fine print

As you may have heard, yesterday SAC Capital agreed to plead guilty to insider trading and pay a $1.2 billion fine (on top of the $600+ million it already paid) in order to make a federal investigation go away. The deal has been yet to be approved by a judge, and though there is not reason to believe it won’t be, it’s always possible things could fall through. For instance, Richard J. Sullivan might think Cohen should pay a fine greater than this year’s take-home. He might want to force Cohen to wear a poster board that says “Loads of people have insider traded on my watch” in giant letters and walk up and down the streets of Greenwich, CT. He might take issue with the lack of fine print dictating that Cohen must obtain permission from Preet Bharara to use the little boy’s room. He might want to ratchet up the punishment in any of these ways; in the event he does, Cohen will have a choice between agreeing to strapping on the sandwich board or saying no dice. Read more »

A Chinese rogue trader who ‘cheated’ investors on her way to losing £10m in gold trading has been sentenced to death today. The 30-year-old Wang Caipang was handed the sentence by a court in Wenzhou in east China after she borrowed the cash between January and October 2010. Caiping, who must first serve two years in prison, borrowed huge sums of money promising to buy equipment, invest in property and open credit guarantee firms, but instead used the cash to speculate in futures and gold trading along with her elder brother, Wang Guanglin, who is still at large…In China, a sentence of jail time then death usually means the punishment will be reduced to life in prison. [DM via Dealbook]