What is going on with Wall Street White Collar Crime in the Trump era?
Sheelah Kolhatkar wrote an excellent article in The New Yorker this January.
Her book, Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street, is all about the way the US New York District Attorney tried to bring down Hedge Fund Manager Steve Cohen.
This from CSPAN yesterday:
It turns out that the US Attorney for the Southern District of New York, Preet Bharara, who attempted to jail Steve Cohen, has since been fired by Donald Trump.
The Manhattan federal prosecutor was among 46 United States attorneys who had been ordered to submit their resignations.
Bharara’s own performance as a prosecutor has prompted mixed reactions.
Preet Bharara, fired Saturday by President Trump as chief federal prosecutor in Manhattan, made a name for his fierce pursuit of insider trading and corruption cases.
The former U.S. Attorney fought insider trading, but had less success prosecuting major banks and Wall Street firms that contributed to the financial crisis.
And outright hostile:
Not everyone in the financial world is all broken up over President Donald Trump forcing former U.S. Attorney Preet Bharara out of office.
On Saturday afternoon, Preet Bharara, the US attorney for the Southern District of New York and the most celebrated federal prosecutor since Rudolph Giuliani held the same post three decades earlie…
What makes Preet Bharara tick? “Easy headlines” and “brownie points.” That’s according to 46-year-old Michael Kimelman, who served two years in prison for insider trading after getting caught in a …
This hedge fund ethics and compliance executive was also jailed by Bharara.
For more on Preet Bharara in the New Yorker:
Bharara had been one of the most prominent prosecutors in the country, going after political corruption in New York State and Wall Street figures.
The TV Show Billions is loosely based on the Hedge Fund Insider Trading Battles that creator Andrew Ross Sorkin has covered while working as a New York Times journalist, CNBC Squawk Box host and successful author.
This is how the show’s creators responded to Bharara’s sacking:
New York U.S. Attorney Preet Bharara, one of the 46 Attorneys that were appointed during the Obama administration, revealed that he was fired after he refused to step down from his post at the requ…
So what do you think is really going on?
Is Mr Trump really ‘draining the swamp’ — or just feeding the crocodiles?