steinberg fainted. they had to take a break until they attended to his blood pressure. >> the forewoman said the subtext of e-mails was presented during the trial and i convinced her that steinberg knew he was aware he was breaking the law. tell us about those e-mails. -- he said heiled was lying and making up the whole entire story, implicating his boss to save himself. a sickly, the government argued that there were e-mails that the two men had shared and swapped as well as instant messages and bloomberg messages, and they had shared them back and forth. the indication was -- one of the sources was another traitor -- trader and he would say what is he trading now? you could see the two men were aware of the scheme. >> now it is an electronics trail. he started at sac capital back in 97. one witness testified during the trial that steinberg was mr.idered by many to be cohen's right-hand man. >> they indicated that they socialized together. i believe that mr. cohen attended mr. steinberg's wedding . eve

they now are banking on either martoma and steinberg to now flip, and they think with steinberg facing of years in jail, significant time in jail -- liz: they both have kids, and they both fainted. they both -- >> well, he fainted in court. liz: michael steinberg fainted in court yesterday as the verdict -- >> martoma fainted when the fbi approached him. liz: what's with the fainting? these guys are like fainting goats. >> i've never had -- liz: have you ever fainted? is. >> no. liz: neither have i, and i've been pregnant twice. >> it's funny, it's like when you go under anesthesia, you see flickers and stuff, but i didn't. listen, why do people freak out when the feds come calling? i mean -- liz: that's scary. you have talked about that. >> the fbi -- liz: they don't make it easy or comfortable. >> they come in, and they scare the hell to out of you. liz: they just faint like the fainting goats. [laughter] i would like to say if anybody's offended by this, it was my idea -- >> they still -- why are the goats fainting? liz: they get scared when they hear the sound and they all just dro

david: what was the line that steinberg crossed?nd jury found him guilty because they thought conscious avoidance of potential insider trading, insider information. >> yes. >> not only that he provided wanted edgy information was like a name, sort of a code for giving me inside information. david: options avoidance? hold on a second when they go after cohen, the civil indictment against cohen -- >> criminal. david: i understand. the civil indictment, that sec is now -- >> that is not an indictment. civil enforcement. david: civil case. that he failed to supervise.hen this is such, that sounds so weak in and of itself. >> when you talk about failing to supervise and conscience avoidance. it is i deliberately closed my eyes to the high probability that criminality was taking place. david: how do you prove that. >> they did. >> you prove, david, don't tell me that. charlie, i don't want to hear it. >> i want edgy information and you should know that he -- >> there were stuff he said, don't tell steve, he doesn't want to know. that is w

as you mentioned, steinberg made it official today he is not going to be taking the stand.hat is not a big surprise. it does give us this is the case will be winding down in the next few days. cohen was never in the ward house, but his name comes up every other sentence. >> he has been referred to by the judge as the white whale. we know he was the main target of the case. however, he was not charged with insider trading himself. he maintained his innocence throughout. after listening to the testimony in the steinberg trial, you get a strong sense of why the government was not able to make a case against him. went out and horvatz of their way to shield what they were doing. in the instant message exchange, steinberg said i did not tell steve where you're getting your information. i made it seem like you are doing legitimate research. cohen did not want to discuss sensitive information over the phone. he did not want to discuss it on .-mail or im he said to call me over the phone. that might have saved him. >> if steinberg is acquitted, what does that mean for steve cohen pe

michael steinberg himself fainted. sense of the tone. >> you could not have made this scene up. the moment jurors were handing over the envelope to the judge's clerk, there was a scream in the courtroom and poor mr. steinberg -- >> from a woman or a man? >> a woman. i am not sure if it was his wife or one of his female friends, the courtroom packed with anxious -- >> a soap opera. >> it really was quite gripping. steinberg sort of hunched over, and for a moment it was not clear what happened. he fainted. the judges were saying is he ok, rubbing hiswere back. >> at that point, did the judge have the envelope? it was not like the jurors could go back and say maybe he was a nice guy. that to reporters. no, the verdict had already been handed over to -- had already been handed over. he gol he appeal, or will to jail? >> he can and will appeal, and there is a small chance that he could have some more positive results on his appeal this on some legal technicalities. >> did you believe it when he passed out? >> it was very ci

but the steinberg case is not going well for the government. play out where they both get convicted. adam: how much harder for the government to get convictions without tape recordings they had with raj rajaratnam? >> it is harder. it is harder. if you read some of the press accounts, i haven't gone to the trial. it is a lot of he said/she said. it sounds from the press that michael steinberg, it will be harder to convict him. reading press accounts and using that as aeter whether someone will get convicted or not is fool hardy. everybody i know in the courtroom that was reporting, a lot of reporting on martha stewart case she would get off. i will tell you off. i was in the courtroom. i didn't think she would get off. she did not get off. she got convicted obviously. it wasn't insider trading, but obstruction of justice. i take what you read in the papers with a grain of salt. if you read the papers and government is conceding, i'm talking to people in the government that this steinberg case is not the lay-up that they thought. if they have th

number one, i should point out that the steinberg trial is going on right now.even government officials will concede it's not going perfectly for the government, you know? i'm getting my information, i haven't gob to the courtroom to -- gone to the courtroom to watch it and, you know, there's always a danger of speculating on the outcome of what the jury thinks based on press reports, but from inside the government, they are somewhat worried about this case. barry burke, who's the lawyer for steinberg, he's a pretty experienced litigator, and he's poked holes in the government's case. there was a cree of, you know -- degree of, you know, evidence that was a little fishy in this thing. it was not as concrete as some of the other stuff involving raj rajaratnam which included wiretaps. this was a little bit of he said/she said, particularly with the main witness. but it's very circumstantial, and they're worried about this. so you remember, this is not a lay-up case. i think martoma's a little tighter, but still both of them have pled not guilty, both of them have

according to his lawyer, steinberg has actually had this happen to him before. he had similar experience previously of fainting. so this is not something new for himps. perhaps there is health issue in question, melissa. melissa: what does all of this mean for steve cohen and sac and the rest of the case potentially against them? >> certainly, yes. this is the first conviction of an sac staff member. this could impact steve cohen and what the sec's cases against him right now. so we are expecting to see more play out but it will be interesting to see what happens in the conviction april 25th and what happens between now and then, melissa. melissa: absolutely. one of the other figures in this case, mathew martoma, fainted on his lawn right before he was arrested. really bizarre and dramatic case. thank you so much, jo. >> no problem. melissa: up next, don't despair if you need a doctor now. a brand new app could revolutionize the way you see your physician. on demand appointment only costs 40 bucks. the founder is here to tell us all about it. very cool. >>> if y

jack steinberg joins us today. the internet world. >> just listening to josh's segments. giant robots and youtube views as a way to thread the line between the two efforts. i think it is very hard. maybe google is a conglomerate that's held together by a general interest in internet and teg technology. they have youtube, g mail and self-driving cars and robots. maybe it is the next conglomerate. >> there have been vanity projects so to speak in the past. the self-driving car was called that for a very long time. do you think this is playing with house money or play money? >> i don't think it is a vanity project. apple doesn't have anything to do with their cash. that's equally a problem if you can't put up growth. we are looking at smart cars. the company needs other places to invest. factory automation seems like a weird thing to say that's what google is focused on. this is a whole other classic investment area. david is smiles at me. >> we are a far cry from itt and harold. >> long before your time. long before

steinberg was convicted for insider trading on wednesday. now fbi agents question whether employees used inside information to make trades in shares and options of companies such as weight watchers, intermune and gymboree.the conviction might mean fund founder stephen cohen could face further investigation. the sec is charging a former microsoft executive with insider trading. a former senior portfolio manager and his friend are accused of obtaining confidential information then trading company stock.the two allegedly made nearly 400 thousand dollars in the scheme, which dates back to april of 2012.microsoft is helping with the investigation. the senate may wind up holidng a special "saturday" session to vote on the confirmation of janet yellen as the next fed chairman. democrats were planning on a vote to happen yesterday or today.but now, an aide tells reuters-- republicans and democrats have been unable to agree upon a time.it is however, widely expected that yellen will get the nod from lawmakers to replace current fed chair ben bernanke

michael steinberg found guilty of securities and trading fraud.t could increase pressure on his former colleague to cooperate. has not beenen charged. secret service investigating possible theft of credit and debit card data and target. target was hacked in the. black friday.od security breaches been resolved. i hope you did not go shopping on target. >> i did, on black friday. i am really scared. >> use cash next time. >> i am absolutely going to use cash -- or bitcoin, maybe. hearam delighted to zuckerberg will pay a billion dollars in cash taxes. on a million shares at 50. thebloomberg surveillance," strength of our show is our guests. we bring you peter orszag and marriott -- marriott the belly. mr. orszag, known for his work on the fiscal deficit and the social security program with the brookings institute, service to the president on moving the deficit to a smaller point. , come -- acclaimed value investor, the own facebook? >> maybe. >> for your kids. >> my clients -- we own $45 billion, we have to own a few shares. >> this has been one of

we have breaking news right now in the michael steinberg insider trading case. portfolio manager over at sac capital. a jury has convicted him on the count of fraud and insider trading. attempting to faint in the courtroom. and then of course they moved the jury out of the room, paramedics came in, senior sac capital manager was convicted in the insider trading case. he has been found guilty and trading of illegal tech stock tips. this is the first conviction, the first trial conviction, lot have pleaded guilty already, the first trial conviction and it could impact the fund manager. david: while sac capital has been indicted, this man, steve cohen, hast not as of yet. some people are wondering if there will be a criminal and indictment. there is an indictment generally against the company, not against the man who is leading the company, which some seem as strange. the market settle below the $300 level. we have todd in the house here in new york away from chicago. chief strategist and average joe.com author and founder who says the taper is laughable. and joini

. >> we mentioned this is one of two cases, but the steinberg case? thise third week of trial, could be the longest cross examination ever. it involves the government's star witness and former technology analyst who said that his hits were packed on. steinberg also entered a plea of not guilty and wanted to prove that these starwood this is who pled guilty to their own crimes are not credible. >> su keenan, thank you very much, joining me from the newsroom with the latest on sac capital. is holding an investment symposium. to askhatzker is there larry fink about regulations. >> there is a possibility we could go to far next year with the volker rule. i will watch and see, i will not be a pessimist, but i am being pragmatic. i do think that i know more about close to markets than most. i am alarmed right now that it may be too far and it may have some unintended issues that could be impactful. also asked larry fink where he thinks the next crisis could come from. >> the next crisis, i believe, will not be coming from banks. i do not know where it will

steinberg who had close ties to steve stee cohen. less than two days after deliberation. he faces up to 20 years in prison after the four fraud charges against him. we will keep you posted. again, he appeared to faint, paramedics are on the scene. the other massive breaking news, the federal reserve to getting the tapering today. it will begin in january. it took almost like a sushi knife and sliced off the stimulative bond buying purchases they have been making for more than a year now. not everyone is convinced the fed is on the right course. my next guest says the fed has to change their priorities to ensure next year is a good one. what do you mean, look at this reaction here looks a little bit more public had given the volatility has plummeted today, the stock market is on fire after the fed announced the economy is pretty healthy at this point. >> we're having a party today. 215 plus points on the dow, but i am not sure 1.7% gdp for 2013 and the 2.5% estimate we have going into 2013 is any different than the same level of estimates two and .5% for 2013. it is overly

a crushing blow for michael steinberg. defense seemed relatively confident in recent days. as a bit of a surprise for court watchers in that trial room. >> very much so. very big story. we have news all over the place. kate kelly, thank you very much. much more to come on that as well. rally, 290 points on the dow, in record territory. the market that didn't respond all that much, the bond market, ten-year yield zigged and zagged when the news came out but we've been where we've been all day. oliver, what do you make of this? what does the average investor do now that the fed is going to withdraw quantitative easing? >> i think this is a positive thing. the economy is improving in the u.s. as well. as well as around the world. this speaks very well for corporate earnings going into 2014. the bond market and equity markets seem to be pricing in a multiple expansion, which means you could see low double-digit gains in 2014, which is very positive. >> but the market's been rallying because of quantitative easing. now that they withdraw it, can it continue to rally? >> we've be

that is part of the pressure that is on steinberg.ill hear about that shortly. >> incredible pressure. steve cortes, barry ritholtz, what you make of this? >> from a broader perspective, i do not think it is something to be proud of that a federal prosecutor is 82-0. that kind of record belongs in north korea or iran. >> but he is doing his job. >> my point is federal prosecutors are overzealous and federal laws are so broad that they could ensnare most any sophisticated businessman if the government puts his guns -- it's guns on them. >> you do not believe it is insider trading? >> i do not know the specifics of this case, but in terms of , they have spent 10 years investigating him and it has turned into a one witchhunt. >> this was -- into a witchhunt. >> as was the only guy they could get. >> you wonder what it means going forward. >> understand the sac model. cohen is trading about half of the companies money, and then he has dozens of portfolio managers that are under tremendous pressure to perform. you have a bad month there, a

i'm talking with david steinberger about a companion book to knowing your value which is my second book which is great for women. we're looking for a knowing your value millennial edition. so hopefully, i'll be back next year. >> ladies and gentlemen, mika bear zip sky. >> good evening. how's everyone tonight? the beautiful. i'm mika brzezinski, cohost of "morning joe," and i'm deeply honored to be here tonight. i'm also very excited to say this to you uninterrupted. welcome to the 64th national book awards. i got through it. it's the oscars of the book world, or as fran leibowitz once called them, the oscars without money. but we'll take 'em. [laughter] so i have a very close connection to this evening's awards. just last month we had the honor of having david steinberger, the chairman of the national book foundation, on our show, on "morning joe," to announce the national book foundation finalists. as a three-time author myself, i know firsthand what an incredible undertaking it is to write a book and the nightmare scenario that it poses on members of the family. [laughter] i'm so imp

. >> carol steinberg is the president of the alzheimer's foundation of america, or the afa. its mission is to help those dealing with the disease. >> alzheimer's disease is a brain disorder that primarily affects adults over age 65. basically, what's happening is brain cells are dying off, they stop communicating with one another, and as a result, a person loses their memory, other intellectual and physical functions. >> seeing someone you love struggling with alzheimer's is very difficult. that's why the afa runs an annual contest for teens. it invites them to produce a video. >> there are a lot of feelings going on when you're coping directly with alzheimer's disease, and this is a creative outlet for them. >> so alex created a video to tell about his family's experiences with alzheimer's. even though it is a true story, it's told it in the eyes of a fairy tale. like i begin the story by saying, "once upon a time..." once upon a time, there was a wonderful grandma who loved her grandchildren very much. she would do anything for them and always took excellent care of them.

>>> guilty on all five charges, the jury verdict against money manager michael steinberg. the hedge fund company run by stev steve co- -- cohen. the portfolio manager is the first of eight criminally charged employees to face trial for insider trading in the shares of several technology companies. six colleagues have already pled guilty and one more defendant goes on trail in january. the verdict is 76 without a loss. the number of insider trading prosecutions brought by the u.s. attorney since 2009. >>> earnings from oracle topping 9 billion dollars but profit last quarter was one percent lower on a slight drop in new software sales and subskripgss. they are offering cloud comp pugss and the troubling outlook for the next year. josh lipton now with more. >> reporter: larry elson built oracle generating billions in revenue with 120,000 employees and 400,000 customers. corporations around the world use its software to help manage the businesses, everything from human resources to accounting. along the way, ellis son built himself a fortune, forbes pegs his net worth at $41

pays him millions and even tickets like this one to the game, presented by "washington post" dan steinbergre the quarterback's picture. it's a billion-dollar business with a management crisis. who will win the power struggle, ceo, coach, star employee? we know anytime who loses in d.c. dysfunction. >>> it's got to be the shoes. michael jordan's shoes sold at auction this week, $104,000. this according to gray flannel auctions. the signed sneaks put up for sale by a former ball boy who asked for the shoes before the game and even got jordan to sign them. jordan scored 39 points in game five while battling flu-like symptoms. bulls won game six, clinching the series. >>> a woman taking the wheel at general motors. next month, 33-year gm veteran mary barra will become the first ceo of an automaker. a new boss isn't the only big news for gm. give me "60 seconds" on the clock. it's "money time." taxpayers are now out of the car business. the government sold the last of its stake in general motors, whittling a nearly $50 billion bailout down to a $10 billion loss. the sale closes the books on the

closing arguments are expected in the insider case in the case of michael steinberg.he government resting its case on friday after four weeks of testimony. steinberg's lawyer says the defense will call at most only a few witnesses and present its case in less than one day. a former sec manager is charged with five counts of securities fraud and conspiracy to commit securities fraud for trading based on alleged insider information. he denies wrongdoing. he will not be testifying himself so i always wonder remember when fab didn't testify. they rested immediately. this is almost like that. is that the right strategy? >> 7200 hours, not 7200 miles. >> i'm going to show you a picture. >> you do that. in the meantime, a former top swiss banger is due to appear in a florida court today. he faces charges for allegedly helping rich americans avoid taxes hanging over him. he was arrested in italy after first being charged in 2008. he denies the charges. i don't know if anybody saw the piece over the weekend in "the new york times" about a new island i never focused on called t

a c e pfizer's michael steinberg becoming the longest- serving manager to be convicted of insider tradingit is a government figure that might increase pressure on his former colleagues to cooperate in the u.s. investigation. >> thank you very much. important news, the federal to trim itscision monthly bond purchases, this pace will follow to $75 billion a month. this will be divided between here to tell us more, robbert van batenburg who is with newedge.we are joined with with j.p. morgan funds. withth anastasia amoros j.p. morgan funds. is this a good decision today? >> this substantial and self sustained recovery has been achieved. is anotherthat confirmation that we are in the late stage expansion part the business cycle. yes, the stocks continued to perform well throughout that stage. >> robbert van batenburg, do you agree? >> the problem that i have with the monetary policy is that very few people have articulated that there is enormous unattended costs involved. >> that says what? >> two things. why is there such low inflation right now? the reason why there was low inflation is bec

let's find out what serial entrepreneur and columnist, norm brodsky and ella steinberg, daily worth, finance company for women, think about this pitch. >> hi, my name is dwight peters, i am eat founder of crowd cases. wary tech accessory brand with a social mission. we help non-profits fund raise and build awareness by designing and selling custom smartphone cases that represents their cause. these cases are sold on our site andself $7 from every case sold is donated to the non-profit of the week to fund their social mission. our goal is to inspire generosity and intentional giving by fusion the multibillion dollar smartphone accessory mark wet the multibillion dollar cause market and market. what makes it unique is how we come up with the designs we build a community of graphic designers using talents that change the world. every week, we partner up with a non-profit organization and issue a design challenge to our community of graphic designers. after seven days of submission, a winning design is selected and turned into a limited edition case. plus the winning designer received 50

he is accused of lying by the defense attorneys in order to help make his case that he aided steinberg in insider trading. you will see that things have proving. in any case there will be a lot of interesting issues for the jury to consider starting in the morning when they're starting at four different counts of fraud and conspiracy. >> thank you for that. >> the ruls of two new studies calling into question the benefits of multivitamins and it is fought that high dose multivitamins and minerals did not seem to reduce heart attack or death in patients who had previously experienced a heart attack. all have a significant footing in the vitamin industry. recently upgraded vitamin shop to conviction buy. and also wrote that younger consumers are increasingly focused on their physique than in years past and that's one of the reasons to be bullish. >> karen, you're in gmc? >> i am. i love to hear that. although i think we have heard stories in the past that have been disparaging of the vitamin industry. >> uh-huh. >> i hope that it doesn't react too badly. it's a growth story. i still like

sac capital adisers' michael steinberg becoming the longest- serving manager to be convicted of insider trading. it is a government figure that might increase pressure on his former colleagues to cooperate in the u.s. investigation. >> thank you very much. important news, the federal reserve's decision to trim its monthly bond purchases, this pace will follow to $75 billion a month. this will be divided between 40 billion. stocks surging. shares on the dow jones industrial average up nearly two percent. here to tell us more, robbert van batenburg who is with newedge. we are joined with with j.p. morgan funds. -- with anastasia amoros with j.p. morgan funds. is this a good decision today? >> this substantial and self sustained recovery has been achieved. with that, that is another confirmation that we are in the late stage expansion part the business cycle. yes, the stocks continued to perform well throughout that stage. >> robbert van batenburg, do you agree? >> the problem that i have with the monetary policy is that very few people have articulated that there is enormous unattended co

my call steinberg is the hedge fund's longest serving manager. the fund paid a record $1.8 billion.d shares fell the most in two years, forecasting a drop in profit next year. to $8ill earn $7 billion billion next year, estimated. up, warming up for the sochi winter olympics. find out what investors are up to ahead of the event, next. ♪ >> the top headlines, finance ministers of the european union that have come to an agreement on how to deal with failing anks over the next decade, backing the idea of creating an agency to handle failing banks and agreed to a cost-sharing procedure. u.s. president obama is expected to sign the first bipartisan budget deal from a divided congress in 27 years. the senate cleared the trillion dollar measure with a solid majority, reducing spending cuts imposed under sequestration and slightly lowering the u.s. deficit. rbs is said to have become the dealersank to ban interacting with other banks. jpmorgan and deutsche bank are taking similar precautions, concerned about investigations into rate rigging and currency manipulation. hello, welcome back to

today, michael steinberg is convicted of insider trading.ike inside that courtroom and what does his conviction mean for the fund and for the founder? plus it is the season for angels. i will talk to one of the largest angels -- largest angel investors that has invested $58 million in 58 female led companies. and it is day nine of the 12 days of bitcoin. we will find out where in the world you can use the virtual currency.

but we did see the michael steinberg trial and the jurors found him guilty.ctivism has been very big this year. einhorn,ames, ackman, icon. >> carl icahn got his hand into pretty much everything. apple sharehe buyback proposal, and of course with dell. ackman has battled with icon and dan loeb -- with carl icahn and dan loeb. and dan loeb himself had a great year and had to -- and try to bring changes at lowe's and sotheby's. he was pretty successful. >> at of scarcity, how surprised were you that activists were willing to take on apple? howut of curiosity, surprised were you that activists were willing to take on apple? with more than $100 billion on the balance sheet, you had people saying it is bigger than any hedge fund out there. how could you be sitting on this cash? and activists were willing to put pressure on. >> that is right. they can get two or three times leverage without much difficulty. the banks are not lending to everyday americans, but they will lend to hedge funds. and cannot act in concert, if they do they have to file with the sec, but th

we'll talk wiabout that with jo steinberg in a moment. i trade like me.rade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates. just by talking to a helmet. it grabbed the patient's record before we even picked him up. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smoke alarms and pilots and stadiums. but, of course, it's a good listener too. [ female announcer ] today cisco is connecting the internet of everything. so everything works like never before. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to

the verdict was delayed slightly when steinberg fainted before it was read.e was one of the employees to face criminal charges for insider trading and the first of two to fight them in court. matthew micona goes to trial next month. >>> the senate has passed the budget deal averting the threat of a government shutdown next month. president obama says he'll sign the bill, which cleared the house last week before he leaves for his christmas vacation on friday. >>> and the u.s. senate could vote on janet yellen's nomination before they leave for the year. yellen's support of the tapering of the bond buying program has won over her support on capitol hill. last month, mancion was the only democrat to vote against approvi approving yellen. >>> mishkin has told cnbc many of the headwinds driving the fed's hesitation to move in september when the markets were expecting it have now all come together. >> this is a very good outcome. they basically decreased uncertainty, they also made it very clear that there is a difference, but that tapering does not mean a tighteni

he's requested to speak with assistant deputy superintendent rachelle steinberg in order to plead his case. >> how you doing? >> i'm all right. >> i dealt with him for probably the last five or six years whether it was in classification or in my current capacity as a assistant deputy superintendent. >> you made a comment to the officer. >> he's a very smart individual. however, he's very manipulative, knows how to get what he wants, and knows how to play the game. he's a good talker. >> i just want to see if i can get this straight. you're telling me that whole 4 1/2 months i slipped up one time and everything goes down the hill. that's what you're telling me? >> no. you had a choice and you made a choice not to do what was asked of you. >> i just can't -- i really don't understand that because it all started off in the morning. >> yeah. >> about some juice. i didn't want to pour the juice. i had other issues going on too but everything was adding up. you know what i'm saying? >> yeah. >> you have to look at positive side. he caught a ticket, but he didn't catch a ticket for threateni

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joining us, jon steinberg from buzzfeed. >> he's got a huge tax bill.y here but it's sort of the taper of secondaries. it's really small on a market cap basis. it's being added to the index at the end of the day tomorrow. it's the right time to basically do it, i think. >> yeah. someone said it's a brilliantly timed move from an investor relations perspective. >> this is a company that historically has done a lot of things wrong with wall street. the cfo's office gets a lot of credit for timing it. he's using it to pay taxes, a lot of it is going to charity. >> when do you start to get worried about the flow, about major dilution over time? >> when you look at a $4 billion offering at a company worth 400 billion at this point, we're not even worried about it. well above 5% you might get concerned but certainly not now. >> why does the company need to issue shares. >> because he has to pay the tax bill -- >> separate from zuckerberg. >> why not. when they made the teen engagement comment. i think when it ran after earnings, they said let's take a little

you know, i don't have -- you know, i'm kind of out of it lately, you know, the michael steinberg trial'she former sac one of their top, i guess, portfolio managers. he's on trial for -- the prosecution rested today. i think there's a delusional aspect, and there's the reality. the reality is they still want to -- feds still would like to bring criminal charges against steve cohen, the head of sac @apital. they want to throw him out of the business forever. the delusional aspect, i think, in steve cohen's case is he really harbors some sort of desire to get back into the business rather than just managing the family office. and i think that's impossible. if it's just a family office, then you're not selling to outside investors where they pay their 3% management fee and 50% in profits, then he can't keep the massive infrastructure that he had for all those years. listen, here's the thing about wall street, they've been scaling back bonuses for years. particularly at citigroup and barclays from what i understand, a particularly bad year which is why what'd you call -- liz: dewars. i had a

versus steinberg insider trading case. we heard from the government up until shortly after noon. they're essentially arguing sac, specifically michael stein burg, a trader there using coding language to direct an underling to trade on inside information. his lawyer saying that the star witness for the government has a house built on lie and that essentially he said jon horvath is a walking, talking, reasonable doubt, tyler. tough language thrown around in the courtroom. we're on a short lunch break now and hear more from in a few minutes. >> thank you very much, kate kelly, reporting from manhattan. >>> snow in the east, a water main break out west, it spilled water throughout the terminal at san jose international airport this morning. the water was coming from the ceiling, the floor, sounds like my house a few weeks ago. the airport was trying to compensate condensing all traffic into another terminal. at least that's how they tried to respond to it. always seems to be something when you fly in the winter whether out in the nice climate of california or not. >>> the google guys

joseph steinberg is a cybersecurity expert and associate ceo of green armor solutions. it strikes me that an lgtv isn't the only device. a lot of devices could be doing this very same thing. >> sure. as technology improves and more and more systems are deployed into home appliances, medical cars, cars and like we'll be tracked on everything we do. melissa: what should i be worried about right now? obviously my dvr could do the same thing. >> if you have cable box or smart television, even if you don't have a smart television what you're watch something probably tracked. >> what else? >> pretty much everything. there are cases of smartphones tracking people's locations. the ftc settled the case with an app provider which had been selling your information to an advertiser without letting people know. so everything is being tracked today. melissa: that is my next question. this was being sent back to lg headquarters. what were they doing with the information? they were tracking, were they tracking how you were using the television or what station you were watching? what is

michael steinberg is guilty of insider trading.or cracks down on steve cohan's firm. we will shuffle the deck with experts and see if it will be all races in 2014 for the gambling business. social secondary. facebook ceo mark zuckerberg says the company will put 70 million shares up for sale. what will they use all that though for? welcome to "market makers." i am a very lucky stephanie ruhle. a christmas tree has been delivered right next to me. >> the grinch. i am the grinch.

in new york today, the insider trading case of michael steinberg. of using illegal tips to earn one point formally and dollars in profits in steve: 's hedge in steve cohen fund. a california judge ordered sherman williams, conagra it industries to pay $1.1 billion to contain lead paint in homes. several counties have filed a public nuisance suit. the company plans to seek a new trial. >> and happening now at the white house, some of the nation's most important technology executives are meeting with president obama. we are talking about apple's tim mayer, and many, many more. oh, to be a fly on that wall. julianna goldman may not be inside the building, but she is right outside. what is on the agenda i? >> they are in the white house right now and we should be hearing from the president. he will bring in a group of reporters at the top of that meeting to make if you mark -- remarks. -- to make a few remarks. what is interesting is that we have learned that the white house had asked these ceo's here to ask for opinions on the health carete house site.

trader michael steinberg is soon to be determined.ed in insider trading in the years 2007 through '9, work working at s.a.c., had just begun conferring about what to do about the charges within the last half hour or so. after instructions from the judge, they were told to go off, choose a foreperson, they did that. they have chosen juror number 12, a lady. and they are deciding right now on the various five counts, as part of the case. we'll bring you additional details, carl, as they unfold, but we're told they've already asked for additional information from the judge, including a copy of yesterday's closing argumenas and some exhibits. >> kate kelly, thank you so much. >>> if you are believe it, pot tourism is on the rise on the west coast, but the two states where weed is legal have very different ideas of how to deal with the baked backpackers. here at post 9 to explain is our own jane wells. great to have you back. as someone just said on twitter, if anyone can turn post 9 into pot 9, that would be jane. >> i'm not sure, again,

john steinberg.throughout the hour. >> too much sympathy for ken langone. >> they're too capitalistic down there. too capitalistic. but first, a round-up of your headlines. >> let's give them to you. we are monitoring a massive oil fire in north dakota. as many as 20 train cars carrying crude exploded and caught fire after colliding with a cargo train outside the small town of casselltown, north dakota, about 40 miles west of fargo. smoke can be seen, apparently, up to 20 miles away. residents within five miles of the fire have been urged to evacuate. residents within ten miles have been told to stay indoors. both trains are owned by berkshire hathaway's bnsf. no injuries, though, have been reported. >>> also, some poison pill news. hertz adopting a shareholder rights after seeing unusual and substantial trading activity in its stock. trying to reduce the likelihood that any person or group could gain control of hertz through open market accumulation. there's probably going to be pressure on -- it's

michael steinberg agreed to plead guilty last month. e.u. ministers reached a deal on how the handle the bailout of banks that get into trouble. we'll have more on this story later on in the program. as we head into break, the unit eads is about to launch the mission from french guyana. you're looking at live pictures. we'll be back in two minutes. ♪ >> you are looking at live pictures of soyes flight launching off from french guyana. this is a space telescope that will reveal things about the universe that are going to be absolutely incredible. this is a platform thas going to be able to see -- that is going to be able to see further and in more detail than we have ever been able to see in the milky way. it will map out the milky way and plot all kinds of objects that we have never been able to see before. once in orbit which will be a pening in a few minutes, series of key bolt also need to fire to shield the satellite from the sun's rays allowing it to become cool. the next hour is probably the most critical in the process. live pictures

sac cap aal manager michael steinberg appeared to pass out as the jury found him guilty of insider tradingd out if the feds are closing in on founder steve cohen. "countdown to the closing bell" starts right now. ♪ ♪ liz: i mean, two employees now fainting over at sac when the feds come in? we thought the fainting goat analogy was appropriate. good afternoon, everybody, it's the last hour of trading, there is a very serious angle to that story we'll get to it. in the meantime, one day after the markets took off like a rocket on that taper news from the federal reserve, investors seem to be breaking just a little bit for the holidays. a little earlier we were up, we were down, we were all around, and right now at the moment we do have just the dow jones moving higher, a single-digit move up, eight points, but adding on to the big move from yesterday, you could look at that as a thumb's up to the fed decision. be right now even though chairman ben bernanke indicated interest rates won't be going up anytime soon, there are new signs of jitters in the housing market. what are they? well, we go

the government surveillance program and media rise of bitcoin is something that buzzfeed's john steinberg a 17-weight thing you need to worry about with -- >> we had a great post. all people on bitcoin, on webo, talking about bitcoin. some of the top comments. it's a trend i missed. in '99, scott mcneilly, at sun, says you have zero privacy, get over it. that was the sentiment in '99 and spoke to the times. i didn't agree with it then. but people are shocked how little privacy we have, and the rise of bitcoin, snapchat, whisper, it's definitely an investable trend. >> what should the policy response be in washington? >> there has to be more transparency, and not only the policy response in washington, what you're seeing in the established companies, the response to washington, they realize now it's a competitive trend they need to seize on, right? yahoo! google, facebook, the next wage of internet competition will be fought on privacy and who stands up for the users. >> were you surprised that the gathering could coordinate cohesively around a mission? >> it's an easy issue. i wish we had

this evening at the national book awards, it's the chairman of the national book foundation, david steinberger. what is the association with the nba? >> guest: right. so the mission is to encourage the reading of great books and increase the impact of books on the culture. and, of course, the biggest thing we do are the national book awards themselves, and this is the 64th national book awards. bigger and better than ever the this year. >> host: what's your day job? >> guest: the ceo of perseus book group be, an independent publisher. >> host: do you have think finalists tonight? >> guest: we don't, actually, but i'm just as excited as if we did. the books are exciting, and it's an exciting evening. >> host: well, the numbers on publishing are down just a bit, but it seems that e-books have dropped quite a bit this year. >> guest: right. so there's a big change this year which is that we've seen the flattening of e-books, and we're really seeing a market in which people are making a choice. some are reading digitally, some are reading in print, but it's very clear that print books are going to

rich steinberg from global asset management and david joip joy, chief market strategist at ameriprise financial. are you in florida, rich? >> i am. >> are you -- you saw all the talk about, you know, 27% for the s&p. you see how december is starting. it's usually a good month. do you think maybe we've gotten too complacent here? will it be a good month? >> i think it's just time for a rest, joe. investors going into the rest of this month and into next year, they can be opportunistic, but they have to be realistic and probably most importantly opportunistic. so if we do have some choppiness with some profit taking going on, it will give people an opportunity to rebalance their portfolios. if you started the year with a 60/40 mix, you're back to a 75/25 mix. so you may see rebalancing going on as people start to book some gains and start to look into next year. val y valuation will be the key going into next year. >> historically, valuation is not expensive at 2-8, is it? >> no. but whenever the conversation of multiple expansion comes in and i expect to get passed by that comfortable