Friday, October 24, 2008

60 Minutes E-mail Alert



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Starting off, Steve Kroft digs deeper into the unregulated financial instruments called "credit default swaps" that have had such a huge part in the country's economic downturn. What started out as a way for bondholders to insure against loan defaults eventually became a floating game of craps in which it wasn't necessary to own the bonds in order to buy the CDSs on them – essentially making bets on other peoples' rolls of the dice. "It’s legalized gambling," New York State Insurance Superintendent Eric Dinallo tells Kroft. "It used to be illegal gambling, and we made it legal gambling …with absolutely no regulatory controls."

 

Then we go Texas to meet T. Boone Pickens, the legendary oil and gas billionaire and corporate raider, whose backing of the much maligned "swift boat" ads may have helped the Bush/Cheney ticket to victory in the 2004 presidential election. Pickens hasn't changed his mind about former Democratic candidate Sen. John Kerry’s military service, telling Charlie Rose, "What I knew then, I know that same thing now and nothing has changed my mind about what I felt like." He has changed his mind about oil though, and he's now on a crusade to lessen America's dependence on it, especially foreign oil. The "Pickens Plan" would use alternatives like wind power, solar energy and natural gas and would require the greatest government investment since Eisenhower's national highways project. 

 

Watch an excerpt.

 

In our third story, we go to another rich American with a plan. Entrepreneur Greg Carr is using his wealth to try to help some of the poorest people in Africa by attracting more tourists to their neighborhood – the beautiful national park of Gorongosa in Mozambique. As Scott Pelley reports, a civil war decimated not only the people, but the park's animals, and reintroducing species is one of the first steps. The tourists should follow says Carr. "Attract the tourists who will spend the money to create the jobs and lift everybody out of poverty," he says. "For an entrepreneur, it’s kind of a compelling opportunity…one plus one equals 10."

 

Those stories, and Andy Rooney hard at work on this Sunday’s 60 Minutes, Oct. 26 at 7 p.m. ET/PT.

 

 

 



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