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Anaconda
Registered: Dec 2008
Posts: 1512 |
11-13-09 06:39 PM
Quote from patchie:
Insider Trading by SAC has been discussed for much longer that 10 years.
Steve Cohen has stated publicly in interviews that he pays exorbitant fees to make sure he gets the information ahead of everyone. However, this is PUBLIC information that he gets on the day of the announcement.
It is no different from retail daytraders paying news services such as flyonthewall.com or tradethenews.com.
I sense many of you do not understand that concept, which is legal, versus actual Insider Trading charges.
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dtrader98
Registered: Nov 2006
Posts: 1399 |
11-13-09 06:49 PM
Quote from nitro:
It's ridiculous that people still fall for the mean vs median vs mode.
What you want is the median, or mode. The mean can be horribly warped by a few executives making a massive amount of money (like at GS), and 80% of the rest make decent wages. If you get the median and the mode, that is what most make, which is what you are interested in. I would not be surprised that the median total compensation of those eligable for bonus comes in at around $500,000 or so, not $700k. If you include all salaries, it probably drops to about $250,000.
+1
And to make it worse, far too many journalists seem to exhibit dishonesty by propagating the common misconception.
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ElCubano
Registered: Jul 2002
Posts: 6453 |
11-13-09 06:53 PM
Quote from Anaconda:
Steve Cohen has stated publicly in interviews that he pays exorbitant fees to make sure he gets the information ahead of everyone. However, this is PUBLIC information that he gets on the day of the announcement.
It is no different from retail daytraders paying news services such as flyonthewall.com or tradethenews.com.
I sense many of you do not understand that concept, which is legal, versus actual Insider Trading charges.
is it PUBLIC info when he gets it? has it been dessiminated through a newswire service or did he get it before that? There's a huge difference and hence the reason he could position himself ahead of the PUBLIC news...that seems to me to be inside info...peace...Im not an sec attorney.
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Equalizer
Registered: Jan 2005
Posts: 1318 |
11-14-09 01:56 AM
Quote from dtrader98:
+1
And to make it worse, far too many journalists seem to exhibit dishonesty by propagating the common misconception.
And let us not forget that idiot Viniar from GS, with his "25 sigma events" comment re the GSAM losses in 2007. You'd think someone in his position would know better 
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patchie
Registered: Sep 2008
Posts: 248 |
11-15-09 12:48 AM
Quote from Anaconda:
Steve Cohen has stated publicly in interviews that he pays exorbitant fees to make sure he gets the information ahead of everyone. However, this is PUBLIC information that he gets on the day of the announcement.
It is no different from retail daytraders paying news services such as flyonthewall.com or tradethenews.com.
I sense many of you do not understand that concept, which is legal, versus actual Insider Trading charges.
Stevie ain't paying for public information, he pays for non-public information and former employees have admitted as much. Cohen's profits don't come from trading early on the day of news, his profits come from trading days early of news which is the "inside" in inside information.
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