Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Showing posts with label SAC Capital. Show all posts
Showing posts with label SAC Capital. Show all posts

Tuesday, November 05, 2013

SAC Capital To Pay $1.8 Billion Penalty For Insider Trading: Feds

NEW YORK (AP) — A federal prosecutor says the federal government has effectively shut down a hedge fund giant with a deal requiring it to plead guilty to criminal fraud charges and pay a record $1.8 billion, proving that no financial institution is "too big to jail."

U.S. Attorney Preet Bharara announced the deal with SAC Capital Advisors and related companies on Monday, saying it must be approved by federal judges in Manhattan before "the largest fine in history for insider trading offenses" takes effect. No date was immediately set.

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Monday, July 29, 2013

SAC Capital CEO Steven Cohen Throws A Party Despite Indictment

July 28 (Reuters) - Hedge fund billionaire Steven A. Cohen did not let the filing of criminal charges against his $14 billion SAC Capital Advisors get in the way of a party this weekend at his vacation estate in tony East Hampton, New York.

The Saturday night party at Cohen's 10-bedroom home on Further Lane took place two days after federal prosecutors in New York announced a five-count criminal indictment against SAC Capital that portrayed the 21-year-old Stamford, Conn.-based fund as a breeding ground for unlawful insider trading.

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