Hedge-Fund Fight Club Trade Tips Instead of Punches

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Nov. 26 (Bloomberg) -- Su Keenan reports on hedge-fund analysts who vacationed together in the Hamptons, gambled in Las Vegas and adopted a creed that parodied the rules in the Brad Pitt film "Fight Club." Keenan speaks on Bloomberg Television's "Money Moves." (Source: Bloomberg)


Su keenan is with me now.

Why did these guys self reference this movie?

Apparently, it was a popular thing to do.

With the trial of michael steinberg, what sac is allowing us is array or glimpse inside the hedge fund world in which analysts from several hedge funds got together and traded illegal tips.

A witness today from diamondback told the jury the group mockingly had a set of rules based on the brad pitt movie.

Rule number one about e-mail, there is no e-mail list.

Rule number two, only data points can be sent, no sarcastic comments.

Apparently, unlike the movie, they passed illegal tips, not punches, and it was not really a secret, they all knew about it.

Their bosses knew, analyst new -- analysts knew they were trading tips.

Someone who worked rectally for michael steinberg testified -- he also said that mike had status at sac and was steve cohen's right-hand man.

Getting a lot of very interesting inside views on how this all worked.

This has been called a club of criminals and they read one of the biggest profits in insider trading history at this hedge fund.

This afternoon, we will hear from two sac staffers, including john casey, the head of compliance.

The star witness may testify as early as this afternoon.

Apparently he traded in dell, and he will talk to rectally about tips he gave to mike steinberg -- talk directly about tips he gave mike steinberg.

Su keenan joining me with

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