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Hedge Fund Hog
Makes Mommy’s Monkey Jump

Greg Palast 

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

Steven Cohen Can’t Make His
Mommy’s Monkey Jump

Greg Palast 

For Truthout

[New York] Billionaire Steven A. Cohen’s marriage was in hot water because his wife wouldn’t tolerate the “other woman.”  The other woman was Steven’s mother.

This week, Cohen’s hedge fund, SAC Capital Advisors will plead guilty to criminal charges of insider trading and pay $1.2 billion in fines and forfeitures.

Cohen says he’ll pay the $1.2 billion from his own pocket – but it’s a pretty big pocket.  His net worth just hit ($9.4 billion).  It would have been an even $10 billion, but last year he coughed up over half a billion for his company’s illegal trades.
…more