SAC Saga Making For Some Awkward Conversations Around The Dinner Table

…on Thursday, U.S. District Judge Laura Swain is scheduled to punctuate the firm’s remarkable downfall when she rules on its plea to criminal insider-trading charges. If Judge Swain accepts the plea, as expected, the firm will pay an additional $1.2 billion in penalties, including the largest criminal fine ever in an insider-trading case. Since the guilty plea last November, portfolio managers who oversaw more than 10% of SAC’s capital have either left or announced plans to leave, according to people familiar with the firm’s operations. “How could I tell my kids I stayed at a firm that admitted to insider trading?” said one former employee. [WSJ]

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16 Responses to “SAC Saga Making For Some Awkward Conversations Around The Dinner Table”

  1. Kid a says:

    You've still got SAC taint dad.

  2. Dr Snarf says:

    And then SAC was left with nothing but some old hot dog water.

  3. Viva La France says:

    You're kid will probably grow up to be a douche. 10 bucks his name is Tucker or Carter or some fucktard name like that.

  4. guest says:

    Well wtf did you tell your kid before? "I work at a place that trades on inside information, but – and this is important son/daughter – we haven't *gotten caught* yet."

  5. hoorah says:

    Son you keep your goddamn mouth shut at "Uncle Steves" and don't touch the 200 million dollar fish……

  6. Nervous Jew says:

    Awkward conversations make me very nervous.

    • Suspicious Jew says:

      As a seasoned reader of DB and fan of Nervous Jew's work, I find the long period of silence followed by "your" recent resurgence with comments that don't quite fit the style to be very suspicious. I suspect you're not actually Nervous Jew, but rather someone who has appropriated his name and used it to capitalize on his hard-earned, DB-commenter capital.

      Which, if we're being honest, would make Nervous Jew very nervous.

  7. Guest says:

    How do you explain to your kid what insider trading actually is? No seriously, I've been reading Matt's articles and I have the financial knowledge of at least an average Stamford high schooler (private, not public school obviously) and I'm still confused. Passing tips on notecards at Penn Station = bad; buying OTM call options on companies with tickers similar to merger targets = ok?

    • Dumbass Oil Trader says:

      I'm just a dumbass oil trader but I read Matt's comments to be that some things are apparently legal or whatevs and what's all the fuss about until the law has been changed?

  8. Quant me maybe ... says:

    RE this shit (part II)….

    “How could I tell my kids I stayed at a firm that admitted to insider trading?” said one former employee.

    > Easy, IM them at their boarding school and let them know there's a public school eduction in their future if you leave.

  9. Guest says:

    "I'll be heading to HSBC where they admit to laundering drug money," he added.

  10. krzy51 says:

    Fush SAC. Who cares? And the Fat Man walks away with $6bn anyway. I guess that was all made before he started insider trading. Another fat rich loser.