Steve Cohen Gets Wrists Slapped, And All Is Forgiven
Obviously, Stevie Cohen is not a blogger.
U.S. prosecutors and SAC Capital agree in principle on insider-trading penalty exceeding $1billion. http://t.co/hNaBnT26jX
— WSJ Breaking News (@WSJbreakingnews) October 17, 2013
And now will the administration please grant Jon Corzine much deserved amnesty and release him from prison. Or is it too busy crafting a First Amendment false flag to assist it in its latest witchhunt focusing solely on "bloggers, radio talking heads and professional activists" who as everyone now knows, are the new "Bush" and will be blamed for everything that goes wrong from here on out?
As for Steve Cohen's penalty, just how much is $1 billion in Picasso terms?
The WSJ has more on this latest example of US Justice in action:
Hedge-fund group SAC Capital Advisors LP and federal prosecutors have agreed in principle on a penalty exceeding $1 billion in a potential criminal settlement that would be the largest ever for an insider-trading case, according to people familiar with the matter.
The payment by SAC, run by star manager Steven A. Cohen, is expected to be roughly $1.2 billion to $1.4 billion, according to these people.
The penalty means SAC would pay the U.S. government a total of nearly $2 billion, including a $616 million penalty the firm agreed to in a civil insider-trading settlement with the Securities and Exchange Commission in March.
The firm didn't admit or deny wrongdoing in the civil settlement, which is awaiting approval by a federal judge. The penalty SAC agreed to pay in the SEC case had been the largest to date in an insider-trading case.
SAC has denied the criminal charges. The firm says Mr. Cohen, who hasn't been accused of criminal wrongdoing, has done nothing wrong. Any settlement wouldn't affect a continuing criminal investigation into Mr. Cohen's trading activities, the people said.
To summarize: Make $10Bn using criminal methods and inside information -> pay $1Bn for criminal settlement -> high IRR
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