Senator Says SAC Case Is All About SEC

May 27 2011 | 12:31pm ET

Sen. Charles Grassley (R-Iowa) said that, in his investigation into possible insider-trading at SAC Capital Advisors, the hedge fund's alleged misdeeds are not his concern.

The ranking Republican on the Senate Judiciary Committee told Bloomberg Television yesterday that his sights are set squarely on the SEC. But in order to do that, he needs to look at SAC's suspicious trades for evidence of "hanky-panky."

"I don't have any control over private enterprises," Grassley said. "I want to make sure the SEC is doing its job."

To that end, Grassley has asked SEC Chairman Mary Schapiro to detail her agency's handling of 20 cases of suspicious trading at SAC turned over to the regulator by the Financial Industry Regulatory Authority. And, he said, if he gets that information, "we're going to look into all 20 of those trades."

Grassley acknowledged that his staff has met with SAC, although he was somewhat dismissive of the hedge fund's efforts.

"My staff basically just listened," he said. "What we're trying to do is get information from the SEC on whether or not the SEC is doing its job."

SAC has said it is cooperating with the Senate investigation.


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