Hedge fund manager David Tepper woke up on Friday morning in Pittsburgh facing a day filled with promise for his Pennsylvania hometown.
The firm was being held responsible for insider trading by at least eight current or former portfolio managers and analysts who worked there.
Sad to report.
Charged with providing insider information to SAC Capital, former sell-side analyst Sandeep Aggarwal, is scheduled to appear in court to enter a guilty plea.
In its first public acknowledgement of plans to stop managing public investments, SAC Capital has told staff it would convert to a family office, managing only the capital belonging to founder Steve Cohen , his relatives and certain employees.
Despite paying the highest penalty in recorded history for insider trading, Steven Cohen's 2013 earnings will likely exceed the $1.8 billion in fines he has paid to settle the charges against SAC Capital, according to people close to Cohen's hedge fund.
Hedge fund SAC Capital has agreed to pay $1.8 billion in an insider trading settlement with the U.S. As part of the deal, it will plead guilty to every count in the indictment, U.S. Attorney Preet Bharara said.
Documents settling the landmark insider-trading case against SAC Capital are expected to be signed Monday, said someone familiar with the matter.
Is this the place to be in the markets now ?
Steve Cohen may be ready to exhale.
Sony has rejected Dan Loeb's call to spin off its entertainment business, the company said on Tuesday.
By day he is a hedge fund tycoon and generous philanthropist, but by night self-made millionaire Talal Shakerchi is a regular addition at some of the biggest poker games in Europe.
Sony, the Japanese electronics and entertainment giant, is facing an audacious breakup attempt in a battle that could rock the staid Japanese corporate world.