REPORT: SAC Capital Will Pay Over $1 Billion As Insider Trading Penalty

Explain it to kids in kindergarden in NYC and they'll all ask you for his lead attorney's name and number in case they need him some day. Our society has decided that white collar crime is a risk/reward proposition and that, by and large, if you make enough money before you get caught to procure (and procure is the right word) first rate attoney's and have big money left the reward is there.

I'm sorry that daddy taught you never top tell a lie and, like George Washington, you'll grow up to be a well respected man of stature but he lied to you or was too naive to see. Look around you. Look at those this society holds in high regard. The way to the top is not a homily where the chaste prevail. It's a whorehouse and it pays to get used to it. You can either afford to pay the entrance fee and tip the piano player or get bent over during your shift.
 
SAC Capital Advisors' retrenchment has continued with the culling of six trading teams in the U.S.

In an internal memo, firm president Tom Conheeney said that SAC had parted way with the six teams and confirmed that it would close its London office, which employs more than 50 people. Conheeney also acknowledged for the first time that the criminal insider-trading charges against the firm would lead to a marked change in the way SAC operates, contradicting earlier claims that the firm would continue as normal.

SAC is currently in talks with prosecutors to settle those charges. The firm could have to pay some $1.4 billion and is likely to be barred from trading outside capital for a period. Investors have filed redemptions for substantially all of that capital, anyway, and SAC will have only about $8 billion in internal capital left by the end of the year.

"As our negotiations with the government have unfolded, it has become clear to us that the outcome the government is demanding is likely to have a greater than first anticipated impact on the firm," Conheeney wrote. "We have concluded that we must operate as a simpler firm and reduce our capital allocations. This was not something we had been contemplating."

Conheeney said that the firm, which has increased bonuses several times to hold on to talent, did not expect to cut any more jobs this year.

"You have done a great job this year under extraordinarily trying circumstances," Cohneeney told the troops. "I don't know another group of professionals who could have done as well as you have under the conditions we have endured during the past two years."

Conheeney and SAC chief operating officer Solomon Kumin were in London yesterday to break the news.
 
Quote from Swan Noir:

Explain it to kids in kindergarden in NYC and they'll all ask you for his lead attorney's name and number in case they need him some day. Our society has decided that white collar crime is a risk/reward proposition and that, by and large, if you make enough money before you get caught to procure (and procure is the right word) first rate attoney's and have big money left the reward is there.

I'm sorry that daddy taught you never top tell a lie and, like George Washington, you'll grow up to be a well respected man of stature but he lied to you or was too naive to see. Look around you. Look at those this society holds in high regard. The way to the top is not a homily where the chaste prevail. It's a whorehouse and it pays to get used to it. You can either afford to pay the entrance fee and tip the piano player or get bent over during your shift.
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I could never have said this better myself. It goes to show you the age old mentality still rings true - "those who do not understand history are doomed to repeat it"
 
The agreement does not preclude future criminal charges against individuals in the investigation :eek:

looks to me the fear of jail time was the main argument used to get people to "talk" ...

the investigation could lead to other charges against people who are still employed at SAC

SAC has agreed to plead guilty to all five counts
 
My bet is Steve does no time. Obviously that is his bet as well. It's a very good bet.

Quote from smallStops:

The agreement does not preclude future criminal charges against individuals in the investigation :eek:

looks to me the fear of jail time was the main argument used to get people to "talk" ...

the investigation could lead to other charges against people who are still employed at SAC

SAC has agreed to plead guilty to all five counts
More...
 
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