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Grassley Steps Up SAC Insider Trading Inqury: Demands SEC Information On How Regulator Resolved Steve Cohen FINRA Referrals
It looks like the SAC investigation is about to go to the very top. As we reported over the weekend, Senator Chuck Grassley recently commenced an investigation into at least 20 trades, both stocks and options, at SAC Capital, that may implicate the billionaire with the zamboni in insider trading (despite a very spirited defense that Mr. Cohen is a true humanitarian at, heart having recently purchased none other than the NY Mets, evidence of his civic duty) and lead to an insider trading conviction that would make the Raj Raj affair pale in comparison. Of course, any investigation of SAC would draw many parallels to Madoff, where it would appear impossible that any potential insider trading over the years occurred without the regulator's knowledge. Hence, in a new letter to the SEC, the senator has made it clear that he is now investigating whether or not SEC pursued and/or resolved any of the numerous Finra referrals regarding SAC. Grassley is also seeking: "how the number of referrals over this timeframe compares to similarly situated firms, [and] whether a Wells Notice was ever drafted with regard to SAC Capital related to any of these referrals or related to any other matter (if so, please provide a copy of any Draft or Final Wells Notice)." We expect to discover the answer to the last question to be exactly zero. We also expect that various district attorneys will suddenly jump at the opportunity to earn a few political brownie points now that they smell some very nutritious blood in the water.
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BAD BOYS
/SARC
*The idea that there's any real Sheriff in town is a really bad joke, hence the cliche by those in the know and jaded /SARC.
Still, cracks in the criminal monolith are beginning to appear. I expect whistleblowers and indictments to proliferate with greater and greater effect in direct proportion to the implosion of the US economy.
In desperation, they will occasionally eat their own.
A finger-pointing circle will ensue in due course. That will be finger-lickin' good entertainment for the rest of us.
Thats all it really takes, just a couple cracks in the armor. Markets hate most 'uncertainty', and now its very uncertain that your skimming operation can continue when your pal might just spill the beans on you to get the first get out of jail free card.
Grassley will have as much success as that other clown looking into the ATF running guns to Mexico or the CIA running Heroin to wherever.
"The Honorable Mary Shapiro"..
ha ha ha ha..
When Grassley makes her "The Indicted Mary Shapiro" then we'll be getting somewhere. Of course, this will exist only in an alternative universe.
Shhh...Strategy Session just started. Time to ramp the Dow to +75
Mr. Market no likey.....
Markets hate uncertainty. 'Whistleblower time' now upon them, watch the rats scurry to save their own greasy hides.
I've seen this movie before. Mr. Market and Mr. Ponzi are the same person.
I want a Zamboni... Maybe Grassley wants one for his frozen pond in Iowa...
The whole point of Raj Raj, was so no one looks any higher or whiter up the food chain...
Raj,Raj was proud of his clever approaches to making tons of money and was showing off on the phone recorded record. It was just a little misunderstanding about the rules in this country. He got too big for his britches. If he had coded things right, he would have been much harder to convict.
The people on top or the food chain know how to code.
Be really funny if they had to bring in the FBI to investigate the SEC. lulz
Of Course! Who's left to do the job.
Insider trading regs are so ridiculous, opaque and arbitrarily enforced it almost doesn't matter what happens to SAC. For instance: everyone at the top of that letterhead is legally exempt from insider trading (which isn't even a legal term) rules, such as they are, and has almost certainly profited from such activities in the past - just to give you an idea of the viscosity of the bullshit involved here.
I notice a distinct lack of the usual trolls around here today.
Hope Grassley has life insurance.
Grassley wouldn't have started this if it had not already been approved by TPTB. This is like when the Senate votes for a balanced budget amendment and Democrats vote for it and, ah schucks, it gets one too few votes. Those Dems turn around and spout their fiscally conservative credentials. It's all one big BS game.
He is probably smart enough not to go bird hunting with Dick Cheney.
How about all the insider trading that goes on in congress-- I mean the true crime and conflict of interest is how these assholes can influence policy and literally profit from it.
C'mon man.
Legally government employees have no fiduciary responsibility therefore "insider" trading laws do not apply if they come by their privileged information (and trade on it) by means of their "insider" status.
Grassley, that beacon of truth, righteousness, and the amurkin way!
Oh, looks like there's still some justice in America.
I'm positively surprised.
If Cohen is found guilty, then I will have to reconsider my claim that the U.S. is a banana republic like Congo, Zimbabwe or Guinea-Bissau.
If they handcuff one of the Rockefellers or the Rothschilds,
then I even might be swayed to do a full 180° and I'm gonna claim that the U.S. is indeed still a democracy, where the rule of law, with full disregard of the societal or financial status of a defendant, is still upheld.
Where everybody shall be equal under the law.
The US is NOT a democracy; it's designed as a Constitutional Republic. So many use the term democracy as if it's a desirable goal.
Of course, in actual current practice, the US is an Oligarch aka Corporatocrasy/Kleptocrasy overseen by a figurehead with delusions of grandeur.
And next should be.....
Blankfein
Fuld
Paulson
Paulson
and who else.....
Mine eyes have seen the glory of the coming of the Grassley:
He is trampling out the vintage where the grapes of wrath are stored;
He hath loosed the fateful lightning of His terrible swift sword:
His truth is marching on.
Glory, glory, hallelujah!
Glory, glory, hallelujah!
Glory, glory, hallelujah!
His truth is marching on.
Crooks (senators) investigating crooks (SEC) who investigate other crooks (Wall St.)--anyone else's head spinning?
Someone forgot to make a campaign donation.
Due dilligence is litigiously sought within your framework of congress, what makes you think that a blind eye is still turned? Maybe the fact that investigation has political will rather than necessity from first principles. I don't buy the scapegoat, SEC has bigger fish than SAC. Is this a prelude? Divorce the Congress from the SEC like they seek different color from the same prism. Power games, every eye of govt sees something.
Which market isn't manipulated? Can I invest my money there?
blah blah blah, another circus act with an outcome of ...wait for it.....jack diddly squat. Only common folk were affected, and that's where the parallel to Madoff differs.