Goodbye sweet blue-eyed prince. It's been bittersweet [7]. Just out from Bloomberg and Reuters:
- SAC CAPITAL ADVISORS INDICTED BY FEDERAL GRAND JURY IN NEW YORK
- COHEN'S HEDGE FUND, SUBORDINATES SUBJECT OF CRIMINAL INQUIRY
- SAC FOUNDER STEVE COHEN SUBJECT OF SEC ADMINISTRATIVE ACTION
- U.S. JUSTICE DEPARTMENT FILES CHARGES IN MANHATTAN COURT
- U.S. SEEKS TO FORCE SAC TO FORFEIT ILLEGAL PROFITS STEMMING FROM FRAUD - good luck there boys
- U.S. SAYS THAT FROM ROUGHLY 1999 TO 2010, SAC OBTAINED AND TRADED ON INSIDE INFORMATION TO BOOST RETURNS, FEES
Perhaps now is a good time to retreat to the hockey rink behind 9 feet of electrified fence, before the TV newsvans arrive at 72 Cummings Point road. As for what happens to the 5-10% of daily NYSE volume traditionally associated with the SAC, we will find out soon enough.
Oh and as a reminder [8]:
[9]
[10]
And a very spirited defense by Anthony Scaramucci circa November 2012. Fast forward to 3:40 in the clip:
Full indictment below (pdf [11]):