Goldman Sachs to BofA Are Said to Trade With SAC After Plea Deal
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Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are among Wall Street firms still catering to SAC Capital Advisors LP after the hedge fund agreed to plead guilty to insider trading charges.
The banks, which also include Morgan Stanley, continue to provide trading and prime-brokerage services to SAC, said people briefed on the matter, who requested anonymity when discussing specific clients. The hedge-fund firm, run by billionaire Steven A. Cohen, agreed yesterday to pay $1.8 billion -- a record penalty for insider trading -- to settle allegations it illicitly reaped hundreds of millions of dollars since 1999.