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The Fairfax Chronicles Part 1 - Exposing SAC's Alleged Market Manipulation And Insider Trading Schemes

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Sat, 03/12/2011 - 16:24 | 1044934 The Axe
The Axe's picture

Nothing new here....At one time in my life, young and trying to create a list of stocks in which to make a market in(slim pickings) at my first job on Wall Street I happen in to a bunch of stocks in which I was the only Christian, firms like Nash Weiss, Herzog, Carr, Sherwood, and Troster Singer controlled the brokers, had pawns at the company, and God forbide  you made a profitable trade against them, they would not only DK you, but call the boss of the trading desk and complain. No trades were executed without full compliance of the complex.

Sat, 03/12/2011 - 18:21 | 1045101 Michael
Michael's picture

Zero Hedge is like the 9/11 Truth of financial fraud investigations. The way the Internet blog research community crowd sources the bits and pieces of the puzzle makes federal investigators look like 6th grade school girls.

Sat, 03/12/2011 - 21:14 | 1045336 Robot Traders Mom
Robot Traders Mom's picture

@Axe-don't come on here and start saying stupid shit like "nothing new here" like you read the court docket years ago and you were the original Stevie Cohen. Cleaning the johns at the local merrill lynch office doesn't count as a 'wall street job.'

@Tyler-good fucking journalism. That is why zerohedge is the most important website in the world

Sat, 03/12/2011 - 22:57 | 1045578 chopper read
chopper read's picture

agreed.

Sat, 03/12/2011 - 22:16 | 1045428 JR
JR's picture

Thanks, TA. You underscore the major point of the article.

And that major point, IMO, is that if there are rules and laws and protections in America’s financial system and markets, they are not being enforced. The time spent in courts, the hearings, the charges, the trillions and trillions of words, over and over and over - and nobody pays. Nobody gets pinched, as the British say.  Or if they do, it’ll be someone from lower level management – or a scapegoat the boys want removed. 

Markets are voluntary.  If someone has his thumb on the scale, as Stevie Cohen has, eventually few people will voluntarily participate in that market.  And if it happens to be the only stock exchange in town, then the market ends.  It’s over.

The crimes on Wall and Liberty streets are legion, they are monstrous – they are multi-billion dollar crimes.  These people are carrying away chunks of the Capitol!   And it isn’t as if we don’t’ know them – we have their pictures, their names… their top level connections.

That’s their side.

Remember the movie the Keystone Cops? That’s our side:  Congress and our attorney generals either have been bought off like Frank and Dodd and MIller or they are fools. 

The American people are losing faith in their government; life in American is starting to depend on who you are and how you’re connected.  If you aren’t connected, they’re after you all the time – threatening with pay-more letters or we shut off the power, knocking on your door, stopping you on the street, stealing  your pension and your nest eggs, raising your taxes, bubble busting your house, forcing your college kid to take out a usurious loan, offshoring your job, robbing your 401(k) on Wall while you're at work on Main...

In short, if this corruption isn’t solved, it’s nothing short of the end of the country.  The organized crime on Wall Street is racheting up, the crimes are getting bigger, the people in charge posturing as TBTF.   There will be revolution against this, peacefully now, or later with bloodshed.  People can’t take this.  This country is too big, there’s too much involved, for a criminal oligarchy government to be able to sock in a police state and make the American people adhere to it.

 

Sun, 03/13/2011 - 09:26 | 1046316 Zero Govt
Zero Govt's picture

JR  -  nice post. Absoutely zero chance the system will have an outbreak of integrity. The corrupt ARE the system of Government. Nobody needs a conspiracy theory, the fact is hiding in plain sight with all politicians needing $millions from vested interests (big banks, biz and Unions) to fund their election campaigns. The Govt corruption is not only patent during elections but swimming in pork swill between them too

Sat, 03/12/2011 - 19:38 | 1045221 whacked
whacked's picture

+1

Sun, 03/13/2011 - 01:17 | 1045958 Cistercian
Cistercian's picture

 Deep capture is great...and where I first heard about cohen.And the assclown cramer.

 

Sun, 03/13/2011 - 09:35 | 1046331 Zero Govt
Zero Govt's picture

Zero Power  -  thanks for the link, i almost pissed myself! CNBC's Jim Cramer head of the shit stirring campaign via his 'TheStreet' media tool... his constant support of the Big Boys and his constant white noise on CNBC now makes perfect 'extra' sense ...Cramer the crone on the make, an even bigger 'tool' than i thought previous

Sat, 03/12/2011 - 16:39 | 1044959 Misean
Misean's picture

I'm shocked! It's run just like the syndicate. Capo Cohen. Hope he ends up like Myers Lansky.

Sat, 03/12/2011 - 19:02 | 1045155 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

WAR NEEDS TO BREAK OUT BETWEEN IRAN AND SAUDI ARABIA.

Otherwise Ladies and gentlemen, before they put the noose around Bernanke's neck, he will sing like a bird.

...Think Big Bank CEOs, think Steve Cohen and other hedge fund CEO's, and finally think Congress Leaders.

...Federal Reserve should be closed down.

Sat, 03/12/2011 - 21:04 | 1045327 Air_BernanQE
Air_BernanQE's picture

 

S.A.C is one of the hedgies behind Solar stock shorting. A retail investor can never win against him.

 

Sun, 03/13/2011 - 00:46 | 1045887 Yen Cross
Yen Cross's picture

I like your posts misean. Keep striking lightening!

Sat, 03/12/2011 - 16:46 | 1044971 6 String
6 String's picture

None of this will matter. Some wrist slaps, some drinks, some laughs...and it's back on.

Sat, 03/12/2011 - 17:20 | 1045014 Nacho.Libre
Nacho.Libre's picture

Of course this matters!  Between this and the release of the Bank of America stuff, Monday should be good for a 3% ralley in the market!  Nothing like some earthquakes, tsunamis, reactor blow ups, market manipulation, bear raids, banker fraud, etc. to push that day green!  Let's go all in! 

[/sarcasm]

Sat, 03/12/2011 - 18:03 | 1045071 6 String
6 String's picture

Good point. But I disagree. All this stellar news is good for at least a 5% pop tomorrow on the Dow, and at least a 12% pop for the Russell 2000.

Now, if we were Japan--now you're talking, a 3% pop we'd be good for on an minute event like that.

Sat, 03/12/2011 - 18:03 | 1045076 6 String
6 String's picture

Oh, and I know I said tommorow. Our market magicians can surely make it happen, even on a fucking Sunday.

Sat, 03/12/2011 - 18:21 | 1045105 Brokenarrow
Brokenarrow's picture

Yeah...here's my prayer to God:"let a seiemic fracture occur ten mi offshore of NYC"

Let me see them do a POMO and juke the ES futures from ten feet under water.

"Am I serious?," You ask. Yes. I am.

Fuck Wall and everyone living down there:) Yes. You heard me right.

Sat, 03/12/2011 - 17:00 | 1044976 Muir
Muir's picture

Ddddaaammmmnnn!

 

(read the whole thing)

 

But wait a minute.

Does anybody remember any of this on The new market wizards?

I seem to have forgotten that part.

 

__

 

For you guys that know about this, is this what Wyckoff meant by "smart money?"

 

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Sat, 03/12/2011 - 16:48 | 1044978 falak pema
falak pema's picture

Due diligence is like saying your prayers if you're religious, it's like doing pumps or doing one hour's jogging, if you're a fitness addict. It's a routine about a personal mind set. It's the signature tune of a life effort to stay yourself, find yourself. Its your own personal nest.... If you are in business it's the same thing. Only people don't see it that way. Then, it becomes 'they' and 'us', like in a rat race. We lose focus. We are no longer ourselves. We change the rules of fitness, of mind set : we become like them. We sing "do it to them before they do it to you"...It's the road to unfitness. But we kid ourselves  it's just business. Being top of the heap. Now its the mantra of the global age...we can see the disease...but we don't see the way out from it.

Sat, 03/12/2011 - 18:27 | 1045115 Misean
Misean's picture

Horseshit. These guys are plain and simple goombas (is there a yiddish word for goomba? Oye...). Crook's, theives, thugs, con artists, racketeers.

These guys didn't start off on some noble mission and get side tracked. Pure and simple grifters.

Sat, 03/12/2011 - 19:16 | 1045177 Lord Koos
Lord Koos's picture

I believe the word you're looking for is "gonif"....

Sun, 03/13/2011 - 16:13 | 1047055 MsCreant
MsCreant's picture

Shylock.

Sun, 03/13/2011 - 06:04 | 1046174 falak pema
falak pema's picture

I'm talking about the system not just these guys. Big difference. The system encourages lice to proliferate. 'Cos greed and sham is OK, if you can get away. Tricky Dicky said it before  the Watergate. Reagan made it the sacred mantra through deregulation for the "happy few" that prevails nowadays.

Sun, 03/13/2011 - 13:32 | 1046741 laughing_swordfish
laughing_swordfish's picture

Yiddish for "Crook, Thief,Thug, Con Artist, Racketeer" - " Gonif "

Plural: " Gonifim "

Sat, 03/12/2011 - 16:47 | 1044979 TradingJoe
TradingJoe's picture

As my grandpa used to say, many rich have even more corpses in their basements!!!

No wonder they are filth, criminal enterprises are all filth! Was smart enough to understand how "the market(s) work" when I started out in 1983!

When it's too good to be true....well you know the rest! Am mostly done by now, just literally playing a little (with options only) for old times sake and to "secure some extra gas money":))! Mostly helping few loyal clients and friends.

Otherwise I stay all in Physical PMs and cash! The most, UN surprising to me is the fact that no one eve goes to jail, see Frank Quattrone's "thing"! Madoff was a more then welcome scapegoat and the little guys of course, compliance arbitrage, settlements etc. what a joke, you steal, embezzel a few hundred grant and you're a crook, you steal a billion and you are the trader of the century! LMAO!

Sat, 03/12/2011 - 19:37 | 1045218 Bananamerican
Bananamerican's picture

"No wonder they are filth, criminal enterprises are all filth!"

yea, but they represent "State sanctioned filth"...this is the transcendent criminality of our greatest social "strivers"...

we've seen no prosecutions because the "prisoners" have already been incarcerated.....about 330 million or so

Sat, 03/12/2011 - 16:50 | 1044980 Atomizer
Atomizer's picture

Tyler, the empire needs money to continue operations. This old story provides a well needed income allowance to pad 'business as usual' continuation. We now can imagine how Bernie Madoff felt during his last moments running a Tier 2 government funded ponzi scam.

Sat, 03/12/2011 - 17:06 | 1044998 Thomas
Thomas's picture

Now I need a shower.

Sat, 03/12/2011 - 17:11 | 1045001 JR
JR's picture

Defendant Cohen began his hedge fund through major ill-gotten gains from a substantial trade that he executed based on material inside information about a merger transaction and about which he asserted the Fifth Amendment when he was questioned by regulators. – Tyler Durden

What does it mean to be connected?

Who – in America - remains except the Internet Tylers to set up a political barrier to world financial conquest by an international underworld financed by America’s captured monetary system?  The NYFed Goldmans and the JPMorgan Rothschild-Rockefellers and the SAC Capitals are using ill-gotten gains, Fed fiat and America’s wealth to acquire the world’s wealth, particularly through M&A. Their goal is a classless social order without frontiers, without protection from manipulative exploitation. 

This is no longer a political issue:  it is an issue of crimes against society.

Unfortunately, dealing with this massive problem is greatly hampered by the lockdown on financial communication within this country - specifically the taboos covering any kind of discussion of the Jewish role in America’s finance.  The key part of the subject is not who the Jews are; it is who the financial rulers of this country are.  We’re talking about America’s financial system!

The charts presented in “When Things Fall Apart” by Charles Hugh Smith this weekend pinpoint the 1980’s onward as a pivotal turn in upward gain flow to the capital/global corporations. The book, “The Politics of Anti-Semitism” edited by Alexander Cockburn and Jeffrey St. Clair and published by Counterpunch in 2003 gives similar weight to the 80s:

 “Since the 1960s, Jews have come to wield considerable influence in American economic, cultural, intellectual and political life.  Jews played a central role in American finance during the 1980s, and they were among the chief beneficiaries of that decade’s corporate mergers and reorganizations.  Today, though barely 2% of the nation’s population is Jewish, close to half the billionaires are Jews.  The chief executive officers of the three major television networks and the four largest film studios are Jews, as are the owners of the nation’s largest newspaper chain and the most influential single newspaper, the New York Times.

“That was written in 1993.  Today, ten years later, ardently pro-Israel American Jews are in positions of unprecedented influence and have assumed or been given decision making positions over virtually every segment of our culture and body politic. This is no secret conspiracy…”  -- Jeffrey Blankfort, The Politics of Anti-Semitism (2003), p. 102

And the beat goes on…

JPMorgan No. 1 Investment Bank Driven by Emerging Market Deals 03.06.11 | Bloomberg

Investment bankers, whose institutions have already been bailed out to the tune of $817 billion across the globe, now have something else to thank taxpayers for: deals…

The government-backed deals helped to push fee revenue up last year by 5.8 percent across the industry to $49.1 billion…as total deal volume stayed constant at about $7 trillion… The volume of announced mergers and acquisitions rose 27 percent, to $2.2 trillion, while fees rose 23 percent to $17.9 billion… More Mergers Coming…

http://www.bloomberg.com/news/2011-03-07/jpmorgan-tops-investment-bank-fees-spurred-by-deals-from-beijing-to-brazil.html

Goldman Heads M&A Rankings Spurred by Commodities Demand in BRIC Economies 03.06.11 | Bloomberg

Goldman Sachs retained its No. 1 ranking for the seventh straight year, showing that Western banks with global reach dominate the new merger landscape. Big Western banks led the way even in takeovers of companies based in emerging Asian markets. Goldman Sachs and Morgan Stanley, both based in New York, and Zurich-based Credit Suisse Group AG (CSGN) all logged more deals than local competitors…  With the International Monetary Fund forecasting robust growth in the BRICs in 2011, bankers say acquisitions will increase…  

http://www.bloomberg.com/news/2011-03-07/goldman-heads-m-a-rankings-spurred-by-commodities-demand-in-bric-economies.html

Sat, 03/12/2011 - 17:35 | 1045036 Michael
Michael's picture

Nice reporting JR.

The public at large know and understand this role the Jewish community has played in the social and financial destruction of the USA. This is not news, this is reality.

Zero hedge is like the 9/11 Truth of financial fraud investigations. The way the Internet blog research community crowd sources the bits and pieces of the puzzle makes federal investigators look like 6th grade school girls.

Sat, 03/12/2011 - 18:02 | 1045073 PhD
PhD's picture

community? I would rather focus on the mafia!

Sat, 03/12/2011 - 19:32 | 1045208 Lord Koos
Lord Koos's picture

Well that's a very small club to be half of, isn't it? So what if some Jews are successful financiers? Do you think they take their orders from the rabbi at the synagog or something?  Do you realize that the the huge majority of people who call themselves "Jewish" are just middle class at best? Are you not going to bitch about the other 50% of billionaires that are "Christians"? It's tiresome reading your garbage... fuck off Mikey -- take your generalizations, racism, predjudices, and stereotypes and shove them up your ass.

Sat, 03/12/2011 - 19:43 | 1045223 Michael
Michael's picture

No amount of trying to cover for them with rationalizations will convince the majority.

We have a Zionist occupied government, banking industry, and media that is very well documented.

The damage is done and irreversible. The chips will fall where they may and everyone who has looked the other way deserve what is coming to them for lack of lifting a finger.

Sun, 03/13/2011 - 01:09 | 1045939 vast-dom
vast-dom's picture

Disgusting to bring anti-semitism into this. Filth on top of filth. Michael you need to check yourself and fast.

Sun, 03/13/2011 - 07:55 | 1046238 Popo
Popo's picture

By the same logic, "whites" are to blame, and will deserve what is coming to them.

You're a true idiot Michael.

Sun, 03/13/2011 - 10:10 | 1046366 Charlie Bravo
Charlie Bravo's picture

Oh wow. So much for taking YOU seriously again in the future....

Charlie Bravo

Sun, 03/13/2011 - 00:54 | 1045903 Yen Cross
Yen Cross's picture

JR has no interest in you(skippy) He is a man of (honesty) JR does his homework.

Sat, 03/12/2011 - 18:01 | 1045072 AmCockerSpaniel
AmCockerSpaniel's picture

It's well know that; In the USA, there is crime without punishment for all Wall Streeters.

Sat, 03/12/2011 - 18:31 | 1045103 wandstrasse
wandstrasse's picture

I am bavarian, my dad & mom were born around 1930 thus educated/socialised by the Nazis and the 'Jud Süß' propaganda movie. They never really managed to stop believing in the jewish parasite-finance-Versailles-Treaty-conspiracy. I spent a considerable part of my life just thinking about Nazis, Jews and the Holocaust.

My conclusions: Jews are historically spread around the globe, nevertheless they share a bloodline. They feel like a family! This is a very fertile basis for a) finance, b) science, c) arts. That is why they lead in these areas. Period. Two thoughts are very dangerous: a) Jews think they are born superior. b) Non-Jews think they are born inferior.

Sat, 03/12/2011 - 19:34 | 1045216 Lord Koos
Lord Koos's picture

You can say the exact same thing about the Chinese... they are spread all overd the world, & seem to do good business where ever they go.  Your points a & b are pretty ridiculous.

Sat, 03/12/2011 - 22:11 | 1045421 Snidley Whipsnae
Snidley Whipsnae's picture

Interesting that the Jews and Chinese come up as 'being spread around the world and both groups are successful in business.'

These are the two groups that the much hated book, 'The Bell Curve', found to have the highest IQs.

One possible reason that these two groups might have the highest IQs (paraphrasing from Bell Curve analysis/speculation) is that both groups have suffered many ethnic diasporas due to wars, pogroms, etc, and only the brightest managed to flee and survive and reproduce.

I am not knocking Jews, Chinese or 'The Bell Curve', nor am I an advocate for any of them. Simply pointing out what I think is interesting and is seldom discussed... intelligence matters.

Sun, 03/13/2011 - 00:55 | 1045907 Yen Cross
Yen Cross's picture

The scum replicates. Lets configure your Mantra!

Sun, 03/13/2011 - 08:26 | 1046271 Snidley Whipsnae
Snidley Whipsnae's picture

So you believe that intelligence equals scum? ...and, BTW, I have no 'mantra' but am simply pointing out what is fairly obvious to a casual observer. All life replicates and the most successful life is the most intelligent life, and therefore, will have the best opportunity to replicate.

Some Chinese Emporers (and Western dictators as well) upon coming to power had all the academics and their books burned. The most intelligent academics fled ahead of the Emporers/dictators extermination edict. Those that fled lived to reproduce...

So, was the scum the Emporer/dictator that drove the intelligent to flee?... Or, was the scum those that were intelligent enough to flee and live to reproduce? Or, perhaps neither were scum but the new dictator/emporer simply could not tolerate intelligence in his fiefdom greater than his own for it was a challenge to his power?

BTW, I dropped a neg on you for attempting to change the meaning, or responding without comprehending, my post...and, I suggest you read and comprehend Machiavelli's 'The Prince' so that you will have a basic comprehension of how the intelligent control those that are less intelligent. You can't fight them and hope to win unless you understand them.

Sat, 03/12/2011 - 17:11 | 1045005 velobabe
velobabe's picture

tyler, i understand now, your fury. you are a fighter for all of us. this did read a bit like a novel. damn these rich people just suck. the billionaires are moving the millionaires out of town. gross, to all of them. best served cold, aye†

Sat, 03/12/2011 - 17:22 | 1045018 Atomizer
Atomizer's picture

damn these rich people just suck

 

Not all rich people suck, even the rich try to point you to the guilty party. Take note.

Sat, 03/12/2011 - 19:01 | 1045154 Muir
Muir's picture

I'm sure you are right, I just have yet to meet a rich person who doesn't suck.

 

 

Sat, 03/12/2011 - 19:48 | 1045227 Atomizer
Atomizer's picture

Muir, see those two tits bouncing? Been divorced twice and crawled out of barrel twice. Each time richer. I'm a 1% exception who doesn't suck.

Sun, 03/13/2011 - 01:12 | 1045944 vast-dom
vast-dom's picture

You should get out more Muir.

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