Out With The Bathwater

Last year, FOX Business Network ended their 5 PM show "Happy Hour", for a new show with Gerri Willis, who came over from CNN. The new show is not bad, but I find it much inferior to Happy Hour. Then again, who could compete with Glenn Beck over at FOX?

Now comes word that the entire primetime lineup at FOX Business will get the axe. Not a good move in my estimation.

Freedom Watch with Judge Andrew Napolitano was a very good show. Now, it should be noted this show was in competition with The O'Reilly Factor over on FOX, the top rated cable news show by far. Freedom Watch did need some tweaking, and I was getting very tired of the Judge promoting Ron Paul for President. Overall, however, Napolitano asked intriguing questions of top guests from the political and financial world. This show will be missed, at least by me.

David Asman is very professional and at the top of his game. His current show Power and Money, which evolved from America's Nightly Scoreboard, was very good and often dove into off the mainstream topics, with Agenda 21 being an example. Hannity, over on the flagship FOX, is king of 9PM, but this show worked well and I will miss it as well.

Eric Bolling is outstanding, and his show Follow The Money, had a real chance to overtake On The Record with Greta Van Susteren over on the Flagship. FTM had the big screen here at my humble abode, but the show could have used some tweaking as well. The decisions by the FOX brass to include wacko socialists as nightly panelists on FTM, like the newly hired Sally Kohn and Jehmu Green, hurt. Nobody with a brain has any care about the opinions of these Obama apologists. Anyhow, Bolling is a star and this news is most disappointing. At least Bolling falls back to focusing on The Five over on FOX, a real hit.

Melissa Francis, who jumped off the sinking ship at CNBC to come over to FBN, is slated for a 5PM show, while Gerry Willis will move to 8PM. While Francis is talented, I hope the executives at FBM are not counting on a ratings increase, because it will not be forthcoming with these moves.









Lori Rothman and Charles Payne

If FBN, is going a different direction, they should immediately launch a financial show hosted by grossly under utilized Charles Payne, and a crossover show with the lovely Kimberly Guilfoyle. Business babes Tracy Byrnes and Lori Rothman are also under utilized, but what do I know?

I know I will miss each of these programs and do not have any excitement about the changes.

Extraordinary Evil

U.S. District Judge Denny Chin accurately discarded a plea for leniency by the defense and sentenced Bernie Madoff to 150 years in prison for unprecedented financial fraud. It has been labeled the scam of the century, and rightfully so.

The level of losses for the victims is record setting and mind boggling to be sure. Certainly, there were others involved in this ponzi scheme, including Madoffs wife and two sons. I suspect the FEDs will be knocking on their doors soon.

Here are some thoughts about what investors can take away from this incredible story of fraud leaving scores of victims financially and emotionally brutalized:

If you think this is the last case of fraud you will be reading about in the newspapers you are going to be mistaken. Unfortunately, this type of activity will continue to take place. Educate yourself and take steps to make sure you are not among the next victims.

Potential investors must engage in some due diligence, as in any transaction of commerce, Caveat Emptor reigns supreme. Let the buyer beware! As a regulating body, after being tipped off and doing nothing, the enforcement of the Securities and Exchange Commission was horrendous. Although the agency has much on the plate, that level of incompetence should not be tolerated. Investors should not have placed total confidence in any governmental agency to "handle" their responsibilities in managing their investments. In fact, America seems eager to place the government in charge of just about everything, and actions in this regard will fail miserably and handicap our economy.

Capitalism in itself is a series of checks and balances, and at the end of the day unethical players are removed in some fashion from the marketplace. Little, if any, further regulation in this arena is needed, although we are going to get plenty. This will only raise the cost of investment and reduce rates of return for investors.

In addition, under no circumstances should an investor put "all their eggs in one basket". Suppose some of the victims has placed on 25% of their investments with Madoff and the other 75% spread amongst three other firms or in other areas of investment.

While Madoff will ultimately rot in hell, it will be interesting to see the list of others who will find themselves in federal court. I did notice in a video on CNBC one of Madoffs sons hoping in his car today after seemingly lounging around in shorts and flip flops. One might think if the firm I worked at had no assets and I had no money stashed away I might be out seeking employment. Call me crazy.

Take a listen to CNBC's Rebecca Jarvis, Melissa Francis and Larry Kudlow kick around the case with some selected panel members. Great stuff: