December 16th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 12/16/08

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/30/art.liveblog.jpg]

Tonight on AC360°, the biggest Wall Street scam ever and why the SEC chairman is "gravely concerned by the apparent multiple failures" in its dealings with Bernard Madoff. How did the so-called "Sheriff of Wall Street" miss his alleged $50 billion scam for so many years? We're keeping them honest. Plus,  tonight's other headlines.

We'd love to hear your thoughts on the headlines.  Just scroll down and share your thoughts on tonight's stories.

But please follow our rules.

Here are some of them:

1) Keep it short (we don't have time to read a "book)
2) Don't write in ALL CAPS (we don't like screaming)
3) Use your real name

Don't miss Randi Kaye's webcast during the commercials. She's filling in for Erica tonight. LINK TO WEBCAST

And take a look at our live web camera from the 360° studio. LINK TO THE BLOG CAMERA

Filed under: Live Blog
soundoff (262 Responses)
  1. Megan Dresslar (Shoreline, WA)

    Hellooo David Gergen!!!
    I guess so...... I never thought Jesse Jackson have served as an informtant many years.......
    Yes, I agree that Caroline Kennedy will be become NY Senator for fill-in Hillary Clinton seat senate...... she is most wonderful and charming.... she want to take position senator!

    December 16, 2008 at 10:20 pm |
  2. Candace from Canada

    @ Gergen
    I think it is good that Jackson Jr has been informant, I do think it is odd that everyone is trying to pick his motive apart.

    With all the examples of corruption in government and wall street lately, It seems that Jackson Jr. isn't getting the credit he deserves for standing up and trying to do what is right by reporting on corruption in government. I am sure he does have his own personal motives – but in times like these it is good to see someone trying to stand up against an ever increasing presence of corruption.

    December 16, 2008 at 10:19 pm |
  3. Naissa, Texas

    I'm still trying to figure out how in the world THAT MUCH money could go missing and nobody sensed anything?! Really makes you wonder.

    Changing the subject...I had no clue that Fran Drescher wanted to be Senator of New York. Wow.

    December 16, 2008 at 10:18 pm |
  4. Amy

    Several years ago President Bush proposed that younger workers invest part of their social security money in the market.
    I can't imagine the degree of fraud if more of our money were funneled into the markets and more of our life savings and retirement were at risk.

    December 16, 2008 at 10:18 pm |
  5. CaseyJ - Palm Springs, CA

    "good evening everyone… if this stuff doesnt shake ones confidence in the system, nothing will"

    What "system?" If we had a "system" we wouldn't be having these problems.

    December 16, 2008 at 10:18 pm |
  6. Mike, Syracuse NY

    David G. No I don't think any different of Jesse Jr. He was sleezy before, and still is.

    Re Kennedy, NO NO NO a thousand times NO! We deserve a real Senator, not a Fairy Princess.

    December 16, 2008 at 10:18 pm |
  7. lynn

    The press is jumping on rumours, ididentified sources and crucifying people. They have been asked by the prosecutor to let them finish their investigation.

    People are crucufying Jackson without knowing the facts. Seems he's being damned by speaking out, not speaking out, handing over information, being a snitch when he does...bizarre..

    December 16, 2008 at 10:18 pm |
  8. Stacy

    @David Gergen: Honestly, I don't feel any different about Jackson. As for Kennedy as senator, dynasties are a turnoff. If she was elected it would be different.

    December 16, 2008 at 10:18 pm |

    hi anderson&randi! man jjj is a snitch a rat wow, eigther way you speak it informant. but i guest if it help his case and conscience it's okay.

    December 16, 2008 at 10:17 pm |
  10. Tracey - Boston

    JJJ or J3

    If someone was stealing and abusing your rights wouldn't you want someone to do something about it??

    December 16, 2008 at 10:17 pm |
  11. Minou, New York City

    reg SEC: bureaucracy schmureaucracy !

    Triple J : it's always a risky thing to be an informant. You make friends and enemies alike.

    December 16, 2008 at 10:17 pm |
  12. Brandi - bottom of the boot

    Hey David!

    I dont think any less of Mr. Jackson, right is right and wrong is wrong, the wrongs can never be right if someone isnt willing to take the stand. I admire him for doing it, arent they trying to end the corruption?

    I love Caroline Kennedy and think she has what it takes to be a Senator. Both her father and uncle were killed because of their beliefs and the way they stood for them, i think she would carry on that tradition.

    December 16, 2008 at 10:17 pm |
  13. Paula, Colorado

    I don't get why the Illinois Governor is hanging on to his job. It's best that corruption in the state be exposed now, though I'd hope they would soon get back to who will replace Obama in the Senate.

    December 16, 2008 at 10:17 pm |
  14. Anuj, Fairfax, VA

    Politicians selling seats, stock market selling ethics, leaders getting hit by shoes, confidence being shattered, planet in peril ?

    This is what we are up against. Spending our youth in debt, worrying about what the next day holds and we think we are living in the land of the free. I am not sure who is free - THEY or US

    December 16, 2008 at 10:16 pm |
  15. Dulcie - Denver

    David Gergen,

    I was never too critical or decided against JJ, Jr. to begin with. It's too easy to paint with a broad brush in Chicago politics. If he did work with investigators on Blogo – Good on him!

    December 16, 2008 at 10:16 pm |
  16. pati mc., camp hill, pa

    good evening mr. gergen. you ask some tough questions of us this evening.

    as far as Jesse Jr goes, it seems odd to me that he had that sort of relationship with the feds. he will say surely that he was just being a good citizen, as gary said, but i am not sure i buy that defense. i have to wait for more info to really answer this.

    caroline, i feel good about. she is a smart woman and I do not believe she would go after a senate seat unless she felt certain that she could do the job. even though she has not held office, i feel she is a capable person. there surely have been much worse cadidates in the past. jesse jr. may prove to be one, but that reamins to be seen at this point.

    thanks for asking.

    December 16, 2008 at 10:16 pm |
  17. Lorie Ann, Buellton, California

    David Gergen, I think Caroline Kennedy should wait and run for an office in the future. She'll win or lose by votes, not an appointment. It looks like too cozy of a deal.

    December 16, 2008 at 10:16 pm |
  18. Imani from Maryland

    I think Jesse Jackson Jr. has a beter temper than his father...

    December 16, 2008 at 10:15 pm |
  19. Rikki, Fargo, ND

    Mr. Gergen,

    I'm not a big fan of Jesse Jackson Jr. to begin with and it kind of makes me wonder what his motives were behind being an informant or as he calls himself an informer. I think there might be more to it than just being a concerned citizen.

    I definitely think that Caroline Kennedy would do a fabulous job as a senator for New York and I think she should be appointed.

    December 16, 2008 at 10:15 pm |
  20. CurtisJo

    Chris...right on! And you're absolutely right. Our Social Secutiry system (for example) is one BIG ponzi scheme!

    December 16, 2008 at 10:15 pm |
  21. Candace from Canada

    I am beginning to think all politicians are corrrupt.

    Seriously – why would anyone want to be a politician?!

    December 16, 2008 at 10:15 pm |
  22. Bea

    Hi David,
    As for Caroline Kennedy, she will add a new perspective desperately needed, woman and mother. The senate is so in need of that maybe it's ok. On the other hand, Cuomo has a higher claim in my view in terms of his dedication to public service. It looks a little odd that she is crossing her ex bro in law Cuomo. If you look at it purely politically, I think in New York she or Cuomo could win against a republican.

    As for JJ, jr. he did a dumb thing. He went in without a tape recorder. He wanted the job too badly.

    December 16, 2008 at 10:15 pm |
  23. Vanessa, Silver Spring Maryland

    In response to David Gergens questions.

    1) I have given Jesse Jackson Jr. the benefit of the doubt during this whole situation. It's good to hear this, but i won't be sure about everything until it all comes out.

    2) Who knows what the Gov. of NY should do. I mean I like Caroline Kennedy, and she is a Kennedy, but what experience does she have?

    December 16, 2008 at 10:14 pm |
  24. Jolene, St. Joseph, MI

    David Gergen: I'm still in the middle about Jesse Jackson Jr. Why did this news come out today about him being an informant? He surely could have mention this during his news conference. Something still seems fishy to me about all this.

    December 16, 2008 at 10:14 pm |
  25. Daisy, Houston

    Good for Rep. Jackson.

    December 16, 2008 at 10:14 pm |
  26. Mike, Syracuse NY

    @Chris Va, you're right. Social Security is the biggest Ponzi scheme in the world. Either benefits will be drastically cut or SS Tax will go way up, or both.

    December 16, 2008 at 10:14 pm |
  27. Steve

    Just another great example of why we can't and should never bail out anyone (banks, auto industry, home owners, etc.) If we just let the bad things happen and stay out of the way, the guilty will pay their price. Imagine if we had given this guy a 25 billion bailout, he would have just kept his scam going longer just like Bank of America, JP Morgan, Goldman Sachs, and all the other fellow con artists that are hiding the truth about their situation.

    December 16, 2008 at 10:14 pm |
  28. Renee

    @ Gergen: It is about time someone with some values starts informing the government. I respect JJ Jr. more for doing it. I fear for his life!

    I think the Governor should appoint Caroline Kennedy immediately. She stands for all things good! The woman is brillant.

    December 16, 2008 at 10:13 pm |
  29. Steve

    The SEC appears to be as qualified as Caroline Kennedy.... or Blogajavich....

    December 16, 2008 at 10:13 pm |
  30. Tray

    I feel kinda bad for JJJ if he wasn't involved in this Blago. crap recently his name sure has been drug through the mud....Politics as usual

    December 16, 2008 at 10:13 pm |
  31. CaseyJ - Palm Springs, CA

    Eric, honestly (and as being reported on multiple programs), there are plenty small guys like us who are losing their life savings, thanks to Madoff. I felt the same way you do until I learned this.

    December 16, 2008 at 10:13 pm |
  32. Megan Dresslar (Shoreline, WA)

    why Jackson JR was informant going to tell FBI about Blago?

    December 16, 2008 at 10:13 pm |
  33. Brandi - bottom of the boot

    @CurtisJo, sorry, i certainly am not a financial/economic person. lol

    whatever he is, he was wrong. i have to disagree with you about the people blindly investing. even though i dont know anything about it, these people still have some kind of ethics code and laws to follow.

    December 16, 2008 at 10:13 pm |
  34. Kev - New Jersey

    Frankly, I think the SEC should be held responsible since the first time they received a report in 1999. Let the SEC replace the money since that time for their neglect and failure to perform their job and follow up on complaints.

    December 16, 2008 at 10:13 pm |
  35. Jo Ann, North Royalton, Ohio

    I wonder why Jackson didn't come forward sooner regarding the shakedown? That was irresponsible.

    December 16, 2008 at 10:13 pm |
  36. Dulcie - Denver

    No, Anderson, I no longer have much faith in the federal government to have any control over the financial markets. Or much else, really. Cheney talking about waterboarding today (seen on your blog) disgusted me.

    December 16, 2008 at 10:13 pm |
  37. David, Indiana

    Hi Anderson, Randi, everyone. It is amazing that the SEC had warnings about this in 1999. It's good that the SEC is owning up, saying they blew it, but why did they blow it?

    20B or 50B? Andy said in his article it was more like 20B

    Ali, what is SIPIC? Is there any way to expedite litigation so that people get their savings back? If Madoff cooperates? Though he's not found guilty yet. Recouping as Randi is saying on webcast?

    December 16, 2008 at 10:13 pm |
  38. Tracey - Boston

    bob --another kennedy? we will never learn.

    If you look at Ted's record he has done so much for this country.

    December 16, 2008 at 10:13 pm |
  39. John & Connie Crane

    The S.E.C. reminds us of Inspector Clouseau harrassing the organ grinder about not having a permit for his monkey (i.e. Mark Cuban)while in the background thieves are robbing a bank! (i.e.Madoff)

    John & Connie Crane
    Santa Maria, CA

    December 16, 2008 at 10:12 pm |
  40. Maureen T

    these days not too much surprises me!

    December 16, 2008 at 10:12 pm |
  41. Kathy, Chicago

    Finding out that JJ JR is a snitch may not help him in his quest to be a US Senator.

    December 16, 2008 at 10:12 pm |
  42. Teresa

    Hello, David:

    I think less of JJ, Jr. "the spy in the midst" I wonder if he got paid?

    No, to Caroline Kennedy. But if she is elected, I'm sure she will put her heart and soul into it.

    December 16, 2008 at 10:12 pm |
  43. Steve

    The good news (if any) is that The Madoff scandel only affected the rich, based on their greed.....

    Obviously no poor american lost their million dollar savings......

    December 16, 2008 at 10:12 pm |
  44. Mike, Syracuse NY

    I suspect that 'informants' in Chicago usually have short life expectancies.

    December 16, 2008 at 10:11 pm |
  45. Ashley Goltermann - Hamlin, NY

    Does anybody else miss the days when the people who ran the country were competant and took their jobs seriously?

    December 16, 2008 at 10:11 pm |
  46. carolyn

    Bailing out banks? Why no one is lending money.

    December 16, 2008 at 10:11 pm |
  47. eric walker

    To bad it will take 5 years and 10's of millions of dollars to convict, what two or three people in a scam that surely involved many more...

    December 16, 2008 at 10:11 pm |
  48. Martina

    what ever happened to usury laws? We have credit card companies like american express charging 29% interest, what is going on--will anyone listen?

    December 16, 2008 at 10:10 pm |
  49. Anuj

    it is very surprising that America has no control over the stock makets or financial system. These kind of things happen in 3rd world countries. This kind of a situation reminds us of the Bombay Stock Exchange crash that took place in 1991, where there was no control or regulations. This just makes some of us believe that American stock markets are no different and a crook is a crrok no matter where they are. Smoking mirrors for some and real smokes in the air for the rest.
    Shame on the government and shame on the regualtors.

    December 16, 2008 at 10:10 pm |
  50. Jo Ann, North Royalton, Ohio

    What Madoff did will make people even more reluctant to give to charities. The little guy always ends up getting screwed.

    December 16, 2008 at 10:10 pm |
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