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SAC Receives Wells Notice
It turns out the topic of today's much expected conference call originating at 72 Cummings Point Road Stamford, is what many already knew yesterday, namely that the SEC has warned SAC that after years and years of pursuits, the enforcer is finally getting close in for the kill, and has sent a Wells Notice, usually a first step before civil charges are filed.
- SAC SAID TO TELL CLIENTS IT GOT WELLS NOTICE FROM SEC LAST WEEK
The notice will be filed against the holdco, implying Cohen himself will be implicated, instead of just the CR Intrinsic OpCo where Martoma worker. Usually the SEC does not file Wells Notices without sufficient backing, so this may finally get interesting. But we are not holding our breath. One needs to simply recall how the SEC bungled its CDS insider trading case vs Millennium and Deutsche to see how the endgame here could well be another epic humiliation for the soon to be Schapro-less regulator.
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the sec, bug lulz
.....unless your name is Cohen. Then you're pretty much screwed.
"Call me Ishmael."
The hunt for Moby Dick is closing tight.
I'll be honest, because it really is the only way to go, and pointedly confess I thought this would happen PRE re-election, so that Obamney could get the perp walk pictures and give Eric Placeholder at least one slam dunk to diminish the harsh, withering (yet very accurate) criticisms of one Matt Taibi and those who happen to agree with him, so at least the fact that there may be at least one Moby indictment (emphasis on maybe) in a literal sea full of Mobys, post-election, is surprising.
If anything gives anyone an idea of how epicly large the monetary amount of swindling "the markets" IS (not was) by 'insider networks' used at various hedge funds, look no further than JUST ONE F*CKING example of undoubtedly hundreds (thousands?) over the years:
Well-Known Neurologist Passed Tips In SAC Insider Trading CaseI repeat, THIS IS BUT ONE F*CKING CASE, BITCHEZ, representing *alleged* (cough) manipulation of the selling of a cool billion in "equity" based on deep insider information, so do that multiplication table, bitchez.
100, 500, 1,000 of these cases over the last decade let alone last few years (maybe months?)...
...pretty soon, you're talking real money.
Good continued "luck" fishing in the ever-so-efficient equity "markets," Muppets of the world. Maybe stock up on KY lube, since that's been approved by the FDA and is being sold to the public.
Maybe it'll be a résumé bullet point consolation prize for one Eric H. Placeholder, Esq., who's in the league of extraordinarily [incompetent] gentlemen™?
million dollar fine, the sec apologizes for troubling cohen.
Not a chance that Mary can take down Stevie.....
If she wants help she knows where to go. The matter is merely tactical now.
Need to fine someone to pay for the porn.
Quick SAC, cover your wrists!
lol... my thoughts exactly. Another public spanking in hopes the masses will think there is some sort of law and order in place. Laughable.
Worse case scenario for Cohen is he gets thrown in the same cell as Corzine and they....wait a minute......
Dude stop it.....you're killing me!
Corzine + Cohen, incarcerated together even in close proximity, with access to at least one form of communication device to the outside world?
I smell trouble, bitchez! It'll be like that prison scene from Goodfellas, only with juicier steaks & moar/better double malt scotch!
...so SAC will pay a fine of $500 million and admit no wrongdoing. Case closed.
The issued a Wells Notice cos they stopped supplying porn...
And hence the drop in "paper" gold price
I remember when the big banks were getting Wells Notices. Does this mean SAC is about to get its own bailout?
If I may quote the legend, Rudy Ray Moore (aka Dolemite)......
shit nigga please....you KNOW all it takes is a check and viola! YOU ARE BACK AT IT AGAIN!
will be my life on it.....I know what happens already
My only question is- 'This is a diversion from what?'
life
The incoming inflation because Singapore and Turkey are cutting US relations.
Are you kidding?
Or do you have a link for that tidbit of info?
It is all smoke and mirrors......100% BULLSHIT.
SAC of shit OWNS the SEC, The Govt, The congresspeople.....YOU NAME IT...MONEY BUYS ANYTHING...
OOOOOOHHHH...A WELLS NOTICE...."SPPOOOOKY!" (As the cartoon Wow Wow Wubzy would say)
DOESNT MEAN JACK SHIT.....
SAC probably ordered the SEC to send the notice so as to inject confidence in the regulatory industry. Nothing will come out of this. No way they did this without the overlord's permission.
Truly, nothing will come of this and it's really an insult to us as they think they are doing something.
SAC Capital=Genco Pura Olive Oil.
There are only two ways to consistently outperform the market every year; an ability to see the future and insider information. Science has never proven a true clairvoyant so they must all be cheating. So fucking simple!
I take your point, but it's only about $13B, isn't it?
That just doesn't seem like a lot these days...
Too much time in Amerika just talking talking and talking. End to solving any issues. Yeap , nation of fuck heads, inbred , hookers .
And isn't it all too curious that she is leaving just as this case is unfolding. Coincidence? I doubt it. But, what does it mean?
To me it simply means there are too many mysteries and doubts about the entire financial markets to trust any side of it anymore. The only real question I want an answer to is - where do I run with what little is left of my savings to hide and defend myself from it all?
Getting cold out there.
The SAC shrivels ...
This could account for the selling going on. Gotta liquidate the positions and move the money before buying.
Cohen is the name of the priestly class of the faith. They are the most priviledged.
We know Judge Rakoff is the high priest of the moneychangers and would never convict one of his fellows at the temple.
I suppose with a name like Cohen he will be untouchable lest his accusers get shunned at the temple.
I saw Neel Kashkari on Bloomberg this morning praising Henry Paulson as the saviour of the western world.
Made me want to go buy a high powered rifle with a scope.
http://images.nymag.com/images/2/daily/2008/11/20081120_kashkari_560x375...
What a douche!
"Usually the SEC does not file Wells Notices without sufficient backing..."
Unless of course they're going after a small firm that they know will never be able to afford the lawyers needed to defend themselves against the unlimited resources of the government and will be forced to agree to a ridiculous settlement.
/BUCK FARACK/
Smokescreen
Emission
Commission
This may be start for great justice!
Take off every zig!