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Showing posts with the label DealBook Today's Top Stories -November 30

DealBook Today's Top Stories -November 30, 2012-.:

Friday, November 30, 2012 TODAY'S TOP HEADLINES   BY WILLIAM ALDEN SAC CHIEF'S TESTIMONY The hedge fund manager Steven A. Cohen has offered little public explanation of the stock trades that are the focus of an intensifying government investigation. But Mr. Cohen, the head of SAC Capital Advisors, gave testimony to the Securities and Exchange Commission on the matter, which involves allegations of insider trading by a former portfolio manager. Mr. Cohen said that his hedge fund sold the stocks in question after a portfolio manager said he was "no longer comfortable" with the position , The Financial Times reports , citing unidentified people familiar with the testimony. Any details of the conversation between Mr. Cohen and the manager, Mathew Martoma, are likely to feature prominently in the coming court action. The criminal case against Mr. Martoma is the first time the government has linked Mr. Cohen to questionable trades. The hedge