DOJ Indicts Wall Street Hedge Fund SAC Capital for Being "Market Cheaters"

Friday, July 26, 2013

Wall Street Bull (Marcio Jose Bastos Silva/Shutterstock)

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.

Stay up to date with The Takeawaybecome a Facebook fan & follow us on Twitter!

Guests:

Ben Protess

Editors:

T.J. Raphael

Leave a Comment

Email addresses are required but never displayed.