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Opinion
Matt Levine

Hedge-Fund Chats and Foreign Mergers

Also: Some bond stuff, some bank deposits that weren't what they seemed, and some free financial advice.

The SAC network.

Once upon a time there was a hedge fund called SAC Capital that was shut down by the government because its network of current and former employees kept insider trading with each other. So SAC was transformed into a family office called Point72, it hired bushels of former prosecutors and FBI agents to help clean up its act, and some of its innocent employees left for greener and less troubled pastures. One of them was Nicholas O'Grady, who went to BlueCrest, and who was fired six months later for "sharing information with Point72 Asset Management’s David J. Blanc, 38, in instant messages that BlueCrest deemed inappropriate." Guys! Come on! Maybe take a break from IM for a while? Oh: "After O’Grady was fired from BlueCrest, Point72 barred some analysts and money managers from using instant messaging to communicate with outsiders," though it was apparently unrelated. Also: