SEC, not SAC Capital, is target of Senate probe

Reuters – U.S. Senate investigators digging into SAC Capital Advisors and its founder Steve Cohen have their sights on the Securities and Exchange Commission’s handling of a probe, and are not themselves launching an independent investigation of the hedge fund.

Republican Senator Charles Grassley is using SAC Capital as a case study of how the SEC handles insider trading investigations and referrals from other regulators who spot irregularities, according to his staff.

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