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From what I've read, even with criminal charges it's unlikely that Steven Cohen or anyone else involved will serve jail time. Here in Colorado an electronics r

by Osiris 13y ago

From what I've read, even with criminal charges it's unlikely that Steven Cohen or anyone else involved will serve jail time. Here in Colorado an electronics recycler sent their recyclables to China instead of actually recycling and the CEO got 30 months in prison. I continue to be shocked that bankers and investors get away with fines and a slap on the wrist. I'm not aware of any that have served prison time since the recession started.

PublicEnemy111 13y ago
raj rajaratnam?
- fnordfnordfnord 13y ago
  Okay, how many more have you got?
  - soupboy 13y ago
    http://www.sec.gov/spotlight/insidertrading/cases.shtml http://www.sec.gov/spotlight/insidertrading/cases.shtml
    - Osiris 13y ago
      There is no mention of jail time in any of those cases. The ones I saw all say "paid more than $x to settle the charges".
      - rayiner 13y ago
        Google the names. Several of those people went to jail. E.g. http://www.myquitamlawsuit.com/index.aspx?id=news_insider_trading_clay_capital http://www.myquitamlawsuit.com/index.aspx?id=news_insider_tr....
        fnordfnordfnord 13y ago
        >"James F. Turner II, Clay Capital Management, LLC hedge fund's chief investment officer has received a one-year prison sentence and a $25,000 fine for insider trading. Turner's conduct netted over $2.5 million." That ought to put a stop to it eh?
- nonchalance 13y ago
  He is Indian. If you look back at other scandals, usually it's a person considered in a racial minority (Jerome Kerviel, Joseph Jett) that see jail time
  - dev_jim 13y ago
    1) Raj is Sri Lankan, not Indian. 2) Kerviel is French, grew up and was educated in France, and worked for a French bank. He isn't a racial minority. 3) Jett was a minority sure and Milken, Boesky, etc. were not minorities. Not exactly a pattern there.
  - rayiner 13y ago
    He was also worth nearly $2 billion before his conviction. Also, Indians aren't exactly underrepresented minorities on Wall Street. There are tons of them in the industry. Also the guy who prosecuted Raj Rajaratanam was Indian...
  - pekk 13y ago
    This is a huge claim. If you are going to claim that white-collar convictions fall disproportionately on Indians you are going to have to provide data that give evidence of that claim.
rayiner 13y ago
You haven't been paying attention: http://online.wsj.com/article/SB10001424052970204774604576626991955196026.html; http://online.wsj.com/article/SB1000142405297020477460457662... http://www.bloomberg.com/news/2013-07-01/ex-galleon-trader-zvi-goffer-s-10-year-sentence-is-upheld.html; http://www.bloomberg.com/news/2013-07-01/ex-galleon-trader-z... http://www.advancedtrading.com/regulations/the-9-most-notorious-insider-trading-cas/231903257 http://www.advancedtrading.com/regulations/the-9-most-notori....
- fnordfnordfnord 13y ago
  For each of these token prosecutions, there are many others who continue unabated. Fines, if any are often a trivial portion of the profits stolen in such schemes, which incentivizes the behavior.
  - rayiner 13y ago
    There is nothing "token" about a prison sentence.
    - fnordfnordfnord 13y ago
      There are plenty who serve no time, and Federal prison for white collar crimes when compared to sentencing for other crimes, is token, at least in the relative sense.
onebaddude 13y ago
>I continue to be shocked that bankers and investors get away with fines and a slap on the wrist. I'm not aware of any that have served prison time since the recession started. Have you stopped to think that maybe, possibly, it's because there very little provable, criminal wrong-doing? And that perhaps it's not a good idea, for the country and its economy, to throw capitalists in jail when a business goes south, simply because the populace demands heads? That's not a good precedent. Not everything is a conspiracy. The population currently detests Wall Street. If there was rampant criminal action associated with the recession, some politician would have latched on and run with it, and would have been a hero. Should we also throw in jail all those mortgage applicants who lied about their job or income on the application? That was also fraud that led to the crisis.

by Osiris 13y ago

PublicEnemy111 13y ago

raj rajaratnam?

fnordfnordfnord 13y ago
Okay, how many more have you got?
- soupboy 13y ago
  http://www.sec.gov/spotlight/insidertrading/cases.shtml http://www.sec.gov/spotlight/insidertrading/cases.shtml
  - Osiris 13y ago
    There is no mention of jail time in any of those cases. The ones I saw all say "paid more than $x to settle the charges".
    - rayiner 13y ago
      Google the names. Several of those people went to jail. E.g. http://www.myquitamlawsuit.com/index.aspx?id=news_insider_trading_clay_capital http://www.myquitamlawsuit.com/index.aspx?id=news_insider_tr....
      - fnordfnordfnord 13y ago
        >"James F. Turner II, Clay Capital Management, LLC hedge fund's chief investment officer has received a one-year prison sentence and a $25,000 fine for insider trading. Turner's conduct netted over $2.5 million." That ought to put a stop to it eh?
nonchalance 13y ago
He is Indian. If you look back at other scandals, usually it's a person considered in a racial minority (Jerome Kerviel, Joseph Jett) that see jail time
- dev_jim 13y ago
  1) Raj is Sri Lankan, not Indian. 2) Kerviel is French, grew up and was educated in France, and worked for a French bank. He isn't a racial minority. 3) Jett was a minority sure and Milken, Boesky, etc. were not minorities. Not exactly a pattern there.
- rayiner 13y ago
  He was also worth nearly $2 billion before his conviction. Also, Indians aren't exactly underrepresented minorities on Wall Street. There are tons of them in the industry. Also the guy who prosecuted Raj Rajaratanam was Indian...
- pekk 13y ago
  This is a huge claim. If you are going to claim that white-collar convictions fall disproportionately on Indians you are going to have to provide data that give evidence of that claim.

rayiner 13y ago

You haven't been paying attention: http://online.wsj.com/article/SB10001424052970204774604576626991955196026.html; http://online.wsj.com/article/SB1000142405297020477460457662... http://www.bloomberg.com/news/2013-07-01/ex-galleon-trader-zvi-goffer-s-10-year-sentence-is-upheld.html; http://www.bloomberg.com/news/2013-07-01/ex-galleon-trader-z... http://www.advancedtrading.com/regulations/the-9-most-notorious-insider-trading-cas/231903257 http://www.advancedtrading.com/regulations/the-9-most-notori....

fnordfnordfnord 13y ago
For each of these token prosecutions, there are many others who continue unabated. Fines, if any are often a trivial portion of the profits stolen in such schemes, which incentivizes the behavior.
- rayiner 13y ago
  There is nothing "token" about a prison sentence.
  - fnordfnordfnord 13y ago
    There are plenty who serve no time, and Federal prison for white collar crimes when compared to sentencing for other crimes, is token, at least in the relative sense.

onebaddude 13y ago

>I continue to be shocked that bankers and investors get away with fines and a slap on the wrist. I'm not aware of any that have served prison time since the recession started. Have you stopped to think that maybe, possibly, it's because there very little provable, criminal wrong-doing? And that perhaps it's not a good idea, for the country and its economy, to throw capitalists in jail when a business goes south, simply because the populace demands heads? That's not a good precedent. Not everything is a conspiracy. The population currently detests Wall Street. If there was rampant criminal action associated with the recession, some politician would have latched on and run with it, and would have been a hero. Should we also throw in jail all those mortgage applicants who lied about their job or income on the application? That was also fraud that led to the crisis.