While Goldman Sachs (GS) and Morgan Stanley (MS) continue to trade with SAC, according to The New York Times, that may not remain the case for very long. And it will cease to matter if SAC is shut down.
Some will no doubt be unsatisfied that the case against Cohen doesn't address the central issues of the 2008 financial crisis. In a broad sense, however, the crisis was about the best connected, most powerful people on Wall Street making a mockery of our legal system to enrich themselves.
That is what Cohen has done. What Cohen did not manage to do, as Wall Street chiefs like Goldman's Lloyd Blankfein, JPMorgan Chase (JPM) boss Jamie Dimon and former Lehman Brothers CEO Dick Fuld successfully did, was to change our laws to make sure the bulk of their shady activity remained legal.
But they are all guilty of the same essential crime: a lust for money and power so enormous that it can only be fed by eroding our civilization. The criminal case against SAC Capital isn't everything we'd like it to be, but it is a decided push in the other direction.-- Written by Dan Freed in New York. Follow @dan_freed
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV