steve cohen's own fortu.that will not happen, no plans to do that right now but they're leaving open to door to doing it in the futur they will renot release the redemption notices or redemption tallies. what sources are tellg fox business network we believe it number is significant. probably leaving sac capital by my estimates, these are estimates not getting any word inside the company with about a billion dollars or less of outside customer money. so essentially still, a huge hedge fund, right. $9 billion of company money, of steve cohen's fortune and some of the traders. a billion or so, less than a biion of outside cash. still a lot less than the --. melissa: that's a big change. >> you know what that means? they're saying there are no plans for layoffs but they will have too it and scale back. that outside money they used to charge fees on that. they can't do that. melissa: enormous fees. judge, the question that charlie has been raising all week that is such a valid one is, is this unfair? i mean the g

an indictment on charges that steve cohen willfully ignored.otential avenue that they have. from what i understand, that may have been. the best case they know they have is right here with matthew martoma. he has been indicted for insider trading. that trade came after a conversation he had with steve cohen. liz: is ignorance a defense? charlie: if they believed there was enough evidence that he should have known or did no, they can bring one of these willful ignorance cases. they trade about a million shares a day. some astronomical amount of money. a huge portion of the new york stock exchange trading. it is still a fairly small percentage of volume. we were among the irst to report this. i still think it is very hard. michael steinberg, another former hedge fund manager. liz: let's back up a little bit for people who may not be that familiar with fac. you get the bridgewater guys. charlie: 1996, he charges more than anybody. you will see people at the justice department and they will say anyone that is that good has to be cheating. that is e

will the feds ever have enough evidence to charge steve cohen and traders who have been charged, will cohen, the owner of that company? ron insana is a cnbc contributor who used to work at s.a.c., kate kelly is here along with the "new york times" deal book writer. thanks to all of them. >> where are we kate, on the statute of limitations which i guess is a ticking clock with respect to some of the allegations allegedly against mr. cohen? >> tyler, we're about six weeks away from a very key statute of limitations that happens in late july, essentially a deadline by which federal prosecutors near to bring charges in the matthew martoma case, a sdrug trial begn awry. the question is will steve cohen be charged as a result of all of that? he was implicated and a crucial conversation between him and that trader who has been indicted already, matthew martoma shs and we don't know yet if they have enough evidence to charge him personally. >> the company is paid $600 million plus to the s.e.c. not that long ago. did they think at that time that they were putting their legal troubles behind t

a friend of steve cohen. he is staying in to the end. these are people that believe in steve cohen.ell you this, that based on what i am hearing in terms of masturbation's it doesn't sound good. getting a grand jury subpoena, head of compliance getting a grand jury subpoena. ongoing sec investigation, on top of it was tears me, getting back to my original thesis about people still looking for work, according to a couple of people, at least one person i talked to who went for a job interview, they are telling this person the worst that could happen is that we just ceased taking outside money and manage our own. guess what? that is not the worst. first off, if that does happen, the investigations, sec capital will be radically downsized. set of 1,000 employees will have a lot less. instead of offices all over the world, it will close them. that up so -- outside money gets charge 50% on returns and a 3% management fee. they pay for all the research and for all the real estate. that is downside. worse comes to worse. does not know what the u.s. attorney will do. the sec can conceivably

which could charge steve cohen, bar him from the industry for life. could impose another fine on sac capital. melissa: right. >> they settled one big case. there are other cases out there. and then there's a u.s. attorney's probe which is criminal in nature as we reported could be any where from charges against steve coen had, charges against the firm, in recalls it of what went on with matthew martoma, the former portfolio manager that sold, been indicted for selling stock of drug companies. that, to potential rico as you know, racketeering charges which could really be damaging to the firm. a rico charge --. melissa: that is worst-case scenario. >> that is like nuclear war, it puts people in jail for 30 years if that's what they do. it could impose fines that would eat that $9 billion, that cohen has and the other guys have, his employees have in the fund could eat that pretty quick if you look how rico charges add up. that is the worth case scenario. zack is kind of glossing it over but, you know, i will say this about sac capital. this is what ast

crunch time for steve cohen and his hedge fund. cohen lose all his outside investors and will the fed stop at anything to put him in jail? cnbc's kate kelly has the latest for us coming up next. vo: traveling you definitely end up meeting a lot more people but a friend under water is something completely different. i met a turtle friend today so, you don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix (varenicline) is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these

critics tries to tar down steve cohen but should they be worshipped as a ceo?er panel saysf they are a buy sell or hold. forget the lottery the odds of winning $1 mimillion on wheel of fortune is nothing like to have never seen especially the final clue is what you have seen. we have the woman who took only seconds to answer the second in history to defy the odds. coming up. wwent out and asked people a simp question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retireme age. ♪ the question is how do you ke sure you have the money you need to enjoy all othese ars. ♪ melissa: no matter what time it is newses is baking from the s&p 500 thatt will replace heinz with general motors stock is up after hours. from worship to rip art we have watched ceos get dragged through the mud with bad press scandals and been fired but should you lose

and, you know, i think we should remember that when we look at steve cohen.rged yet his fund is essentially being put out of business. we understand something like $4 billion of investor redemptions could come today. that would be it for sac capital. i'm losing my vows again. lori: what is the magic number? what --. melissa: need more water? hold on. there you go. >> thank you. lori: so what's the -- >> bring it on, baby. lori: is there actual magic number? >> we hear it is close to 4 billion, on top of 1.75. that would be it for sac capital and not a single charge. here is the other thing i heard, investigators are unsure if they have a case against cohen. they're unsure if they have enough evidence. so it may come down to the fact that this guy is not even charged. and his fund goes out of business. melissa: yet they still forced him out? >> absolutely. melissa: i mean it's incredible. and we still are no closer to knowing what matthew martoma is going to do? >> i think july and august is the key dates. if they, if that happens, like, for example, the statu

i think the fear, though, is that if steve cohen is personally indicted, which is the biggest questionpublic's minds right now, what happens to the firm? he is the all-important figure. the whole stwraenlg was his idea. much of the capital belongs to him. the whole structure of the place keeps him very intimately involved. so if he were to be taken out of the action, then what becomes of the firm? that is the burning question for outside investors as well as just discomfort with the headline risk and the feeling if you're a fund to fund or fi fund platform you have clients asking sharp questions about the future of the firm and steve cohen's status that you don't have a clear answer. >> thanks for the update, kate kelly joining us. the redemptions were significant about the inline largely with expectations. still, it seems like there would be no reason for an investor to be involved with this hedge fund given all these outlines. >> when you're as large as you are these guys have positions that take time to move. i don't care if they're in big liquid positions. i would be concerned. hav

critics tries to tear down steve cohen but should they be worshipped as a ceo?er panel says if they are a buy sell or hold. forget the lottery the odds of winning a $1 million on wheel of fortune is nothing like to have never seen especially the final clue is what you have seen. we have the woman who took only seconds to answer the second in history to defy the odds. coming up. ♪ [ thunder crashes ] [ female announcer ] some people like to pretend a flood could never happen to them. and that the homeowners insurance protects them. [ thunder crashes ] it doesn't. stop pretending. only flood insurance covers floods. ♪ visit floodsmart.gov/ptend to learn your risk. try align. it's t number on ge recommended probiotic that helps maintain digeste balae. ♪ stay in the grooveith align. melissa: no matter what time it is newses is breaking from the s&p 500 that it will replace heinz with general motors stock is up after hours. from worship to rip apart we have watched ceos get dragged through the mud with bad press scandals and been fired but should you lose faith in th

george told me, steve cohen doesn't know about next does it raise an ethical question?or instance when an employee of the fcc went to work for a telecommunications giant after they got favorable ruling is there that kind of question being raised? >> i think it does -- we should also raise the question as you and i were talking this earlier, you brought this up, i think possibly so whether preit might move on. speculation he might take eric holder's job. holder is under fire for the irs investigation. he has done a good job as u.s. attorney. she was his principal spokesman. listen it, raises the issue. this happens from time to time on major way in wall street. last time i remember happening in an investigation, bear stearns was uninvestigation involving its clearing unit, whether its clearing unit was clearing stock trade for bucket shop brokerage firms. the wolf of wall street type bucket shops back in the late 1990's. bear stearns during the investigation went out to hire to run its clearing unit the head of the sec unit that regulates clearing. his name was richard l

attorney's office is weighing possible charges against sac and steve cohen. davis will not work on matters related to the ec. that's latest from the fox business network, giving you the power to prosper. at od, whatever business you're in, that's the business we're in with premium service like one of the best on-timdelivery recor ana low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises. (announcer) at scottrade, our cexactly how they want. with scottrade's online banking, i get one view of my bank and with one login...nts to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with sttrade.ke me. (announcer) scottrade. awarded five-stars f from smartmoney magazine. david: those antigovernment protests have rocked turkey for nearly two weeks. what began as a small sit-in protest turned more violent with more than two thousand people injured yesterday. >> joining us from istanbul with latest, f

attorney is about to either charge or not charge steve cohen and sac capitol.l either do a case are not. and maybe these -- the sec is involved as well. so the robber is meeting the road on regulatory action. we do know that on some cases. there are two major cases, a statute of limitations that ends in mid july, just when my book comes out, by the way, which is starting to be printed right now. liz: a fiction book about a bunch of children. >> reporter: you know what is great, this is something else. liz: they are not yet. taliban. whole lot. all right. so this woman, helen davis, she is jumping the case. >> reporter: you distilled it right there. that is what is driving is raising eyebrows. this is happening. i will tell you, i talked to george, known him for years. he runs the firm she is going to. she will be completely reduced. point to be a chinese wall. on any sac business, not joining until september, up leaves the u.s. attorney's office said the end of this month, but i'm telling you. liz: how much do you want to bet she is leaving today. there will no

i think that steve cohen has been flirting with retirement in the past.brian bur rows vanity fair story, i've got back pain, i'm building a new generation, not doing this forever. since then he walked all of that back, very engaged and active. people are trying to discourage the notion he's going anywhere. i think this is a case where assuming that he can get through the summer without being indicted and the firm survives, he's going to want to leave much later and on his own terms. he's going to want to bring the firm back to froprominence and l off on a good note rather than have the last year or two of the legal questions about the his legacy. >> that's a good point, kate, thanks. >> auto sales continue to roll in better than expected but our next guest is bypassing the we three for his top pick in the space. adam jonas joins us now. welcome. >> thanks for having me. >> your top pick is? >> given the run the stocks had and how difficult it is to buy a stock, kind of suggests how we feel about the rest of the stocks. >> on tesla first, i'm sure there ar

where's the due process in all of this for steve cohen?'m not taking a stand one way or another, but this investigation has been going on for years, and it just, after a while, it feels like a fishing trip. because we keep having these trial balloons floated of this strategy's being talked about, that strategy's being discussed, this strategy's being thought of. where's the due process for stevie cohen? >> i think the due process comes in to play in the five-year statute of limitations, which is coming up very shortly. the prosecutors have every right to explore whatever legal theories they want to test and they want to charge. but ultimately, after five years has passed, they're not going to be able to bring this case. so that's really where the due process comes in. >> tom and brad, thank you very much for your thoughts. very interesting. >> thank you, gentlemen. >> thank you. >> thank you. >>> heading toward the close, still near the high for the session. up 175 points. some traders have pointed out to me, even as we talk about there's

this is the latest in the look into steve cohen's hedge fund.ckly tell us who you thought won the street fight. >>> change gears here, we are again halfway through the calendar year. profiling the hottest stock clips in 2013 with analysts at the top of their game. so today's stock is best buy. it has gone from worst to first on the s&p 500. so how is the second half shaping up at this point? our next guest is a five-star rated best buy analyst. let's welcome anthony, it's great to have you with us. >> thanks for having me. >> what are the catalysts going into the second half? >> it's a few different things. the first is cost-cutting. the company is way ahead of their original cost-cutting targets. we think there's more to come. the second thing is things they're doing in the store. it's basically like the apple store, but with samsung products, dedicated samsung employees, better trained best buy employees, and now they're doing the same thing in the pc department, the microsoft window shots. we are going to have a new video game console cycle.

failure is one their mandate inherently protects the status quo ante and the feds are going after steve cohen on the set of known theory of justice watch out stevie and remember the actually gotten mark on it about obstruction of justice and we talked with dose of salerno the question that the viability of the and tired global banking system and just seen it revealed just how the pup like dogs bait and switch by the tard. finally bob and i wondered what uncle sam is doing so i'm not trying to get a story about the hire as i'm buying popcorn machines and romance novel that's all we have today i'm perry i'm boring and come back tomorrow want to find out what's and your prime interest. they use the perfect material it's a lie you make just a small change and you get a totally different result than what are pretty top know the of. the goldfish is a little complicated. geometry we still play monkey you know the incisional and there's a good. it's very intricate work where my life has changed one hundred percent. from the field operating table here more than just a very small table as long as i had

well anti and the feds are going after steve cohen on the should of known theory of justice watch out stevie and remember the actually got martha on it about obstruction of justice and we talked with joseph salerno who question that the viability of the and hired will banking system. that revealed just how the public got a bait and switch by the tarp. finally bob and i wondered what uncle sam is doing so not trying to get a story higher as i'm buying popcorn machines and. that's all we have today i'm perry i'm boring i come back tomorrow what to find out what and your prime interest. she good leverage surely was to believe. she'd leave doesn't give a darn about anything mission to teach me reason why i should care about you and. this is why you should care only. american whistleblower edward snowden remains stuck in the transit zone of a moscow poultice russian human rights activists present at the fugitive. despite the blow to british intelligence from snowden's leaks the u.k. financial chief announces a funding boost for the country's spying agencies. slashing welfare spending. and

failure is when their mandate inherently protects the status quo ante and the feds are going after steve cohen on the should have known theory of justice watch out stevie and remember the actually gotten martha honest about obstruction of justice and we talked with joseph salerno who question that the viability of the and tired global banking system and just revealed just how the public got a bait and switch by the tarp. finally bob and i wondered what uncle sam is doing so i'm not trying to get story cash about the hire as i'm buying popcorn machines and romance novel that's all we have today i'm perry i'm boring and come back tomorrow want to find out what's and your prime interest. they were ready to do anything for their country to leave a trail as to love the country more than yourself if you join the military for any other reason that you're probably not going to have a good day they were cool in the state now they live remembering that which is impossible to get rid of. the war. but it all over good people get hurt. routes are good people them to be silent. but would prefer not to be so

failure is one their mandate inherently protects the status quo ante and the feds are going after steve cohen on the should of known theory of justice watch out stevie and remember the actually gotten mark on the obstruction of justice and we talked with dose of salerno to question that the viability of the and tired global banking system and just revealed just how the public got a bait and switch by the tarp. finally bob and i wondered what uncle sam is doing so not true good story house and the hire as i'm buying popcorn machines and a romance novel that's all we have today i'm perry i'm boring and come back tomorrow want to find out what's and your prime interest. of edward snowden a whistle blowing hero to millions around the world once again calls him a very dangerous security liability and a threat whatever his state one thing appears to be clear just to punish his actions in the name of transparency and the need to have a public debate on the surveillance state in that regard as he succeeded. you know how sometimes you see a story and it seems so for lengthly you think you understand i

charlie: his main target is a guy named steve cohen. what do you think will happen? know. obviously, they are looking at him very carefully. a big company. that is what the investigation is about. charlie: what do you think? >> i think that he is probably pretty well insulated. that does not mean somebody will not crack along the way. we went from a few people that gave -- that all took about three years. they have been after them for about three years now. i don't know. i think it is hard to say. there is no one testified against him. charlie: mr. mayor, thank you so much. liz: thank you very much. closing bell ringing in 37 minutes. we do have a rally on our hands. up 23 points. do not go away. ♪ it's a brand new start. your chancto rise and shine. with centurylink as your trued technology partner, you can just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated suppt, we help you shine every day of the week. the math of tirement

if they do charge him, steve cohen is one of the great traders of all time.. adam: you reported he is waxing poetic, what will be, will be. >> singing doris day. told bo dietl a friend of his, fox news contributor, that, if they indict me whatever is to be is to be. adam: try a little lindsey lohan >> not bad for three guys yuking. adam: flyers have faith. one particularly annoying part of air travel could soon go away. willis willis is on the story next. ashley: god i hope so -- gerri willis. ashley: the dow is slightly on the up side. look at some winners on the s&p as we head to break. this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fithsand dollars. congratulaons you are our one millionth cuomer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or theillionth. if your bank doesn't think you're special anymore, you need aally. alank. your money needs an ally. ♪ ashley: 90 minutes until the close. want to take a look at

we are talking about all of this with steve cohen. jeffrey is six years into his 24 year sentence.s. here we have spencer. thank you so much for coming back. people are talking about this. there are a lot of things that could happen with what's to come. >> the legal experts think that they could get as much as a decade off because of the way the sentence was calculated. i gets to the heart of the issue. they bring these very high-profile cases. i don't think he deserved 24 years. enron was the seventh largest company of the year. a lot of people lost their jobs and savings. he was definitely culpable. ii was an accounting fraud, but 24 years, putting that into perspective, the average murder sentence is 49 years. you have a lot of people who get off with the standard sentences or prosecution or those who are in the thick who you have never heard of. melissa: and because he irritated the judge comment has to do the weight of a it. is that right? >> about 70% is based on the economic cost. that is also if you look at what enron was about. and what it was worth at the end, which was z

coming up on "power lunch," steve cohen under fire at sac.ng billions from his fund. prosecutors going after some employees. will they crumble under pressure and point up? what is it really like to be a google intern? we'll talk to someone who has had that coveted job. why china's crackdown on corruption has taken a big bite out of luxury retail sales. scott, back to you. >> tyler, thanks so much. we want to get more on what happens happening in the currency market, yen and dollar making big moves and interest rates quite the story today. for that we bring in paul richards head of fx distribution. he joins us on the phone. good to talk to you again. >> scott. >> the dollar index is having its worst day in a year. yen up 3% versus the dollar. what is going on? >> we're seeing a massive positional unwind. this is called to be long -- to be 100% wrong. the market in general has seen a nice rally in the dollar since bernanke spoke to congress and the market had been expecting tapering of qe. but suddenly the market said, what if the number tomorr

. >>> the embattled hedge fund founded by steve cohen.te. >> still waiting to get a better sense of the numbers but the outflows are expected to be substantial, $4 billion after a first quarter redemption of 1.7 billion. sac can say it has some external capital because some outside investors, including from what i'm told, morgan stanley's wealth management arm which is leaving the capital with sac and other institutions like sky bridge capital are staying on board. it's still unclear what ultimately black stone group which was expected to redeem at least hundreds of millions and other big players decided to do. but the morgan stanley decision is likely to receive a little scrutiny because morgan stanley is one of the top prime brokers, which is one indication of the chris crossing relationships between a major hedge funds and the brokerages on wall street. sac is one of the biggest clients and rapid trading style relies on borrowed capital which is key to goldman sachs and others. morgan stanley investors understand their risks, which is

. >>> i know you have been following the story of asc capital steve cohen's hedge fund, it lost a lotnvestor money bus of a long drawn out government investigation. today a letter was sen to the employees to re-assure them the firm will still operate and no major layoffs are planned. >>> last night the winner of the $590 million powerball jackpot came forward to claim her prize. she is gloria mckenzie near town in tampa, florida. she will get a lump sum. she says she spent the last two weeks since the drawing getting advice from financial advisers, which i think shows she is a smart lady. >> right off the top. now, mary, if you had it, what would you do with it? >> i think the first thing is you set up a charity or a foundation, do. that i think the rest of it would probably be some educational for some of the people in my family. other than that, who knows? i like art and real estate. if i had money, i'd buy those. >> god, now is the time. >> it's fun to dream. >> investment portfolio and the news, i just love that stuff. thanks very much to her. >>> now, most of the economic news wa

next week end of the week, steve cohen's first wife, speaking of first wives, has a status conferencehim seeking additional money saying, among other things, he engaged in racketeering and hid funds from her. >> another reason to stay with your first wife. >> absolutely. >> indeed. >> my only wife. >> i really enjoyed that. thank you very much. kate, kayla, eamon and robert, thanks very much. i'm simon hobbs. that was our special edition of "power lunch." "street signs" starts right now. >>> is the treasury's market like a ponzi scheme? noted investor scott minot says it is. he's here with why and why he's putting the billions he's got to invest. detroit edging closer to bankruptcy. it is suspending some debt payments. this could set up the biggest battle over an american city's finances ever. plus, yesterday we talked herbalife with analyst tim ramey. today he's here to respond, and on this flag day we'll bring

the roughly $4 billion in outside money that still remains leaving them primarily with founder steve cohen'stal plus a few hundred million or so in addition. some investors have already made clear their intention to withdraw. in recent weeks ironwood capital pulled 100 million. blackstone group has laid the ground work to pull substantial capital, probably in the hundreds of millions, but we don't know exactly how much yet. what's happening with other players like morgan stanley and hsbc is not yet clear, but is likely to be closely watched. others have pledged loyalty, though, including sky bridge capital and chapwood investments. but there's no doubt that losing even a small majority -- or, yeah, a small majority, a little more than 50%, that is, of the remaining outside money could be a huge blow, kelly and scott. one that could be hard to recover from. >> yeah. kate, thank you very much. kate kelly with the latest. as we watch a market, by the way, that's now up triple to the best of my knowledge its, 102 points, a complete reversal from what we saw friday when you had that last 30 minut

there are concerns steve cohen, founder of sac, may be indicted as early as july or perhaps august aheado keep people's spirits up and reassure them that they're going to remain in business and won't become a family office, a fund that manages steve cohen's money. the president of the firm articulated some of those thoughts earlier in an e-mail -- he said yes, redemptions for the second quarter. that deadline was monday -- were significant. without putting a number on it. but he did say that the capital base is stable and that they should move ahead and have confidence that not a lot is going to change. >> kate, still we are talking about a firm that's had years and years of extremely strong returns. and then suddenly that comes screeching to a halt this year. its past performance, it was part of what caught the government's eye in the first place. >> absolutely. sac is well known for having average compounded returns north of 30%. they're one of the most successful hedge funds in history. are you absolutely right. that and their style. the fact that they rapidly get in and out of stock

. ♪ ♪ lori: as the government races against the clock to convict steve cohen, the continued to scramble against former sec capital employee matthew march. will the fed be able to convince him to flip and oust his former boss? the plot thickens. here is fox business senior correspondent charlie gasparino. >> reporter:, have to rewrite the end of my book. it is possible if they get this guy to flip. what we do know is this, they're trying to get additional charges. a pretty big story. trying to get additional witnesses to flip. and in that sense try to put the pressure on him to flip. in their view he is the best way to get him. forget about rico. a story in the journal today about ignorance of bad stuff happening. forget about that. this is the case, the clearest case. and as of right now they do not have a case. we should point out we put calls into his lawyer, no comment as of now, but i will tell you, this is a very difficult case for the feds because if you don't get him to flip, and he is the guy that share the allegedly inside information about the trials on drug stocks back in 200

. >> investors could yank $4 billion from steve cohen today that would leave him with mostly his own money left to work with. >> that's still plenty. >> apple in court today to defend against accusations of price fixing of ebooks. a trial could be three weeks in duration. >> all right. as we enter june, the stock markets have yet to experience the losing month so far this year, but the last trading day of may, and you probably know it ended with a 209-point sell-off in the dow and the losses accelerated in the final hour of the worst session for the blue chips and the s&p since april 15th. futures as you saw moving higher this morning and so is the ten-year treasury yield and that could be the key here. it is above 2.15%. you know, it's funny, jim. we've talked so often about duration risk for those in bond funds and yet, we haven't talked as much during that course of it as should there also be a lot of fear of equities. because it wouldn't seem to be the automatic and somehow the market would be jolted as it seems to have been over the last week. >> the destruction in the cloroxes

one of the arguments in defense of steve cohen has been it's a large firm, it's structured in siloed so there are lots of different portfolio managers that run their own portfolio, they do it on their own and he's the wizard at the top but because of that structure does he know everything that's going on below and, therefore, what does that mean if he doesn't. >> but the crux of the story seems to me they set it up to ask well if he set up to never really know, we can still prosecute him. doesn't that seem bizarre? i mean, come on. >> to me, criminally that makes it very difficult. it makes it -- having said that, yesterday we got news of the corzine case. the corzine case is a civil ftc case. >> that's a slam dunk. >> that's not a criminal case, that's a civil case. the allegation in that case is he failed as a supervisor. >> de. >> is there a civil case related to be brought to steve cohen that says one way or another you have nine people that have either been convicted -- accused of insider trading. there's some kind of supervision problem at the firm. that's possible. >> poor sup

steve cohen. how do you handicap that? we have a month before the statute of limitations runs out on the five years for the infamous famous elan trade. does he get prosecuted? indicted? >> i think he doesn't. and maybe that's a controversial stance to take. i think he doesn't. you know, if the feds had something, why would they, you know, be suddenly subpoenaing stevie cohen and a handful of his executives? a lot of people think that's sort of a hail mary pass. you know, i think the clock's going to run out, and we're going to be where we are today. >> anybody else have a take on that? >> i tend to agree. i think if they could, they would have by now. i don't think they're going to. but there's an interesting tie-in, isn't there, between cohen and these other folks that you've covered in this book. how does that tie together? >> yeah. the stunning thing to me was that this case started actually -- the stevie cohen case started in 2006. the feds, you know, picked up on some ims and e-mails between raj's kid brother who happ

in any event, the bottom line is he is channeling : steve cohen. be will be. >> all of these guys that are under incredible pressure, you know, they initially freak out. from what i understand in a deep depression. very agitated for a time. and then they will back in just taken for what it's worth. to this survive this in some way. that is essentially how we is approaching. adam: in your coverage of this for well over a year you always pointed out that he made the right bet. >> let's be clear. this problem was not that he bought short dated spanish and italian bonds. two years because he bought them under par. he felt that there would be money give its two years ago they were in have been. italy defaulted. that is a great bet. his problem was, and it goes back to a story wrote on foxbusiness.com were appointed out he did not have the controls in place to basically sustain a run on the bank. a little nervous. that is essentially what happened. lori: be specific. you know what, we have to break-in. we have the president and we want to bring you his c

. >> what is interesting about steve cohen. he is not a bad guy personally.cause i keep writing stories about him. he is a decent guy. people freak out about him, before we get into this hit he is one of the world's great investors. take the insider trading out, which is a small portion, this guy cranked out 26% returns since 1992. melissa: you are getting choked up. you're about to cry. he is going to cry. >> let's get to dodd-frank. melissa: okay. >> we talked to sec commissioner gallagher, dan gallagher. he says this. this is going to get everybody in congress really blown away. he says it will take years to implement dodd-frank. he basically says they are less than halfway through writing the rules on dodd-frank. and the bottom line is, there is a good chance, as you know, paul volcker came out said the thing will be written i guess by july, right? three-year anniversary. he says no way. it is years and years away based on how far they have gotten an infighting the between the fed and sec what the rules should say. i say this to wall street. you think you

our charlie is up next as steve cohen is the guest. cheryl: and energy c.e.o.alking to melissa and lori what it will take to give the saudis a run for the money. to the magic kingdom, prices are rising. how much it will cost you. they'll talk about it. they have kids. they'll have big opinions on this one, i am sure. >> good afternoon, i am lori rothman. melissa: and i am melissa francis. the inside take. lori: and weaker data not helping the market either. katie stockton nys of the recent decline is just the bulls catching their breath. melissa: saudis running scared. the highest level in two decades, saudi arabia oil minister doesn't want to talk about it. that certainly isn't stopping us. what will take to give them a run for their money. lori: charlie gasparino faces for client withdrawals. let's get you updated on the market as we do every 15 minutes. let's check in with nicole petallides. nicole: we are seeing a market that has been mixed all day long, holding onto some gains right now up about 52 points thanks to merck and an hpv vaccine. intel with the

because while segal was standing there taking credit for this, another member of the delegation, steve cohens head in disagreement the whole time. it appears as i say to have been somewhat divisive but in the end steven segal tried to strike a diplomatic note saying he made some of the initial phone calls to set the meeting up but the u.s. embassy played a big role in miking this happen. >> why does steven segal have great contacts in the russian security service? >> we know he and the russian president vladimir putin get along because they have a shared interest in martial arts. vladimir putin is a high-ranking black belt in judo. putin has tried to style himself as something of an action hero all along, so we know that steven seagal has spent time here but in seagal's words he says he is friends with many the s in many countries but didn't explain why. >> phil black in moscow, thanks for that story. >> dennis rodman in north korea but that's a different situation. >>> the irs scandal widening this morning and we could see fireworks today. because this afternoon acting irs commissioner dani

tim cohen. steve aiello. linda chatman who filled out two cards. aaron franks. fernando marti. [speaker not understood]. ms. hilton. >>> good afternoon, supervisors. the land use and economic development committee. i appreciate your work in incorporating the class of the larger community of stakeholders and crafting this very important piece of legislation on chapter 1 of the administrative code on california environmental quality act ceqa procedures. many projects are cad exed from ceqa after an initial environmental review and the legislation being massaged over these many months people have said projects and more from both sides have agreed that after a permit approval, this occurs on many occasions. the legislation [speaker not understood] the right to appeal projects after changes even if those changes are within the original project description on the permit application or within the scope of the project, due to the fact that there could be nonfindings at the time of the initial project review, but evidence of environmental impact subsequently with the modifications. [spe

kate kelly is reporting the steve cohen firm has told employees it will survive what it characterizes as significant redempti redemptions. in a letter to employees date odd tuesday, sac says it has no plans to become a family office. a lot of people have been talking about that possibility. it added no significant layoff res in the works. sac has roughly $4 billion in outside capital after first quarter redemptions and, you know, despite all the money that investors are taking out, he still has i think it's about $8 billion or $9 billion of its own money. you can stay open for a very long time. and employ about 1 is,000 people to do it. >> the high on the day that the "usa today" cover came out was 1661. so basically, we can -- the s&p was as high as that. so we can equate the closing high on the s&p with the "usa today." any numbers that we can do. and i'm sure they're happy that we're doing this. they need to serve some purpose. >> it's good for business. >> remember that little -- yeah. >>> in other news, the -- i don't know about this. i was wondering if this disturbed you. >> i a

public perception of the firm which was fighting battles on multiple fronts and last quarter, and steve cohensider trading case. outside investors who started the year with $6 billion in sac pulled 1.6 million. this quarter with fears rising about a potential cohen indictment amid the arrest of another sac trader and a rash of grand jury subpoenas. outside investors were expected to pull a substantial amount and outside assets that remained. of course, that still leaves cohen's 9 billion or so in internal money which still could provide the basis of a balanced hedge fund or sac office and that possibility can certainly exist. key sac clients whose moves we are watching today include morgan stanley, hsbc and blackstone group and all of whom stayed after the tumultuous first quarter. those companies were widely expected to pull some, i'll be back to you guys as soon as we have more on the numbers which will be forthcoming in the next few hours. >> in terms of the timeline for the potential charges being brought, and that is ticking down as well, isn't it? >> it is, david. there are two sets of

going to be joined by three more members, terri sewell from alabama, hank johnson from georgia, and steve cohen from tennessee. >> thank you, madam chair. this is indeed a sad day for our nation, but it's especially a sad day for my home state of alabama. as a native of selma, alabama, and as a member of the currently represents the civil rights district of alabama, i can tell you that i know that the injustices suffered on that bridge, the he had monday pettis -- the edmund pettis bridge on bloody sunday, 1965, has not been fully vindicated. i think it's ironic that the very state that caused us to get the voting rights act is now being used by our supreme court to dismantle that very -- that very law. but i think that as long as there are facts like the facts in the shelby county case, which so clearly demonstrate that there's so much work to be done, the fact of the matter is that without preclearance, clara, the -- colera, the city of colera, the county of shelby, redrew the lines such that an african- american city councilmember would lose and the discriminatory effect was that he lost. he

thank you, we're going to be joined by terri sewell from alabama, hank johnson from georgia and steve cohenrom tennessee. >> thank you, madam chair. this is indeed a sad day for our nation, but it's especially a sad day for my home state of alabama. as a native of selma, alabama, and as a member of the currently represents the civil rights district of alabama, i can tell you that i know that the injustices suffered on that bridge, the he had monday pettis bridge on bloody sunday, 1965, has not been fully vindicated. i think it's ironic that the very state that caused us to get the voting rights act is now being used by our supreme court to dismantle that very -- that very law. but i think that as long as there are facts like the facts in the shelby county case, which so clearly demonstrate that there's so much work to be done, the fact of the matter is that without preclearance, clara, the county of shelby, redrew the lines such that an african- american city councilmember would lose and the discriminatory effect was that he lost. he lost that election. this wasn't in 1965. this wasn't in 1

thank you, we're going to be joined by terri sewell from alabama, hank johnson from georgia and steve cohen from tennessee. >> thank you, madam chair. this is indeed a sad day for our nation, but it's especially a sad day for my home state of alabama. as a native of selma, alabama, and as a member of the currently represents the civil rights district of alabama, i can tell you that i know that the injustices suffered on that bridge, the he had monday pettis bridge on bloody sunday, 1965, has not been fully vindicated. i think it's ironic that the very state that caused us to get the voting rights act is now being used by our supreme court to dismantle that very -- that very law. but i think that as long as there are facts like the facts in the shelby county case, which so clearly demonstrate that there's so much work to be done, the fact of the matter is that without preclearance, clara, the county of shelby, redrew the lines such that an african-american city councilmember would lose and the discriminatory effect was that he lost. he lost that election. this wasn't in 1965. this wasn't in

cohen and supervisors and department heads and residents of bayview. i am janet, i have a couple of issues i would like to encourage you to consider. i recently met with steve kawa and mayor lee and john templeton about the development of african-american tourism. and mr. templeton submitted a proposal to provide a way to tap into those funds. and to also bring employment into this area. and to also give value to the lives and the residents of the people that are here. and also again provide a source of employment. the other thing that i would like to encourage you to do is as we have these huge development programs in the area. that are geared towards certain percentage of employment in hiring residents. that you also include professional services such as accounting and legal and real estate sales. and thank you for stretching the dollar as much as you have been able to. i know it's tough. we are counting on you to continue to do the good work you already have been doing. thank you. >> before we hear from supervisor farrell. i want to remind everyone in the audience, if you didn't get an opportunity to speak tonight. you definitely have an opportunity to s