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SAC Capital Is Sending A Whole Bunch Of People To Bed Without Dinner Tonight

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SAC Capital Advisors LP, the hedge fund run by Steven A. Cohen, put portfolio manager Michael Steinberg on leave after he emerged as an unindicted co- conspirator in a $62 million insider-trading scheme, according to two people familiar with the matter...Steinberg, who worked at SAC Capital’s Sigma Capital Management unit, is the fifth person to be tied to the U.S. government’s insider-trading investigation while employed at the firm. He has been linked in court documents to the securities- fraud case of Jon Horvath, a former SAC Capital technology analyst that he supervised. Horvath told a federal judge in New York during his Sept. 28 plea that he was part of a group of analysts who passed nonpublic information to each other...SAC Capital said in a statement last week that it gave Horvath “the benefit of the presumption of innocence” and that it was “disappointed and angered” to learn that he admittedly violated the law and SAC Capital’s policies forbidding insider trading. [Bloomberg]