The fact that SAC has been allowed to continue in its notorious practices for so long and amass such incredible wealth for its principles and investors who were happy to collect 30% a year without questioning how that was possible, proves that crime does pay in American and makes a long-running mockery of the rule of law and American securities regulation. It will be interesting to see if a conviction flows from the charges. SAC, of course, has the most formidable legal team money can buy.
Bethany McLean, CNBC Contributor, says the U.S. indictment of SAC implies this was a company where compliance was there in name, but not practice. If you believe what the indictment says, this was a place set up to encourage insider trading, she adds. Here is a direct link.
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