SAC Capital has been formally indicted for insider trading and called a “magnet for market cheating” by federal prosecutors who said the firm had engaged in illegal securities trading from 1999 to 2010. While SAC Capital faced charges, its leader and principle beneficiary, Steve Cohen, was not charged.
|By: DSWright Friday July 26, 2013 12:10 pm|
|By: DSWright Thursday April 25, 2013 9:30 am|
As was previously reported, President Obama and Congress gutted the insider trading regulations on Congress. Like a thief in the night Congress and the White House did nothing to call attention to themselves as they stealthily removed key provisions of the STOCK Act covering executive and congressional staffers disclosing their finances.
Other than FDL, a few other independent media outlets, and watchdog groups no one seemed to think the story was a big deal or even a story at all.
|By: DSWright Wednesday April 17, 2013 9:10 am|
As was reported yesterday, President Obama signed a law gutting insider trading regulations on Congress. An incredible act when one considers the 2008 campaign platform of Barack Obama to roll back the influence of lobbyists and “change Washington” by bringing transparency to the federal government. By signing this law Obama has done incredible damage to transparency and open government – allowing, in effect even promoting, the continuing corrupt practices that have made most Americans lose trust in their government. Signing this law does not inspire hope and it certainly is not change.
|By: DSWright Tuesday April 16, 2013 9:10 am|
Yesterday President Obama signed a law that gutted the reporting requirements originally included in the Stop Trading on Congressional Knowledge (STOCK) Act. Before these changes were made the STOCK Act required congressional staffers to disclose their finances to the public to help ensure they were not engaging in corrupt practices.
|By: DSWright Friday March 22, 2013 6:00 am|
The Teflon Trader slips away again. For those who don’t know, Steve Cohen of SAC Capital, number 36 on Forbes’ Richest Americans list, has been under investigation for a good deal of his career. The suspicion is always the same, insider trading.
|By: DSWright Monday February 18, 2013 6:45 am|
Goldman Sachs is apparently back to it’s old tricks despite the $550 million settlement with the SEC over hurting clients in the mortgage securities market.
|By: David Dayen Monday August 13, 2012 12:45 pm|
Like everyone else but two members of the House, Paul Ryan voted for the STOCK Act, a watered-down version of a bill that would ban insider trading among members of Congress. Before he did that, however, Ryan spent 2008 wheeling and dealing his bank stock portfolio to match his knowledge gained as a member of Congress during the financial crisis.
|By: masaccio Tuesday July 31, 2012 3:41 pm|
We have plenty of evidence that governments are afraid of bond markets. In the US, fears of the retaliation of the bond market have driven the fiscal policy of both parties. And the amount of money traded in bond markets is enough to overwhelm weak governments and seriously affect even stronger ones.
|By: David Dayen Friday July 20, 2012 1:27 pm|
A loophole in the STOCK Act would render it fairly meaningless. If you remember, the STOCK Act was the bill that rocketed to passage after allegations of insider trading among members of Congress, using at times non-public information to profit off of companies over which they held oversight responsibilities. The bill, which languished for years, was quickly taken up and passed with overwhelming majorities.
But it turns out that there’s a potentially gaping hole in the legislation.
|By: David Dayen Monday June 25, 2012 2:10 pm|
The passage of the STOCK Act was supposed, in the eyes of Congress, to end all the intense anger over Congressional insider trading. The system worked, in their eyes. A problem was identified and Congress worked to address it. Everyone goes home happy. Except that’s not what happened. In a continuing series, the Washington Post delivered the goods on a host of abuses by members of Congress, both within the confines of insider trading and also well beyond them.