i have worked on wall street for not quite 25 years and i have been in and around wall street last 30 years. the one thing that i always heard when i was trading on wall street with the manager would say what is your position. he would you asked me that at 730 in the morning, at 8:15 a.m., six or seven or eight times a day. an opposition can fluctuate depending on what was going on in the market. and i'm sure there are many people around this town as well constantly being asked what is your position. and oftentimes it is best to find out what the other person's position as, perhaps before stating your own. and to kind of frame the context of what my position is in writing this book, before i get into some of the topics on the book, i think it would be helpful perhaps if i just frame the context of my background a little bit so that people can really have a sense for who i am and what courses through the pages in this book. i am one of eight kids that grew up in boston, seven boys. it was one thing that you have to deal. if you are not competing, you are falling behind. and so i was th

i've been, worked on the sell side of wall street more not quite 25 yearses, in and around wall street for the last 30 years, and the one thing that i always heard when i was trading on wall street was the manager would come over and say, larry, what's your position? they'd ask me that at a 7:30 in the morning, at 8:15, at noontime, six, seven, eight, nine times a day, what's your position. and the position could fluctuate depending on what was going on in the market. i'm sure there are many people around this town as well, around washington constantly being be asked what's your position. often times it's best to find out what the other person's position is perhaps before stating your own. but just for a frame, to kind of frame the context of what by my position is in writing this book, before i get into some of the topics on the book, i think it would be helpful, perhaps, if i just kind of frame the context of hi background just a little bit so that people will really have a sense for who i am and what coarses through the pages in this book. i'm one of eight kids. i grew up in the nei

been in around wall street for the last 35 years. one thing i heard when i was trading on wall street was the they would say, larry, what is your position? and ask me that at 7:30 in the morning. at 8:15, noontime. the position could fluctuate depending on the market. i'm sure there are many people around this town as well around washington who constantly being asked what is your position. often times it's best to find out what the other person's position is perhaps before stating your own. just for a frame -- to kind of frame the context of what my position is in writing this book, before i get in to some of the topics on the book, i think it would be helpful perhaps if i could kind of frame the context of my background. just a little bit so people can really have a sense for who i am and what courses draw the pages in this book. i'm one of eight kids. i group up in a neighborhood section of boston. seven boys. in that sort of environment, there was one thing you had to do. you had to compete. if you weren't competing you were falli

. >> yeah. >> in the rear wall? >> yes, to the roof line of the structure. >> the roof level or the rear wall? >> with the three feet above grade, it is kind of like we measure the height of the building and we measure it out of the roof line in terms of the height above grade. >> their section shows top of the wall is not the same elevation as the roof line. >> the top of the wall? >> it is higher than the. >> yeah. you mean, the, there is a fence. >> there is a fence. >> no, there is like a curb. >> the configuration that they show in their section, >> okay. >> is that the exterior wall of the rear, the top of that wall, is higher than the main roof line. where the plan is located. >> let me take a look at that real quick. >> so this is the section and this is the roof line, measurement here, with the vegetation on top, are you referring to this portion, and i am not sure where you are referring to it being higher than the roof line? >> you can see the edge and there is a little something there, and i don't know w

>> what about the wall?> what about the wall? >> the wall was there and a r it is like cool i'm a wall and then the next day it is knocked down. >> what if somebody arrives late and the wall of love is already up. just in case you think i say anything that pops into my idiot head there was a moment of self-sensorship. >> what is on your hate wall. >> i am curious what is hateful? >> i heard them sometimes. >> have i a wall of hate -- i have a wall of hate in my apartment full of people i loathe with a pull up bar. >> like "cape fear"? >> if you go in that direction make sure you have the name of the movie on hand. >> i happen to believe that love crime is far more dangerous than hate crime. more people are killed in murder-sue sides. that is more dangerous than hate crimes. >> i think statistics are on on your side. that's a banner day. >> it is rare i am right by using this mouth. >> 32% of what you said though is not a statistic. >> and the kids don't build the wall. they build in a masonry company to buil

. >> the wolf of wall street. the man who was the inspiration for leonardo dicaprio's character. >> i think what you just did was try to bribe a federal officer? >> technically i didn't bribe anybody. >> technically -- >> according to the u.s. criminal code, there needs to be an exact dollar figure for the exchange of services, that would not hold up in a court of law. >> no -- >> no, no, no, no, no. that's the truth. >> yes, the real life wolf of wall street, jordan belfort is here tonight live and unleashed. hollywood has made him into a big story, it doesn't get better than watching leo dicaprio play you on the big screen, in real life he used a pump and dump to scam 1500 million investors. he ended up behind bars for securities fraud and money laundering, spending 22 months in the sentence. he joins me now exclusively. you're like one of the most notorious people in the entire world. >> you don't give interviews, certainly not for a long time. you haven't given them for this movie until now? >> right. >> now,

do you see when they build the the wall, the germans also built a wall and create a ghetto. >> you know, the son knows it hurts. but most of the children have been hiten by their parents, they hit their children. most of the men that have seen their fathers hitting their wives, then hit their wives as well. they have been victims, and then they are the ones that make someone else victims. so you don't know from suffering. >> before ending our trip we knew we had to go to the wall itself in order to understand the latest phase of this ongoing separation. we went to a suburb of jerusalem where the wall cut through that village and divided it into two halves, separating family members from each other, preventing people from going to their places of work, and children from going to their schools. i think it's you could slice a neighborhood into two and believe that you can stop people from going to prayer or shopping and just bashed wire and cement -- barbed wire and cement are going to create more hatred. >> the war that she spoke to us about was part of israel's largest national project s

why not more women on wall street? would have been coming on wall street right at the peek of that. >> many don't even want to see that movie. doesn't even want to give it the time of day. >>> thanks for joining us on "your money." come join john berman and me every beak day morning on cnn. until then, have a great weekend. >>> hello, everyone. i'm fredricka whitfield. here are the top stories we're following in the "cnn newsroom." >>> a manhunt following another school shooting. >> when i came down from the school, the girl was walking with her arm, looked like she got shot. >> two students at a philadelphia high school shot. >> and new developments just last hour. suspected gunman turns himself in. >>> and after months of leaks over how the nsa scoop s up dat, some of it yours and mine. the president says he's making

in other words, you've got one wall of brick here, and another wall of brick here.hen, there's a four-inch cavity that's full of reinforced steel. >> but this shows that you can have a safe place above ground. >> the beautiful thing about an above-ground shelter is it's a dual use space. >> is that what you would advise a school like plaza towers? >> absolutely. >> in the heart of tornado alley in oklahoma city, oakdale elementary was hit twice. >> in 2003 that school was completely destroyed. >> they took the engineers at texas tech and built a gym that doubles as a safe room. >> when you have students in an age group 4 to 14, we knew we needed to build a gym. we knew maybe we could do something to address those safety concerns. we tawld the architect -- we called the architect and said this is your job. and they did. >> to tell us what kind of construction will withstand those project isles. >> jeff and john design oak oakdale's safe room. >> the pressure of 250 mile-per-hour wind or an efi tornado. >> these walls were really thick. thickened to become a safe room

actually that in that business is actually a significant contributor to the decay and behavior on wall street now i want to ask you do you think that the financier is pitching these derivative you know investment vehicles actually know what they are as well are they confusing to the people trying to sell them. up to a point yes but i think there's actually something more pernicious at work which is when we talk about these firms you've really got the employees the producers versus the firm themselves and there's now an attitude on wall street which is referred to is i b g y b g i'll be gone you'll be gone that that increasingly traders and trading has become much more important in the total profits of these firms than it was in my day in my day most firms were con of roughly equally balanced over time between the sales and trading side in the investment banking side but trading has now become dominant these firms and trading is frankly a predatory business i mean you you think of yourselves as running your book against everyone in the market. and to some degree that and that actually i

. >> steve cohen is a legend on wall street. he's amassed one of the great american fortunes. >> he founded sac capital and started generating some of the best returns out there. >> his track record, his performance were amazing, and everybody wanted in. >> narrator: but how did the king of hedge funds do it? >> how does anybody make 60% a year? >> well, the feds are asking that right now. >> narrator: behind the multiyear federal investigation of insider trading at many wall street hedge funds. >> the deal looks phenomenal. >> there was a large network of insiders at a lot of these funds. >> narrator: and the trail that led from traders... >> the phone rings and says, "he's going to upgrade amazon in six minutes." 30 seconds later, i made about a half-million dollars. >> narrator: to information brokers... >> they told me they were going to arrest everybody. >> narrator: to sac capital. >> ...arrested fund managers. >> doesn't matter who you are. rules are rules, and the law is the law. >> narrator: tonight on frontline, "to ca

look at the license on the wall, we're part of the nesd. that's a danger that every kid goes into the workforce faces, one of the things i always say to colleges is that just because someone is out there and they're in a company and they have a license on the wall, you have to use your own gut check to say, is this happening? >> you're spinning a brilliant line in terms of its ability to be successful. not for the guy on the other end of the phone. very quickly in the movie, dicaprio playing you crosses that ethical boundary. >> yes. >> is that what happens in real life? >> no, not really. >> the kind of pump and dump scheme, for those that aren't familiar with it, you inflate these penny stocks to be something they're not in reality. people pump in loads of cash and it gets dumped and people lose their money. >> yes, but the brokers aren't in on them. i came from a big firm, it's all legitimate now it's lower priced stocks. to me, i'm selling a lower priced stock. i had no idea there was anything wrong with it. >> when did you realize ther

class wall street is not cool.all street allows you to make more money than you could anywhere else and take no capital risk. >> five years ago, it used to be cool. into it in the 1980's, it was cool. class we will be back in two minutes will. you.ank now best buy getting slammed in the free markets here. they reported sales in the holiday time. of almost one percent. sales nine percent. ,iscouraging news for best buy which is trying to turn things around. another stock to keep an eye out if yahoo!. we are here with tim draper. were reports going back to september that she was not happy with him. was her guy and she brought him in, but she was not pleased with sales result numbers. >> she has turned yahoo! around. we have a couple companies meeting yahoo!'s lunch. were taking advantage of the implosion of yahoo!. and did anong extraordinary job getting people back to work. a breath of fresh air. class also getting people literally back to work. >> right. she brought them back. a good idea. >> what is the company to

. -- the building of the wall. th the better part of his land is beyond that fence. all these walls he built by breaking this sporn land with his wife and his children and all his hard work is gone. he cannot go down and tend to his trees or cultivate it. ♪ >> i feel like i haven't found any anchor for the light at the end of the tunnel. is there any chance for people to believe that there is something else? >> i used to have a speech that said you're looking, you're looking, and it could be the solution somewhere. you totally don't foresee. >> yeah. the wall of berlin came down, south africa turned upside down and unimagined things can happen. >> yeah. >> but where they're saying about driving in israel, don't be right, be clever. because if you enter and you say i'm right, i drive in, you get into such a collision, this is -- it's better to have a strategy, to be clever, what do you do when you enter this next intersection. >> i think the solution is on the israeli side. always the solution is with the person wit

eight days is a long time on wall street.e his head, but i would certainly think, as a prosecutor, that this would be something i'd be interested in asking some questions about. >> we wanted to know what assistant attorney general lanny breuer thought about that, and why no prosecutions have been directed at wall street. we also wanted to know why sarbanes-oxley has not been used against big banks like citigroup. >> when you talk about sarbanes-oxley, we have to know that you intended-- intended--had the specific intent to make a false statement. >> they knew there was a problem. not only had they been told that there was a problem by one of their chief underwriters, that the loans that they were buying were not what they claimed, and that the federal government-- that the comptroller of the currency didn't think their internal controls were adequate either. >> if a company is intentionally misrepresenting on its financial statements what it understands to be the financial condition of its company and makes very real represen

that in that business is actually a significant contributor to the decay and behavior on wall street now i want to ask you do you think that the financier is pitching these derivative you know investment vehicles actually know what they are as well and are they confusing to the people trying to sell them. up to a point yes but i think there's actually something more pernicious at work which is when we talk about these firms you've really got the employees the producers versus the firm themselves and there's now an attitude on wall street which is referred to is i b g y b g i'll be gone you'll be gone that that increasingly traders and trading has become much more important in the total profits of these firms than it was in my day in my day most firms were con of roughly equally balanced over time between the sales and trading side in the investment banking side but trading has now become dominant these firms and trading is frankly a predatory business i mean you you think of yourselves as running your book against everyone in the market. and to some degree that and that actually incl

the rerun of "wall street," "wall street: money knows no sleep," at or near top in '07. wall street" leonardo dicaprio, certainly this is not a bottom. this title itself, "the wolf of wall street" appeared once before, 1929, there was a movie with exactly that time, "the wolf of wall street" issued by paramount in the beginning of '29, mid '29. there's some rhythm here, some rhyme and then we've got this. this is borrowing from all member firms, customer accounts. you have margin peak, you have a margin peak. this is 2000, this is 2007. we now have record borrowing on the part of retail customers across wall street to purchase. >> i feel like twilight zone. >> we put that together with some of this stuff, i don't know. >> a big part of investing is risk-reward and the risk-reward relationship in the market right now seems really questionable. we have options premiums, we have the market trading at a very high valuation. we have a lot of liquidity. some of which could dry out. as much margin debt as he was indicating. i just feel -- >> i want to duck and cover and get und

on wall street to jump through and make money.o it was sort of the legality. so it's on that line. >> you were ordered to paper $110.4 million for a victim compensation fund. as of now you've paid back how much? >> about 12. >> about 12 million. do you have any expectation or hope you'll ever get to pay them all back? >> listen, i think this movie, for that is an amazing thing. i'm giving 100% of all the profits from the movie and both books. and the books is really -- >> you are compelled to give, unless i'm wrong, 50% of all your gross earnings straight to paying back. >> no that's not right. >> was that of the case? >> yes, when ways on probation. >> now you're off probation you're no longer compelled to legally. >> not legally. >> are you continuing to do that? >> i'm giving 100% of both books, everything, and the movie. and you can't say how much it's going to be. who knows how many copies a book will sell in 15, 20 years. but i think it will be many, many millions of dollars. i'm really happy about that. >> when i asked you

on our show we've talked a lot about the washington for wall street connection and how government and banks work together and what at times seems to be a cooperative agreement to run the country well joining us to discuss this very issue is larry doyle former former mortgage backed security trader for bear stearns j.p. morgan and bank of america now he is also author of the new book in bed with wall street conspiracy crippling our global economy his book paints a disturbing picture of uncle sam and big banks conspiring for personal gain against the people they're supposed to serve now i began by asking him what led him to the conclusion that there was a conspiracy between the banks and the government. are in first thought thanks for having me on what led me to that conclusion. was looking at the evidence looking at the facts over a number of years because coming out of two thousand and eight i was massively intrigued as to how that crisis happened and looking deep inside the regulatory system. you could just see overwhelming amount of objective view of the evidence that these regulato

what's the difference between a renaissance wall and a medieval wall?e they had no problem with harrows or stones. but in the renaissance time, the cannons, they became very strong, and they became a problem, so that's why it was so thick. steves: lucca's wall didn't come cheap. but all that hard work and investment combined with clever diplomacy earned the city a long period of independence. and to this day, the proud lucchesi have a strong sense of identity. rather than showcasing famous monuments, lucca's appeal is in its relaxed old-world ambience. stroll around. take time to let the city unfold. romanesque churches seem to be around every corner, as do inviting piazzas busy with children at play. the main pedestrian drag is via fillungo. strolling here, past elegant old storefronts, you'll get a glimpse of lucca's rich past, as well as its charming present. piazza amphitheater was built around an ancient roman arena. while the arena's long gone, its oval shape is a reminder of the city's classical heritage. locals have been gathering here for 2,000

manager of the wall street journal. reason the region has been raised somewhat is we merged the two organizations really over the last few years that we are one single newsroom, dow jones news wise and wall street journal. >>rose: 21st century as a film and the other hand became news corp which is blishing right? >> used to do everything from 20th century fox to harper collins to the wall street journal to the times of london to various things too. now we are split, entertainment companies, we are the more narrowly focuses publicking company called news corporation, which includes dow jones, harper collins, some other business necessary australia too but we're a more focused, you know we were spun off in july and we are a more focused company able to focus on our business. >>rose: rupert murdoch has always believed there should be a fire wall, that it should be not free pollen. falling i mean by that the new york times and lots of other newspapers around the world. >> it's clear, i got to say to be fair to our predecess

first of big bank lobbyists have done it again this time they've managed to wiggle the interests of wall street into the one trillion dollar federal budget bill will tell you all about it coming right up then michael hudson professor of economics at the university of missouri along with gonzalo lira who joined me on today's show to talk about the history of debt and the old guard that they say is america today interesting stuff you won't want to miss that and in today's big deal ed harrison and i talked. and if you were to measure wall street for you know what i'm talking about yet you do it all starts right now. as part of the one trillion dollar bipartisan bill to fund the u.s. government through september thirtieth republican negotiators have managed to rein in funding for wall street yet reduced spending on federal food stamp programs lobbyists for wall street have been pressing congress to curb the growing power of financial regulatory bodies like the f.c.c. now the spending bill has assigned forty four million dollars to an economic review of its rulemaking process and also include

well to fix the too big to fail model alternately these banks need to be broken up wall street rightnow is is nothing more than an oligopoly in which you have a handful of you know incredibly large organizations that control the financial system. the implications of that are too many to mention but they're not healthy for the economy for the very simple reason that the primary one is their ability to hoard information. and ultimately control prices if not done manipulate markets and ultimately collusion we've seen you know massive evidence of that so how do you go about breaking up these banks you can't just do it unilaterally it needs to be a couple step process initially i believe that they should ring fence certain activities. within their investment banking business is the biggest challenge there will be getting their hands around their derivatives exposure but once they do this you know ultimately we need to reinstitute glass steagall and bring a meaningful sense of integrity back into the regulatory system. and so that consumer deposits are not at risk the way that they are cur

wall for nothing. and i don't mean this. this isn't fair. because the war divides the country but it unites the heart their hopes and their illusions they could put up video cameras and other things build another wall but the day after the mexicans would find a way to get over it. god knows when will be your moment and you'll know it that's what i said to my mom if i have to die so be it. the. in. the game. eat eat eat eat eat eat eat eat. eat eat. eat. the. the you he. gave. me. before you cross the well what did you think i've got my chance i'm going to take it. did you think. i didn't think anything i tried it without really knowing what the border was like the borders of the death. how many times they go you five times five times yeah today it's much harder because of immigration drug smugglers and hit men that make all of us pay that want to cross how does it work to the quotas have to pay the hitmen yeah they make the coyotes pay so the people can pass through because in theory you're going throu

hopefully but now several former wall street interns told the wall street journal that after working one hundred plus hour weeks and being completely exhausted they simply had to look for a period during the day and some found that reprieve in the bathroom. several parkways in turn still the journal that they would take what quote toilet naps yup a nap in a toilet in the office bathroom and i got out of here i got to ask you during your wall street days did you not going to try to stall. in the toilets on occasion because as i was saying you know it's completely frowned upon to go in and i worked in a trading desk i was in capital markets so that meant it was sort of a hybrid sort of thing you were on the desk in the trading floor but you were doing sort of investment banking type of stuff so you would get in it's been and you would leave you sometimes you pull all nighters so the question is when do you. sometimes you know you've got to take a take and it's not like doctors you know there's cots or firemen or other professions where you're able to just kind of get twenty minutes a s

hopefully but now several former wall street in turns told the wall street journal that after working one hundred plus hour weeks and being completely exhausted they simply had to look for a period during the day and some found that reprieve in the bathroom. several parkways in turn stole the journal that they would take what quote toilet naps yup a nap in a toilet in the office bathroom and i got out of here i got to ask you during your wall street days did you know. when the toilets on occasion because as i was saying you know it's completely frowned upon to go in and i worked at a trading desk i was in capital markets so that it was sort of a hybrid sort of thing you were on the desk in the trading floor but you were doing sort of investment banking type of stuff so you would get in it's been and you would leave you sometimes you pull all nighters so the question is when do you. sometimes you know you've got to take a take and it's not like doctors you know there's cots or firemen or other professions where you're able to just kind of get twenty minutes a shot i have a discouraged

when closed, the living space has a seamless wall. it looks like there is nothing on the other side. regardless of short >> term or long-term, it is important that you put your signature style on your space and that you are able to call it home. >> up next, a home with its very own putting green. later, george helps one growing family prepare to get a little bigger. >> welcome back to "open house." next we are in an elegant five-bedroom home on long island. this custom colonial has some impressive outdoor amenities. >> hi. welcome to my home in new york. i am excited to show you around. come on in and take a look. >> are this house is 6,000 square feet located on two acres of property. we have four bedrooms and seven baths this. is our formal living room. we love this room for the high ceilings, the windows, the fireplace and of course the beautiful chandelier. this is the heart of our home. this is the kitchen-family room combination. this is where i cook dinner, the children do their homework or spend time watching tv. i enjoy this

i am the managing editor of the wall street journal. the reason the division has become a little array somewhat is that we merge the two news organizations over the last few years so that we are now one single news organization. we are one single news group. >> there was also a split when news corp. became 21st century on the one hand, a film and television organization, and it became the publishing a newspaper side. >> we are primarily focused -- we do everything from 20th century fox to harpercollins to wall street journal to the times of london. now we are split. the entertainment television companies are one company, and we are the more narrowly-focused publishing company and news which includes dow jones, the wall street journal, harpercollins, and some other publications. focused -- we were spun off in july. rupert murdoch always believed he should have a firewall and that this was not free online. have you been successful in that. our more and more people who did not rush in, they were watching what happened, are now following? >

and this foundation for the garage and here is the wall that they are talking about overlaps. and so we asked the board to continue the case, with your jurisdiction so that in the next three or four months we can have a committee figure it and everything that we can do once and for all, they can work out with planning by parking or not once and for all and starting in the summer, next year, build whatever they want, with the structure and the committee blessing and be done with it. and we have to look below this and it has been a journey to get the project sponsor to agree to do a structure advisory committee. and their idea that this was a normal course, when the building permit issues and emergency permit, it is bad and so we just ask that the board take jurisdiction, and continue it to april with your authority and force the project sponsor to deal with the planning and the building department and the structure and advisory committee so that these people have a safe house to live in and don't have to wake up every moerk *f morning and say what is in world is happening above

occupy wall street filmmaker and activist. were the protests around the republican convention in new york in 2004, and what struck me was that unlike other marchs that had an unifying idea, this is what we're here about. there were about 80 different causes on display in front of madison square garden that day. and i'm wondering if that is a motif of the age, that really--really there aren't two or three big causes the way there might have been in other times, but people's attention is going to a lot of different things. >> yes, i think that's right. i think in the introduction where we heard pete talk about big things and little things. he once sitting in a bar explained to me his pomegranate strategy, and it could be some of our other guests have heard him talk about this. when you open it up there are thousands of little seeds. he viewed art as being those seeds and going out into all the various communities that are working to build a better world. so it's not just labor rights or environmental rights. pete viewed it as th

than a license to steal that actually leaves well into my next question now you paint a picture of wall street as wall street relying heavily very heavily on self regulation can you explain this type of self-regulating feature to our viewers. i mean first off i think the overwhelming percentage of people in our nation and elsewhere do not appreciate that wall street is to a very large extent a self regulated industry and the conflicts of interest that go along with that i mean to think that goldman sachs j.p. morgan every other not only major bank but also medium sized and smaller broker dealer can fund a regulator so that that regulator that being federal will in turn aggressively regulate the industry is is a stretch and in looking at the evidence you know the amount of fines that imposes

helped launder money for north american drug cartels what does wall street how does wall street continue to get away with that obvious criminal activity and what can we do to keep the big banks in check joining me now for more on this is larry doyle former mortgage backed securities trader with bear stearns bank of america and j.p. morgan and author of the new book in bed with wall street conspiracy to cripple our global economy larry welcome to the program tom thanks for having me on your spirit see to cripple the global economy is no more a conspiracy to take everything they can get and if it cripples the global economy so what i guess depending on how you want to look at it. perhaps some of both but in fact. and looking hard at this as i have over the course of the last five years and i realize the term conspiracy is a it's an aggressive term. but when you look at the preponderance of evidence from the banking system to the legislative process in the regulatory process ultimately the only appropriate word is in fact a conspiracy given the amount of money that has flown flowed from wal