CNBC’s Kate Kelly breaks down the biggest headlines from “Delivering Alpha” including U.S. attorney Preet Bharara, moments ahead of John Paulson’s keynote. Anthony Scaramucci of SkyBridge Capital staunchly defends SAC Capital’s Steve Cohen. This video is from July 17th just several days before the indictment of SAC Capital, which occurred today.
Video of Anthony Scaramucci on SAC and transcript below
welcome back to the pierre hotel in new york city for delivering alpha. let’s bring in now kate kelly to break down son-in-law of the headlines. john paulson’s keynote is about to start. we have heard from jack lew and also richard perry along with preet harara today. one of the most interesting moments i thought this morning was, of course, as you mentioned listening to u.s. attorney preet bharara talk about what he’s been doing of late.there were questions, of course, about his case against saccapital. he issue what had appeared to be a series of warnings to them and any other perceived wrong doers without actually commenting directly on them. during the course of a half hourhe told jim cramer that despite the words to the contrary fromother justice department officials, nobody is too big to jail. that was definitely one of the big takeaways and the statutes of limitations or the time period within which he must bring certain cases is actually longer in many situations than some people seem to think. on bank fraud, wire fraud, and other types of fraud. that no matter how careful you are, just about any method of communication can make a bad actor vulnerable to charges.he’s known for his innovative use of wiretaps in insider trading and he also said this despite not actually knowing what snap chat, a quick messaging service favored by trade thaers kind of vanishes shortly after you use it, was. he i should reiterate hedeclined to comment on sac. given the series of sac relatedcases unfolding right now and the concerns that hedge fundfounder steve cohen might be indicted as a result of them, his seemingly general comments are fair game for a little bit of guessing. the statute of limitations issue was particularly relevant given the perception that a pair of sac related statutes will run out in a matter of weeks and he seems to be suggesting right here that he has another five years. one other thing i want to draw your attention to, he said something that could be read as a shot across the bow about the reportedly rigorous compliance program at sac. there are lots of situations in which compliance programs are simply lip service and they’re on paper and nobody actually cares and everyone understands that they’re not to be followed and they’re just to be used in a conference room with prosecutors when you say don’t indict us because we have this thick compliance program and people understand what that means. so plenty to di just here,scott. you can only wonder what the topic of sfertion and what the thought process is inside sac capital as a result of thesekind of comments as indirect as they were. no, absolutely. and bhara ra has been very strong about now he’s not letting anybody leak. if he finds a prosecutor that’s speaking to the press, that will be the last time they’ll ever issue a subpoena, he said. so, you know, very hard to know where information is coming from. obviously this was, if nothing else, at least an indirect warning to sac and any other financial industry scoff laws, perceived scofflaws. we still have a constitution in the united states. we do. and people are still presumed innocent.we have twitter and social media and sound bites coming, but we are still a free country? absolutely. i’m just asking the question because i want the viewers to know we have a constitution and you’re innocent until you have been accused of beinalty beyond a reasonable doubt. you’re making it clearyourself but you’re a supporter of steve cohen. i’m a supporter of steve cohen because i think he’s a great guy. when the billions of dollars were paid in commissions around wall street, i don’t understand y anybody else is not out there supporting him. he’s a great guy. he’s been — he’s the largest taxpayer in the state ofconnecticut. yet there are some serious — he had ten years to bring the case. just to put things into context. sac — bharara himself is fighting perception his case has not come together, that cohen has not been indicted. from what i hear internallyconfidence is returning. i respect the public serviceannouncement that the attorney general just gave and if you’redoing fraud, stop it. but if someone is not doing fraud, let’s leave it alone. okay. and you are innocent until proven guilty in the u.s. right now we don’t know how all of that is going to play out.there are some serious questions being asked about some of the conduct within that place. and going to leave it at that. i respect that, but i think people should hear both sides. that’s what makes good television. and they just did.