Update of story from Truthout
On Thursday, a federal jury found Mathew Martoma guilty of insider trading. Martoma, who’s only worth a hundred million or so, is small potatoes. He’s taking a fall for his boss – and his boss’ mommy – and her monkey.
Martoma’s boss is Steven A. Cohen, worth about $9 billion, who directs a criminal enterprise masquerading as a hedge fund called SAC Capital. The description of SAC as a crime scene is drawn from the findings of the jury, Securities and Exchange Commission charges and Cohen’s own confessions. While eight of Cohen’s partners-in-crime have been convicted and Martoma is about to join them in the Big House, Cohen has performed enough ju-ju on the system to keep charges filed against him personally to civil, not criminal, counts. So far.
Why would a guy who’s stuffed billions of dollars of tainted money in his pocket risk SEC charges just to get another billion? The answer: Steve needs to make his mommy’s monkey jump.
The story’s a lot of fun-and extraordinarily important, as Congress decides …more