America Breaking News: SAC Gets Cut by 'edge,'

Wochit 1:12 mins

The word that Steve Cohen hates is coming back to bite him. A federal indictment on Thursday of the billionaire hedge fund manager's firm, SAC Capital Advisors, uses the word "edge" 14 times to describe the way its traders sought information or insight that no one else on Wall Street had. The Obama administration will tell lawmakers that it won't declare Egypt's government overthrow a coup allowing the United States to continue providing $1.5 billion in annual military and economic aid to the Arab world's most populous country. The hedge fund founded by billionaire Steven A. Cohen says it doesn't tolerate insider trading. An indictment was unsealed in federal court charging SAC Capital Advisors with wire and securities fraud. Cohen isn't named as a defendant. But prosecutors say he enabled and promoted insider trading. In a statement, SAC Capital says it "has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously."

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