Saturday, December 29, 2012

Evil SAC: A fascination of Wall Street, and investigators

From the NY Times: You want the headquarters of Steven A Cohen, one of the most successful financial speculators of our time, to look like Dr Evil’s secret lair. But it is just another office-park building, a low-slung affair of tinted glass and red brick, on the southern fringes of Stamford, Conn……

It is, perhaps, understandable. On Wall Street, Cohen is envied and feared in equal measure. Hedge fund managers like him have helped redefine what it means to be rich, even if most ordinary people don’t quite understand what they do or how they do it.

For years, the investigations had swirled around SAC, but that was about all. Then, on the afternoon of Nov. 28, the word went out across Wall Street: the Securities and Exchange Commission was warning that it might go after SAC, too….But there is also this undeniable fact: The government inquiry has linked six former SAC employees to insider trading while at the fund; three have pleaded guilty….

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