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Saturday, July 27

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



Previously on MoreLiver’s:

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SAC
Going After Steven Cohen’s Wallet – DealBook / NYT

Citadel’s Unexpected SAC Cameo – MoneyBeat / WSJ

Investors in Steven Cohen’s SAC May Face Clawbacks – PragCap

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

SAC Capital Is Arraigned on a Raft of Criminal Charges – DealBook / NYT

SAC Case Threatens a Wall St. Cash Cow – DealBook / NYT

In SAC Case, the Name Cohen Is Conspicuous by Its Absence – MoneyBeat / WSJ

SAC’s Cohen Risks Losing Fortune While Keeping Freedom – BB

SAC Reassures Clients as Steve Cohen Fights to Stay Open – BB

Without Cohen, the Case Against SAC Is Lacking – View / BB

SAC Capital pleads not guilty; reinsurance unit eyed – Reuters


FROM MY EARLIER POSTS:
SEC seeking to ban Cohen from financial industry – Reuters
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 Trading – BB
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 Edition – DealBook / 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 Cohen – Felix Salmon / Reuters

No receive button – alphaville / FT
Excellent article links on SAC and Steve Cohen

SAC, oh dear – alphaville / FT

The Final Straw For SAC: Criminal Charges To Be Filed This Week – ZH

A Possible Crippling Blow for SAC – DealBook / NYT

What Other Financial Firms Have Faced a Criminal Indictment – WSJ

For SAC, Indictment May Imperil Its Survival – DealBook / NYT

Tough Stance on SAC – DealBook / NYT

SAC Indicted By Federal Grand Jury In New York - Full Indictment – ZH

SAC Capital Is Indicted – DealBook / NYT

SAC, the reckoning – alphaville / FT

Federal Prosecutors Accuse SAC Capital of Criminal Securities Fraud – MoneyBeat / WSJ

SAC Capital Indicted in Six-Year U.S. Insider Probe – BB

SAC Sued by Elan Investors Over Alleged Illegal Trading – BB

Cutthroat Cohen Got in Trouble for Being Soft Supervisor – BB

SAC Capital accused of criminal fraud – Reuters

Video: Steven Cohen’s worst nightmare – Reuters

U.S. seeks asset forfeiture, money laundering fines from SAC – Reuters

SEC judge in Cohen case no stranger to high-profile cases – Reuters

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

SAC indictment describes 'insider trading group' at Citadel – Reuters

SAC Indictment Argues Insider Trading Was ‘the Norm,’ Not Exception – WSJ

SAC's Real Gross Exposure: Up To $44 Billion – ZH

SAC Charged: Highlights From the Complaint – WSJ

A Quiet Scene at SAC HQ – WSJ

SAC: Never Encouraged, Promoted or Tolerated Insider Trading – WSJ

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




YELLEN VS SUMMERS
This is how people at the Fed are thinking about the race to be their boss – Wonkblog / WP

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

Obama Seems To Be Choosing Between A Yawn And A Hiss – ZH

White House says no decision on Fed chair until the fall – Wonkblog / WP


FROM MY EARLIER POSTS:
Janet Yellen for Fed Chair – Calculated 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 Harvard – BB
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 Succession – Krugman / NYT

Fed chairman must focus on price stability – The 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 Pound – naked capitalism

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

Why Yellen should be the next Fed chair – alphaville / FT

Discuss: Larry Summers, Front Runner – The Big Picture

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

Don’t send Summers to the Fed – Felix Salmon / Reuters

Shock and Awe(ful) – Tim Duy’s Fed Watch

What They’re Saying About Larry Summers and Janet Yellen – WSJ

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' Thinks – ZH

Is Summers as Potential Fed Chief Spooking Bond Market? – WSJ

Larry Summers Is Obama’s Cursed Copper Problem – WSJ

Summers dismissed QE effectiveness – FT

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

Summers isn't popular in blogs, but got friends in high places – Wonkblog / WP

Larry Summers and the Pivot to Austerity – Calculated Risk