Steve Cohen on 60 Minutes now
- Thread starter Maverick74
- Start date
Botton Line: If you don't want to be held accountable by the market, then don't go public.
Look at Crate & Barrell.
Look at Crate & Barrell.
This was about Biovail, Camelback (research firm) and SAC (hedge fund). According to 60 minutes, analysts at Camelback were pressured by SAC to write unfavorable reports about Biovail. The Chairman of Biovail in turned sued SAC and Camelback. Camelback fired their analysts afterwards.
I believe some securities laws have been violated. Where is the SEC in this? They should be investigating this matter!!! Insider activity should also be looked into!!!!
I believe some securities laws have been violated. Where is the SEC in this? They should be investigating this matter!!! Insider activity should also be looked into!!!!
The key reason the Chairman of Biovail is using is that SAC led to his company's stock price to plummet. However, he fails to understand that when a company misses earnings for two quarters and is under SEC investigation the stock WILL plummet anyways. Interestingly when the interviewer asked the Chairman whether his company was overvalued he notes that at that time none of the Wall Street analysts expressed this concern. As if Wall Street analysts are right pshhhh.
The Chairman is basically angry that his stock has lost its value and is trying to save his face. It should also be noted that he has previously brought a lawsuit against another hedge fund.
One downside of living in Asia is, its gonna be a pain in the A** trying to get a hold of a copy of the show.