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The hunt for the witch hunt.
As some are now calling it for SAC capital Steve Cohen continues now for the lieutenants have been slapped with new subpoenas this after Colin selfless subpoenaed last week.
All over alleged insider trading.
But this probe announced five years in and time is running out.
Let's talk about with Jim Tracy former chief operating officer of monster -- -- who served jail time in the stock options backdating scandal a few years ago.
We appreciate you being here Jim Tracy.
And I imagine what you must watch this case -- some interest you know what it's like.
To be kind of a lightning rod that the -- for some people are coming after.
Do you think this is a witch hunt.
Now my pleasure thank you -- -- to a degree I think it is if if they could have indicted a very I think they would of five years is an extraordinary long time.
As I've watched the events play out in the press.
It's been astonishing one Pressly after another you would think they couldn't do that.
What's going on inside the grand jury and inside the investigation almost daily it's like they're trying the case.
In the press right now because they have been able to take into a courtroom I wonder if these guys can even get a fair jury at this point.
Now I've met Steve Colin personally that's charity dinner I -- -- a table of about eight people or something and he is the most unassuming.
Quiet guy he's -- swaggering types that that you sometimes see the feds just dying to take down.
Why have they targeted him is just because he's big and successful.
You know I would think that he makes a good target because as firm has had such high returns and there have been people from the firm tied up in some of their investigations so.
I think it once that sort of just kind of becomes a headline and he's out there.
As one of the wealthier more successful guys around.
It's almost not even like it's personal just -- hones in on you and then it's it becomes a game win and -- not necessarily justice in my view.
Yet the highest -- gets pounded down look at the case that Eliot Spitzer.
Filed against -- Hank Greenberg of AIG.
-- the meltdown that case never went anywhere every major to get rid of the guy -- in the company of course went into the trash pile now.
Do you think that prosecutors SEC officials when they go after case like that.
How much -- they driven by people are being hurt here and we need to fix it and stop it.
And how -- -- driven by I want good headlines a lot of build my career and I wanna get a big scalp.
I think that.
I've mentioned this before.
And ownership is I think there's good people bad coupons -- thing but there's a good number of people inside the Justice Department in my experience.
Better therefore career purposes and it's less about justice that it is can I get a seven figure white collar job offer this case is spelled.
Or what's my next political office I'm running for.
And make sure that I feed.
The masses if you will but help but I need to feed them in order to get that attention from from vote that I need.
Yeah well nothing like make up for Bernie -- if you could manage to land one of the biggest hedge fund guys out there now.
They subpoenaed Steve Cohen himself.
Yet I've heard elsewhere that when you subpoena the main target it might mean that he's not a target at all.
When you had your unfortunate that clash with the -- and options backdating -- -- -- wait until the very end in subpoena everybody else around trying to get him to Catalonia.
Well they can they actually I was almost an afterthought because I think there -- more after my -- -- -- but he'd he'd gotten sick but it was more waited out.
It's been interesting to watch these subpoenas flying its.
But I think the government's playing a little bit of the game of you know divide and conquer still hoping that they can get somebody to flip and everybody else.
I guess the people let -- CC -- doing more than Ben Franklin.
We all we all need to stick real need to hang together we will we'll -- the playing separately so.
I think there's a whole lot of things in the air and I and was surprised by those subpoenas but I think it's just increased pressure in every direction they can I'd be rather shocked.
If there wasn't an indictment after all is particularly I read -- the last night about.
There's even been a presentation with the Justice Department about why they shouldn't indict him and this'll seems Stephen heat up further to that I've been through that -- Yeah little surprise this late five years long and only now -- you -- -- -- lieutenants -- thought maybe go after them right away thanks for being with us tonight we appreciate it.
-- but like via Ukraine and us.
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