AMERICAN BANKSTER CAPITALISM

It's not just this firm, it's the ethics of the banksters.

US govt: Hedge fund giant SAC Capital to pay $1.8B
By LARRY NEUMEISTER and MARCY GORDON 1 hour ago
AP

NEW YORK (AP) — Hedge fund giant SAC Capital Advisors has agreed to plead guilty to fraud charges and to pay a $1.8 billion financial penalty, federal prosecutors said Monday.

The government said in a letter to judges presiding over the Manhattan case that it believed the financial penalty is the largest in history for insider trading offenses.

The company will pay a $900 million fine and forfeit another $900 million to the federal government. It also will terminate its investment advisory business.

The deal follows a separate agreement by SAC to pay a $615 million penalty to settle an insider trading claim by the Securities and Exchange Commission.

Authorities alleged that SAC Capital earned hundreds of millions of dollars illegally from 1999 to 2010 as its portfolio managers and analysts traded on inside information from at least 20 public companies. Bharara in July said SAC Capital "trafficked in inside information on a scale without any known precedent in the history of hedge funds."