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Saturday, July 27

27th Jul - Special: SAC and Yellen vs. Summers

Previously on MoreLiver’s:

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Going After Steven Cohen’s WalletDealBook / NYT

Citadel’s Unexpected SAC CameoMoneyBeat / WSJ

Investors in Steven Cohen’s SAC May Face ClawbacksPragCap

At SAC, Rules Compliance With an ‘Edge’DealBook / NYT

SAC Capital Is Arraigned on a Raft of Criminal ChargesDealBook / NYT

SAC Case Threatens a Wall St. Cash CowDealBook / NYT

In SAC Case, the Name Cohen Is Conspicuous by Its AbsenceMoneyBeat / WSJ

SAC’s Cohen Risks Losing Fortune While Keeping FreedomBB

SAC Reassures Clients as Steve Cohen Fights to Stay OpenBB

Without Cohen, the Case Against SAC Is LackingView / BB

SAC Capital pleads not guilty; reinsurance unit eyedReuters

SEC seeking to ban Cohen from financial industryReuters
The U.S. Securities and Exchange Commission on Friday in a surprising action took a step toward forcing hedge fund mogul Steven A. Cohen out of the industry that he helped build. 

SEC Accuses Cohen of Failing to Prevent Insider TradingBB
Cohen received highly suspicious information that should have caused any reasonable hedge-fund manager to investigate the basis for trades made by Mathew Martoma and Michael Steinberg, the SEC said in an administrative proceeding…

The Things Traders Say, the SAC EditionDealBook / NYT
Watch what you say in instant messages. That is one of the lessons to be drawn from the case filed by federal regulators on Friday against Steven A. Cohen, who say that the billionaire hedge fund manager failed to supervise employees accused of insider trading.

The SEC’s important case against Stevie CohenFelix Salmon / Reuters

No receive buttonalphaville / FT
Excellent article links on SAC and Steve Cohen

SAC, oh dearalphaville / FT

The Final Straw For SAC: Criminal Charges To Be Filed This WeekZH

A Possible Crippling Blow for SACDealBook / NYT

What Other Financial Firms Have Faced a Criminal IndictmentWSJ

For SAC, Indictment May Imperil Its SurvivalDealBook / NYT

Tough Stance on SACDealBook / NYT

SAC Indicted By Federal Grand Jury In New York - Full IndictmentZH

SAC Capital Is IndictedDealBook / NYT

SAC, the reckoningalphaville / FT

Federal Prosecutors Accuse SAC Capital of Criminal Securities FraudMoneyBeat / WSJ

SAC Capital Indicted in Six-Year U.S. Insider ProbeBB

SAC Sued by Elan Investors Over Alleged Illegal TradingBB

Cutthroat Cohen Got in Trouble for Being Soft SupervisorBB

SAC Capital accused of criminal fraudReuters

Video: Steven Cohen’s worst nightmareReuters

U.S. seeks asset forfeiture, money laundering fines from SACReuters

SEC judge in Cohen case no stranger to high-profile casesReuters

SAC's Cohen was too busy to spot insider info in email: lawyers Reuters

SAC indictment describes 'insider trading group' at CitadelReuters

SAC Indictment Argues Insider Trading Was ‘the Norm,’ Not ExceptionWSJ

SAC's Real Gross Exposure: Up To $44 BillionZH

SAC Charged: Highlights From the ComplaintWSJ

A Quiet Scene at SAC HQWSJ

SAC: Never Encouraged, Promoted or Tolerated Insider TradingWSJ

What’s Next in the Case Against SAC DealBook / NYT

This is how people at the Fed are thinking about the race to be their bossWonkblog / WP

Wonkbook: A dark horse for Fed chair?Wonkblog / WP

Obama Seems To Be Choosing Between A Yawn And A HissZH

White House says no decision on Fed chair until the fallWonkblog / WP

Janet Yellen for Fed ChairCalculated Risk
I've linked to a couple of articles below and they suggest the choice is between Janet Yellen and Larry Summers - and the key difference is "leadership style".  However another key difference is that Yellen has a much better track record of correctly analyzing the economic situation, while Summers has frequently been wrong (but never in doubt).

Larry Summers's Billion-Dollar Bad Bet at HarvardBB
Despite an impressive resume that includes stints as Treasury Secretary and chief economist of the World Bank, there is a very good reason Summers shouldn't be in charge of monetary policy: He seems to have trouble with interest rates.

The Fed SuccessionKrugman / NYT

Fed chairman must focus on price stabilityThe A-list / FT
First, the new chairman will need to have – or will need to develop – a firm grip on the theory and practice of how the expansion and shrinkage of a central bank’s balance sheet affects the economy… The second and arguably much more important attribute of any new chairman will be the ability and determination to safeguard the Fed’s anti-inflation credibility.

Why Larry Summers Should Not Be Permitted to Run Anything More Important than a Dog Poundnaked capitalism

Right now, Larry Summers is the front-runner for Fed chair Wonkblog / WP

Why Yellen should be the next Fed chairalphaville / FT

Discuss: Larry Summers, Front RunnerThe Big Picture

Larry Summers is the Front-Runner? WTF?Economist’s View

Don’t send Summers to the FedFelix Salmon / Reuters

Shock and Awe(ful)Tim Duy’s Fed Watch

What They’re Saying About Larry Summers and Janet YellenWSJ

Janet Yellen vs. Larry Summers. Who will be the next Fed Chairman?Sober Look

Summers a Bane for Treasury Bonds; Yellen a Boon?MoneyBeat / WSJ

The White House wants Summers. But will they actually choose him?Wonkblog / WP

Who Will Be The Next Bernanke: This Is What The 'Market' ThinksZH

Is Summers as Potential Fed Chief Spooking Bond Market?WSJ

Larry Summers Is Obama’s Cursed Copper ProblemWSJ

Summers dismissed QE effectivenessFT

Yellen vs. Summers: Who would be a better Fed chair?Wonkblog / WP

Summers isn't popular in blogs, but got friends in high placesWonkblog / WP

Larry Summers and the Pivot to AusterityCalculated Risk