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by PicassoCTs 1968 days ago
They got away with worse in 2008?
1 comments
fractionalhare 1968 days ago
No "they" didn't. Wall Street is not a homogenous thing. You're thinking of banks in particular, which are about as different from hedge funds categorically as Facebook and Salesforce. Sure they're both tech companies with software products, but they have entirely different business models.
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jachee 1968 days ago
I believe GP was specifically referring to Citadel, nee SAC: https://popular.info/p/the-merry-adventures-of-robinhood
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kgwgk 1968 days ago
You may be confusing SAC / Point72 with Citadel.
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jachee 1968 days ago
Nope it was a joint infusion:

"[Melvin] was rescued with a $2.75 billion cash infusion from two other hedge fund titans, Steve Cohen and Ken Griffin. Cohen was Plotkin's former boss at SAC Capital Management. SAC shuttered after the firm pled guilty to insider trading and paid $1.3 billion in fines. Cohen was not personally charged. Griffin runs Citadel LLC ...

In exchange, Citadel and Point72, the successor firm to SAC, own an undisclosed stake in Melvin Capital Management."

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kgwgk 1968 days ago
I was talking about the "Citadel, nee SAC" bit in your comment.
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