A lesser man might be sweating the impending fraud charges against the firm that manages his money, but SAC Capital investor Ed Butowsky’s brows and underarms are bone dry. Butowsky, who has gone on record recently to say that 1) he wishes he could put more money with SAC and 2) anyone speaking ill of Steve Cohen can and should go fuck themselves, is fairly certain Team SAC will come out of this stronger than when they started. And when that day comes he’ll be there with party hats and streamers, driving the giant S-A-C-shaped float he’s been working on in his garage through the streets of downtown Stamford, accompanied by Beamers girls shooting zip-up fleeces out of stadium-style tee-shirt guns. There’ll be Zamboni rides and Facepaint, and a petting zoo for the kids. It’ll be the greatest celebration this town has ever seen and will serve as a monument to one man’s unwavering faith in another. And if that other man wants to throw some gratitude in the unwaveringly faithful guy’s direction, maybe by making him a senior adviser or giving him his own parking spot or just taking the time to say, “Ed, I couldn’t have done it without you. And I think of you like a brother,” that’d be okay too.
Charges of securities fraud and wire fraud expected to be filed against the company on Thursday, according to a source familiar with the investigation. The charges against Cohen’s $15 billion SAC Capital Advisors come after nearly seven years of investigations of his firm on allegations of insider trading. Authorities do not plan to charge Cohen with any criminal wrongdoing, said the source…One outside investor voiced support for Cohen and SAC Capital, despite the firm’s growing regulatory woes. Ed Butowsky, managing director at Chapwood Capital Investment Management, which has several million dollars invested with SAC Capital, said: “I don’t believe that criminal charges against the firm would impact Steve Cohen’s traders and their ability to make money.”
DOJ expects to charge SAC Capital on Thursday: source [Reuters]
Earlier: Area Man Can’t For The Life Of Him Fathom Why Investors Would Want To Take Their Money And Run From SAC; If Area Man Were Steve Cohen, He’d Tell His Detractors To Take A Long Walk Off A Short Pier, Based On The Hopeful Assumption That They Don’t Know How To Swim Or Even Tread Water