charging steve cohen of s.a.c.to supervise two senior employees, failing to prevent insider trading. mandy, i know through the next two hours really we'll continue to stay on top of this case. the implications for steve cohen, for his firm, and what it all means going forward.

. >> supervisor cohen: colleagues he have any questions? seeing none let's open up to the public. >> my name is dan camp, a union location manager working in san francisco in the last 20 years. i want to talk directly to the impact that this makes directly to the city of the major series. i work not only on trauma but also on nash bridges; in the sixties since i worked on nash bridges the film office would give me a form to get to the accountant about the economic impact to the city, police department, port, parks and rec. the bottom line that they would pass to them, in the first season it was over 16 million dollars went >> supervisor went to various city departments. this is not include money to crew or to businesses or to locations; many millions of dollars more were given to business owners and individuals were filming at their homes and businesses. and the crews - i am now working on a low budget feature film called quitters. all of these individuals live in san francisco. we all appreciate to be able to live and work in this area. it

>> supervisor cohen: you are on the record. item 3. >> (reading) >> supervisor cohen: we have supervisor mark farrell's aid, -- as well as susanna robbins from film commission. >> good morning catherine stephanie legislative aid two supervisor mark farrell who would be here but he's and budget negotiatio. nsit has been a great success ringing in high-profile films, one of the most recent is woody allen's film blue jasmin. our office 00 added a documentary film to the rebate program. we are here today because we need an amendment to the rebate program again in order to continue the success of it. we have found that although the film rated program is attractive to many producers we are now falling short on city space available for the some production companies. this legislation would allow the executive director on the phone commission to lease space for production companies after determining there is knows city space available. -- maximum of 600,000 dollars. no budget analyst report is necessary. there is no fiscal impact. we ar

cohen sells lots of shares. lose any money. >> there has been, i think sac said he didn't read that e-mail. whether you believe, i don't know. adam: sent a note to everybody, cohen said a e-mail saying well-done on dell. >> this came from a friend of steve cohelp's. charlie, i will assure you that steve cohen doesn't engage in illegal activity there is lot of guys around him but it was a pretty lousy compliance system there they didn't check when people said i got a very high conviction. i told him this. i have no reason not to believe you. i have not found the smoking gun on steve cohen. wrote about other people looking for it. but i will tell you if you're the head of a fund and getting this stuff about high convictions -- adam: with an edge. >> you know, you have to go, if you condone it, in my view almost as bad as doing it. lori: you think the fund is done? >> i think later on today, and i reported this, i talked to a few of the existing investors, i think morgan stanley is still an existing investor, sky b

steve cohen under fire. the sec announcing it has charged cohen for failing to supervise two senior employees and prevent insider trading. they're seeking to bar cohen from overseeing investor funds. let's bring in michael bowie. the partner. you deposed cohen in 2011. what was that a part of? what sort of case was that? >> it was a part of a case by fairfax financial. alleged that acc had manipulated its securities. it was getting advanced knowledge of analyst market moving reports before they came out and traded on. >> given the timing of what the charges and what the charges are, failure to supervise as opposed to some of the other charges that could have been brought, how would you characterize the strength of the sec's hand? >> i read the complaint coming over here. i think the evidence is unbelievably damming. there are tactical reasons why the sec would have gone for the charges it did in administrative proceeding. when you look at the charges, you have here a slam dunk failure to supervise case. you

charging steve cohen of s.a.c. with failure to supervise two senior employees, failing to prevent insider trading. mandy, i know through the next two hours really we'll continue to stay on top of this case. the implications for steve cohen, for his firm, and what it all means going forward. >> yeah, absolutely. a huge story. of course, it just broke in the last hour, as well. we'll be continuing to follow what's going on there. i know we've got ron insana still here. you jumped into the seat right at the last minute, because you used to work at s.a.c. >> i did. >> you have some -- maybe the wrong words, but insider information -- >> yeah, i would be reluctant to use that expression. >> just to recap your thoughts on the issue. >> and has harvey pitt and i just discussed, one, i think it's a sign the s.e.c. is getting more aggressive in sending a message to the hedge fund -- and, you know, all investor community, insider trading, if indeed perpetrated, will be dealt with severely. >> is there any inference he's bein

steve cohen under fire.ing it has charged cohen for failing to supervise two senior employees and prevent insider trading. they're seeking to bar cohen from overseeing investor funds. let's bring in michael

>>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.

he either doesn't have anything on steve cohen, or is refusing to help the government get steve cohen. and whichever way the government is obviously very annoyed at this, and i think this is, in a way, their way of expressing their anger. >> right, right. is politics at play here? i mean, steven cohen was a -- is a conservative. he was -- he was a big supporter of mitt romney during the last presidential campaign. it's a fair question. >> steve, you can tell -- >> i don't think the justice department is thinking about it this way. those guys at the federal prosecutor's office aren't saying, let's get this guy because -- >> no, the southern district -- >> i wouldn't have thought the irs would either but -- >> the southern district has a lot of authority to figure out what cases it wants to bring. and it's not bringing cases because of somebody's politics. it's bringing case, because as they say, they think there's insider trading that's been pervasive in this company. could they have figured out other ways to do this? it's a very blunt instrument to destroy an entire company, because t

cohen, what are you wagering? >> if they can convict him they can take anything they trace toil legal proceeds and not a penny more. >> all right. mr. cohen apparently has been very smart with his money. he has a lot of asset. he has a lot of artwork and in some cases reportedly he's borrowed against it. isn't it going to be difficult for them, saul, to trace some of the money, or not? maybe not. >> it may be difficult, but that's why they added a paragraph that said substitute assets which basically allows them if they can't separate clean money from dirty money it allows them to take something in substitution, but before they take something in substitution they have to say this is the amount of money they got from illegal proceeds. >> right, right. matt, let me turn to you. i want to show you a quote. i talked to several people last night, many in the hedge fund business, but a source high up in the hedge fund world told me yesterday afternoon that in his opinion the only way a hedge fund makes money on wall str

supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor tang? tang aye. there are 10 ayes. >> the motion is approved. [gavel]. >> item 46. >> item 46 is a motion appointing supervisor jane kim to bay area executive board ending june 20th, 2015. >> colleagues, can we have a motion excusing supervisor kim? [speaker not understood]. without objection she shall be excused. roll call. [gavel] >> item 46, supervisor wiener? wiener aye. supervisor yee? yee aye. supervisor avalos? avalos aye. supervisor breed? brie aye. supervisor campos? campos aye. supervisor chiu? chiu aye. supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor mar? mar aye. supervisor tang? tang aye. there are 10 ayes. >> the motion is approved. [gavel] >> colleagues, why don't we know go to roll call. >> supervisor wiener, you're first on roll call for introductions. >> thank you, madam clerk. first today i'm introducing a resolution authorizing the municipal transportation agency to purchase 60 electric trolley vehicles. not the most glamorous re

liz: feds throw the book at billionaire steve cohen's hedge fund firm, sac capital but not at cohen himselfged it for now. we speak to one of key players in the government's team for the fed's case against sac. david: we'll ask former sec chairman harvey pitt exactly why the government indicting a company with charges but not the man behind the firm. that's coming up. liz: federal prosecutors have filed criminal charges as you know against sac capital today saying the hedge fund engaged in insider trading widespread insider trading for more than a decade between the years of 1999 and 2010. david: liz macdonald is outside the courthouse today. she was able to speak to one of the key players in the lawsuit. she has a fox business exclusive. liz? >> yeah, we also spoke to the u.s. district attorney preet bharara at the press conference. it broke up about three hours ago. he is saying essentially this is pervasive fraud. it was part of the business culture to actively cheat. we asked preet bharara what about indicting steve cohen the founder of sac capital? he said to fox business they are esse

cohen is illusory. the government wants to pursue this, they can pursue it. >> i understand they can pursue it. although i am interested that no criminal charges were brought. i'm very interested in that part because they all tried like heck at the justice department to do that, the u.s. attorney. so now the s.e.c. gets into the act. the s.e.c. does not have a good record in this area. >> the s.e.c. doesn't have a good record in the area. that's true. and you have to keep in mind that they don't have the tools that the department of justice has either. their powers are civil only. they don't have a grand jury that they can seat. they don't have the ability themselves to go out and wiretap people. the information that they get, they have to get on their own. they can't get anything from the department of justice as to what's going on in terms of secrecy rules. it's a one-way street in terms of information flow. and you would expect that the department of justice would have more information than -- >> yea

cohen. they said -- the company, he says, went from having an edge to over the edge to corporate criminality. cohen himself is not charged individually, but he is named several times as having direct knowledge, and really encouraging the culture at sac, in one case saying he hired a portfolio manager, richard lee, who earlier this week pled guilty to insider trading, even over the objections of his legal team because he was known for insider trading. he says, preet bharara, it's no coincidence what was happening here was pervasive, part of the culture, especially when you already had eight employees indicted. >> when so many people from a single hedge fund have engaged in insider trading, it is not a coincidence. it is instead the predictable product of substantial and pervasive, institutionper vase -- per vase si sieve -- pervasive institutional failure. >> they want to see the company back in the millions of dollars, but they are not freezing assets right now because they don't want to do

i think steven cohen will be in the clear. he is not going to be indicted.ectively i think the company will be shut down as criminal charges move forward. >> michael balkener, how do you feel about all this? weigh in here. >> i think as star as steven cohen charged or not charged, i think any conduct they could have charged him on, they have been investigating him for ten years. if there was new information they would have brought it. however, if something comes to light that has statute of limitations, cohen could still have problems here. the uts attorney's office was unable it indict and put steve cohen in jail. what they did is give his money the death penalty. they shut down his ability to do bisz. that going to happen. investors won't stay with him much longer, in my opinion. he will be relegated it trading his own funds. if the allegations of the indictment are proved true, getting corporate liability in a criminal case is not difficult. it smells more like a civil period. they have show that employees engaged in criminal conduct for the corporation o

the culmination of a four-plus-year investigation into steve cohen, charges that steve cohen failed to supervise and failed to prevent insider trading by two portfolio managers. the 16-page filing where he was allegedly aware that nonpublic information was being used. one was involving elan and wyeth where it was allegedly used to make $275 million. another in which a manager allegedly traded on an inside tip on earnings. the s.e.c. says cohen also sold his dell shares on that news. the analyst to that trade pleaded guilty to insider trading. an e-mail from cohen after the trade said, quote, nice job on dell. even with those specific e-mails and phone calls pinned down around those trades, the s.e.c. didn't reach charges of willful blindness or conspiracy to commit fraud. in a statement to cnbc friday, dan kramer, an attorney said, quote, the press speculates about a lot of things in this case, but one of the possibilities that the press doesn't engage in is the possibility that steve cohen didn't do anything wrong. we believe the evidence will show he did nothing wrong. the firm has u

apparently, she was also with steve cohen at the time. thought for sure it was steve cohen it turns out it wasn't. that's what led to the miscommunication in the first place. we all agree he did actually nothing wrong. when it comes to the victoria brings story. when we come back, one final story. go. >> john: good evening, you know it's no secret that rush limbaugh's 3400 pounds of fuming id wrapped up in skin and it is no secret he's a racist from calling the president a kenyan to saying we need more segregated school buses in this century. but this week, my friends rush finally let himself say the "n" word on the air and it proved this man is so soulless, he can't technically lose a bet with faith. in tonight's f bomb, we're going to tell you exactly how racist he really is. also democrats want to restore the voting rights act. republicans are open to this. they don't like the part about the voting rights. some republicans have no problem with black

and steve cohen was never supposed to know what you knew, and you weren't supposed to tell steve cohen lot of messages, and the compliance was not that strong. so that way of doing business is fine, and criminal. it will be a tougher case than people realize, but maybe, david, you indict and the case is over, but there is a forfeiture allegation saying, look, we are going to take everything. take everything. if you have got this -- >> i don't know how you define what is an ill-gotten gain as opposed to legitimately derived gain. >> that is like that you see a forfeiture allegation, in is a very serious set of crimes that they are going for here. >> right. >> wire fraud wrapped in, and it is not insider trading and they meant, but they are using the wire, and they want to put him out of business and no doubt of that, and that is the goal the put him out of business. >> you will talk about it at "mad" tonight. >> yeah, sure. >> and earnings today, and the "squawk on the street" is going to be back in a moment. about ri. about ri. i don't like the ups and downs of the market, but i can't

s cohen risks lose some fortune while keeping his freedom stephen a cohen founder of a fourteen billion dollar hedge fund indicted and what the u.s. calls an unprecedented insider trading scheme faces a future without a fund or a multibillion dollar fortune on the other hand he won't be behind bars oh yeah well steve you cohen has got this you know version of the monopoly board where there is no jail you see steve biko mistake and he's making it real easy he's doing it you know he doesn't want to jail stevie cohen you know he's got he's re-inventing the game you say that stuff but you know there's a gentleman here somewhere there's go to jail belittle you there you go to jail he should get a good view of this is right there you know go to jail steve you go in again this is no jail means and that's not free market cap continue please well of course the u.s. attorney general in new york says that you know cohen himself wasn't charged unlike at least eight former n.s.a. sea fund managers and analysts faced or are facing fraud charges for their roles in a scheme which will lead. really invo

the fcc filing civil charges accusing cohen to prevent insider trading saying cohen ignored red flagstrading in the firm. the fcc is seeking up specified damages looking to embargo from overseeing investor funds, but fcc capital advisers say the charges have no mart, and cohen will fight the charges vigorously. >> not a surprise; right? >> no. >> charlie followed it and will continue to follow it. 90 minutes until the close. nicole on the floor of the new york stock exchange. dow's not doing much, is it? >> well, it's not. we had back and forth action. that's exciting. it's a winning week on wall street, and if you're a bull out there, you're loving four week straights of gains, and all-time record highs this week. it's a moment, there's been push and pull, but we have had stellar week. talk about the names related to aerospace and honeywell. we had the fire on the boeing 787 last week, looking at the battery, was not the battery, and looked to honeywell's beacon, the emergency light, the beacon determining where they are saying they would likely have to turn those off. there's a numb

avalos, breed, campos, present, supervisor chiu, present, supervisor cohen, present, supervisor ferrel, present, supervisor tang, pre, and wiener. mr. president, all members are present. >> thank you, ladies and gentlemen please join us for our pledge of allegiance. clooegs colleagues we have the june 18th minutes to prove. the minutes are approved. are there any communication? >> i have no communications, mr. president. >> can you read the consent agenda. >> these items are considered routine and if a member objects an item maybe removed and considered separate. >> would anyone like to separate any of these items? >> okay. roll call vote? >> supervisor avalos, breed, aye, supervisor campos, aye, supervisor chiu, aye, cohen, aye, ferrel aye, supervisor kim, aye, tang, wiener, aye, yee, 11 ayes. >> the motion is approved. >> madam clerk can we call the item 17, proposed budget. >> the clerk: appropriating budgets for if i feel year-ending june 30, 2014, and 2015. the salary in ordinance numerating positions in annual budget for the fiscal year ending june 14th and 15. >> can we do these

supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor mar? mar aye. there are 11 ayes. >> those ordinances are finally passed. [gavel] >> madam clerk, could you call items 12 and 13 related to the interim budget? >> items 12 and 13 are the interim proposed budgets for the annual appropriation ordinance and the annual salary ordinance for the fiscal years ending june 30th in 2014 and 2015. >> colleagues, same house same call? without objection, these ordinances are finally passed. [gavel] >> item 14. >> item 14 is a resolution authorizing the department of technology to enter into the seventh amendment of the city-wide 800 megahertz radio system project agreement with mort to increase the contract amount to $24 million for the period of september 22nd, 1997 through september 21st, 2017. >> same house same call? ~ this resolution is adopted. [gavel] >> item 15. >> item 15 is a resolution authorizing the mayor's office of housing to execute a local operating subsidy program grant agreement with mercy housing to provide housing su

capital steve cohen didn't.n the big party he threw at his east hampton home over the weekend. that's coming up next. ♪ party like it's 1999 you make a great team. it's been that way since the day you met. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be 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 an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than 4 hours. if you have any sudden d

steve cohen, is insulated from the bad stuff.believe bad stuff occurs around him at a very high pace. >> neil: money has been flooding out of there since the innuendo. >> it's been flooding out because there's a grand jury investigation. you can never say this is over. i think the press got ahead of itself. >> neil: you're saying he's not out of the woods. >> no way. but that doesn't mean -- innocent until proven guilty. >> why do we focus on this? sometimes we lose the forest for the trees and chase the wrong guys. we miss bigger things. like what? >> one of the central themes of circle of friends -- >> neil: very good you keep repeating the title joshes a lot of my liberal colleagues in the media don't like this. i point out, as they've been going an insider trading which i don't believe is a high crime but grew to jail as if it was a high crime. >> neil: you don't make much money on it. >> a tiny part. but i think, while they were going hog wild on all these other guys, bernie mado was going on. the financial crisis was going

clerk, this item was sponsored by supervisor cohen. why don't i turn it over to you. >> thank you, everyone. we are going to be discussing item no. 1 which is the emergency declaration for the southeast plant >>> could you respond to that? >> yes. we did repurpose one of the digester's no. 5. we have not gone from 10 is to 9 and not done good planning to get back to 10. as i mentioned in my presentation we repurposed that for control given that the facility is 1940's technology and hasn't kept in part to what we believe we should be doing for that community. we have purposely only had 9 digester's working. we've known that salt of that we needed to replace that which will be the next item for you for your consideration. but we did regular routine inspection which identified this particular emergency followed by more deat -- detailed inspection. we do not believe it's poor planning but we do believe we are dealing with a facility that is beyond it's life and particularly the operation staff are doing a great job given it's age and techn

we just heard peter cohen much peter cohen and associates saying is yahoo!s not something he would invest in right now. while the stock is down slightly the one-year picture is gorgeous if you bought a year ago, up 73%, to the day marisa mayer took over one year ago. we'll see if she an kill wit the earnings report. she is not ion 30 years old yet. david asman is right here, alive and kicking going strong. david: how do you know i'm more than 30 years old? liz: i don't. you don't look like you're more than 20 five. david: i'm not. the yahoo! numbers will they equal the incredible stock rise, 73, 74%. will the numbers equal it? we'll find out very shortly. liz: let's get to nicole on a day where there is a little bit of red on the screen. retailers hitting new all-time

. >> supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor mar? mar aye. supervisor tang? tang aye. there are 11 ayes. ~ >> the resolution is adopted. [gavel] >> next item, madam clerk. if we could call items 24 and 25. >> 24 and 25 are the ordinances amending chapter 31 of the administrative code to reflect the regions and update and clarify certain procedures to the california and environmental quality act. >> supervisor wiener. >> i move to continue items 24 and 25 one week to june -- excuse me, to july 16th. >> colleagues, supervisor wiener has made a motion to continue this item for a week seconded by supervisor kim. without objection, these two items will be continued for one week. [gavel] >> item 26. >> item 26 is an ordinance appropriating $1.5 million from the rainy day fund from the san francisco unified school district for fiscal year 2012 through 13. >> colleagues, can we do this same house same call? without objection, this ordinance is passed on the first reading. [gavel] >> items 27 to 31 representing the proposed bu

supervisor cohen? cohen present. supervisor farrell? farrell present. supervisor kim? kim present. supervisor mar? mar present. supervisor tang? tang present. supervisor wiener? wiener present. supervisor yee? yee present. mr. president, all members are present. >> thank you. ladies and gentlemen, could you please join us in the pledge of allegiance? i pledge allegiance to the flag of the united states of america, and to the republic for which it stands; one nation under god, indivisible, with liberty and justice for all. >> thank you very much. with that, we have board meeting minutes from our june 4th, 2013 board meeting. could i have a motion to approve those minutes? motion by supervisor kim, seconded by supervisor campos. without objection, those meeting minutes will be approved. [gavel] >> madam clerk are there any communications? >> i have no communications, mr. president. >> if we could go to our 2:00 p.m. special order. >> the first item of business is the policy discussion between mayor edwin lee and the board of supervisors specifically representing district 10. the boar

cohen, has been seen as an exceptional trader on wall street. cohen himself was not indicted today. federal prosecutors announced criminal charges against the firm, saying portfolio managers, supervisors and analysts had engaged in securities fraud for at least a decade by using inside information of at least 20 public companies. cohen was blamed in part for the larger culture at the fund, once worth $15 billion. five former employees have admitted to insider trading at s.a.c. at a press conference today, us attorney preet bahara said it was a magnet for market cheaters with rampant insider trading. >> when so many people from a single hedge fund have engaged in insider trading, it is not a coincidence. it is, instead, the predictable product of substantial and pervasive institutional failure. as alleged, s.a.c. trafficked in inside information on a scale without any known precedent in the history of hedge funds. >> sreenivasan: sheela kolhatkar covers this industry for bloomberg "businessweek" and was at the press conference today. 41 pages long, what are the highlights? what are t

cohen or s.a.c.must be other means for the government to pursue a insider trading charge either against the corporation, a civil charge. >> the way we analyzed it in today's story is there's a number of different avenues that the government can pursue civilly and criminally. criminally they charge the company s.a.c. capital on a charge of corporate liability. four s.a.c. employees have pled guilty to charges. they could charge steve cohen on a failure to control his employees. this is a similar -- >> a corzine-like charge. >> exactly. they could bring a case on a failure to control or perhaps on a lower standard of proof. they can charge cohen on other trades. >> what's interesting is i've been hearing a consensus view and this is obviously not coming from the u.s. attorney who is not speaking about it but the view as of yet is they don't have the goods on steve cohen. doesn't mean they won't make a case in the future but they won't right now. they may pursue charges against the firm. what's interest

supervisor cohen? cohen aye. supervisor farrell? farrell aye. supervisor kim? kim aye. supervisor mar? mar aye. supervisor tang? tang aye. there are 11 ayes. >> these ordinances are finally passed. [gavel] >> colleagues, it is 2:30, and because we have seven commendations that are going to be offered by five colleagues, i would like to go straight to commendations and they we will then consider the balance of our calendar. and i would like to be the first to present commendations today to someone who i think all our colleagues know and many members of the public know as a real hero, particularly today. we've just passed with items 10 through 20 the final approvals for the cpmc project. and i would like to invite up to the podium a man who was absolutely instrumental in getting this done, a real hero, lou girardo, where are you? come on up. (applause) >> for those of you who may not know who this individual is, you may have heard about him as the owner of budine bakery, the oldest operating business of its kind in san francisco and symbol for our city. you may have also

scott cohen, i'd like to talk to you first. when the u.s. attorney mentioned the word money laundering, we both looked at each other. i just reread the indictment. i don't specifically see that in the indictment. would that fall under the wire fraud charge, or is this something in addition that wasn't in the original indictment? >> no, it's not in the indictment, but it's an element of the fraud. so as this case progresses, that's something that they apparently will try to bring in to the prosecution. this was really interesting as you kind of read between the lines. as you guys said, he did not rule out further indictments in the future, he did not rule out indicting steve cohen personally in the future. as i was listening to that, i was looking at the justice department's guidelines for appropriations. he talked about that a little bit, and it was as if he was ticking off boxes going down the list. let me read some of them to you, things they have to consider. the nature and seriousness of the offense, the pervasiveness of the wrongdoing,

i want to thank supervisor avalos and supervisor cohen that it will be here in a minute. your budget chair is supervisor farrell, i want to thank him as he will have a lot of meetings. and i want to thank the different departments represented here. you can see them, we will have a chance to identify them in a minute. again we will give priority of time to the residents, to the nonprofits, to people who work here in the community in district 10/11, to express what you think our budget should reflect. this is an important part. this is e second of at least five or six we are doing throughout the city. to give people the opportunity to tell us what their priorities are. and then we will work those into how we make decisions about our budget in the city. i wanted to begin by saying we are better and better each year. doesn't mean we don't have a deficit. we still have a deficit in the budget. this year coming $123 million, and the second year in the budget covering 2014/15 has $256 million deficit. we are not out of woods. but these numbers are better than $500 million and $7

cohen has almost rock-star like status among hedge funds for exceptionally high returns.enior fox business correspondent has be watching this investigation. he has been reporting on this investigation. he called us back on july 10th. listen to what he had to say right here on "countdown to the closing bell." >> what we reported is he's probably not going to get a criminal case, but the civil case could be bad. from what i understand, my sources close to the commission, tell me this, that they are modeling a potential case against steve cohen based on the case against corzine. that's failure to supervise. cheryl: all right. again, charlie has been all over the story. he, in fact, just was on fox business on "markets now" two days ago saying the exact same thing, that basically that you would see this type of charge, this fcc charge on steve cohen, failure to supervise. we'll get into this with charlie because he told me two days ago on "markets now" that this is the best last way, and the best chance that the fcc has basically to get steve cohen, get him on something. now,