The FBI vs. the Hedge Fund | Expert Networks | 3
American Scandal
Audible
4.5 • 19.6K Ratings
🗓️ 29 March 2022
⏱️ 42 minutes
🧾️ Download transcript
Summary
The FBI builds its case against Steven Cohen. With his back against the wall, Cohen has to make a difficult decision.
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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 November 19, 2010. |
| 0:23.0 | At his home in Manhattan, Donald Longiel sits down at a table and opens up a new window in his computer's web browser. |
| 0:30.0 | He runs a hand over his shaved head and clicks over to the website for the Wall Street Journal. |
| 0:35.0 | Then he begins reading, catching himself up on everything happening in the world of finance. |
| 0:40.0 | It's a world that Longiel knows well. |
| 0:43.0 | He spent years working on Wall Street and from 2008 to 2009, he was a portfolio manager for the hedge fund, SAC Capital. |
| 0:50.0 | It was a dream job and Longiel made himself a very wealthy man. |
| 0:55.0 | But things took a turn last April. Longiel hadn't been performing well on the job and with his boss Stephen Cohen disappointed, eventually he was fired. |
| 1:04.0 | These days, Longiel has been spending his time staying on top of financial news and searching for a new job. |
| 1:10.0 | It's been a slow process, but tonight, as he scans the website for the Wall Street Journal, something catches his attention. |
| 1:18.0 | There's an article with the headline, US Invast Insider Trading Probe. |
| 1:23.0 | Longiel begins reading the story, which details a government crackdown on the financial industry. |
| 1:28.0 | It appears to be a broad campaign. The Justice Department and the FBI and the SEC, several federal agencies have all begun mobilizing to stop what the article describes as rampant insider trading across America's financial markets. |
| 1:44.0 | As he reads, Longiel is filled with a feeling of suspense. It seems like the beginning of a sea change for the financial industry. |
| 1:52.0 | If the government is leading an organized campaign to stop insider trading, Wall Street is going to be turned upside down. |
| 1:59.0 | But then Longiel reads a paragraph that sent him into a panic. |
| 2:03.0 | According to the story, the federal government is specifically targeting SAC Capital. |
| 2:08.0 | For Longiel, it's terrible news. When he worked for SAC, his trades depended on inside information. |
| 2:15.0 | Not only that, he kept extensive records of his tips, records that could now incriminate him. |
| 2:21.0 | Longiel rises from the table and begins pacing the room. He's trying to get his life back on track. |
| 2:27.0 | And in just three weeks, he's supposed to get married. He can't risk any kind of criminal charges. |
... |
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