brian reynolds, michael spicer and perry bets and john spicher and lynn norman, they are accused of using their positions to extort suspicious drug dealers. commissioner ramsey says this is one of the worst cases of corruption i have ever heard. vernon odom will have a live report coming up on "action news" at 6:00. >>> family and friends of the case worker shot and killed at a darby wellness center will say their final farewell, theresa hunt was -- plottss with charged with her murder. her funeral will follow. >>> turning now to the deadly conflict between israel and hamas, israeli strikes hit a crowded shopping area in gaza today. it came after shells tore through the walls of a u.n. school crowded with refugees, 56 israelis have died since the ground war began and israel says the gaza operation is meant to stop hamas's rocket and missile fire. hamas has refused to forth a truce. there will be more coming up with diane sawer, on world news after "action news" at 6:00. >>> it's been years since the gallery mall opened in center city and now there are talk of of a makeover that will bring

. >> the alleged dirty half dozen thomas, brian reynolds, michael spicer, perry bets, linwood norman and john spys ser are accused of shaking down drug dealers for more than half a billion bucks from 2006 through 2012. it's alleged they beat and threatened uncooperative targets. who were naturally reluctant to go pub look with their stories. in one case, officer norman is accused of lifting a man off his feet and leaning him over the rail on the 18th floor of the man's apartment house. >> i've been a police officer for more than 40 years. and this is one of the worst cases of corruption that i have ever heard. >> already convic convicted dure cop jeffrey walker is believed to have cooperated with authorities. no comment from the u.s. attorney except to say -- >> he was part and parcel of these groups of individuals, and they participated in different acts if furtherance. conspiracy. >> ththe defendants plead not guilty. >> my guess is that behind each of these allegations is nothing. >> in attendance the lawyer representing dozens of people suing the cops over the exact mistreatment

. >> the alleged dirty half dozen thomas, brian reynolds, michael spicer, perry bets, linwood normannd john spicer are accused of shaking down drug dealers for more than half a until i don't know bucks from 2006 through 2012. it's alleged they beat and threatened uncooperative targets who are naturally reluctant to go public with their stories. in one case, officer norman is accused of lifting a man off his feet and leaning him over the rail on the 18th floor of an apartment house. >> i've been a police officer for more than 40 years, and this is one of the worst cases of corruption that i have ever heard. >> reporter: already convicted dirty cop jeffrey walker is believed to have copped with authorities. no comment from the u.s. attorney except to say -- >> he was part and parcel of these groups of individuals and they participated in different acts and furtherance of the conspiracy report lost defendants plead guilty in federal court. >> instead of rushing to judgment let's where the allegations come from, let's who is making them want they said in the past about these allegations

. >> reporter: thomas, brian reynolds, michael spicer, perry bets, linwood norman, john spicer all former veteran members of the department's narcotics field unit stand accused of a gregious abuse of authority. >> i've been a police officer for more than 40 years, and this is one of the worst cases of corruption that i have ever heard. >> reporter: federal indictment says the dirty half dozen targeted drug dealers stealing cash, personal belongings and narcotics then falsifying police reports to cover their tracks. the total hall from 2006 through 2012, more than half a million bucks. prosecutors say in targeting drug dealers they found the perfect victims. >> they're generally not going to be individuals who go running to law enforcement to provide information about illegal activity that has been committed against them. >> reporter: the indictment claims the defendants beat and threatened uncooperative targets. in one case, officer norman is alleged to have lift add man off his feet and leaned him over a balcony railing on the 18th floor of the man's apartment building. the attorney for

joining us from boston is brian reynolds from rosenblatt securities. great to have you on the show. you point out the number of vix calls outstanding last week rose to their fourth highest level on record, a sign the bears were looking for a pullback or pick up in short-term volatility here. >> exact thely. the xunt is trying to throw a hail mary. once we got past june 30th, typically the window for redepositions, we saw the short covering stock and we saw thing like junk yields reverse declines and rise. they are also buying a lot of derivative positions, especially on things like the vix, in anticipation of this credit boom ending. >> what's the likelihood that even if we see a pop higher in credit spreads that the bears -- investors use this as an opportunity to get back long credit and push those tighter again? >> exactly. throughout the bear community, throughout this bull market, the bears think this is going to be a yield disaster. every time yields go up, and they've been going up in the junk bond market, it attracts more buyers. so we're seeing that this month and we're see

. >> and brian reynolds, people will start to talk about the fed raising rates sooner than expected.higher rates mean lights out for this market? >> no. it will actually make the credit boom more intense. financial engineering driven by this credit boom in place since 2009. if you look at the history of credit booms, the '91 through 2001, '03 through '071, the credit boom comes after rates go up. i can't wait for that day. >> it's counter tuti tuitive. would you believe they could rally from here? >> certainly would, kelly. we have a track calmed the mayan temple effect showing the last 17 times that the fed raised the fed funds rate. racing 25 bips at time. the market went up the whole time during that period and also went up after the fed stopped raising rates. when the market went down was when the fed starting cutting rates. are you ready for that? >> bill? >> getting sweaty palms. two super bowls here all of a sudden. brian, is there anything that could cause, finally, to bring a 10% correction to this market here? >> probably not. last month alone we saw 30 major pension funds

reynolds. and u.s. cigarettemakers, they're in talks to merge. >>> when we come back, brian rodgers at t.price on the markets, on vcs, valuations and a whole lot more when "squawk alley" continues. han ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. >>> welcome back to "squawk alley." we're live from the alan and company media conference in sun valley, i'd idaho. and i'm joined by ceo of t. rowe price, brian rogers. when you talk, markets listen. we've seen equity inflows come in 28 of the last 29 weeks. seems even with the volatility of this week people still believe in the market. do you share that view? >> kayla, investors are tired of earning low returns in money market funds, and the bar is low. consider the high jump bar to be 2.5% on