Cohen hedge funds pay 600 million fine for insider trading "but nobody did anything wrong!"

There are hedge funds in all sizes, but when the adoring press discuss Steve Cohen he is invariably the "hedge fund titan."

Cohen is somewhat less titanic today after agreeing to pay $616 million in fines over a couple of SEC insider trading investigations.

Some of his bigger investors have been pulling hundreds of millions out of Cohen's funds over the past few months as speculation increased that the SEC investigation wasn't going away.

Nor are the SEC done with Cohen, in spite of these record-setting fines. He may yet face criminal charges.