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American Scandal

The FBI vs. the Hedge Fund | Cooperating Witnesses | 4

American Scandal

Audible

Society & Culture, Documentary, History, History Daily, True Crime, American History Tellers, Lindsay Graham, Exhibit C

4.519.6K Ratings

🗓️ 5 April 2022

⏱️ 42 minutes

🧾️ Download transcript

Summary

Prosecutors race against the clock, as they prepare to go to trial. Two former SAC traders must decide whether to cooperate—or stay silent.

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Transcript

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0:00.0

Hey, Prime members, you can listen to American Scandal add-free on Amazon music, download the app today.

0:20.0

It's March 29, 2013 in New York City.

0:24.0

It's 5 a.m., and the sun hasn't yet risen.

0:27.0

But Wall Street trader Michael Steinberg is sitting on his couch wide awake looking out at the early morning sky.

0:33.0

Steinberg should be asleep.

0:35.0

He's supposed to be in Florida with his family on vacation, but that's not how things are shaking out.

0:40.0

In a few minutes, federal agents are going to storm into his apartment.

0:44.0

They're going to tear it apart, looking for evidence of financial crimes.

0:48.0

And unless there's a miracle, Steinberg knows he's probably going to walk away in handcuffs facing felony charges.

0:54.0

It's a bitter end to a long streak of pretty good years.

0:58.0

Like many on Wall Street, Steinberg has grown to be a wealthy man.

1:01.0

He's made his money working as a portfolio manager for the hedge fund SAC Capital.

1:06.0

His life was humming along, having spent years working for the hedge fund.

1:10.0

But everything changed when he got a call from his attorney.

1:13.0

He learned that the FBI was planning to arrest him, and soon,

1:17.0

we'll be charging him with insider trading, a crime that could land him in prison.

1:24.0

Steinberg's not alone in this.

1:26.0

In fact, his attorney was kind enough to sit and wait with him in the early morning hours,

1:30.0

as he waits for federal agents to knock on his door.

1:33.0

The two have had some long and hard conversations about his legal troubles,

1:37.0

and what this situation is really about.

1:39.0

At this point, there's no mistaking it.

...

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