4 ms·

Largest insider trading ring in history and still running. To agree to 7 billion you can guarantee they are walking away with at least 60 billion squirreled awa

• deleted 5y ago
  [deleted]
• putlake 5y ago
  This isn't insider trading. It's tax fraud.
  • tedunangst 5y ago
    Nobody cares what it is or isn't. They're rich, they're bad, they need to be punished.
    • loeg 5y ago
      We can easily be clear and correct in describing malfeasance, so why not avoid the confusion of making obviously false statements?
      • singlow 5y ago
        /s
  • zzt123 5y ago
    I believe they’re saying that the Medallion fund which RenTech runs is an insider trading scheme, probably due to the incredible rate of return over decades. And that for RenTech to agree to this penalty implies they have a ton of money sitting around that they shouldn’t, given the capacity constrained nature of the Medallion fund. On these I have no opinion. I may have misinterpreted the commenter.
    • creato 5y ago
      > And that for RenTech to agree to this penalty implies they have a ton of money sitting around that they shouldn’t, given the capacity constrained nature of the Medallion fund. They might know they would definitely lose in court, and end up with a bigger penalty (on top of more legal expenses).
• ksherlock 5y ago
  You can do a little math to get a ballpark number. $7 billion includes penalties, the actual tax avoided was closer to $6 billion. Over 10 years (2005-2015), so $600 million per year. If you assume short term capital gains is 37% and long term capital gains is 20%, that (600 / .17) works out to $3.5 billion/year (or $2.9 billion after taxes). $29 billion over 10 years.