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SAC Discloses Government Subpoena (Top 100 Holdings Presented)
Goodnight Sweet Prince
From Market Watch:
SAC Capital Advisors LP told investors in a letter that it got a government subpoena, according to a person who received the update from the hedge fund firm. SAC said in the letter, dated Nov. 23, that the government served identical “extraordinarily broad” subpoenas on a number of investment managers of different sizes and descriptions, including SAC. The subpoena does not focus on particular individual securities, sectors or strategies, SAC added. The firm said the subpoenas don’t “shed much light on whom or what the government may be investigating.” One focus appears to be on the use of consultants and soft dollars, SAC noted in the letter. SAC will respond to the government “in a professional and cooperative manner.” “Neither the subpoena nor any other information of which we are aware suggests that anyone at SAC has engaged in any wrongdoing,” the firm added.
Zero Hedge from November 4: Is The SEC's Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?
Our questions back then:
- Did SAC short CYBX in the
days immediately preceding the adverse CYBX statement from August 12,
2004. And did it subsequently go long ahead of the favorable 8K from
February 3, 2005. If so, what was the investment thesis/catalyst for
such decision. Did SAC consult with an expert network or an outside
consultant on any of the trades? - Did
SAC go long ITMN in the days immediately preceding the favorable ITMN
statement from March 9, 2010. And did it subsequently sell all of its
holdings in advance of the adverse news from May 4, 2010.
If so, what was the investment thesis/catalyst for such decision. Did
SAC consult with an expert network or an outside consultant on any of
the trades? - Did SAC sell its 700,000 shares in advance of the adverse MYGN news release from May 4, 2010.
And did it subsequently sell all of its holdings in advance of the
adverse news from May 5, 2010.
If so, what was the investment thesis/catalyst for such a decision. Did
SAC consult with an expert network or an outside consultant on any of
the trades? Furthermore, what catalyzed the decision to reenter the stock.
We also have some broadly
rhetorical questions: how is it that a rabbi who as he himself admits,
has never traded a stock in his whole life, knew ahead of everyone,
certainly the SEC, that Skowron had (allegedly) traded on inside information. More to the point, why was Jeff Skowron not named as a defendant in this action: based on the SEC complaint,
which in itself is worth an entire read, the agency has more than
enough information to indict him as a co-conspirator in the case. Why is
FrontPoint also not named? And why is it that we get the feeling that the SEC got all of its information on the Benhamou/FrontPoint case courtesy of the US attorney general, who had forwarded the Balkany information over to them. If that is the case, what else is the SEC currently investigating? Are all biotech
consultants working for 'expert networks' currently under SEC
surveillance and being bugged by various law enforcement administrations
ala Raj Rajuratnam? And, most importantly, is the ongoing official anonymity of Skowron
indicative that the SEC is merely using him to build a much greater
"sting" case against his former, and oh so very elusive, employer?
We were correct about pretty much everything.
And for shits and giggles, here are SAC's top 100 holdings:
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Stevie will always have his looks, though.
He looks like Hank Paulson's fat cousin.
More like a faggopatomus
I was just reading Schwagers "stock market wizards" the other day. 2nd to last guy interviewed....none other than Steven Cohen......./barf
captcha = ____ + 22 = 24?
time for harder captchas....
i think that one was intended for me, tyler forgot.
Careful, or you'll get the "prove Fermat's last theorem" captcha.
LOL nice one
I'm gonna need way more than 2 chars for that.
i actually DID prove Fermat's Last Theorem one night whilst on acid, but i lost the piece of paper. Go figure.
get it? "go figure"?
http://www.deepcapture.com/michael-milken-redux-indictments-on-the-horiz...
interesting. this is from the story:
For now I will refrain from revealing too much of the article’s contents except to alert you that it includes excruciating detail about this Milken network, shocking facts about some traders who are dangerous in every sense of the word, and a tremendous amount of information regarding some singularly ruthless organized crime groups and people tied to the world’s most violent terrorist outfits.
fagasaurus sex
trannysaurus sex (t. sex)
Don't let the junks get you down - it appears that more and more users from the Huffagton post visit ZH.
At least they don't grease back their hair.
....ah yah, round up all the unusually ugly bald guys.
He has a very lovely and charming wife. No kidding.
I'm sure he fancies himself the suave, handsome master of the universe just like the rest of the socipaths of his ilk.
"suave and deboner"?
Looking at Steve Cohen I keep wondering what Kosher food could make a man's teeth so yellow and is fluoride spoken against in the Torah???
I wonder sometimes about these billionaires.
Like, how Trump wears a rug that looks like the matted ass-hair of an orange tabbycat.
And, kee-rist, have you ever seen George Lucas' teeth? Could he not drop a thousand or so on Invisalign?
They look like that for a reason,
So your run of the mill construction worker thinks he could "kick his ass" and continues about his toiling...
That's top shelf color commentary! I applaud you sir.
You insult matted-ass orange tabby cats, sir...
I challenge you Donald Trump <BITCH><SLAP> to a duel...
Since you would be fucking up my chili cheese dog order right now if your daddy had not left you $400 million...
Your choice of weapons, sir....
Trump is a shameless self-promoter -- always was one, always will be one. In the world of real estate, he is a midget compared to guys like Tom Barrack and John Grayken. I wish America would fire Trump once and for all!
that's why we love him!
It's part of their bug-out kit. They can blend into the crowd and be "misunderestimated". Remember what got people pushing daisies, or lotus blossoms, in Khmer Rouge Kampuchea. Handsome, good teeth, soft hands, glasses.....
On the other hand, guys like Louis Bacon couldn't hide at the Rose Bowl on New Year's Day.
i'm not prone to visualizing a man on a roasting spit but...
he definitely pays double price at the brothels
Look at the weird "colorful children sculpture" in the front of his yard:
http://virtualglobetrotting.com/map/steven-cohens-home/view/?service=1
nice job zh
no idea why it's trip posting
Nice job ZH. You don't have to take anybody's shit!
Zero Hedge from November 4: Is The SEC's Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?
Good call, TD.
Clearly this is what Darth Vader would look like without the burns.
The dying repentant Vader, of course. "Luke, I'm so sorry I blew off all your little league games for coke, hookers, and being a master of the universe." "It's ok pop, I'm just glad we had this special moment together before you skurry off to star-hell for being such a murderous douche bag for so long."
SAC: they got nuthin on me the rats
Stevie ain't going down. He'll have the best attorneys money can buy who will tear up the government guys in their polyester shirts and clip-on ties.
You mean all the federal prosecutors now joining the Federal $150k club, while private practice attorneys hope to get their fees paid?
Oh, this guy's defense attorneys will be paid more than the prosecutors, but to think it's an unfair fight in his benefit is ignorant.
Why not?
The Department of Wrist Slaps is ready in case of guilty verdicts!
Hey Jory! How's that PM call you made this morning working out for you?!?!
by joryon Tue, 11/23/2010 - 11:55
#749657
Looks like the Buy Gold crowd is going to get a Colon Cleansing for Thanksgiving. LMFAO!!!!
+1376.70
Good work Crisismode. An all-too-rare documented troll-capture!
another win for Project Mayhem
Doing the SEC's work for them, eh?
Well done.
I'd like to know why he hired Ron Insana other than he made him feel better about being fat and ugly. Tall, fat and ugly is better than short, fat and ugly.
EXECUTE HIM, HONEY-BUNNY!
Pulp Fiction Restaurant Scene
Its the one that says "Bad Motherfucker" on it.
seems like a nice guy, what seems to be the problem?
apparently he's actually a man of great avarice, vanity and mendacity...
the community is shocked
"He was always quiet, yet courteous to me -- I can't imagine that I was living next door to such a monster!" (No one saw it coming!) :>D
+1
too funny!!!
Yeoman's work, TD.
The Euro appears to be consolidating right now like it did after yesterday's big drop. A bad sign that it is working the near-term oversold off as a function of time and not price. The Pound is catching up to the Euro in losses today.
Junk bonds are selling pretty heavily again. Investment grade and munis are mostly even.
sound observations, e.
Looks like poor Stevie is short some "hot potato" mo-mo stocks with outlandish PE ratios.
I mean really, restaurant reservation stocks like OPEN going through the roof when global markets are in the midst of a meltdown?
it's enough to make you scratch your chin
chinS ; )
; ))
Now thats funny
look at all the chinese solars on that list
Because the consumer is spending. They're spending on eating out now. They're spending on travel. They're spending on clothing. They're spending on iGadgets.
So it makes perfect sense why these stocks are running. If the 90% that have jobs are spending, the stocks will continue to run.
They sure didn't open the wallet for your 12:45 rally call.
People Employed in Private Sector
Oct, 2004 Oct, 2010
139,778,000 139,749,000
Population of USA
Oct, 2004 Oct, 2010
295,000,000 311,000,000
Number of govt employees + unemployed each person working in the private sector must support:
Oct, 2004 Oct, 2010
1.11 1.23
That amounts to a transfer of wealth of an additional 10% (in 6 years!) being taken from private sector workers and given to those who either work for the government or do not work.
+1
You're totally right. This time it is different. This is so easy a discretionary goods salesman could do it.
Fuck Harry, why are you spewing this retail crap again. Let's clarify this:
http://www.oftwominds.com/blognov10/last-christmas11-10.html
The entire retail sector is 7.9% of the GDP compared to a 21.4% share for the FIRE tranch (finance, insurance and real estate) of the economy.
Retail is irrelevant to the US economy when compared to the FIRE sector! A blowup in Europe sends all the good news out of retail under the water. That's why bad financial news will always trump whatever great retail news there is. Finance is the real US economy now. NOT retail.
I would not waste your time...just as we are convinced there is no sustainable recovery he is convinced that every man, woman, and child will be using their new iPad traveling aboard an airline with a ticket purchased via Priceline.
After suitable "Gropage" has occurred first, of course! :>D
90% that have jobs? Way high there duder.
+1
Could be true, haven't you seen those day-trader is a baby commercials?? :>D
If that were the case, then the earnings would be higher, so the P/Es wouldn't be so far out of line.
Honestly, this isn't rocket science. The fact that this is a liquidity induced bubble is just totally lost on you.
Too bad that most of that 90% have zero or negative net worth. Translation - only the illusion of wealth. Who can think about retirement in 10, 20 or 30 years when there is another iCrap to buy today. Just like their elected officials, people are happy to kick that can down the road when it comes to saving for retirement.
Uncle Slam will be there for them.
Seen at "Runnings" (a tractor/farm supply store): "Wall Street has insured that I'll outlive my retirement!"
If consumers were spending, it would be the "E" in P/E that is increasing. That's not happening.
Any more wrong calls you want to make today?
hey harry - still waiting for the drop to 1341 or did you cover?
Wangmun!
You're right. People are spending from their 401K's, money market accounts, and mutual funds in order to go out and spend spend spend. I mean, its the holidays! I fired my fund manager and took my cash and I'm on vacation right now, the rest goes into PMs. Consumer spending won't return to pre crash 'normalcy' until wage rates go up or deflation decimates prices. You're postcard is in the mail ;-)
Here it is......
"And for shits and giggles"
I have not heard that since my mother left us in 1996.......
She meant it the same way the author above means it....
Harry...It is always a pleasure to read your comments...I learned it is important to understand both sides of an arguement ...... you keep me grounded.
Bill
HW reminds me of a real-estate agent trying to sell a house with a large termite infestation: "See how solid these hardwoord floors are (as he jumps up and down on one)...CRASH! It's okay folks, the old mattress in the basement broke my fall!"
Here it is......
"And for shits and giggles"
I have not heard that since my mother left us in 1996.......
She meant it the same way the author above means it....
Harry...It is always a pleasure to read your comments...I learned it is important to understand both sides of an arguement ...... you keep me grounded.
Bill
http://research.stlouisfed.org/fred2/data/CONSUMER.txt
The 400 billion dollar spike back at the end of March 2009 was due to FASB rules that put a bunch of securitized consumer loans back on balance sheet. I'll direct everyone's attention to the fact that, since the peak borrowing in February 2009, consumer loans have dropped $104.7 billion dollars.
So, rah rah all you want about individual players, the reality is that, in a fractional reserve system, debt must necessarily increase in order for the economy to grow in size. Debt falling off a cliff = economy falling off a cliff. End of story. Not only have we not seen a bottom, we really haven't even seen a slowdown in the decline.
I posted this on a wrong thread the other day...
Funk, Folks when Wang here says he was at the malls and they were busy and he didn't see any of those 42+ million on food stamps there, well, He's looking at his peeps, that is the crowd that IS doing well.
And it's why he didn't see any of those walmart shoppers when he was coming out of Nordstroms....
So don't tell him the system needs to be changed.
As Pedro(amplified by a SNL skit) used to say...
"De System has be verry verry good to me"
This explains how Nordstroms' earnings can rise by a healthy 43% while Wal-Mart's sales in the U.S. can decline
H-Wanker, you are such a monkey its actually great comic relief. thank you.
psst, that's a back-handed compliment.
unfjuckinbelievable...check out this article on OPEN and how the kill restaurant profits.
the restaurants are going to drop this in a second when something better comes along. with the low barriers to entry in the web and a valuation like this, they are going to get crushed.
http://techcrunch.com/2010/11/16/can-and-should-opentable-be-disrupted/
Robot, I reached out to management for OPEN earlier in the year to see about expanding their business into China as at the time they had their reservation system at less than a handful of restaurants in HK, but none on the mainland. Up until that point their only substantial int'l presence was in UK, Germany and Japan. Something tells me they are either beefing up internationally or their currently a takeover target and someone's got the inside scoop.
All these names will plea out in order to get the ivory domes behind the monkeyshines, Waddel & Reed
Poster child for a pig man.
As an investor, I wonder how I can front-run all these theatrical performances in law-enforcement.
Correction, you are a trader.
Theatrical performances indeed!
Why are they going after such a small fund?
thats funny... I was just reading this baby 2 days ago...
"In the rough with SAC capital" As the hedge funds resident golf pro, Sam Evans plays finest US courses with the super rish. Does that give SAC a trading edge?
http://graphics.thomsonreuters.com/F/11/Golf.pdf
All part of the USGVT takeover of industry. Private capital must be demonized and crowded out so that fascism can be better executed.
Roger That...
let the asset seizures begin! the FED now knows it can not prop the markets forever (or keep the dollar down)
Now the FED and guvMINT need some scapegoats and some cold hard cash
maybe I can buy some nice shoes from this guy at an auction
Number 22 sounds a bit dodgy. I didn't know you could buy them wholesale.
Leg-irons, bitchz.
Innocent until proven guilty. Do you really think the DOJ is doing this for *your* good? It's all scheming, and eventually they grab you.
Easy there, lad. I don't expect the Fed.Gov to do anything for my good except by complete accident.
Apple.
There she is.
Another disasterous investment by Alaweed.
At least he doesn't do any insider trading. He just outright plunges head first into the worst stocks.
LOL....
c'mon WB7, photoshop a fuckin Guiness and a fistfull of Citi and GM paper into those hands with a caption "BRILLIANT!!!11"
LMAO!!
I guess it's beating and mutilating time for wife # 46 tonight. Nothing like a good whipping to calm down a little.
Looks like he's all set for a nice game of ring-toss afterwards, as well.
My memory on this may be rusty, Robo, but didn't the Clown Prince take a big handful of Citi in the 20s back in 2008?
"50's! You promised me GM in the 50's, you son of a one eyed goat!!"
around the royal den he's known as "AllTheWeed"
Alaweed be smoking Allah's Weed
(-30) times 32 equals = -960
Math question cannot be longer than 3 characters but is currently 4 characters long.
WTF do you want from me Durden
redpill, its not just you. Did you think you were that special?
It's a conspiracy, G. Edward Griffin told me so
How does holding a portfolio of these 100 generic U.S. stocks generate any alpha, particularly post 2 and 20?
I was wondering the same thing myself. I think he played a lot of derivatives and options.
BTW his fund is not 2/20 but more like 3/50.
They trade like motherf@ckers, especially their short book.
My latest video: OMG Bank - Just Give Us Your Money
Very good, Hansel. I liked the number jealousy.
take down ALL the mutual funds. Kill, them, fine them, take all the near-rich's money. Just don't touch the "private wealth" bigfish at GS and JPM.
SOMEONE has to pay for all these wall street shenanigans and it MUST BE the upper middle and lower upper class!
My conclusion exactly. All the pieces are in place. Now the harvest is child's play.
#4 son of a bitch must pay
Investing in biotechs is more punishment in its own right than any one man should have to endure.
meh it will probably wind up being the world's leading industry one way or another, one day...
Well that's what happens when you back the GOP boys. "Stevie, you broke my heart." No worries, I'm sure after a sacrificial junior PM and a fat 8 digit check to the Friends of Chuck Schumer PAC, good ole Stevie will be back in biz.
One wonders where the probes on Soros Fund Mgmt and Avenue Capital, and accompanying rejoicement from TD, are? And who really funds ZH?
PAY NO ATTENTION TO THAT MAN BEHIND THE CURTAIN
http://www.youtube.com/watch?v=NZR64EF3OpA
"And who really funds ZH?" And what is your best guess?
My FRNs are on Bruce Wayne!
The SEC has their priorities mixed up. When are they going to charge Jim Cramer aka Mr. Pump 'n Dump ?
Like Cramer would say: "I AM SPARTACUS!!! WHOEHAAAAAA!!"
BOO-YAA
Who hit Maria in the flapper with a 2X4?
ZH rules violation! ZH rules violation!
I wonder if he'll be Bernie's prison bitch
how much junk does simon hobbes get in his eyes at night?
Barry Ritholtz...
Hey Zombie Bears, It's Time To Admit The Recession Is Over
Read more: http://www.businessinsider.com/hey-zombie-bears-its-time-to-admit-the-recession-is-over-2010-11#ixzz168ckHO9k
Reply from Cheeky Bastard on Twitter to BR's article:-
""Recession is over" ... tell that to 45 MILLION people on food stamps. Fuck your statistics, its a dream world."
Good old, Cheeky. He hits the nail on the head.
but we miss him here at ZH :-(
He has switched positions frequently in the last two months alone. You'd think from his pompous tone in this article that he was a bull all along. He is self-admittedly about to get stopped out of his long positions.
Of course the recession is over if the definition is the traditional GDP definition.
Maybe that pompous prick can have a look at GDP from the 2000 recession. That's right, only two quarters that were negative GDP prints.
Q1 2001 -1.3
Q3 2001 -1.1 (Sept 11th effect?)
No official recession there, but what did the stock market do during that time?
Do we dump into the bell or not?
That is the question.....
Post boobies or you're getting junked
Another arb play getting destroyed.....
Heh, somebody changed their mind on Airgas.
Brings new meaning to the term "air bag".
Or new meaning to "ditzy blonde". I mean, did she really cross it up on a string on the ground? Jeezuz.
Hehehehe...Lol....Crash chest dumb(y) blonde.
Can you say "road rash"?
I'll twy two tway it......"woad twash"...ohhh...nweverwind
Bwat cwan i stwill hawve mwe cwandy bwar?
ROFLMAO!!! +2
Going to need to blow real hard in her mouth to pop her nipples back out!
At least she had her airbags pre-deployed.
Safety cushions and crumple zones bitches.
she isn't even wearing a helmet. slammed head be gone. i put out my right hand to break the fall. that is BAD robo, just mean.
I was betting your comment would be first person. Something about strawberries on melons.