one was the insider-trading investigation that was happening in manhattan u.s.ttorney's office and the other was the investigation in the eastern district into the terrorism activities and manhattan u.s. attorney's office known as the sovereign district of new york eventually won out and the insider-trading case went forward and to your first question i think raj rajaratnam saw raj rajaratnam as someone who would see him make up for lost time in terms of wealth creation. raja talked to people about wanting to, quote, monetize, what did raj rajaratnam need? he needed more money to manage, and so raja saw himself as possibly teaming up with him and making that into a lucrative venture. >> there is that point where you talk about between the two shifted, raj rajaratnam being very -- wanting to get plugged into those and he gets the offer, he asked raj rajaratnam what do you think and is asking for his advice. do you think the balance of power had shifted and he had the upper stage when it blew up? >> i do. i think when raja confessed, got close to raj rajaratnam, i

yesterday, manhattan's u.s. 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

. >> reporter: the manhattan u.s. attorney. this is the premier law enforcement office in the country, the u.s. attorney for the manhattan basically handles all the wall street cases, drug cases, mob cases, long history and now is handling a case against sac capitol. not indicting steve cohen, indicting sac capitol. we should point out that there is a human side to this. professionally i think sac is finished. i think it's only a matter of time. we will see something about that later on today. investors the still in there. he is on the fence. he will ask investors later if he should pull out, whether they are going to be redeemed. there is another personal side. i talked to a friend of steve : he said they guy basically has gained 15 pounds in the last couple of months. here's the interesting thing. he said he met him at city field during the all-star games. lori: and mary we have the oppressor. >> three law enforcement actions relating to the sac group of hedge funds. first, we have insider-trading and wire fraud charges agains

manhattan. it is unclear yet who will represent the firm at the hearing. u.s.ave charged the hedge fund with systemic insider trading. sac founder steven cohen wasn't charged, he is present throughout the government's criminal complaint, named several times as sac owner. the indictment comes with a companion civil case, seeking the forfeiture of any and all assets of sac and its funds as well as penalties for money laundering. the government accuses sac of presiding over a culture for more than a decade where employees skirted the law and were encouraged to use personal contacts for insider tips. >> 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 fail e failure. >> not personally charged criminally, cohen joins junk bond king mike millkin. the indictment could threaten the future of sac capital, which just months ago had roughly $15 billion in assets. many investors have stuck with cohen despite years of speculation about im

u.s. attorney in manhattan is charging them with wire and securities fraud and permitting a quote system make insider trading scheme from 1999 to 2010. >> it was deep and wide and spanned more than a decade in time, involves securities of at least 20 public companies and multiple sectors of the economy and benefits sac to the tune of at least hundreds of millions of dollars. >> the hedge fund released a statement saying sac never encouraged, promoted or tall rated insider trading and takes the compliance and management obligation seriously. sac will continue to operate as we work through the matters. joining us with more insight on the case and if the government is getting serious on clamping down on wall street. represents investors in high profile cases. tom, great to have you here. this story has so much drama and color to it, big egos, big money but prosecutors came down with one simple statement saying this is a case about corporate conduct and corporate responsibility. so as you look at this case, do you think that wall street -- that the prosecutors have a fresh approach, a fresh strat

the manhattan u.s. position at a company employees that steal face the consequence of the law. we reached out to her attorney. >> in deference to the u.s. attorney's investigation we are not in a position to comment at this time. >> every time i walk into tiffany i notice immediately there's security everywhere and cameras everywhere but it's amazing to think one of their own employees had been doing this for a period of over two years and it went unnoticed. >> that's is secret to the heist. get inside and become an executive and check out the diamonds. >> apparently she allegedly got around the inventory procedures because the products were under $10,000. where as if she was checking out something worth over $25,000 they would be looking for that the next day. >> yeah. i guess she said some of it was lost or damaged. she had her reasons every time but she made off with a lot of jewels and is saying for it. >>> have you seen dove's latest add campaign? it focuses on the propensity of many women to shy a

u.s. attorney from manhattan knows a lot of chips are on the table for him.wants to be the next eric holder. >> some political skin in this game. and you take down cohen, it sends chills down the spine of all the others out there, right? they're all looking over their shoulders. >> and remember, he does thot want to lose, so they usually bring good cases and i'll tell you, they brought this case, the way they brought it, against the firm because they think they can nail the firm. not against him because they don't have the evidence against him yet, but i will tell you this, laura, i think this is my opinion. they're readying one. thaf they have not given up on bringing charges against him. >> oh, boy, and maybe fill him in on the civil side, but there's a lot of money at stake for sure. thanks so much. i love your book by the way. that is it for us. thanks for watching. please remember the spin stops g out for you.ause we are always >>> tonight, tweet tweet. the story of the congressman and the underpants. >> we're trying to get to the bottom of where the pic

u.s. attorney in are manhattan said this was unprecedented in the hedge fund industry, very strong wording. they basically impugn the entire culture of sac capital, they said that cohen's contacts with executives at public companies, executives that could leak him 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 sound as if the entire company was somehow implicit in this illegal activity. >>rose: there is an impression tom, that lots of people believe that there's an effort to get steve cohen. >> from where i sit, with the interviews i've had there is an idea which sheelah knows a lot better than i do, i think you're innocent until proven guilty but that process may not happen. he may go out of business before we even get to that decision. the idea of do you get him through the legal process either sec or the courts or do you get him just through process? >>rose: do you think that would be part of they want to do grievous damage to his company

u.s. attorney for the southern district manhattan.gs he has is that the culture comes from the man at top. when you are being hired -- our most important thing is we want this man to tell the truth, but honest and we care about that more than anything else right now. >> well, for that executive, man or woman, it all comes down to authenticity. leadership comes down to making others believe and enabling that belief to become reality. you've got to connect to the other person. they've got to be able to look into your eyes and see your soul. >> and a lot of people turns out weren't who they say. >> yeah. >> but any way, congratulations on your stock being terrific. really is great. it's still -- versus the rest of the group even though you're doing better than they are. thank you so much. he is the ceo of -- it's still well off where it was not long ago. makes no sense to me. stay with cramer. wi drive a ford fusion. who is healthier, you or your car? i would say my car. probably the car. cause as you get older you start breaking down. i

. >> reporter: manhattan may be an island but not to itself when it comes to issues plaguing the u.s. sales market. >> a big part of the housing equation is inventory. >> reporter: the biggest spring since 2007 with sales up 19% from a year ago, but inventory the lowest for the quarter in 13 years. why? same story as the rest of the country, negative and near negative equity. many new yorkers owe more on mortgages than their homes are worth and are stuck in place unable to sell. >> they may have refinanced, taken out a second mortgage when they bought the home they may have been able to figure out a way to put a small amount down, smaller than they knew about. >> reporter: with so little supply, prices moved higher but only for condos which are high demand. condo prices up 14% from a year ago but flat for co-op. the med yin sell 1.25 million for a co-op $60,000. condos are rising, literally but since the cost of construction is so high, developers are targeting the high-end, the $3 million buyer and up. >> the manhattan buyer loves condos and more qualify than a co-op that has rigged

u.s. war veterans and their allies have had their convictions dismissed for an antiwar protest in new york city last fall. the veterans for peace members refused to leave the vietnam memorial in lower manhattant the 10:00 kim curfew so they could continue reading the names of thousands of dead u.s. soldiers dating back to vietnam. the group was convicted on friday. but in a rear decision, the presiding judge immediately ruled that throwing away their convictions was in the best interest of justice. and those are some of the headlines. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. in one of the most closely watched murder cases in years, a florida jury has found george zimmerman not guilty on charges of second-degree murder and manslaughter for fatally shooting unarmed black teenager trayvon martin. zimmerman, a volunteer neighborhood watchman, shot martin and of february 26 2012 in a gated community in sanford, florida, as the teenager walked back to his father's girlfriends house after buying candy at a nearby store. a police report filed that number -- that night noted that there was -- about sixs trial took weeks. all six of the jurors who decided hi

u.s. attorney's give great latitude by the president and the department of justice to use his or her resources as they see fit. being in manhattan, has always had a strong role on insider trading type cases. this u.s. attorney has taken it to a new level. as charlie said they have been very successful and i promise you this indictment, the u.s. attorney himself was extremely active and his fingerprints are all over this indictment. dennis: who got hurt here? i read a headline in the journal saying clients of as they see capital have billions in the firm were actually worried they would be forced to pull money out of the firm still would seem they were doing a good job serving its clients. who was the firm's target? >> you hit a great point. why are we charging, why is the government charging a company, a hedge fund, what is the implications of that? it is very rare for the department of justice of reasons the arthur andersen collapse for the department to charge for collateral consequences. i am sure the sec attorneys made to the government over the last few months over 1,000 employees around the country if not the world, few if

u.s. district court in lower manhattan paper court official confirming to cnbc that john paulson, of paulsontestify at the so-called abacus trial. there had been some reporting that he would actually take the stand but that will not happen. john paulson will not testify in the tourre trial. >> look, your interview was seminal, that's why i got the -- second leg, he loves the mortgage -- >> it's been heavy. >> a lot going on. we'll get 6 in 60 in a moment. 53 million worth of diamond swoeand other jewels from a luxury hotel in france. got to hear the details when back in a minute. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ ♪ >>> let's get "6 in 60" with cramer. 6 stocks in 60 seconds. ppg. >> if you have sunshine, put on the transition glasses that ppg has or had. they vested their interest

u.s. authorities marina porton i was at the rally in new york when thousands of people walking through the streets of twenty third street you know right in the center of manhattanthousands this crowd was freaked out and the cars could not get through they could not make it down fifth avenue and broadway the because there were you know protesters that were taking part and in the entire crowd actually blocking the streets to make sure that the procession could continue its high every other person was carrying a sign that either said i am trayvon martin or justice for trayvon martin i clearly the sentiment among all those that turned out not only new york but also in boston and san francisco and other protest planned for the united states is that they feel these people feel that justice has not been served they feel that i'll bite by bite the jury finding george zimmerman not guilty essentially trade the fine mar and and all those that could have been in his position are still susceptible to . what they call it in just as we did speak to some not part of that are participating in the rallies taking place in the united states for the next few days i here's what the

u.s. don't get jobs as doctors. instead they work fast food or manual labor. why? we'll explain, next. >> i'm major casey jaemgs minor from manhattan, california, currently te employemplo deployed to afghanistan happy fourth of july i'll be home soon. we're talking with lisa about the walmart low price guarantee. that's your receipt from another store? yup! let's put it to the test. ok. nothing says all american like... bbq sauce! yes! you know if you find a lower advertised price they'll match it at the register. nice! brats for? we're grilling out! you'll love this walmart's always working to lower costs so you get more savings. oh my goodness! ok you ready? i'm ready... whooa. that's incredible! that's the walmart low price guarantee backed by ad match. bring in your last grocery receipt this 4th of july to walmart and see for yourself. i tthan probablycare moreanyone else.and we've had this farm for 30 years. we raise black and red angus cattle. we also produce natural gas. that's how we make our living and that's how we can pass the land and water back to future generations. people should make up their own mind what's best for

u.s. government's case against sac capital is over. we'll get a recap and the very latest from kayla tausche who is live in lower manhattan at the courthousedo not go anywhere. we're back in two. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical func

u.s. government's case gai against sac capital starting a few moments ago in lower manhattan and kayla tauscheurthouse with the latest. good morning, kayla. >> good morning, carl, it is a busy at 500 pearl street and not only the arraignment of the sac and the ongoing trial of zez against fabrice tourre, and that has led to long lines to get the arraignment under way. what is happening is the lawyers for sac coming and basically answering to that lengthy 41-page criminal indictment that hit yesterday alleging widespread culture condoning insider trading for over a decade at sac capital. steve cohen is not expected to appe appear. as of yesterday, he was at the firm reporting for duty and business as usual and trying to restore confidence in the firm in the wake of the charges, but the lawyers for sac are expected widely to plead not guilty. they have to offer a plea whether guilty or not guilty at the arraignment, and saying the word words and putting that out there is important for sac, because they are working with the feds on a protective order to continue to do business with the counterpar

u.s. attorney's office for the seventh district of new york here in manhattan.stration will make a decision without a thorough investigation of the evidence. >> and the most constitutional law professor in the country presumably will weigh in on this, the president. >> well, that's right. i wouldn't be surprised if they are already involved. they don't want another case to end in acquittal. they're going to be sure as they can be there's going to be a guilty verdict. >> talk a little about the brain science of race and the ramifications with perhaps bringing a federal charge. >> there's really important research that demonstrates that police officers and college students have one thing in common, and that is that they're more likely to shoot a black man with a wallet than a white man with a gun. and that happens in a nano second. so this is not about someone stopping and saying, i don't like that black guy, i'm going to shoot him, which is essentially -- i'm oversimplifying but it's essentially the evidentiary standard. because the way the brain works, 98% of it

u.s. markets are all cash buyers, too. >> the carrying costs as well for some of these. in manhattanay out a lot each month? >> right, exactly. with co-ops you're looking at very, very stringent restrictions and that's really not helping that market so much. >> some boards don't like outsiders so to speak. >> no, they do not. >> want to hedge their bets in terms of the people they let in. >> welcome. enjoy your time here. >>> perhaps you're watching us in an airport right now and likely you have already suffered through a subpar breakfasts a flight delay, and that guy who wants to talk to you in the terminal. one company is trying to change all that. our next break-through because what else are you going to do while you wait for your plane? a! huh...anybody? julie! hey...guess what day it is?? ah come on, i know you can hear me. mike mike mike mike mike... what day is it mike? ha ha ha ha ha ha! leslie, guess what today is? it's hump day. whoot whoot! ronny, how happy are folks who save hundreds of dollars switching to geico? i'd say happier than a camel on wednesday. hump day!!! yay