shery: the ponzi scheme was nonexistent in 1992, but until then.ens to investors who made gains before that? wouldhe was correct, that be true, would have to recalculate the principal balance, money in. the start in the 70's, and the others have allocated to that and testify to that. i think it's an ill-fated suggestby mr. madoff to i was a good guy until 92, and i got co-opted by some bad people and i did some bad things. none of that is proven to be true in terms of the records her testimony of anyone else. i think that's going to happen. -- i don't think that's going to happen. david: what level of cooperation are you getting from courts from overseas, you have to go into court overseas to enforce that? mr. picard: we have a number of cases pending overseas. and like year, we had some luck and we haven't been as successful. case in israelng and a couple of others. that we willl recover some significant amounts. david: any jurisdiction particularly of strippers -- obstreperous? mr. picard: that i know of. mr. sheehan: there's a resistance to amer

scheme the government that's what my book is about the government debt globally is a ponzi scheme the governments can never repay this debt and we're about to hit a wall so should people invest in alternative asset classes absolutely is a leonardo da vinci painting we're painting worth half a billion dollars is an apartment in midtown midtown manhattan worth six hundred million dollars i would argue no it's not and i would agree we should prices from when i went to university have gone up to. thousand percent yeah where real wages since the one nine hundred eighty s. are flat so how does that work out when i go to school i could have bought i feel better michel let me let me jump in here and fifty thousand by gentlemen note i have to go to a break and after that short break we'll continue our discussion on bitcoin stay with arkie. about your sudden passing i've only just learned you worry yourself in taking your last wrong turn. to you as we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest. i

scheme the government that's what my book is about the government debt globally is a ponzi scheme the governments can never repay this debt and we're about to hit a wall so should people invest in alternative asset classes absolutely is a leonardo da vinci painting we're painting worth half a billion dollars is an apartment in midtown midtown manhattan worth six hundred million dollars i would argue no it's not and i would agree we should prices from when i went to university have gone up to. thousand percent yeah where real wages since the one nine hundred eighty s. are flat so how does that work out when i got out of school i could've bought a better match and they let me let me jump in here and fifty thousand that gentlemen know i have to go to a break in after that short break we'll continue our discussion on staying with archy. everybody and stephen both. hollywood guy suspects every proud american first of all i'm just george bush and r.v. news this is my buddy max famous financial guru just a little bit different i'm not. going to run your windows up with all the drama happenin

i'm joined by my guest mitch firesign in new york he is a fund manager and author of the book planet ponzi in atlantic we have jeffrey tucker he is director of content for the foundation for economic education and in cambridge we cross a character heilman he is a research fellow at the university of cambridge all right gentlemen crosstalk rules in effect that means you can jump in anytime you want i always appreciated gary let me go to you first in cambridge explain what is going on with bitcoin i mean i'm of the age and i used to work in finance.

it's a ponzi scheme. >> reporter: the measure passing for a second time after a technicality forced an embarrassing revote. >> motion to reconsider is laid upon the table. >> reporter: a friday deadline to avoid a shutdown. a celebration for president trump and his party. starting to feel more money in their pockets. that would translate into votes come november. >> thank you very much. how does the tax plan affect you. according to analysts most americans will see a tax break for the next few years. a standard deduction doubling to $12,000 for a single person. 24,000 for couples. however, you own a house here in the bay area, you could be losing out on the mortgage interest. that's because the new cap is $750,000 down from the one million it used to be. our coverage of the tax bill continues on nightly news. it includes an in-depth breakdown. lester holt joins us in about 25 minutes. >>> a home invasion and brutal attack in a south bay neighborhood. santa clara deputies may have caught up with those suspects. robert handa broke the news of those arrests on twitter. what do you know? >

monday is the 9th anniversary of the arrest of bernie madoff who ran the largest ponzi scheme in history. >>> tuesday is the first day of the jewish fevlgt of life. happy hanukkah, everyone. >>> and voters in alabama will be choosing between republican roy moore and democrat doug moore in the race for the senate. >>> on tuesday retailers will raise interest rates thursday is the day to see the month of november. and folks go digging in your sweater bus friday is national ugly christmas sweater day. >>> the holiday season is upon us and this year consumers are expected to spend more than $680 billion, but what if you have no idea what to get joining us now is dan ackerman from cnet to talk about every tech budget. thanks for being here. >> thanks for having me. >> you have the google home mini and the amazon dot. >> they are excellent devices. they're both about $29 from $50. >> $29 that's crazy. >> you can add them on to the existing echo or google devices. >> they work the same way. if i say alexia, what's the weather. >> you can say alexia to the dot or, hey, google, what's the weather

victims of a ponzi scheme are set to have $600 million at the start of 2018. the trustee in charge of thanering funds said more half of madoff's customers who submitted approved claims will have gained their loss investment in full. have been total recovered so far. he expects to recover the entire 17 .5 billion dollars in question and perhaps more. global news 24 hours a day powered by more than death global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ julia: joe: i am joe weisenthal. nasdaq,&p 500 and the fresh eyes today. joe: the question is what did you miss? >> the republican tax bill may make it to the president's desk i friday. planning to vote on landmark changes as early as tomorrow. -- theinto bill it latest details. president trump declaring the u.s. will pursue a muscular foreign policy, reflecting his america first campaign promise. and losing a guide in -- guiding hand. added almost $7 billion to the railroad company in less than the year. julia: the r

he had been running essentially a ponzi scheme the entire time. the grants -- it hit the grant family like a bombshell. they were financially devastated because they had invested heavily in the firm, the whole family had. now they had to find a way to make money. grant felt personally responsible. he had encouraged his family and others to invest in the firm. even though he was a victim, he felt personally responsible and wanted to pay back his debt. the grants were in a difficult situation financially because of the financial scandal. they packed up and moved out to new jersey for the summer of 1884 to essentially figure out what they were going to do for the future. to rebuild their lives, financially. grant was approached by century magazine at this time, a big magazine company to write some articles. been pestered to be an author for many years and had always resisted. other people had written about him, he did not think he would be much of an author, he was a very modest man. most of all come he did not need the money. they knew he was in a c

vivtims of bernie madoff's ponzi startingll get checks in 2018.hat will boost the total payouts to almost $11.5 billion. it would mean that more than half of those who submitted claims will have recovered their losses in full. willholders at mcdermott control 53% of the entity, with the rest going to investors. the combination of the two major construction companies will have an annual fee of $10 million. that's the bloomberg business flash. francine: the eu's michel barnier set out a hardline on brexit. that comes ahead of the meeting of theresa may's cabinet, as she attempts to bring together the different factions. welcome to the program. this is the first time they sit down and talk. >> yes. francine: how is that possible? >> for the last 18 months, the british government has been avoiding the question of brexit. so much of this is about what it is like to be british. one of the things it is to be british is avoiding difficult conversations. the cabinet cannot agree about what they want out of brexit. fabulouslymost british thing ever, they ha

out the creditors in two thousand and eight and they just gave more money to build more leveraged ponzi schemes in the sky with v.m. money and fractional reserve banking and multiples and stock buybacks in a stock buybacks to be illegal on the other legal and so this one falls off again it'll be catastrophic that we already have so i mean i understand you're positioning yourself you know you're hedging yourself you're ready to go short you think gold is something to go to in rational rationalization of of markets right. now though we have all about ten percent of the portfolios in gold because gold is not like rising real interest rates so right now you know we have mr mr powell coming on to the fed genuineness less stand is going to be today she will today which is a recorded interview but she was going to raise rates again today december thirteenth that we recorded interview she was supposedly going to raise rates three or four more times in two thousand and eighteen mr powell will be the one doing that not janet yellen and that means nominal rates or will be rising real interest rate

i'm joined by my guest mitch firesign in new york he is a fund manager and author of the book planet ponzi in atlantic we have jeffrey tucker he is director of content for the foundation for economic education and in cambridge we cross to garrick hileman he is a research fellow at the university of cambridge gentlemen cross-talk rules in effect that means you can jump in anytime you want i always appreciated gary let me go to you first in cambridge explain what is going on with bitcoin i mean i'm of the age and i used to work in finance ike i can remember the dot com bubble and then it's melt down here and not being very well versed in bitcoin what is going on here is this just speculation or is this the new shiny radiant future go ahead in cambridge. i think i think a little bit of both to be honest and certainly we've seen you know some aspects of this story before as you mentioned you know after the dot com bubble exploded in two thousand two thousand and one there were a number of winners that emerged from that area and a number of new companies that were born after that have done quit

twenty one percent democrats say will benefit the wealthy at the expense of ordinary americans it's a ponzi scheme. the tax cuts are going to be meaningful for work and family than every day americans and the jobs will never materialize republicans argue the cuts will make the united states more competitive with countries like china with similarly lower corporate tax rates it's hoped this will encourage companies to do business in the u.s. and bring back jobs a key trump campaign promise but while this legislation is about reforming taxes it is also about winning donald trump failed to deliver on a campaign promise to repeal and replace the affordable care act or what many americans call obamacare it's a frustration donald trump has lamented for months. passing the tax legislation now allows trump to claim victory on both tucked inside the tax reforms is a repeal of an obamacare requirement called the individual mandate that forced all americans to buy health insurance or pay a tax fine the legislation still must go through legal review and may not be signed into law until the new year the

i'm joined by my guest mitch firesign in new york he is a fund manager and author of the book planet ponzi in atlantic we have jeffrey tucker he is director of content for the foundation for economic education and in cambridge we cross to garrick hileman he is a research fellow at the university of cambridge all right gentlemen crosstalk rules in effect that means you can jump in anytime you want i always appreciated gary let me go to you first in cambridge explain what is going on with bitcoin i mean i'm of the age and i used to work in finance ike i can remember the dot com bubble and then it's melt down here and not being very well versed in bitcoin what is going on here is this just speculation or is this the new shiny radiant future go ahead in cambridge. i think i think a little bit of both to be honest and certainly we've seen you know some aspects of this story before as you mentioned you know after the dot com bubble exploded in two thousand two thousand and one there were a number of winners that emerged from that area and a number of new companies that were born after that have

monday is the ninth anniversary of the arrest of bernie madoff, who ran the largest ponzi scheme in history day of the jewish festival of lights. happy hanukkah, everyone. and voters in alabama will be choosing between republican roy the race for the senate. on wednesday the federal open market committee is widely expected to raise interest rates. thursday we'll be seeing how the retailers actually fared for the month of november. and folks go digging in your closet because friday is national ugly christmas sweater day. >>> the holiday shopping season is upon us and this year consumers are expected to spend more than $678 billion. but what if you have no idea what to get? joining us right now is dan ackerman from cnet to tell us about the very best tech gifts for every budget. thanks for being here today. >> glad to be here. >> if i'm on a budget there are a couple of hot new things that are out there. the echo dot.gle home mini and which one's better? >> they're actually very, very similar devices. they give you answers to questions. they'll tell you the weather. they control smart home st

out the creditors in two thousand and eight and they just gave more money to build more leveraged ponzi schemes in the sky with vs money and fractional reserve banking and multiples and stock buybacks in a stock buybacks to be illegal on the other legal and so this one falls off again it'll be catastrophic that we already have so i mean i understand you're positioning yourself you know you're hedging yourself you're ready to go short you think gold is something to go to in rational rationalization of markets right. now though we have all about ten percent of the portfolios in gold because gold is not like rising real interest rates so right now you know we have mr mr powell coming on to the fed genuine is less stand is going to be today if you will today which was a recorded interview but she was going to raise rates again today december thirteenth that we recorded interview she was supposedly going to raise rates three or four more times in two thousand and eighteen mr powell will be the one doing that not janet yellen and that means nominal rates or will be rising real interest rates

twenty one percent democrats say will benefit the wealthy at the expense of ordinary americans it's a ponzi scheme. the tax cuts are going to be meaningful for work and family than every day americans and the jobs will never materialize republicans argue the cuts will make the united states more competitive with countries like china with similarly lower corporate tax rates it's hoped this will encourage companies to do business in the u.s. and bring back jobs a key trump campaign promise but while this legislation is about reforming taxes it is also about winning donald trump failed to deliver on a campaign promise to repeal and replace the affordable care act to what many americans call obamacare it's a frustration donald trump has lamented for months. passing the tax legislation now allows trump to claim victory on both tucked inside the tax reforms is a repeal of an obamacare requirement called the individual mandate that forced all americans to buy health insurance or pay a tax fine the legislation still must go through legal review and may not be signed into law until the new year the

tulips telltales of colonial riches junk mortgages and wildly overrated internet ponzi schemes that's just some of the highlights of human societies fatal attraction to so-called asset bubbles when a manic rush seizes the imagination of investors the speculators and the rest of society the thirst for wealth of our powers all sense of rationality or moderation as the year comes to a close it appears that twenty seventeen will be forever remembered for its crypto currency bubble as people across the world from the winklevoss twins to the random twitter feed investor who barely understands the difference between a bike chain and a block chain are making millions of dollars overnight perhaps is about time we sit down and figure out what what is going on in the world the air and to do that we're joined today by just the right guests today that our children former commissioner of the u.s. commodities futures trading commission thank you for joining us barclays will be with you guys so i want to bitcoin rich this week all time high sixteen thousand and similar currencies like what was it lik

phillips tall tales of colonial riches jump mortgages and wildly overrated internet ponzi schemes that's just some of the highlights of human societies fatal attraction to so-called asset bubbles when a manic rush seizes the imagination of investors the speculators and the rest of society the thirst for wealth of our powers all sense of rationality or moderation as the year comes to a close it appears that twenty seventeen will be forever remembered for its crypto currency bubble channel blocked chain are making millions of dollars overnight perhaps is about time we sit down and figure out what what is going on in the world the air and they do that we're joined today by just the right guests today that our children former commissioner of the u.s. commodities futures trading commission thank you for joining us there at leisure be with you guys so i want to bitcoin rich this week all time high sixteen thousand and similar currencies like what was it like coin again and i popping forty five hundred percent again for this year as the final sexpert how comfortable are you with quick cryptocur

trump his strategy and his policies mike hanna out his era united nations where i spoke to richard ponzi director of just security twenty twentieth's stimson center he said the lack of support from traditional allies shows the u.s. has relinquished leadership on a critical issue. this is just another demonstration of the u.s. not working not only with its traditional allies but working through multilateral bodies where in this national security strategy it states it wants to have leverage viz a viz its adversaries in advancing its interests this is yet one more demonstration of relinquishing a area of critical leadership in the world one where just a few weeks ago the palestinians middle eastern allies they would not have wished for this action to have taken and thereby undermining the important role that the us can play in bringing the sides together to talk through these very sensitive and longstanding differences between the israelis and the palestinians. or move to catalonia where partial results say that procession parties are on track to win an absolute majority in first a snap ele

. >> it's a ponzi scheme. >> the measure passing for a second time after a technicality forced an embarrassinge. now looming before congress, a friday deadline. first, celebration for president trump and his party. and about that possible government shutdown, both republicans and democrats, many members of the parties have promised repeatedly that they will come up with a compromise to keep the government open though we haven't seen one just yet, pat, and it appears that they will have to do a short-term agreement. >> our flash survey shows that you are not sold on the benefit. we ask how you think it will affect you and the vast majority of people say don't know yet. >>> colin kaepernick has received several awards this year. he was a finalist for "time" magazine's person of the year. he's still a quarterback without a team. there could be a new opportunity object the horizon for him. whur is here with today's "talk around town." something came up recently. p. diddy combs, sean combs, talking about buying the carolina panthers? >> yes, at the end of the season. >> and colin kaepernick has bee

teachers here are being asked to pay into a pension system that has been described as a ponzi scheme. 10 percent of your income, into your pension plan out of every paycheck. the money you're paying in now is being used to pay the ones who are retiring right now. in a pyramid scheme by the time it gets down to you who has been paying in for your entire life -- >> liza: there's no money left. i worry about my future. i don't know what i'm going to live off. i have two jobs in order to pay my bills, have my car, have my house, and pay for my kids education. there's no way with one job as a teacher i can do that. >> anthony: so how do you continue? >> liza: i know i can get paid triple in the states, but i don't want to give up on my country. my kids see how their parents struggle. things can change if only one stands up and decides i'm going to do this. but we have to empower those children. we have to make them believe they can change that there is a better life for them. and i'm getting emotional because sometimes i feel that i failed. i cannot save all of them that's the truth, but i

it's a ponzi scheme. >> reporter: the measure passing for a second time after a technicality forced ate. >> the motion to reconsider is on the table. >> reporter: a friday deadline to avoid a government shutdown. but first, celebrations for president trump and his party. and as for that low approval rating for the tax reform bill, just 24%. republicans hope that once americans start to feel more money in their pockets in february, that will translate into votes come november. live at the white house, blayne alexander, news4. >>> i'm erika gonzalez at the live desk. virginia senator mark warner, the chair of the senate intel that are now trending on social media. the senator warning the president against the firing of special counsel robert mueller. take a listen. >> congress must make clear to the president that firing the special counsel or interfering with this investigation for issuing pardons of offensive witnesses is unacceptable and would have immediate and significant consequences. i hope my concerns are unfounded. >> firing mueller, warner added, would lead to a constitutional

it's a ponzi scheme. >> reporter: the measure passing for a second time after a technicality forced anrevote. >> the motion to rekor is laid upon the table. >> reporter: now looming before congress, a friday deadline to avoid a government shutdown but first a celebration for president trump and his party. >> just 24% approve. republicans hope once americans see more money starting in february that will translate into votes come november. how does your tax bracket change into this new tax plan. we set up an interactive database on our website to help you find out. nbcbayarea.com. >>> call for help ends with police shooting a man. it happened around last night at 8:00 east of highway 101. man came to the central marin place to report his brother was missing. hours later the same man called back saying his brother was at the house making suicidal threats. police say when they got there the man reached for a gun and they shot the suspect. he is suspected to survive. >>> a fire at a homeless encampment. this is video taken around 1:00 in the morning. santa clara firefighters quickly put out

. >> a ponzi scheme corporate america will perpetrate on the american people. >> politicians wonder whyhave little credibility these days. this is about to backfire? here to weigh in the chairman of the business and finance program at kings college in manhattan. i want you to explain why this tax reform is going to end -- >> ridiculous to hear this language of armageddon. it is not armageddon and the reason they are using this language is they know this passes starting next year. businesses open the bottom line. and democrats are afraid of that, in 2018. >> nancy pelosi is definitely done. and some level of system back in power. >> the tax plan will help republicans. and it is going to show up. >> how it forces people to buy obamacare, they won't be as healthy as they should be. >> a pretty low view of people, do something good for you you are not going to do it. reveal of the individual mandate doesn't mean people can't get insurance doesn't mean they don't have to. the trickery or abuse occasion you see going on in the conversation here, this is a tax cut for the vast majority of amer

victims of bernie madoff ponzi will begin the new year with new checks.total payouts to $11.4 billion and mean more than half of bernie madoff's customers will have recovered their lost principle in full. that was your bloomberg business flash. let's dig into some of the bigger stories. the u.s. has vetoed the united nations security council resolution as the designation of jerusalem is israelis capital. the council new washington would kill the motion come up but supporters wanted to show the opposition.bal nikki haley used her first united nations veto to block the resolution and was very much in focus. let's take a listen. >> what we witnessed here today in the security council is an insult. it won't be forgotten. it is one more example of the united nations doing more harm than good in addressing the israeli-palestinian conflict. act ofor the simple deciding where to put our embassy the united states was forced to defend its sovereignty. is our still with this guest. as you listen to nikki haley and look at what is happening geopolitically in the regi

of his, pelosi or chuck schumer, doesn't matter who reads this stuff, it is same words, oh, it is a ponzi scheme. you original little person. i'm so tired of these people. say something human. say something that means something to you. relate to people what this tax thing will mean to their lives. they don'tei even bother. it is too much work. they're too busy raising money and kissing ass, which is what at the do. [applause] i talked about the train ride. i want to talk about the cuban missile crisis. now bobby predicted, i mean he wasn't a visionary. he had a couple predictions that were fascinating. one we would have a african-american president in 40 years. he was off by seven. that is pretty good. he was damned optimistic. what are the chances of guy like barack obama going on who was absolutely unbelievable of threading needle being african-american and a white mother and interesting aspects ofsp immigration that sort of worked for him and being a genius, absolutely 100% clean, like no politician has ever been. [applause] but he nailed that. he also nailed jimmy hoffa. the jimmy hof

. >> does he think -- >> it is nothing more than a ponzi scheme. we're going to shoulder our children and grandchildren with $1.5 trillion in additional debt to provide massive tax cuts to millionaires, billionaires, big donors to the republican party. and he will try to sell it as something that benefits everyday americans. >> he said so many shocking things we forget, we now have a president that talks like a mob boss. we're all going to get richer. he's telling his friends, you'll all get a take. he sold it as a middle class tax cut. it is a massive corporate tax cut. i think the last-minute insertion of a real estate deal that helped bring bob corker on board and will give him probably $11 million, as you discussed, that will be key. it will galvanize voters. now people know trump lies but now there's a very, very clear element of the tax bill that directly benefits the tax family. >> i think you make such an important point, who is he like on? when he lies on the press. i hear this because my job is to report the facts. a lot of people don't c

but right now looks like, smells like a combination of a ponzi, a fraud, and a bubble.? spoken like a statist. >> and the fact that 80% or so of all global volume is done by individuals sitting in china and vietnam and japan and south korea. look, all i'm saying is that this bubble -- i know it's very popular. kennedy: a lot of eating, sadly. >> i know cryptocurrency is very popular and if you're saying negative about it, it's not hip. but the vast majority of people that are investing in this right now have very little financial literacy. am i wrong about that? kennedy: yeah, but they're rich. i rather be rich. >> i mean, never underestimate the power of government to screw up a good thing. so it's a powerful technology, and there are a lot of people that are made nervous by it, including by people at this table. kennedy: policy making. that's good policy. all right. i want to thank you. what a night. hump night. thank you. you're welcome. coming up, china sent fighter jets and surveillance planes over taiwan. that might not sound like a big deal. but did you know that

it is one of the, most huge, ponzi schemes ever been created. always kicking the can down the road, going crisis to crisis. when we finely sit down it becomes a battle of extortion and who fetes one-up on the other friday. i believe with my good friend there will be a short-term agreement. that is really a shame. we should be think long term. not every two or three weeks or months. neil: trish: this is what government does, right? >> sure. trish: unfortunately. i think about it in terms of what we also focus on here and that is public companies that are so concerned with their quarterly earnings. i wonder, lanhee, is politicians are a little like these ceos? politicians are looking ahead to the next election. they don't want to disappoint anyone, want to keep everybody happy. much like a ceo wants to keep all his or her shareholders happy. do whatever is needed, a dividend play, a stock buyback. allowing technology to be taken by china, as long as they have access to chinese sales in the interim, it doesn't matter. kicking the can down the road

-i'm not going to -- -when we discovered that he was connected to somebody that was in a ponzi schemend that he was not really acting above board. you're going back on your handshake deal? you're going back on your handshake deal? it was the one time, out of the 60-plus episodes where i actually thought somebody was going to hit me. why would i shake your hand when it means nothing? erik, good luck to you. your handshake means nothing. we made a handshake deal. listen, you're an intimidating guy. you're not going to intimidate me. -i'm not trying to -- -that was a big dude and there was just two cameramen and me. i literally thought i was going to go through the wall. i'm going to walk out on you. goodbye, erik. and then there's andrew rosenthal. [ laughs ] andrew owns la dogworks, this pet care place in l.a. that has everything from boarding, grooming, training, and a bunch of other things. i love the business model and i love anything to do with pets. but andrew, he was a complete maniac and he hated everyone. the only reason my partner is alive is because murder is illegal. he's go