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Goldman COO Sticks by SAC Capital

Jul 31, 2013
Jing Chen

Goldman Sachs chief operating officer Gary Cohn said on Wednesday that the banking giant will continue to do business with troubled hedge fund firm SAC Capital Advisors.

Cohn said on CNBC that Connecticut-based SAC Capital, which was indicted by U.S. prosecutors last week, is still a “great counterparty” and an “important client” to Goldman, according to a Reuters report.

Just days after the U.S. Securities and Exchange Commission charged SAC founder Steve Cohen with failing to prevent insider trading at his firm, eVestment reported that federal prosecutors also indicted SAC Capital for allegedly allowing insider trading to go unchecked from 1999 through at least 2010.

SAC and Cohen have already informed investors that they would fight the charges and the firm would continue to operate normally, according to numerous news outlets.

SAC manages about $15 billion in assets.

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