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SAC Mulls Closing Hedge Fund


Parsad
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What a fu*king joke!  Apparently, according to this article, Cohen is mulling closing his fund to outside investors in exchange for admitting wrong doing at the fund.  So, the a-hole gets to keep his fortune, run a family office, as long as he admits to making his money illegally and unethically.  It's this type of bullcrap that gives the 99% something to protest about!  Cheers!

 

http://www.bloomberg.com/news/2013-05-20/sac-s-cohen-said-to-mull-deal-that-would-shut-hedge-fund.html

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What a fu*king joke!  Apparently, according to this article, Cohen is mulling closing his fund to outside investors in exchange for admitting wrong doing at the fund.  So, the a-hole gets to keep his fortune, run a family office, as long as he admits to making his money illegally and unethically.  It's this type of bullcrap that gives the 99% something to protest about!  Cheers!

 

http://www.bloomberg.com/news/2013-05-20/sac-s-cohen-said-to-mull-deal-that-would-shut-hedge-fund.html

 

“One of the reasons why deferred prosecution agreements are such a powerful tool is that, in many ways, a DPA has the same punitive, deterrent, and rehabilitative effect as a guilty plea,” Lanny Breuer, then an assistant U.S. attorney general, said in a speech to the New York Bar City Association in September.

 

I don't understand why, do you? It is almost like the prosecutors patting Cohen's head, saying: "oh, my poor little kid, don't cry. If you don't do this again, daddy won't kick your butt, ok?"

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I think the only deterent is making Stevie , Bernie Madoffs roommate for life. The wonderfull thing about securities crimes are the victims are almost completely invisible. Any one who has bought or sold a security has likely paid a little more or received a little less because of Stevie he has almost certainly been on the other side of your trade at some point if you have dealt in the US capital markets in the last 20 years as SAC was responsible for as much as 20% of the volume  on some days... he took some of YOUR money. I am afraid that if Stevie cuts a deal his wealth will wash away his sins just like Mike Milllikens money did.

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I am really surprised they aren't throwing everything they have at him.  Truly.  The optics are really terrible if he is allowed to keep operating.  Surely the prosecutors can get someone to totally roll over on him. 

 

At the very least they should be charging him and SAC with every available means.  Tie his expensive legal team up in court for the next 20 years, and kill him with small cuts. 

 

He was the owner of the company.  He directed the culture.  He likely engaged in insider trading himself.  Sanj, ubuy2wron... you guys are totally right. 

 

 

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Even if the SEC doesn't force Cohen to shut down the fund, I don't see how SAC isn't finished. What institutional investor can justify leaving its money in a fund with serious corruption charges being levied against it?

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What a fu*king joke!  Apparently, according to this article, Cohen is mulling closing his fund to outside investors in exchange for admitting wrong doing at the fund.  So, the a-hole gets to keep his fortune, run a family office, as long as he admits to making his money illegally and unethically.  It's this type of bullcrap that gives the 99% something to protest about!  Cheers!

 

http://www.bloomberg.com/news/2013-05-20/sac-s-cohen-said-to-mull-deal-that-would-shut-hedge-fund.html

 

“One of the reasons why deferred prosecution agreements are such a powerful tool is that, in many ways, a DPA has the same punitive, deterrent, and rehabilitative effect as a guilty plea,” Lanny Breuer, then an assistant U.S. attorney general, said in a speech to the New York Bar City Association in September.

 

I don't understand why, do you? It is almost like the prosecutors patting Cohen's head, saying: "oh, my poor little kid, don't cry. If you don't do this again, daddy won't kick your butt, ok?"

Lanny Breuer has since left the govt and works for a Wall Street law firm the represents the likes of Mr Cohen and the rest of the big banks.
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What a fu*king joke!  Apparently, according to this article, Cohen is mulling closing his fund to outside investors in exchange for admitting wrong doing at the fund.  So, the a-hole gets to keep his fortune, run a family office, as long as he admits to making his money illegally and unethically.  It's this type of bullcrap that gives the 99% something to protest about!  Cheers!

 

http://www.bloomberg.com/news/2013-05-20/sac-s-cohen-said-to-mull-deal-that-would-shut-hedge-fund.html

 

“One of the reasons why deferred prosecution agreements are such a powerful tool is that, in many ways, a DPA has the same punitive, deterrent, and rehabilitative effect as a guilty plea,” Lanny Breuer, then an assistant U.S. attorney general, said in a speech to the New York Bar City Association in September.

 

I don't understand why, do you? It is almost like the prosecutors patting Cohen's head, saying: "oh, my poor little kid, don't cry. If you don't do this again, daddy won't kick your butt, ok?"

See link re Lanny Breuer http://www.corporatecrimereporter.com/news/200/breuercovington03282013/
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  • 2 weeks later...

Anyone looking at SAC from the POV of motivated seller to scoop up possible bargains?

 

The thought also crossed my mind but I couldn't see any concentrated positions they hold that I would be interested in. 

 

http://whalewisdom.com/filer/sac-capital-advisors-lp

 

in fact it looks like they are deliberately running a lack of concentrated positions, at least as far as their 13f is concerned

 

cheers

 

nwoodman

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