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Charlie and -- -- battle here -- battling here we just want to tell you the people inside SEC are you feeling your biceps.
People inside SAC remain confident that the big catch.
At its founder Steve Cohen will survive even as subpoenas continue to fly three more today -- -- -- And if you look at that this subpoenas today it's kind of interesting night I think that's kind of a second there's there's -- bigger story.
-- when you talk wouldn't what's going on between investors in the fund particularly for the fund managers.
And senior SEC officials with -- tell this from the fund manages this.
But they're they're -- it through the Steve Cohen will not be going to jail that's what they believe.
They blew the fund will essentially somehow survive or maybe be closed down and he'll be able to reopen it.
And all the little -- the big fine.
That's what they are telling -- weather happens I I don't I can't tell you -- Which kind of interest you when you read the tea leaves of who got the subpoenas now three executive executives -- a big deal -- it's hot.
Now because we knew the executives -- getting it right OK but you know the question is did they subpoena portfolio managers.
-- who they subpoenaed to subpoena guy named Tom con he me.
Who's the president of of SEC.
And they -- to complaints guys which it doesn't really matter who they are but it looks like when you look at these subpoenas -- -- what I just told you it is the fund.
Itself as opposed to maybe Colin who's in most in jeopardy here what I mean by the fun.
SEC capital it looks like.
They're looking at maybe trying to close that down and -- basically considering that a corrupt organization violated.
You can charges against SEC capital -- -- Rico charges he could take a lot of money out of that you know you can.
Basically take billions of dollars right now matches in the fund fourteen billion outside -- it is Steve Collins money maybe didn't Iraq force him to -- half that I mean who knows how this works out.
But what I'm saying is it really does look like they're going after the fund rather in this particular case rather than him.
And the reason why is it also Steve -- got got a subpoena right general you don't subpoena targets if -- direct target of a grand jury investigation which is going on here.
You know -- -- my view is basically what it goes down TS think there is a dual track that this investigations going on him like Matthew -- Toma the portfolio manager.
Indicted for those those suspicious -- a wife trades back in 2008.
Who made interest trades right before we get a phone call with Steve Colin.
They think that that is key to what color you about a potentially insider trade that's their main focus as a side thing they are looking at potential Rico charges.
And maybe closing down the fun.
And that's what these subpoenas kind of give you more sort of a I will say this any you know here's the other thing that I I think -- should take to take -- consider when they're following the story.
So much of what we -- would say we don't we don't know the full story here and I I've been I'll do a book on -- relentless pursuit of Steve Collins called circle of friends it's coming out.
And a month or so.
I took a lot Justice Department people former Justice Department people who say that you know what you've -- to hear and see the paper sometimes.
He -- stop the full story in of this story is slowly coming out we're gonna get more soon I I always say.
We're on the ten yard line with a lot more to go -- out of sane but clearly you know what I do know is what inside SEC they're saying that maybe it's wishful thinking.
They think they were okay broadly I don't think Steve Cohen is gonna go to jail so to tell people the same is true because you know said he's innocent hasn't done anything wrong.
They think that the fund is what these -- jeopardy here that you -- what they're looking at.
And I can tell you -- read the tea leaves of the subpoenas that's what it sounds like.
Right Steve Kohn gets to subpoena himself from the grand jury generally targets don't get grand jury subpoenas to people that got the subpoenaed now Tom con he me.
And the -- clients guys are not portfolio managers so it's the fund that they're looking at so it's it's -- reading tea leaves.
And so the most do you get what you do distract you.
Heard the thunder and that was from my -- My guns you do in conjunction take a look at should show people because we've got a massive thunderstorm going right up by the -- it's cold rain.
-- -- to sell its stake thunder cloud and adding this is what was stopped in the news for its -- when you're done violates -- in New York.
There's -- it's raining in New York.
Thank you very much -- great whose judgement here at fox are I want everybody to -- now.
Apple is claimant come -- all of me not have to thank you closing bell.
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