Kentucky Retirement Systems favors kickbacks over performance over ethics.
That’s no secret.
So here’s the latest from the New York Times on the SAC Capital nightmare:
To have one employee tied to insider trading may be regarded as a misfortune. But, with apologies to Oscar Wilde, to have six looks like carelessness.
Poor Steven A. Cohen, the powerful hedge fund manager who heads SAC Capital Advisors. People he employs just keep getting swept up in a sprawling insider trading investigation that has spanned years. In addition to the six who have gotten in trouble for activities when employed at SAC, at least six others have been ensnared by insider trading ivestigations after leaving the firm. The latest arrest, of the pharmaceutical industry analyst Mathew Martoma, is the first that ties Mr. Cohen to trades the government says were illegal.
An investment manager has defended Mr. Cohen as the Michael Jordan of the investing world. But what if he is the Lance Armstrong?
You’ll absolutely want to go read the rest because you’re not going to see much about it in the mainstream inside Kentucky.