SAC Capital looks like it's going down
Few firms could survive the criminal charges the federal government may file this week.
Multiple news reports say federal prosecutors are preparing to file criminal charges against the fund, which will pretty much kill it. Investors have already been taking back their money and running for the hills, and an indictment isn't going to change that sentiment anytime soon.
There's a chance SAC's lawyers will get a settlement going, but it's not likely. Several employees have already been charged with criminal insider trading, and others could still face charges.
The one person who won't get taken down in a criminal case is Steven Cohen (pictured), the billionaire who leads the fund. After a long investigation, the most prosecutors could come up with is that he's a bad boss. They finally filed a civil action against him last week, accusing him of "failing to supervise" employees. He won't do any prison time.
SAC Capital already paid $616 million to settle insider-trading charges with the SEC without admitting any wrongdoing. While that effectively closed the civil portion of the case, the company now faces the criminal side.
Investors have already taken out about $5 billion from the fund since January, The New York Times reports.
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during the 80-s---national debt -less than 1 trillion- deregulate and prosperity will trickle down to all !----most especially the ones at the top that had their tax rates cut virtually in half since then!
2008---these companies are to big to fail-----our country must bail them out--national debt at 12 trillion
2013--quantative easing 3---national debt at 16 trillion- not counting 3 trillion on the feds books of funny money created out of thin air
ever notice that the biggest criminals rarely ever go to jail- but we all get to pay for their shennanigans?
"The one person who won't get taken down in a criminal case is Steven Cohen, the billionaire who leads the fund. After a long investigation, the most prosecutors could come up with is that he's a bad boss. They finally filed a civil action against him last week, accusing him of "failing to supervise" employees. He won't do any prison time. SAC Capital already paid $616 million to settle insider-trading charges with the SEC without admitting any wrongdoing. While that effectively closed the civil portion of the case, the company now faces the criminal side."
Seems pretty simple to me. If crooks can operate without liability then there is no reason to allow ANY group operate at all. we got duped into deregulating banks, Fed them TARP and QE, let Phil Gramm slip his load of shitt Gramm Leach Bliley Act into other legislation at vote time and have endured the WORST financial tyranny and corruption in history. RUN Steve... don't expect to last long. You have no ability to act normal. You will stand out because you're a fool. It won't end well. You're too smart to have ethics, character and commonsense. Bully for you, idiot.
I guess it needs to happen, too many thieves in the den.....So take'em all down..
Plenty knew there major problems or miscues..
Sure a few hundred innocent may get screwed over, but at least they should know who did it to them.
And it appears it is the only way to get at Cohen.
I truly believe, the people at the top "would eat their own young" if they had to....
Maybe the young could do them first, and the SEC will get a helping also.
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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