Noose Tightens: Prosecutors Focus On Core SAC Fund Managed Personally By Cohen

Tyler Durden's picture

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scratch_and_sniff's picture

Longueuil looks like a real grasping psycho, the sleaze just oozes from that guy, its remarkable.

Bananamerican's picture

how will Cohen wriggle out of his wrist slap??

Sophist Economicus's picture

About time! Everybody in the industry knew this guy stunk

squid_pro_quo's picture

Allow me to fix that for you:

About time! Everybody in the industry knew this guy stunk

Everybody knew this industry stunk.

topcallingtroll's picture

Just a little window dressing.

I remain completely distrustful of the sec and justice department until i see serious and well-funded investigations of goldman sachs et all and their municipal swaps trades and constant hft frontrunning, and dont forget the comingling of propriertary trading with order taking, their helping countries and companies engage in enron style accounting, and mbs/cdo fraud.

buzzsaw99's picture

And the constant extortion of CONgreff. I want a plane fueled and waiting at the airport, a bag with $140B in small bills, and an international pilot. When I saw the name "Cohen" Abby Jo flashed to mind. No hope of that.

 

One wrong move and the stock market gets it!

dizzyfingers's picture

1 BN % correct.

Corruption ignored is justice denied.

dizzyfingers's picture

System duplication of comment.

Texas Gunslinger's picture

Knowing that Cohen paid $12M for Hirst's shark in formaldehyde, one must assume that Mr. Cohen-Costanza has shipped his junior analysts to the Indian Ocean in search of Osama.  

I would imagine Osama In Formaldehyde would be the talk of the Hamptons this summer, and quite a fitting metaphor for Mr. Catch Me if You Can. 

 

Hephasteus's picture

You keep using the wrong id. You're way out of character.

Cdad's picture

Nice.  Again, I do believe this stuff matters, and prosecutions will go forward.  Some will succeed.  Some have to.  The American citizenry has left the market.  Something must be done to restore confidence.  Politicians, equally hated, will throw these guys under the bus.  

It is a close call at the bottom of the popularity contest, DC politicians and criminal syndicate Wall Street bankers.  

dizzyfingers's picture

Attention span of sheeple is about .10 of a second. Sheeple won't remember any of this in 10 seconds.

edmondantes's picture

I find this faith in bought and paid for 'prosecutors' employed by the syndicate to be quite touching... if he is this big then he will not be touched...

smlbizman's picture

i have a real problem with the biggest thieves ever, offering  these "bones" to the sheep to show them they are taking care of the integrity of their system

Dollar Bill Hiccup's picture

We should all shed a tear for poor Mr. Cohen. What's the time value of money if you're doing time?

buzzsaw99's picture

SAC, another minnow. meh

Downtoolong's picture

It's springtime for lawyers everywhere.

 

Extremist Tan's picture

It is indeed springtime for lawyers, and about time.  Cohen is a huge target relative to the typical penny-stock prey of the DOJ and SEC.  The absence of loyalty on Wall Street means that everyone is vulnerable.  Insider-trading itself has negligible economic impact compared to systemic fraud, but the voters understand it better than QE2, CDOs, or conflicts of interest in corporate governance.  The voters are fully capable of turning on the big banks, and the mounting insider-trading convictions can ignite them.

Welfareisfraud's picture

Not like insider trading is a real crime anyway.

Welfareisfraud's picture

Pity that this is all on the basis of a non-crime, i.e. "insider trading".

dizzyfingers's picture

It's easy (easier) to convict when there's a paper trail, but how about when there isn't one? Like when they're nothing but electronic blips? http://hedgeop.com/CT_PersonalTrading.aspx

Many attorneys now tell clients NOT to save paperwork but to burn it.

 

 

kragsquest's picture

How to avoid the narrowing noose: Create so much positive energy through charitable giving and "humble" actions that the DOJ will mistake you for the mammalian whale and not a cold-blooded shark.

Hire image consultants and positivity gurus to make you look and feel like Mr. Wonderful, even though people who know you best have unprintable opinions of your character.

Have your tough lawyers defend you while the best gumshoes dig up sleaze on those trying to take you down.  Remember how the "church" of Scientology was able to blackmail the IRS into granting them phenomenal tax exempt status?

If you have an in with those in power do your best to support a global diversionary crisis. Remember how after "W"s former good buddies at Enron, etc. did their perp walks we went from 9-11 to bogus wars? Any coincidence? And how LBJ was about to be exposed to his crimes something totally unexpected happened in Dallas?

SAC is not the biggest fish in the corrupt Wall Street culture, Goldman is.  Expect diversionary crisis if their heads and former heads have to face the DOJ music.