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FROM THIS EPISODE

The first half of last year's $700 billion financial bailout was so badly handled that Congress is reluctant to hand out the second half. If Barack Obama can't make the case that he can do better, he may suffer his first defeat before he's even in office. Also, alleged Ponzi-schemer Bernard Madoff free despite violating his bail, and as Obama meets with Mexican President Calderon, we hear about the threat posed to the US by increasingly violent drug cartels.

Bailout Nation

Barry Ritholtz

Producers:
Sonya Geis
Christian Bordal
Gary Scott

Making News Madoff Gets to Stay Home...for Now 6 MIN

Bernard Madoff is accused of running a $50 billion investment-fraud scheme and he's violated conditions of his release on $10 million bail. But a US magistrate judge today refused the government's request to imprison Madoff until his trial. Diana Henriques is the senior financial writer for the New York Times.

Guests:
Diana Henriques, Senior Financial Writer, New York Times

Reporter's Notebook Obama and Calderon Talk Drugs, Trade and Immigration 5 MIN, 36 SEC

When most Americans think of Mexico, they're likely to focus on immigration. But Mexico's drug wars killed 5000 people last year, and the Department of Homeland Security has plans for a law-enforcement "surge" if bloodshed spreads across the border. That's the background of today's meeting between Mexican President Felipe Calderón and the incoming leader of the US. It is the first time since his election that Barack Obama has met with a foreign leader. Andrew Selee is Director of the Mexico Institute at the Woodrow Wilson Center and adjunct professor at Johns Hopkins University.

Guests:
Andrew Selee, Woodrow Wilson Center

Main Topic Can Barack Obama Follow the Money? 37 MIN, 2 SEC

Lawmakers in both parties are outraged that the Bush Administration lost track of $350 billion, the first half of last year's massive financial bailout. Today, at Barack Obama's request, President Bush agreed to ask for the second half, so Obama will have it as soon as he takes office next week. We hear how banks refused to account for their use of taxpayer money, while there was no effort to prevent mortgage foreclosures. What's Obama saying to assure Congress he can do better?

Guests:
David Cho, Staff Writer, Washington Post
Elizabeth Warren, Democratic candidate for US Senate (@elizabethforMA)
Barry Ritholtz, Fusion IQ (@ritholtz)
Steven Davidoff, Professor, Connecticut School of Law

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