Feds Consider RICO Charges Against Hedge Fund
May 22nd, 2013It’s too bad that the Feds gave billions of dollars to AIG, the Squid et al, instead of prosecuting them as criminal enterprises.
Lehman?
Fuggetaboutit.
Via: Wall Street Journal:
Federal prosecutors are considering charging hedge fund SAC Capital Advisors LP as a criminal enterprise through a powerful legal tool used against the Mafia and drug gangs, people familiar with the probe said.
It is rare for investment firms to be charged criminally under the Racketeer Influenced and Corrupt Organizations Act, commonly known as RICO. Such a step would require approval from top Justice Department officials.
The potential RICO strategy comes amid an escalating investigation into whether SAC and its billionaire founder, Steven A. Cohen, traded on inside information. It is now crunchtime for the U.S. as it approaches a five-year legal deadline in July on whether to file securities-fraud charges in the probe.
Too bad they are too owned to go after Obama and the entire Fed gang of thieves. Considering their current crimes, this current RICO act bust appears to be a circus sideshow of distraction from the main event: the screwing of everyone with two cents in their pockets.