In January(ish), PBS’ investigative documentary series Frontline will air its special on SAC Capital, the once- high powered hedge fund that yesterday agreed to plead guilty to insider trading and pay a $US1.8 billion fine.
SAC, which will now have to close its doors to outside investors, is headed by legendary trader Steve Cohen. According the Feds, he’s guilty of fostering a “culture of corporate corruption” and failing to supervise his traders as they used inside information to make incredible returns.
Now Frontline has released video that it obtained during the making of its documentary — video that shows that Cohen may not have been totally clear on what ‘inside information’ meant on Wall Street.
Or at least, it seems like he doesn’t understand it in a hypothetical situation lawyers gave him during his deposition.
There’s more video of Cohen saying that he relies on his council and hasn’t read the “vague” rules on insider trading over at Frontline.
Business Insider Emails & Alerts
Site highlights each day to your inbox.