U.S. Securities and Exchange Commission Chairman Mary Jo White picked fights with two billionaire hedge-fund managers this week, the strongest signs yet that she plans to run the “bold and unrelenting” enforcement program she promised.
Under her leadership, the commission voted to seek sanctions against Steven A. Cohen, the founder of SAC Capital Advisers LP, who had so far escaped direct implication in a sprawling insider-trading case involving his employees. She also rejected a proposed $18 million settlement with Harbinger Capital Partners LLC founder Philip Falcone because it wasn’t stringent enough.
‘Enforcement 40’ for 2020
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