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When talk about that and and apparently in spandex.
Case -- apostrophe -- regulators case against.
Argue against former MF global chief Jon Corzine provide clues into what charges if any might be brought against another Wall Street -- At least he's not I mean I don't he's feeling pretty good this -- he thinks he's not gonna get charged criminally in the in the matter of my home fiance.
-- the spring break -- -- US attorney's office charges criminally SEC US securities exchange commission.
The civil cases would what's been out there what we've been reporting is that he's probably not gonna give -- a criminal case but the civil case could be really bad and I'll tell you.
From what I understand my sources close to the commission is how are telling me this that they are modeling a potential case against Steve Cohen based on the case against Corzine what is it.
Failure to supervise you don't even have to you know what's interesting about this that's simple to say from about friend but here's what happens okay you don't even have to charge for what civil fraud in this case.
To basically banned the target from the securities industry and what sources -- on the Fox Business Network.
Is that the SEC is clearly.
Ramping up can't say that if we're gonna bring it but I know they're working pretty hard on this ramping up.
A failure to supervise case against against that Steve Colin they're looking at that as a as the sort of method.
To essentially banned him from the securities business what does that mean for Steve -- if that if that charge.
Yeah I get put into play well it doesn't mean he's going joke was a civil case but it does mean that SEC capital as a as -- registered.
Hedge fund something that takes other people's money.
Is -- and he will be -- problem either way the pain is quite similar yeah prison but it's not prison but he's out of the business that -- manage his own money is nine billion dollars or whatever he has an area it's it's between seven and nine his fortune is estimated to be nine billion dollars.
Yet he can't but will it be the massive operation that it is now.
Probably not I mean I just.
It's not going to be a place where I think people gonna go to that he can't he can't accept outside money but that outside money and -- immense fees that they charge on that outside money.
-- pay for the incredible infrastructure of SEC capital 300 investment portfolios more than a thousand about a thousand people working there.
-- traders analysts you know you need portfolio managers.
He would be out of the business to be a huge blow to -- one of the greatest investors of the past but I -- to be clear he could still trade his own money.
Under this scenario under okay now there's other scenarios out there that -- talk about I just I do now because based on my sources.
That the the the notion of borrowing him from the securities business for failure to supervise.
Is something -- as -- Securities and Exchange Commission believes is the quickest way to deal and the easiest way to deal with Steve -- don't have to prove civil fraud.
And I know they are working on that's feverishly and it's the exact -- interest -- here I think would -- it would we -- to what people on Wall Street should take away from this.
It's the exact same charge.
We they've been leveled against.
John course the exact same charge you did not supervise people like Edith O'Brien right left you got an operation that was out of control.
We don't believe it reaches the bar of fraud.
Because we don't think you purposely -- -- -- -- on purposely doing anything specifically bad but we knew you were just so negligent.
That we want you out of the business and you were done and you know.
Jon Corzine doesn't have the cash that Steve Cohen I was just gonna ask you case is not nine billion and nobody is is barred from what I understand he's he's if he always -- -- fairly wealthy young.
Yeah I -- I -- -- -- sort of people that you know on the on the doctor wife the current active she's -- their families is well off I just into the back of the envelope announcer a couple of -- -- there's there's the interior designer wife right.
You know I don't know he has looked like -- and I barely want to know about his politics for the you know.
He's actually this I should -- actually like the guys a decent job courses are pleased that these government.
-- once -- behind the envelope analysis of how much he's worth Corzine in it you know when you start whack and out the divorce settlements.
And then the amount of money that he spends on -- campaigns remember New Jersey governor you US senator and what he loss would put some people think he lost in the markets.
If it gets you know cannot change it starts to narrow down but I think -- to take away from here is not.
Jon Corzine -- Steve Cohen and one of the sort of easiest ways I think securities and for my sister's -- regulators are looking at.
Is this civil case of failure to supervise what he's happy with that you're hearing I can tell you that he spoke to a friend of the mutual friend's -- deal and both said that he's -- -- he's pretty upbeat following.
News that he's not been charged criminally by the SEC guys don't like -- -- provided by by the judge what did you think this was a story in the journal I hot.
Here's the thing for Kevin craft -- -- not because his wife -- we we reported the same thing if Matthew Mark Toma.
The portfolio manager at the center of the of one of the charges doesn't flip which he hasn't -- this hasn't yet hasn't yet there's no criminal charge on that thing but.
There are other methods they can go after -- including what I'm talking about here.
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