Time to go short on shares in Steve's world.
Even though a steady stream of SAC insiders has been finding themselves in the headlines, Mr. Cohen himself has managed for the most part to avoid the splatter.
The arrest of Mike Steinberg this morning brings the long nose of the law closer to Cohen than it's ever been. What's amazing about the Cohen story is that after Madoff, everybody, from the doorman to the janitor to the guidance counselor at your kid's school, knew that year after year of suspiciously robust returns could mean only one thing.
Don't know where the SEC types are finding the cahones after letting this stuff slide for thirty years, but it seems the game has changed.
And it's about time.