Greed isn't good. Greed isn't right. So says Michael Douglas, in a public service announcement for the FBI that asks viewers to become whistleblowers if they witness securities fraud or insider trading. Not sure how often the public sees those things. But man! Douglas clearly isn't one with the Gekko character anymore! There's always been a bit of cult around Gekko — amoral Wall Streeters who took the greed-is-good message with zero irony. Can't help but think that even Douglas won't be able change that.
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One of the potential bidders for the Dodgers, due to be sold out of bankruptcy by April 30, is Steven Cohen, a secretive and monumentally successfully hedge fund billionaire. I've already written about how he made his money. I've also speculated on why he might want the Dodgers. What I haven't dealt with is that possibility that he could wind up in jail.
That's probably overstating the case. However, Cohen's firm, SAC Capital Advisors, has seen a number of former employees get in hot water with the Securities and Exchange Commission over insider trading. And the heat just got turned up a few notches. As part of an ongoing investigation into insider trading at hedge funds, the FBI has arrested three SAC Capital alumni (and they aren't the first to face prosecution). This is from CBNC's John Carney: