These Are The 18 Trades That Steve Cohen Is Being Investigated For
The WSJ has published the list of 18 trades that Finra is currently investigating (or, rather, isn't) Steve Cohen's hedge fund for illegal practices ("expert networks" and what not), using the same methodology as that applied by Zero Hedge a year ago, before anyone had the faintest clue that SAC would be the target of an extensive theatrical campaign by regulators and populist politicians. The following statement by Finra is priceless: "In the 18 referrals made by Finra and the NASD between 2002 and 2011 that were reviewed by the Journal, investigators said they were vexed by SAC's repeated appearance in routine screens of suspicious trading near mergers and acquisitions, earnings announcements and other market-moving news." Needless to say, if any readers has wittingly or otherwise traded alongside SAC in any of these transactions, it may be time to shred any evidence. After all, the "I don't recall nothing" testiony worked miracles for Rupert Murdoch.
As for Mr. Cohem don't worry, something tells us he will be ok:
The Finra referrals are at the center of a showdown between the SEC and Sen. Charles Grassley (R., Iowa), a frequent critic of the agency, whose office obtained the reports from Finra in May. The senator's staff then demanded that the SEC detail what steps it took to resolve the referrals.... Since Sen. Grassley's office went public with the document requests, SAC has hired two of the senator's former staffers, Kenneth Cunningham and Cory Crowley, as consultants to provide insights into the office's next steps, people familiar with the matter said. The two didn't respond to requests for comment. "There has been no dialogue between anyone on Sen. Grassley's staff involved with the investigation, and any former Grassley staffers," a spokeswoman for Sen. Grassley said.
And that, as they say, is that.