Thu, Jul 25, 2013 5:18 PM EDT 1:07
SAC Capital Advisors, the hedge fund founded by billionaire Steven A. Cohen, says it doesn't tolerate insider trading. An indictment was recently unsealed in federal court charging SAC with wire and securities fraud. 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. Detroit's emergency manager Kevyn Orr took Detroit into Chapter 9 bankruptcy last week with the blessing of Gov. Rick Snyder. Orr says he's hearing a lot of "vitriol" but not many counter proposals on how to get the city out of debt. Orr said of creditors, unions and other critics, "Instead of engaging in a war of words, even if you have to do that for public consumption, come to me confidentially with a counter-proposal. I haven't heard that,"