Insider trading charges: One way to end a long week
SAC Capital portfolio manager Michael Steinberg (C) walks with his lawyers as he leaves federal court after being arraigned on insider trading charges on March 29, 2013 in New York City.
A trader with a high-profile hedge fund was charged today with securities fraud related to insider trading. The hedge fund itself had already agreed to pay the SEC $614 million earlier this month to settle some charges.
"They're paying $600 million in order to get off scot-free, without having to admit to doing any wrong," said Reuters' Felix Salmon.
Meanwhile, arguments are rising in favor of kicking Cyprus out of the eurozone.
"That's what people said about Greece too," said Leigh Gallagher of Fortune magazine. "This question's going to come up again and again the more these crises start happening. And it does prove the euro, way back when it was planned -- we're finding out that maybe you can't have fiscal unity without political unity."
The two also offer their weekend #longreads picks.
Felix Salmon suggests:
- Rob Reich in the Boston Review on charitable foundations.
- Kate Losse on Facebook's Sheryl Sandberg and her 'Lean In' social movement.
- Haley Sweetland Edwards on where laws go to die.
Leigh Gallagher picks: