Wednesday, July 31, 2013
"Although existing home sales retreated in June, new home sales rose to their highest level in five years. Orders for capital goods have now risen for four consecutive months, and the labor market appears to be holding up."
Friday, July 26, 2013
"Steven Cohen's hedge fund, SAC Capital Advisors LLP, pleaded not guilty in federal court on Friday, one day after it was indicted on insider-trading charges.
The firm's general counsel, Peter Nussbaum, flanked by five defense lawyers, entered the plea before U.S. District Judge Laura Taylor Swain in New York.
U.S. prosecutors on Thursday charged the $14 billion hedge fund with presiding over a culture where employees flouted the law and were encouraged to tap their personal networks for inside information about publicly traded companies.
Government-obtained evidence includes "court-authorized wiretaps" and "a large number of electronic recordings," such as emails and instant messages, Antonia Apps, an assistant U.S. attorney who has prosecuted other insider-trading cases, told the judge.
"In short, a tremendous volume," Apps said of the evidence."
And more keep getting away with the fraud....