SAC agrees to largest insider trading settlement

[ubuy2wron]

http://www.zerohedge.com/news/2013-03-15/sac-unit-cr-intrinsic-pay-largest-ever-insider-trading-case-settlement-no-charges-ar

 

If I see "admits to no wrongdoing" again on a 9 figure settlement I think I will be violently ill.

[Parsad]

http://www.zerohedge.com/news/2013-03-15/sac-unit-cr-intrinsic-pay-largest-ever-insider-trading-case-settlement-no-charges-ar

 

If I see "admits to no wrongdoing" again on a 9 figure settlement I think I will be violently ill.

 

LOL!  Kind of a joke.  Cheers!

[manualofideas]

Too bad the government has no balls to prosecute funds like SAC and Sigma until their principals end up behind bars.  Settlements are essentially a fine.  You do illegal things and we'll fine you -- if we ever get to you and prove it.  Anything other than jail time means almost nothing.  Cheers!

[JRH]

http://www.zerohedge.com/news/2013-03-15/sac-unit-cr-intrinsic-pay-largest-ever-insider-trading-case-settlement-no-charges-ar

 

If I see "admits to no wrongdoing" again on a 9 figure settlement I think I will be violently ill.

 

Agreed all around.  Have you seen the video of Elizabeth Warren asking the regulators when the last time was they took a big bank to trial?  Depressing!

[bookie71]

Agree 100%, BP admits to a felony  (in the Gulf) and only pays a fine.

[Parsad]

Doesn't look like SAC and Steve Cohen's problems are going to disappear anytime soon, even after the record settlement at Sigma.  Cheers!

 

http://www.bloomberg.com/news/2013-03-16/sac-criminal-probe-may-expand-on-sec-lawsuit-allegations.html

[FFHWatcher]

Aren't gov't prosecutors basically saying that they don't trust the 'system' either, when they know someone is guilty and have to accept negotiating a financial settlement versus real punishment/jail time?  They are playing the odds, like a gambler or investor and know the system favours the wealthy/guilty, so they go for the sure thing/settlement. 

[Parsad]

Aren't gov't prosecutors basically saying that they don't trust the 'system' either, when they know someone is guilty and have to accept negotiating a financial settlement versus real punishment/jail time?  They are playing the odds, like a gambler or investor and know the system favours the wealthy/guilty, so they go for the sure thing/settlement.

 

Yup, pretty much.  Or they know that the system can be dragged out for over a decade, and there is still the possibility it will fail the prosecutors making the case with no financial settlement.  Cheers!

[FFHWatcher]

Aren't gov't prosecutors basically saying that they don't trust the 'system' either, when they know someone is guilty and have to accept negotiating a financial settlement versus real punishment/jail time?  They are playing the odds, like a gambler or investor and know the system favours the wealthy/guilty, so they go for the sure thing/settlement.

 

Yup, pretty much.  Or they know that the system can be dragged out for over a decade, and there is still the possibility it will fail the prosecutors making the case with no financial settlement.  Cheers!

 

Our US friends should take notice what Canadian courts do to these thieves and cheats.  Check out Livent and Garth Drabinsky/Myron Gottlieb.  I wouldn't be surprised if Canada was forced to give Drabinsky his Order of Canada back.  http://en.wikipedia.org/wiki/Garth_Drabinsky

He was sentenced to 7 years in jail, over 10 years after his company declared bankruptcy/insolvency and the gov't started the investigating him and his partner.  My math showed he spent less than 2 years.  Is that right?

[ragu]

Settlements are essentially a fine. 

 

Agreed. And they are completely inappropriate when the activity in question is not only illegal, but also indicative of a prevalent culture.

 

Best,

Ragu

[Parsad]

SAC's Plotkin Said To Have Been Tipped By Analyst:

 

http://www.bloomberg.com/news/2013-03-17/sac-s-plotkin-said-to-have-been-tipped-by-analyst.html

 

Cheers!

[Guest]

SAC Says Its Probe Cooperation 'No Longer Unconditional'

 

http://news.morningstar.com/all/dow-jones/us-markets/201305171635/000531/sac-says-its-probe-cooperation-no-longer-unconditional.aspx

 

Nothing to hide, I'm sure.  :P

[muscleman]

SAC Says Its Probe Cooperation 'No Longer Unconditional'

 

http://news.morningstar.com/all/dow-jones/us-markets/201305171635/000531/sac-says-its-probe-cooperation-no-longer-unconditional.aspx

 

Nothing to hide, I'm sure.  :P

 

According to Sanjeev in one post above you, SAC has settled with the government. Why is there another probe? Is there more than one insider trading case? :o

[woltac]

SAC Says Its Probe Cooperation 'No Longer Unconditional'

 

http://news.morningstar.com/all/dow-jones/us-markets/201305171635/000531/sac-says-its-probe-cooperation-no-longer-unconditional.aspx

 

Nothing to hide, I'm sure.  :P

 

According to Sanjeev in one post above you, SAC has settled with the government. Why is there another probe? Is there more than one insider trading case? :o

 

From the article you cite:

 

“Notwithstanding the settlements that SAC Capital has reached with the SEC, which are very narrow in scope, it still leaves the door wide open to further civil litigation and potential criminal prosecution for others mentioned in the SEC’s complaint,” Sabino said.

 

Generally, when a government investigation begins to  get close to the principals of a business, their cooperation ends.

[ubuy2wron]

http://www.zerohedge.com/news/2013-03-15/sac-unit-cr-intrinsic-pay-largest-ever-insider-trading-case-settlement-no-charges-ar

 

If I see "admits to no wrongdoing" again on a 9 figure settlement I think I will be violently ill.

 

Agreed all around.  Have you seen the video of Elizabeth Warren asking the regulators when the last time was they took a big bank to trial?  Depressing!

  I watched a documentary on the lack of criminal prosecution of Wall Street ececs for the sub-prime fiasco. The head govt. official for determining prosecutions was interviewed extensively his arguement for the lack of criminal prosecutions was the uncertainty of conictions and the adequacy of civil remedies. this individual has since left the employ of the govt. and is employed by a "wall street" law firm representing the banks in question. If  in fact the justice dept. has been captured as well it just might make me turn religious as there is obviously no justice in THIS world.