Capital Account -- 12/08/11
From Goldman Sachs to governor to grilling, Jon Corzine former CEO of the now bankrupt MF Global testifies on Capitol Hill. He claims he is clueless about how and where the possible $1.2 billion dollars of his client's money is that is missing. How has all of this happened three years after the financial crisis when Wall Street was supposed to be reined in? And the golden boys of Wall Street have their Goldman tentacles spread over the MF Global case. The head of the CFTC – MF Global's regulator – has recused himself from the MF Global probe because he worked with Jon Corzine at Goldman Sachs. We speak to William K. Black, a former regulator who during the Savings and Loan crisis oversaw more than 10,000 criminal referrals, 1,000 felony convictions, and where hundreds of bankers went to prison.Also, is the government's lackluster approach to transparency exclusive to wall street, or does it reach as far as Area 51? Thousands of people who believe in UFOs and think the U.S. government knows more than it admits were hoping for a breakthrough last month when they signed petitions on the "We the People" website. But they got what they've been getting for decades — nothing. And although these aliens may not have been looking for gold like the one's we covered in one of our last episodes, citizens of Taiwan may find some gold while looking for something less glamorous…dog poop. We explain how an innovative scheme to keep the streets of northern Taiwan clean has seen thousands of citizens dutifully collecting bags of dog poop in the hope of winning $2000 in gold.