Back in February, the Wall Street Journal printed an article about a hedge fund “idea dinner,” more than insinuating that a bunch of representatives from Soros, SAC, Greenlight and Paulson and Co got together to enjoy a meal of food while scheming re: how they were going to take down the Euro. This was uncool for a few reasons, including by not limited to the fact that it’s unlikely the handful of managers assembled would even be capable of taking down the currency and the shoddy reporting that said they ate fish when in fact it was chicken (a tad undercooked, if you must know). Also, as a result of the story, the Justice Department's antitrust division opened an investigation into possible violations of the Sherman Act.
This was fucked up because a) despite the suggestion nefariousness doing, no one did anything wrong and b) it scared much of the industry’s participants into not taking part in these gatherings, which they really looking forward to. They wouldn’t even be seen talking a little shop over fro-yo! But, short of releasing some "Oh no you di'int" letters directed at the Journal, there wasn't much that could be done. Today, though, comes relief: the Justice Department has closed the investigation and no action will be taken against anyone there that night. Everyone is safe to nosh on whatever they want while discussing going about cornering the OTC Bulletin Board Market for Pet Life Insurance Companies.