Insider-trading case touches on American support for Zionism

Israel/Palestine
on 19 Comments

Maybe you’ve been following the government’s insider-trading case against nine employees of SAC, the hedge fund started by Steven A. Cohen. I haven’t; it all blurs for me. But a friend sent along the latest story on the arrest of SAC employee Michael Steinberg. Here’s an anecdote high in the New York Times story by Peter Lattman:

Mr. Steinberg and his family moved into an $8 million Park Avenue co-op and summered in the Hamptons. He also gave back, helping found Natan, a philanthropy that promotes Israel and Jewish culture.

Then, his charmed life came undone.

Natan helps fund Birthright Israel, the organization that indoctrinates young American Jews in support for Israel. That’s how a lot of wealthy Jews “give back” these days. I can only hope that SAC’s alleged corruption throws a sickly light over this dubious cause.

19 Responses

  1. Scott
    March 30, 2013, 11:18 am

    Yeah, I noticed that too. I also imagined the (Catholic?) FBI guys enjoying picking him up on Good Friday.

    • Walker
      March 31, 2013, 8:30 am

      That’s funny. Why would you think that? I know plenty of Catholics, and I can’t think of one who would make such an association.

      • Rusty Pipes
        April 2, 2013, 7:38 pm

        Other than maybe, they’d rather be doing something other than clocking in at work that day or thinking about whether they’d picked up all the stuff they need for Easter Baskets for the spouse and kids. Maybe a few are reflecting on their own shortcomings and more apt to feel compassion for another guy’s flaws.

  2. American
    March 30, 2013, 12:25 pm

    Insider trading is endemic on WS…..because it’s hard to actually ‘catch’ people at it…unless they are stupid and over confident enough like this group to communicate info in mails or some underling turns them in.

    There seems to be the ever present big contributors to Jewish charities or Israel related causes among Jewish Wall Streeters…..the tribal connection and price of entry in Jewish headed WS firms I would assume.

    Insider trading is not a victimless crime btw—-it cost the average investor and even institutional investors who don’t have access to inside info billions a year. It’s people like this that have turned ‘investment’ into a ‘blind bet’ for investors……and the game is rigged by the house. I wouldn’t touch the market with a 10 foot pole any more…it’s as corrupted as government. If people want to invest they should think locally and find businesse or real estate to invest in that they understand and have some control over.

    • MK_Ultra
      March 30, 2013, 4:46 pm

      That’s not true. The FBI doesn’t seem to have any difficulty picking up independent Wall Streets contractors (i.e. Bernie Madoff) who still from the rich. However, they just can’t seem to be able to do a damn thing about the Jamie Dimons and Lloyd Flankenfein (coincidence?) who rape, rob and pillage an entire nation.

      • Citizen
        March 31, 2013, 10:41 am

        @ MK_Ultra
        It took a long time to tag Maddow.

      • MK_Ultra
        March 31, 2013, 2:00 pm

        Yep. And only because he committed the high crime of stealing from the rich. Also, his “victims” have all received restitution from the government. Compare that to the scores of other victims across the country.

      • American
        April 1, 2013, 9:50 am

        @MK-Ultra

        Yea it is true….the SEC was warned on Madoff’s scheme many times and –if you remember—the SEC guy who was ‘finally’ assigned to look into Madoff’s fund was then later discovered to have a relationship to one of the Madoffs—and ‘after’ he did supposedly look into it he reported nothing was wrong. Only because one guy who was an independent financial analyst was convinced it was a scheme wouldn’t let it go and kept pushing the SEC, did Madoff get audited and caught.
        The SEC is an old boys club, they don’t oversee WS like they are suppose to—-think of the SEC in relation to WS traders as congress in relation to lobbist…on big happy club.

  3. Les
    March 30, 2013, 12:50 pm

    If you follow the money by looking at the owners and managers of our big print and broadcast media, you will get a more accurate picture of the power of the Israel Lobby than can be explained by the most ridiculously wishful imaginations of the limited amount of Jewish money contributed by those few of our big capitalists who are sympathetic to Zionism.

  4. DICKERSON3870
    March 30, 2013, 1:26 pm

    RE: “A friend sent along the latest story on the arrest of…Michael Steinberg…[who]…helps fund Birthright Israel, the organization that indoctrinates young American Jews in support for Israel. That’s how a lot of wealthy Jews ‘give back’ these days.” ~ Weiss

    MY COMMENT: No doubt Dershowitz would say that Steinberg’s helping to fund Birthright Israel is a great example of his “helping to repair the world” (tikkun olam); just as it is in the case of Sheldon Adelson, whose Las Vegas Sand’s Corp. gambling empire also happens to be under investigation by the Securities and Exchange Commission, the Dept. of Justice and the FBI.
    Talk about “birds of a feather”! ! !

    ● P.S. SOME GOOD TOE TAPPIN’ MUSIC:
    “Use Somebody”, by 2Cellos, on the CD ‘2Cellos’ [VIDEO, 03:27] – link to youtube.com

  5. Citizen
    March 30, 2013, 4:33 pm

    Just imagine how low the sucker average American is in the eyes of these “American” insider traders, and even more so, those who think they are moral because they support feeding young American Jews to Israel, not the USA, which gave them all they have as WASP Era replacements.

  6. calm
    March 30, 2013, 10:57 pm

    I believe that as the economy crumbles, there is gonna be a huge resentment against any “bogeyman” who worked or is strongly associated with the banking/financial sector, just as what happened in Europe during the great depression.

    In the 1930’s, when Europeans visited pawn shops to sell their family heirlooms, they remembered the roaring 1920’s and how the rich folks flaunted their wealth while having abused the financial system.

    It is not gonna be pretty.

    Calm

  7. pabelmont
    March 31, 2013, 10:39 am

    I love the idea of “giving back” as a Jew giving money to Israeli causes. “Giving”? surely? But “back”? Hardly. Do I “give back” when I buy myself an expensive coffee at Starbucks? Who the hell is this Peter Lattman, writing in New York Times, to use a phrase like “giving back”, and why doesn’t the NYT employ proof-readers to catch and prevent this solecism? (I guess that in Zionist circles, it is not

    * an ungrammatical combination of words in a sentence; also : a minor blunder in speech; * something deviating from the proper, normal, or accepted order; * a breach of etiquette or decorum

    to suggest that it is “giving back” for a Jew to support Israel.) Or, NEW IDEA, maybe the idea is that it was the combined and cooperative efforts of all those dedicated landsmen which got this bozo where he was, as also perhaps their gifts of insider information so inharmoniously suggested by the unkind to be breaches of investor-decorum, which cause gifts to Israel to seem to be “giving back” — giving back to thank them for their efforts, of such value to Mr. Hedge Fund.

  8. Citizen
    March 31, 2013, 10:45 am

    This is not new; think back about other indicted Wall St criminals over recent decades.

    • Rusty Pipes
      April 2, 2013, 7:47 pm

      Like Marc Rich, who “gave back” millions to Birthright and got Barak’s intervention with Clinton for his pardon, while they were supposed to be negotiating a peace deal.

      • Citizen
        April 4, 2013, 5:56 pm

        @ Rusty Pipes
        Yeah, Clinton got a lot of pressure from the Israelis–Rich was a major operative for Israel across the business world back then. Rich “gave back” millions to Birthright Israel, but as far as I know, he has never paid the US taxes he owed, which Clinton made a condition of his pardon. Does he still live in Switzerland? link to salon.com

  9. Marshall
    March 31, 2013, 11:47 am

    I just broke off a piece of matzah and the piece was the exact shape of Greater Israel (including the territories)! I interpret this as a sign that God supports the one state solution with equal rights for all.

  10. radii
    March 31, 2013, 5:03 pm

    let us remember that the “founders” of israel were primarily mafias and zealous militant terrorists and these elements were folded into the “legitimate” government of israel later on … so the corrupt criminal element has always been there and is deeply enmeshed in the power structure (the 13 “families” and seemingly endless stream of leaders who get nailed for corruption)

  11. marc b.
    April 1, 2013, 8:12 am

    I can only hope that SAC’s alleged corruption throws a sickly light over this dubious cause.

    ‘alleged corruption’? the $600-plus million fine isn’t proof of corruption?

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