. >> steve cohen is a former federal prosecutor. >> once somebody goes to trial, 12 jurors say guilty you're in that place, it is extremely difficult to overturn a conviction. >> this is a thin case, in an odd way that makes it harder and makes it harder because without something very new, what you're really doing is attacking the same evidence that the jury based its conviction on. >> and cohen says anything new velazquez's lawyers have might not be enough. >> i don't want to suggest that recanations are nothing, but they are not dna. they are not somebody who you now believe was the actual shooter. you don't have that here. >> for four years, jj has lived in sing sing's honor block. and he's been going to school at the prison. >> see what the teacher graded me on? see what the topic was? >> my incarceration's impact on my family. >> his younger son, jacob, has never known his father as a free man. his oldest, jj, jr., 3 when his dad was sent away. because of his age, prison rules prohibited him from visiting his father by himself. >> never had alone time with father and son. he does

here's the thing, not only was he tried and convicted of insider traaing -- he never gave up steve cohenly, denied. he basically went out there and said the doctor in the case was an unreliable witness. judge said no way -- liz: judge said he was a fine witness. >> credibly reliable. you got a fair trial, you've got to go to jail. he's going to go to jail on monday. now, the question is how much time does he serve. i will say this, based on the facts and circumstances here, the fact that he did not cooperate, the fact that the amount of money, according to the government, was more money than any other insider trading case, each more than -- even more than they went after raj rajaratnam who got the biggest penalty, the longest time, 11 years, this guy could go for 20. liz: 20? >> the government is asking for at least eight. the mitigating circumstance is, obviously, he's a young guy. he's got kids. but the negative thing is, you know, a lot of stuff came out that damaged his reputation. there was that issue at harvard whether he sort of made up some of his transcripts. it doesn't have a b

these stocks. >> you hit hit on the head, all throughout the case on this show, many times, as steve cohene to him for 20 minutes. they were all sitting around in a room. martoma, was only one suggesting that they dump the big position they held with respect to wyeth and elan securities. they said, wait a minute. he is outlyer. but they said he is closest to the deal, which was insider trading code speak. the reality is, as you said, liz, 20 minutes on the phone, right at critical time. my goodness, if he came in, this is what he said, chapter and verse, they probably would have been able to arrest him. david: how could cohen not have known about it? >> not have known about it? david: not known exactly what martoma -- >> that is fantastic question. your question highlights whether it happened and whether you can prove it. those are completely different categories. you kill somebody in the forest, nobody sees it, are you guilty? you're factually and morally guilty but not guilty unless they can prove it. probability is not going to get you beyond reasonable doubt in the courtroom. liz: mart

he was accused of racking up 270 5 million dollars in illicit process for steve cohen's hedge fund. the baltimore ravens have terminated the contracts and the nfl suspended the running back in definitely. showing himged punching his wife in an elevator. he was in the third year of a $35 million contract with baltimore. investors push for his removal, citing accounting and operational missteps. back to you. >> mariette had an investor day in washington dc. the company says it will add over 1300 hotels by 2017. entertainment, the casino company is filing for bankruptcy again. new jersey governor chris christie declared that casinos and racetracks in the state can offer sports betting without fear of prosecution. atm joined by an analyst mcquarrie capital covering the gaming industry. bloomberg intelligence providing real-time research and context in a variety of industries. they both join me from washington dc. what exactly did marriott have to say? >> what they told us today was lodgingct globally the industry to do extremely well for the next three or four years. they manage and fra

snyder yes but they did but there are also a few names naysayers and that is that is the nation with steve cohen now i'd like to move to the third category which is i think in terms of where we're going in foreign policy the most important and that is the use as a marker here foreign affairs magazine and we've seen a dramatic evolution from where we stood in february around the time of my dawn to where we are in a september october issue and the publication of john mayer simers devastating attack right on all the underpinnings of american foreign policy ok a meal before you want to jump a little guy no go ahead karl karl in amsterdam go ahead jump in i agree i think this new book called easy for me and let me go to karl let me go to karl first go ahead go ahead i think that this is you see the especially because of the downing of the airliner there was a mood of hysteria and people with different the different on the standings and also different mollett were scared to open their mouths and then you had stephen khan who opened his mouth and who explained things and of course i personally think th

biggest insider trading accusees in just a moment, matthew mar toe mow, the portfolio manager for steve cohenas flat out convicted earlier this year for $275 million in illegal trades in two

biggest insider trading accusees in just a moment, matthew mar toe mow, the portfolio manager for steve cohenconnecticut at sac. he was flat out convicted earlier this year for $275 million in illegal trades in two stocks. they were pharmaceuticals. martoma could get up to 20 years in prison. just minutes from now we will bring you the sentencing as soon as it breaks. doug burns, former prosecutor and friend of the show standing by. again, remember, the longest previous sentence was for a guy named raj rajaratnam of galleon group, that was 11 years. also breaking this hour, americans taking on more debt. is that a good thing? well, the federal reserve says consumer credit is rising. it rose in july at an annual rate of 9.7% to $3.2 trillion, much of it tied to nonrevolving debt, things like student and auto loans. that jumped 10.5% in the month of july. now we're just one hour to go, stocks mostly down but off their worst levels of the day, a turn around of any kind, any move to the upside for the s&p 500 would mark its 34th record close this year. right now you can see, though, down about ei

david tepper, steve cohen, leon kuperman. melissa: biggest names out there. >> he knows they will buy this they're in this. this is hedge fund-friendly deal. here is my problem for the retail investor. the retail investor, they're not in the deal at the ipo. they will get in the secondary. you will have to buy it after it pops. after it pops, likely at some point, could be soon since so many hedge fund are in, likely to go down. they will flip some of this stuff. melissa: do you agree with that. >> i agree with charlie saying. i don't agree with the price being 72. melissa: you don't think it will be that high? >> jack ma had experience with alibaba in hong kong and it was bad ipo and pulled it within 2012. melissa: why is that relevant now? now we're in the middle of this big bubble where we have some tech ipos and has he learn his lesson? >> when he was deciding between the nasdaq and new york stock exchange that was very critical decision for him. he wants to make sure he prices it right, has support and doesn't want to he

steve cohen. sheila has been covering the case since its very outset. of person time is he facing?guest is seven or eight years. the government is pushing for something much longer. they would love to see 10 years plus. >> how is it mark, could get the same, similar, or even a longer prison sentence than 11 years? >> this is something a little bit controversial. the sentences for insider trading have been getting longer. they are really closely tied to profits gained by illegal trades. as the industry has exploded, and as a culture of winner take all bets have taken hold, the profits have become really huge. it is alleged to have earned profits of $275 million. that is the biggest chunk of money they have ever charged insider trading request any money left for him to flip? where he can say, i have got something for you. do we still have a moment? >> a lot of conspiracy theories flying all summer. becourse, there could always last deals. >> he know who -- no longer has last-minute deals. >> he is done. he may make one attempt, but it is finished. no one really expected his case to g

when he worked for steve cohen.late to a young guy like mark, as he details in his new book out today, the education of the valued investor. a -- wanting to be exactly like the character in wall street. greed is good until he pay more than half $1 million to meet warren buffett. guy, you say warren buffett saved you? >> absolutely. his time ino do prison. but we live in a culture where we want to his a goat young people rather than think about the environment that create people like mark. if i would have stayed at the first place i work out of business school, i might've -- it was a place not dissimilar to willful wall street. i had no clue. i was just greedy and i wanted to get rich fast. someone offered me the opportunity to do deals right away. school guy.harvard in order to succeed, i had to take shortcuts, i would probably have to be scarce with the truth, i would have to fine line. those environs are vortexes. >> how easy would it have been for you to turn? >> it was hard, i stayed in a place for far too long.

i will turn this over to staff or supervisor cohen to explain this and i will come back for clarification. >> thanks steve, andrea brus, i work for supervisor cohen who is the author of this today. this you for hearing this item. this legislation was introduced largely in response to i think a number of concerns we've been hearing over the past couple of months as it relates to office conversion in historic buildings particularly in the pdr 1 b and 1 g and i know you have been struggling with both the incentives we want to provide the owners to rehabilitate them and for protecting and growing pdr space. so the supervisor certainly shares the perspective which i'm sure that many of you have that we want to incentivize owners to maintain and rehabilitate historic buildings especially in the p 1 and 1 b which are in the industrial design center history but we have struggled with the amount of space that these buildings are allowed under the code and that reread it's ugly head with the adams. it helps to have incentives for some of these buildings to allow higher generating office to fund property owners inve

brian cohen the chairman of new york angels which has invested more than $53 billion in early stage technology companies. >> steve founder of self-employed.com. so good to see both of you guys. >> great to see you, j.j. >> the first question, finding funding. >> as a small business, a lot of us spend our time, you know, boost dropping or getting lines of credit. at what point do you need to see an adventure capitalest? how do you know if you're qu quali qualified? >> perfect question for you, brian. >> two types of companies. you have to first ask yourself, where do you fit? angel investors, we look for fast-growth companies. sometimes people think we're philanthropists, but we're not. when you're growing your business, money is a fundamental part of it. food strapping is good when you're developing your idea because you want to get greater value for your company when you go raise money. it's called valuation. >> not to mention you probably have to prove your concept if you ask anyone for money. >> some real angels like me leave early. i want to know you before you prove your ceoncept. new angels want you to prov

steve, he suffered. but his jailers never broke him. he was an inspiration for others in that dark prison far from this country's freedoms. >> now exclusively steven sotloff's best friend justin cohen. thank you, justin, for joining us. how are you doing? >> i'm holding up. thank you for having me. >> thanks for coming on. you aren't just steven's best friend, your families are best friends. you celebrate holidays together. how is the family tonight? >> you know, we're grieving. we're trying to be very supportive, be there for each other. obviously, we're still in a state of shock, and completely devastated by the whole situation. >> can you talk a little bit about steven's work in the middle east? tell us about that if you can. >> you know, steven, he -- he is very passionate what was going on in the middle east. you know, he was this for the people. it was never a political issue for him. he wanted to make sure that he could get his point across, that everybody would know what is going on over there. he didn't mean any harm for any of the work or any of the articles that he has written. and, you know, he just really was there to be very supportive of, you know, trying to make a s