What’s in it for me? Discover how Wall Street fat cat Steve Cohen got rich through illegal insider trading.
It’s common knowledge these days that Wall Street has a lot to answer for. After the events of the 2007-2008 financial crisis, one would hope that governments would crack down on the excesses at the heart of global finance.
Sadly, that simply has not been the case, and the injustice of this state of affairs is perfectly personified by Steve Cohen, a Wall Street investor who made billions of dollars by attaining a “black edge” over fellow investors.
Cohen procured illegal, or “black,” insider information about companies’ performances in order to gain an advantage over fellow investors. To the outside world, he was miraculously lucky, always betting on the right companies at the right time. In reality, as the investigative journalist Sheelah Kolhatkar discovered, he was almost certainly utilizing an unfair advantage to surpass his rivals.
In these blinks, you’ll learn
- how the hedge fund Cohen founded systematically used illegal insider information to manipulate stock prices;
- how a drug to help Alzheimer’s patients made Cohen $273 million; and
- why, after multiple criminal proceedings, Cohen has managed to remain a free man.