Even when he loses, the billionaire investor Steven A. Cohen manages to find a way to win. Overlooked in the judge’s approval last week of the guilty plea entered by Mr. Cohen’s hedge fund SAC Capital Advisors to insider trading charges is that the firm was given 90 days to pay a $1.2 billion penalty to federal prosecutors. That is longer than the 30 days recommended by federal probation officials but it is the time frame lawyers for SAC and federal prosecutors agreed to in November, when the hedge fund entered its guilty plea. The 90-day time frame means Mr. Cohen’s newly christened family office Point72 Asset Management will have more flexibility to deploy capital to the roughly 80 portfolio managers and trading teams that remain with the firm…Mr. Cohen, who personally made $2 billion last year even in the midst of an insider trading scandal that dominated the business headlines, is in the position to make a nice amount of money from the $1.2 billion his firm owes the government, if it trades wisely.