adam: charlie gasparino, on top of it.ne of the quotes from that discussion, perhaps people turning on sac was a couple of crepitations. lori: great to hear both side of the story and personal information about steve cohen. although the breaking news that the lawmakers refused to comment whether or not an indictment would follow with -- adam: keep watching charlie. keep watching gasparino. he will get it for. sac not only shocker on wall street. facebook wowing investors after reporting its quarterly results. zynga, they work with facebook and zynga reports after the bell. we'll have a analyst's take just ahead. adam: look what is happening with the 10-year treasury. you see right here that the yield is going up. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they kn

charlie gasparino with the details. we have all of that and more coming up this hour of markets now. ♪ dagen: you are looking at video right now, good morning, everybody, of a fire burning earlier off the coasts of louisiana. officials are saying it will not be as damaging as back in 2010. the fire is located just 150 miles from that bp oil spill where that happened. connell: the rig operator is hercules offshore. the stock price today is down by a little more than 4%. dagen: phil flynn is in the pits of the cmb with more on this. >> it has backed off. as far as the market impact of this particular blowout right now, it is not that much. this particular well was not in production. we had this rig getting ready to prepare for more production down the road. they already knew that they had a problem with this well. it was trying to fix the problems that they already had with this well. the impact is about tighter regulation in the gulf of mexico. regulations became a lot more stringent. there is a concern that a mishap lik

charlie gasparino i brand-new billionaire jumping into the fray of herbalife. cle of friends." charlie: i will tell you this, you're not here for all of the first flying. this is a wild story. we should show that graphic, soros has to be in it under 5%, he would not do a filing. bill ackman has a massive short on this stock. this caught my eye early because the position was leaked to a network that is very much affiliated with carl icahn. he is long, trying to squeeze bill ackman short. bill ackman thinks this smells pretty bad as well. his representatives have got the security and exchange commission asking them to look into whether this short squeeze is manufactured, whether there are like-minded parties, basically teaming up to go out there and squeeze his position. we should point out the position is in the right more than $200 million right now. liz: let me jump in because i have a question for you. some nerve, he started all of this. right? anybody who wants to jump into any stock they want can do so. now he does not like how the game is working? >charlie:

liz: charlie gasparino. thank you. >> we need that caffeine jolt.much the closing bell rings in 20 minutes we have taylor swift we will tell you how one of the highest earning celebrities under 30 shocked a whole restaurant. which one? where? to? and mostly down day for the markets holding steady is there more room to run? we have a stock picker who says you should still be buying. attention - americans living with limited mobility. what do you do when you can no longer get around like you used to? when you fear losing your independence? who do you call? call hoveround now, to see if you qualify for america's premier power chair. hi, i'm tom kruse, inventor and founder of hoveround. now you can do more, see more, enjoy life more. here's why hoveround makes it easier than any other power chair. hoveround is more maneuverable to get you through the tightest doors and hallways. more reliable. hoveround employees build your chair, deliver your chair, and will service your chair for as long as you own your chair. and most importantly, 9 out of 10 people

dagen: charlie gasparino is all over this story. arlie: the investors that are still in there, they may be forced out. it would end today with this indictment. why are they doing it? pension funds probably have to pull their money out. he is one of the holdouts. anthony will make his decision whether to stay in this fog today, if they remain open. he is asking his investors. it may not be his decision. what i understand is that they are telling investors to redeem shares. remember, there will be a press conference. around that time, we will hear from sac capital. this is what the investors are saying. the investors, the people that are still in the fund, whether they will close down or not. they are forcing reductions. dagen: is there any way for it to perform? continue to deliver returns? >> what wall street firm will be with you? probably none. there is an issue whether that firm will be around. steve cohen is mike a brokerage firm. it is different. he does need wall street. remember, he does traits. no one will broker those traits

charlie gasparino joining me now. charlie: this is a true tagteam effort.is a response to the class action lawsuit that was filed. they are basically said that in that class action lawsuit, nasdaq is responsible. it will be really interesting reading, i think. it will be why it should not be held accountable. i do not know exactly what is in this thing right now. i will say this, this is what i think the theory will be. nasa officials the client to comment. they will say, listen, small investors do not trade on the nasdaq. small investors trade through words that trade on the nasdaq. your beef is through the firm you traded with. they will say, in this response, that is your beef. it then goes like this, the real beef then says, that we have a beef with the brokerage firms. what is interesting about this, nasdaq has better protections when it is dealing with brokers. these are very highly regulated entities. liz: how much is a class action lawsuit expected to be for? charlie: it is unspecified. it is your beef, mr. and mrs. small investor. it is not with th

first we get to charlie gasparino on breaking news. >> here's what we know.ac is still a company, but will investors remain. a lot of people put their money out, while those keep their money in? one of the main investors has been skybridge capitol, a friend of mine. runs that great conference in las vegas. we understand he is weighing whether to take his money out. what he is telling people, it's his investors' decision. he invests in the fund for investors. his clients will direct him on whether or not he should keep his money in sac capital. but he is telling people is that he expects his client to tell him that he has to take -- valleys to take his money out. that would be a fairly significant blow. liz: he has taken some out. by the way, a cnbc contributor. he has been on their lot. you're telling me now that he may pull it all out. >> it's interesting. he gave an earlier interview. it did not have -- know at present. he basically said he hasn't decided. of course the dozen because an investor seven told them. but he expects this is investors to tell him

charlie gasparino has the latest details on this story. it affects a lot of people.ve cohen pushing back. the e-mail was sent back in 2008. improperly obtained. they made a trade right after that. $2.7 billion deals. cisco wants to take on the cyber security business. right now, shares of cisco are down just a penny. we are all over the story. we need to get to the earnings report that so many of you are going to be watching. that, of course, is apple. now, well, here is the sad tale. up about 30% over the past year. here to break down the numbers, she'll love. she is on the story. educate our viewers. >> how many iphones did apple sell in the quarter? apple is still an iphone company. that, of course, is what everyone will be watching. 26.5 million iphones sold in the quarter. long gone are the days. people just really want to know. can they keep going? can they keep on delivering those numbers? the fact job to all of this is innovation, innovation, innovation. the question is, can they keep on doing this? they are coming up upon a lot of difficult trends. penetrati

liz: charlie gasparino. so they've yet to stories. what a difference that 10 months makes.keley center, the home of the brooklyn nets has the highest versus entertainment in the nation for concerts and family shows in just the last six months of the year. it sold nearly $40 million worth of tickets according to billboard. a really sweet victory for the man who developed this. bruce ratner was here and i spoke with him on countdown to the closing bell. now he is trying to extend to the nassau coliseum. we will see if he gets that again. the closing bell ringing in 15 minutes. counting down to the earnings report. it is coming right after the bell. how this company lost its cool factor. without slowing growth for the bottom line? stay tuned. it will continue coming up next [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush... of the mercedes-benz you've always wanted. ♪ but you better get here fast... [ girl ] yay, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this..

steve cohen, charlie gasparino, lasting efforts to but one of the most successful hedge fund managers out of business. you have to read charlie's book, by the way. it is remarkable. if you want to talk about insider trading, easy go to. let's talk with nicole petallides on the floor the new york stock exchange. what's going on today? >> well, we have seen records last week, we are looking at records this week. one third of one 3%. percentagg terms that you do see, the dollar is the downside and commodities are in this and there has been some articles on gold and that is a big deal. second-quarter earnings, five to 10%, mcdonald's is down 2.75%. numbers are little weaker than expected. however, a couple of things haven't been going on with this. playing a part, they did well with some of those in the system. back to you guys. lori: and now we are bringing you the latest out of detroit. an expedited hearing this wednesday at 10:00 a.m. chris wallace is with us now. >> that is the term of 2014. the judge is going to have his own ideas about how this should go. but we are going to be very

charlie gasparino here to tell about a new share on wall street continuing to pursue as a c capital,d, still going on? it hasn't expired, right? >> let me straight to my tie, it annoys me. i think we should point out i have a book on this, one of the reasons i'm trying to push this story. we should show a copy of it. this is what the book points o out, although they don't get into the detail i get into in the book, there is still an ongoing investigation of steve cohen. it does not mean they've given up the pursuit to the contrary. my book says why it is so difficult, same for the book, primarily because they don't have wiretaps, the guy involved in that trade involving those drug stocks, allegedly after having a conversation with steve cohen that he is not flipping. liz: you get closer to a statute of limitations expiring. charlie: they could bring civil charges, that throws mode of the industry, there are other potential charges they are looking at. here is the one thing i will point out on this, i happen to personally like steve cohen, the federal government believes he runs an or

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charlie gasparino broke the story. with just the very latest. ♪ liz: a fox business exclusive to breaking story we first brought you on "countdown to the closing bell". charlie gasparino has a motion to dismiss the lawsuit, the class action participants had filed, right? >> right. it's a lawsuit over the botched facebook ipo. nasdaq, i think it faces nating how an exchange, a modern exchange defends itself. it admits it botched the ipo. it says small investors really have no standing to sue it. small investors lost money in the botched ipo, as you know a lot of people lost money. they say they have no standing for number of reasons. number one, there is no contractual relationship between the nasdaq and investors. investors don't trade on nasdaq the brokerage firm bought it from the nasdaq. they're one stepped remove. they're an sro, self-regulatory organization. guess what? we went forward with thing and it may have caused damage. we went forward because we believed that was best for the markets. guess what, we're imm

charlie gasparino, thank you.pending a chunk of time with us. >> a wonderful chunk of time, right? i'm in a bert mood lately. you want to hello them why? adam: no. the book is done and charlie, relaxed. lori: doing you a favor not telling the audience why you're in a great mood. sales of book are -- >> getting better. lori: let's get a check of the markets. we're a little late. oh, my goodness. keith bliss on the floor of the new york stock exchange. keith, we've got your attention right now. >> i'm sorry, say that again, lori? lori: what your view on determining the direction of the market? >> the direction of the market, we think the bullish behavior is very much intact. we crossed over a couple technical levels over last few sessions which got us into the very bullish sentiment. you look at something like the small caps and discretionary names like xly and xrt. those are very much consumer discretionary names. they hit new highs with yesterday's session. that keeps it intact. lori: is there a earnings story, ke

so we want to bring in our very own elizabeth macdonald and charlie gasparino, author of the book, "circles" on insider trading. charlie has new details on what is being held up in washington. >> it is more than held up. vast parts are not implemented including something known as the volcker rule, proposed by presidential visor, paul volcker. he said stop wall street from melting down using balance sheet to trade stocks, bonds. put in a rule that would stop that. that rule has not been implemented. we should point out paul volcker said he thought it would be implemented by the end of the summer. what we're hearing from regulators in washington, they're telling the fox business network the volcker rule will probably not be implemented to the end of the year at earliest. that gives you indication how screwed up and dysfunctional this law is. i will tell you one other thing. i ran into chris dodd not too long ago in white house correspondents dinner. give you insight he didn't know what he is doing. the canadian, we modeled regulatory structure after the canadian system. it works well in cana

just ahead, charlie gasparino was with him this morning on what he told charlie about his chances of winning. lori: that will be good. in the meantime, violence erupting in egypt. dozens of supporters were killed, hundreds more injured as chaos rules in cairo. a live report from the front lines. let's get you updated on the market. time for stocks, as we do every 15 minutes. back to the floor of the new york stock exchange and nicole petallides. so far we are on track for our third straight session of gains but mecca has been looking good for the bulls. right now the dow jones industrial average holding on to a gain of just over 67 points. up 127 points. we have lost some of the earlier gains. we are still seeing the dow up about and a half of 1 percent, and the s&p 500 up one-third of 1%. tech is not doing well. investors are seeing the nasdaq has moved into the red come into negative territory. names like intel, microsoft and the hewlett-packard weighing on the del -- down. let's take a look at some names that are hitting all-time highs and record highs. it is worth noting, some 52

the charlie gasparino is here next.e statute of limitations running out on the sac capital ceo? cheryl: forget feeling like a million bucks. how would you like to feel, okay, feeling a million bucks, how would you like to feel like a quadrillion bucks? a quadrillion. the oops that made one man's quadrillion dollar day. dennis: look at interest rates and how they're reacting to the bernanke speech. but your erectile dysfunction - itld be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you cabe more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include he

charlie gasparino is here next against the case against fa brees tourre. look at 10-year and treasurys. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male 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. ♪ >> i'm melissa francis with your fox business brief. in the heat of the summer driving season travel remembers feeling the pain at the pump. according to aaa's daily fuel gauge the national average for a gallon of regular stands at six, sorry, 3.61. that is a six cent jump since friday. >>> professional soccer club real

dennis: charlie gasparino. let's get to the markets.loor of the new york stock exchange. ben, the dow coming off some lows there. >> getting a little bit after bounce. we started to trade down on the fox business exclusive weester george suggesting that the tapering of the bond buying should come sooner rather than later. i think we can expect a little bit more from ben bernanke when he goes through his question period in front of the congress tomorrow. dennis: okay. what do you think? where do you think we close out the day? still down? >> yeah, it's a reltough call quite frankly because the volume is nonexistent. yesterday we had the slowest day of the year. we're on track for very similar volume today. i think the big money son the sidelines or in the hamptons, however you want to look at it but there is very little decision-making process going on right now. we may get a little bit after juice with ben bernanke testifying but, aside from that, it's a difficult market to call but you never want to short a dull tape. dennis: two steps

charlie gasparino here to tell us what is going on. this is the front page. arlie: i read it every day. liz: if we can take the shot, half angel, half demon. typical of the french. a middle level. charlie: that is the irony here. former head ofywide with those loans they were trying to sell, it is an irony with the financial crisis coming down to is a mid-level investment banker at goldman sachs who can make the case this is probably him right now, sorry for that. in a ent iis cing wn to mideveluy, puing t me rlly b-mas toake lkikee kn the ckag of nds wasellg was ckagg mogage putng th in bonds and selling them to investors who knew those bonds are problematic as he put in one of his infamous e-mails, sending e-mails to his girlfriend from his goldman sachs account when everything blows up the only one standing will be the fabulous fab. they believe what he did was purposely put out bad investments and they were destined to fail. as you point out goldman settled a civil charges. there was the deception or something along those lines, he refused to settle, that

lori: bringing in talking about new york attorney general with charlie gasparino.ead of all important dell shareholder meeting urn tomorrow. we're back at the new york stock exchange. lori: show you 10-year quickly. this is the yield on the 10-year treasury note. we're back after a short break. for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns doub mes on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on everyurchase every day. what's in your wallet? [ crows ] now where's the ooze button? >> i'm melissa francis with your fox business brief. the new york stock exchange is looking for regulatory approval for a new disaster recovery plan. the new plan would allow the exchange to close while trading big board listed stocks shifts to an all electronic plat

ahead, charlie gasparino what he learned. dennis: chaos ruling in cairo. a live report from the front line coming up. ♪ ♪ >> and good afternoon. >> inside the flight that crashed in san francisco. new details emerge as investigators search france's on what happened aboard flight 214. aviation expert michael boyd joins us in just a few minutes on the fallout from the airline. lori: as for the markets, now in the green, but losing speed as earning season kicks off with alcoa after the bell. more than three-fourths of companies that have offered guidance are negative. do not believe the hype says s&p kristine short. why she says second quarter earnings will surprise. adam: are you ready? former new york governor eliot spitzer throwing his hat back in the political ring. just ahead, charlie gasparino was with him this morning on what he told charlie about his chances of winning. lori: that will be good. in the meantime, violence erupting in egypt. dozens of supporters were killed, hundreds more injured as chaos rules in cairo. a live report from the front line

fox business senior correspondent charlie gasparino will join us with more exclusive details. question -- >> they're crying. you hear screams and cries. why does wall street care about sac capital? adam: that is lot of revenue for wall street. >> remember they trade, sac is an enormous trading shop. it is 2% of the new york stock exchange volume every day. adam: a billion dollars in commissions. >> it is amazing. billions of dollars in commissions. hundred of millions of dollars in commissions every year. they are wall street's best customer. they're crying now. they're doing something else. this is what we're getting from people at these firms. what is the matter? lori: i'm intrigued. that was, i'm looking for follow-up to this, charlie. >> your face was like -- lori: a little contorted. >> like you were going to say something. adam: continuing pull money out of sac. lori: my billions, yeah. sorry if i interrupted your train of thought. >> they're looking at every major firm out there, hedge fund, wall street firm, brokerage firm is essentially examining their relationship now

he is backing up yesterday i talked to charlie gasparino if he put on monday spandex i would make a secondig donation to building homes for heroes that the fox business faces are raising money for the triathlon. i am getting weird signals i've not wearing the bike shorts i about wearing anything so after i issue a the challenge we got matching donations we're hoping to put the pressure. team fox business a doing a the relay i am doing the bike parts and cheryl cassone is doing the swimming fox business is a sponsor raising the roof to build custom mortgage free holmes for the most severely disabled veterans returning from iraqi and afghanistan. this stuff surging caught one home earlier this year. he is a member of the tactical unit father of four boeing did in afghanistan when an explosive device exploded 30 feet from him it is estimated he disabled 50 devices during his final tour. he is a gorgeous house his wife is suffering from cancer. will you consider helping us to help them. it is perfect for a blind person we custom that -- customized to their injury. please donate. building homes

so now let's bring the -ditor at "barron's".com and our very own charlie gasparino author of the best-selling book, the triple threats. >> we wanted to be a best seller. gerry: i am interested what you have to say. he believes all americans should be able to invest in the stock market available to the big guys but what do you say? >> right now he is worried that they're out of the market that they're not using the schwab discount brokerage system. he is right we have the flash crash didn't like the high frequency trading they don't like taxes. but if you read a great blumberg column to talk about the index fund as opposed to the hedge fund you were not stock-picking you made a lot of money. i think the fallacy is there is the information in etfs to wall street. you should not play in that field. you are not a professional investor for you are the average guy. invest in the mutual-fund. gerry: but i should be able to play and not worry. >> they are not made in to be equal. >> know they should not. gerry: it should be open to me as those in manhattan. >> what about the nba? it is the same thing

as charlie gasparino pointed out it is a civil trial.ponderance of evidence not reasonable doubt. should be easier for prosecutors prove their case. we shall see. it should be interesting. >>> stocks trading cautiously ahead of fed decision, remember them? one money manager shares his picks for this uncertain market. tracy: another big jump for home prices so is it a case of day. >> view all over again? david blitzer from case-shiller will weigh in on all of this. we'll look how oil is trading as we head out to break. $102.90 a cheryl. we'll be right back. weekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. every day of the week. centurylink® your link to what's next. you are gonna need a wingman. and with my cash back, y

fox business senior correspondent charlie gasparino is here with the latest.harlie: the portfolio manager indicted, maybe the fed believes he passed insider information, although they had not charged steve cohen. he is the center of this whole sac insider trading. there was a rumor today, sometimes shooting down rumors is a good story, that he might be cooperating. remember the feds all but promised publicly a superseding indictment on his original guidance. new charges, they would do it in july. at the end of july. space relations started swirling they are cooperating, sources close to the legal team pointed out represented by an able lawyer, he is not cooperating. he is still facing down the federal indictment and 20 some years possibly in jail for insider trading that the type of charges they leveled if he gets the max warrants. they are still pressing a case against him. i believe he goes on trial november, but as of right now despite those rumors, from what i understand he is not cooperating. lori: the government still put together a case and indicted the

all the folks -o chase, charlie gasparino with a great new book, "circle of friends" the circle of nofriends are back with a vengeance to stop spitzer in his tracks, charlie, why? >> why not, he is such a wonderful human being, he does make a cameo in my book. i contrast scandals now, inside trading scandals with stuff, about analysts lying about stock ratings, he veered off the rails long way, you know into it. if you are new york city controller, which is what he is running for. i wrote a column saying he was toying with running for mayor, city controller, you are a heart bitbeat from mayor. neil: weird, you are on cbs? >> i did not realize high was there. neil: that must have been like a barroom scene. >> he read the book, he said it was good, and liked it reverended to him. but controllers office in new york city, is very powerful. >> were they allowed to tape you in the gripe roo green room lik? >> i guess so, it is their green room, i was not starting a fight, remember, this is a for if fight for them to be -- perfect spot for him to become mayor. you control pension fund, he wi

of the most successful wall street traders ever, this is the last to make the charges filed, charlie gasparinoaying he things there could be potentially charges coming criminal. >> the other criminal prosecution, the sec has to go to the state's attorney's office. the civil enforcement action where the file lawsuit, and then you have an administrative proceeding which is what this is. whoever wins or loses for the sec itself, they can affirm it, reverse it or more. it is a little bit like a witch hunt, administrative, using the secret service water down, and i think the prognosticators who say look, this event the strongest i have ever seen. cheryl: this is exactly it. david: any charge has sort of this academic textbook sound to it. let's take a look at martha stuart, she was not charged with insider trading. a lot of people thought she would be. it is extraordinarily hard to get that level of proof. we know they wanted to charge a lot of people with insider trading, were not able to. so how much more difficult is it to get this case past? >> this case is very hard because you have a critical

here he is, charlie gasparino. i have to push your book. >> kind of fits into this. he said he can go out to dinner every night of the week with most beautiful saleswoman at one of the most expensive restaurants as they push their drugs, whatever. then the antidepressants of the day is. this interesting sort of everything that goes on. going out to dinner is not. the pay like it will not to olive garden, would go to the best places. he can go out in the night, that is how much of a sales job they do. when you have that sort of a thing going on, it seeps over. liz: acca member they would push drugs and say to my dad a little logo on the pen. >> getting back my private practice, there's a lot of stories if and when he will be charged, i will say this. i don't have a birdie telling me, but i spoke a lot of defense attorneys come a lot of defense attorneys related to people involved in this massive practice. it was a full employment act for lawyers. they are saying july is the critical month. watch fox business over the next couple of weeks. this is just my gut, this thi

dennis: next we have charlie gasparino's exclusive on tom joyce.heryl: the deadline just passing in egypt. we are watching as the military plans to move in. dennis: he is still a man without a country. i'll had why the president of bolivia's travel plans have been upset by nsa leaker edward snowden. dennis blair joins us for an exclusive interview next. ♪ >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> aouncer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] helping stop crooks before your identity is attacked. and now you can have the most comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't k

as 106th richest persons in the world. 35th richest person in america, fox business network's charlie gasparino going to say the one millionth person. >> shep: i don't remember anybody getting prosecuted before? >> it happens. this is one of the biggest busts in ongoing insider trading crackdown. they have been going after him. circle of friends, they have not charged him. what is interesting most of his money in is in the fund. $9 billion is in the fund. guess what? they want ten billion back. is $9 billion is in the fund. feds say they want 70s billion. they are essentially looking to bankrupt steve cohen who made the $9 billion since high started the fund about 20 years ago. >> could he be indicted? >> i read the indictment. if you read between the lines. it sounds like they are about to. it sounds like they say everything but he did it. i don't know what is in the attorney's mind. my book goes through they tried to bring a case against him. they are mentioning his name way too many times to let him walk free. >> shep: you have to get out here spending. >> i'll get you one first? >> i need t

our own charlie gasparino has been reportingt for weeks. "the wall street journ" is reporting that criminal charges for sac capital are coming tomorrow. the justice department is expected to charge the 15 billion-dollahedge fund with criminal wrongdoing. it centers on alleged insider trading at sac from 2006 to 2008 but steve cohen, the head of sac,s not expected to face criminal charges personally. one ominous historical fact to keep in mind. no major financial firm has ever survived cminal charges before. of course, we're going to bring you all the latest news on this case as it develops. >>> so how do you define wealthy? million dollars? 10 millionucks? just having enough to pay your bills at the end of every month? according to new research from ubs the majority of investors say wealthy means $5 million with at least a million of that in cash. ah, something to strife for i guess. when it comes down to it, wealthy means something different for everyone and a lot of it may be just perspective i think. let's get some from our power panel.

author of circle of friends, charlie gasparino, now smiling, year with the exclusive. >> reporter:, isrious ride zucker of prostitutes. liz: i would be, too. before we get to that to mike and i did your thoughts on :. liz: it's down. partly because they still believe that goldman could make lightning strike twice. >> reporter: you were talking and let us of the numbers. the tax issue. here is what i think is happening, and this might be completely temporary phenomenon. shares of morgan stanley, very risk averse. basically an institutional level through investment bankers and advice for the mass of brokers on that they have right now. that stock is doing very well. if you look at the zeitgeist of the incentives will invest in markets, they ask them. liz: 50,000 shares. >> a lot of people are now starting to say in a very regulated environment, all this stuff, morgan stanley as the business model. maybe goldman which made its bonds taking risk all those years and doing it very well, but taking it could not really produce the types of returns given this incredible, you know, regulatory en

fox business senior correspondent charlie gasparino and author of circle of friends. the government has been after this guy for a long time, you predicted it, was this a surprise? >> no. they were ramping up the failure to supervise gaze. what is fascinating is it is along the lines of what they did with jon corzine. you don't have to charge the target with fraud. just if you have enough evidence failure to supervise and brings with it all the penalties of a fraud charge. stevehe will be charged. it is on their home court. if you are betting, in 1995 told me what do you think about detroit, i would say that against detroit bonds because that place is a basket case. in 2008 i would have told you they are going bankrupt beccuse the whole auto industry is going bankrupt. the chances of him winning are about as high as detroit. he has great lawyers, he makes a compelling case. gerri: why didn't they charge him with insider trading? >> we didn't have insider trading. if you believe the folks, they have both been indicted. portfolio manager and if you believe they did somet

charlie gasparino is here with that. >> like a broken clock.know. >> fox business network last week pointed out that this was the charge that was being focused on steve cohen. that he would get a failure to supervise charge. that it would be as we reported last week along the lines what they did with corzine. tracy: right. >> failure to supervise an try to bar him from the industry. that's what they're doing here. i have to read this release. it just came out but what is interesting about this failure to supervise you don't even have to show he committed what is known as fraud, okay? you don't have to hit that bar. that is what makes this a very deadly weapon for the sec. it is civil charges. he is not going to jail but he will be, what they will probably seek out of this, it is my bet, i have to read this from what i understand it is modeled after the corzine example, they will seek to bar him from the business. steve -- ashley: win for cohen ultimately? failure to supervise suggests he didn't know what is going on but should have as their bos

against sac capital, team coverage, adam shapiro outside lower manhattan's federal court house and charlie gasparino with what is next for as ac and steve coin. let's go to you first. lori: or start with charlie. adam, we got you. let's go ahead. sorry about that. lou: -- >> the issue was passed out loud and everyone was playing nice from the attorney's office as well as the defense team. what was perhaps getting a head line is the amount of discovery, the evidence the government has at this point as it is building its case for trial and discussion of wiretaps. wiretaps were crucial in the conviction of raj rajaratnam from galion and the insider-trading case. in this case wiretaps, no mention of richard lee, vaughn man who is cooperating with the government, who came from another hedge fund, quoted in the indictment as being part of an insider-trading circle, the hedge fund from which he came, denied there is an insider trading circle at their office but the bottom line is we are in the beginning of building the case and the government has to put up or for lack of a better term shut up and what they

joining us from new york to explain, charlie gasparino and the author of circle of friends, a massiveeral crackdown on insider trading and why the markets always work against the little guy. >> long title, huh? >> that was a long stubby, a long one. charlie, when i first saw this, you think the mighty shall fall. cohen, he is like at the pinnacle of hedge funds. he's a multibillionaire. 25% return of profit. big art collector, philanthropist, but so far, he has not been himself charged. either in any type of criminal way. and the civil indictment is against the company. >> it doesn't hurt he bought a lot of that art and hamptons homes at the start of this investigation. if you look at the complaint and talk to the feds, which i did a lot. my book is about their pursuit of him. thbs what they say. we believe this is a criminal enterprise where he set up the perfect crime and that crime is you know, stuff going on around him, but se het up this system where he is insulated, in their view, in the view of the justice, the obama justice department, steve cohen has created the white collar

fox business senior correspondent and not mid 50s, charlie gasparino. >> i think this is an interesting they were shopping this everywhere. they were telling everybody they're getting out of the commodities business because of regulations like dodd-frank, post-financial crisis regulations forcing them out of the commodities business. why? because they take risks. the governor does not want the big wall street firms to take risks, and now we understand they are having second thoughts, they may stay in the business which, by the way, even as they downsized somewhat is doing very well. the last quarter morgan stanley did very well, we understand the ceo of morgan stanley is now having second thoughts and, basically, looking to the fed more guidance. now, this is kind of an interesting story. whoever thought that the fed would control just about everything that goes on that we do, that we cover? why is in this a big story for us? well, we cover the wall street firms. guess who watches fox business? liz: the wall street firms. >> so they are our audience, and that's why we like to report abo

our own charlie gasparino has been breaking news on this case left and right.cles a lot of the stuff in his new must read book. thank you for being with us. so, my best and first question would be, big investigation. criminal charges against the firm and they don't file any criminal charges against steve cohen. what we make of that? >> they have not filed them yet. proving insider-trading, that an individual of it. we should point out that they file criminal charges against a lot people. steve cohen not by name, but the point to him throughout this indictment has been in the middle of some of these trades. what they can't prove, leaving a like half the other people that have been implicated in this. they can't prove with specificity enough to bring a criminal case that while in the middle of these trades that they deemed illegal, that he knew that there were illegal. that is where they stop short. i believe that they will keep commits some point. they're not there yet, but i will say this, this is a pretty damning indictment. federal indictments are damning, bu

charlie gasparino is here. what is fac capital of accused of doing? ons of dollars are at stake here. this company is set up to do wrong. doing wrong is insider trading. what they are saying here is pretty damaging. he was making money doing it. stuart: he should have known. that kills the company. >> this is the first major company to be indicted. eric holder, the attorney general said we do not indict big companies because they are systemically important. they believe that sac is not systemically important. stuart: steve cohen headset. high-profile guide. is there an element of politics in this? >> i think that it is a legitimate question. the political thing comes in this way. they did not have a financial crisis case. they did have something sexy. insider trading against big players. they will write this forever. stuart: 1999, the charges or the attempt to crawl back goes back to 1999. billions and billions of dollars. charlie: 1999, i believe, was one of their better ones. 2000 was good. in 2008, they were flatter. conceivably, they can call back

charlie gasparino with the details.gen: you are looking at video right now, good morning, everybody, of a fire burning earlier off the coasts of louisiana.

steve cohen, charlie gasparino, lasting efforts to but one of the most successful hedge fund managers the way. it is remarkable. if you want to talk about insider trading, easy go to. let's talk with nicole petallides on the floor the new york stock exchange. what's going on

charlie gasparino has the latest. ♪ announcer: where can an investor be a name and not a number?stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scorade- proud to be ranked "best overall ient experience." ♪ ♪ ♪ [ male announcer ] if y can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. but hurry, fers end july 31st. adam: i and adam shapiro. lori: good afternoon. i am lori rothman. we will check under the hood of a giant ad merger. it would put coke and pepsi under the same roof. adam: that is a phase killer. city run healthcare into obamacare. had, we have detroit hopeful on why she is backing bankruptcy and why she wants to fire cabin or. adam: e cigarettes on track to rake in $1 billion in sales this year. we will take you inside manhattan's first store

. >> charlie gasparino. and, wait, who's that guy?u're making a lot of headlines. >> you get back into politics. media's going crazy. you have to have a thick skin. you have to ask for forgiveness. >> i think it's interesting that the two of you are here. >> i was going to say, the last time you interviewed me was about him. >> now. and you have a new book. >> you we're going to talk to him about his new book and he says nice things about me. >> one of the things i'll be explaining is the scandals now compared to what he did, it was pretty interesting. >> we'll save that for tv. >> your local news is next, everybody. we'll be right back. your first time missing a payment, so there's no late fee. really? yep! so is your husband off the hook? no. he went out for milk last week and came back with a puppy. hold it. hold it. hold it. at discover, we treat you like you'd treat you. get the it card with late payment forgiveness. copd makes it hard to breathe... but with advair, i'm breathing better. so now i can help make this a great block

charlie gasparino, thanks. >>> next, brett baer will join us live from washington. >>> and now there'sails are straight ahead. ♪ i can't get enough of you baby, yes, it's true ♪ ♪ baby, yes, it's true . ready for you first day, little brother? i guess. did you download that book i sent? yah, nice rainbow highlighter. you've got finch for math right? uh-uh. english? her. splanker, pretend we're not related. oh trust me, you don't want any of that. you got my map? yeah. where you can sit can define your enti year. and what's the most important thing to remember? no face to face contact until we're off of school property. you got this. sharing what you've learned. that's powerful. verizon. get the samsung galaxy stratosphere ii for free. we don't argue much. we really don't. meg usually just gets her way, and i go along with it. i think it worked for matt because i did it for him. when i'm the one cooking, i'm the one calculating the points. i can microwave things. you get to eat real food. we still get to go out. we're just so much smarter about it. we can keep each other in check. going