How Many Rotting Apples Do Our Hedges Hide?

[marmar]

from Too Much: A Commentary on Excess and Inequality:


How Many Rotting Apples Do Our Hedges Hide?
May 25, 2013

High-profile prosecutions only hint at the crime and ethical misbehavior rampant in America’s most rewarding high-finance suites.

By Sam Pizzigati


They’re hunkering down at SAC Capital, the hedge fund empire billionaire Steven Cohen has spent over two decades building. Federal prosecutors have been picking off SAC’s current and former second bananas one by one, plea bargaining for information that brings them ever closer to Cohen.

This past March SAC coughed up $616 million, without admitting guilt, to settle a federal civil suit charging the hedge fund with insider trading. A defiant Cohen then went out and plopped down $155 million for a Picasso and $60 million more for a new Hamptons manse, just to show how little he’d miss the $616 million.

Now the feds are chasing Cohen on criminal charges, and SAC has announced the hedge fund will no longer cooperate — on an “unconditional” basis — with government requests for information.

The information already out in public has considerably dimmed Cohen’s “financial genius” aura. The astounding 30 percent annual returns his SAC has been averaging, a vivid Vanity Fair chronicle details this month, rest on a gusher of insider tips that SAC spends hundreds of millions to keep flowing. .....................(more)

The complete piece is at: http://toomuchonline.org/how-many-rotting-apples-do-our-hedges-hide/

[The Magistrate]

1. Trick Question, Sir: Every Damn One Is Rotten To The Core

"The real crime is what's legal."

[randome]

2. Wait a minute. That can't be right.

Obama & Holder have done NOTHING to go after Wall Street thieves.

[hr]
[font color="blue"][center]Stop looking for heroes. BE one.[/center][/font]
[hr]

[usGovOwesUs3Trillion]

3. The Ponzi Scheme Burst in 08 and they have been frantically trying to put it back in operation since

but I think they are running out of marks to bring it back to life again... the last mark apparently are the central banks, who will eventually, and painfully have to admit that they have been left holding the bag of worthless I.O.U.s

I think they wont be able to keep up the facade past 2016.

[KoKo]

4. Kick!