josue fuentes/fiscalía, cdo. de santa clara 1:57:23 la víctima en este caso informó al detective que ella tenía 17 años y él siguió en comunicación con ella pidiendo que ella le mandara a él fotos explicitas sexuales. segn la fiscala, tony fregger de 33 aÑos, un detective con 8 aÑos en el departamento, y 3 en la unidad de delitos sexuales, se comunico con la menor via facebook entre enero y febrero del 2011. en mayo de este aÑo, la polica encontr fotos explicitas de tipo sexual de la menor en un archivo con su nombre en la computadora personal del detective. s.o.t. josue fuentes/fiscalía, cdo. de santa clara 3:50:04 y eso es la pena de este caso que este detective su trabajo era de investigar los asaltos sexuales de menores de edad. s.o.t. aaron reséndez/asesor del jefe de policía de san josé 11:55:11 es un tema difícil, pero esto pasa hasta en las mejores familias, so pasó en el departamento de policía, pasa dentro de la comunidad, simplemente tiene que salir a la luz y tiene que hacerse las correcciones que tenga que hacer el departamento. aaron resendez es un aseso

2007, writing of the subprime mortgages, backing the synthetic collateralized debt obligations are cdos he sold, he wrote the entire system is about to crumble at any moment. the only potential survivor, the fabulous fab, while comparing the cbos he created for clients to frankenstein. now a doctoral candidate charges ahead of the housing market's collapse, committed securities fraud by misrepresenting the role the hedge fund took in investing in a cdo. the government alleging he failed. what the long and short investor needed for the synthetic cdo while failing to correct another assumption, paulson took a small long position. paulson made billions betting against the housing market, the government case hinges on whether the government believes tourre's job required the clarification of paulson's role. goldman sachs charged along with tourre in 2010, settled with the sec for a record $550 million. opening arguments begin monday morning. and maria, we will be live with the details. back to you. >>> the financial exchange traded fund touching a five-year high after better than expected e

paulson's hedge fund actually had a large position in the security in question, the cdo called abikis. tourr said i wasn't trying to confuse anyone but again the fcc counts because as you suggested, the fcc is trying to convince that tourr dell remembmiss led n purpose post and allowed him to profit considerably basically to the tune of a billion dollars. >> mary, let's fast forward a bit. what is at stake for him if he loses this case? >> again, this is a civil trial, so he won't be going to jail but likely face fines and penalties if found guilty. he could face possible bans for the securities industry. mr. tourr left goldman sachs and is in a phd program at the university of chicago. >> mary thompson, thank you very much. >>> a judge cleared the way for the bankruptcy case to go forward without legal challenges in other courts. this was the first hearing related to the city's bankruptcy and scott cohn was there. >> reporter: suzy, the city of detroit was founded 312 years ago today and for those who believe that what this city needs is a quick and thorough restructuring, this may h

specifically one that he suggest ed that there was a precommitted first loss on the cdo. this is a preliminary, and basically transaction statement about what it might look like. tourre has admitted it is inaccurate at the time, and he didn't mean to confuse anything, but the s.e.c. is continuing to hammer away with this, because it followed up with e-mails at executive of hca which took a long position in the cdo in which the executive from hca references paulson's equity perspective in the cdo suggesting of course, that they thought that paulson was long. the s.e.c. continues to ask fabrice tourre why he did not correct this assumption by the sea and they tried to say that he deliberately misled the investors to make them feel comfortable to take a long position in the cdo and a long position where they lost money, but paulson benefited being short the ceo, and profiting by $1 bhillionbillion. the s.e.c. is expected to continue the questioning of mr. tour ray an hour and hour and a half, and this afternoon the defense team will cross-examination him, and that is expecte

any time the city passes funding onto an external entity whether it be a nonprofit organization, any cdos, or any other local government, the city as the primary grantee would have the responsibility of monitoring those other entities to make sure they are in compliance with the federal requirements. the finding related to a [speaker not understood] member, the data universal numbering system which is a number that is applied to an organization and it's used by the federal agencies to help track where the funding is going. so, there is a requirement to obtain the required number from the [speaker not understood] prior to awarding any subcontracts. so, as a result of our audit for these two federal programs, we found that the dph did not obtain such numbers from the recipients for 2012. would you like the department to speak on this item? >> thank you. >> [speaker not understood] from department of public health. we have notified all our contractors that they're required to submit the [speaker not understood] number that will be part of their requirement along with the turning in their aud

what is the ufc cdoing for that? >> we're the only league in the world that has health insurance for fighters. we have t-shirts, action figures, video games and the fighters get a piece of that. even when they retire, it's not like you wouldn't want a chuck liddell action figure or chuck liddell to be in the video game. so these guys live forever inside this brand. >> is it the sports to take care of its retired stars? >> it's tough to say. when you have grown men that made $35, $40 million and they're broke? i can't tell you how to spend your money. if you're going to blow $35 million, i don't know what to tell you. >> what is the biggest challenge so far in terms of international growth? >> time. there's not enough time in the day to do all the things that need to be done. and we're just doing the best that we can. >> one can work too hard. >> i don't believe that. >> i mean, life, family and life. >> listen, i don't miss anything that my kids do. if my kids are playing football, if they're at a school performance,

they would say what is a cdo, well, a cdo could mean -- and then it got a little testy. >> wasn't the judge the one who said let's not use the technical terms to begin with and now they're arguing about the technical terms. >> they made a sheet for the jury, an abbreviated list. >> in other legal news, asiana -- >> i did just see this. >> decided not to pursue legal action as a result of -- >> that was a losing case. >> a public apology by a ktvu that reported the names of the pilots of the asiana flight 214 with a straight face, by the way, and instead they're going to use all the resources to support the investigation into the cause of the accident and family members that were affected by it. they're not going to -- >> they could have never sued. you would have to prove damages, reputational damage, whatever reputational damage already happened. >> right. why doesn't -- he's got tourre, and it is pronounced tour. why have all the -- if you're not going to use them, why -- tourre, isn't he french? >> he is french. i was told that -- >> why? it just seems -- >> they don't want to conf

look back to the past decade there's a perception that wall street was a bit of the wild, wild west, cdos and cds. >> it's always been the wild west, always, but it's always the wild west. >> and then the credit crisis and the stock crash, main street really feeling the pinch of what was perceived to be potentially illegal, outlandish and unethical behavior in wall street. i think the regulatory agencies are trying to fight that perception and want to make sure that it's not going to be pinched. it doesn't mean that they shouldn't. >> we don't have enough money. we need more money. >> if they don't fight, it michelle, then who knows how unethical behavior will get? working in this industry for quite some time people really are going to go the extra mile to make a buck, and if there's no regulation or no fear of the agencies out there, i think that they would push the pedal a little bit further. >> people see the s.e.c., it exists and they think they are protected but the s.e.c. is never going to protect you, ever. >> to a degree. >> gives you a false sense of protection. bernie madoff han

paulson made $1 billion on that cdo. the long investors, of course, lost $1 billion. opening arguments from both sides will begin at 1:30 eastern in just about 15 minutes. they both expect to take about 50 to 55 minutes and then the first witness will be called to the stand. i'll be back in "closing bell" with all the details. sue, back to you. >> look forward to it. over to josh lipton for a quick market flash. >> have a look at qualcomm today. analysts in lizard capital markets shift. qualcomm down today and also down for the year. simon, back to you. >> thank you very much, josh. are you hungry for profits? well, wait until you see what food stocks are doing this monday. plus, while you're shopping, they are watching and they are not looking for shoplifters. they are watching your behavior. see who and what in two minutes. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-

they say he withheld information about paulson's role in constructing and investing in the cdo. accusations touree's team denies. during arguments both sides referencing the e-mail where he calls himself the fabulous fab. he says he knew what he was doing was wrong. the defense saying it was a late night letter to his girlfriend and co-worker. the judge is keeping this trial on track. she wants it done in three weeks. the first witness has been called to the stand. he is testifying as we speak. other witnesses expected to be called, john paulson, the hedge fund giant. he will be as will we when he testifies. maria, back to you. >> thanks, mary. we'll keep watching that. all eyes on earnings tomorrow. 30 seconds on the clock for even of our next guests telling us what we should be watching for tomorrow. gentlemen, good to see you all. chris you're up first. 30 seconds on the clock. what are you prepared for for tomorrow? >> thanks, maria. really what we're watching is the housing market index number. expecting something between 48 and 52. anything north of 50 is positive. anythin

a synthetic cdo. a product made up of mortgage back the securities or sin threat dick mortgage-backed securities. we don't have to get into all that. he sold that to investors. aba capital, a bond insurance company that bought this pile of junk that he calls a pile of junk. the sec is essentially charging him with putting together and selling something that know was fraudulent. that he knew was going to blow up that is what it comes to today. i would point out, there is a jury selection this is a civil trial. what is interesting about a civil trial, the sec has a lower burden of proof. it is a preponderance of evidence. not the sort of high, intent, what is the word for out? dennis: beyond all reasonable doubt. >> you don't have to go there. this is what it comes down to. i will say this when i talk to people on the street they wonder why the sec brought this case. obviously he could have settled. still what we have here is kind of an interesting dynamic when you don't have dick fuld. i'm not saying d

goldman sachs e-mails inside were saying the cdo business is dead. we don't have enough time to capitalize on this. you have got to move now. fabrice tourre is e-mailing saying i'm not feeling guilty about this at all, joking he was selling the deal to widows and orphans. there is a widow on the jury. this is starting to look ugly for fabrice tourre. the judge on the case is telling the sec, wrap it up. keep it tight. you're getting too bogged down in the details how derivative deals are built. we don't want to hear that we need to get to the evidence of the fraud. e-mails, taped phone calls and memos are starting to come out in this case. we're watching this developing story as it moves forward, day two of the fabrice tourre trial starting to look bad for goldman sachs down here in lower manhattan. i give it back to you. ashley: widow and a priest. that will be tough. elizabeth macdonald. thanks very much. tracy: start of a bad joke, a widow and a priest walk in a bar. for a closer look at the fabrice tourre trial, we have a head of enforcement secu

time of stress and he was not serious, and no, he was not aware of any misleading en formation in that cdo. 2 1/2 hours that each side for closing arguments and the case could go to the jury tomorrow. guys? >> yes. e-mail, evidence mail. don't put it in the the echt mail, scott, okay. talk to me in person if you say something like that. >> all right. >>> and coming up is last word from our guest judd gray. "first day of my life" by bright eyes you're not just looking for a house. you're looking for a place for your life to happen. uh-oguess what day it is!is?? huh...anybody? julie! hey...guess what day it is?? ah come on, i know you can hear me. mike mike mike mike mike... what day is it mike? ha ha ha ha ha ha! leslie, guess what today is? it's hump day. whoot whoot! ronny, how happy are folks who save hundreds of dollars switching to geico? i'd say happier than a camel on wednesday. hump day!!! yay!! get happy. get geico. fifteen minutes could save you fifteen percent or more. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...

i was with someone this weekend talking about cdos worth pennies on the dollar trading at 80 cents on the dollar. insurance companies stuck with stuff, turns out it's coming back, not to haunt them but to make them. >> right. >> is your list of sure-fire winners getting smaller? this downgrade of whole foods today? >> boy, i don't know. do you want to get in front of the cohort that says we will protect you from the food chain? we are not -- we know you younger people, this is why i like white wave, you younger people, you do not like to get the mcdonald's beef. you want our beef, organic beef. i don't know. i don't know if i want to get in front of the juggernaut of organic and natural foods, which is to me a generational thing. not unlike publicis/omnicom, a generational thing. younger people view the world different, they do it differently. >> note on whole foods titled not the time to be greedy, right. >> a valuation call, sticking to their guns on the valuation call. isn't that sort of a crystallization of the broader market? people are talking double tops, people are talking low

paulson's hedge fund was short and involved in selecting the subprime mortgages get on by that synthetic cdo called abacus. you need a long and short for both. again, the trial opening arguments will happen later today. we expect once the jury selection has been completed, we'll be back with any details. back to you. >> mary thompson with the fab fab. a fabulous weekend for markets, we'll see. earnings set to hit the tape, but federal reserve chairman ben bernanke. brian westberry, chief economist with first trust advisers. >> hi, kelly. >> michael, first, to you we've heard so much from the chairman lately. it seems inevitable between the statement and question and answer, we going to hear much more. i this going to trump earnings again? >> i i think they're both important. the fed talking around in circles. but what they have done is candidate the market to the inevitable you know tapering when they're occurs and the fed's disinvolvement going forward, whenever that is. i don't think it's anytime soon because you've got the dual mandate of monetary supply and unemployment. unemployment con

paulson who made billions betting heavily against the housing market was essentially short the cdo, one made up of subprime mortgages his fund helped select. he profited handsomely. the investors on the other side lost money. alongside tourre, goldman sachs settled with the s.e.c. for $550 million without admitting or denying wrongdoing. the firm has helped pay for tourre's legal bills though it initially tried to distance itself from the native of france. tourre hassen denied that he acted alone. opening arguments are on monday morning. we will be there live covering all the action. kelly, back to you. >> mary, thanks. such an important case. mary thompson with a preview. >>> we're getting closer to our interview with jpmorgan's jamie dimon. in fact, just minutes away. we'll be right back here on "squawk on the street." 't know t it's smart to replace washing-machine hoses every five years? what if you didn't know that you might need extra coverage for more expensive items? and what if you didn't know that teen drivers are four times more likely to get into an accident? 'sup the more y