Bloomberg’s Jonathan Weil writes: As if America’s hedge-fund
elite didn’t have enough crises to worry about -- riots in Spain, the fiscal
cliff, Lindsay Lohan’s hotel brawl -- the parade of underlings copping pleas to
insider-trading crimes just keeps growing. Every week it seems another one
flips, promising to turn state’s evidence.
Time is money, as they say. And it would take a true genius
to make money out of the kind of time some of these people are facing. Still,
you don’t get to work at a $14 billion hedge fund like SAC Capital Advisors
without abundant self-confidence and inner drive. So if you are someone like
Jon Horvath, now isn’t the time to give up on your dreams, just because you
face the prospect of years in the slammer.
Horvath, 42, is the former SAC analyst who pleaded guilty
last week to securities-fraud charges after admitting to participating in an
insider-trading ring. Soon he will probably join former Galleon Group kingpin
Raj Rajaratnam and dozens of other recently convicted hedge-fund masters and
tipsters now populating America’s minimum-security prisons….
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