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FROM THIS EPISODE

In 2002, when Wall Street scandals like Enron and WorldCom rocked the business world, the government prosecuted 513 cases of securities fraud. In the first eleven months of 2008, there were just 133 prosecutions. What has happened to the nation's system of securities regulation? What is needed to reform it? Also, Israel continues its Gaza offensive, even as officials consider a truce, and a year-long story about the life of a  young African refugee, his family and the remarkable school that is teaching him about America. Sara Terry Guest hosts.


Banner image: Secretary Henry M. Paulson (2nd-L), Fed Chairman Ben Bernanke (L), FDIC Chairman Sheila Bair (3rd-L to R), Timothy F. Geithner, CEO of the Federal Reserve Bank of New York, Comptroller of the Currency John C. Dugan, SEC's Christopher Cox, Chairman of the Commodities Futures Trading Commission (CFTC) Walter Lukken, and Director of the Office of Thrift Supervision (OTS) John M. Reich participate in a news conference about the market stability initiative. Photo: Mark Wilson/Getty Images

Producers:
Gary Scott
Katie Cooper
Andrea Brody

Reporter's Notebook A Day in the Life of 'Little' Bill Clinton 8 MIN, 26 SEC

A year in the life of 'Little' Bill Clinton is the the premise of an unusual commitment to story-telling by the Christian Science Monitor, which is following Little Bill and his family, and the charter school he attends in DeKalb County, Georgia. Mary Wiltenberg, a freelance reporter for the Monitor, came up with the idea for this project and runs it.

Guests:
Mary Wiltenberg, freelance reporter, Christian Science Monitor

Main Topic Can a Broken Financial System Be Fixed? 34 MIN, 22 SEC

Where were the regulators? With an economy in meltdown and one financial scandal after another making breaking news, it's a question that won't go away. Were government watchdogs muzzled by de-regulation or just asleep on the job? Who was regulating whom? What kind of reform is needed to protect the economy from the free-wheeling dealing that led to widespread financial failures?

Guests:
Kara Scannell, Financial Times (@KaraScannell)
Binyamin Appelbaum, New York Times (@BCAppelbaum)
Arthur Levitt, Goldman Sachs
Karen Shaw Petrou, Managing Partner, Federal Financial Analytics

Making News Gaza Offensive Continues While Officials Reportedly Consider Truce 5 MIN, 52 SEC

After four days of air strikes against Hamas targets in the Gaza Strip, Israeli officials are reportedly considering a temporary truce to give Hamas militants an opening to stop firing rockets on Israel. But earlier today Defense Minister Ehud Barak told the Knesset that Israel would wage "an all-out war against Hamas and its kind." Ashraf Khalil is Jerusalem correspondent for the Los Angeles Times.

Guests:
Ashraf Khalil, Time magazine (@ashrafkhalil)

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