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is steven a. cohen. why do you think was that? >> well, i don't know. i don't know what the evidence is, what the facts are. criminal prosecutions can be very hard to bring. we'll have to see what kind of further indictments might come down the road. but at least at this initial stage, this is a very, very steep fine. it will be hitting him obviously, since he is s.a.c., it will be hitting him personally as well, i can only assume. and i think it sends a very strong signal. gerngs i applaud the government. >> and the s.e.c. is expected to demand that steven cohen never manage outside money at s.a.c. or anywhere else. should that happen? >> yeah, absolutely. i don't know why someone with this long track record of improprieties at his firm should be interested with ever managing public money again. i think that's completely appropriate, absolutely. >> but does it say anything about the fact that they weren't able to bring charges you know, against him individually and now they're trying to say, well, he can't manage money? >> well -- >> and if they're bri
is steven a. cohen. why do you think was that? >> well, i don't know. i don't know what the evidence is, what the facts are. criminal prosecutions can be very hard to bring. we'll have to see what kind of further indictments might come down the road. but at least at this initial stage, this is a very, very steep fine. it will be hitting him obviously, since he is s.a.c., it will be hitting him personally as well, i can only assume. and i think it sends a very strong signal. gerngs i...
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cohen. they are coming out of his net worth. that's anything although he'll still be a billionaire. you look at johnson & johnson and the investigation of jp morgan, these are public companies and become more difficult cases because people say the shareholders are paying fines and didn't know anything about it and didn't do anything wrong. why should they have to suffer? that's a legitimate question the justice department had to question when they decide whether to go after the companies. >> let's take the case ofson and johnson that will settle for $2.2 billion and look at jp morgan chase that may or may not admit criminal wrongdoing and pay up to $15 billion. the ceos have not been charged but a separate matter would be if they have corporate responsibility and should pay with jobs. where do you come down on that? >> it depends on the facts of each case. the ceo always says the buck stops here. the buck stopping there usually means, with jp morgan, i'm not as familiar with johnson & johnso
cohen. they are coming out of his net worth. that's anything although he'll still be a billionaire. you look at johnson & johnson and the investigation of jp morgan, these are public companies and become more difficult cases because people say the shareholders are paying fines and didn't know anything about it and didn't do anything wrong. why should they have to suffer? that's a legitimate question the justice department had to question when they decide whether to go after the companies....
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sac capital is steven a. cohen. it's his firm, he was supposedly running this place that was a breeding ground for insider trading, he's going to be fine. he's going to come out of this a multibillionaire, can still trade his own money. a lot of people that worked for him will lose their jobs. but steven a. cohen seems to have escaped criminal charges technically he hasn't because the investigation is still open regarding individuals, and yes, he could still face a fine from the securities and exchange commission -- >> basically they couldn't get him, right? they couldn't get him? >> they couldn't get him or he had really good lawyers or a combination of both. but he's going to come out of this with, you know, $9 billion of his own money to trade and no individual culpability criminally and that says something. >> all right. let's go to kate kelly who is outside the location where mr. bharara was speaking a few minutes ago. kate? >> hey, tyler. an interesting and relatively brief press conference we finished that i
sac capital is steven a. cohen. it's his firm, he was supposedly running this place that was a breeding ground for insider trading, he's going to be fine. he's going to come out of this a multibillionaire, can still trade his own money. a lot of people that worked for him will lose their jobs. but steven a. cohen seems to have escaped criminal charges technically he hasn't because the investigation is still open regarding individuals, and yes, he could still face a fine from the securities and...
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civil charges against steven cohen and more against the firm, so what's next? >> well, they want out of their way today to say that this settlement charges againstl the company does not create any sort of immunity for cohen himself or any individual. the u.s.nk attorney, he might havet mentioned that fourel different times during a 40ey minute press conference. so they are still looking into him. there is also a civil caseci with the sec which also could carry a significant bite. the sec is o bar stephen cohen from the securities industry for life. this is almost a harshest penalty the sec can dish out to anyone. that has yet to be resolved. that is likely to be a major blow for someone who thought of himself and was widely seen as the greatest trade never his generation. >> sheelah kolhatkar of business week, thanks very much. >> egypt's first democratically elected president now on trial for >> ifill: egypt's first democratically elected president, now on trial for inciting murder was defiant during his brief first day in court. newshour correspondent kwame h
civil charges against steven cohen and more against the firm, so what's next? >> well, they want out of their way today to say that this settlement charges againstl the company does not create any sort of immunity for cohen himself or any individual. the u.s.nk attorney, he might havet mentioned that fourel different times during a 40ey minute press conference. so they are still looking into him. there is also a civil caseci with the sec which also could carry a significant bite. the sec...
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. >> ifill: billionaire investor steven cohen and his high- profile hedge fund agreed today to a record plea deal for insider trading. s.a.c capital advisors will admit to criminal fraud and pay $1.8 billion in fines and forfeitures. for federal prosecutors in new york, it's the biggest catch yet in a long-running investigation. >> sometimes institutes need to be held accountable too. no institution should rest easy in the belief that it is too big to jail. that is a moral hazard that a just society can ill afford. >> ifill: cohen was not charged with any criminal violation, but will no longer manage money for anyone but himself. we'll have more on the details of the case, right after the news summary. the deposed president of egypt, mohammed morsi, went on trial today in cairo, and quickly condemned the proceedings. he insisted he's still egypt's rightful leader, and he rejected military rule. the trial then adjourned until january. we'll hear from a reporter covering the trial later in the program. elsewhere in the middle east, secretary of state john kerry traveled to saudi arabia, i
. >> ifill: billionaire investor steven cohen and his high- profile hedge fund agreed today to a record plea deal for insider trading. s.a.c capital advisors will admit to criminal fraud and pay $1.8 billion in fines and forfeitures. for federal prosecutors in new york, it's the biggest catch yet in a long-running investigation. >> sometimes institutes need to be held accountable too. no institution should rest easy in the belief that it is too big to jail. that is a moral hazard...
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. >>> steven cohen is not just a high-profile defendant, he is also a high art collector, a number of works at christies. we'll bring you more details on the art world later in the program. >>> also ahead, as twitter prepares to start to trade as a public company, which other tech companies might be next. >>> interest is growing in twitter's initial stock price offering, today, twitter boosted the range of the price from 23 to $25, up from a previous plan to offer shares from $17 to $20 apiece. >>> and despite the boost in the expected price range, interest in twitter may be waning just a bit. a new poll found that nearly half of all investors fear that twitter will be a bad investor, while only 6% think it will be a good investment, and only 35% of investors believe that twitter will be successful about five years from now. and about half believe that the rival, facebook, will be successful in the next five years. >>> and shares expected to climb wednesday night, after twitter, what is the next technology company to get talked up in silicon valley? john fort takes a look. >> reporter
. >>> steven cohen is not just a high-profile defendant, he is also a high art collector, a number of works at christies. we'll bring you more details on the art world later in the program. >>> also ahead, as twitter prepares to start to trade as a public company, which other tech companies might be next. >>> interest is growing in twitter's initial stock price offering, today, twitter boosted the range of the price from 23 to $25, up from a previous plan to offer...
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steven cohen forbes put him at last count at $9 billion. it is a very big settlement as far as settlements go but sac was a very big company. >> ali you are looking at big economics numbers. >> this is a big economic week. gdp coming out for thursday, the three months ended in september. unemployment for october coming out friday. both those two reports are backward looking, right now the people are concerned about what the economy is doing. and the reports are skewed because of the government shutdown and effects of that. a lot of reports this week won't tell us much about the story. but coming up, i'm going to be talking about a guy who doesn't think we're going into a recession, he thinks we're in a recession, the worrisome thing is this fellow and his company have been right, for the last century or so, this is what they do for a living. i'll talk to one guy who has numbers. >> i can't think of his moniker -- >> lachman achitan. >> all right, thanks ali. >>> health care manufacturer johnson and johnson will pay more than $2 billion to s
steven cohen forbes put him at last count at $9 billion. it is a very big settlement as far as settlements go but sac was a very big company. >> ali you are looking at big economics numbers. >> this is a big economic week. gdp coming out for thursday, the three months ended in september. unemployment for october coming out friday. both those two reports are backward looking, right now the people are concerned about what the economy is doing. and the reports are skewed because of the...
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steven cohen is known as one of the most successful investors in the united states. his fund has reported 30% on average over the last 20 years. >>> that will wrap it up for biz tonight. i'll leave you with a check of the markets. >>> organizers of russia's first winter olympics have seen costs run up as time winds down. they have just three months to make sure everything is ready for the games in sochi. nhk reports. >> reporter: i am now standing at the top of the hotel in sochi. the temperature here is about 20 degrees celsius. it's surprisingly warm. behind me, you can see the ice dome, the venue for the ice hockey. it can hold up to 12,000 people. beyond the stadium lies the black sea. the beach and relatively good climate have that sochi a popular resort since soviet times. and now it will soon be an olympic host. let's take a look. the olympic venues are divided in to two parts. the mountain and coastal areas. this is the mountain cluster where alpine events will be held. a new railway lengths tinks the areas. this system will serve as the venue for opening and
steven cohen is known as one of the most successful investors in the united states. his fund has reported 30% on average over the last 20 years. >>> that will wrap it up for biz tonight. i'll leave you with a check of the markets. >>> organizers of russia's first winter olympics have seen costs run up as time winds down. they have just three months to make sure everything is ready for the games in sochi. nhk reports. >> reporter: i am now standing at the top of the hotel...
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the fund's billionaire leader, steven cohen, stands accused of creating an atmosphere of "rampant insider trading" at his company. cohen wasn't charged in the indictment but $616 million of the fine will go to the sec to settle a related claim against cohen. the company states that it "takes responsibility" president obama will be in dallas today where he will meet with supporters who helped un- insured american's navigate the new health care website. technical problems with healthcare.gov are still being called into question on capitol hill. yesterday, medicare administrator marilyn tavenner admited to a senate committee only a few consumers could create accounts in the first days the site went live. we have now resolved that issue. users can successfully create an account and go through the enrollment process. we are able now to process nearly 17,000 registrants per hour or five per second with almost no errors. well, i'm going to be blunt, because i really want this to be a success, and my job is to pinpoint solutions, not finger point, looking at a retro way. i think it is very confus
the fund's billionaire leader, steven cohen, stands accused of creating an atmosphere of "rampant insider trading" at his company. cohen wasn't charged in the indictment but $616 million of the fine will go to the sec to settle a related claim against cohen. the company states that it "takes responsibility" president obama will be in dallas today where he will meet with supporters who helped un- insured american's navigate the new health care website. technical problems with...
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steven cohen's group has pled guilty to a host of charges. it will pay fines and forfeitures around $1.8 billion and will no longer manage money for outsiders. the war of words, though, between the u.s. attorney in manhattan and mr. cohen goes on. he's basically saying it was a handful of men who pleaded guilty and whose conduct gave rise to sac's liability. the manhattan attorney for his part says substantial and pervasive insider trading was going on on a scale without preceden precedence. the war of words continues. >> it's a huge number, but no individual guilt. on twitter, a pew research center poll looked at not only how we use twitter, but who uses twitter, and it's pretty interesting. >> yeah, it is. and it's very interesting for the likes of you, who is a news man who tweets as well. 18 to 29-year-olds are the biggest grouping of people who use twitter and facebook as well. and around about half of them get their news from twitter and facebook as well. this is according to our pew research center study which looked at the habits of 5
steven cohen's group has pled guilty to a host of charges. it will pay fines and forfeitures around $1.8 billion and will no longer manage money for outsiders. the war of words, though, between the u.s. attorney in manhattan and mr. cohen goes on. he's basically saying it was a handful of men who pleaded guilty and whose conduct gave rise to sac's liability. the manhattan attorney for his part says substantial and pervasive insider trading was going on on a scale without preceden precedence....
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they do not grant immunity to employees including sac founder steven cohen. to stilwho still faces a civil . the precipitatiofinancial penall on third party investors and neither sac or part of it will be able to claim a tax deduction. sac says they never encouraged, pro momented opromoted or tolerr trading. >> how big was hedg sec. >> iat it's apex it had $15 billion in assets under majoritmanagement. >> fifteen bill john. billion. mr. cohen was estimated at 5 5 5.$4 billionings. >> we watched as the tea party movement. a special election is exposing the true republican divide. >> as the su sunsets on the watr that defines mobile, alabama. he get to work. >> i have been a fan for a long, long time. he calls himself a true believer. the cause? the tat tea party. >> it will be a goodl godly cou. a country that god can look down on and say i'm proud of this country. >> right now he can't do that. he is campaining for this man, dean young. prom millinpromising to change n with confrontation. >> i can tell you right now barack obama does not want me to go to wash
they do not grant immunity to employees including sac founder steven cohen. to stilwho still faces a civil . the precipitatiofinancial penall on third party investors and neither sac or part of it will be able to claim a tax deduction. sac says they never encouraged, pro momented opromoted or tolerr trading. >> how big was hedg sec. >> iat it's apex it had $15 billion in assets under majoritmanagement. >> fifteen bill john. billion. mr. cohen was estimated at 5 5 5.$4...
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hedge fund founded by steven cohen. with fraud charges. some question the size of the fines or whether the government is scapes blame for feeding the crises is fair. but atmosphere is not helping financial services industry. 49,000 have lost their jobs, rising interest rates, certainly has not helped but defense attorney randy zellen said a witcwitch-hunt is hurting, theye laying off a lot of people. >> it is strange, if the people should not have been hired in the first place. i fall back to position if loans should never have been made, you never would have needed to hire these people to process the loan, that should not have been made, then you have to hire people to go after the people who are not paying on the loans that they should not have been given the first place, this means you must be doing your job right, and you don'tnese the extra people, this is screwed up. neil: all major premier financial institutions, and to hedge fund community now, targets big targets, not the government that goaded a lot of them. but theme is. the sam
hedge fund founded by steven cohen. with fraud charges. some question the size of the fines or whether the government is scapes blame for feeding the crises is fair. but atmosphere is not helping financial services industry. 49,000 have lost their jobs, rising interest rates, certainly has not helped but defense attorney randy zellen said a witcwitch-hunt is hurting, theye laying off a lot of people. >> it is strange, if the people should not have been hired in the first place. i fall...
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steven cohen's hedge fund pleading guilty and paying almost $2 billion stemming from the investigation that led almost five years. the u.s. attorney for the southern district of new york is set to hold a news conference at that podium moments from now. when that begins we will take you live. my partner tyler at the nyse, first to kate kelly at the
steven cohen's hedge fund pleading guilty and paying almost $2 billion stemming from the investigation that led almost five years. the u.s. attorney for the southern district of new york is set to hold a news conference at that podium moments from now. when that begins we will take you live. my partner tyler at the nyse, first to kate kelly at the
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. >>> it is now official, steven a cohen's hedge fund pleaded guilty to criminal fraud as part of a 1.8 billion-dollar deal to resolve a long-running investigation. although authorities didn't charge him with wrongdoing they will continue to investigate by individuals at the one-time 15 billion-dollar hedge fund. >> coming up, as we continue the market monitor, tells us why consumer stocks may be the way to go in this market. that's next but first, a look how the international markets faired. >>> recalling 1.2 million ram pickup trucks in the u.s. to check for a front end problem that could cause a loss of steering. the largest part of the recall covers an estimated 840,000 ram 2500 and 3500 trucks from 2003 through 2008. their defective tie rod assemblies will be fixed at no charge beginning in january. >>> much of the growth in the jobs number came from house pa it willty and leisure. not just today and simon hobbs with a look at the big jobs generator. >> reporter: whether it's that take out franchise, the luxury hotel, drinking establish the or the fitness staff at your gym, months
. >>> it is now official, steven a cohen's hedge fund pleaded guilty to criminal fraud as part of a 1.8 billion-dollar deal to resolve a long-running investigation. although authorities didn't charge him with wrongdoing they will continue to investigate by individuals at the one-time 15 billion-dollar hedge fund. >> coming up, as we continue the market monitor, tells us why consumer stocks may be the way to go in this market. that's next but first, a look how the international...
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capital is owned by the billionaire steven a. cohen. he was not accused of wrongdoing. senior business correspondent anthony mason is joining us now. anthony, why is this such a big deal? >> reporter: scott, s.a.c. capital is the first major wall street firm to admit to criminal conduct since the late 1980s. it's evidence of a tougher stance by both the justice department and the s.e.c. which have started demanding admissions of wrongdoing in these settlements in addition to penalties. the f.b.i. says the case is part of the largest insider trading investigation in history and today, scott, it's produced more than 70 convictions. >> pelley: and what exactly was s.a.c. doing? >> scott, here's one example: in 2008, s.a.c. told more than $12 million in dell scott two days before the company reported disappointing earnings. they avoided $1.7 million in loss it is government says by using confidential inside information. six s.a.c. traders already pleaded guilty, scott, two more are under indictment. >> pelley: anthony, thanks very much. elsewhere on wall street, the dow add
capital is owned by the billionaire steven a. cohen. he was not accused of wrongdoing. senior business correspondent anthony mason is joining us now. anthony, why is this such a big deal? >> reporter: scott, s.a.c. capital is the first major wall street firm to admit to criminal conduct since the late 1980s. it's evidence of a tougher stance by both the justice department and the s.e.c. which have started demanding admissions of wrongdoing in these settlements in addition to penalties....
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this is not over, they may be taken steven cohen and sac, but there are plenty of others out there. >> and i think that mr. deblasio is going to have to play ball. if he drives the banks from wall street to jersey city that would be catastrophic. >> the open secret is the upper brackets don't stay in new york city long enough to be taxed. they're smart enough-- they have homes on park avenue, they go to florida and other states where they're not going to be taxed so heavily. >> they're not spending money-- >> do you think that mayor deblasio, probable mayor, you think he's going to have to see reality and back off and what he's proposing to do really? >> i have a problem with nanny state or bloomberg, but he understands wealth, money and the significance of wall street to the infrastructure of the city. stuart: he ran the city well. this is a well-oiled machine we've got here. >> in that respect, he did. i hope that deblasio will have the right people around him to say you can only go so far with these guys. they go across the river-- >> do you think he's going to-- >> you have a post
this is not over, they may be taken steven cohen and sac, but there are plenty of others out there. >> and i think that mr. deblasio is going to have to play ball. if he drives the banks from wall street to jersey city that would be catastrophic. >> the open secret is the upper brackets don't stay in new york city long enough to be taxed. they're smart enough-- they have homes on park avenue, they go to florida and other states where they're not going to be taxed so heavily....
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the works that get turned over often, steven cohen was selling a recently bought gerheart richter work. but cohen had bought his for pretty much the price it sold for. just two or three years ago, maybe even a year or two ago. though cohen has done well in turning over art that he bought recently, mostly by get ago guarantee for southby he, it's not really a place you would go for your best trades. it's a place where you buy something that's significant to you and it is much a personal purchase as it is any sort of investment. so it may hold its value and might want be a bad place to park money if you've, you know, basically filled up the other places you keep your money. >> they may be facing some large fines, so maybe people thought he was a -- i think he's short of cash. marian, good to see you. thank you very much indeed for joining us. >> my pleasure. >>> and now to diamonds. they may be a girl's best friends, f friends, but the most expensive one has been snapped up by a man. the pink star diamond sold for over on $83 million in geneva. it took two years to cut. i'd say that was
the works that get turned over often, steven cohen was selling a recently bought gerheart richter work. but cohen had bought his for pretty much the price it sold for. just two or three years ago, maybe even a year or two ago. though cohen has done well in turning over art that he bought recently, mostly by get ago guarantee for southby he, it's not really a place you would go for your best trades. it's a place where you buy something that's significant to you and it is much a personal purchase...
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the hedge fund group run by steven cohen is expected to pay a record $1.8 billion in criminal penalties, plead guilty to insider trading. the proposed agreement will be announced around 1 p.m. eastern. that's the latest from the fox business network, giving you the power to prosper. cheryl: microsoft putting $1 million towards a 6-week computer school for veterans guaranteeing them a job in the industry upon graduation. the best part, it's an on-base program. fox news' dan springer is live in seattle with this story. dan? >> reporter: yeah. hey, cheryl, and this training is being given, this is the key, this training is being given while these soldiers are still on active duty and will be completed just before they get out of the military. what does it mean? unlike so many who are transitioning from the mull tear to civilian -- military to civilian life, they won't have a period of being unemployed and trying to get the skills needed to start a new career. there are 23 students at joint base lewis-mccord, but microsoft plans on expanding to bases in california and texas next year. the s
the hedge fund group run by steven cohen is expected to pay a record $1.8 billion in criminal penalties, plead guilty to insider trading. the proposed agreement will be announced around 1 p.m. eastern. that's the latest from the fox business network, giving you the power to prosper. cheryl: microsoft putting $1 million towards a 6-week computer school for veterans guaranteeing them a job in the industry upon graduation. the best part, it's an on-base program. fox news' dan springer is live in...
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the steve run by steven a. cohen is expected to pay more than a billion dollars in criminal penalties, the largest ever for an insider trading case. also will plead guilty to insider trading. it has been one of the most popular hedge funds for decades. >> what is a small town in southern california have to do with towns in greece, costa rica and italy. they are known to have the healthiest people in the world. what makes them so special? we went to the only blue zone in the u.s. to find out. >> 60 miles east of downtown los angeles, you'll find loma linda, a university town in a blue zone, one of five places around the world where people live measurably longer, healthier lives. >> i'm 99 years old. >> the day we met ellsworth, we found him mowing his lawn and tending his garden. what's more remarkable, just four years ago, he retired from a long, successful career as a heart surgeon. >> as long as your hands are steady and eyes good, why, you can do it. i could do cardiac surgery right now. >> then with he met
the steve run by steven a. cohen is expected to pay more than a billion dollars in criminal penalties, the largest ever for an insider trading case. also will plead guilty to insider trading. it has been one of the most popular hedge funds for decades. >> what is a small town in southern california have to do with towns in greece, costa rica and italy. they are known to have the healthiest people in the world. what makes them so special? we went to the only blue zone in the u.s. to find...
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since the weekend's cohen and ninety candlelit vigil has been held mainly by stevens said to me he's in which commemorates the back his fight against fascism. first day but it was surprise like it was a huge surprise in it sunday night is going to paint them for centuries. but now a given authority that up so this is the o sound somehow believe it. part of a new easy to pass the buck it cost you one was at fifty five percent of the fed's he has a history of making racist statements and ominous think his success was fueled by anti roma sentiments. a report in the region says because of his being independent for twenty years this government does not address the difficulties is the remnant and the position in society. for this reason many beneath a car that became easy to beat the entire political elites back again to a williams but that's about to go back meantime a protest by hundreds of egyptians continued into tuesday night's despite attempts by riot police to discuss them most of them was due to define a new goal the bounce demonstrations to the private a separate bowl. activists s
since the weekend's cohen and ninety candlelit vigil has been held mainly by stevens said to me he's in which commemorates the back his fight against fascism. first day but it was surprise like it was a huge surprise in it sunday night is going to paint them for centuries. but now a given authority that up so this is the o sound somehow believe it. part of a new easy to pass the buck it cost you one was at fifty five percent of the fed's he has a history of making racist statements and ominous...