Asta la vista, Stevie...

[shopster]

the iron bar hotel is warming up an 8 x 10 for Stevo.

Bespoke pinstripes /gucci steel toe loafers required for working in the licence plate stamping room..

http://www.bloomberg.com/news/2013-07-25/sac-reassures-clients-as-steve-cohen-fights-to-stay-open.html

federale link.

http://www.scribd.com/doc/155933523/SAC-indictment-document

Stevie, Raj and Bernie could be bunk buddies.

.........................

" Instant messages also convey the urgency with which Mr. Martoma apparently encouraged Mr. Cohen to sell Elan — and the precise moment when the communication occurred.

At 1:22:34 p.m. on July 22, 2008, Mr. Martoma was on his instant messaging service.

After urging a trader to sell Elan securities, he sent Mr. Cohen an instant message that read, according to the order, “would do more today if possible.”

Mr. Cohen responded 16 seconds later.

Then, the filing shows, Mr. Martoma wrote, “my sense is today — thurs are best days so if possible to do more, would do so....”

Mr. Cohen subsequently sold more..........

s

 

[Tansen]

Re: Asta la vista, Stevo...

He'll just laugh at it and say, "how much is my bail?

Here ya go!

See you next time"

Also, Kayla Tausche hot hot hot!.

 

[shopster]

Re: Asta la vista, Stevo...

http://business.time.com/2013/07/25/steve-cohens-allegedly-corrupt-information-gathering-machine/#ixzz2a9CSL5Jj

................................

" When I first met Steve Cohen back in 1999, we were discussing SAC’s vaunted trading strategies, the ones that made his hedge fund one of the most successful in the finance world and burnished Cohen’s rep as one of the world’s best traders.

I said that based on my reporting — I was working for the Wall Street Journal at the time — Cohen started SAC in 1992 with a technique that wasn’t that much different than a day trader: He was trading huge blocks of stock by looking for “teenies,” or small price increments, that he could magnify into massive returns because of the sheer size of his trades.

It was the only time Cohen seemed angered during our discussion, as I recall. “No,” he shot back emphatically, “we employ real trading strategies around here. We do research.” Cohen went on to explain how his firm, SAC, had transformed itself into something much more than a day-trading sweat shop — it was now, he claimed, essentially the biggest and best information gathering machine in the world.

That information machine has now been deemed by the U.S. Department of Justice to be a criminal enterprise. Today’s indictment, filed in Manhattan federal court, of the once mighty hedge fund accuses SAC a multi-year “scheme” to profit from the use of illegal tips—also known as inside information.

It’s interesting to note that, according to prosecutors, the alleged scheme began in 1999—around the time Cohen was boasting of the firm’s new information edge. It’s also interesting to note that while Cohen himself wasn’t charged in the indictment, references to him in the documents are everywhere, which means all those headlines of Cohen himself being “out of the woods” are probably wrong.

(MORE: Insider Trading: Bad, But Not the Real Scourge of Wall Street)

In other words, don’t be surprised if you see an indictment of Cohen in the coming weeks as well.

If you don’t believe me, read the indictment. “The SAC Owner had sole trading discretion over his portfolio and made these decisions principally based on trading recommendations from SAC [portfolio managers],” it says. “In particular, at all relevant times the SAC Owner required each [portfolio manager] to share ‘high conviction’ investment ideas–i.e., the investment recommendations in which the SAC [portfolio managers] had the greatest confidence–with the SAC Owner. In fact, providing such ideas to the SAC Owner was an express part of a SAC PM’s duties and was emphasized to SAC [portfolio managers] in the hiring process and once working at SAC.”

As my book about the Fed’s relentless pursuit of Cohen, Circle of Friends, explains, the Feds believe having a “high conviction” investment idea is code for trading on material, non-public information, a.k.a. insider trading. They also believe almost no major trade gets done inside SAC without Cohen’s blessing — and based on my sources inside the government, they believe it’s just a matter of time before they connect the dots to Cohen himself.

I should point out that Cohen maintains his innocence and that the information machine he created runs for the most part on information and research of the legal variety. His people tell me the few bad apples at SAC that have used inside information — as many as 9 former or current company executives have been implicated during the insider trading crackdown — are anomalies.

The Feds, of course, feel they have proof that SAC, under Cohen’s watch, is a dirty shop.

One thing is certain: The mounting pressure from the government probe that’s been investigating the firm since at least 2007 is taking its toll on Cohen, both professionally and personally. Money from outside investors has been fleeing the fund for months as the government’s scrutiny has intensified.

With the indictment, SAC is basically being put out of business, though Cohen could still conceivably manage his own personal fortune of around $9 billion. But the Feds are looking for a chunk of that as well. The indictment says the scheme occurred over an 11-year period and that SAC has to give back its illegal profits.

Since most of the money now in SAC in Cohen’s, that means his net worth could take the hit and that hit could amount to billions.

A friend of mine of who knows Cohen personally said he ran into him at the MLB All-Star game at Citi Field, the home of the New York Mets, in which Cohen owns a small stake. Cohen “looked terrible…and he’d gained 15 pounds” since the time the two met just a month or so earlier. More than that, my source told me, Cohen conceded that his business was basically finished and “at this point my No. 1 goal is not getting personally indicted.”

If that’s the case, he should have stuck with trading teenies.........."

......................

Prosecutors may seek as much as $10bn in penalties and disgorged profits from SAC.

Stevo, dead man walkin..."

s

 

[shopster]

Re: Asta la vista, Stevo...

T,

the fines will wipe him out as the federales nail him on the insider trading cross.

he already has the gold plated throne on order .......

http://www.pxdirect.com/jail_cell.htm

s

He'll just laugh at it and say, "how much is my bail?

Here ya go!

See you next time"

Also, Kayla Tausche hot hot hot!.

 

[Alpha-Bet]

Re: Asta la vista, Stevo...

I'm still waiting for liquidators in Oz to wind up MFGlobal so I can get my outstanding 87 cents back ... seriously ;D
Good to hear no evidence was found against Corzine.

 

[Ramy3]

White color crime. Out in 6 months, give or take. :/

 

[Ramy3]

HOW STRONG ARE THE CASES AGAINST STEVE COHEN AND SAC?

In a federal court on Friday morning, a lawyer for SAC Capital, the big hedge fund owned by Steve Cohen, entered on the firm’s behalf pleas of not guilty to five counts of securities fraud related to alleged insider dealing. Preet Bharara, the U.S. Attorney for the Southern District of New York, unveiled the charges on Thursday, and Antonia Apps, a prosecutor in Bharara’s office, told the court that there was “a tremendous volume of evidence” against the firm, including court-authorized wiretaps, e-mails, and instant messages.

Still, the government didn’t file any criminal charges against Cohen himself. He founded the firm, remains its sole owner, and is widely believed to be the ultimate target of an investigation that has been going on for more than a decade. It’s perfectly possible that more charges could be brought at a later date, but, if there were an open-and-shut case, Cohen would already be in the dock. Instead, it is his firm that has been indicted. Should it be found guilty, Cohen would obviously be affected by the cost of any fines, but he wouldn’t face jail time.

Evidently, the government’s intent is to put SAC out of business on the grounds that it is an enterprise based on unlawful activity—namely, insider trading—and to punish Cohen where it hurts: in his pocket. But it is notable that Bharara didn’t invoke racketeering laws, which one of his predecessors, Rudolph Giuliani, used during his insider-dealing investigation in the nineteen-eighties. On Wall Street, the conventional wisdom is that no financial business can withstand a racketeering indictment, because, once charges are filed, other firms will refuse to do business with it, and its funding will dry up. (Even the threat of a racketeering indictment was enough to sink Drexel Burnham Lambert, Michael Milken’s firm.) Whether a hedge fund such as SAC can withstand a non-racketeering indictment remains to be seen. Obviously, a lot depends on how the firm’s remaining outside investors and its Wall Street counterparties—the latter include JPMorgan Chase, Goldman Sachs, and Morgan Stanley—react to the filing of charges.

SAC has responded, as it tends to, with aggression. The firm said it would keep trading during the court proceedings and assembled a gaggle of high-priced defense lawyers. But even if SAC were to beat the rap in the criminal case, the Securities and Exchange Commission could still bar Cohen from the financial industry should it succeed with a civil case it filed against him last week. In such cases, the burden of proof is substantially lower than in criminal cases.

Based on a perusal of the two complaints (the S.E.C. one is technically an administrative order), my initial take is that the civil case is strong, and the criminal case is also substantial but somewhat less than a slam dunk. In the civil case, the government is accusing Cohen of failing to supervise the firm adequately and prevent unlawful acts from taking place. Given the large number of insider-dealing cases that SAC and its subsidiaries have been involved in—six of the firm’s former traders and analysts have pleaded guilty, and two more are facing charges—and given Cohen’s tight grip on the business, the charges against him don’t seem like much of a stretch.

The way SAC operated, its employees were required to share their “high-conviction trades” with Cohen—personally—some of which were based on information acquired from corporate insiders. Cohen often placed trades on the basis of these tip-offs, and he rewarded those who sent him profitable ideas. In a 2008 trade involving stock in Dell, which was based on information that turned out to have come from an insider, Cohen sent the employee involved a note saying “Nice job on Dell.” Over the years, he did beef up SAC’s compliance department, but its staff appears to have adopted a stance of “See no evil, hear no evil.” In all of the firm’s history, it isolated only one case of suspected insider dealing, and the traders involved were allowed to keep their jobs.

At the very least, that sounds like inadequate supervision. But it’s another thing to prove, as the U.S. Attorney’s Office alleges in the criminal indictment, that SAC deliberately adopted “institutional practices that encouraged the widespread solicitation and use of illegal inside information.” In detailing this allegation, the indictment focusses on SAC’s hiring practices, which prioritized good contacts in the industry that the trader or analyst would be specializing in, and the firm’s employees’ active pursuit of “an edge over other investors.”

Some of the e-mails and other internal documents contained in the indictment are certainly suggestive of a corrupt business culture. They include a message noting that a potential hire “has a share house in the Hamptons with the CFO” of a big industrial company, and another, a note to Cohen, in which an SAC employee says, “I am very comfortable that this quarter is going to be solid. I am getting coffee on Tuesday afternoon with the guy who runs North American generics business.” (Cohen replied: “Let’s talk later.”)

When and if the case comes to court, though, such snatches won’t necessarily be sufficient to secure a conviction. The government will likely need actual witnesses, people who worked at SAC and are willing to back up the assertion that the firm encouraged them to break the law. So far, it’s not clear how many such witnesses the government has lined up. Some of the people named in the case have already been sentenced and don’t have much of an incentive to coöperate. Others, notably Mathew Martoma, a former analyst who was charged last December, have so far refused to work with the government. In the coming days, attention is sure to focus on a new name that came up in the indictment, an SAC portfolio manager called Richard Lee, who, earlier this week, pleaded guilty to insider dealing and is reportedly coöperating with the prosecution. Depending on his level of knowledge, Lee, who has worked for SAC twice since 2009, could be a key figure in the case.

At Friday’s hearing, Ted Wells, a well-known criminal-defense lawyer who is representing SAC, was understandably keen to find out what, if anything, the prosecutors are holding in reserve. According to a court report, he told the judge he was “most concerned” with obtaining statements that former SAC employees have given the government, which he claimed the defense is entitled to see. Once Wells and his colleagues on Cohen’s legal team possess everything that the judge forces the prosecutors to turn over, they will reach a judgment on how to proceed and how likely they are to win. At this stage, though, they will not be too downhearted.

Above: SAC Capital defense attorneys, including Ted Wells (left), leave the courthouse on Friday. Photograph by Eric Thayer/Reuters.