Call it bad timing.
On Friday, Stamford-based SAC Capital Advisors pleaded not guilty to federal insider-trading charges.
On Saturday, the hedge fund owner who the government says “enabled and promoted” the alleged practices, partied in the Hamptons.
According to Huffington Post, a few dozen guests attended the lavish party at Steven A. Cohen’s vacation mansion in East Hampton, N.Y. The event was reportedly meant to show support for ovarian cancer research, and was clearly planned ahead of time. Who can get $2,000 worth of tuna on short notice?
Meanwhile, the jobs of SAC Capital employees — at least 500 work in Stamford — could be in jeopardy. As former Securities and Exchange Commission employee Victor Zimmermann put it: “It’s going to be very difficult for this firm to survive.”
Probably no parties if that happens. Unless you’re the CEO of Overstock.com.