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SACked: Cohen Considers Closing
It appears that the noose is tightening and the wobbly-chair that Steve Cohen is standing on is getting wobblier... As Bloomberg reports, after five years under investigation for insider trading Steve Cohen is considering a 'deal' with prosecutors that would shut his $15 billion fund to outside investors and (as we noted this morning) shift a family (friends and employees) office.
- *COHEN SAID TO HAVE DISCUSSED DEFERRED PROSECUTION AGREEMENT
- *COHEN SAID TO CONSIDER RETURNING OUTSIDE INVESTORS' MONEY
- *COHEN SAID TO CONSIDER CONTINUING AS A FAMILY OFFICE
The deferred prosecution is intriguing as "when a company enters into a DPA with the government, or an NPA for that matter, it almost always must acknowledge wrongdoing..." and the clock is ticking with the statute of limitations up at the end of July.
And as so often happens, what we said this morning, turned out to be spot on: "All of which simply means that Cohen will merely convert into a "friend, employees and family" office: at last check just the employees had billions of their own cash invested in the hedge fund."
In other words, while implicitly admitting guilt for trading on illegal information for decades, the government will be generous enough to leave Stevie his ill-gotten $8+billion, which like Soros, will be the sole source of cash in the former hedge fund titan's ongoing attempts to corner assorted "expertly networked" markets. You know, with "information arbitrage"...
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*COHEN SAID TO HAVE DISCUSSED DEFERRED PROSECUTION AGREEMENT
*COHEN SAID TO CONSIDER RETURNING OUTSIDE INVESTORS' MONEY
*COHEN SAID TO CONSIDER CONTINUING AS A FAMILY OFFICE
*COHEN SAID TO CONSIDER RUNNING FUND FROM CELL
I don't think he means phone.
This is in anticipation of jail time with the other criminals, no ?
Just hang him high.
This is just the tip of the tornado.
when the Govt prosecutes you you know you must be doing something right ...righter than the crooks behind Govt that use it to nobble competition
another company looks like being shuttered by Govt regulators, meanwhile on Wall Street all the banking gambling bums are propped up and playing on
let's hear it for capitalism chaps, it just doesn'¡t get better than this ..er, well blow me if New York banking isn't rammed with State-aid socilaists!!
Cohen, Corzine and banksters need to be hanging from lamp posts.
ditto the rest of New York
BTW Corzine was just the fall guy for JPM ..we couldn't have Walll Street Golden Balls(up) be first to hang now could we
obviously there's a US Ivy League pecking order. Being a Democrat, socialist and the No.1 top economic advisor to President Bumma like Corzine does not rank higher than the by day walking and talking like a capitalist Jamie D who by night nips down to the State-aid candy store for taxpayer handouts for his gambling losses
Brilliant! The penalty for using inside information to make a fortune is to limit your activities to managing your fortune.
He is really getting it rough too compared to the likes of others. Must have really pissed off the wrong person.
lol.
Harsh deterrence indeed. This will surely discourage others from making the market an even fouler cesspool than it already is.
Exactly! What a deal! Where do I sign up?
i hope he loses all his ilegally earned money.
sadly he will not lose anything
Correct.
Commit a felony, pay a fine, change business model, go home, sleep on big pile of cash. <yawn> Nothing to see here.
Its almost like the inmates running the asylum...
Change inmates to criminal psychopaths and I think you have it.
Sociopaths.
Much worse than a psycho
From Vanity Fair June 2013 edition
The Hunt for Steve Cohen
http://www.vanityfair.com/business/2013/06/steve-cohen-insider-trading-case
Some background on co-author Bethany McClean:
http://www.deepcapture.com/professor-william-black-flunks-bethany-mclean-for-issuing-hall-passes-to-goldman-sachs-and-wall-street/
from that link:
Enabling and furthering 'God's Work' can be daunting for some of the useful idiots, shills and shiksa presstitutes dotting the modern landscape.
political donation= freedom from hassles
just raise a few hundred grand of other peoples money and you can literally rip off over a billion from MF global account holders and get away with it, like Corzine.
OK, Steve. Cough up all the money to the government, liquidate all assets, name names, accomplises and let us know where the bodies are buried, then we may show some lenience....
if your modus vivendi is to trade on inside info...and that's what you're agreeing to admit to vis a vis the Feds (and if this actually happens great job Feds) then obviously you will be as pecuniary as possible in naming names. something tells me though..."once a tear...it's open the floodgates" as well. definitely want to avoid the Big House that's fer sure if your SAC et al. if your the Fed's though...that's exactly where you want your mark. story still unfolding...it will be interesting to see the details as "God" closes in on "mo' money."
I'm totally getting my own fund.
1) Con people into depositing funds.
2) Tell them it pays out in x years, with penalty for early withdrawal.
3) Use part of the funds to bribe officials and local justice.
4) Hide remaining funds in private accounts.
5) Head for the hills after x-1 years, hire lawyer, pay 1% fine. DONE.
...uh, no hills in the Hamptons, except Shinnecock Hills
The money is not worth the negative Karma.
you play the risk karma will be paid back in your next life as a beaten stray dog.
Hmm...wonder if the Further Lane EH real estate deal was pushed through quickly for a reason...
How come when drug dealers, pimps, and other illegally claimed wealth gets confiscated, and when crimes done by wall street bangers and policos, nada...fucking nothing?
I am not sure how Stevie Cohen going from a fund that accepts outside money to one that caters to familiy and friends changes the fact that he is most likely the slimiest of the slime ... slime even regards him as slime. I say prosecute him to the max! Take away every single asset that he and the family and friends have accumulated through his illegal and unethical acts and then send him to Guantanemo to get buggered over and over again by Arabs (although they woul probably consider his "pork" too unclean to touch)... making sure that the key to his cage gets lost in the process.
If there's a statute of limitations the game is to run out the clock, say agree to anything, then stall.
SAC: too big to shut down. $15B liquidation would neutralize the Fed's entire week's POMO firepower!
crime pays, as long as it is well organized within a system of criminals including the criminal crime fighters. the mafia is jealous and upset they did not take that territory first.
If I ever get in trouble with the law I'll have to remember DEFERRED PROSECUTION.
try being a Democrat and top "go to" economic advisor to the White House like Corzine and you can upgrade your immunity package to NEVER PROSECUTED
Do you get to keep all 4 legs or are you a stray with just 3 legs?
I weighing the odds in my BS model.
House him with Madoff at the penitentiary for the criminally insane. Re-distribute his stolen wealth. Oops there goes another waterbug. Movin movin movin. Keep them doggies rollin...
Who wants to bet we see a variation on the theme of the Samuel Israel solution?
Based on what I have learned here at Zerohedge, sounds like Cohen's only crime was not insider trading with Goldman or JPM and didn't pay them their "share."
hujel
Cohen is typical of most of the world. His problem is that he lived and lied in the U.S. where there is accountability, sometimes, not always.
Billions of U.S. taxpayer money gone missing in the Middle East and Israel and Europe. Enjoy your world, thieves.
Will he have to return his newly aquired artwork, or will that be grandfathered into the deal?
Another example of the BIS losing its grip.
Jail this bastid or ruin him financially.
Confidence in the system is paramount.
And stop whining, traders. You have nothing without some oversight. You only complain when you lose. Like Mad-off with the money, and whining about penalties. MF Global: sharks feeding off each other.
And pbs start shopping the SAC book for unwind squeezes in 3, 2, 1....
Big sale at Organizing for obama, get your prosecution deferred at discounted prices for a limited time only. Terms up in 2016.