with his first calls seemed too good to be true. and they were. sac capital pled guilty to insider trading and paid a fine of $1.8 billion. a record amount. cohen himself has never been indicted. the feds hope the case could land cohen. tonight s fantastic episode airs on pbs. martin, you mentioned first call. that s the thing that separated stephen cohen from other people. he paid the banks so much money in commissions often overpaid them so they would call him first with information. i think people would say what s wrong with that and who is getting hurt there? that s just the beginning of it. first calls don t necessarily contain insider information that you or i couldn t dig up if we were diligent and had resources to do it. if you re willing to pay higher
i think it s because people fingered him and there were in the case of s.a.c. capital now seven either pleas or in the case of michael steinberger, a trader just convicted by a jury late last year, you know, now an eighth is going to trial beginning today. martin has a sharp you missed a missed the pop tarts which he favored. are the u.s. attorney s office skilled enough, expert enough to go after these cases are are they behind the curve because they don t understand what is going on? no. they have 77 convictions or acquittals and they have got they have gone before juries. they have had many people plead guilty. there are 77 that know? yeah. 77-0 and going for 78 but they don t have cohen. cohen has not been charged with a crime. business company is going to be
i m josh lipton with your cnbc market wrap. the dow up 23, the s&p adds 6 and the nasdaq gains 14. it s the largest insider trading find ever. the hedge fund, sac capital pleaded guilty to criminal charges and agreed to pay $1.8 billion to settle. and blackberry shares plunged more than 15% after the smartphone make area ban donned plans to sell itself. twitter raised its ipo price to between 23 and $25. it s ahead of its highly anticipated debut on thursday. that s it from cnbc, first in business worldwide. as your life changes, fidelity is there for your personal economy, helping you readjust along the way, refocus as careers change and kids head off to college,
it s one of several new promising signs that wall street s day of reckoning may finally be near. here s another. a jury found bank of america liable for fraud by country wide linked to loans that it sold government backed mortgages to fannie and freddy. it s a major win for the u.s. government. a judge is going to determine the dollar figure bank of america will have to shell out. that s not all. the obama doj is closing in on a record-breaking resolution for an insider trading case against s.a.c. capital. the firm used illegal and inside information to become one of the most successful hedge funds in the entire world with 25% annual returns. the firm just announced it is closing its london office as it prepares to potentially plead guilty to criminal misconduct and surrender its outside trading portfolio. so is wall street s house of cards finally collapsing? joining us now, founder of the better banking project. she worked at the department of treasury under both the clinton and obam
numbers weaker than expected. it dropped more than 6%. for more, let s go to jeff, live in london. good morning. good morning, to you brian. there s a problem here. investors feel as though they have been flying blind somewhat on the u.s. economy. now we have the shutdown resolve temporarily, at least. we will start to get some economic data through. we are looking for the jobs number for september to come through. we will get that next tuesday and then subsequently, we ll get a week s delay on the october jobs number. this matters because clearly, the markets are sensitive to improvements in the u.s. economy of what this means for the tapering debate. ben bernanke is focused on improvement for jobs for movement on the interest rate. so, let s move you along. i want to talk about sac capital. we know the multibillionaire has been engaged in a battle with