As reported in the NY Times today, Hedge Fund Mogul, Steven A. Cohen, embroiled in SAC's indictment and mounting regulatory headaches was selling some high-end artwork to pay for the multi-million dollar legal bills that SAC has incurred and is still incurring. The legal bills will continue to accrue , as I'm sure Cohen understands his team has to outwork the SEC and Justice Dep't to survive.
But hey, please don't feel sorry for Cohen. He's reported to be worth in excess of $7 billion. Yes, billion! It's his decision to fight, somehow to preserve his legacy.
The lawyers are getting richer, but they too have one big problem...Not enough time to even fill out their "time sheets"!
Good luck selling your Andy Warhols.
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