SAC Capital Receives Government Subpoena

From MarketWatch: SAC Capital Advisors LP told investors in a letter that it got a government subpoena, according to a person who received the update from the hedge fund.

SAC said in the letter, dated Nov. 23, that the government served identical “extraordinarily broad” subpoenas on a number of investment managers of different sizes and descriptions, including SAC. The subpoena does not focus on particular individual securities, sectors or strategies, SAC added. The firm said the subpoenas don’t “shed much light on whom or what the government may be investigating.” One focus appears to be on the use of consultants and soft dollars, SAC noted in the letter. SAC will respond to the government “in a professional and cooperative manner.” “Neither the subpoena nor any other information of which we are aware suggests that anyone at SAC has engaged in any wrongdoing,” the firm added.

55 comments (hidden for your protection)
Show all comments ↓

Comments (55)

  1. Posted by Anonymous | November 23, 2010 at 7:52 PM

    everytime someone yell crook everyone automatically looks at goldman sacks!

  2. Posted by donkey kicker | November 23, 2010 at 7:52 PM

    The get is fueled up and ready to go. See ya Stevie

  3. Posted by NakedShort | November 23, 2010 at 7:52 PM

    We don’t make mistakes, we just have happy accidents.

  4. Posted by Guest | November 23, 2010 at 7:53 PM

    la pièce de résistance.

  5. Posted by Guest | November 23, 2010 at 7:54 PM

    Since the firm has said they haven’t engaged in any wrongdoing, they’ll be fine.

    - Guy who was just born yesterday

  6. Posted by GodsBalls | November 23, 2010 at 7:58 PM

    He has been depreciating the Zamboni wrong all this time.

    Government insider

  7. Posted by Troubled_on_the_UWS | November 23, 2010 at 7:59 PM

    Sadly, the last names unearthed in this ongoing dragnet are going to have a common theme. If I’m a rabbi, I’ve 1) just called the local precinct and asked for extra security at my synagogue, and 2) toggled the safety on the Uzi I hide under my clerical gear to “full auto”.

  8. Posted by hari | November 23, 2010 at 8:00 PM

    I TOLD YOU SO.

    -P.Jiang

  9. Posted by Reformed PlayaHayta... | November 23, 2010 at 8:00 PM

    Personally i have been refreshing every news system I have for the last 48hrs hoping for more blood but I think Stevie is oversold – love the tone of SAC release. I’m reversing the trade and going long Stevie….

  10. Posted by Santa | November 23, 2010 at 8:03 PM

    Twas the night before Thanksgiving, when all through the house
    Not a computer was humming, not even a mouse.
    The wires were hung on the phones with care,
    In hopes that Stevie soon would be there.

    The PMs were nestled all snug at their desks,
    While visions of federal agents danced in their heads.
    And Stevie in his ‘kerchief, and I in my vest,
    Had just settled our brains for a long winter’s nap.

    When out on the lawn there arose such a clatter,
    I sprang from the desk to see what was the matter.
    Away to the window I flew like a flash,
    Tore open the shutters and threw up the sash.

    Stamford the breast of the new-fallen snow
    Gave the lustre of mid-day to objects below.
    When, what to my wondering eyes should appear,
    But a blue sedan, and eight tinny cops so dear

    With a little old 9 iron, so lively and quick,
    I knew in a moment it must be BJ Kang.
    More rapid than eagles his coursers they came,
    And he whistled, and shouted, and called them by name!

    As dry leaves that before the wild hurricane fly,
    When they meet with an obstacle, mount to the sky.
    So up to the floor they flew,
    With the sleigh full of warrants, and Preet Barahara too.

    And then, in a twinkling, I heard on the roof
    The prancing and pawing of each little hoof.
    As I drew in my head, and was turning around,
    Down the chimney the SWAT team came with a bound.

    He was dressed all in black, from his head to his foot,
    And his clothes were all tarnished with weapons and gear.
    A bundle of guns he had flung on his back,
    And he looked like a peddler, just opening his pack.

    He spoke not a word, but went straight to his work,
    And filled all the desks, then turned with a jerk.
    And laying his finger aside of his nose,
    And giving a nod, up with Stevie he rose

  11. Posted by Santa | November 23, 2010 at 8:03 PM

    Twas the night before Thanksgiving, when all through the house
    Not a computer was humming, not even a mouse.
    The wires were hung on the phones with care,
    In hopes that Stevie soon would be there.

    The PMs were nestled all snug at their desks,
    While visions of federal agents danced in their heads.
    And Stevie in his ‘kerchief, and I in my vest,
    Had just settled our brains for a long winter’s nap.

    When out on the lawn there arose such a clatter,
    I sprang from the desk to see what was the matter.
    Away to the window I flew like a flash,
    Tore open the shutters and threw up the sash.

    Stamford the breast of the new-fallen snow
    Gave the lustre of mid-day to objects below.
    When, what to my wondering eyes should appear,
    But a blue sedan, and eight tinny cops so dear

    With a little old 9 iron, so lively and quick,
    I knew in a moment it must be BJ Kang.
    More rapid than eagles his coursers they came,
    And he whistled, and shouted, and called them by name!

    As dry leaves that before the wild hurricane fly,
    When they meet with an obstacle, mount to the sky.
    So up to the floor they flew,
    With the sleigh full of warrants, and Preet Barahara too.

    And then, in a twinkling, I heard on the roof
    The prancing and pawing of each little hoof.
    As I drew in my head, and was turning around,
    Down the chimney the SWAT team came with a bound.

    He was dressed all in black, from his head to his foot,
    And his clothes were all tarnished with weapons and gear.
    A bundle of guns he had flung on his back,
    And he looked like a peddler, just opening his pack.

    He spoke not a word, but went straight to his work,
    And filled all the desks, then turned with a jerk.
    And laying his finger aside of his nose,
    And giving a nod, up with Stevie he rose

  12. Posted by Anonymous | November 23, 2010 at 8:08 PM

    Goldman sachs stock trading down a couple extra dollars on the SAC news, pretty hilarious how anytime there is news of insider trading Goldman’s stock takes a beating

  13. Posted by Blowme | November 23, 2010 at 8:11 PM

    me too…..get a life Santa, you f-ing loser

  14. Posted by Ok | November 23, 2010 at 8:12 PM

    Er- good for you?

  15. Posted by Chuddy | November 23, 2010 at 8:12 PM

    HAAAHAHAHAA

    MAAAAAAAAAAAAHAHAHAHAAAAAAAAA

    AAAAHHHH HAHAHAHAHAHAA MAAHAHAHAHAAAAAAAAAAAAA

    (Stevie’s ex-wife laughing somewhere in the NJ.NY/Conn area)

  16. Posted by bemuda | November 23, 2010 at 8:13 PM

    no big deal, subs get handed out just every time they get even mildly curious.

    - former recipient, who to this day does not know the reason

  17. Posted by So sad to see hedge funds fall | November 23, 2010 at 8:14 PM

    I thought the SAC outsourced all its insider grunt-work to the sellside who scramble over a penny a share commish

  18. Posted by Guest | November 23, 2010 at 8:16 PM

    Guys, this is a good sign. As the “NYTimes” explained to us, you get a subpeona when they think you won’t be shredding the documents. A search warrant means they think you’ve formatted the drives and are on your way to JFK in 20.

  19. Posted by trojan | November 23, 2010 at 8:20 PM

    Taking pictures and tapping phones
    Debating snitches and cracking codes
    Past a couple, blast the fo’,
    Want any hustler stacking dough with probably crack the blow
    And my overtime is where your taxes go
    I gain your trust
    Get you to hand weight to us because we paid up front
    On the low with cameras taping ya
    Getting pop away? The prison sentence is going to
    Make the officer leave with two ki’s out the evidence room…

  20. Posted by tits | November 23, 2010 at 8:22 PM

    people like donkey kicker is what the subprime is in trouble.

  21. Posted by tits | November 23, 2010 at 8:23 PM

    yeah, tl;dr

  22. Posted by tits | November 23, 2010 at 8:25 PM

    only one flashy blue and red thingy? At least 5 methinks!

  23. Posted by Arthur Ponzirelli | November 23, 2010 at 8:29 PM

    I see no reason to be concerned.

  24. Posted by Kramer | November 23, 2010 at 8:30 PM

    I kept reading cause I thought it was “Twats” misspelled

  25. Posted by Kosta | November 23, 2010 at 8:37 PM

    Go FBI!!!! Go! GO! Ganek and Steve are TOAST!!! No place to hide.

    All Investors RUN RUN RUN!!

  26. Posted by Guest | November 23, 2010 at 8:49 PM

    But where are the investors subpoenas?

  27. Posted by Anonymous | November 23, 2010 at 8:49 PM

    Hey Bess- serious q- are these snarky anti-semitic comments that have started popping up here in the past couple weeks all from the same Glen Beck-worshipping nutjob? Getting tiresome…

  28. Posted by Ping Jiang | November 23, 2010 at 8:52 PM

    Foresight told me to take all the affected markers out of SAC office before I left that dank hole for good. I knew the Fed would come one of them days.

    - P. Jiang

  29. Posted by Guest | November 23, 2010 at 9:08 PM

    http://www.thedailynewcanaan.com/news/helicopter-landing-leads-arrests

    Looks like some SAC PMs were trying to make quick getaways this past Saturday after news broke….

  30. Posted by Johnny Longpost | November 23, 2010 at 9:10 PM

    I stopped reading at ’twas’

  31. Posted by danker banker | November 23, 2010 at 9:33 PM

    too lng, ddnt rd

  32. Posted by SAC Dumpster List Guy | November 23, 2010 at 9:38 PM

    Items found in SAC back dumpster list:
    ===============================================================
    -1 Empty ‘party size’ case of White castle extra onions burgers.
    -1 overused/melted “Teach me how to Dougie” instructional DVD autographed to Steve.
    -1 1980 Insider-trading Milkin case brief recently reviewed and highlighted.
    -1 Copy of “The Story of Deep Capture” highlighted.
    -2 old ticket stubs to Lion King on Ice with purchase receipt from Michael Milkin.
    -1 Ton of paper ashes burned to allegedly save on heating bill
    -1 coffee stained booklet printout from wiki-how.com on how to survive in Federal Prison.
    -10 Complimentary empty bags of Green Mountain Coffee
    - 1 Used industrial grade rope used for autoerotic asphyxiation donated by Ziff Brothers
    - Copy of “Stalin: Ruling with an Iron fist” covered in glazed donut crumbs.

  33. Posted by guest | November 23, 2010 at 9:53 PM

    i wish ppl would stop trying this hard

    -db reader

  34. Posted by Ping Jiang | November 23, 2010 at 9:56 PM

    no markers?

  35. Posted by Guest | November 23, 2010 at 9:56 PM

    Bess, will you be paying conjugal visits to Stevie?

  36. Posted by rd | November 23, 2010 at 10:09 PM

    I didnt think the Ping/markers joke could get old, but somehow you managed to do it.

  37. Posted by Jimmy | November 23, 2010 at 10:33 PM

    Glen Beck is Jewish, look it up.

  38. Posted by pickles | November 23, 2010 at 11:27 PM

    Please correct line 7, word 5 to read “fleece.”

  39. Posted by Perez Hilton | November 24, 2010 at 4:29 AM

    Oh boy. I get the distinct impression the same 20 to 30 people comment on every article and you guys are not even witty or creative. Just look at my blog which has more interesting gossip.

    -Perez

  40. Posted by Guest | November 24, 2010 at 5:43 AM

    wow. congrats on leaving the worst comment ever made on dealbreaker.
    never, ever try to be funny or clever gain. thanks in advance.

  41. Posted by Finndolin | November 24, 2010 at 8:23 AM

    As is Jesus.

  42. Posted by Guest | November 23, 2010 at 8:08 PM

    I stopped reading at “Twas…”

  43. Posted by entre nous | November 23, 2010 at 8:20 PM

    Now Alexandra Garcia will return to Wash Hts and open a taqueria. Josh Garcia Cohen will abandon his quest to be the next Cecil B Demille and help his mamacita roll the flautas

  44. Posted by Bristol Airport Hotels | April 19, 2012 at 4:58 PM

    T5Y0Ak Very good article post.Thanks Again. Great.

  45. Posted by chrome wheels | April 24, 2012 at 2:31 PM

    A big thank you for your article.Really looking forward to read more. Want more.

  46. Posted by oem software | May 2, 2012 at 11:38 PM

    zdLfLn I loved your article.Really thank you! Keep writing.

  47. Posted by Aplicaciones Android Tablet | September 17, 2012 at 1:23 AM

    Wow, incredible blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is fantastic, let alone the content!. Thanks For Your article about 302 Found .

  48. Posted by Snappzmarket alternative | September 20, 2012 at 11:05 AM

    I’ve been surfing online more than 3 hours today, yet I never found any interesting article like yours 302 Found. It is pretty worth enough for me. Personally, if all web owners and bloggers made good content as you did, the web will be a lot more useful than ever before.

  49. Posted by Snappzmarket review | September 22, 2012 at 3:04 AM

    Wow, wonderful blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is excellent, let alone the content!. Thanks For Your article about 302 Found .

  50. Posted by snappzmarket | September 25, 2012 at 8:15 AM

    Wow, wonderful blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is magnificent, let alone the content!. Thanks For Your article about 302 Found .

  51. Posted by Applanet APk | September 26, 2012 at 10:27 AM

    Wow, marvelous blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is excellent, as well as the content!. Thanks For Your article about 302 Found .

  52. Posted by snappzmarket download | September 26, 2012 at 3:37 PM

    Wow, incredible blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is magnificent, as well as the content!. Thanks For Your article about 302 Found .

  53. Posted by Princess | October 1, 2012 at 12:50 AM

    Hmm doesn’t this give you a virus? My mate showed me a prroagm a few weeks ago called musicjacker works like a dream! I’ve really place some vids on my channel showing how to use it if anyones interested?

  54. Posted by gmrayjyqx | October 2, 2012 at 12:35 AM

    rItNxl gwdbombdmyxb

  55. Posted by vgnhwgmrimp | October 2, 2012 at 5:19 AM

    5KIeGh , [url=http://jfodagrbrekx.com/]jfodagrbrekx[/url], [link=http://octnhjyacqcn.com/]octnhjyacqcn[/link], http://zezxtxqrgrya.com/