Why Steven Cohen Remains a Free Man

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Jan. 2 (Bloomberg) -- Bloomberg Businessweek's Sheelah Kolhatkar reports on the insider trading case against SAC Capital Advisors. She speaks on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Longer than a few months.

There is a key trial starting monday -- a key jury selection for mathew martoma, a key witness.

He is a former or fully at manager at sa -- he is a former portfolio manager at sac.

The government believes that he had a conversation with steve cohen in july 2008 in which he may have said something to him, illegal or not, that prompted cohen and sac to liquidate a huge position in these stocks.

Martoma says he is incident but his -- says he's innocent, his trial starts monday.

. two drug stocks, 2008, this was a cursed year for the hedge fund.

It was a pivotal year.

The firm started in 2008 at the peak of its powers, $60 billion in capital with 1200 employees.

Several years -- $16 billion in capital with 1200 employees.

The financial crisis hit and things went downhill fast.

There is the serious questioning of how the fund kept its edge.

Sac capital charges well over the 2 and 20, industry practice.

This is being put into question.

The government took a look at what sac traders and portfolio managers did over the summer of 2008. the doctor of the brother -- the backdrop of the broader market, they were getting desperate.

The bull market had ended and they were doing anything to make money.

Two people were charged with insider trading based on trades they made in the summer of 2008. my feet -- michael steinberg who was convicted in december and mathew martoma.

We now have weekly jobless claims.

339,000 came in.

Futures lower ahead of this.

Trading in the same range.

We will get you to the newsroom with julie hyman.

The number coming in better

This text has been automatically generated. It may not be 100% accurate.


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