michael cohen phoned me up the next day. can we cut $40 million out of this project?one person more responsible than any others, it's tony irons, was the architect that was responsible for the revitalization of city hall who came to my office and said, we cannot abandon this. we can't walk away from this project. we have an opportunity to really take a lot of our values and principles, particularly raising the bar as we did as a city on our green building standards, mandating the most aggressive green building standards for private construction anywhere in the united states. and showcasing them in this new building. >> the city for the sfpuc, it was critical that the building stay as a lead building. the easiest thing to do to cut out millions of dollars, let's just go from lead platinum to lead gold. but that wasn't the objective. this needed to be the best example of energy conservation of any office building in the united states. >> we became involved in the san francisco public utilities headquarter project during the time when the project was at a stand still for

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 have people who have material nonpublic information communicating that in two different stocks directly to steven cohen. it's obvious from the nature of the information it has to be insider information. in f

class which is the heart of the republican party understood the economic issues. >> michael: we simply lost congressman cohenme interesting stuff about the way congress workers works we'll be back to discuss so much more about our country and fdr even. [ explosion ] >> michael: the japanese attack on pearl harbor is largely seen as the event that pushed the u.s. into world war ii. but a new book describes the behind-the-scenes effort of fdr and five of his special envoys laying the groundwork for u.s. intervention. when hitler invaded poland, fdr sent diplomats to explore american involvement in the war. over the next five years diplomats, operatives and rivals met with win stan churchill and stalin discussing the bridge to those at home. with me the a sure of michael fullilove, "rendezvous with destiny." we've been talking about u.s. intervention when, how the ramifications complications with syria and not in a general way with egypt. the subject matter in your book is applicable to today as well. >> it is, and it's hard to remember this now because america is end of this period of intense activity in the m

cohen. c.e.o. port commission president, and former commissioner michael hardaman. fire chief. and san francisco jim lathermyth. and san francisco made we have katie and sarah from spur. as well as many of our neighborhood leaders, i saw mike bishop from the southern waterfront. and katie from the central waterfront. and the commerce advisory committee. and of course all of you who i hope are not just only san francisco giant fans but fans of home-made beer here in san francisco. and it's my great honor to introduce entrepreneurial spirit. mr. gregor was born and raised in the united kingdom. he then moved to singapore at the age of nine. he's lived in amazing cities around the world. so he brings with him an international spirit. but also a passion for san francisco. he and his partner, tony foglio are known for building up the best brands and keeping them both emerging but honoring their roots. so i can't think of a better tenant and partner for this historic pier 48 than anchor brewers and distillers. join me in welcoming keith gregor. [applause] >> thank you. is everyone wa

right after he had a phone call with steve cohen, has not turned evidence. michael who is still at the firm. on leave obviously, also indicted. has not turned evidence against cohen. ashley: that is difference between criminal and civil? they couldn't get them? >> if either of those guys turned evidence they would have indicted him by now. i think they believe those guys hold the key. listen, it is perfectly reasonable they don't have anything on him. i'm just telling you that what the government, see some of this is, i don't want to put myself as, this is what i believe and i say. what i'm doing here is simply pretty clear. telling you what the government believes. i wrote a whole book on this, it is called "circle of friends," i hate to keep touting this, but lays out their rehelpless pursuit of him. they think he created the perfect white-collar crime. he is insulated. stuff goes around. those guys get caught but he is kept -- ashley: out of the mix. >> he would tell you, his defense, go through in the book, massive compliance. few bad apples. by the way if you l

cohen will be in the clear. he is not going to be indicted. but effectively i think the company will be shut down as criminal charges move forward. >> michael balkener 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 or while employed by the corporation p. that they knew they were, intended to corporation. you don't have to

they're seeking to bar cohen from overseeing investor funds. let's bring in michael

because it goes through painstakingly all of the interactions between cohen and each of these portfolio managers, matthew martoma and michael steinberg at sigma, where they were talking on the phone and immediately there was a trade that took action after the results of the phone call. there was even in steinberg's case, an e-mail where he said i have information from someone at the company. and cohen was on those e-mails. that is where the s.e.c. is trying to say, look, you were aware of this and you failed to do anything about it. >> okay, kayla, i know you'll continue to follow that. harvey pitt, thank you very much. ron insana, our thanks to you. we haven't lost sight of what's happening on wall street, by the way. this is a big day in what's been a big week. a record-setting week, really. remember the major averages had been at all-time highs, and microsoft dropped a big bomb with its earnings. google soon followed. so we've been all over both of those stories throughout this day. and the impact that it would have on the markets. with us now is david from morgan stanley melt management, rich peterson, david sauerby, an

cohen's sec hearing is set for august 26th. the plot thickens: the ball is now in billionaire investor carl icahn's court to take over dell. ceo michael dell has offered shareholders a final offer of $13.75 per share to take the company private, up from his original bid of $13.65. icahn believes that bid still undervalues the computer company. his counter-offer could reach $18 a share. a shareholder vote is re-scheduled for next friday. investors clearly believe the plan to merge apparel company maidenform with hanesbrands is a good fit. hanes shares rallied more than 8% yesterday. hanes will pay $575 million for maidenform, or $23.50 per share, sending maidenform stock racing up more than 22%. the deal is likely to be done in the 4th quarter. and here's one for gadget fans: google just unveiled its new nexus 7 tablet. the sleeker, higher-resolution tablet is less pricey than apple's ipad. tech analyst rob enderle says depending on when google's competitors release new products, google could have an edge in the marketplace. "long-term, it should give them more ad revenue, unless the other products that come later in the year pull peop

cigna capital management, the two subsidiaries in which matt martoma and michael steinberg were reporting directly to steven cohenn charged with criminal charges over insider trading. we will get more on this, but i want to comment on the state of some of sac's dealings with the banks. i have been talking to the banks and discuss iing the relationsh between sac capital and the brokerage firms. a lot of the firms have been evaluating the relationship with sac capital, but we are waiting to stee the nature of the charges and exactly what is in the document before they made any final decisions about the relationship. the majority of the comments that i heard from the banks is sac capital has 1,600 stocks and situation is liquid and the first priority is making sure that the positions are liquid, and they can be collateralized and if they need to sell stocks or exit the relationship, it is easy to do that. and so we will dig through it and get back to you when we have more detail to add to the exact charges. sdwlt tha . >> thank you, kayla tausche. >>> looking at paragraph nine, offenses committed by numerous employe

michael milken was going to be done. he is a billionaire. he was barred from the securities industry as talked about by steve cohen. he managed to make a very good living after going to prison, and they're not even talking about prison right now. i wouldn't write him off in terms of being a very wealthy guy. >> it's important to show that there is a level playing field in this thing and that nobody is above the law. it's important for investor confidence. >> and it's good going after these people because we need confidence in the market, otherwise you don't have a market. if you don't have trust and transparency -- >> it's all in the markets. >> well said. thank you. sir, i'm going to see you later. we're talking about a new trend called mansioning or it's an old trend -- i don't know. >>> we have some big movers today. the great herb greenberg is digging into stocks. we have three very unique stock picks that are up 25% year to date. think bionic arms. but first, time for today's mystery chart. i'm going to give you a hint. it's not an individual name, it's an index, and here's another hint. luck. tweet me your be

at 8:20 eastern, stephen cohen, executive director of the whistle blowers association will discuss the decision by a military court on bradley manning. we'll also talk with michael jersch with "the national journal." is next.on journal" good morning and welcome to "washington journal" on this last day of july, july 31, 2013. a meeting with house and timid democrats. later this afternoon, both chambers leaders will hold a 50thony for the anniversary for the march on washington. verdicte announced the in the bradley manning case. he was found guilty of espionage nott

martoma and michael steinberg and received updates on their trading strategies and the reasoning behind them but on at least two occasions in 2008 the s.e.c. says that the employees provided cohen information indicating that their potential access to inside information. cohen's failure to act in that situation and ascertain whether or not insider trading was an issue, that is his alleged wrongdoing. an s.e.c. spokesman said in a statement that the "s.e.c.'s administrative proceeding has no merit. steve cohen acted appropriately at all times and will fight this charge vigorously. the s.e.c. ignores s.a.c.'s exceptional supervisory structure, its extensive compliance policies and procedures, and steve cohen's strong support for s.a.c.'s compliance program." both martoma and steinberg's attorneys had no comment. the consequences in a situation like this could be pretty severe. steven cohen could be barred from trading money for others, and he'd have to wind down his clients' positions. he'd only be able to trade with his own money, larry. >> well, okay. we will see. many thanks to cnbc's jackie deangelis. so what's next for sac and steve cohen? here now is the honorable judge rich

michael milkin was indicted separately from that. the enron case went out of business which was later overturned. as bertha said, it clearly looks like, in this instance, if they don't have substantial information that steve cohen traded outside information, they will put the business up which is mostly owned by steven cohen. >> what ripples do you think there will be in the market? >> i don't think there will be. i think we would have seen them already. one doesn't have to worry about large-scale liquidating positions at sac. they do have a quantitative trading operation, but they run with probably, i would say, the industry average. they're not a 17 or 20 times leveraged operation where you're going to see margin calls and things get wiped out because of this type of thing, or other hedge funds in their positions. >> do prime brokers stay with them? because they can't trade if they don't have the prime brokers. >> they can't trade certainly on a leveraged basis. as jim carl and cramer were discussing this morning, i'm sure you can do cash on cash business with anybody irrespective of the situation, and steve has been proven guilty yet, either, which is something his partners in that regard would have to take

assertion here in this white paper is that cohen sold on that analyst's recommendation os or along side him as opposed to the basis of this e-mail michaelo was also ziet i indicted for selling dell on insider information had forwarded to steve. they're trying to suggest. it seems they can't say definitively he didn't read it. >> they're saying the government's point is to try to prove he did? >> exactly. sac said he can see five lines of i. he was doing five different things, et cetera. >> kate kelly. >>> when we come back, dupont earnings beating estimates by a penny t. company is exploring strategic alternatives for its performs chemicals unit. stock is indicated up to today. we'll talk to the chairman and ceo ellen coleman, "squawk box" will be right back. ♪ .ar . >> word association with nelson peltz. >> you say dupont, what comes to mind? remember i told you? i said paint. >> the chemical giant rolling out quarterly results, ceo ellen coleman speaks to us first. >>> shares fell on weaker than expected subscriber data. for more on the company's quarter, we will go to the source. >> it's not about real staechlt it's all about locatio

mark, welcome inside "the war room." >> thanks, michael good to be here. >> stephen cohen isn't the firstresentative to be ignored by the political press until he does something completely unrelated to politics. what prompted you to write such a takedown on the city? >> well, i mean people are calling at it takedown i try to think of it more neutrally like it is a profile of a city in the 21st century. what i tried to do was really profile a city and also i thought the city had reached a tipping point of self celebration, celebrity saturation, money, quite frankly, it is the wealthy any the united states now, and i think it has changed the fundamental nature of what this city was supposedly built on which is public city. >> michael: yeah let's get to that. now people come to d.c. to get rich, but it hasn't always been the case. what is different now? what makes it that way? >> what is different is first of all the money is actually here. in the last couple of decades corporations have pored money into this city. the media, hollywood, tourists have poured money into this city. and i think