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Senior SAC Trader Arrested, Given Perp Walk

Tyler Durden's picture





 

Hopefully the $155 million purchase of Picasso's "Le Reve" by Steve Cohen coupled with his splurge on a $60 million East Hamptons pad comes with a 30 full day money back guarantee, because very soon he may have more practical and immediate uses for the money. If the SAC head was hoping that the recent $602 million settlement his firm had reached with the SEC was enough to put all his troubles behind him, he may want to think twice.

First, yesterday, New York District Judge Victor Marrero pulled a "Judge Rakoff", when he balked at the SEC’s use of the “neither admit nor deny” provision (the same argument used by Rakoff when he rejected an SEC settlement with Citigroup in 2011). Marrero also asked what would happen if Martoma, who has pleaded not guilty to related criminal charges, is convicted. “How would it look if in the settlement before it, the parties were allowed to say ‘We did nothing wrong?’” Marrero asked. “The ground is shaking, let’s admit that,” said Marrero. “This court is in the same position that Judge Rakoff was some months ago." But in the end we are sure that Marrero, just like Rakoff, will fold to pressure, and money.

However, where things got interesting is that moments ago the Feds arrested long-time SAC suspect and PM Michael Steinberg, giving him a perp walk out of his Park Avenue apartment. This was the highest profile arrest so of any SAC employee and means that while the SEC may be trying to close the book on Cohen, the Feds are only now getting started.

From the WSJ:

Michael Steinberg, 40 years old, was led out of his building on New York's Park Avenue in handcuffs around 6 a.m. Mr. Steinberg has worked at Stamford, Conn.-based SAC since 1997 and at its Sigma Capital Management unit in New York since 2003, dealing closely with SAC's billionaire founder Steven A. Cohen. Details of the charges are expected to become public later Friday.

 

"Michael Steinberg did absolutely nothing wrong," his lawyer, Barry H. Berke, said in a statement Friday. "His trading decisions were based on detailed analysis" and information "he understood had been properly obtained through the types of channels that institutional investors rely upon on a daily basis."

 

Mr. Berke said Mr. Steinberg had been "caught in the crossfire of aggressive investigations of others [and] there is no basis for even the slightest blemish on his spotless reputation."

 

The development underscores that the government continues to aggressively pursue SAC and its employees just two weeks after the hedge-fund firm agreed to pay a record $616 million civil penalty to settle two insider-trading lawsuits brought by the Securities and Exchange Commission. SAC didn't admit or deny wrongdoing in either settlement.

 

SAC put Mr. Steinberg on leave last September. Around that time, Jon Horvath, a former analyst working under Mr. Steinberg, pleaded guilty to obtaining inside-information about Dell Inc. and other stocks and trading on the tips with his boss. Mr. Horvath is one of the ex-employees cooperating with authorities.

 

SAC has declined to specify the reason it put Mr. Steinberg on leave.

 

Mr. Steinberg's arrest also highlights how federal authorities are attempting to reach into the highest ranks of the $15 billion hedge fund. Since late 2009, six former SAC employees have been convicted of or pleaded guilty to insider-trading charges; four are cooperating with authorities.

The purpose for the demonstrative Good Friday arrest is quite clear: to send a message to old blue eyes himself:

The government could seek to use Mr. Steinberg as a potential witness against Mr. Cohen if Mr. Steinberg ever were to cooperate, according to the people familiar with the probe and with the hedge-fund firm. During his 16 years at SAC, he built trust with Mr. Cohen as an arbiter of analysts, able to assess their sometimes contradictory views and reliably advise Mr. Cohen on investment decisions, say people close to the firm's operations.

We wish the best of luck to the Feds whose sentencing guidelines (if it ever comes to that) better have a greater adverse NPV than the untold amount of hush money waiting for Steinberg on the other side, when he comes out of minimum security prison in 5 to 7.

 


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Fri, 03/29/2013 - 07:34 | Link to Comment Badabing
Badabing's picture

You can't step on TPTBs feet.

i wonder who gets the $602mil

Fri, 03/29/2013 - 07:47 | Link to Comment Zer0head
Zer0head's picture

And a Good Friday morning to you, Mr. Steinberg

 

Fri, 03/29/2013 - 08:09 | Link to Comment SafelyGraze
SafelyGraze's picture

is there a law against the CIC *not* declaring war?

course not.

a law against a judge *not* convicting?

course not.

a law against the SEC *not* charging someone?

course not.

a law against a banker *not* taking your gambling money?

 

Fri, 03/29/2013 - 10:13 | Link to Comment Ancona
Ancona's picture

But we knew there would be sacrificial lambs, just not which lamb in particular.

Nothing to see here, move along now.

Fri, 03/29/2013 - 10:23 | Link to Comment gmrpeabody
gmrpeabody's picture

The only plausible explanation is that Eric Holder has ordered a clean-up crew to scour the place.

Fri, 03/29/2013 - 15:31 | Link to Comment Pure Evil
Pure Evil's picture

Reminds me of Caligula and how he went after Roman Senators and the rich to fuel his desires to spend to excess.

Finally, the FEDS going after those that have real money to steal, unlike those poor Cypriot slobs in the EU.

Fri, 03/29/2013 - 08:15 | Link to Comment hooligan2009
hooligan2009's picture

won't be anybody who lost money by being on the other side of his trades, that's for sure, since there will be an ineterminate number of these...the forst other side would be, say, GS or JPM, who have already acted in God's interest and found a muppet or series of muppets (clients) to offload the trades.

seems regulators ought to be more like predators on the great herd of wildebeest or whatever; the larger the herd the more predators, the smaller the herd..the less

Fri, 03/29/2013 - 20:24 | Link to Comment Buck Johnson
Buck Johnson's picture

Alot of hush money is waiting for him, you can count on that.

Fri, 03/29/2013 - 07:31 | Link to Comment sunnydays
sunnydays's picture

So he is not one of the "too big to jail" people, like Dimon and the others are.

Fri, 03/29/2013 - 07:47 | Link to Comment negative rates
negative rates's picture

No squrreleo is too big to jail, they might bust out of a jacket once and awhile, but seriously folks, YOU really can't get out of here.

Fri, 03/29/2013 - 08:15 | Link to Comment Urban Redneck
Urban Redneck's picture

Yes and no.  There is a special circle in hell that is reserved for the bank license holders and primary dealers of the Federal Reserve- and Cohen ain't a member.  Furthermore, when push comes to shove they have proven they were willing throw the gorilla and even the remnants of Kuhn Loeb under the bus to pursue their own ends.  However, I wouldn't hold my breath since the distance between Good Friday and the jailing of the big sac of shit, is a road trip long enough to drive any Fuhrer insane from the cries of "Are we there yet?" from emanating from those of lesser status relegated to the back of the bus.

Fri, 03/29/2013 - 08:32 | Link to Comment Sudden Debt
Sudden Debt's picture

Eversince he didn't pay his contributions to the Empirial Overlord Obama coalition, he lost his elite status and can only expect repression from now on just like all the rest of the Servs!!!

Fri, 03/29/2013 - 07:33 | Link to Comment buzzsaw99
buzzsaw99's picture

Again the guy who benefitted most walks off with all the dough laughing. Round up the usual suspects.

Fri, 03/29/2013 - 07:44 | Link to Comment AnAnonymous
AnAnonymous's picture

This 'american' behaviour will only end when there is no longer usual suspects.

Depletion of resources. That includes the usual suspects.

'American' style.

Fri, 03/29/2013 - 08:00 | Link to Comment JOYFUL
JOYFUL's picture

Quite auspiciously, it has been determined that you yourself are a usual suspect...guilty of an 'american' style repetitive logical fallacy...

far from depleting, this list be growing, and will attract the interest of Public Security investigators who have deduced that idle grousing on the part of discontented elements within their own structure can be safely traced and rooted out now, with the new mandate handed them by Xi & Cie. Pity those VPNs don't work so good under the all seeing eye of the Great CyberWall of China!

Is there a box you can check regarding your organ donation preferences?

Fri, 03/29/2013 - 09:01 | Link to Comment ceilidh_trail
ceilidh_trail's picture

Speaking of behavior, when you poop on side of road, what do you use to wipe? Depletion of resources- Does cHinA not have ability to switch from building unoccupied buildings to just building some more outhouses (that might actually be used) to reduce public pooping?

Fri, 03/29/2013 - 09:29 | Link to Comment Monedas
Monedas's picture

They used to poop in their leafy green vegetable gardens .... and everyone was happy ?

Fri, 03/29/2013 - 07:38 | Link to Comment ziggy59
ziggy59's picture

Cohen just bought another EHampton House..60Million
Billionaire Steve Cohen Just Bought A Gorgeous Hamptons House For $60 Million
http://www.businessinsider.com/steve-cohen-buys-60m-hamptons-house-2013-...

Fri, 03/29/2013 - 07:42 | Link to Comment nmewn
nmewn's picture

"First, yesterday, New York District Judge Victor Marrero pulled a "Judge Rakoff", when he balked at the SEC’s use of the “neither admit nor deny” provision (the same argument used by Rakoff when he rejected an SEC settlement with Citigroup in 2011). Marrero also asked what would happen if Martoma, who has pleaded not guilty to related criminal charges, is convicted. “How would it look if in the settlement before it, the parties were allowed to say ‘We did nothing wrong?’” Marrero asked. “The ground is shaking, let’s admit that,”

And I thought it was just me.

Fri, 03/29/2013 - 08:32 | Link to Comment Zero_Sum
Zero_Sum's picture

Yeah, I keyed in on that too. Fucking-A right the ground is shaking.

Fri, 03/29/2013 - 10:08 | Link to Comment MachoMan
MachoMan's picture

It's wild that, on the one hand, we can admit that, but, on the other hand, do nothing about it...  especially for those in a position to do something AS AN EXPRESS OBLIGATION OF THEIR JOB.  Eventually though, there will be too many spinning plates and the precedents will be too voluminous to ignore by those persons desperate to avoid making a difficult decision.  

Fri, 03/29/2013 - 07:44 | Link to Comment toys for tits
toys for tits's picture

Does Michael Steinberg run a janitorial service on the side?

Fri, 03/29/2013 - 07:46 | Link to Comment Catullus
Catullus's picture

There is nothing harmful about trading on information.  If someone is handling my money, I want them to trade on information and good information at that.  "Insider trading" is just another bullshit government farse.  The rule is Kafkaesque and the only people who have ever been "harmed" by it are those who are envious of others doing their homework.  It was a rule designed by the banking elite to prevent outsiders in the financial system from outmaneuvering them.

Fri, 03/29/2013 - 07:50 | Link to Comment NotApplicable
NotApplicable's picture

Thing is, it's apparently the only law they understand.

Fri, 03/29/2013 - 07:52 | Link to Comment unwashedmass
unwashedmass's picture

 

WOW. ARE YOU REALLY THAT NAIVE? 

Fri, 03/29/2013 - 08:24 | Link to Comment Catullus
Catullus's picture

Show me one person that's ever been harmed by insider trading.

http://burneylawfirm.com/blog/2011/08/18/who-are-the-real-victims-of-ins...

 

Fri, 03/29/2013 - 08:40 | Link to Comment negative rates
negative rates's picture

I think the Mets (as one) lost a bundle to Bernie Madoff to insider trading, that has yet to be resolved, and they owe a lot of money too.

Fri, 03/29/2013 - 08:42 | Link to Comment Catullus
Catullus's picture

Insider trading?  Bernie Madoff?  Really?

How about just running a ponzi scheme?  That's called fraud.  Again, not insider trading.

Fri, 03/29/2013 - 08:23 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Hey dipshit, if you can "do homework" and get the information, then it isn't insider trading.  If you are the CEO and know things are about to get bad, so you sell ahead of the press release, then you are trading on information that no amount of "homework" would reveal because it isn't public knowledge.  Fucking morons everywhere.

Fri, 03/29/2013 - 08:28 | Link to Comment Catullus
Catullus's picture

Show me a victim.  Just one.

Lying to your shareholders is called fraud.  There are rules on that.  They're not covered under trading with knowledge.

Fri, 03/29/2013 - 09:00 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Look no further than the unemployment line dipshit.  No matter, that which is not sustainable, won't be sustained.  When fraud is the status quo, possession is the law.  Roll the mother fucking guillotines already (they will roll eventually anyway).  Insider trading, like fraud results in theft and capital mis-allocation.  When captial and resources are mis-allocated there are real fucking consequences either way.  Prepare.

Fri, 03/29/2013 - 09:08 | Link to Comment Catullus
Catullus's picture

Insider trading, like fraud results in theft and capital mis-allocation.

Theft how?  What are you stealing from whom? You have to have a victim.  Looking at the unemployment line... those people probably didn't have any shares in anything.  There is no direct consequence between these things.

I agree on mis-allocation of capital results in a lot of bad things.

But let's dive into that further.  Would you rather have money allocated into equity markets where money (resource) managers investigate a company, their products, suppliers?  Hell, talk to regional sales VPs and maybe a handful of customers to gage their customer experience.  How about the strategy and analytics director that is running the P&L for a new business unit? You talk to these people (mostly very honest middle managers with decades of actual experience running the business) and then you form an opinion or a guess about if the business is viable and profitable over the long haul.  And then you decide if you're going to risk other people's savings into this business venture. 

OR

Would you rather just have the mutual fund manager subscribe to a bunch of RSS feeds, attend a few roadshows, maybe talk to their Ivy league chum CFO/CEO once or twice a year, get the intern to run a few models, and then decide to allocate money by throwing a bunch of darts at the wall and pray?

Fri, 03/29/2013 - 09:16 | Link to Comment jcaz
jcaz's picture

Please... Your attempt to make a psuedo-intellectual point here is nothing more than your vanity showing...

Why not make the point that "murder hurts no one",  also?   Taken to the pointless extremes you're willing to go, it can be done.

Your entire position is fatuous- you need to crawl back to your Philosophy 101 class- spring break is almost over, shoo shoo.....

Fri, 03/29/2013 - 09:22 | Link to Comment Catullus
Catullus's picture

Intelligent points are vanity to you.

 

Fri, 03/29/2013 - 09:21 | Link to Comment buzzsaw99
buzzsaw99's picture

You are disingenuous and full of crap.

Fri, 03/29/2013 - 09:35 | Link to Comment Catullus
Catullus's picture

Possibly. 

But I've worked long enough in various roles to see that executive management more often than not is selling a story that the rest of the organization has no alignment on or could possibly deliver.  As it stands under the current laws, information simply does not flow through to people who are investing their money.  I can't understand how anyone could even imagine that what they're doing in the US equity markets could even been construed as investing when they don't even know what is being sold or what they own.  It's gambling.

And insider trading laws amount to nothing more than a fashionable set of obtuse victimless laws that prey on an idiot public's envious desire to lynch someone who has money.

Fri, 03/29/2013 - 10:21 | Link to Comment MachoMan
MachoMan's picture

That would be a grea theory but for the fact that it's a zero sum game...  one person wins from a trade, one person loses.  Ergo, it's not victimless.  Ask yourself how certain firms/entities manage to have no trading days with a loss for quarters on end... 

While I agree that it's wild speculation, it doesn't change the fact that, as a public policy measure, we desire for people to be on an equal playing field for that information.  As a result, it is our objective for those who "do their homework the best" to benefit the most from the transaction...  unfortunately, some folks break into the school the night before the test and get all the answers.

Your premises is that anyone who puts money up for investment has agreed to be divested of it all, regardless of the underlying circumstances...  I'm glad that you can ignore thousands of years of human history to the contrary (aside from rudimentary emotional truths present in every human), but that doesn't change the fact that you're wrong.

So, when you're sitting in the ivory tower pontificating on how to get more money, think about the scowles on the faces of those who were divested of that money through chicanery...  HINT: it isn't envy they're feeling.

Fri, 03/29/2013 - 12:55 | Link to Comment Catullus
Catullus's picture

One person wins and one person loses from a trade? Maybe you should go back to the thousands of years of human existence to ask why anyone decided to trade at all.

As for this point:
Your premises is that anyone who puts money up for investment has agreed to be divested of it all, regardless of the underlying circumstances...  I'm glad that you can ignore thousands of years of human history to the contrary (aside from rudimentary emotional truths present in every human), but that doesn't change the fact that you're wrong.

I don't even know what that means. Seems more ivory tower than what I'm saying: talk to the actual managers of the business to get a sense if it's heading in the right direction and if they deserve to have money sent their way. I took enough economics a decade ago to know they ain't fucking teaching that in B school

Fri, 03/29/2013 - 14:04 | Link to Comment MachoMan
MachoMan's picture

One person wins and one person loses from a trade? Maybe you should go back to the thousands of years of human existence to ask why anyone decided to trade at all.

Apples and oranges...  Are you really trying to compare exchanging cash for a good or service or, alternatively, bartering, with exchanging cash (which may or may not be tied up in retirement accounts, etc.) for intangible assets like securities?  derivatives?  bonds?  You're painting a pretty wide brush here...  stay on topic.

So long as we're going to discuss that, care to also compare the rules, regulations, and norms of yesteryear along with the instruments of chicanery used?  I'm sure that you could find some form of a ponzi scheme with a caveman's sea shells, but I'm also guessing that he got the fuck clubbed out of him and his ass raped with a stick for the trouble.

talk to the actual managers of the business to get a sense if it's heading in the right direction and if they deserve to have money sent their way. I took enough economics a decade ago to know they ain't fucking teaching that in B school.

All you're saying is caveat emptor...  let the buyer beware...  We all get that and I think that's a great, rudimentary approach to a legal and business framework (it would really, really fix a lot of shit in the world).  However, that has nothing to do with structured markets nor the rules to which societies (the world over) decide to live.  The point is this, there are suckers born every minute and there are people who desperately want to take advantage of them as well as create new suckers, but WE DON'T TOLERATE THAT BEHAVIOR.  This is purely rent seeking activity that we choose not to promote in our society...  [despite the fact that the fraud continues purely based upon its existing force].

Let's take it from a different approach...  Could you please articulate what insider trading laws disincentivize?  Production?  Trade?  Anything of value?  What is our cost to have them?

 

Fri, 03/29/2013 - 08:32 | Link to Comment jcaz
jcaz's picture

Aww, aren't you precious.....

Fri, 03/29/2013 - 08:35 | Link to Comment Catullus
Catullus's picture

Thank you for contribution to this discussion.

Fri, 03/29/2013 - 08:39 | Link to Comment jcaz
jcaz's picture

What discussion?  You're a naive idiot, we're pointing it out to you-  that's not a discussion, that's a revelation....

Fri, 03/29/2013 - 08:41 | Link to Comment Catullus
Catullus's picture

You have nothing to contribute.  Fact.

Fri, 03/29/2013 - 09:29 | Link to Comment imapopulistnow
imapopulistnow's picture

Trolling perhaps?

Fri, 03/29/2013 - 09:03 | Link to Comment Downtoolong
Downtoolong's picture

Nice try Catullus, but I still don't think Cohen is going to hire you to replace Steinberg.

 

Fri, 03/29/2013 - 09:09 | Link to Comment Catullus
Catullus's picture

If only people could see how much bullshit the buy side is, they would realize how dumb insider trading laws are.

Fri, 03/29/2013 - 12:29 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Just cause buy side is bullshit...doesn't mean insdier trading laws are dumb.

I think I know where you are going here, but you need to be more specific.

ZH'ers are not "Eat the Rich" crowd so you have gone off on the wrong track...

Fri, 03/29/2013 - 09:49 | Link to Comment DoneThis2Long
DoneThis2Long's picture

Insider trading is reserved only for politicians, and to prove it, they even made it legal!!! Of course, the size of donations to the Democratic Party's coffers, will be considered when looking over the trading records!!!

Fri, 03/29/2013 - 09:51 | Link to Comment Catullus
Catullus's picture

I see the "Eat the Rich" envious horde is out in full force at ZH today.  Look rich people who made lots of money; let's get'em! 

Sad.

Just perpetuating the Wall Street - DC connection with this.  Too short sighted to see that victimless crimes always benefit the established and well-connected. Beyond for some of you to think that SAC is a thorn in the side of a lot of people.  And even if they are trading on insider information, that means they're trading on facts.  And that it doesn't make some of you the tiny bit suspicious that they're being targetted (because the FBI can read everyone's emails now, that's their only source of evidence), speaks volumes about most of you. 

Good luck trying to convince anyone that HFT is manipulating markets.  Apparently only insider traders. Or they don't... or wait.  It's all confusing to me.  EAT THE RICH!!!

Fri, 03/29/2013 - 12:58 | Link to Comment Brokenbroker
Brokenbroker's picture

Dude some rules are about making a system as fair as possible. Insider trading laws are necessary or else u wouldnt have an efficient fliw of capital. And prople wouldnt feel confident they arent being hosed. Not sure if u know any "insiders" but i work with a great number of executives and many could have ir would have sold everything or bought in information they had if they could but i know if they could i wouldnt trust the other side of my trade. It wouldnt be fair. No one got murdered but if someone bought a huge block trade before hand from SAC in a private placement and then got hosed on the release of the said info than that might help u put dollars and sense on it. But some laws exist because the whole systrm would breakdown if insiders could trade on inside info that no one else had. In fact, if they had a million dollar salary but knew for sure which way dell would trade at certain times than the could get much richer by orders of magnitude levering up and buying options on a direction and manipulating events and press releases and the like in one direction and set them up for a huge disappointment. There would be more money to be made investing on inside info instead of managing thr company well. The system would just break down. There would be no trust. Doesnt mean there isnt liars and bullshit outbthere but in the end u have to have rules or the system doesnt work. Of course with politics and limited resources they will only go after those that serve some purpose politcally and the system is totally a farce in many regards but your premise while having a point that there is no victim is beside the point. The rule exists so that there is some trust in the system. Unfortunately the trust is eroded in numerous ways. But insider trading needs to be illegal. Or i wouldnt nor would anyone invest. Channel checks are different than trading on merger news. U cant have insiders trading on merger news ahead of time. Trust me. The whole thing wouldnt work.

Fri, 03/29/2013 - 13:35 | Link to Comment Catullus
Catullus's picture

I do work with insiders.

There's a lot of moving parts there.

Here's one of the problems with insider trading laws. It creates the two tiered system of information you're talking about. And because it is illegal, it's that much more valuable because who would risk giving you bad insider information? Without the insider trading laws, someone who gives you a tip needs to be approached with that much more suspicion. "how do you know that?" "I know a guy." "then why are you telling me?"

As far as front running a merger or announcement, for as many times as someone would bet one way, the shares can just as easily move in the other direction depending how the news is taken. But I honestly think this has more to do with a corporate governance issue that's too much to discuss here.

For efficient deployment of capital, no one has a crystal ball here. For as much as anyone can have perfect knowledge of what is occurring, they have no idea of what will or in what timeframe it will occur. It seems to me that it's only a post hoc ergo prompter hoc argument. Meaning no one knows that any potential harm might have occurred until after the fact. You can't at any given point in time know what will happen, you cant know that what you're doing is wrong until after it occurs.

Fri, 03/29/2013 - 10:08 | Link to Comment Sudden Debt
Sudden Debt's picture

 

 

SUPPOSE I HANDLE YOUR MONEY!!

1. I BUY A PENNYSTOCK

2. I PUMP IT

3. I SELL IT TO YOU

4. I DUMP IT

 

indeed... nothing wrong with inside trading... love it...

 

Fri, 03/29/2013 - 12:07 | Link to Comment RealeyesRealize
RealeyesRealize's picture

LOL YOU HAVE NO IDEA BUD and GUESS WHAT- THEY SHORT IT BACK DOWN ON THE DUMP TOO... I've been trading penny, sub penny, microcap, you name it for about 8 years now.. That statment is so god damn true it's sad lol.. Some of the promoters basically get keckbacks from the company they're pumping, then send alerts out and viola- VOLUME and PPS SURGE!! THEN, they dump the whole way up.. I have cut off many ties with other 'traders' who went promoter cause the game is so corrupt.

I won't even get started on the message board/forum bashers that they send out. 

They took my money for about 2 years, then I figured they're game out.  Look for frontloading, works WITH the market markets - and sell when you see pumpers screaming 400% increase..

They paint charts, no doubt.

It's so illegal I seriously cannot believe it actually is legal though, if that makes any sense in this fucked up world.  Nothing is as it seems eh??

Fri, 03/29/2013 - 13:10 | Link to Comment Catullus
Catullus's picture

Pump and dumps? Why don't you justify the whole insider trading gambit by telling me how many Nigerian princes need your bank account number.

Fri, 03/29/2013 - 10:11 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Catullus, you are halfway there....

Carryon

Fri, 03/29/2013 - 10:31 | Link to Comment DoneThis2Long
DoneThis2Long's picture

Insider trading is reserved only for politicians, and to prove it, they even made it legal!!! Of course, the size of donations to the Democratic Party's coffers, will be considered when looking over the trading records!!!

Common be serious. It is like saying "there is nothing wrong with a fight without rules", I guess .... If you win, "hey, all is well", but if you loose "the other guy fought dirty"!!!

Make a set of rules we ALL play by, then let the games begin.

Fri, 03/29/2013 - 07:48 | Link to Comment fijisailor
fijisailor's picture

Nice distraction.  When Corzine, Blankfein or Dimon take the perp walk we'll know that the SEC is not a Bankster captured agency.

Fri, 03/29/2013 - 07:53 | Link to Comment unwashedmass
unwashedmass's picture

 

never, ever gonna happen. Lloyd and Jamie OWN Mary Jo. OWN her. 

Fri, 03/29/2013 - 08:10 | Link to Comment buzzsaw99
buzzsaw99's picture

they own her and her peon boss

Fri, 03/29/2013 - 09:13 | Link to Comment Ricky Bobby
Ricky Bobby's picture

The Banksters have met and decided it is good for the syndicate to serve up a capo for public consumption. An added benefit will be the distribution of the rackets controlled by Cohen to the remaining members. Good for internal dsicipline to wack a capo now and then. If any of his crew get out of line wack them too.

Fri, 03/29/2013 - 10:33 | Link to Comment DoneThis2Long
DoneThis2Long's picture

LOL ..+2

Fri, 03/29/2013 - 09:51 | Link to Comment DoneThis2Long
DoneThis2Long's picture

And that will happen when my piggy lands ....:-)

When does the clock run out on Corzine? That fucker got away with grand theft ....

Fri, 03/29/2013 - 07:49 | Link to Comment eigenvalue
eigenvalue's picture

This is another nail in the coffin of gold and silver. SAC has large exposure to precious metals. If SAC is gone, gold and silver will be in the sewer.

Fri, 03/29/2013 - 07:54 | Link to Comment unwashedmass
unwashedmass's picture

 

doubt the public is waking up. take a look at how fast silver is leaving the mint these days. the peasants are starting to squirrel it away. 

not as dumb as they are assumed to be. wait till it goes mainstream in a couple of months. 

Fri, 03/29/2013 - 08:07 | Link to Comment eigenvalue
eigenvalue's picture

Suppose this year's silver coin sales are 60 million ounces, which will be a record. Then so what? The Comex silver inventory increased from 100 million ounces in 2010 to today's 164 million. That was in the face of so-called "strong" physical demand!

Fri, 03/29/2013 - 08:12 | Link to Comment fonzannoon
fonzannoon's picture

patience is not really your thing, is it?

Fri, 03/29/2013 - 08:45 | Link to Comment eigenvalue
eigenvalue's picture

I assume that you are a silverbug then please tell me what caused the divergence between the strong coin sales and the increase in the Comex inventory. 

Fri, 03/29/2013 - 08:50 | Link to Comment fuu
fuu's picture

Lies?

Fri, 03/29/2013 - 08:57 | Link to Comment Rip van Wrinkle
Rip van Wrinkle's picture

What COMEX inventory??

Fri, 03/29/2013 - 09:05 | Link to Comment eigenvalue
eigenvalue's picture

Silver

Fri, 03/29/2013 - 12:06 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

decrease in slv inventory, i.e. transfer phyzz from slv to comex and leave iou's in slv

Fri, 03/29/2013 - 08:27 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

What do you think is going to happen when dealers are out of physical silver? Lots of paper out there, but if you want the hard stuff you will have to pay big.

Fri, 03/29/2013 - 08:43 | Link to Comment negative rates
negative rates's picture

Until the suckers unload all their PM at $2 below spot, and the dealers are still selling for $2 over spot, not much can change.

Fri, 03/29/2013 - 08:25 | Link to Comment chubbar
chubbar's picture

eigenvalue has only one job in posting here on ZH, that is to sow confusion and doubt about the strategy of using PMs to thwart the gov'ts confiscation of earnings. His job is not to convince you or I of the validity of his argument. His job is merely to place uncertainty into the minds of less knowledgeable people who come to this site.

If this site, consisting of some pretty keen minds with financial acumen, were to have an unchallenged opinion that PMs were a failsafe way to store purchasing power, then it wouldn't take long for that to ripple through the collective minds of the general public or at least AS LONG as it would with a few posters throwing doubt into the conversation. When you feed him by responding, you give him a larger platform to spread his message, which just hurts the joe-six packs who pop in from time to time to read the comments. I realize this is his job and he needs to eat too but please don't feed the trolls.

Fri, 03/29/2013 - 08:27 | Link to Comment fonzannoon
fonzannoon's picture

I don't know if I agree, but the bottom line about not feeding the trolls is undebatable. I will no longer do so. I hope the same goes for MDB

Fri, 03/29/2013 - 09:26 | Link to Comment rehypothecator
rehypothecator's picture

The difference is that once you get MDBs understated sarcastic humor, he's pretty funny, but eigenvalue is just a tiresome bore. 

Fri, 03/29/2013 - 09:45 | Link to Comment earnyermoney
earnyermoney's picture

In the debat over the weekend, someone equated MDB with Paul Krugman. Seems like a plausible handle for PK as the prize money for his Nobel is a Million Dollar Bonus. If the two are one and the same then those posts are not sarcasm but propoganda for the fascist elite.

Fri, 03/29/2013 - 08:53 | Link to Comment eigenvalue
eigenvalue's picture

So you don't want people to hear other arguments. You just want them to keep blind faith in precious metals? Are precious metals an investment or a religion?

Fri, 03/29/2013 - 09:07 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

As long as you distinguish btw Silver and SLV.................We all agree that SLV will go to ZERO.........

Fri, 03/29/2013 - 10:20 | Link to Comment fuu
fuu's picture

You never actually get around to doing anything beyond poking silverbugs.

Fri, 03/29/2013 - 11:01 | Link to Comment RSBriggs
RSBriggs's picture

Of course not, he gets paid for performing a very specific function.

Fri, 03/29/2013 - 09:29 | Link to Comment Mesquite
Mesquite's picture

Astroturfing is alive and well...

The cottage industry is rampant on facebook too..

Just my observations..

Fri, 03/29/2013 - 07:58 | Link to Comment fijisailor
fijisailor's picture

A large loss in their exposure to paper is bullish for physical.

Fri, 03/29/2013 - 08:04 | Link to Comment Mike in GA
Mike in GA's picture

What you call a coffin I call a treasure chest.  Gold and silver remain unprintable, difficult and expensive to get out of the ground and into circulation, great permanent stores of value and don't decay or rot. 

If SAC should be forced to unwind due to a legal ruling, the effect on the gold market will be the greatest BTFD of the remainder of our lifetimes.

Good gracious, look at what's happening in Europe to paper currency stored in banks!  Gold is as perfect a store of value as there is in this imperfect politician and economist-infested world.

BTF SAC D

Fri, 03/29/2013 - 10:40 | Link to Comment DoneThis2Long
DoneThis2Long's picture

The bitch of it is, it can also become illegal to own or deal with, as t'was during WW2 in Europe. And now they have the technology to sniff the stuff from a mile away if you have it stashed so now what?

Of course you'll get by with a coin or two but negligeable amounts. Just enough for some asshole to kill you for.

The only answer is not allowing the goberment to become too big to be tyranical, which I fear, once they shit on the 2A, is game over!!!!

Fri, 03/29/2013 - 09:57 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Listen up Bernanke, you stupid motherfucker!  I told you to quit posting on Zero Hedge and print like you were under siege at the Alamo, you worthless jackass.  You know why they call it Good Friday don't you, it's because the markets are closed and you have a chance to get ahead.  No, I don't give a damn where you stack all the bills, put them in Fort Knox or the basement of the New York Fed.  There's lots of extra room there nowdays, thanks to you, you fugly circle jerk commando butt plugger.

 

Fri, 03/29/2013 - 10:44 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

And then you can buy it on the dip - sounds like an oportunity not a problem. 

Fri, 03/29/2013 - 07:48 | Link to Comment spanish inquisition
spanish inquisition's picture

Guess they need to do more to placate the public. Just handing over the "Get Out of Jail Free" card does not cut it anymore. Need to spruce it up, to show some actual top flight police work occured.

Fri, 03/29/2013 - 12:39 | Link to Comment optimator
optimator's picture

Show the little guy how you're going after those big criminals, but make sure you let the statute of limitations run out before you go too far.

Fri, 03/29/2013 - 07:51 | Link to Comment Cdad
Cdad's picture

Well then...the great finger pointing war takes yet another step upward on the heat scale.  Said otherwise, the two parties responsible for the giant steaming pile we're all sitting in, namely DC and Wall Street, are clearly going after one another now.  Someone needs to take the blame for a destroyed economy.

The finger pointing war became quite clear for all to see during the so called fiscal cliff clash.  There, Wall Street lay in wait for the Senate to make the mistake of shutting off the perpetual spending/funding machine of our broke government.  DC, sensing a trap, sidestepped and Wall Street was forced to rally on the "good news" that the spending machine did not have its plug pulled.  Surely, had DC contemplated halting insane debt accumulation, Wall Street would have crashed the market and blamed a "dysfunctional congress."  

Onward then to the "debt ceiling" issue, where DC announced NO DEBT CEILING, and Wall Street was forced to rally further, again creating the allusion that perpetual spending to infinity was a positive thing, while in reality, removing its short positions again causing the market to rise.  "Blast!" exclaimed Wall Street, missing another chance to send the market reeling on political failure.

Wall Street has answered, of course, with Ben Bernanke QE4eva...which keeps interest rates from rising when they otherwise surely would, not wanting to be blamed by Chucky Schumer for not "getting to work" and shutting down "the only game in town" and causing a market wide panic.  Ben obliges, taking quantitative easing to the level of obscenity, once again stalling the market's eventual recognition that it is doomed.

Now, DC strikes back once more, insider trading, one of the largest hedge fund managers in the business.  Surely, it is his fault.  Surely, the eventual market decline will be because of corrupt money managers...yes...yes.  After all, everyone knows that you could cast a two block wide net in NY, NY and catch a dozen of those guys.

Back and forth, all while the debt skyrockets, and now with a market bubble passing all time highs.  The canalization is well engaged.  Which of these two absurd players will take the fall for what literally has to happen?  Stay tuned...

 

Fri, 03/29/2013 - 07:54 | Link to Comment e-recep
e-recep's picture

 

 

off-topic but crucial :

it looks like canada is going to raid deposit accounts as well :

 

"The Government proposes to implement a ?bail-in? regime for 

systemically important banks. This regime will be designed to ensure that, 

in the unlikely event that a systemically important bank depletes its 

capital, the bank can be recapitalized and returned to viability through the 

very rapid conversion of certain bank liabilities into regulatory capital. "

this is an excerpt from page 145 of

http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

 

Fri, 03/29/2013 - 08:01 | Link to Comment Awakened Sheeple
Awakened Sheeple's picture

Mind = Boggled.

WTF are they thinking. Do they want bank runs? To push people into the black market economy?

Nothing makes sense anymore.

Fri, 03/29/2013 - 09:10 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

it's a pre-emptive move so when it happens (at their convenience) the gov't can say "you knew about it.  we told you in our budget".  case closed.  none of these delays and uncertainties like in cyprus.

Fri, 03/29/2013 - 13:48 | Link to Comment Diogenes
Diogenes's picture

I posted the same info on a Canadian investment BBS. Nobody believed it or if they did, didn't think it mattered. The term "Full Retard" was used.

Next month when they pass it into law nobody will notice or care. Nobody will notice or care, until they lose their bank account and then it will be too late.

Fri, 03/29/2013 - 08:12 | Link to Comment Zer0head
Zer0head's picture

a very nice find sure to be a ZH headline in the very near future congrats e-recep

 

add directly after ".pdf"     #page=155

and you will be at the exact page (report page 145 - PDF page is 155 due to title pages etc.)

 

www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf#page=155

Fri, 03/29/2013 - 09:03 | Link to Comment BurningFuld
BurningFuld's picture

Nice catch. Think I feel better about giving Mr. Sprott my money. The words "Bail-in" appearing in your cited article above should scare the living shit out of everyone on planet earth. These new catch phrase words appearing in Canadian Bank Speak means to me this has all been talked about globally behind closed doors. Everyone here should have NO DOUBT about that. Advise: Hide your fucking money from the Bankers..NOW!

Fri, 03/29/2013 - 10:48 | Link to Comment DoneThis2Long
DoneThis2Long's picture

t'was on beforeitisnews yesterday. I saw it in the afternoon. Did not check to see when it was posted, nor had time to read details. I just lobbed it at a buddy from Canookistan who has been a skeptic of the shit-storm I've been trying to warn him of.

Fri, 03/29/2013 - 08:21 | Link to Comment moonshadow
moonshadow's picture

but on the previous page it says "without the use of taxpayer funds" is the proposed criteria for determining how to resolve any future bank 'disruptions'. i dont have a problem with that. there is a limit on deposit insurance. i dont have a problem with that either. going in, everyone should know the limit and then look carefully at the viability of each bank to determine whether you feel comfortable with your larger deposits. if not, find another bank, or real estate, or gold, or stocks, bonds, etc, for your holdings. sounds like a good move. just like was eventually determined (at this point) in cyprus-meaning no more raiding the little guy for back-up funds, whether directly or by taxes, or by inflating the money supply. when read in context, it sounds like they are getting the message that the taxpayers are no longer gona settle for being on the hook- it will be the wealthy, the  bondholders, and the stockholders who didnt do their homework and used a bank with problems. 'buyer' beware

Fri, 03/29/2013 - 09:25 | Link to Comment Goner
Goner's picture

The previous page does mention taxpayers but it does not mention the order that bank liabilities will be siezed either. Will depositor money be taken first and bond holders be left whole (like Cyprus)

The fact you think the little guy was NOT raided in Cyprus means you bought what the MSM told you. Theft is Theft

Fri, 03/29/2013 - 09:37 | Link to Comment e-recep
e-recep's picture

and there is no mention of a percentage or limit or whatsoever. that means, they can go into our pockets as deep as they one.

Fri, 03/29/2013 - 11:59 | Link to Comment moonshadow
moonshadow's picture

all depends on whether the understood line on insured deposits was honored. was it 100K euros or not? IF, in the end- after the attempt to haircut Everyone was rescinded,  the understood line was honored, well then it's all good. IF the line morphed then i would say the cypriots have a theft situation yes 

Fri, 03/29/2013 - 13:52 | Link to Comment Diogenes
Diogenes's picture

They took all of it. Well latest word is 80%. Insurance DOES NOT APPLY. This is a tax, not a default. Insurance only pays off on a default and they did not default, they just took the depositors' money instead.

Fri, 03/29/2013 - 08:58 | Link to Comment Auntie Lo
Auntie Lo's picture

My regional bank assets include more than $29 million as Goodwill! Is this normal for a bank? sounds like a fudge factor to me.

Wish I could paste in the graphic, not computer savvy enough, I guess.

 

 

 

Fri, 03/29/2013 - 09:16 | Link to Comment Urban Redneck
Urban Redneck's picture

Goodwill is an INTANGIBLE ASSET, it's a valid by-product of M&A in the sense that one needs to account for for the difference between the purchase price paid for a company the net asset value of that company, but it is certainly not a marketable or liquid asset a outside of its limited application within mergers & acquiaitions (as opposed to bank credit analysis or safety & soundness calculations).  

Fri, 03/29/2013 - 08:03 | Link to Comment hooligan2009
hooligan2009's picture

Seems oto me that Cohen is laundering funds into "real" assets that he believes are in structures that are beyond the reach of the authorities...just saying...

Fri, 03/29/2013 - 08:10 | Link to Comment El Hosel
El Hosel's picture

..... Idiots! SAC needs to get "under the umbrella" if they want to rig "the markets". 

Fri, 03/29/2013 - 08:13 | Link to Comment francis_sawyer
francis_sawyer's picture

Yesterdays line of coke & yesterday's blowjob from the Ukranian hooker are beyond the reach of authorities...

Fri, 03/29/2013 - 08:10 | Link to Comment Mordenkainen
Mordenkainen's picture

OT; Strange things going on in the gold spot prices. Another spike up followed by an immediate smash down: http://www.kitco.com/charts/popup/au24hr3day.html

Fri, 03/29/2013 - 08:24 | Link to Comment squexx
squexx's picture

Most of the perps are in his tribe. We should start hunting down that tribe in the streets!

Fri, 03/29/2013 - 08:24 | Link to Comment Sudden Debt
Sudden Debt's picture

he understood had been properly obtained through the types of channels that institutional investors rely upon on a daily basis

that would be insider  trade info...

Fri, 03/29/2013 - 08:28 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

I thought it was only fat Indians that got perp-walked..

Shirley there's some confusion here: Cohen and Steinberg don't sound very "Indian" to me...

Fri, 03/29/2013 - 10:22 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Globalization....

Fri, 03/29/2013 - 11:27 | Link to Comment W74
W74's picture

I was wondering about all those Guptas and Pandits.  Sacrificial goats they were.

Fri, 03/29/2013 - 08:35 | Link to Comment celticgold
celticgold's picture

Mord, this is the ugly face of Market Manipulation , late at night

Fri, 03/29/2013 - 08:46 | Link to Comment GTO
GTO's picture

I guess only the fed can manipulate equities and interest rates ?

Fri, 03/29/2013 - 08:51 | Link to Comment Save_America1st
Save_America1st's picture

wait a minute...

Criminal scum arresting criminal scum???

I'm confused on who to root for here...

Fri, 03/29/2013 - 12:00 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

sounds to me like cohen was either too tight, like is typical of some jews, with money and did not pay enough for his "protection" or he was paying off the wrong people.

Fri, 03/29/2013 - 09:00 | Link to Comment q99x2
q99x2's picture

Somebody get a video camera and catch one of these crimminals jumping off of a skyscraper and post it to youtube. I'll be going to NYC this year and I'm taking my camera with me. I'll be sure to post mine (should I get lucky) to youtube.

Fri, 03/29/2013 - 09:05 | Link to Comment Northeaster
Northeaster's picture

Yet CONgress and their staff can still inside trade legally.

Banana Republic we are.

Fri, 03/29/2013 - 09:27 | Link to Comment monopoly
monopoly's picture

Until Jamie, Ken Lewis, Lloyd, Angelo, and all the others that destroyed our economy out of selfish greed share a cell with a "roommate" I give this latest try at justice a 1 out of 10.

Fri, 03/29/2013 - 09:34 | Link to Comment williambanzai7
williambanzai7's picture

You can't take it to jail,...

LE REAMED

Free Martha!

Fri, 03/29/2013 - 12:00 | Link to Comment Save_America1st
Save_America1st's picture

that's a classic

Fri, 03/29/2013 - 09:28 | Link to Comment koaj
koaj's picture

yet this is totally legal for congress....

 

but i digress

Fri, 03/29/2013 - 09:30 | Link to Comment Shizzmoney
Shizzmoney's picture

These judges better be careful about going after these rich folk. 

I applaud the balls on the guy though - he's like the 1% of judges actually doing their fucking job.

Fri, 03/29/2013 - 09:40 | Link to Comment Monedas
Monedas's picture

Insider info is perks that come with the office .... liberals want to outlaw everything .... insider info can be dealt with by free market investor services .... there is no need to pass a law .... due diligence .... or pay someone to do your due diligence !  Proprietary information is a reward for being a proprietor .... a soldier standing next to his cannon in the thick of battle .... yee Gawds ! Nanny Statists hole lickers !

Fri, 03/29/2013 - 09:59 | Link to Comment Iam Yue2
Iam Yue2's picture

A clear case of dream on Mr Cohen.

Fri, 03/29/2013 - 10:00 | Link to Comment DoneThis2Long
DoneThis2Long's picture

He must have been caught shorting the market against the Fed's memo to the contrary. What a crock o' shit the markets have become. With the exception of Goldman, all other Investment banks are owned by conventional banks which are owned by the Fed so who the fuck is left to fight the tape/Fed ???

Ok Pim(p)co is one exception, but they are too cozy and smart so they don't play that game.

Never thought I'd see this day.

Fri, 03/29/2013 - 10:15 | Link to Comment Monedas
Monedas's picture

Insider trading ban is big brother at it's worst .... a way to insert paid government observers into corporate bathroom stalls and play footsie ! Get government snout out of our boardrooms and bathrooms and bedrooms ! If a man dedicates his life to making better and cheaper jockey shorts .... he's not allowed to read reports of locust plagues and boll wevil outbreaks .... and plan accordingly ? Corporate officers should be engaged in their own stock .... they are the interested parties .... what a fantasy construct .... pretend you are disinterested in your own company's stock .... I want a free market, free for all 24/7 !

Fri, 03/29/2013 - 11:13 | Link to Comment RSBriggs
RSBriggs's picture

No, that's not correct.   If a man dedicated his life to making cheaper and better jockey shorts, and has knowledge that a major customer has cancelled orders which will soon cause the company to fail, and he proceeds to unload his stock while publically claiming that "things are fine", that has nothing to do with locust plagues in egypt, which is publicly available information.  Nor is what he has done a victimless crime.

Fri, 03/29/2013 - 14:19 | Link to Comment Monedas
Monedas's picture

Let the owners vote him out of office .... this is not a police matter !  Investors more alert .... if they have skin in the game .... try investing in bawnds .... if you don't like stawks !

Fri, 03/29/2013 - 10:49 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

This propaganda/disinformation technique of judicial hand-wringing and supposed balking at accepting the proposed "wrist slap" plea bargain is straight out of the Pontius Pilate (how fitting) "First Vote Is Against" TARP/Cyprus depositor deposit grab playbook.  Plays to the crowds in the grandstands, then quietly fixed once the spotlight has safely passed.

Fool me once.  Wait - actually, not even once.

Fri, 03/29/2013 - 11:12 | Link to Comment Monedas
Monedas's picture

Caveat Emptor .... beware not to let them empty infected cum in your eager rectum !

Fri, 03/29/2013 - 12:19 | Link to Comment Kastorsky
Kastorsky's picture

Cohen, Steinberg, jew on top of another jew on top of another - wall street.

Fri, 03/29/2013 - 14:00 | Link to Comment rich_wicks
rich_wicks's picture

This article is just false hope.

The people being targetted are relative peons.  Until people like Franklin Raines, Angelo Mozilo, Dick Fuld, and Jamie Dimon go to jail this is nothing more than the government waving a flag and shouting "Look we're really serious about ending rampant crime in the financial sector!!!  HONEST!!!"

But they aren't.

Fri, 03/29/2013 - 14:28 | Link to Comment earleflorida
earleflorida's picture

"The Den of Thieves" part II

Michael Milken:      http://en.wikipedia.org/wiki/Michael_Milken

Ivan Boesky:         http://en.wikipedia.org/wiki/Ivan_Boesky

 

Fri, 03/29/2013 - 15:46 | Link to Comment RenegadeAnalyst
RenegadeAnalyst's picture

Catullus; I thoroughly agree with the argument you are making. Having worked on sell side, buy side and industry your points are completely valid. Seniot lvel management exists to tell a story (very rare cases - when they built it - they actually care abt the company) Middle management and the remaining plebs more often than not disagree with the story and truly undersand what transpires in a company. The company I worked for was bought at a ludicrous multiple by a PE firm. The senior leaderhsip sold the best story imaginable. None of the lower tiered workers believe/d it........and guess what, some pension fund investor is now screwed as his money is tied up in a failing investment.......

There seems to be a real misunderstanding between fraud, theft etc. and insider trading in all the replies. Insider trading is hogwash. Legalize it all and you actually level the playing field.

Fri, 03/29/2013 - 17:30 | Link to Comment Herdee
Herdee's picture

Just the tip of the iceberg into the banking industries use of illegal naked short selling (the electronic counterfeiting of stock).Look up Patrick Byrne and his case.This SAC case will contribute and help in eventually blowing the doors off of every hedge fund and bank.She's taking a long time but when she all comes down,watch out.And who said they'd never get to the bottom of every Banks' dirty little secret?Co-operate now all you mooches!

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