Daily Archives: July 30, 2013, 2:32 pm

Jenkins: SAC on the Chopping Block: Cui Bono? – WSJ.com

Under standard rhetoric, the public is somehow cheated by [insider trading], but the standard rhetoric is nonsense. The public isn’t damaged because another party wants to sell or buy (and most hedge funds strive to make sure their trading doesn’t affect prices anyway). But a cynic might note one thing: Insider-trading law provides a bottomless reservoir of financial “crime” for…

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Longtime SAC Critic Mocks Cohen in Full-Page WSJ Ad: ‘Roll Early, Roll Often’ – Compliance Week

Preet Bharara is not the only one who appears to have been pleased to see the SDNY’s prosecutors bring a criminal case against SAC Capital last week. To the contrary, Overstock.com CEO Patrick Byrne, who has made no secret through the years of his disdain for SAC founder Steve Cohen, immediately reacted to the SAC indictment by taking out a full-page…

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At SAC, Rules Compliance With an ‘Edge’ – NY Times

On Thursday, the federal government charged SAC with running an insider-trading scheme that flourished from 1999 to 2010, the result of an “institutional indifference” to unlawful conduct. On the face of it, it’s impossible to reconcile SAC’s avowed devotion to both legal and ethical behavior and the government’s allegations. via At SAC, Rules Compliance With an ‘Edge’ – NY Times

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Bharara Seeks Cohen Civil Case Stay Pending Criminal Outcome – Bloomberg

Manhattan U.S. Attorney Preet Bharara asked an administrative judge to stay the Securities and Exchange Commission’s action against billionaire Steven A. Cohen until related criminal cases against his hedge fund and two former employees are resolved. In a document dated July 26, Bharara said the SEC enforcement staff doesn’t object to postponing the administrative proceeding, which it filed on July…

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In Defense of the Revolving Door – Terra USA

Truth be told, Khuzami was actually innovative at the SEC. He restructured the enforcement division, with a clearer focus on targets and a better use of its small resources. Those were the kinds of things that caught the private-sector’s eye — probably because he learned resource maximization and efficiency in the private sector to begin with. If he had been…

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Fabrice ‘Fabulous Fab’ Tourre defense rests, feels it holds all the cards – NYPOST.com

Fabrice “Fabulous Fab” Tourre must feel he has a winning hand. That might explain why lawyers for the ex-Goldman Sachs banker rested yesterday without calling a single witness to testify, including hedge-fund honcho John Paulson, who played a key role in the case. via Fabrice ‘Fabulous Fab’ Tourre defense rests, feels it holds all the cards – NYPOST.com

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