tv Real Money With Ali Velshi Al Jazeera November 4, 2013 7:00pm-7:31pm EST
liable for that as well. >> prosecutors say at its peak the fund managed roughly $15 billion in assets. as part of today's deal it will no longer manage outside funding. >> in a statement it said it never encouraged or tolerated insider trading. coen still has a personal fortune that forbes estimates at more than $9 billion. the attorney made one thing in this conference, the sec investigation isn't over. what do we know so far about the trading scandal?
sheila has been closely tracking the case. thank you for being with us. >> thanks. >> kind of remarkable that this is bigger than the hedge fund would ever get. >> yes. and at the end of the day even after paying almost $2 billion to the government stephen coen will still have a very sizable fortune and of course his lifestyle is not going to take that big of a hit. he is still buy expensive painting, and still be admired on wall streert. >> sure. i think as journalists, we can fairly say some of the stuff that they are accused of having done are kind of disgusting.
this is pure old fashioned insider trading. give me some examples of what they were accused of doing. >> yes, this is something new. essentially the government accused the company of allowing quite a large number of employees to trade on non-public material information, so that is information that has the power to move a stock price that other people in the market don't have. and his company hired people specifically, allegedly, because they had contacts at publicly traded companies. he also allegedly hired a particular portfolio manager even after being warned that he had a history of insider trading, and then finally the government accused him of having a compliance department that didn't do any compliance.
they have essentially 40 people in the department, and the government says it was there for show. they are saying that really the incentive structure at the firm, which was based on these very large bonuses being paid at the end of the year motivated people to do this, and one of the interesting features of this particular fund is all of the portfolio managers were expected and encouraged to bring their best-trading ideases to him. how they presented it to him, we may never know. but effectively they were getting a cut of the profits. so the government is saying at a minimum he was turning a blind eye. >> interesting. sheila good to see you. thank you for joining us.
>> thanks. today on twitter and facebook we have been asking you should an entire company be held accountable for the actions of a particular behavior? i was hard pressed to find a single comment on facebook or twitter today that didn't think the entire company should be punished. sad, though, because a lot of people could end up losing their jobs who has nothing to do with this starry. johnson & johnson is paying more than $2 billion in one of the largest health care fraud cases in history. there was allegations they marketed three drugs for
♪ the great recession created a growing group of formally middle class americans unable to afford rent or make mortgage payments many ended up homeless and have been forced to live in their cars. the government doesn't keep records of the so-called vehicular homeless, but advoc e advocates say we might be seeing though greatest number of them since the great depression's so-called fore families. new safe parking lots are cropping up to help people fighting to -- [ technical difficulties ]
[ technical difficulties ] >> it's the parking lot. this is our office, what we use. so we have our file cabinet. it has our paperwork, basic toiletries. we want to ensure our participates have what they need. >> they run what is called a safe parking program. it's one of a dozen programs in 85 sites largely along the west coast that provide a safe haven for the roughly 59% of the home less who have lived in their cars. >> how is your case load? >> going good. >> smith started the first lot in august of 2010, when middle class individuals and families accustomed to security and stability but suddenly cast adrift in long-term unemployment. >> they would go to the shelters come back in tears saying that is not me. i'm not really homeless. i'm just in between right now.
>> now 76% of those in lot site some sort of income, but it's a fraction of what they are used to. >> just because you are homeless doesn't mean you don't want to work. you do. because you want the security that you had. >> katherine williams worked as a receptionist when she was laid nauf 2009. she then found work as a librarian assistant. but that $10,000 salary barely paid for a motel room. >> having found this place it made it a lot easier. you pork on the side of the street the police are going to come along. >> seniors make um one in five of those in the lot, veterans like alan account for 20%. >> there are days that it's hard
to wake up and want to keep going. >> after 12 years in the marine, and deployment in both gulf wars, he left the military in work. he is looking for full-time work but has only landed part-time gigs. >> i'm just one of many veterans in a situation like this. >> the program has strict rules. you must be in by 9:00 pm and out by 7:00 am, there is zero tolerance for alcohol, drugs or violence. you can stay as long as you want provided you continue to work to get back into housing. >> if anybody ever had me i would be living in my car, i would have laughed and said that that's just not possibility. >> in 2010 kevin landry spent nine months in the lot. he had depleted a healthy savings account from a collections job that once earned
him six figures. >> the kinds of people on the lot with me were attorneys nurses and other professionals. >> landry found his way back into an apartment and brand new car he uses only to drive to his new job. but safe parking programs have come under fire from nearby residents. dreams for change recently shut down its third lot after repeated community complaints. >> no offense, people like you come in here. you don't have to put up with these people. >> local homeowner frank says a growing number of population of people living in their cars and rv's have created a number of problems. >> they steal from us, they throw their trash wherever they
want. they bring the property values down. >> graham helped create seattle east first safe parking program last year. he says around 70% are first time homeless, desperate to get back on their feet. >> we want to have a community where work people together and live the american dream that we all feel we're justified towards. >> a dream that this psychology student forces herself to keep in mind each night that she and four children spend crammed? her small sedan. >> about a week ago i just -- i just didn't want to come back to the parking lot to sleep in my car. it was hard, but, you know, hopefully at the end of the line i'll have something better to offer my kids. so it's temporary, a long temporary, but it will be over
soon. >> david shuster, al jazeera. >> a number of other citisies including montrae are considering safe parking programs. my final thoughts go out to the american worker. many of us wear uniforms while we're on the job. i'm going to change out of these clothes. but who should pay me the time to change out of this. on monday the u.s. supreme court agreed to hear a case brought by steel workers in gary, indiana, before work they change in flame-retardant govs, suits and hard hats all while off the
clock. the workers claim what they are changing into is personal protection equipment. businesses say this will cost them millions of dollars every year if the employees get their way. i think if an employer mandates protective gear to be on the job, then that cost should be on them get over it. as for me my vest is not mandated, so get over it, i'm keeping my vest. i'm ali velshi. thanks for joining us. ♪ uncovers unheard, fascinating news stories? it drives discussion across america. >> share your story on tv and online.