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The insider trading conviction of former -- in chief -- -- -- not -- was upheld by a federal appeals court today but.
How close did Roger -- them come to becoming a free man Fox Business -- correspondent Charlie -- has the latest.
But first hit any thoughts -- and it well swing in the markets today but it's pretty amazing -- you go from 200 down to -- you know we might end up to forty or 44 I'm hitting my.
My take on this I think essentially that the markets misread what Bernanke said I think.
-- and say he's gonna stop printing money he says maybe someday we'll stop printing money he basically said we're not gonna raise interest rates until 2015.
You know he's did not say that the money spigot is gonna end immediately said it may end and he said it may and essentially when the economy shows.
That it's definitely improving and an -- -- -- -- -- -- that's -- it's at this video investors you know I was I don't tell people what to do buyers -- do whatever you want.
But remember -- I've called for this market sell off in the past because.
Easy money like crack cocaine when you get off of that is that there's a pullback which -- you're getting right now but let's face it.
If the economy is improving.
And corporate profits a good.
It's generally -- time to buy stocks and if that those signs could -- than these or buying opportunities for Richard Fisher just set.
Warns off -- hogs in the market don't overreact.
-- he's saying he's he's warning if you're -- hot -- -- -- you know -- care credit.
A financial markets against overreacting to federal analytical feel feral -- path to -- -- they're afraid they have any championship is at he's right thumb you know we don't want to pump up the market talk that the market.
But I will tell you guys ladies and gentlemen you watch this to for investment tips.
You know small investors beware there's a buying opportunity -- he -- said they might even open this -- more if they have to if they have a the other are a -- -- challenges are just you know take a deep breath here.
And they'll sell about -- for -- -- this is -- judge federal judge federal appellate court.
Upholds the conviction.
I don't think people realize how close he was to getting off back in 2010.
After he was -- appoint a semi book.
Circle of friends everybody should buy it you'll get a good sort of it's -- -- I get an autograph can't get it and 90 -- -- -- -- break up my act like a couple of tough -- you get pulled over you know he's he's just think twenty actually about a during a 2010 and judge Richard hole well tonight.
Bush appointee to damage to the court.
Basically was this close to thrown out the wiretaps on the grounds that -- application for the wiretaps submitted by the SEC the FBI.
Was somehow faulty they -- a meeting certain things and judge Caldwell called it a reckless omission in -- though.
India and he still approved why do you prove it he -- talk down from throwing out the largest insider trading case in many years.
By his twenty something year old law clerk a -- Justin Raphael who's in who's now working in private practice and these are Paul -- I'd need to check that I have to go back my book but this -- this kid was twentysomething couple years at a Harvard law.
He basically said listen -- -- well.
You you know why did you why did judge Paula want to throw it out let's be clear here.
Yes there was a problem the application but this this guy's a stickler when you when you didn't tell Anthony took the SEC relatively well that would talk about the justice department for the feds under very easily without red and white collar cases it was always used for the mob I'm reading -- great vocal black -- by Whitey Bulger having.
The only other one -- the mob that's long been used but again these white collar cases.
In order team beats invade someone's privacy to a title three wiretapped with -- actually put the cap on your phone.
Which is what they eventually did to Steve -- as well.
You need to show probable cause and he needs to dot your I's cross your -- if you can invade privacy and -- well said.
Initially and we -- I've we spice and a lot of times to resources to look at -- investigating this.
They didn't do that he was ready to throw it out Raphael said you have an.
-- -- It's liquidated finesse it ever antiquated and all -- -- all Farrell antiquated cherish a broker at all will view -- privacy.
We can find a lot of stuff on the Internet and you should you let that old fashioned view -- privacy.
Allow you to throw this accuses its approves a pretty fascinating -- -- I.
Your book's going to be fascinating for the behind the scenes about what happened -- -- -- -- but going forward I you know people on Wall Street.
Is there any chance this ruling on wiretapping could one day be thrown out we won't they won't -- that it.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Where did the -- -- the Fed started using -- one thing we do know is that it is here to stay based on this ruling.
And Roger's gonna is gonna finish is eleven -- -- -- and I think Wall Street should be prepared.
For more of the stores -- -- -- on other issues if they think they got something.
They're gonna go after you would a title three and had to put the bug on your -- some of the investigative reporters as well.
Well you know it's funny you mention that before and we got -- -- wrap up here they they were investigating a journalist and now I can -- the dug this hole but I know for a fact they investigated journals not to say the guy's name has never -- -- bring this bring charges against the might know they were.
Look at that but they are not if -- they are not against you -- -- and this was over insider trading using journalism or columns or something to pump up stocks.
You know that I everybody's open game that's so important about of that happening in money market folks that second half after -- exciting but penetrate that.
Exactly thank there -- thank you Charlie are.
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