One victory... But we have let many other opportunities go by.  We have failed America's persecuted minority, because we accepted a collectivist definition that made all Goldman-Sachs employees guilty by association with the US Treasury.

Raj Rajaratnam

 

Matthew Taylor -- Mr. Taylor, who graduated from the Massachusetts Institute of Technology, owned a home in the Hamptons by the time he was 28.

“In short, Mr. Taylor, you were, in the words of Tom Wolfe, ‘a master of the universe,’ ” the judge, William H. Pauley III, said.

The C.F.T.C. accused Mr. Taylor, who traded equity derivatives products in New York, of hiding the $8.3 billion position he had taken in electronic futures contracts tied to the Standard & Poor’s 500-stock index. Though his superiors had ordered him to reduce the risk on his trading book, he instead ratcheted up the position. To conceal the size of the position, he entered “multiple false entries” into a Goldman trading system, booking trades that he never actually made.

Goldman fired Mr. Taylor after learning about his cover-up and reported the unauthorized trades to authorities within days. The C.F.T.C. did not bring charges against Mr. Taylor until five years later, during which time he was able to get another job as a trader with Morgan Stanley.

Ex-Goldman Trader Sentenced to 9 Months in Prison

By RACHEL ABRAMS DECEMBER 6, 2013 6:33 PM

http://dealbook.nytimes.com/2013/12/06/ex-goldman-trader-sentenced-to-9-months-in-prison/

 

 

 

Michael S. Steinberg, - December 18, 2013 – “Prosecutors lacked the incriminating wiretaps that underpinned past insider trading cases. The emails pointed to no smoking gun. And the government’s star witness, a felon who testified to avoid prison time, fumbled his way through five days of cross-examination.

And yet a federal jury in Manhattan on Wednesday still convicted Michael S. Steinberg, the highest-ranking employee at SAC Capital Advisors to stand trial for insider trading.”

Former SAC Trader Is Convicted of Insider Trading

By BEN PROTESS, MATTHEW GOLDSTEIN and ALEXANDRA STEVENSON DECEMBER 18, 2013 3:57 PM

http://dealbook.nytimes.com/2013/12/18/ex-sac-trader-is-convicted-of-insider-trading/