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FBI agent who cleared FFH now looking at SAC


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Seems that the FBI agent who cleared Fairfax is now pursuing SAC and Cohen.


This is a very interesting article.




Lest anyone think Prem's claims against Cohen and friends are a little far fetched (letters to his church, crank calls, etc), those incidents seem to pale in comparison to some of the other things that were alleged to have happened at SAC. 


"In a lawsuit earlier that year Tong had charged that his male supervisor, Ping Jiang, then a top SAC trader, forced him to perform oral sex on him before completing a trade, according to people familiar with the investigation and court papers. Tong also alleged Jiang ordered him to take female hormones to turn him into "the ideal analyst/trader," combining both male and female characteristics, the court documents note."


Sounds like Fairfax probably wasn't the only party getting screwed. Sorry, I couldn't resist that.









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It's very tough to get any firm insight on these supposed facts until they are verified and proved.


A lawyer for Jiang didn't return several phone calls. Tong's lawyer, Parisis Filippatos, said his client could not be reached for comment. A spokesman for the prosecutors' office in Brooklyn declined to comment.

It's not clear why the investigation in Brooklyn ended without any action being taken. Nor is it clear what precipitated the inquiry. A related investigation by the Equal Employment Opportunity Commission into Tong's sexual harassment allegation was closed in April 2008 with the agency taking no action against the hedge fund or Tong's former boss.


I do not want to defend SAC by any way. By the way, I'm not a particular fan of cryogenically dead sharks...




Recommendation: We see a long term rise in top-tier spenders’ ability to fritter away stupefying amounts of money. Go long cyrogenically-frozen elephants, a likely next target for money-wasting.

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I think Patrick believes Cohen is Darth Vader and Michael Milken is the Emperor!  ;D  I would not be surprised.  Cheers!




As mentioned, Carl Icahn, who would later owe his status as a billionaire to Michael Milken, founded the options department at Gruntal & Company, which owed its existence to Michael Milken.  When Icahn left Gruntal, he was replaced by Milken crony Ron Aizer, who proceeded to hire two traders who are cronies of Michael Milken.


The first trader hired at Gruntal by Aizer was a man named Steve Cohen, who later founded a hedge fund called SAC Capital. Cohen has been described (by BusinessWeek magazine and others) as “the most powerful trader on Wall Street.”


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