capital advisors has been one of the most successful hedge funds on wall street accounting for anywhere between five and ten percent of the trading volume on the new york stock exchange and exchange for consistently high returns as they see charges their customers some of the highest fees in the industry however the firm has been under intense scrutiny over insider trading allegations and april as they say capital settled with the security and exchange commission and paid a six hundred million dollars civil penalty but apparently that was not enough to satisfy the department of justice because today a federal prosecutors filed criminal charges against the firm alleging they were involved in a decade long insider. a trading scheme giving hundreds of millions of dollars of trust on its profits these charges could put billions of dollars at risk to be forfeit to the government the feds also want to ban and the vidual residing inside greenwich connecticut as they see owner for managing client money for the rest of his life. and the visual they are alluding to is stephen cohen insider tradin

as a seed capital advisors has been one of the most successful hedge funds on wall street accounting for anywhere between five and ten percent of the trading volume on the new york stock exchange and exchange for consistently high returns as they see charges their customers some of the highest fees in the industry however the firm has been under intense scrutiny over insider trading allegations and april as they say capital settled with the security and exchange commission and paid a six hundred million dollars civil penalty but apparently that was not enough to satisfy the department of justice because today a federal prosecutors filed criminal charges against the firm alleging they were involved in a decade long insider trading scheme gaming hundreds of millions of dollars of trust does on its profits these charges could put billions of dollars at risk to be forfeit to the government the feds also want to band in and the vidual residing inside greenwich connecticut the s a c owner for managing client money for the rest of his life. and the visual they are alluding to is stephen coh

as a seed capital advisors has been one of the most successful hedge funds on wall street accounting for anywhere between five and ten percent of the trading volume on the new york stock exchange and exchange for consistently high returns as they see charges their customers some of the highest fees in the industry however the firm has been under intense scrutiny over insider trading allegations and april as they say capital settled with the security and exchange commission and paid a six hundred million dollars civil penalty but apparently that was not enough to satisfy the department of justice. today a federal prosecutors filed criminal charges against the firm alleging they were involved in a decade long insider trading scheme giving hundreds of millions of dollars of trust on its profits these charges could put billions of dollars at risk to be forfeit to the government the feds also want to band in individual residing inside greenwich connecticut as they see owner for managing client money for the rest of his life. then the visual they are alluding to is stephen cohen insider tr

as a seed capital advisors has been one of the most successful hedge funds on wall street accounting for anywhere between five and ten percent of the trading volume on the new york stock exchange and exchange for consistently high returns as they see charges their customers some of the highest fees in the industry however the firm has been under intense scrutiny over insider trading allegations and april as they see capital settled with the securities and exchange commission and paid a six hundred million dollars civil penalty but apparently that was not enough to satisfy the department of justice because today a federal prosecutors filed criminal charges against the firm alleging they were involved in a decade long insider trading scheme giving hundreds of millions of dollars of trust on its profits these charges could put billions of dollars at risk to be forfeit to the government the feds also want to band in individual residing inside greenwich connecticut as they see owner for managing client money for the rest of his life. individual they are alluding to is stephen cohen inside

capital advisors c.e.o. stephen cohen mysteriously untouched. but this shouldn't come as a surprise to anyone who's followed the obama administration's department of justice says prosecutions or lack thereof of the big banks and the wall street trading firms that's because the d.o.j. only goes after the corporation and refuses to go after the billionaire c.e.o.'s or the executives who were at the helm back in december of last year the d.o.j. and u.s. treasury officials announced that h.s.b.c. the world's largest bank in the second largest bank in the united states it laundered money for some of the most notorious and murderous international drug cartels in the world while also illegally conducting transactions on behalf of terrorists and customers in iran libya cuba the sudan and burma between two thousand and six and two thousand and nine according to federal officials h.s.b.c. failed to monitor a staggering six hundred seventy billion dollars in wire transfers and an additional nine point four billion dollars in cash transactions from their op

third person with the boards of directors boards who worked with gold man sacs international as a capital advisor as well as capital management and analyzing funding and creating real estate securities. casey has a ba from harvard and ms in real estate from nyu. >> welcome. >> good afternoon, president fong. the item before you is a conditional use authorization to sfb a former retail restaurant at 16 west portal avenue. it's a french cafe and bakery with 7 other locations throughout the bay area. they serve breakfast and lunch from 7:00 a.m. to 10:00 p.m. daily. the existing tenant space measures approximately 2675 square feet. the 1 story commercial building is currently vacant but was previously occupied by a grocery store. to date the department has received approximately 150 letters in support of the project from neighborhood organizations. in addition, the department has received a survey conducted by the greater west portal neighborhood association with 200 respondents in support. the they have not received opposition. this concludes my presentation. i will be available for questions. than

lawyers for sac capital advisors are expected to appear in federal court in manhattan this morning. the charges say the company allowed an environment of extensive insider trading. >> it spanned more than a decade in time, involved securities of at least 20 public companies, extended across multiple sectors of the economy, and benefited sac to the tune of at least hundreds of millions of dollars. >> so far, eight sac capital employees have pleaded guilty. >>> 20 minutes after 5:00. coming up that's joey chestnut at it again. find out how many wings he had to down to retain the title of champion. >> good morning, everybody. ah, i know what you're thinking. what's vern doing there? what happened to dennis? it's all about me for this particular tease. a top nfl quarterback got paid and the as last night looking for a little home cooking at the expense of the angels. don't move. > >>> good morning. the as dropped two of three last week to the angels in anaheim so what happened this time? in oakland, it was time for a little pay back as we go to the o.co he could. dan straley with a 2-1

federal prosecutors may come out with criminal charges against "sac capital advisors" this week. authorities have questioned the firm's practices for years. as one of the nation's most successful hedge funds, sac churns out $1 billion per year in trading commissions and fees. however, it faces possible allegations of insider trading. cnbc reports founder steven cohen sent out an email to the staff that he expects sac to operate normally going forward. cohen's sec hearing is set for august 26th. the plot thickens: the ball is now in billionaire investor carl icahn's court to take over dell. ceo michael dell has offered shareholders a final offer of $13.75 per share to take the company private, up from his original bid of $13.65. icahn believes that bid still undervalues the computer company. his counter-offer could reach $18 a share. a shareholder vote is re-scheduled for next friday. investors clearly believe the plan to merge apparel company maidenform with hanesbrands is a good fit. hanes shares rallied more than 8% yesterday. hanes will pay $575 million for maidenform, or $23.

attorney handed down an indictment against sac capital advisors. the firm faces a number of charges, including criminal responsibility for insider trading committed by numerous employees on a scale without known precedent in the hedge fund industry. the case could have a ripple effect on wall street. "a lot of people are going to be hauled in on this, so the fallout is going to be how far does this go. was it contained just with this one hedge fund or will it be all of the people who were trading with the company as well?" sac, responding to the indictment, says the firm never encouraged, promoted or tolerated insider trading and will continue to operate. sac also blames a few bad apples who face prison time for bad behavior. sac's billionaire founder steven cohen has not been charged, but will face an sec hearing next month. glaxosmithkline is attempting to clean up its act in china with a new boss. the company's senior vice president of europe will take over as general manager in china. the former chief in asia will stay with the company to help

we have brian from belis chief capital advisors stock analyst. he says be a stock-picker, not a fed watcher. that is hard to do. scott shell lady, is in the pits of the cme. scott, i want to start with you . let's talk about interest rates. why didn't the interest rate spike spook the market today. >> that that interest rate spike is strength for the u.s. getting through their problems hence the dollar strength. i think the interest rate spike is a vote of confidence how well the u.s. might be doing comparing to the rest of the world. cheryl: brian, let me talk about what is the story of the day which is the job report. a lot of services sector are hiring, retail jobs are lower paying job but the economy can not grow especially with 195,000 jobs created. aren't we missing the point, investors missing the point we need more out of jobs picture. >> this jobs report is like taking a firecracker into a metal can. it made a loud noise because nobody expected much. drill down on two areas i focus on construction and manufacturing. those are the first l

>>rose: we continue with steven cohen and his sac capital advisors, hedge fund. with sheelah kolhatkar and tom keene. >> they basically impugn the entire culture of sac capital. they said that cohen the hedge fund owner was hiring people specifically, the kinds of people who could potentially leak them information that he was compensating those people and rewarding them for bringing that information and trading off of it and essentially this indictment is so sweeping and strong that it makes it seem as if the entire company was sort of somehow imreplies it in this illegal activity. >> guilty of saying insider trading is insider trading. in the cfa exams which a lot of the pros take you spend a lot of u:u of three exams defining what insider trader is and it's very, very squishy. it's an extremely hard body of law to get your hands around and i would suggest that's one of the problems the sec and the government has is, what are you going to charge them with? is it moral responsibility, is it dereliction of management or sit this fuzzy thing called insider trading.

capital advisors. the company said the accusations have no merit. wall street ended the week on a subdued note. the dow jones industrial average lost more than four points to close at 15,543. the nasdaq fell 23 points to close at 3,587. for the week, the dow gained half a percent. the nasdaq fell 0.3%. those are some of the day's major stories. now, back to ray. >> suarez: and we turn to the many questions about the potential consequences of having the city of detroit file for bankruptcy. >> we have to do this in some fashion, and bankruptcy will let us to achieve that in some way. >> suarez: detroit's emergency financial manager kevyn orr was out today, defending the decision to file the largest municipal bankruptcy in american history. with the city facing up to $20 billion in long-term debt, orr and mayor dave bing took the plunge on yesterday. >> as tough as this is, i really didn't want to go in this direction. but now that we are here, we have to make the best of it. this is very difficult for all of us, but if it's going to make the citizens

capital advisors pleaded not guilty today to federal criminal charges involving insider trading. the plea came a day after the firm was indicted criminally for wire and securities fraud. it allegedly earned millions of dollars on illegal trades over a 10-year period. the head of s.a.c., billionaire steven cohen, is facing civil charges of failing to prevent insider trading. the mayor of san diego, bob filner, says he's going to start therapy, amid growing claims he sexually harassed women. filner apologized today, after several women said he kissed and groped them, and put them in headlocks. the former democratic congressman said he will attend two weeks of intensive counseling. >> i must become a better person. and my hope is that becoming a better person i put myself in a position to someday be forgiven. however before i even ask- before i even think of asking for forgiveness i need to demonstrate that my behavior has changed. >> holman: filner is less than eight months into a four-year term as mayor. he rejected calls for his resignation. the swiss bank u.b.s. will pay $885 mi

have enough evidence to bring charges against cohen in the hedge fund company he runs sac capital adviso advisors. the deadline to bring charges tied to a five-year statute of limitations will likely pass without any action. no comment today. >>> finally tonight a new york city untself-employed woman, determined to build a better ballet shoe. for years ballerinas suffered the agony of the feet. >> there's, i guess, the initial burning, blisters, and then throbs. >> dancer eliza remembers spinning in pain, as well. >> coming down from a jump and having it hurt and hearing a loud noise changed the experience of class for me. >> she was shocked to see ballet company spend thousands of dollars on shoes that wore out after one performance. so she comes from dancers and inventors decided to take matters into her own hands. >> i bought a pair of every brand of point shoes and cut them open and i couldn't believe what i found inside. one of them had a toe box made out of newspaper. i was really outraged that dancers who are serious athletes were expected to perform in such bad equipment. >> she spent eig

he's accused of failing to prevent insider trading at sac capital advisors - the fund he founded andnsidered one of the biggest insider-trading fraud cases in history. the s-e-c said that because of illegal trades, the funds profited -- and and avoided million-dollars. america is moving on up! moody's investors service has raised its outlook on u- s debt to "stable". shedding the negative outlook it's had for nearly two years. moody's says it reflects a lower deficit.which is expected to continue to shrink in the next few years. >> happy friday. cloudy conditions widespread 90's! 60s in san francisco. in the lower 80s. i am not expecting a lot of fog. you can see still, tomorrow is still going to be hot tomorrow for the highs. with 98 for pittsburgh. 89 and concord. and also arinda for the east relocations. oakland, 73. richmond, union city, the east -- relocations. also, downtown san francisco the east bay locations. palo alto pushing closer to 80 degrees. heading towards the south- bay. warm but low 80s for san jose. 80s through milpitas. we are not going to forget the north bay lo

for more on how the fed has impacted the market, we're joined by edward from jhs capital advisors, michael from destination wealth management, michael from panto portfolio and our own steve liesman and rick santelli. let's kick it off with you, steve. what did you hear from the fed? >> reporter: i thought two things happening, what was in the statement and what wasn't. let me do what was in the statement real quick. the economy was changed from being moderate to modest. a very slight downgrade to the economy. inclusion of the notion that mortgage rates have risen, and then, also, finally, concern about inflation, saying the low inflation is a potential risk to economic growth. now, here are some of the commentary that came out. there are the three things in the statement. low inflation could pose a risk to the economy. now, ian shep hardson saying, in short, the data matter but september's tapering is a good bet. dan greenhouse, for investors, all that matters is whatever you thought before, holds after. and this is the interesting comment from credit suisse. the fmoc refrains from mention

united capital financial advisors and author of money code and our own rick santelli. gentlemen, good to see you. michael, what do you think? do you think the sec capital indictment will have an impact on the markets? >> some sort of dampening effect again? >> maybe lightning up in the volume. it certainly is not positive for that firm and not a positive for volumes, i don't think for sec. i think a good deal of it might shift to other places. i don't think you will see a market impact. >> joe duran, what do you think? we are just starting to see in-flows into mutual funds. little guy just starting in a meaningful way dipping his toe in this market right now. now this comes along. do you think it will have some em pact on that? >> i don't think i'm the rich investor, no. i think we care a lot about it. we're in the keeping up with this kind of thing. but the institutional concern that the average investor has is already there. i don't think this makes it worse. they already assume the worst. and generally i think people have not a lot of choices of where to put money in

. >> he was an advisor to hermitage capital, once the biggest equities fund, he uncovered the largest tax fraud in russian history. this was involving top officials. he soon found himself behind bars. , ands abused, tortured held in squalid conditions. he died just days before the expiration of the one-year limit to be held without trial. he was 37. even the human rights council at the kremlin said he had not received the proper medical treatment. only one man faced charges in connection with his death, the deputy head of the jail where he died. he was accused of denying him the urgently needed medical aid which led to his death. state prosecutors dropped all charges against him and he was allowed to walk free. had diplomatic repercussions. president obama signed tough anti-russian legislation named after him. of humanhose accused rights violations in russia from injury into the u.s. i would thank obama for adopting this law. somehow it will keep my son's memory alive. it has become well known under the circumstances. >> vladimir q2 and announced to the law and said it poisons -- vlad

advisor. and we're ready to work for you. lou: joining us now are economists and the moody's chief capital comments. what you make of this? thought we were supposed to have a pullback? >> we have pullback from this that that is going to hang in there. we are talking about how this u.s. economy can move forward without extraordinary support. lou: much can be learned tht is quite different than what we experience. %-have you adjusted yr earnings? >> welcome i'm a little bit hesitant to do so. i. >> it has been bolstering the economy. >> building materials are sharp, that is a surprise. we also find that stocks that are key to the housing sector have been moving slower. there is some concern that this latest upturn by the 30 year mortgage, about three and a half precent, now it's one half precent. it could bring about home sales, which is not good, gin that this has been a relatively weak recovery by housing from this broad historical perspective. >> the fed is limited as to how much they can influence it. >> one thing they might do is the one they bgan to tape off monetary easing, they cut back only on the purchase were the

advisor. and we're ready to work for you. do you mind grabbing my one d opening the capital one purchase eraser? need to redeem some nture miles befo my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? charles: the standoff between wal-mart and washington dc is getting uglier. the district recently passing a higher minimum wage has wal-mart looking to high tail it out of there. and now there is actually a fairness rule for others. we are joined by julie radinsky. >> i wonder why they got picked. this is going to hurt low income folks. the very people that they claim to always want to protect, these big union guys and i wal-mart won't want to go into neighborhoods that are in need of an economic boom. the economy and wal-mart has come out and say. charles: marion barry, one of the guys that passes. his neighborhood is be

capital one shareholders. connell: the june jobs report will be released this saturday morning. art laffer is the former economic advisorent ronald reagan. how would you describe the job market? >> we are not doing very well. unfortunately, probably the worst recovery in u.s. history. the jobs numbers are not coming to the way they should. connell: this morning we added more data. we will lead up to the jobs report. if you put some of the housing numbers together, if you are a glass half-full person, you could plausibly make the case that things are getting better. >> they are. they really are. they are just getting better at a very slow rate. connell: this time it is different. >> it is a fair argument. we have much worse policies today. in the 80s we had tax rate did a chance. we reduced welfare. we did not pay people not to work and we did not tax them if they did network. connell: just coming back from what we went through in 2008. you picked up on that right away. don't you think that it is different this time just comparing it to the 2008 crisis. >> not really. we had an enormously rapid recovery. we have had abou

capitalize on this new division in the gop? i'm fascinated by it myself. david axelrod, be a political analyst and a former senior advisoresident obama and carly fee orrin know is a former senate republican candidate out in california. thanks for joining us. let me start with this. we've run through the history of the republican party. david, and clearly they have been if you have to argue back and forth, they're the more hawkish party, the democrats more dovish. lear cannily the issue of the war in iraq are a war of choice was a key issue i believe and i believe you know was a key factor in the strong political run by president obama back in '08, starting in 2004. do you think the republican party is having guilt about the war in iraq they now feel is unpopular that they're beginning to think this instinctive call to arms, engagement in countries like syria, and lebanon won't pay off at the ballot box? >> first of all, i would quibble with one point which is there has been over time taft and others in the past, there's been a strain of isolationism in the republican party. it's resurge be the now represented by this tea

advisor to work with. gerri: joe, martin and will allen great stuff, we appreciate allen great stuff, we appreciate your any last requests mr. baldwin? do you mind grabbing my phone and opening the capitaled to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ ma announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ can help you do what you do... even better. and we help them find a policy that works for them. huh? also... we've been working on something very special. [ minions gasp, chuckle ] ohhh! ohhh! one day the world... no, the uni

advisor would say, yeah, mr. president, we think you should go out there and just go ahead and expend some of your own political capitalo do this. they know that there's going to be a lot of blowback for the fact that he spoke out and people who will say he not only politicized it but people who suggest, as you just did, he might be giving some sustenance to people in the streets who might turn violent. he took a tremendous risk here. i think this is something that speaks the idea, he's our first black president, greg. he's been under criticism from near and wide not doing enough in terms of addressing high black unemployment particularly, i might add, among teenagers and teenage boys and dealing with the problems of gun violence in inner city communities, notably his own chicago. i think that maybe it's just, you know, it's like the straw that broke the camel's back, and what we're seeing here is the president in emotional turmoil and reaching out and feeling that he had an obligation to enter into this national discussion about race in the aftermath of the trayvon martin case. >> juan williams, many thanks for your t