FBI. Get dressed.

Last week when I read of federal charges of insider trading against SAC, could not help but recall the first episode of Season Six of "Sex and the City" -- the outrageously social and outgoing Samantha Jones meets a cute stockbroker who has moved into the apartment building where she lives:  she is at his place, where unpacked boxes are still all around, with him . . . interacting, shall we say, when there's this authoritative thumping at the door.

"Go 'way, I'm busy!" hollers the stockbroker.

Keys grind in the lock and three men come through the door - (aah!) - a shorter, thickset man wearing a gray work-shirt -- the building's "super," who has a key -- and behind him two taller men wearing trench-coats.

Chip Kilkenny, the stockbroker:  "Who the f--k are you?"
First Coat Guy:  "FBI.  Get dressed.  You're under arrest for insider trading."

He approaches the bed, bends down to look Samantha Jones in the eye, and says,
"Ma'am, could you please un-do your cuffs so we can use ours?"

Samantha:  "Surely."
(she fishes for the key...)
"...All the good ones are getting arrested."

= = = = = = = = = = = I think I was as disappointed as Samantha (though certainly more fully-clothed) when I read a Reader Comment on Friday's story -- it sounded like a kid, I thought -- someone from New Jersey:
"You forgot Congress...also a magnet.  In fact America's so called elite got there mostly by cheating and / or connections.  Amorality if not immorality is absolutely a prerequisite to get to the top.  Ambition and ability are not enough.  Just look at all our doped up professional athletes, politicians who have gone to jail, CEOs who have gone to jail (except for the ones who are TOO BIG to be handcuffed ex. Blankfein et al.)  And they pick on the desperate guy standing on the corner selling some reefers to rich white kids from the burbs."

I hate to see a kid that discouraged, just starting out in life.  They see news stories like this, as well as observing the world around them, and I worry that they get the wrong messages.

They're not supposed to believe that in order to have economic success, you have to
-- cheat, lie, be a criminal
-- have "connections"
...or come to think of it -- win the  !##%(**!~  "lottery."
(This Comment Kid didn't say "win the lottery," but just in my own personal direct experience, if one more hard-working person says "if I win the lottery..." to me, I'm going to scream.

People are not supposed to think (believe) that in order to have money they would have to cheat, have connections, or win "the lottery" -- they're supposed to believe that they can achieve economic security and perhaps wealth by working.

And it's supposed to be true.

When I hear people say things like this, it's, like, an assault on my Belief System.
(Hence the screaming.)

============== And one thing with that Comment, too, he used the phrase, "...to get to the top."  Someone should educate these young people so they're not thinking in "zero-sum" terms.  You know, what - is - "the top"? 
Top of what?
It's different for everybody.  Apparently Mr. Steven Cohen's "top" is not the same as mine.  If he wanted my goals, he'd be writing a blog and filling pages and notebooks.  If I wanted the stuff he gets, I would have become a stockbroker and live in New York.  You know...

It's like what that other (currently much more popular) rich guy, Warren Buffett, said,
"Find what turns you on."
"Don't worry about what everyone else is doing."
"Know your strengths."
"Know what you like and forget the rest."

There is no "top."

------------------------
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[other Reader Comments on the SAC story]

California -- One down, ninety to go.  Here's an insider tip:  Bank of America, Goldman Sachs, Bain Capital, Morgan Stanley -- all overdue.

Branford, Connecticut -- Now how about some indictments about the fraud that caused toxic waste mortgage bonds to be marketed and sold as AAA assets?

Philadelphia -- Studies have shown that index funds are usually more successful than hedge fund picks unless the hedge fund is trading on insider information.  These people are paid so well because they cheat so well.

Massachusetts -- Why not Jamie Dimon and the rest of the crooks who have bankrupted the country?

NY NY -- FINALLY...these crooks should be in prison for life....Obama is so in bed with all of these bankers, it's disgraceful.  A full large scale investigation should be done on all these firms.  This is the tip of the iceberg.

Paul Cohen, Hartford, CT -- We [taxpayers] paid the rescued banks to take the free money because so much of their reserves were lent back to the government by purchasing treasury bonds.  These executives used this money to award themselves the highest  bonuses in history.

-- This case actually indicts a firm, not just mid- or lower-level employees, as is typically the case.  A trend toward indicting firms is a healthy development that could help to deter insider trading.

-- What about Corzine?

sonofagun, Pennsylvania -- Move it on over, Bernie Madoff.  You'll be getting some company.

Alan Attlee, Boston -- Connect the friggin' dots!  The guy who was the supposed chief enforcer at the SEC leaves to take up a 5 million a year job working for the people he was supposed to regulate.  And now we have the SAC scandal that that guy somehow couldn't see.  And at the same time O. trots out a vision speech about the middle class while all the while indulging the financial culprits.  Worse than Bush!  Well, As Bad as Bush!

Alex W, Nevada -- You say this like every person on Wall Street is a crook.  Can you name me a single profession that has no criminals?  No Cheats?  Don't those criminals and cheats always hold themselves out to be the best and to have earned it until they are caught?

----------------- Jeffrey Thompson, Minneapolis, MN -- Alex, can you tell me what other single profession has the ability to do so much damage?

In this country we send small time thieves to prison, while Wall Street destroys Trillions of dollars in value through fraud, and gets a light slap on the wrist, until election time when they are bowed down to by those that are supposed to be in charge.

Rob S, San Francisco -- As long as we're on the subject of funny business on Wall Street, I wonder what's next for Goldman Sachs and JP Morgan

---------------- Paul, Nevada -- God willing it will be both.

-- What silly person would ever put his money in anything stock or Wall Street?

-- Plain and simple.  This is good news.  The implications alone are good news.

--It's hard to imagine a criminal indictment of a financial company in these United States.

Did hell just freeze over?

-------- No....it's just that the government doesn't like competition on insider trading.

-------- Yes, and pigs are flying.

-------- Wake up, you're just in a deep dream state.

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