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The Latest On The SAC Capital Investigation

January 31st, 2013 · No Comments

Kentucky Retirement Systems will never join this because they’re in bed with Blackstone:

Bernstein Liebhard LLP today announced that it is investigating SAC Capital, the investment adviser of SAC Capital hedge funds, for its alleged mismanagement of the limited partnership and certain hedge funds that hold over $14 billion in assets. SAC Capital Advisors and certain of its affiliates and principals (together “SAC”) are the subject of both criminal and civil investigations by the Department of Justice and the Securities and Exchange Commission, respectively, for their alleged practice of procuring insider information and illegally trading on that information on a U.S. stock exchange. In particular, an SAC Capital portfolio manager is under investigation for allegedly receiving from a doctor confidential data on a drug trial. This secret information, authorities say, allowed SAC to earn profits and avoid losses totaling $276 million, which prosecutors called the most lucrative insider trading ever uncovered.

And the legislature will never act to force the mighty hand at KRS because no one has the balls to hold pension meetings in public.

Tags: Corruption · Investigation