Madoff, the man in the picture
Updated on 15 December 2008
The morning meeting starts with discussion about the scale of the alleged fraud in the US which is "growing by the hour".
The programme editor describes it as an "amazing but picture-challenged". She's talking, of course, of the Madoff affair.
This is what we know so far.
US prosecutors say Bernard Madoff, the former chairman of the Nasdaq stock exchange, raised money from new investors to pay off existing partners in his investment fund.
He allegedly told employees on Wednesday that the fund was "one big lie" and had lost at least $50bn.
So far RBS, HSBC and Santander banks are all on this list of companies that have admitted investing in the fund.
"This far into the credit crunch and you discover something like this - what else is there?" asks one senior member of the team.
"The banks are all internally assessing what their exposure is to this."
"Do you mean they don't know?"
"This guy was so credible, so well respected, and gave such credible figures that no one seemed to ask too many questions."
There is "surprisingly little" about this story in the US newspapers. "I think people are embarrassed."
"This guy was so credible, so well respected, and gave such credible figures that no one seemed to ask too many questions."
It seems that Madoff's organisation was investigated in 2007 and given a "clean bill of health".
"It's bad regulation."
Seventy year-old Madoff has been released on $10m bail.
So far seemingly soscandalous, but how to illustrate it?
"Could we use pictures of Little Dorrit? It's very similar." For Mr Maddoff read Mr Merdle, perhaps. In Dickens's novel, Merdle was the great capitalist of the age who ended losing it all.
On "other economy-related things" the report on the future of Royal Mail is expected this week, although it may not be today, and David Cameron is giving a statement this morning.
"The Tories feel the tide is turning in their favour."
"We interviewed Cameron in his offices a few weeks ago, but a lot has changed since then."
Today may also "be the day" to look at whether the UK should join the euro or not, with the pound buying less than a euro in some places after commission is taken off.
"We haven't really done the economic discussion."
"Politically, it's completely off the agenda, but it will be an economic decision."
"What about case studies - lots of people get their pensions sent to Spain in Euros."
In other news the programme editor is looking to "find an excuse to use these fantastic pictures of Bush" after the US President had shoes thrown at him during a press conference in Iraq.
There are reports that of the 20 camera's present, all had their tapes confiscated so the only footage left is where it was fed live to a studio.
"We want some reaction from the Arab world - this is the ultimate indignation."
Finally the doctor who was held captive in Bangladesh by her family is returning to the UK today. It's still unclear if she will speak.
"The uncelebrated hero of the hour is the internet as she could send email - and text."
