As the record shows, Steve Cohen isn’t afraid to embrace a good idea, even if it isn’t his own. And sometimes especially if it isn’t his own. This applies equally well to the (kangaroo) courtroom as the trading floor, as we would have already seen if the SEC weren’t groveling for a face-saving way out of its case against the Big Guy.
Hedge-fund billionaire Steven A. Cohen may mount a constitutional challenge to the Securities and Exchange Commission’s in-house court proceedings against him, according to his lawyers. Join the gang….
His federal court case against the SEC includes the same constitutional argument made in the 31 other cases identified by the agency – that the way the SEC appointed the administrative law judge overseeing the in-house case broke constitutional protections.
Get In Line: Cohen’s Constitutional Challenge Would Be Latest to SEC [WSJ MoneyBeat blog]
Earlier: SEC Would Like To Keep its In-House Judges, Please