Tuesday, 21 April 2015
Last updated 4 hours ago
Nov 5 2013 | 8:11am ET
At least for now, SAC Capital Advisors is not wanting for banks.
The hedge fund giant, which yesterday agreed to plead guilty to insider-trading charges, is still doing business with many of the biggest financial firms in the U.S., including Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley, Bloomberg News reports. Each continues to provide trading and prime-brokerage services to the firm, which will pay a $1.8 billion fine and which will cease to manage outside capital.
It remains unclear which, if any, of the banks will continue to service SAC after it pleads guilty and becomes a family office, managing founder Steven Cohen's fortune. Goldman Sachs CEO Lloyd Blankfein in September explained that his firm continued to do business with SAC both at the urging of prosecutors, who reportedly did not want SAC to collapse prior to a conviction, and because they had only been indicted.
SAC's settlement agreement still requires the approval of two federal judges, and the hedge fund can back out of the deal if either seeks to impose harsher penalties.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…