According to the NY Post: Dirty dealings on Wall Street may
be as old as the Street itself, but the stakes are higher now, given the
trillions swirling around hedge funds….Trades on confidential tips have become
easier to trace thanks to technological improvements and legal precedents that
give the authorities greater reach to go after anyone who trades on
confidential tips, the Charles Gasparino’s book, “Circle of Friends” said.
Yet insider trading has become the crime du jour with the
rapid growth of opaque hedge funds, which now manage $2.2 trillion in assets.
“…Indeed, the rise of hedge funds means that the phenomenon
is “no longer confined to a few dumb-ass players like Sam Waksal,” the former
CEO of ImClone Systems, and Martha Stewart, the domestic diva who sold her
ImClone shares with impeccable timing, Gasparino explains.
Instead, insider trading has become sophisticated, and it has lured the
feds to their current, high-profile cat-and-mouse game with hedge fund titan
Steve Cohen.
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