Atlantic Wire – One of the financial industry’s most successful firms is under the gun for alleged insider trading, and some of their rivals and enemies could not be more thrilled about it. So much so that one took out a $100,000 full-page ad in The Wall Street Journal just to gloat over their misfortune.
For those who haven’t been following the drama, the $14-billion hedge fund SAC Capital Advisors was indicted by the federal government for insider trading last week. The SAC stands for Steven A. Cohen, the billionaire investor and founder of the company who has had one of the most successful financial careers of the last three decades, but has also been the target of federal regulators for most of the last one. Several former SAC employees have already been arrested or charged for insider trading, but now the investigation threatens to bring down the firm Cohen started with his own money and built into a investment powerhouse.