Laws Explanation

SAC Capital won’t fully cooperate with government – letter

NEW YORK – Steven A. Cohen’s hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate “unconditionally” with the U.S. government’s insider trading investigation.

In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation.

The firm said that “over the coming months there will be more clarity about the outcome of these matters.”

The letter, which an investor in the fund who did not want to be identified read to Reuters over the telephone, also said while SAC believes in transparency, it may not be able to give frequent updates to investors.

“In the past we have tried to be as transparent as possible,” the fund said.

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Tags: Government, Sac Capital

First lady to high school grads: Live your dreams

• First lady Michelle Obama delivers the commencement address to graduates of Martin Luther King, Jr. Academic Magnet High School on Saturday, May 18, 2013, in Nashville, Tenn. Photo: Mark Humphrey
• First lady Michelle Obama, right, applauds as students enter the arena for the commencement ceremony of Martin Luther King, Jr. Academic Magnet High School on Saturday, May 18, 2013, in Nashville, Tenn. With her are Dr. Jesse Register, left, director of Nashville schools, and Schunn Turner, principal, center. Photo: Mark Humphrey
• First lady Michelle Obama, right, talks with Dr.

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Tags: First Lady, High School, Live

Should this toy be saved?

Illustration by Bob Schuchman

After a 6-year-old Canadian girl swallowed 19 superstrong, pea-size magnets in March, she told her mother she thought they were candy. The magnets failed to pass through naturally, and a surgeon removed them three days later, finding a perforated small intestine, ulcerations in the stomach and two small holes in the bowel.

The rare-earth magnets with the brand name Buckyballs had been a gift for the womans two children, the other a 2-year-old. I thought nothing of it, she told a reporter.

The girls mother likely had no way of knowing of the problems rare-earth magnets can create, unless she happened upon news accounts of similar incidents or the magnets came packaged with a warning label that she actually read.

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Zimbabwe police raid MDC offices

Zimbabwean police have raided the MDC offices in the southern district of Gwanda and seized motorcycles meant to be used for its election campaign, says a Mail & Guardian Online report. ‘Police have confiscated 10 motorbikes following a raid on our Gwanda office,’ MDC spokesperson Douglas Mwonzora is quoted as saying. ‘These are ordinary motorbikes which were regularly procured and we wonder why the police are resorting to this heavy-handedness.’ Mwonzora said the police did not explain the reason for the seizure of the motorcycles, which were meant to be used by party officials to travel long distances during campaigns ahead of elections planned for later this year.

Tags: Mdc Offices, Offices

Immigration Overhaul Bill Survives Daylong Revamp

NPR’s congressional correspondent David Welna speaks with host Scott Simon about the flurry of last-minute amendments, most from conservative Republicans, to alter the bipartisan immigration legislation.

SCOTT SIMON, HOST:

This is WEEKEND EDITION from NPR News. I’m Scott Simon. The immigration overhaul drawn up by the Senate’s Gang of Eight survived a daylong effort to significantly change it this week. It all took place on the first day of what will likely be many meetings of the Senate Judiciary Committee as that panel work through more than 300 proposals to amend the bipartisan bill. We’re joined now by NPR’s congressional correspondent David Welna on the Hill.

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