The indictment of the SAC hedge fund last week is a huge story. No company has survived (Arthur Anderson) such an indictment yet. The second richest resident of Connecticut (Ray Dalio is worth $10 Billion), he has yet to admit involvement in insider trading, saying that a few "rogue traders" were responsible, while he has been "tilting at windmills" as an ethical man.
http://www.vanityfair.com/online/daily/ ... ing-rumors
They did a later update this year: http://www.vanityfair.com/business/2013 ... ading-case
The NY Times has been asiduously following the case: http://www.nytimes.com/2013/07/27/busin ... d=all&_r=0
"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.
"It may be true, as SAC concedes, that even the best compliance programs “may not detect individuals determined to evade firm policies or break the law.” But that doesn’t explain the insider trading “on a scale without known precedent in the hedge fund industry,” as the government put it, which already includes guilty pleas by five employees, insider trading indictments of two more, and SAC’s own settlement of Securities and Exchange Commission charges for $616 million, the largest insider trading penalty ever."
S.A.C. Indictment
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Number Six
- Hereditary Margrave of Mooloosia
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S.A.C. Indictment
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
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Number Six
- Hereditary Margrave of Mooloosia
- Posts: 1232
- Joined: Fri Aug 29, 2008 6:35 pm
- Location: Connecticut, "The Constitution State"
Re: S.A.C. Indictment
http://dealbook.nytimes.com/2013/11/08/ ... eout/?_r=0
After SAC pleaded guilty in criminal court, the judge delayed finalizing any plea deal until March.
After SAC pleaded guilty in criminal court, the judge delayed finalizing any plea deal until March.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)