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on July 3, 2017
The strength of this book is that it is incredibly detailed and as well researched as possible. I say as possible because the author was not able to get an interview with the key figure, though she was able to construct a very detailed biography and chronology of events. The other problem, which is not at all the fault of the author, is that the ending was anti-climactic. The fact that the financial trading system, so filled with corruption, is above legal accountability makes for a disappointing ending. The last section of the book was entitled Justice, but the reality was anything but.
on February 18, 2017
The 2009 arrest of Raj Rajaratnam of the Galleon Group was the start of a long trail of insider trading prosecutions that culminated in the prosecution of SAC Capital. The SEC had identified Steve Cohen as the worst of the insider trading hedge funds and the SEC put his SAC Capital in its cross-hairs. It convinced the Justice Department to prosecute the offenders with criminal charges.
Sheelah Kolhatkar tells the tale in Black Edge.
Ms. Kolhatkar was a hedge fund analyst and is now a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley and politics among other things. She shows a keen understanding of traders and regulators, and conveys the story into a page-turner.
I know what happens in the end to SAC Capital and Steve Cohen. I knew some of the insider trading prosecutions. I never appreciated how all of those prosections from 2009 to 2014 were tied together.
Matthew Martoma plays one of the biggest roles in the story. He was a former trader at SAC Capital who was caught red-handed on insider information about negative results from a drug trial. His source, a doctor working on the trial, passed Martoma the information. Martoma made SAC Capital a lot of money on that information and Steve Cohen profited handsomely. What the feds really wanted was for Martoma to implicate Cohen in exchange for a lesser sentence. I won’t spoil the end for you.
Besides Rajaratnam and Maratoma, the feds brought cases against Michael Steinberg, a portfolio manager at SAC, Anthony Chaisson of Level Gobal and Todd Newman of Diamondback Capital.
It was this last one that lead to the undoing of some of the ability to prosecute insider trading. The Newman appellate decision slapped tighter requirements on the government when trying to prosecute an insider trading case.
Black Edge is well worth the time if you have any interest in the area.
Sheelah Kolhatkar tells the tale in Black Edge.
Ms. Kolhatkar was a hedge fund analyst and is now a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley and politics among other things. She shows a keen understanding of traders and regulators, and conveys the story into a page-turner.
I know what happens in the end to SAC Capital and Steve Cohen. I knew some of the insider trading prosecutions. I never appreciated how all of those prosections from 2009 to 2014 were tied together.
Matthew Martoma plays one of the biggest roles in the story. He was a former trader at SAC Capital who was caught red-handed on insider information about negative results from a drug trial. His source, a doctor working on the trial, passed Martoma the information. Martoma made SAC Capital a lot of money on that information and Steve Cohen profited handsomely. What the feds really wanted was for Martoma to implicate Cohen in exchange for a lesser sentence. I won’t spoil the end for you.
Besides Rajaratnam and Maratoma, the feds brought cases against Michael Steinberg, a portfolio manager at SAC, Anthony Chaisson of Level Gobal and Todd Newman of Diamondback Capital.
It was this last one that lead to the undoing of some of the ability to prosecute insider trading. The Newman appellate decision slapped tighter requirements on the government when trying to prosecute an insider trading case.
Black Edge is well worth the time if you have any interest in the area.
on June 21, 2017
This book is truly a "tell all." It's the best of its kind, in the genre of Finance/True Crimes. I highly recommend this book as it's a page-turner.
on March 28, 2017
This book is important to anyone interested in the evolution of historical processes. It seems to mark the failure of liberal democracies as they transform into despotic plutocracies: the thesis of middle class confronted by the antithesis of corporate wealth seeking a synthesis of ???
on July 16, 2017
This is a book about the hedge fund industry and Preet Bahara's attempt to prosecute insider trading violations. Interesting look at Wall Street.
on March 22, 2017
I love gaining insight to history, and when it is from an alternative point of view it can be especially revealing. I recommend this to anyone involved with or interested in the financial services industry. I was captured throughout. And disgusted by both sides at times.
on March 12, 2017
Although I have read much material on insider trading I found her writing style perfect in this field. A great piece of work. Thoroughly enjoyable too.
on May 18, 2017
Sheehan Kolhatkar makes a convincing case about the corruption that fuels the enormous profits on Wall Street. Perhaps more disturbingly She also catalogs the financial grains flowing to the government prosecutors and investigators who move from their public service careers to the far more profitable ones offered by the industry they formally prosecuted and investigated.
on June 25, 2017
The stakes get higher and higher as traders look for "edge". Amazing that so much is bet on events - a cautionary tale in a deregulated age.
