EVERYDAY.
>> HOW EARLY DO GET UP.
>> I GET UP AT 2:00 A.M. AND I
LOVE IT.
>> OH MY.
YOU REALIZE I GET IN AT
2:00 A.M.
>> I BELIEVE IT.
WITH BREAKING NEWS, YOU HAVE
SOME BIG BREAKING NEWS CHARLIE
ON GOLDMAN SACHS, NEW JERSEY
GOVERNOR.
>> REMEMBER IT BLEW UP UNDER HIS
WATCH AND HE FACED A REGULATORY
FINE OF $5 MILLION.
HE WAS BARRED FOR TRADING IN
COMMODITIES, NOT REGULAR STOCKS
I SHOULD INTRODUCE YOU TO
CHARLIE SHOULD MY.
>> YES.
>> MAINLY BARRED FROM
COMMODITIES, BUT HE COULD START
HIS OWN HEDGE FUND AND THAT'S
WHAT HE DID.
IT'S NOT NEWS THAT HE STARTED
HIS OWN HEDGE FUND.
THAT CAME OUT LATE LAST YEAR AND
BLOOMBERG DID SOMETHING EARLIER
THIS YEAR.
HERE IS THE NEWS IS FROM POPULAR
SOURCES CLOSE TO THE MATTER, WE
UNDERSTAND COORS LIGHT HAD BEEN
PITCHING THIS FOR THE NEXT YEAR,
LOOKING FOR NEW INVESTORS AND
IT'S FALLEN PRETTY FLAT.
WE UNDERSTAND INVESTORS ARE
GIVING THEM THE COLD SHOULDER.
HE RAISED ANYWHERE BETWEEN
20,000,050,000,000.
NOT A LOT.
THAT'S LIKE ZERO.
THE WAY IT WAS DESCRIBED TO ME,
A BIG CHUNK OF MONEY OF THAT
VERY LITTLE CHUNK OF MONEY THAT
HE HAS RAISED CAME FROM MAINLY
ONE INVESTOR.
THIS THING IS FALLING ON ITS
FACE BUT WE SHOULD POINT OUT
THAT IT'S NOT BEEN A GOOD YEAR
FOR ANY HEDGE FUND.
STEVE ONLY RAISED 3 BILLION.
LOTTA PEOPLE ARE GOING OUT OF
THOSE ACTIVELY MANAGED FUNDS.
AND WHAT'S HAPPENING IS A COUPLE
THINGS.
IT'S VERY HARD TO ESCAPE THE
GHOST OF MF GLOBAL.
PEOPLE ARE STILL WORRIED ABOUT
HIM TAKING RISKS WITH THEIR
MONEY AND THAT'S WHY HE'S
GETTING A BRUSHOFF FROM A LOT OF
INVESTORS.
THE MF GLOBAL NOT ONLY LOST A
LOT OF MONEY ON TRADE BUT PEOPLE
GOT SCARED.
IT WAS ACTUALLY GOOD TRADE IF IT
WOULD'VE LASTED.
THE PROBLEM WAS IT WAS A
SHORT-TERM, TRADE THAT WHEN
PEOPLE SIGN 2010 IT WAS BASED ON
BUYING ITALIAN AND SPANISH DEBT.
PEOPLE FREAKED OUT BECAUSE THE
EUROZONE WAS UNDER SO MUCH
PRESSURE AND INVESTORS PULLED
THEIR MONEY OUT AND GOT
DOWNGRADED.
THEN YOU REMEMBER SOMETHING LIKE
A BILLION DOLLARS OF CUSTOMER
MONEY THEY HAD WENT MISSING.
MOST OF THAT MONEY CAME BACK.
HE TOOK A HUGE HIT.
HE'S TRYING TO MAKE HIS
REDEMPTION ON THIS FUND.
THIS IS SOMETHING, I'M WRITING
ALL THIS UP FOR FOXBUSINESS.COM.
IT SHOULD BE UP EARLY SOON.
HE IS A DOCUMENT THAT WE
OBTAINED.
WE WILL DISCLOSE THAT
COVERSHEET.
THE DOCUMENT, AND ACCORDING TO
THE INVESTORS I TALKED TO DID
MAKE A LOT OF SENSE.
THERE WAS REALLY NO MENTION IN
THE DOCUMENT THAT WHAT HAPPENED
AT MF GLOBAL.
I SAY MOST PEOPLE CONSIDER THAT
THE ELEPHANT IN THE ROOM.
I THINK WHAT WAS MENTIONED IN
PRETTY FINE PRINT WAS A
SETTLEMENT THAT HE ENGAGED IN
PRETTY FINE PRINT WAS A SETTLEMENT THAT HE ENGAGED IN.
A LOT OF PEOPLE ARE SAYING WHEN
YOU COME CLEAN AND TELL US ABOUT
THAT TRADE IN YOUR PERSPECTIVE
ON IT.
IT IS THE ELEPHANT IN THE ROOM.
WHEN YOU PUT ALL THAT TOGETHER,
PEOPLE ARE SCARED, I'M NOT
SAYING HE'S NOT A DECENT GUY, HE
WAS A VERY GOOD TRADER IN HIS
DAY BUT IT'S HANGING OVER HIM
AND PEOPLE ARE NOT GIVING HIM
THEIR MONEY.
HIS PR SPOKESMAN CONFIRMED, I
ASKED HIM, I UNDERSTAND HE
HASN'T RAISED VIRTUALLY NO MONEY
HASN'T RAISED VIRTUALLY NO MONE
MONEY.
HE SAID WE'VE RAISED TENS OF
MILLIONS.
I SAID THAT'S VIRTUALLY NO MONEY
IF YOU KNOW ANYTHING ABOUT THE
HEDGE FUND WORLD.
HE SAID HE THANKS WILL HAVE
50 MILLION AND THAT'S STILL NOT
MUCH.
THE BID FOR REDEMPTION IS FACING
A BIG-TIME BATTLE.
>> I WANT TO REPEAT ALL OF THIS
IS GOING UP ON THE NEXT FEW
MOMENTS ON FOXBUSINESS.COM.
I HAVE TO TALK ABOUT GE IF YOU
WANT TO STICK AROUND.
>> YOU KNOW THEY TOLD EVERYBODY
TO DAYS AGO THAT THEY MAY CUT
THEIR DIVIDEND.
WE WERE THE FIRST TO SAY THAT
THERE'S INSIDERS INSIDE GE
THE DIVIDEND.
NOW THE CEO SAYS IT'S IN THE
WORKS.
IF YOU TRADED ON WHAT WE SET A
COUPLE DAYS AGO, YOU MADE A LOT
OF MONEY.
>> IT'S OF POWER BUSINESS, NOT
DOING SO WELL.
>> IT GETS MORE THAN OPERATING
ITS CASH FLOW.
IF YOU SELL THEIR ENGINE
BUSINESS AND YOU GET $3 BILLION
IN CASH BUT YOU REALLY GET LIKE
$2.9 BILLION IN CASH, THAT STILL
DOESN'T DO A LOT FOR THEIR CASH
FLOW.