From The Toronto Star: Steven Cohen did something unusual
when Michael Steinberg was arrested on Friday morning and accused of insider
trading at Cohen’s $15 billion (U.S.) hedge fund SAC Capital Advisors. Within an hour of the accusations, SAC issued
a statement defending the 16-year veteran of the Stamford, Conn.-based firm. It
was the first time SAC had come out publicly in support of an employee who had
been charged in the government’s wide- ranging investigation of insider
trading.
“Mike has conducted himself professionally and ethically
during his long tenure at the firm,” spokesman Jonathan Gasthalter said in the
statement. “We believe him to be a man of integrity.”
SAC is stepping up its public defense as Steinberg’s arrest
brings the government’s probe closer to Cohen, its billionaire hedge- fund
founder. Steinberg, who turns 41 this week, is the longest- serving SAC
employee to be accused of insider trading while at the firm, and one of Cohen’s
most trusted managers…
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