Good Evening
Good Evening

Letter: Fines aren't enough punishment

Steven Cohen, chairman and chief executive of SAC

Steven Cohen, chairman and chief executive of SAC Capital Advisors. Credit: Bloomberg News, 2012

While I favor seeing yet another group of insider-trading scoundrels pay a hefty fine for its transgressions, the government's settlement with SAC Capital Advisors appears to be just a deal to avoid probable jail time for the principals involved, notably Steven A. Cohen ["Fund founder's deep LI ties," News, Nov. 5].

I'm sorry, but this $1.8 billion settlement is not nearly good enough. By now, we should realize that money means nothing to the Cohens of the world. The fact they are willing to settle is the clue. Money is only a tool in their game to achieve power and distinction. The fine, no matter how large, is relatively meaningless, as they know it is easy to get more with yet another scheme. This shows a tremendous contempt for the rest of us.

What is needed are felony convictions and some serious jail time for those involved in insider trading. You cannot simply convict and jail one high-profile person and wash your hands. You have to go after and convict all perpetrators.

That sends a much clearer message to others tempted to follow the same path.

Michael J. Moonitz, Massapequa