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It is the biggest insider trading case in years it billionaire hedge fund manager on trial for allegedly using inside information.
To make millions of dollars in profits that's right Charlie desperate okay.
From the break it is this case against rod -- -- -- which is what he would testify or -- well despite published reports basically say he was gonna testify sources close to his legal team to the Fox Business Network.
-- Roger Roger and rock now.
Now and his -- right has no plans there are no plans to put him on his -- at least right now.
No decision has been made so no matter what your reading in the press that he's gonna take -- we understand there's no decision that this is going to be made.
If he does indeed follow the script better by easily now that he's gonna lose big time -- -- put -- -- stand all right we -- himself and that's where we operate let's talk a little bit about war about this we have your old friend former SRC attorney from Tulane University.
Elizabeth no Wiki is with us as well.
And -- will stay here so Charlie says Elizabeth that he won't testify.
In this case that's made against him tell us what you make by the way of that case and this -- that he might not testify.
I think -- it's expected that he's not going to testify even though he maintains his innocence I think it would be lethal.
For him not to testify as to what it make it a case that this is really want the best insider trading cases.
Really ever ever -- better she's already stated that before she's even the evidence ahead.
Well no we know that there are going to be taped conversation.
Usually were not lucky enough to have that in an insider trading case so that's going to be exciting to me.
You pretty much think it's a it's a done deal that there is a smoking gun just a question Charlie well I think.
Isn't she -- Elizabeth is actually right you don't.
Rarely do they use -- it does I can't remember the used wiretaps and in any white collar crime case before this when usually that's reserved for terrorists and mobsters now we have people's traded cited.
Do insider trading is reached that bar where they're considered terrorists -- -- wasting.
On an insider traders so this is going to be a very.
You you would you expect this is going to be odds -- in the favor of the government.
I will say this.
Insider training is a notoriously difficult.
Thing to prove yes and you know who knows what's on those types how they can be way people thought emails.
Were easy to -- will put people in jail.
And member of the government had the case against -- she opted to Bear Stearns hedge -- would all those.
Allegedly incriminating emails and everybody thought he was guilty I watch Ryan White brought thrown fig about what happened they lost because these are government bureaucrats.
They screw up a lot of tough to frivolous but that's a fair point isn't.
Yeah I will say in fairness to Charlie we don't know what's on the tape right we don't know what's on the tape if it was such a slam dunk.
Presumably this case would have -- out we that would -- and I try I will sell.
I would give you -- will I will they'll say something that will you know sort of detract from my argument if he pled out.
He gets almost as much as if he goes to try side remember he gets it was you -- know -- he gets very little benefit from pleading out and that's one of the interesting things here.
If he pleads he may get like a -- -- -- that whatever this that whatever the minimum sentencing guidelines cover their minimum sentencing guidelines are white collar crimes.
And this is facing a lot of years.
Jail yet and Elizabeth thanks to big ya wanna have a talk about this before wrap -- up.
Of -- his lawyer is guy by the name of John -- is is rod drop -- lawyer and you think that's a big deal it might have.
Might speak sort of that the ripple effects of who else is -- tank moments right.
But that's right that was incredibly telling me when I found out that down with his lawyer -- -- great criminal defense lawyer but.
Eight he's had a big cases in the eighties and he's got a DC.
Why didn't rides tap one of the big Wall Street white Colorado -- lawyer the reason why my suspicion is because.
They're already retained by Goldman Sachs and by the other parties who got dragged it -- rather a lot more parties behind the scenes there.
Is no doubt that all the major white collar attorneys out there are tapped that -- you know this is the full employment act for attorneys.
I can tell you every major -- that I know in the white collar realm hasn't been contacted presumably to do something or is or is doing something.
And most of -- -- conflict it out as you said so yes this is the full remember this is more than just -- right now we have.
I'd just a -- of insider trading case.
Going on right now we broke a lot of source butter when it's not just the the traders the expert networks -- others involve these expert networks -- -- get stuff from companies.
It involves the company's people at these companies -- these latest tech companies that's may have -- I hear how early did you go I know our earlier Charlie said -- the word waste do you think that this is a waste or not.
And this is not a wasteful prosecutions -- I think Charlie actually agrees -- mean that's why he's obtained today you know this is.
The game a bizarre video I did it might we -- or take money -- from tablets and it's still early and I'll let you know listen I -- -- the market with -- mr.
Clinton is an insider trading is an incredibly.
I think it's dumb law because aside from the Charlie Sheen breaking into someone's apartment and steal a piece of paper and in trading off it.
That's breaking and entering by the way -- -- live if -- know something.
And I sell you and I buy -- stock right how does that hurt you.
You wanna sell it no matter what nominees have I didn't I wasn't trying it's about it's it's not just gotta hate but also there -- He's doing in the given all the government can't do it is -- -- -- RS there's the false hope.
That they can trade against the big guys which -- without insider trading you cannot trade against the guys put your money and people.
I don't know that there -- What are you the big -- let me tell you said Jim Cramer tell you that no way I'm not -- they -- -- tell you about bill of goods about you know buying individual stocks.
And you'll always lose if you do that because you're against people with their fingers at their fingertips massive amount of information -- don't -- to go I think.
It's just an internal legal letters -- glassware and Elizabeth.
Just just so that everybody's clear this is not about me believing investors should buy individual stocks you're about the only reason why I think it helps that -- he declined to invest in the capital markets they welcomed by a lucky my brother -- -- in the US market.
If you do you believe the markets are not there either.
Yeah -- rest your all the lanes that run here in Charlie hit me and I.
I'll appreciate it Elizabeth always great to see you we're at a Vatican did it but -- current -- the same side.
-- Iron Man this.
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