SEC Sacks SAC Capital: Government And Ex-wife Go After Pirate Cohen















A cartoon I drew in  2007 when the banking system began its spectacular collapse:  SEC Goes After Sentinel Hedge Fund For Fraud!



Hedge funds flourished once bank regulations and free trade allowed financiers to operate openly offshore while avoiding taxes.  With the keys to the Federal Reserve vault firmly in hand, they gambled with everyone’s lives, they are the sharks swimming in the world’s free trade oceans, savaging entire countries while becoming very, very rich off of this destructive behavior.

Screen shot 2013-07-26 at 10.17.53 AM

File:Hirst-Shark.jpg – Wikipedia, the free encyclopedia

The above ‘work of art’  which sits in the lobby of the SAC pirate operation is typical of modern art today.  Easy to make, even lazy, while shocking and of course, supposedly a commentary about Life Today which it certainly is.  Mr. Hirst uses dead creatures to put on this macabre  carnival exhibit and his shark in a tank is called ‘The Physical Impossibility of Death in the Mind of Someone Living‘ which is just plain silly.


It is a sea predator used like a gangsta prop to scare druggie customers who might think of cheating him.  It should be titled ‘The Physical Impossibility of Hedge Fund Traders Being Human’.  This shark ‘art’ sits in the lobby at SAC headquarters.


About the shark: it rotted just like the hedge fund it represented.  Mr. Cohen who is the founder of SAC and who is in hopefully serious legal trouble, spent over $100,000 ‘fixing’ this stupid fake art.  The fix?


Fishing for another victim and then embalming it again!  And since they rot over a 10 year span, this noxious, evil ‘art’ thing will have to have a constant stream of victims to be fed into this ‘art’ to keep it alive while killing them.  Gah.  This makes me sick.


On the other hand, the looming termination of SAC makes me very happy if it happens!  SAC Capital Indicted For Unprecedented Insider Trading Scam – Bloomberg


There was no unusual price movement or volume in stocks where SAC Capital holds the biggest percentage of shares outstanding. Banks including Deutsche Bank AG and New York-based Goldman Sachs were debating whether to suspend doing business with the hedge fund, which has been one of Wall Street’s biggest trading clients, according to two people briefed on the matter.


The fund hired Richard Lee, who had a reputation of working at an “insider trading group” while working as a portfolio manager at another hedge fund, the U.S. alleged. That fund was Citadel LLC, according to a person familiar with the matter who asked not to be identified because the matter is private.


From last month, SAC Capital up 4 percent this year as probe continues but Investors flee SAC Capital – Jun. 2, 2013.  SAC has all its offices in  NYC and Stamford, Conn while pretending to be operating in one of Queen Elizabeth’s properties, Anguilla, which the new baby might inherit after being simply born.


The charade of using these offshore corporations should stop.  The Queen should be forced to give up sovereignty of these islands due to lack of due diligence.  Cohen is one of the ‘tribe’ who funds AIPAC and runs Congress so that he can get away with criminally operating in the open.  He and his buddies have conspired to destroy all our financial controls and remove all taxes on their activities and now our country is paralyzed by all this, going steeply into debt while the fix is always to eliminate jobs, eliminate pensions, eliminate social security, etc.


That is, hammer the 99.9% of the population so this elite group can be obscenely rich.


Steven A. Cohen – Wikipedia, the free encyclopedia (Note to all readers: SAC’s website is locked so I can’t explore it.  There is NO PUBLIC FACE for this pirate operation!)


He has an estimated net worth of $9.3 billion as of March 2013, ranked by Forbes as the 106th richest man in the world…. Cohen’s fortune at $8.3 billion in September 2011, ranking him the 35th richest man in the United States.


…Cohen grew up in a Jewish family[6][7] in Great Neck, New York, where his father was a dress manufacturer in Manhattan’s garment district, and his mother was a part-time piano teacher.[8] He took a liking to poker as a high school student, often betting his own money in tournaments. Cohen credits the game with teaching him “how to take risks.”[8] Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978.


…In December 2009, Steven A. Cohen and his brother Donald T. Cohen were sued by Steven’s ex-wife Patricia Cohen for racketeering and insider trading charges.[33] On March 30, 2011, the United States District Court in Lower Manhattan dismissed the case, saying Ms. Cohen’s claims amounted to little more than speculation and rumor.[34]


On April 3, 2013, the 2nd U.S. Circuit Court of Appeals in New York said a lower court had erred in dismissing fraud-based claims by his former spouse and revived the lawsuit.[35] It also revived claims of racketeering and breach of fiduciary duty, while upholding the dismissal of an unjust enrichment claim.[36][37][38][39]


So, his ex-wife is the one who first pulled the trigger?  HAHAHA.  This SEC investigation will hopefully finish him off.  I am also betting that when the government tries to take his massive wealth into receivership, most of it will be melted away.  He isn’t really rich.  He is profligate.  He spent money like crazy and his empire is a hollow shell game.


All the fabulous ‘art’ is just a bunch of very rich guys, mostly Jewish NY players, who bought and sold art with each other as trading points for status. Little of it has any real value in a sane world.  This junk passing as art will be seen in later centuries as just so much madness.  So if the Feds try to sell his ‘art’ it won’t fetch much if other Jewish players in the art game shy away from a government auction.


The main problem here is our culture has allowed vast piles of wealth to accumulate into very few hands and with this, these guys, across the planet, built really crappy mansions made mainly with materials which deteriorate as fast as the shark in the tank and they commissioned artworks that rot away rapidly, too.  No art like the Renaissance which, incidentally, was funded by stealing the gold, silver and other things from New World societies and enslaving both them in South America and enslaving a huge number of Africans.


The present looters have barbarian tastes which are crude and even psychopathic.  They leave behind ruined cities and wrecked countries.  SAC should be terminated due to self preservation. That is, our nation should not tolerate these pirates looting not just Africa and South America like the imperialists of Europe, but for looting the US too.


Detroit is in ruins due not to blacks living there or unions.  What killed Detroit was free trade and the floating fiat currency and all our major manufacturing cities are being systematically destroyed by these forces and where does it stop?  Will the only city remaining not bankrupted be Houston and NYC?  How insane is that?

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16 responses to “SEC Sacks SAC Capital: Government And Ex-wife Go After Pirate Cohen

  1. DM

    The head honcho will not be prosecuted?

    This is all normal and will continue until the Chinese Solution for corporate crooks is introduced.

    Likely that is a long way off yet, but it will happen eventually.

  2. JT

    “Protect Whistleblowers: Often the best source of information about waste, fraud, and abuse in government is an existing government employee committed to public integrity and willing to speak out. Such acts of courage and patriotism, which can sometimes save lives and often save taxpayer dollars, should be encouraged rather than stifled as they have been during the Bush administration. We need to empower federal employees as watchdogs of wrongdoing and partners in performance. Barack Obama will strengthen whistleblower laws to protect federal workers who expose waste, fraud, and abuse of authority in government. Obama will ensure that federal agencies expedite the process for reviewing whistleblower claims and whistleblowers have full access to courts and due process.”
    Obama ran a campaign to protect whistleblowers?

    Click to access 0080cc578614b42284_2a0mvyxpz.pdf

    Wait? Which guy did you elect?
    You did promise Russia today that you propably will not seek death penalty to Snowden?
    You should give Snowden a medal not death penalty.

  3. melponeme_k

    “these guys, across the planet, built really crappy mansions made mainly with materials which deteriorate as fast as the shark in the tank and they commissioned artworks that rot away rapidly, too.”

    Your class prerogatives are showing Elaine! LOL

    But I agree, they needed somewhere to stash all the rubber money and building questionable houses that they don’t live in was all the rage.

    By the way, did you see the recent documentary “The Queen of Versailles”? I think you would enjoy it.

  4. Ziff house

    OT bailout for Detroit ? New 400 mil arena goes ahead.

  5. The shark art is macabre but fitting–a real shark tank in the lobby of a metaphorical shark tank. Looks like SAC Capital couldn’t help but put the truth about itself on display.

    Speaking of SAC Capital, it’s the number one story in a compendium of financial crime and regulation stories I compiled from Reuters. I sampled the top stories from that news service one day a week throughout July and found at least one financial or other corporate crime story every week.

  6. Blaming the de-industrialization of Detroit on the floating fiat currency is the rough equivalent of blaming it on inches (there are “too many”) or any other unit of measure you can think of.

  7. Being There

    I just wrote this on another blog this morning:
    ….incredible form of economy that I call Inverted Communism globally and fascism per nation state.

    You can thank those who smashed FDR, Keynes, and Veblen as well as Adam Smith. This was achieved by those who wanted to syphon the fortune of the great middle class produced after WWII who worked hard and lived the American dream. —ah note to the folks in television land, it’s over!

    The Austrian school of business, Milton Friedman of the Chicago School of Business and the think tanks who have adopted this vision of American power have managed to create the hegemony in finance and military that now dominate. The use of the military to advance the will of the Ceo’s and bankers have concentrated money and power in a top eschelon who go from country to country creating borrowing and debt and then destroying the public sector for profit.

    Catherine Austin Fitts has described this as an ongoing dynamic which creates little depressions around the world. I think they can continue this for quite some time, while we the people will suffer more.

    There is a civil war in this country where the spokespeople for the elite, are trying everyday to evercerate the public sector while turning this undemocratic system into privatized toll-booth form of services. Even with a democrat in office, elected twice, they are plowing ahead with their agenda while not serving the people in any way.

    Obama who is also a dedicated global neoliberal is hardly using his position to fight this in any palpable way and has most likely been told that if he wants to dance at his daughters’ weddings he might want to get out of the way. We may very soon see Larry Somers runing the FED, isn’t that special.

    The only choices for candidates the people have now is a democrat and a republican that is dedicated to continue the downward spiral of 300 million people, while concentrating wealth for a tiny few internationally. Notice how the media doesn’t talk about any candidate who is not a bankster toady.

    The next phase is the destruction of cities. Slowly decaying and left to die, who will get control? Could it be bankers who sell leases to foreign entities to run the cities as fiefdoms?(sovereign wealth funds)

    Stay tuned for the next installment of the destruction of the nation-state. Oh and don’t forget to eat a GMO snack!

  8. JT

    Story continues…
    Now you also promised Russia you would not torture Snowden.
    On top of promising not to execute him.

    For f*cks sake….
    Didn’t Hillary say at some point that US is starting to loose the propaganda war.
    She was right.

  9. JT

    But it is nice to know that executing and torturing US citizens can be negotiated with Russia.
    You are willing to make exceptions in order to catch Snowden?
    Shows flexibility?

  10. Christian W

    Good post BT. It is important to get this message out there and make it a point of discussion. The powers that be love to throw Treyvon bs etc out there and hide in plain sight and keep any discussion of these, the real matters, outside the reality perception of the public.

  11. Being There

    Thanks CW.
    Now for the Orwellian double speak. The DOJ is telling Putin that we will not execute or torture Snowden—only problem is that thanks to the W administration, torture is not defined as torture anymore. What is is–according to Mr. Clinton. Was Abu Gharib torture? IS water boarding torture? Is stripping someone naked for weeks on end torture?
    How do we define torture?

  12. lucky13

    ‘Oh and don’t forget to eat a GMO snack!’…110,000,000? are getting Food Aid! I just bought one of Michael Pollans books, but it is so long I doubt I will get thru it.

  13. lucky13

    BT, if by ‘we’ you mean you and I [How do we define torture?], well ‘we’ do not torture nor get to define its parameters.

  14. larry, dfh

    Not just Houston and NYC. Don’t forget D.C. Seven of the ten wealthiest counties are around D.C. They’re speculating that D.C. will be on a roll forever. Of course, the Hostess has remarked many times how that plays out.
    The Hostess is quite right about the current state of visual art. The problems as I see it are that the extreme prices paid for drek will make acquisitions by museums of real art unaffordable. And collections in museums will be much more vulnerable to being raided, as I’ve mentioned before about the Detroit Art Institute.

  15. melponeme_k

    @ Larry

    I suspect all our museums will eventually have to sell their Asian collections to China in the near future, just to stay afloat.

  16. Pingback: SAC Capital: More Arrests, More Charges Of Insider Trading And Short Selling | Culture of Life News

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