To watch "the memo" click here.

Hi, I'm Bill O'Reilly. Thank you for watching us tonight.

Another huge news day. The Pledge of Allegiance goes down, a grand jury looks at ex-con in the Elizabeth Smart kidnapping case, and some chaos at the Van Dam trial in San Diego. All that upcoming.

But first, a short Talking Points Memo. The robber barons strike again. Now, all of us are getting hurt here. The federal government must aggressively investigate these modern-day robber barons. The latest to crash and burn is WorldCom, the second-largest long distance carrier in the world. Executives there cooked the books by more than a billion dollars.

And while that was going on, former WorldCom CEO Bernie Ebbers borrowed $366 million from the company at little or no interest. Ebbers must be held accountable.

The Enron weasels also have to be indicted, along with Gary Winnick, the CEO of the bankrupt Global Crossing company. While that company was going down, Winnick bought a $95 million home.

As much as I dislike his style, Senator Tom Daschle is right, the Security and Exchange Commission has not been aggressive enough in holding corrupt corporate chieftains accountable, and Congress has to pass strict new accounting laws.

President Bush should address the nation on this issue, and a federal task force should be formed to root out other corrupt white-collar big shots.

The American people trusted these corporations, workers and the elderly invested in pension plans and educational vehicles. We thought the system was honest. We were wrong, we've been hurt. And all because we believed in capitalism and that the federal government would protect us from fraud.

Well, that didn't happen. All of us have now been robbed. These are crimes of tremendous magnitude. This corporate fraud is financial terrorism and it must be punished.

The United States is in trouble economically. The stock market is now looked upon with suspicion. The trust between the financial community and the American people has been broken.

This is a huge story. And the Bush administration had better deal with it quickly and effectively.

And that's The Memo.

The Most Ridiculous Item of the Day

Time for "The Most Ridiculous Item of the Day."

As you may know, The Factor has been reporting on the lax immigration policies of Canada, policies Canadian officials have defended. Well, listen to this. The union that represents Canadian customs officials says that the Canadian government is putting the United States and Canada at risk by employing summer students to check the credentials of people trying to enter that country.

Is this ridiculous or what? Of course, a spokesman for the Canadian government defends the practice saying the program works well. Yes, for the terrorists maybe. Totally ridiculous. Kids on summer vacation checking credentials. Unbelievable.

— You can watch Bill O'Reilly's Talking Points and "Most Ridiculous Item" weeknights at 8 & 11p.m. ET on the Fox News Channel. Send your comments to: oreilly@foxnews.com