What are you talking about? Goldman lost money on one day last quarter. If they were really "connected" wouldn't they have been profitable every day?
NEW YORK (Dow Jones)--An SAC Capital Advisors internal review of trades involving stocks named in the Galleon Group insider-trading case has revealed nothing out of the ordinary, according to a person familiar with the firm. The person said SAC, which is run by Steven A. Cohen and manages about $14 billion, hasn't received any subpoenas in the case, either. Neither the firm or Cohen has been charged with wrongdoing. News of the internal investigation not revealing anything unusual was reported earlier by Bloomberg News. The Wall Street Journal reported this past weekend that Richard Choo Beng Lee, who has agreed to give information to prosecutors in exchange for a possible lighter sentence, worked at SAC. The plea agreement mentions a hedge fund where Lee worked from 1999 to 2004, but doesn't name the firm. According to The Journal, Lee tried to get a new job at SAC in March. Cohen didn't hire him because of the unknown circumstances surrounding the closure of Lee's hedge fund, Spherix Capital. Spherix is named in the government's case, as is another person from Spherix, Ali Far. A spokesman said SAC had no further comment in the matter. -By Joseph Checkler; Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com http://online.wsj.com/article/BT-CO-20091110-710349.html
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.
+1 And to make it worse, far too many journalists seem to exhibit dishonesty by propagating the common misconception.
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.
http://news.google.com/news/more?um...e=hp&cf=all&ncl=ddSTV2zcOqgo9eMgPCNLzU8JUUdJM some source articles check out the web of thieves, wow! http://online.wsj.com/public/resources/documents/Galleons-Web.html
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
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.