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Jury Selection Begins in Mets, Madoff Trial

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:03
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This is this Imus in the morning.

On the -- Good morning everyone apple is -- to make a big announcement today on what it plans to do with its cash pile of 98.

Billion dollars the company says CEO Tim -- and CFO Peter Oppenheimer will hold a conference call at 9 AM eastern.

And some analysts expect them to return a portion of the cash to shareholders in the form of a dividend.

As investors have been pushing for this all comes -- apple shares hover back above 600 dollars in the premarket.

And followed the release -- the new version of the iPad is it just below 600 at the moment but already today we've seen them past that number of meanwhile the trial to determine how much money the owners of the New York -- Well have to hand over to the men working to recoup funds for Bernie Madoff victims will officially start today Fox Business is -- Webster's at the federal courthouse in lower Manhattan.

Where those proceedings will take place and actually we don't Irving Picard the trustee I failed that one bit already to try to get one billion dollars from them now there's a little more than 300 million.

On the table how likely is it that he -- this suit.

While that's going to be the big question nine less than an -- now this trial get -- -- The New York Mets baseball co owners Fred will open and us all -- Will come to court and try and prove to -- the court -- that they knew absolutely nothing about Bernie Madoff so fraudulent Ponzi scheme.

And they have to -- have the burden to prove to explain why they.

Withdrew some 303.

Million dollars prior.

Do -- the arrest of Bernie Madoff in 2008.

They say they co owners of the -- say they have no idea.

And they want to call a series of witnesses -- they say could prove that they have no idea.

This -- take place before the jury is selected there -- issues that need to be decided.

Whether in fact hold -- famous -- co facts will be allowed to testify he is a close personal friend of Fred Wilpon.

Who are advised him to advance with Madoff something he says he would never -- -- -- thought that -- Was operating this fraudulent scheme also former Manhattan DA.

Robert Morgenthau he could be called to testify as well as a -- to witness.

By will put -- says like he invested money.

Where they charity and said the Madoff should look up to that money something he says he would never done again if -- -- Madoff was of fraudulent.

They also want to say the -- does that of the -- that they have no clue about this fraud and they say that if these Securities and Exchange Commission had no idea.

How would they have any idea that what they were doing was fraudulent when they invested.

-- Bernie Madoff again this gets underway at 9 o'clock in front of district court judge -- rake off.

And Diane it's going to be interesting the burden of proof in this case.

Is actually on the New York Mets Cohen -- to say that they did not turn what they call a willful blind eye to what was going on.

That's interesting and we know the jury selection begins today's -- keep checking in at you actually Q to keep us posted on how that -- thank you.

-- and thank you now let's take a look at the markets here in the US futures and in bouncing around a little right now we're seeing Dow futures up by eighteen -- and he's up.

About two points and the NASDAQ -- down by two points rather the nasdaq's up about five.

Over in Europe shares of TNT -- are up 2% on news that UPS's buying that shipping company.

But banks and miners are pulling back today you -- EU European markets are all in the -- the let's take a closer look.

At why now with rob a bank in international senior currency strategist Jane -- He's joining us from London now Jane -- this chief -- and that Portugal the second reason might need another bail out.

It is contributing to the down -- that we're seeing here have markets kind of already factored in.

Portugal's trouble.

Well I I think -- a lot of people of course have been warning about what -- through this is just another of the -- -- tinted spectacles but it's about a half what was happening offset pullback has been such a little bit today by F.

At comments from the east Iran and he suggested that have pushed gold is making good progress I think let it keep on having this.

Tug -- war political sent many people in the market would remain.

Of -- that Portugal could because of the way of -- Greece's.

At plan could just be attempt paid for what is to -- a potentially in Portugal has -- between now and the end of next kid.

It does seem like those fears of contagion have been in place since even all these negotiations with Greece started so.

Jane thanks to the analysis and will like keep checking in with you find out more thank you.

Let's take a look at commodities now oil and gold like the market and the bouncing around a little bit today right -- -- seeing oil up.

By about fourteen cents at 107 a barrel although is down but only about ten cents right now at 1655.

Announce -- again taking a look at our futures here where mixed Dow and the S and here both still down while the NASDAQ is up by five.

Imus in the morning continues right now on Fox Business giving you the -- across.

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