Going from billionaire to bust in one fell swoop—that's the prospect facing SAC Capital, the Wall Street hedge fund with a reputation for psychic insights into making money in the stock market.
The Justice Department called SAC yesterday "a magnet of market cheaters" in a broad indictment of the firm run by billionaire Steven A. Cohen.
SAC has been accused of systematic insider trading violations dating back more than a decade. This insider trading scheme is described as "substantial, pervasive and on a scale without known precedent in the history of hedge funds."
Joining us to discuss this Ben Protess, a reporter for our partner the New York Times.