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-- -- -- -- -- So what we do -- What do we know thank here that -- trying to figure out what the world that -- -- do we know.
Conference call it that investors tomorrow morning hedge front founders -- Cohen is in stepping down and sources say the -- isn't winding down.
Other than that things over their pretty much stink as the Fed can and I think -- pro pro and and -- massive hedge -- for alleged insider trading Charlie Gasparino save me from the syndrome I.
I should point out that I wrote that -- -- I.
It was very it was it was poetic it is okay do we know.
About it okay here's what what we had here's what we know not enough some get some of the preliminaries as you know massive insider trading investigation.
Cohen the founder of the be hedge fund trader himself.
Found in the sixteen billion dollar hedge fund under the spotlight -- the you know the -- to look at that his actions as well.
He told a conference call tomorrow and investors here's what we know number one -- we gotta get the satellite.
I'm told he's not -- -- -- can't get big shock there.
Now I don't think that's a big shot really think people are it's when you talk to people.
On Wall Street they're talking about when he might cash and it is a lot of with a lot -- -- -- Obviously is a proud guy doesn't he's gonna save me to -- the -- route iconic.
But when you got.
Any control room when you've got the US Justice Department -- you you are not in control but he's not stepping down right now.
We understand this is -- sources all say the funds -- winding down let's get get that out away now here's what we do know.
Colonies like I -- likely but I'd I've gotten some people pretty close -- a fund.
He's expected to say that SEC at SEC the -- -- he runs.
In -- notifies investors.
On losses and the course associated with with the investigation meeting.
If you know there's ill gotten gains ticket clawed back because -- Matthew Moore told we're told with the latest as former SEC manager who apparently made some money.
On on alleged insider trade if that somehow gets clawed back by the investigated by by the Justice Department if there's going to be -- associate with that.
He will identify the fund his money is in it he will pay that out of his pocket.
Basically to fund the cost so investors don't take on the -- -- saying gonna say that.
Quite simply investors are scared and you know what they are getting -- -- as -- SEC capital now.
Is lots of calls from investors what are you doing what's going on.
And the -- in theory -- when this thing happens you always gotta worry.
About a run on the bank that people start pulling money and we do know this couple things about SEC.
They've closed to fund essentially to new investors you can't put money -- -- -- space what they have in their now they may start of the things.
This is obviously put a crimp on that we should point out also that SEC officials.
Have described this as a routine thing just to to talk to investors.
Which is absolutely true.
It's routine coming at a very on routine time immediate heat is really being turned up.
On SEC and and and and Steve Cohen himself when he and you are calling right Charlie and I'll -- narrow preparing -- for at least -- because I know I think I practices and who I think this is new the we should point out he's not been charged right.
Right SEC has not been charged.
But this is new -- if you look at that indictment on Matthew -- Toma.
The specifically mentioned -- him by name but the person -- talking to where he sharing information with.
Even though it's -- it's it's unclear -- said this is inside information but sharing.
The information itself.
Was Steve Cohen and that's the first time and that's that's a big thing now as we were first reported at the fox does network.
They've tapped his phone -- in the going after for years -- still haven't.
Having a you know they haven't like really laid a glove on the inflated -- -- about some people around and one other thing he runs a very decentralized place -- -- what happens is.
It's known as the hub and spoke that's I would describe -- -- capital.
Other managers of his other funds.
-- him with their best ideas you've covered those people know are wrong with their best ideas so -- -- what do you think happens all right let me just resist the notion is.
Do they in bombarding -- with those ideas they generally probably don't say hey I -- illegal tip for you Steve so.
That's where we are right it is where I think it's it's it's -- this is now opinion okay Cohen's -- in this thing.
I think this this fund is seen its final -- -- Steve Cohen.
When here's a thing I I think.
Let's just say the feds can't get anything on him he's you know he runs -- Don't Ask Don't Tell operation.
The government has ways of shutting you down and that if they think -- running up a shop that's not compliant or.
-- and ignores ignores you know basic compliance and ignores illegal activity.
They don't like it I I could say this I can tell you I go to but I told him.
Senior government officials.
They think this guy is problematic -- -- -- much seeing the news.
As -- -- I think insider trading is a victimless crime I think they should be spending their time.
Going after the burning minerals in the world and were worried about Wall Street excessive risk taking maybe the banks -- today it's a lot of big public policy issues that the Fed's.
Meaning the SEC just -- go after -- that is a big thing that said forget about me.
They think he is problematic and when when the government -- problematic.
That's a problem for you Charlie Gasparino thanks so lax.
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