NEW YORK ( TheStreet) -- If you don't like cops, then the next time you're in trouble call a hippie.
My dad used to say that, back in the 1970s. He was a small businessman, and back then, businessmen were staunch defenders of law and order.
But in the run-up to SAC Capital Advisors' guilty plea on charges of insider trading, I got the distinct impression that some on Wall Street didn't want the cops involved.
That has been a nagging feeling of mine throughout the last few years, as charges have rolled on against JPMorgan Chase (JPM), Bank of America (BAC) and others, including Cohen. There's an idea that Wall Street bankers should be thanked for agreeing to rescue the very institutions they almost destroyed and treated as idols regardless of how they became wealthy."paid-off" the government with a $1.8 billion fine , but that's not entirely accurate. There remains an active Securities and Exchange Commission investigation. Two SAC employees will soon go on trial and may testify against Cohen. A criminal case of insider trading could still be lodged against Steven Cohen, personally. The agreement will damage the business of SAC Capital, once one of the giants among Wall Street hedge funds, and although Cohen himself will retain a significant fortune, that's bound to be whittled away in the litigation to come. 52%. In 2009 it was 57%. By that time the losses from the 2008 crash had been shaken out. Yet 5% of Americans have since missed a move that could have doubled their money. I'd say those people are victims, too. Don't call insider trading a victimless crime. It's a crime, just like plugging bullets into Danny Walnuts is a crime. And we will have turned a corner when we start to understand that, in the end, Steven Cohen may have been no different, and no better, than a Mafia don. If you don't like cops, then the next time you're in trouble call a broker. At the time of publication, the author had no position in any of the stocks mentioned. Follow @DanaBlankenhorn This article was written by an independent contributor, separate from TheStreet's regular news coverage.
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