Parsad Posted May 21, 2013 Posted May 21, 2013 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
muscleman Posted May 21, 2013 Posted May 21, 2013 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?"
ubuy2wron Posted May 21, 2013 Posted May 21, 2013 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.
Mephistopheles Posted May 21, 2013 Posted May 21, 2013 I don't understand how Rajaratnam goes to jail while Cohen might get away with a deal like this...
dcollon Posted May 22, 2013 Posted May 22, 2013 From WSJ. Prosecutors considering using RICO strategy http://online.wsj.com/article/SB10001424127887324102604578497170974034916.html?mod=WSJ_Markets_LEFTTopStories
Uccmal Posted May 22, 2013 Posted May 22, 2013 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.
Parsad Posted May 23, 2013 Author Posted May 23, 2013 Three more senior SAC executives subpoenaed! Hey, we don't have a culture of corruption...what are you talkin' about! Cheers! http://www.cnbc.com/id/100736888
Parsad Posted May 24, 2013 Author Posted May 24, 2013 "Five Key Things About SAC Insider Case"...from Bloomberg...also discusses Fairfax's lawsuit. Cheers! http://www.bloomberg.com/news/2013-05-24/five-key-things-about-the-sac-insider-case.html?cmpid=yhoo
Parsad Posted May 24, 2013 Author Posted May 24, 2013 Also, if the government does end up convicting or settling with Cohen, can Fairfax refile their civil lawsuit and go after him and his assets? Cheers!
oldye Posted May 24, 2013 Posted May 24, 2013 http://www.youtube.com/watch?v=tQ1pbQyFpo4 Just replace a few key words and you'd have Stevie's theme song
prunes Posted May 25, 2013 Posted May 25, 2013 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?
Guest Posted May 25, 2013 Posted May 25, 2013 http://www.reuters.com/article/2013/05/25/us-saccapital-blackstone-insider-idUSBRE94O07Z20130525 Blackstone notifies Cohen's SAC it intends to pull money: pension consultant
ubuy2wron Posted May 27, 2013 Posted May 27, 2013 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.
ubuy2wron Posted May 27, 2013 Posted May 27, 2013 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/
Phaceliacapital Posted June 5, 2013 Posted June 5, 2013 Anyone looking at SAC from the POV of motivated seller to scoop up possible bargains?
nwoodman Posted June 5, 2013 Posted June 5, 2013 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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