It's modern Wall St. capitalism, where the entire purpose is to rig fucking everything in order to acquire enormous sums of money for doing absolutely nothing (vide the behavior of practically every private equity firm, hedge fund, or investment bank. Not to mention Big Honking Bailout #1 in 2008). Insider trading is a fun sport, whether…
It's modern Wall St. capitalism, where the entire purpose is to rig fucking everything in order to acquire enormous sums of money for doing absolutely nothing (vide the behavior of practically every private equity firm, hedge fund, or investment bank. Not to mention Big Honking Bailout #1 in 2008). Insider trading is a fun sport, whether it's about death and disease simply doesn't matter -- there's money to be made! This is SOP for Wall St. and the sums involved are astronomically ridiculous.
Case in point: Steven A. Cohen. In 2015, his hedge fund, SAC Capital Advisors (just a coincidence that it bears his initials), pled guilty to securities fraud as part of a landmark criminal insider-trading settlement and had to pay a $1.2 billion fine. Which was cool because Steven A. Cohen, the person, made $2.4 billion that year, but luckily it was his firm that pled guilty, not him. He also had a lower tax rate on that amount then probably anyone reading this, and the fine was tax deductible.
Stevie’s firm has been renamed, and he’s still not in jail, in case anyone was wondering about that. (Fun activity: Google "Steven A Cohen home" for a glimpse of just a few of his little domiciles)
It's modern Wall St. capitalism, where the entire purpose is to rig fucking everything in order to acquire enormous sums of money for doing absolutely nothing (vide the behavior of practically every private equity firm, hedge fund, or investment bank. Not to mention Big Honking Bailout #1 in 2008). Insider trading is a fun sport, whether it's about death and disease simply doesn't matter -- there's money to be made! This is SOP for Wall St. and the sums involved are astronomically ridiculous.
Case in point: Steven A. Cohen. In 2015, his hedge fund, SAC Capital Advisors (just a coincidence that it bears his initials), pled guilty to securities fraud as part of a landmark criminal insider-trading settlement and had to pay a $1.2 billion fine. Which was cool because Steven A. Cohen, the person, made $2.4 billion that year, but luckily it was his firm that pled guilty, not him. He also had a lower tax rate on that amount then probably anyone reading this, and the fine was tax deductible.
Stevie’s firm has been renamed, and he’s still not in jail, in case anyone was wondering about that. (Fun activity: Google "Steven A Cohen home" for a glimpse of just a few of his little domiciles)
(Interesting documentary on Cohen and SAC: https://www.youtube.com/watch?v=FVeLrU2W1hE )