SAC Capital hit with criminal charges
money.cnn.com
money.cnn.com
(Correction: 3% of NYSE, 1% of NASDAQ: http://www.vault.com/company-profiles/hedge-funds/sac-capita...)
Here in Colorado an electronics recycler sent their recyclables to China instead of actually recycling and the CEO got 30 months in prison.
I continue to be shocked that bankers and investors get away with fines and a slap on the wrist. I'm not aware of any that have served prison time since the recession started.
Have you stopped to think that maybe, possibly, it's because there very little provable, criminal wrong-doing? And that perhaps it's not a good idea, for the country and its economy, to throw capitalists in jail when a business goes south, simply because the populace demands heads? That's not a good precedent.
Not everything is a conspiracy. The population currently detests Wall Street. If there was rampant criminal action associated with the recession, some politician would have latched on and run with it, and would have been a hero.
Should we also throw in jail all those mortgage applicants who lied about their job or income on the application? That was also fraud that led to the crisis.
Also, Indians aren't exactly underrepresented minorities on Wall Street. There are tons of them in the industry. Also the guy who prosecuted Raj Rajaratanam was Indian...
That ought to put a stop to it eh?
They should have traded commodities, at least with commodities, most forms of insider trading are legal:)
It will be interesting to see if the fund lives on from this . I find this unfortunate, Steve Cohen is one of the people in this industry I enjoyed following.