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.