The conventional wisdom on Wall Street is the clock is running out for U.S. prosecutors to make a case against billionaire trader Steven A. Cohen and his hedge fund SAC Capital Advisors after years of investigation...But continuing investigations into allegations of insider trading in at least two other stocks, which were first reported by Reuters in December, could extend the deadline to file charges for three more years, according to people familiar with the SAC probe. [Reuters, earlier, earlier]
Steve Cohen Needs To Go Stress Shopping, STAT
In objective terms, worse things have happened to Steve Cohen than the news he received today. The charges against Mathew Martoma re: allegedly masterminding the largest insider trading scheme ever during his time at SAC. Friday's arrest of high-ranking employee Michael Steinberg. The $614 million he needs to personally pony up to settle with the Securities and Exchange Commission (which he may not even be allowed to do without an admission of guilt). The slanderous claim his house clocks in at a mere 14,000 square feet. The circling of federal investigators who want him bad. And yet presumably none of that compares to today's hit, which must have him in a fury that only the purchase of the Mona Lisa can assuage.