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Author: Greg Madison

Why Doesn’t Jack Lew Support the New Glass-Steagall Act? Money Morning

You’d think that in the wake of the Great Collapse of 2008, reviving the Glass-Steagall Act would be a no-brainer.

As it happens, there are quite a few powerful members of government who oppose it, including Treasury Secretary Jack Lew, who seems to be pushing Dodd-Frank and the Volcker Rule a little too hard as the only regulation that’s needed to keep the banks from making bad bets in toxic derivatives again.

What Can You Buy For $616 Million? Not Much, If You’re Steven A. Cohen – Money Morning

Steven A. Cohen’s SAC Capital Advisors was one of the biggest, most powerful and profitable hedge funds on Wall Street. Cohen himself is a legendary figure, replete with odd, personal eccentricities that are the hallmark of the truly brilliant.

Famous for spending hours as a younger man watching the tape roll by, and for keeping his Stamford, CT, trading floor at a steady 68 degrees, Steve Cohen made billions for his clients – and himself.

Now the sharks are circling, the dominos are falling – nearly any hackneyed metaphor a writer could think of to evoke a doomstruck sentiment applies.

The SEC and Manhattan U.S. Attorney Preet Bharara have pursued Cohen and SAC Capital with a rare, almost indecent zeal. The charge is insider trading, allegations which Cohen vehemently denies, but which the SEC is pursuing.

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