SAC Capital

That’s about the only effect of yesterday’s move to revoke SAC’s CFTC registration because of, you know, the insider-trading and whatnot, since family offices like SAC er, Point72 don’t need the CFTC’s permission to do anything. Read more »

As you’ve probably heard, yesterday afternoon Mathew Martoma née Thomas was sentenced to 9 years in prison for orchestrating “the most lucrative insider trading scheme ever” during his time at SAC Capital. Understandably upset and perhaps having also read the civil complaint in which their son’s boss was identified as “Portfolio Manager A,” mom and dad had this to say:

Speaking on the sidewalk outside the old federal courthouse in Lower Manhattan, Mr. Martoma’s parents said he had been wrongly convicted. The couple asked why Mr. Martoma’s former boss, Steven A. Cohen, the billionaire investor who founded SAC, was not also charged with insider trading if their son had done something wrong.

And also:

“…the man who made all the money is on a yacht, my son is going to jail.”

While there is obviously a touch of bias involved here, these statements seem relatively reasonable, whereas the arguments offered for why Martoma/Thomas was found guilty… Read more »

Mathew Martoma, he of the “most lucrative insider-trading scheme in history” Martomas, is going to jail for a while, though for less time than the government wanted. Read more »

Otherwise it just seems unnecessary. Read more »

Judge Wants To Check SEC’s Back-Of-The-Envelope Math

Victor Marrero’s not so sure that the regulator was sufficiently scientific in calculating exactly how much Point72 Asset Management née SAC Capital Advisors owes to the universe (and Elan and Wyeth shareholders) for its extraordinarily lucrative bit of insider trading. Read more »

Apparently not everyone is interested in sticking around for the chance to manage Steve Cohen’s second cousins’ money, or for the new zip-ups and other assorted swag. Read more »

The more things change, the more they stay the same, except if we’re talking about Patagonia fleeces, which these clearly are not, although perhaps these are those will be issued for Fall/Winter.

Earlier: Everything’s Going To Be Alright: A Sign From Stamford

Related: “What the hell am I supposed to do with these?!”