According to NY Magazine’s Kevin Roose: Federal
investigators have been circling SAC Capital and its founder, Greenwich
billionaire Steve Cohen, for years, over suspicions that Cohen's hedge fund has
been a nest of illegal insider trading. Their investigative tactics have been
aggressive — wire-tapping Cohen at his home, busting one of his lieutenants and
prodding him to flip on the boss — but have not thus far produced enough
evidence to charge Cohen with anything.
Now the feds have hit another roadblock. They don't have any
e-mail evidence from SAC during the time period they're investigating, owing to
the firm's policy of automatically deleting e-mails after a month or two.
According to Bloomberg, SAC e-mails "were deleted from
employee electronic mailboxes every 30 or 60 days" in 2008, the time
period at the heart of the government's investigation. That sounds kind of
sketchy, but it was probably just business as usual….
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