Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].” Read more »
The architect of SAC Capital’s extensive compliance policies and procedures within its exceptional supervisory structure is on the way out. And not, as you might think, due to certain guilty pleas to non-compliant behavior or felony convictions for the same, but because the new smaller, kinder, gentler, family-friendly SAC (or whatever it’s going to be called) won’t be doing any of the things it might have done in the past, and therefore does not need to spend quite so much money on compliance anymore. Read more »
At least one person isn’t happy about the pending insider trading settlement between the government and SAC Capital Advisors LP and isn’t afraid to make that known — anonymously. In an anonymous email to U.S. District Judge Laura Taylor Swain, who is presiding over the criminal portion of SAC’s settlement, the critic had harsh words for the Justice Department and SAC’s billionaire founder Steven A. Cohen. “LTS, you must be tough like [Judge] Rakoff, kill the plea deal now that SAC trader Mathew Martoma is convicted to force DoJ to put Steve Cohen behind bars,” the person wrote. “His billions were made by insider trading and stolen from investors.” [WSJ]
*Assuming you can’t get them imported to the joint.
[via The Chronicle]
No word yet from the Stanford Daily, from which Martoma received his MBA after the misunderstanding re: fake and real transcripts at Harvard Law.
Jurors in Manhattan have reached a guilty verdict in the insider-trading trial of Mathew Martoma, the former SAC Capital Advisors LP portfolio manager accused of insider trading. The jury said Martoma used inside tips on trades that earned SAC $275 million. [WSJ, earlier]
Defense: Mathew Martoma But A Victim/Pawn/Grain of Sand/Innocent Young Man Cut Down In The Prime Of His Totally Legit Trading Career In Government’s Quest For Steve CohenBy Bess Levin
Former SAC Capital Advisors LP fund manager Mathew Martoma was portrayed by his lawyer as the victim of a “rush to judgment” by prosecutors looking to use him to bring insider-trading charges against his former boss, Steven A. Cohen…“Mathew was just a grain of sand in their haste to make a case against someone who is not even in this courtroom: Mathew’s boss, Steven Cohen,” Richard Strassberg said in his closing argument yesterday in Manhattan federal court. [Bloomberg]