Steve Cohen is the same kind of man. He has one gift that we can see. He is also more willing to be criminal than we are, perhaps as compensation for a kind of social and spiritual impoverishment. He will be remembered for…what? For buying things? Big man. If I understood the investigations into Steve Cohen, it was conducted separately by three different branches of government: the FBI, the U.
These players got together occasionally to share information, but were all the time afraid they could not make a case with the information they had gleaned unless someone in the Cohen organization flipped.
Kolhatkar has an especially interesting discussion on why the ethically-challenged Martoma did not flip. To date we do not know why. Several cases were being investigated and litigated by this same group at the same time, i. Cohen did end up paying more than a billion dollars in fines, but he was never jailed. Attorney for the Southern District, for abridgment of his constitutional rights during that investigation.
Ganek lost that challenge in October A year later, the Supreme Court ruled unanimously that the Newman overturn was too lenient. The fight for right is ongoing. Kolhatkar draws the contrast between those working for the government with fewer resources and those sleek white men working for Cohen. Sure, why not? Maybe one day, one of those who know both sides of the street will do the right thing for the right reasons.
May 13, Rohit Enghakat rated it it was amazing Shelves: business , 5-star. This is a fabulous account of the rise and fall of SAC Capital, the world's largest hedge fund.
It recounts how the fund encouraged and propagated a culture of cheating and deception to generate enormous and humongous profits for themselves and their clients using insider trading tactics. It gives a glimpse into the luxurious life of Steven Cohen, the founder of SAC Capital, who spent millions of dollars collecting art at auctions and living in mansions in the toniest neighbourhood of New York.
The saddest thing one comes across is that his employees bear the brunt of SEC investigation and prosecuted and incarcerated for crimes done for the firm's benefit, while he goes away scot-free after paying a small fine and barred for two years from the markets.
This seems like a gross injustice but I guess that's how the American justice system works. You feel emotionally involved with three main characters.
You feel sorry for Mathew Marthoma whose entire life was made up of deceptions on account of his strict upbringing by his father. You feel sorry for Sid Gilman, the ageing researcher and professor who is emotionally exploited by Marthoma for price-sensitive information and hate Steve Cohen for getting away almost scot-free despite being the main conspirator and ultimate beneficiary of these insider trades.
The author has done some brilliant research to put the narrative together and the plot reads like a financial crime thriller. The lack technical or financial jargons makes the read so easy that even a layman can enjoy the book. View 2 comments. Feb 07, Terry Earley rated it liked it. This was more of a forensic study than a trading story. The SEC and the NY Attorney General knew for some time that this hedge fund, among many others, were trading on insider information, but did not have to tools to stop it for many years.
By the time Steve Cohen made a deal to close it, he had personally amassed 10 billion dollars, making the 1. The real takeaway here, is that these people will always have a new "black edge", and everyone else will be left behind. The big fish swim away and the underlings go to prison.
It is a cynical lesson, but greed and pride drive Wall Street. We have to cope with it, and see that the more outrageous violators are stopped, even if they are never really punished. Jul 06, Alex Givant rated it it was amazing Shelves: audio , crime , economy , best-of The say goes "There are three verdicts: guilty, not guilty and rich". This book shows exactly this. And scapegoat who agreed to help justice will go to jail for long time.
Disgusting, but again "greed is good! Jun 27, Vijai rated it it was amazing. Finishing this book filled my heart with sadness. We poor fucks are done for. That's what this book proves. No institution, no law, no amount of Harvard degrees, no talent, no amount of willpower can do anything to a guy who has the money to throw around with half a brain.
All that money siphoned off, people coerced and careers destroyed and the guy is still free and legally at that for the price of a fine. Brilliant writing by the author.
Five star effort. Bravo to her Finishing this book filled my heart with sadness. Bravo to her courage, may she live long and safe. Us schmucks have one thing going for us, courageous journalists who have the balls to take on these rich people and bring their stories of theiving and debauchery to our attention. Buy it first hand please. Apr 22, Rob Woodbridge rated it it was amazing. This is eerily similar to Bobby Axelrod and the Billions plot lines.
So good. Nov 17, Shabbeer Hassan rated it it was amazing Shelves: , dystopian , non-fiction , economics , 5-star-ones. Sheelah Kolhatkar's book is the rather shameful history of a hedge-fund mogul Steven Cohen, his cronies and associates who went on to earn billions based on black edges they ruthlessly gathered from around the world.
The cut-throat world of hedge funds and Wall-street egomaniacs, make money for money's sake - a self-propagating, a selfish loop which cuts through ethics, law and in some cases even humanity like a hot knife through butter. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms-greed for life, for money, for love, for knowledge - has marked the upward surge of mankind" The only answer which this book gives us to the Gordon Gecko's of the modern world is - NO!
Apr 30, Melissa Stacy rated it it was amazing Shelves: nonfiction , reads. This is a very good book. I'm just unable to finish it due to personal reasons. Stopped on page of pages total. Hope to finish this one day. Five stars. Apr 26, Bryan Schwartz rated it really liked it Shelves: misc-history , pleasure-reading , crime. Sheelah Kolhatkar does several things very well. She tells a compelling and thoroughly researched story of Wall Street greed, she makes complicated financial jargon accessible to a layman, and she vividly illustrates the corrupt lives of hedge fund moguls and unscrupulous white shoe lawyers.
And yet, I have a few complaints gripes? First, and while this is an incredibly minor point, humor me I hate the way that Kolhatkar or her edit Sheelah Kolhatkar does several things very well. I hate the way that Kolhatkar or her editor?
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