No winners

摘要

The decade-long probe into the giant hedge fund sac Capital for insider trading culminated not in a court but, perhaps appropriately, in a press conference. On November 4th Preet Bharara, a federal prosecutor, announced that sac would plead guilty to five counts of fraud, cease managing money for clients and pay a record fine of $1.8 billion-in Mr Bharara's words, a "just and appropriate price for pervasive and unprecedented institutional misconduct". Yet if sac was as rotten as he implies, it is puzzling that he has not charged the man who presided over it, Steve Cohen, with any wrongdoing.