SAC insider trading defense getting a little ridiculous......
- Thread starter wilburbear
- Start date
TLDR
That's strange considering he was suppose to be one of the best operators and knew almost everything that went down in his firm. I looked up to Cohen thinking he was the perfect owner-manger with a gift for knowing all.
He used the same tactics as Corzine, the odds are he is going to get away because he did not spy on his employees. I doubt anyone here really believes Cohen did not suspect all those gravy trades were based off good old fashion "We make money the old fashion way, we earn it!". Once again the giants can walk away by fleecing the sheep and keep the wool too. Cool thread!
He used the same tactics as Corzine, the odds are he is going to get away because he did not spy on his employees. I doubt anyone here really believes Cohen did not suspect all those gravy trades were based off good old fashion "We make money the old fashion way, we earn it!". Once again the giants can walk away by fleecing the sheep and keep the wool too. Cool thread!
it's a tactic that's as old as the hills. let the illegal actions take place in an area where you can say, "i didn't know about it."
problem is, this business was all about brilliant people making as much profit as possible. if you stole $400 worth of office supplies at SAC, you'd get the death penalty.
make $400 million on illegal insider trading, and nobody knows what happened, or why it happened. in these situations, i always say, "show me the $400 million dollar LOSS, that no one knows how it happened, or why it happened." under the second scenario, you'd see accountability, and fast.
Other terms for the same thing coming out of the political arena: "plausible deniability," (first used in the Kennedy administration) and "teflon" as in "Stevie Cohen is teflon," or Bill Clinton, the "teflon president." Supposedly Patricia Schroeder was the first to use the term teflon with respect to Reagan who mastered the art of "not knowing" arguably to greater perfection than any president since.
It remains to be seen, however, whether Cohen is teflon, or merely scotch guarded.
Quote from Soon2Bgreat:
TLDR
Why would you want to broadcast the fact that you have the attention span of a mayfly? It's like admitting you can't read and write, can't do basic arithmetic, or haven't learned to walk yet. The article is 2 pages long, for fuck's sake get a grip.
Did not know Kennedy's were behind "Plausible Deniability" but I like that! Damn you Traders, why are you the most intelligent bunch of girls and guys on the Net. The public has this idea you are out at night chasing fast women with your Ferrari, like Oliver Velez "Pristine Capital Book and Seminar Selling Men" (I can't call him a day trader, the gang of Traders I was with in South Beach representing Etrade, were better by 50x the Trader skills than Oliver and Greg, but Oliver drove the $150k Red Testarossa with a hot chick and he never made a live Day Trade while I was there!
Pristine charged $8k for that seminar, I would have rather had the $8,000 put in my account to buy a Mountain and Road Bike and a trip for two to Fruita, Colorado and still have cash to buy everyone a round of Ale from Fat Tire there!
Pristine was a strange operation, Greg and Oliver were cool and their Russian Stock Call out guy was decent "Tovarsih!".. Rumors about his crew seemed true but I can't confirm them. Behind a terminal trading Penny Stocks, I would hear over the Microphone "Buy JDSU Now!" and their chat-room broadcast had a twenty second latency according to rumors. Good thread, I still like Greg and Oliver, Oliver bought me a $150 meal so he must not be a bad guy! He loves those hot women, good bloke but his Russian finance guys were not as friendly their stares were cold and scary!
Pristine charged $8k for that seminar, I would have rather had the $8,000 put in my account to buy a Mountain and Road Bike and a trip for two to Fruita, Colorado and still have cash to buy everyone a round of Ale from Fat Tire there!
Pristine was a strange operation, Greg and Oliver were cool and their Russian Stock Call out guy was decent "Tovarsih!".. Rumors about his crew seemed true but I can't confirm them. Behind a terminal trading Penny Stocks, I would hear over the Microphone "Buy JDSU Now!" and their chat-room broadcast had a twenty second latency according to rumors. Good thread, I still like Greg and Oliver, Oliver bought me a $150 meal so he must not be a bad guy! He loves those hot women, good bloke but his Russian finance guys were not as friendly their stares were cold and scary!
it will be more interesting if the government has the balls to go after the big banks. the government rains money on them and they are more guilty of repeatedly doing things wrong than anyone. SAC pays the highest commissions for a reason so where is the big banks compliance officers?