i'd rather own hpq than -- >> i've got to break in here, got to go to scott cohn at the breaking news desk. nec. scott, what have you got? >> an update on hassan namazee. remember, he is the one-time big democratic fund-raiser who was arrested in august and charged in a criminal complaint with defrauding about $74 million out of -- fraudulently obtaining $74 million out of citibank. he has now been indicted by a federal grand jury. the amount of the alleged fraud has increased dramatically to $290 million. and the victims have increased as well. the u.s. attorney's office saying in this indictment, saying he also defrauded bank of america and hsbc. apparently using proceeds from money that he got from them to repay that loan to citibank. but of course it was all an alleged giant fraud. nemazee was one of the biggest bundlers for barack obama, among other things. he remains mains under house arrest at his manhattan apartment tonight. guys? >> scott cohn, thanks very much for that update there. it's funny, because after bernie madoff you hear $300 million fraud it's nothing. >> the guy

our own scott cohn will have the full report when we return.kudlow report" and accelerate your income in 2010 to bae the tax man. welcome to the now network. population: 49 million. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. - 154 people are tracking shipments on a train. - ( train whistles ) 33 are im'ing on a ferry. and 1300 are secretly checking email... - on a vacation. - hmm? ( groans ) that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. sprint. the now network. deaf, hard of hearing and people with speech disabilities access www.sprintrelay.com. bringing you the first and only wireless 4g network. sprint. the now network. coldwell. yes, banker? now all our listings are on any smartphone. indeed. now people can search home listings anytime, anywhere. coldwell? whoa! looks like you can search listings and connect with our great agents on this thing. isn't technology amazi

he gave his only interview to scott cohn.ly, and you're not surprised it's a comedy. >> i think it's a stroke of genious they turned it into a comedy. who knew -- we'll leave it at thachlt who knew white collar krik could be funny? at the time, there was nothing funny about it at all. it nearly brought down one of the biggest companies in the world. matt damon plays mark whitaker, an employee who blows the whistle. he goes undercover for the fbi, secretly taping his bosses for three years, but it turns out he has issues of his own, like the fact he's been stealing millions from the company. >> okay, what have it was st standard practice for executives to accept kickbacks in cash? >> there is the real mark whitaker the same month he was indicted. he gave his only tv interview to us, still insisting that the $9 million in the swiss bank account was given to him by the company. >> with hair. >> we were talking ultimately, millions of dollars going into accounts in switzerland, the cayman islands. >> it was standard operating pro

thanks very much, scott cohn. we'll be with you for further developments on that. >>> climate change has been championed by activists. more and more businesses are jumping onboard. one company taking the lead on the global issue. >>> welcome back. technology plays a critical role in making businesses more efficient. a big help for their bottom line, but also for the environmental impact. hewlett-packard is increasing lines of products and services aimed at efficiency while tackling its own green practices. the chief strategy and technology officer at hp, shane robinson. nice to have you on the program. welcome back to "closing bell." >>> nice to be here. >> before i get into the green niche yeah tifs and what hp has done. where do you see as the chief strategist and technology officer at hp, where technology is going? where's the growth? >> a lot of growth is in information technology delivered through services. so services business models are evolving. behind that is explosion in information. navigating, making s

i'm scott cohn. >>> we are live from the floor of the new york stock exchange. this is "street signs" on a tuesday. the markets off the highs of the session. they still though are higher, celebrate that as long as you can get it. gold though really the big story spiking above $1,000. right now we're at $1,000 even for gold. takeover news keeping traders very interested. the price tag and the president's hotly anticipated details. we're talking about health care reform. a special guest with us today. the ceo of schering-plough speaking for the first time since the merger with merck. we'll talk about a public option. yea or nay. >>> and then hedge funds are partying like it's 1999. on track for their best year since 1999. >>> and america's big bet, alternative energy. but you can't build electric cars to get rid of those foul emissions without rare metals. the problem is as "street signs" viewers know, china controls those metals. we found the one american company in the game. they're with us exclusively. that's our show, it starts now. let's show you the market t

cnbc's scott cohn is live with more. people aren't too pleased about hearing about it. morning to you, scott. >> good morning, alex. it is really quite an eye-opening conversation when you listen to the whole thing. this came from 2005. so, bernie madoff still in his hayday, but every so often they get these pesky calls from the securities and exchange commission, and one of his biggest investors, fairfield gr grenwich group is getting a call, and they want to make sure this big investor doesn't say anything that gets madoff in trouble. he says don't worry. we've been through this before. these guys, they are pushovers. >> you know, you don't have to be too brilliant with these guys, because you don't have to be. you're not supposed to have that knowledge. and, you know, you wind up saying something which is either wrong or, you know, it's just not something you have to do. >> madoff says that often times when these guys come calling, they'll just sort of laugh at them and say, what, are you writing a book? he says a lot of s.e.c. lawyers will be going on to work on wal

. >>> now, scott cohn at the breaking news desk. scotty? >> we have news that a lot of ubs account holders, perhaps thousands of them in the u.s., are getting today or getting very soon. this letter, which is part of the big settlement on sharing information on suspected tax evaders, it is now coming. and they have until next week to comply. so they'll be getting this ominous note, many of them, saying that they are potentially among the people that the irs wants information from and providing them with a number of options they can essentially fight it with the judicial review process that's been set up in switzerland, consent to ubs turning over information to the irs or participate in the irs's voluntary disclosure program and submit it themselves. but people now are getting this letter which we have also obtained, telling them that they have until next week, the 23rd of september, to comply one way or the other, or at least initiate steps to fight it under swiss law. this again, part of that landmark settlement between the u.s. and the s

scott cohn has more with the details. >> you can hear them, too, online.al with these s.e.c. guys? just laugh them off. he knows how they work. this tape is from 2005. madoff still in his hey day, but the s.e.c. wants to ask his biggest investors, fairfield greenwich, so he gets on the phone with two executives to get their stories straight. >> obviously, this never took place. >> it was subpoenaed by the massachusetts secretary of state which just reached a settlement. this tape was exhibit one. madoff tells the executives whatever you do, don't tell them you have anything in writing. no that he was worried at all. these s.e.c. guys, he says they're pushovers, most will be working on wall street within a couple of years. so this was in december, the holiday season of 2005. at one point, he puts the call on hold for another call, some charity asking for money. he says if i get another solicitation for charity, i'll kill myself. we have the full tape on cnbc.com. >> and it's worth a listen? >> it is. >> what are they specifically talking about here? in othe

. >> thank you very much, scott cohn. tax hike, christine well eers a dan mitchell, senior fellow at the kato institute and author of "global tax revolution," the rise of tax competition and the battle to defend it. let's get to the bottom of this. you both heard austan there talking about taxes. dan mitchell, he's saying an increase that goes to medical device companies or drug companies that they pass on to consumers is not a tax on regular americans. is he right? >> no, he's completely wrong. companies don't pay taxes. companies merely collect tax. any tax levied on a company is paid for by either workers, consumers, or shareholders. there's no if, and, and buts about it. when austan was at the university of chicago he would have given you exactly the same answer i am giving you but he's working for an administration that's continuing the failed bush policies of big, wasteful government. he has no choice but to spin your viewers with an assertion that's absolutely nonsensical. they're raising taxes on average americans

let's call in scott cohn, our ace correspondent on this story.t the tape and the breaking news. what can you tell us? >> hi, larry, 2005 and the securities exchange commission is looking at his investors. madoff and the fund company get on the phone ahead of time to get their stories straight and the first words out of bernie madoff's mouth pretty well set the tone. listen. >> obviously, first of all, this conversation never took place, okay? . >> we obtained this from the massachusetts secretary of state's office which just settled a complaint against greenwich group, settling for $8 million. he tells them, whatever you do, don't tell the sec you have anything in writing. >> the best thing to do is not get involved that you sent written instructions. anytime you say you have something in writing they ask for it. >> okay. >> the next thing to do is to say it's a phone call. >> not that bernie madoff is worried, he says. he knows how these sec guys work. >> it's a fishing expedition. >> right. >> that's what they do, okay. so they typically, you k

i'm scott cohn. and now "fast money" with melissa lee starts now. >>> live from the nasdaq marketsite, this is "fast money." i'm melissa plee. stocks jumping 15% in the third quarter ending today. did you miss it? these traders have your best ways to catch up for the rest of the year. also tonight the world's largest bond firm gives us the secret to spotting an economic double dip. and a developing story from gm after hours that could shake market confidence in this new quarter. but first let's get to the word on the street today. we've got a fantastic quarter and a lackluster end to it. not really a surprise, was it? >> to me it was a fascinating day. i thought we were going to completely break down after some of those numbers this morning. the market looked extremely vulnerable. then it came back. you've got to believe when we did that halftime report that now it's going to explode higher and close up 12. and handles and it winds up closing down. so to me it was very interesting. i thought it had e

i'm scott cohn. "fast money" with melissa lee starts now. >>> labor day is over. and the wall street trading desks are fully stocked once again. let's find out what they were doing today. live from the nasdaq marketsite, this is "fast money." i'm melissa lee. these of course are the "fast money" traders. was today's gain a sign of a good september? your answer and your trades. also tonight, pete with the alpha trade before its big product announcement tomorrow. and karen games the health insurers before obama's big speech to congress. but first, let's get to the word on the street today. do you think wall street was really back today? >> no. but i mean for a taste there everybody's -- everybody's back. no, i think this is another short week. a lot of people are still milling about. but was it an impressive day? nonetheless. everybody seemed to come in, ratcheting everything higher right from the get-go. listen, the market defies gravity right now. i'm clearly wrong. i don't trust it, but it wants to go higher. >> we got past unemployment on friday so today was all

i'm scott cohn. "fast money" with melissa lee and the "fast money" traders starts right now. >>> live from the nasdaq marketsite, this is "fast money." i'm melissa lee. the stock market continues to defy all critics. these traders have got your winning plays. also tonight gold at a record high. we've got a new way to play it. plus pete najarian with the trade behind the next boom on wall street. but first let's get to the word on the street. on the nyse the most -- new high since october 2007. guy, you have been a critic all the way up. every point high yer -- >> i'll say it again tonight and i'm r-o-n-g wrong. where were you today for lunch? >> for lunch? >> please say it quick. >> i was at the cable facts awards luncheon. >> where you were nominated for? >> best host news for "options action." >> somebody should bring that up. thank you. >> mr. dan rather. i had the privilege of being in the same category as mr. dan rather, and he took that award, and he deserved it. >> well, good for you, though,

. >>> i'm scott cohn, we'll take a brief break in the hearings just to give you some information from fairfield greenwich group. they are the group that was on the other end of that madoff phone call that we've been playing all day and last night. they say they want to clear up some misinterpretations of the madoff phone call, particularly the first words out of bernie madoff's mouth. listen. >> obviously, first of all, this conversation never took place, okay? >> fairfield greenwich says rather than take madoff's suggestion, fairfield greenwich executives did the opposite, they told s.e.c. executives about the call and answered all questions accurately. they say they had permission from the s.e.c. to talk to bernie madoff when the s.e.c. was going to come in and interview fairfield greenwich about the madoff relationship. it's one of many investigations that the s.e.c. botched in the madoff probe. now back to the hearings. >> by the administration so can you enlighten -- >> i would be happy to walk you through again like i do in the substantial reports the fed and the financial stabi

. >> thank you very much, scott cohn. >>> word on the street here at the big board. and the g-20 and fed meeting this week. catapult stocks over that 10,000 level. we open this morning at 98.20. we have investment plays in the week ahead as we go global with mandy and ross westgate. on the street" because we are anchoring live today from new york, sydney, and london. we have a lower open. and we're right near the lows of the session for futures. as the big question is, will we hit 10,000. art cashin is with me here on the floor. art, i have found a few good pieces of news. we have all the ipos. mandy was talking agent ten ipos today in hong kong. one thing stuck out at me is the comment of the largest buyer of walmart, in china saying the u.s. is going to lead the world out of recession. they had no idea that demand would be this strong. is there room for real fundamental optimism? >> there always is the potential for fundamental optimism. his statement about walmart and the exports don't seem to be borne out by things like the baltic dry index and shipping rates. so

i'm scott cohn. >>> hello, everyone. i'm erin burnett.is what wall street is talking about at this hour. we have stocks higher, up about 50 points. the biggest story today it seems is citigroup. singapore's massive money fund curbing its straake. >>> what would a new tax mean to citi and you? the murmur of a tax on trading is turning into a rumble. france's sarkozy and britain's browns say a new tax should be on the table. we'll tackle it head-on on "street signs." >>> as world leaders convene in new york for the u.n., one of the most well-known faces of global affairs, queen noir of jordan is here with us. she's a passionate proponent of nuclear nonproliferation. scott wapner, and brian shactman, and scott you are first. >> oil is higher and so is gold. gold is up by better than ten bucks. want to talk about those stocks moving as a result of that. and certainly within the commodities space, miners, freeport is to the upside. that is one of them. murphy oil and then u.s. steel as well. financial stocks, aig, a lot of focus there as well.

. >> scott cohn is here with some new developments. >> the transcript has been floating around for severalassachusetts secretary of state's lawsuit or complaint gens fairfield greenwich group which was the big madoff feeder fund. now we have the actual tape now that case has been settled with fairfield greenwich not admitting any guilt. one of the most i guess kind of ironic and fun parts really has nothing to do with any sort of cover-up. this was in december of 2005. bernie madoff is in his office talking about how they should spin things when the s.e.c. comes calling. he keeps getting calls from charities and it's just annoying to him. listen. >> i'm sorry. any more solicitations for charity, i'm going to kill myself. >> he didn't kill himself, he just stole billions of dollars from a number of charities. this was fairfield greenwich, the biggest madoff feeder fund, preparing to answer questions from the s.e.c. in 2005 about the relationship with madoff. the s.e.c. was getting a little suspicious finally, and madoff said don't worry about it, i have these s.e.c. guys figured out. we dea

scott cohn has jaw-dropping details. >> when he started out this 2005 conversation, he came up with the perfect cover. >> obviously first of all, this conversation never took place. mark, okay? >> well, if it happened, and, of course, it is being taped. 2005 and madoff is on the phone two executives from his biggest investor, the feeder fund. the s.e.c. is coming in to ask fairfield grenich about the questions and madoff want to make sure the executives don't say anything, you know, wrong. above all he says, keep your cool. >> it's a fishing expedition. >> right. >> that's what they do. okay. so, you know, they typically, you know, we run through this all the time. the guys come in to do a books and records examination. and they -- they whatchamacallit, and they ask you a zillion different questions. and we look at them sometimes and we laugh, and what you say are you writing a book? >> he keeps getting interrupted by typical holiday season phone calls. >> i'm sorry. i get any more solicitations for charity, i'm going to kill myself. >> madoff would have the last laugh. he, of course, s