P. Diddy

Time was, Steve Cohen told the Feds where they could go. No matter how much heat they put on him, the Big Guy would not burn. If they wanted to relentlessly circle him in an attempt to find evidence of insider trading, that was fine by Steve. But he wasn’t going to act like he gave a rat’s ass and he certainly wasn’t going to wilt under the scrutiny or draw the blinds at Casa Cohen and curl up in a ball to cry. This time two years ago, despite SAC receiving a subpoena from the government, the FBI raiding the firms of several former SAC employees, and an analyst being asked to wear a wire while chatting him up, Cohen not only hopped on a private plane to attend Art Basel, but he did so with a smile on his face. (“Cohen,” the Journal reported, was in “jovial spirits and eager to chat about his fresh art acquisitions,” which included a “large-scale map of the world made from tin cans” that he bought in the first five minutes of the fair opening.)  And while one could argue that the heat on Steve has been cranked up quite a bit more since then, we assumed he was dealing with it in typical Steve fashion, and would make it to Miami like always. So it was particularly troubling to hear this: Read more »

Dominique Strauss-Kahn, who’s been in a bit of hot water since Saturday, when he allegedly sexually assaulted a maid at his hotel, is being held without bail. DSK’s lawyer, Benjamin Brafman, had requested his client be granted permission to post $1 million, but the judge sided with the prosecution, based on the accused’s “resources, the lack of an extradition treaty between the United States and France and the defendant’s history.” Brafman, who has defended Michael Jackson, P. Diddy, Jay-Z, and Plaxico Burress, may however have some news that could turn that frown, left, upside down, as he’s claiming DSK has an airtight alibi. Read more »