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SAC Capital To Plead Guilty To All Counts
While we are sure many will proclamin 'this is just a witch-hunt' - and all the hangers-on will be defending Stevie's decision... the fact is that:
- *SAC AGREES TO PLEAD GUILTY TO END U.S. INSIDER-TRADING CASE
- *SAC WILL PLEAD GUILTY TO EVERY COUNT IN INDICTMENT, U.S. SAYS
- *U.S. SAYS SAC AGREEMENT PROVIDES `NO IMMUNITY' FOR INDIVIDUALS
Seems pretty cut-and-dried to us... As part of the deal, Reuters notes that SAC will terminate its investment advisory business.
The Wall Street Journal has reported that the firm, run by Steven A. Cohen, is expected to agree to pay about $1.2 billion in criminal penalties, plead guilty to an indictment obtained in July by prosecutors alleging the firm encouraged rampant insider trading, and stop managing outside money. The penalty would be the largest ever for an insider-trading case.
The payment would come on top of a $616 million civil settlement that SAC reached with the Securities and Exchange Commission in March to resolve two alleged episodes of insider trading.
...
Prosecutors also filed a civil lawsuit seeking to seize SAC's assets as a product of the alleged illegal activity.
Judges in both the criminal and civil cases would have to approve SAC's settlement with prosecutors. Once the deal is approved, SAC is expected to plead guilty to securities-fraud charges—most likely at a later date—on the basis of some or all of the guilty pleas by its former employees. Companies can generally be held liable for criminal behavior by their employees.
Still there will be defenders we are sure... because after all - SAC's returns were phenomenal!!
"I think it's sad for the people who have their money managed by Steve. He's had a great performance this year. You guys know how I feel about him personally. I hope that this is the cycle of the witch hunting ending for the Department of Justice and the SEC."
"Now I hope the witch hunt is over. You're probably going to get the guy to plead guilty on something. You had ten years to try to find something to plead him personally guilty and you couldn't find it. He's stuck in the corner now and he's going to have to plead guilty for his corporation and I hope it's over with..."
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It's because they're not a bank.
SAC pleads guilty
so that's sort of like my car pleading guilty
what about the fcking drivers???
Crime (On Wall St. & In washington) pays!
Man, I guess the corporate entity SAC is going to serve some hard time. But its cousin SAC Ltd formerly doing business as SAC Capital will visit it in the clink and bring it cake.
ONE HUNDRED PERCENT CLAWBACKS OF ALL SALARY AND BONUSES.
JAILTIME.
.. so what is the payoff for being a sacrificial goat?
LOL Good one.
Mr. Bwahahahaah, I have a question? Where is Jon Corzine? Could you speak up, please. It's hard to hear your answer.
My thoughts exactly.
~"SAC AGREES TO PLEAD GUILTY TO END U.S. INSIDER-TRADING CASE"~
So who goes to jail? If no one ends up serving time it then is simply a case of "the cost of doing business".
Yea, now all they need to do is tell us which prison the SAC Logo will be locked up in to serve three consecutive life sentences. No doubt Scaramucci is going to ask for conjugal visits.
I'm sure it will be locked up at the Miami Beach facility. With weekend visits allowed to Hallendale Beach to visit family.
Over.
The important thing here is that the government gets its cut. Business as usual.
Even funnier is that the name of the company is the initials of the owner and top thief, but still nobody goes to jail. Unfuckingbelievable! He gets to keep $9 billion in ill-gotten gains. What a shitty world we live in.
A guy last week tried to rob a pharmacy of pain meds to ease the suffering of his dying brother. I bet that poor bastard does hard time. IM FUCKING ANGRY!
...after this they will all go work for a bank, and then the government. This was just a test.
Contributed to the wrong political party.
I'm sure Scatamoochee from Fast'TalkyourBook'Money will come out declaring this a mistake...a misprint....at the same time sneaking in a teaser in regards to Skybridge Conference!
LEAVE STEVIE ALONE!!
the crew at edgefield are royally pissed at this
they were so looking forward to a fresh piece of meat, all fattened up and ready to roll
Ain't going to happen. The obese indian taught him how to 'get diabetes' and that permits 3 man servants and multitudes of nurses from Scores to assist the ailing man in the infirmary. Disability for the 'select' convicts brought to you by Big Jail.
Over.
Scaramucci needs to explain to his buddies on Fast Money exactly what percentage of his fund to funds was invested in SAC and how much he and his investors have made over the years with Cohen's insider trades.
Scaramucci and his investors got to receive all the benefits from the insider trading but don't have to pay the fines.
Scaramucci gets to play dumb AND keep the money. Pretty smart and incredibly crooked.
Will he do the fandango?
So what % of liquidity dries up now?...more volatility likely ahead.
They should put the blonde in red (0:15) on TV more often...
Who is this douche bag?
I thought for a second I read: "SEC Pleads Guilty To Insider-Trading"
That would have explained lots of things...
The white shoe lawyers at the clearing banks like jeepers! dimon's are wrestling with the "known by the company you keep" argument when they carry Cohen's water.
Tip of the iceberg Im sure.
Someone with time needs to research SAC's political giving record, I am thinking there is more to this story..
It's sad Steve can't continue to steal for his clients.
Shoulda called Saul!
Huge fines, guilty pleas, yet not one major banker or hedge fund CEO has gone to "bang them in the ass" prison. Government collusion as long as they're paid off. Nothing to see here, move along!