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AT THE LAST CONGRESSIONAL
HEARING THERE WAS BOMBSHELL
TESTIMONY THAT CORZINE DID KNOW
ABOUT THIS MISUSE OF CUSTOMER
FUNDS WHICH ARE SUPPOSED TO BE
KEPT STRICTLY SEGREGATED FROM
THE FIRM'S ACCOUNTS.
>> YOU KNEW ABOUT THE LOANS FROM
THE CUSTOMER ACCOUNTS.
THIS WAS THE CFO OF MF GLOBAL
STATED IN A CONFERENCE CALL THAT
MR. CORZINE KNOWS ABOUT THE
LOAN.
>> MR. CHAIRMAN, AS I SAID VERY
CLEARLY IN MY OPENING REMARKS, I
DID NOT IN ANY WAY KNOW ABOUT
THE USE OF CUSTOMER FUNDS ON ANY
LOAN OR TRANSFER.
>> Reporter: ANOTHER ASPECT OF
THIS HEARING IS LAWMAKERS ON
BOTH SIDES OF THE AISLE ARE
EAGER TO SEIZE ON THIS AS
EVIDENCE THAT MORE LEGISLATION
IS NEEDED OR B WHY THE
SUFFOCATING REGULATIONS SHOW
THEY OFFER NO REAL SAFEGUARD FOR
THIS KIND OF CATASTROPHE.
>> I WOULD REMIND YOU WE HAD
SORBAIN'S AND DODD-FRANK IN
PLACE AND THIS HAPPENED ANYWAY.
>> I'M NOT AFRAID OF REGULATION
BUT THAT CAN'T POSSIBLY WORK.
IT DOES NOTHING BUT ALLOW FORUM
SHOPPING AND ALLOW PEOPLE TO
POINTS FINGERS AT SOMEONE ELSE.
WE HAVE A SIGNIFICANT DEGREE OF
SELF-REGULATION.
I THINK IT'S A GOOD QUESTION
WHETHER SELF-REGULATION IS
APPLICABLE IN TODAY'S WORLD.
>> Reporter: A TOP REGULATOR
SAYS THEY KNOW WHERE THIS $1.2
BILLION WENT.
WHETHER THEY EVER GET THEIR HAND
ON IT IS ANOTHER QUESTION.
MEGYN: JAMES ROSEN, THANK YOU.
PRESIDENT OBAMA'S INTERVIEW WITH
A VIRGINIA TV STATION IS GETTING
A LOT OF ATTENTION.
LISTEN TO MR. OBAMA'S RESPONSE
WHEN PRESSED IF HE IS
RESPONSIBLE FOR THE BAD ECONOMY
AND THE MILLIONS OF AMERICANS
OUT OF WORK.
>> WE DIDN'T CREATE THE
CONDITION.
BECAUSE OF AUTOMATION AND
GLOBALIZATION, YOU HAD A LOT OF
MANUFACTURING MOVE OUT OF THE
UNITED STATES.
MEGYN: JOINING ME NOW FOR A FAIR
AND BALANCED DEBATE.
SIMON ROSENBERG AND RICH LOWRY,
EDITOR OF "THE NATIONAL REVIEW."
THE PRESIDENT SAID WE DIDN'T
CREATE IT AND WE DIDN'T VOIFLT
YET.
LOOK AT THE TREND LINES, IT
WASN'T US.
>> IF YOU ARE IN THE POSITION TO
TAKE CREDIT FOR A GOOD ECONOMY
ALL THESE INTERVIEWS WOULD BE
ABOUT TAKING CREDIT.
THE ENTIRETY OF HIS
COMMUNICATIONS EFFORT IS ABOUT
SHIFTING THE BLAME.
YOU HAVE GOT EVERYTHING HE
WANTED MORE OR LESS, BLAMING THE
RICH, EVEN THOUGH THEY HAD
NOTHING TO DO WITH THE STRUGGLES
OF THE MIDDLE OR LOWER END.
NOW HE'S BLAMING HUGE HISTORICAL
FORCES WHICH HE HAS NO CONTROL
OVER.
HE'S SUPPOSEDLY MODELING HIMSELF
ON HARRY TRUMAN IN 1948 BUT HE
DOESN'T HAVE THE BUCK STOPS HERE
SIGN ON HIS DESK.
MEGYN: RON PAUL WAS ON HERE
MOMENTS AGO.
HE WAS SAYING IT'S NOT ALL
OBAMA.
HE WAS SAYING SOME OF THESE
CONDITIONS WERE CREATED LONG
BEFORE PRESIDENT OBAMA.
BUT IS IT GOOD FOR THE PRESIDENT
NOT TO TAKE ANY RESPONSIBILITY,
SORT OF SAY IT'S ALL THANKS TO
THE LARGER PICTURE?
>> I THINK WHAT HE SAID IS TRUE.
THE CONDITIONS OF THE CURRENT
ECONOMY, FINANCIAL MELTDOWN,
MISSING WAGES THE RECESSION
ITSELF.
ALL OF THAT HAPPENED BEFORE HE
BECAME PRESIDENT.
THEN WHEN SAID THAT'S IMPORTANT
IS WE HAVEN'T DONE ENOUGH.
HE SAYS IT'S FAIR CRITICISM TO
SAY THE STUFF WE HAVE DONE ISN'T
ENOUGH.
LOOK AT ALL THE THINGS HE HAS
DONE.
AUTO BAILOUT.
THE STIMULUS PLAN.
THIS HAS BEEN AN INCREDIBLY
VIGOROUS ADMINISTRATION.
THEY HAVE THROWN A LOT OF STUFF
AGAINST THE WALL.
WHAT HE SAID IS ALL THAT WE HAVE
DONE WHICH HAS BEEN SIGNIFICANT
ISN'T ENOUGH AND THERE IS MORE
TO DO.
I THINK THAT'S A FAIR HE
SAYSMENT OF HIS PRESIDENCY.
>> THE ANSWER IS ALWAYS MORE
SPENDING AND MORE DEBT.
THERE HAVE BEEN FRIEND THE LAST
30 YEARS HURTING THE MIDDLE
CLASS.
BUT $830 MILLION IN STIMULUS
FUNDING IN 2009 WOULD NOT MAKE A
DIFFERENCE.
400 BILLION OR $500 BILLION
SPENDING WOULD NOT MAKE A
DIFFERENCE.
YOU NEED TO GET THE BIG THINGS
RIGHT.
YOU NEED LEADERSHIP ON TAX
REFORM.
ENTITLEMENT REFORM.
GETTING HEALTHCARE DOWN.
HE WILL DO NONE OF THAT.
HE JUST WANTS TO BLAME THE RICH
WITHIN SPEND MORE MONEY, GET THE
DEBT UP AND SUBSIDIZE RIDICULOUS
GREEN ENERGY PROJECTS.
THAT'S THE ENTIRETY OF HIS
ECONOMIC PROGRAM.
MEGYN: IT'S AN INTERESTING
MESSAGE OF I DIDN'T CREATE IT.
BUT HIM THREE YEARS IN OFFERS TO
STILL BE SAYING I DIDN'T CREATE
IT, I INHERITED IT, DEW THINK
THAT GROWS TIRESOME FOR SOME
VOTERS?
>> IF THE QUESTION IS HAS THE
PRESIDENT TAKEN RESPONSIBILITY
FOR WHAT'S GONE ON THE OBVIOUS
ANSWER IS YES.
LOOK AT ALL HAS DONE TO CHANGE
THE FUND AMOUNT AT CONDITIONS
SPOCH IT WORKED PRETTY WELL.
THE AUTO INDUSTRY IS HEALTHY.
WE HAVE A BETTER HEALTHCARE
SYSTEM AND FINANCIAL SYSTEM BUT
IT'S STILL NOT GOOD ENOUGH.
THAT'S WHAT THE ELECTION IN 2012
WILL BE ABOUT.
IT'S NOT WHAT HAPPENED.
BUT WHO HAS A BETTER PLAN.
>> HE'S NOT TAKING
RESPONSIBILITY.
THIS IS ABOUT SHIFTING
RESPONSIBILITY.
IF HE WERE TAKING RESPONSIBILITY
HE WOULD SAY I DID A LOT OF
STUFF.
I HAD TWO YEARS OF THIS MASSIVE
LIBERAL AGENERAL DAY PASSED
THROUGH AND JUDGE ME ON MY
RESULTS.
HE WON'T SAY THAT BECAUSE HE
KNOWS WHAT THE VERDICT WOULD BE.
MEGYN: I'LL GIVE YOU THE LAST
WORD SIMON.
>> I THINK IT'S CLEAR THAT HE'SR
UNDERSTANDS.
THAT IF THE ECONOMY IS DOING
BADLY HE WON'T GET REELECTED.
>> HE SAID THAT A YEAR OR TWO
AGO, HE'S NOT SAYING IT ANY
MORE.
MEGYN: RICH, SIMON WAS GETTING
THE LAST WORD.
>> I LOVE THE SET, MEGYN.
MEGYN: THANK YOU VERY MUCH, IT'S
VERY CHRISTMASSY.
10 DAYS BEFORE CHRISTMAS.
COMING UP NEXT A POWERFUL GROUP
OF ATHEISTS VERSUS THIS LITTLE
TOWN IN PITMAN, NEW JERSEY.
"KELLY'S COURT" WHEN WE COME
BACK.
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Man: 1939 -- MY PARENTS RAN ACROSS AN AD
FOR A HOT DOG CART.
MY MOTHER SAID,
"WELL, MAYBE WE OUGHT TO BUY
THIS HOT DOG CART AND SET IT UP SOMEPLACE."
SO MY PARENTS WENT TO BANK OF AMERICA.
THEY MET WITH THE BRANCH MANAGER AND THEY SAID,
"LOOK, WE'VE GOT THIS LITTLE HOT DOG CART,
AND IT'S ON A REALLY GOOD CORNER.
LET'S SEE IF WE CAN BUY THE PROPERTY."
AND THE BRANCH MANAGER SAID, "ALL RIGHT,
I WILL TAKE A CHANCE WITH THE TWO OF YOU."
AND WE'VE BEEN LOYAL TO BANK OF AMERICA
FOR THE LAST 71 YEARS.
MEGYN: "KELLY'S COURT" IS BACK
IN SESSION.
ON THE DOCKET, KEEPING CHRIST IN
CHRISTMAS.
PITMAN, NEW JERSEY, THE LOCAL
KNIGHTS OF COLUMBUS SPONSORING
THIS SIGN OVERBROADWAY LIKE THEY
HAVE EVERY DECEMBER FOR 60
YEARS.
THE BANNER WAS PUT UP BY THE
TOWN FIRE DEPARTMENT ACROSS A
PUBLIC STREET AND HANGED FROM
PUBLIC LAMP POSTS.
AND APPARENTLY SOME FOLKS THINK
THAT BLURS THE LINE BETWEEN
CHURCH AND STATE.
SO THEY COMPLAINED TO A NATIONAL
ATHEIST ORGANIZATION WHO
COMPLAINED THAT THE TOWN TAKE
DOWN THE BANNER AND THAT WIND
THEM INTO "KELLY'S COURT."
WELCOME, GENTLEMEN.
MARK EIGLARSH AND DAVID WALLS.
THE ATHEIST GROUPS SAYS THIS IS
THE GOVERNMENT STEPPING IN WHERE
IT DOESN'T BELONG.
THEY SAY DON'T GET CITY
OFFICIALS INVOLVED AND DON'T
HANG IT ON THE CITY LAMPPOSTS
AND DON'T USE THE LOCAL
FIREFIGHTERS.
DO THEY HAVE A POINT?
>> I THINK THEY DO.
TO MINIMIZE THE HATE MAIL,
UNDERSTAND THESE ARE MY FAKE
CLIENTS.
I DON'T PERSONALLY FEEL THIS
WAY.
I'M GOING TO MAKE A LEGAL
ARGUMENT.
FIRST IS THIS A RELIGIOUS
MESSAGE?
THEY ARE NOT LOOKING TO CHANGE
THE HOLIDAY'S NAME.
THEY ARE TALKING ABOUT JESUS
CHRIST.
AND JESUS CHRIST CLEARLY IS A
RELIGIOUS SYMBOL AND THIS IS A
RELIGIOUS MESSAGE.
THE SECOND PART OF ANALYSIS IS,
IS THE GOVERNMENT PROMOTING IT.
FIT WAS AFFIXED TO A PRIVATE
BUILDING AND IT WASN'T OVER A
PUBLIC STREET AND WASN'T HUNG BY
THE FIREMEN AND IT WASN'T
AFFIXED USING THE LAMPPOSTS PAID
FOR BY TAXPAYER DOLLARS I WOULD
SAY THEY HAVE A STRONGER
ARGUMENT.
IF THEY ARE NOT GOING TO TAKE IT
DOWN YOU HAVE GOT TO GIVE PEOPLE
ACCESS TO OTHER RELIGIONS AND
THE THEORIES THEY ARE ADVANCING.
MEGYN: THEY WON'T HAVE ROOM ON
THOSE LAMPPOSTS.
>> THIS IS A TOUGH TIME OF YEAR
FOR ATHEISTS.
THEY WALK AROUND LOOKING FOR
THINGS TO COMPLAIN ABOUT.
BETWEEN ESTABLISHMENT OF THE
RELIGION PROHIBITED BY THE
CONSTITUTION AND BEING TOLERANT
OF RELIGION.
THAT'S WHAT PITMAN IS DOING.
THEY ARE NOT SAYING ATHEISTS
CAN'T HANG THEIR OWN HOLIDAY
SIGN WHICH WOULD BE BLANK.
THEY ARE SAYING EVERYBODY CAN DO
IT.
AND THE FIRE DEPARTMENT HAS TO
USE THEIR TRUCK TO PUT IT UP
BECAUSE IT'S 30-40 FEET IN THE
AIR AND THEY HAVE TO HANG ON THE
LIGHTPOSTS BECAUSE THERE IS
NOTHING ELSE TO HANG THEM ON.
LET'S GIVE IT A BREAK HERE.
THIS IS PERFECTLY ACCEPTABLE.
MEGYN: THAT'S THE THING.
THE ATHEISTS WOULD SAY A LOCAL
RESIDENT COMPLAINED -- HE SAID I
HAVE TO DRIVE DOWN THAT STREET
EVERY DAY.
I SEAT SIGN AND FEEL LIKE AN
OUTSIDER BECAUSE OF IT.
IT'S POSSIBLE.
IT'S POSSIBLE.
>> THIS ISN'T ABOUT WHETHER THIS
IS A POPULAR SIGN.
80% OF THE COUNTRY IS MADE UP OF
PEOPLE WHO ENDORSE THIS SIGN.
MEGYN: THEN THE CHRISTIANS WOULD
FEEL UNCOMFORTABLE IF IT GETS
TAKEN DOWN.
DOES THAT MATTER?
>> APPARENTLY IT DOESN'T.
WE ARE GOING BY THE SUPREME
COURT OF THE LAND.
THEY SAY STUFF LIKE THIS IS
ENDORSING A RELIGION.
THAT'S A NO-NO.
MEGYN: THERE WAS A DISPLAY OF
THE TEN COMMANDMENTS ON PUBLIC
GROUND AND THEY UPHELD THAT.
>> IN THE SUPREME COURT ITSELF
INSIDE THE 10 COMMANDMENT, ON
OUR MONEY, FAITH IN GOD.
THE RELIGIOUS SYMBOLS ON THERE.
THERE IS RELIGIOUS STATEMENTS.
THERE ARE CERTAIN EXCEPTIONS
MADE BECAUSE THEY DON'T AMOUNT
TO ENDORSEMENT.
THAT'S THE KEY THING.
IN THIS INSTANT WAS THE KNIGHTS
OF COLUMBUS WHO SPONSORED IT.
I DON'T THINK IT SAID THAT ON A
PARTICULAR SIGN.
BUT IT ALSO DOES NOT SAY THE
CITY OF PITMAN ENDORSED THE
SIGN.
THERE IS NO INDICATION --
MEGYN: LET ME ASK YOU THIS,
MARK.
WHAT CAN A CITY LIKE PITMAN DO
IF IT WANTED TO AVOID THESE
CHALLENGES BUT STILL WANTED TO
DISPLAY THAT BANNER IN A
PROMINENT WAY?
>> AFFIX IT TO A PRIVATE
BUILDING AND HAVE NOTHING TO DO
WITH IT.
OTHERWISE THE ATHEISTS
THEMSELVES WHAT THEY WANT IS A
BANNER THAT WILL SAY -- THESE
AREN'T MY WORDS -- THEIR WORDS
ARE RELIGION IS A MYTH, ANGELS,
GOD, HEAVEN AND HELL DO NOT
EXIST.
THEY WANT THOSE THINGS ON THEIR
SIGN.
WHAT'S GOOD FOR THE GOOSE ...
MEGYN: 10 DAYS BEFORE CHRISTMAS
READING KEEP THE CHRIST IN
CHRISTMAS THEN READING YOUR
BANNER.
>> MY BANNER?
OBJECTION, NOT MY BANNER.
THAT'S THEIR BANNER.
COME ON.
MINE WOULD BE KEEP --
MEGYN: THAT IS 'WORDING.
>> MINE WOULD BE KEEP THE HAN IN
HANUKKAH.
MEGYN: MERRY CHRISTMAS, HAPPY
HANUKKAH.
WE ARE HOURS AWAY FROM THE BIG
REPUBLICAN PRESIDENTIAL DEBATE.
IT'S THE LAST TIME THESE
CANDIDATES WILL FACE OFF BEFORE
THE IOWA CAUCUSES.
YOU WANT TO TALK STAKES?
WE HAVE THE VERY LATEST.
COMES WITH SOME RISK,Y DEVT