| ▲ | DivingForGold 4 hours ago | |||||||
In many cases it's "all about the money" (and the lawyers). Take the case of Billionaire hedge fund manager Steven A. Cohen of SAC Capital Advisors who was famously pursued by federal prosecutors as their ultimate "white whale" in a massive insider trading probe. Though his firm pleaded guilty and paid a record $1.8 billion fine, Cohen himself was never criminally charged or convicted. Yet two lower underlings were convicted and served time (the 2 fall guys). An "Army of lawyers", no less than 6 top lawyers appeared in the courtroom that day representing Cohen (he did not appear), as a "shot across the bow" message to the US Government that Cohen was prepared to spend a vast sum of his wealth to defend himself and make it a huge undertaking for the government if they wished to proceed. Lawyers present for Cohen: Peter Nussbaum: SAC Capital's General Counsel, who entered the plea. Theodore "Ted" Wells Jr.: Renowned partner from Paul, Weiss, Rifkind, Wharton & Garrison. Martin Klotz: Partner at Willkie Farr & Gallagher and Cohen's personal attorney. Michael Schachter, Daniel Kramer, and Michael Gertzman: Senior litigation partners assisting the defense. Because the defense consisted of prominent partners from multiple top-tier firms simultaneously, analysts famously calculated that the collective group was costing SAC Capital roughly $10,000 an hour (mere pocket change for a successful hedge fund guy). | ||||||||
| ▲ | drivebyhooting 4 hours ago | parent [-] | |||||||
That’s infuriating. | ||||||||
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