Did someone finally inform the SEC that Bernie Madoff's business model has been adopted by every central bank in the "developed world?" Whatever the reason for today's record SEC award, which almost certainly has to do with HFT, a topic which this blog first brought to light back in 2009 when nobody had a clue what algo/high frequency trading is, congratulations to the lucky winner (unless of course it has to do with someone spilling the beans on US tax evaders in Swiss banks), and our condolences to the banks, because now that one can comfortably retire by informing the regulators of the p
Whistleblowing just became a lot more lucrative. The Securities and Exchange Commission announced its largest whistleblower award ever today, more than $14 million to an insider who helped recoup investor funds.
NEW YORK — A judge in New York approved one of two proposed settlements between units of Steven A. Cohen’s US$15-billion hedge fund SAC Capital Advisors and the U.S. Securities and Exchange Commission over civil charges related to insider trading.
The roughly US$14-million settlement is between the SEC and SAC’s unit Sigma Capital Management, where a former analyst, Jon Horvath, admitted to trading on non-public information about Dell Inc and Nvidia Corp.
Redemption can be so sweet. Edward Snowden and his cadre of supporters no doubt were already feeling this from the many accolades and tributes he received this year (most recently, runner-up to the Pope for Time magazine’s Person of the Year!). Now, there is a decision by a federal district court to further cement his validation, finding a “substantial likelihood” that the NSA’s collection of phone records Snowden exposed is unconstitutional.