Not Over Yet: Steve Cohen Could Still Be Prosecuted

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Nov. 5 (Bloomberg) -- Bloomberg’s “Market Makers” anchor Stephanie Ruhle and “Bloomberg Surveillance” anchor Tom Keene discuss what comes next for Steve Cohen and SAC Capital Advisors after the firm pleading guilty to pleading guilty to securities fraud and wire fraud and paying a record $1.8 billion fine. They speak on Bloomberg Television’s “In The Loop.”

Happened to steve:, it is all about falling from grace.

He was king of the hill.

He was still be a billionaire, but the fact that he has to shut down the firm, the company put out a statement apologizing, and it was not enough.

Prosecutors said you are not apologetic enough, so they sent out another statement where they said they are more apologetic, saying one person crossing the line is too many, and we greatly regret this conduct occurred.

We have not heard that before.

Prosecutors say we want this.

The fact that nobody is getting immunity, this is not over.

Eric two insider trading cases pending.

We could see criminal prosecution or -- prosecution.

I opened up the papers.

"the new york post" at his face plastered on the front page.

Rarely does the public care about these cases, but people love to hate this guy.

People love to hate rich people.

This guy in particular.

You have not seen a corporate take down like this since the 1980's. it is a huge deal.

Will they be successful at corralling the quote, unquote wrongdoing?

What is interesting is he has a main book, individual teams, but every sunday night every team says here are my best ideas and every monday morning he puts on the best ideas.

The co-mingling is much different.

It is unique.

Steve has to shut down and become a family office.

It is going to be an issue.

He cannot have other teams.

He cannot bring more talent in error -- in.

Tom, you had arthur levitt on and he made an -- a great point about an example that the case made for the public.

This is real theater.

This is david versus goliath.

Little mary jo wright taking on great, big, steve cohen, not just for a day, week, or a month, but for years, and her tenacity and toughness has delivered what a great sec chairman should deliver.

There is arthur levitt.

There was a piece in "the new yorker" on chairman white, and we go from the drama of the attorney to the sec and the civil penalty, which is arguably more serious for mr.

Steve cohen and his ability to do business.

What about the philanthropic angle -- he sits on the board of brown university.

When bob diamond was tossed from barclays, his students protested him sitting on the board.

What is brown going to say?

What is robin hood going to say?

They tout themselves as being led by the nobleman of wall street.

There is nothing noble about what went on at sac.

Asked what will be next?

A will have to shut down being an advisory firm.

It will have to be his own money.

His ability to bring in talent, it is complicated and we do not know how it will work.

As i look at this, and is arthur levitt said, this was immense theater, and you wonder how it will stick with mr.

Steve cohen.

In "the financial times" there is a single line -- he has been charged with no wrongdoing.

We are talking about all of these things, yet where is the crime?

Where is the wrongdoing?

Is that a failure that the sec could not find enough evidence to criminally charge him?

I'm not going to give an opinion, but i would suggest that there is more to follow and they have to pin him down on a simple basis, if not a criminal basis.

I will defend him, the people saying 1.8 billion dollars is not enough because he still has $10 billion.

You cannot find a guy because of how rich he is.

The fines are representative of what the wrongdoing on.

They tacked on an extra $200 for filing fees.

Where does the money go?

Right now, it goes into the treasury.

I am sure we will hear from bart chilton who will say that cftc needs some.

Thank you, stephanie ruhle, and tom keene area it is a modern -- tom keene.

Coming up, and modern-day david

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

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change