement. >> the state of california is taxing you to the tune of $133,000 on the money you had stolen is that right? >> that's correct. >> it seems i
. >> a victim of ponzi schemes to write off their losses was struck down last night, and that means that people who were misled by ponzi scheme prairps e perpetrators like bernie madoff. >> thank y of victims out there like myself. there are people out there in my shoes who have set aside lost years of savings, retirement and because the federal -- the state zi not in line in step with the schemes or any type of investment law. >> let's help our viewers understand what...
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to resolve the claims that jpmorgan played a role in facilitating this ponzi scheme. the u.s.jpmorgan agreed to pay $1.7 billion to settle claims. thisll continue to follow story and bring you more developments as soon as we get them. >> thank you. using up, ron johnson joins to talk about obamacare and why he is following a lawsuit over the health care law. and we are a few minutes away from the open. you will not want to miss right after this break. ♪ >> welcome back. 26 minutes past the hour. bloomberg television is on the markets. julie has the latest. >> three straight days of decline. we have not seen three down days at the start of the year since 2005. a little unusual. we may rebound today. we will see how the session plays out. a waiting game. jobs report is coming out on friday. investors are taking a wait and see approach right now. >> thank you so much. let's count down to the open with the top 10. these are the only trades you need to know. olivia sterns joins in. let's start number 10. the owner opening a u.s. hotel building in new york. it reaches a record. the
to resolve the claims that jpmorgan played a role in facilitating this ponzi scheme. the u.s.jpmorgan agreed to pay $1.7 billion to settle claims. thisll continue to follow story and bring you more developments as soon as we get them. >> thank you. using up, ron johnson joins to talk about obamacare and why he is following a lawsuit over the health care law. and we are a few minutes away from the open. you will not want to miss right after this break. ♪ >> welcome back. 26 minutes...
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morgan chase bank agreeing to pay $1.7 billion to victims of madoff's massive ponzi scheme the primarynded in 2008 when madoff admitted to the f.b.i. the investment business was relative a ponzi scheme. >> fans were watching the super bowl can get their hands on david beckham's underwear. >> you want an explanation? okay, h&m has the full t commerce ad for fans that have samsung smart tv's can buy the collection during a second-second spot during the we second quarter. >> how about weather? >> really? really in really? we going to let that go? >> help yourselves. we will talk football and how cold it was and how many layers of protected gear they wore. this is what it is looking like over in charlotte as we head to the 9 weekend. right now the temperature is 12 with two-degree wind chill and by the weekend, more normal winter weather is coming that way and it will be warmer-than-average with mid-to-upper 50's and a chance of rain. right now, it is much cooler in places like atlanta, further to the south than charlotte and feels like nine below in atlanta and 42 below in green bay. we w
morgan chase bank agreeing to pay $1.7 billion to victims of madoff's massive ponzi scheme the primarynded in 2008 when madoff admitted to the f.b.i. the investment business was relative a ponzi scheme. >> fans were watching the super bowl can get their hands on david beckham's underwear. >> you want an explanation? okay, h&m has the full t commerce ad for fans that have samsung smart tv's can buy the collection during a second-second spot during the we second quarter. >>...
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he calls this a bubble and he has gone as far as to call it the ponzi scheme. >> it's a piece of software that runs on millions of people's computers. >> and if you're wondering why miami it becoming an epicenter for bit coin, it's all about geography. bit coin could open up another avenue for people to spend and receive money. all they need is a smart phone. a year ago bit coin was worth $13. now it's worth more than $800. just to show people get something their hands on this is a met are ative bit coin. >> live for news miami. stay tune to al jazeera america. we have much more on the news during this very short break attacked. the mourners have been refusing to bu >> welcome back to al jazeera america. i'm morgan radford. two explosions were set off in the eastern part of cairo on saturday. police say the bomb was thrown at the wall of the police institute. four people have been killed in clashes between security forces and anti-coup forces. >>> plus a sign of hope for those caught in syria's very bloody war. opposition leaders sat across the table for the very first time since the war
he calls this a bubble and he has gone as far as to call it the ponzi scheme. >> it's a piece of software that runs on millions of people's computers. >> and if you're wondering why miami it becoming an epicenter for bit coin, it's all about geography. bit coin could open up another avenue for people to spend and receive money. all they need is a smart phone. a year ago bit coin was worth $13. now it's worth more than $800. just to show people get something their hands on this is a...
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the organizers of miami international bit coin to the skeptic who call this a bubble and call it a ponzi scheme. they said bit coin will be that transformative. >> it's a piece of government wear that runs in millions of clamps the ato shut it down on the internet. >> it's all about geography. in latin america where many people don't have access to bank accounts they may be able to use bit coin to exchange money. all they need is a smart phone. >> last year one bit coin was worth $13. today, morgan, it is worth 800. >> oh, right, natasha, live from miami beach. thank you for being with us. and breaking news, three people are confirmed dead after a shooting at a mall in baltimore. this word comes from the howard county police. witnesses report hearing multiple shots at the mall's food court. we'll update you with the information as we get it. >>> the best surfs, with what mep call the olympics call sheriffing. in the village the deputy mayor remembers him and wond >> welcome back to al jazeera america live from new york city. i'm morgan radford, and here are today's headphones. two new ex
the organizers of miami international bit coin to the skeptic who call this a bubble and call it a ponzi scheme. they said bit coin will be that transformative. >> it's a piece of government wear that runs in millions of clamps the ato shut it down on the internet. >> it's all about geography. in latin america where many people don't have access to bank accounts they may be able to use bit coin to exchange money. all they need is a smart phone. >> last year one bit coin was...
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2.6 billion dollars to resolve criminal and civil allegations that failed to stop bernie made off's ponzi scheme. of that, jpmorgan will pay $2 billion to the government and half a billion to settle private claims. the "st" as on the front page that jpmorgan had known about report to failed to authorities. >> as i have been saying, prosecutors are pushing banks to knowledge that they did wrong. >> excuse me -- continue, i have a throat thing. >> what happened to you? tom, take a breather. alan mulally, taking him off the microsoft short list because he has taken himself out of the running. he says he plans to stay with ford for the next -- rest of the year and will not be leaving for microsoft. internal -- both people. the head of clout computing at microsoft. insider, --ve an >> the former nokia ceo and he used to work for microsoft before he worked at nokia and now he is back now that nokia's handset business has been purchased by microsoft. >> this has been going on for four months. an long time for an executive search, creating a lot of uncertainty as both we and "the wall street jour
2.6 billion dollars to resolve criminal and civil allegations that failed to stop bernie made off's ponzi scheme. of that, jpmorgan will pay $2 billion to the government and half a billion to settle private claims. the "st" as on the front page that jpmorgan had known about report to failed to authorities. >> as i have been saying, prosecutors are pushing banks to knowledge that they did wrong. >> excuse me -- continue, i have a throat thing. >> what happened to you?...
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>> you've identified the problem it's a ponzi scheme. >> when the people lose confidence, when the global world loses confidence. >> that's what charles said at the outset. >> i this i that it's fool hardy -- it's fool hardy and fear sided to dismiss it if there was no chance in hell. >> you guys sound like the guys who said apparently there are some bar barians of the game. >> how many years to implode, rome, like 3,000 years? i don't know, how many years? >> well, the last ten, we are talking. all right. we will take a break. >> how many years? >> 450. >> we will take a break. did y of you see this? >> i imagine it's going to be fun, i'll embrace it. i'll have my teammates there. we'll enjoy the moment. it's a once in a lifetime experience for us. >> richard sherman all pro-football star is not talking about going tohe super bowl. he is talking about our wall-to-wall coverage of the state of the union address. at 8:00 p.m. it's the only place where you are going to get simultaneous mark reaction as the president is spoking from the markets the world over. you are also going to hear from
>> you've identified the problem it's a ponzi scheme. >> when the people lose confidence, when the global world loses confidence. >> that's what charles said at the outset. >> i this i that it's fool hardy -- it's fool hardy and fear sided to dismiss it if there was no chance in hell. >> you guys sound like the guys who said apparently there are some bar barians of the game. >> how many years to implode, rome, like 3,000 years? i don't know, how many years?...
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this time the money is expected to help people who were burned by bernie madoff's ponzi scheme.have the latest for you. in the last 23 years, but i needed help in quitting smoking. [ male announcer ] along with support, chantix varenicline is proven to help people quit smoking. chantix reduced the urge for me to smoke. it actually caught me by surprise. [ male announcer ] some people had changes in behavior, thinking, or mood, hostility, agitation, depressed mood, and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these, stop chantix and call your doctor right away. tell your doctor about any history of mental-health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these, stop chantix and see your doctor right away, as some can be life-threatening. tell your doctor if you have a history of heart or blood-vessel problems or if you develop new or worse symptoms. get medical help right away if you have symptoms of a heart attack or stroke. use c
this time the money is expected to help people who were burned by bernie madoff's ponzi scheme.have the latest for you. in the last 23 years, but i needed help in quitting smoking. [ male announcer ] along with support, chantix varenicline is proven to help people quit smoking. chantix reduced the urge for me to smoke. it actually caught me by surprise. [ male announcer ] some people had changes in behavior, thinking, or mood, hostility, agitation, depressed mood, and suicidal thoughts or...
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that bernie madoff case, allegedly turning a blind eye while working with madoff during the enormous ponzischeme. >>> a record for boeing, the airplane maker saying it delivered 648 jet liners in 2014. this is the most ever in one year. most are the dreamliners. a large part of the internet is becoming a black market and technology that is readily available is helping users get to it and remain anonymous. john hendren takes a look at the hidden internet. ftc. >> reporter: there is a pleas place on the internet so deep, so dark, so utterly anonymous it has become a black market for crime. >> you have everything there, hits for hire, you can kill people, you can buy drugs you can buy people, there is everything that we in society say shouldn't exist in civilized society is there. if it's not there ask for it and somebody might provide it. >> reporter: for a price, you can offer up false i.d.ness, real u.s. citizen ship and murder for hire. >> you can pay a assassin, for $6,000 plus. >> just don't ask him to videotape it. this killer has standards. there are teenagers for sale. unregistered g
that bernie madoff case, allegedly turning a blind eye while working with madoff during the enormous ponzischeme. >>> a record for boeing, the airplane maker saying it delivered 648 jet liners in 2014. this is the most ever in one year. most are the dreamliners. a large part of the internet is becoming a black market and technology that is readily available is helping users get to it and remain anonymous. john hendren takes a look at the hidden internet. ftc. >> reporter: there...
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jpmorgan will reportedly pay $2 billion to settle charges it failed to warn about bernie madoff's ponzi scheme. jpmorgan was madoff's primary bank for years. reports say the bulk of the fine go to his victims. >>> the market saw the first negative start to the year since 2008. the big focus will be friday's u.s. jobs report. look for data today on services sector and factory orders. betty? >> thank you, courtney. >>> this crop circle, check it out, in california, managed to confuse and mystify the curious, but actually a ruse by the company novidia to show off a new processor making its debut at ces. >>> just ahead, nfl action and how silence can actually cost you. >>> plus, taking the scare out of catching air. that's next. >>> well, coming up this morning on "today," the squadron behind marine one. a rare inside look at the exclusive handpicked team responsible for flying the president of the united states. >>> all right. let's get to some sports action. it was just five degrees at kickoff and felt like minus ten with the windchill. but somehow the fans didn't seem to mind. yeah, they
jpmorgan will reportedly pay $2 billion to settle charges it failed to warn about bernie madoff's ponzi scheme. jpmorgan was madoff's primary bank for years. reports say the bulk of the fine go to his victims. >>> the market saw the first negative start to the year since 2008. the big focus will be friday's u.s. jobs report. look for data today on services sector and factory orders. betty? >> thank you, courtney. >>> this crop circle, check it out, in california, managed...
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morgan chase has agreed to pay $1.7 billion to victims of madoff's ponzi scheme. up job was the primary bank in the three years of the fraud that spanned decades. in 2008 madoff admitted to the f.b.i. he defrauded investors of $18 billion one of the largest financial frauds in united states history. madoff is serving 150-year sentence. >> >> president obama is urging house republicans to take quick action to extend unemployment benefits to 1.3 million americans. the president says he doesn't know anyone who wants an implement check over a job but the fact is, a lot of people are out of work. the president made the remarks surrounded by unemployed americans this morning in washington, dc after the senate cheered a key hurdle. this morning they voted in favor of extending benefits for three months after benefits expired january 1. >>> california's neighbor to the north, oregon, is attracting a good number of new residents. moving company united released the migration study this week and found that oregon with the number one destination for people moving from one sta
morgan chase has agreed to pay $1.7 billion to victims of madoff's ponzi scheme. up job was the primary bank in the three years of the fraud that spanned decades. in 2008 madoff admitted to the f.b.i. he defrauded investors of $18 billion one of the largest financial frauds in united states history. madoff is serving 150-year sentence. >> >> president obama is urging house republicans to take quick action to extend unemployment benefits to 1.3 million americans. the president says...