我從二○一二年十一月二十日，也就是馬托瑪被逮捕的那天，開始調查報導這則故事，直到今天依然在持續。本書立基於我向兩百多人進行的數百次採訪，以及厚重的法庭紀錄、證物、宣誓證詞、證管會的對談筆記、FBI在和證人對談時寫下的筆記──也就是一般人熟知的三○二報告──日程表、書面訊息以及其他文件。此外，許多案件和人物都在這段期間受到媒體的詳細採訪，《紐約時報》、路透社、彭博新聞社、《華爾街日報》、《機構投資人》、《財富》、《浮華世界》、《紐約時報》、CNBC和《紐約客》的記者都做了非常傑出的報導，有些內容則付梓成書，其中包括了安妮塔．瑞哈萬的著作《億萬富翁的學徒》（The Billionaire's Apprentice，暫譯），此書完整地重述了拉傑．拉賈拉特南案，以及詹姆斯．B．史都華的著作《賊窩》（Den of Thieves，暫譯），此書詳實介紹了在麥可．米爾肯時代占據了華爾街的內線交易。
許多我描寫到的人，或者見證了我描寫的事件的人，都在我採訪的期間處於有可能受刑事起訴或法規制裁的狀態下；還有些人和雇主簽署過保密協議──這是金融業的標準流程──有些人工作的政府部門禁止他們公開談論工作內容。有鑑於上述理由，並且因為此主題本身就十分敏感，所以絕大多數的採訪都必須以隱蔽的方式進行，換句話說，我可以使用這些資訊，包括部分人士的心態與對話，但我不能指明這些資訊的來源。讀者在讀到我描寫某個人的心態、對話或任何相關資訊時，不應直接認為那個人就是這些資訊的來源；部分事件的相關資訊，來自文件、紀錄、證人或曾聽取相關事件簡報的人。為了撰寫某些特定段落，我不得不相信部分人士對多年前某些事件的回憶。我利用多重資訊來源與文件，盡一切可能與極大的努力證實事情的真相，以及不同人對同一事件的不同版本描述。我不遺餘力地透過調查報導與嚴格的事實查證，來確保我能確實且完整地描寫此故事。另外一個值得注意的是，部分具有戲劇化轉折與意外發展的法律案件。那些被定罪或承認自己有罪的人之中，有些人的判決在後來被改變了，有些人改變認罪的說辭，還有一些人則是可能永遠不會被起訴。
本書中提到的每個人幾乎都有機會能提出意見。在調查報導的過程中，雖然我在過去三年間對史蒂夫．科恩提出過數次邀請，其中一次邀請是我在佳士德對他本人提出的，但他沒有合作意願。科恩曾阻止他最親近的親友們與我談話，替科恩工作的一間代表性媒體曾威脅要找人跟蹤我。科恩（至今依然）對華爾街具有極強大的影響力，人們通常都很懼怕他。
雖然遭遇到了重重難關，但還是有數十人選擇在我撰寫此書時和我對談，一方面是他們有個人的理由，另一方面是他們都知道這個故事將會吸引大眾注意，也具有一定的歷史意義。若沒有這些人的協助，我是不可能完成這本書的。
序幕 反咬一口
他們要下潛了：David Glovin, Patricia Hurtado, and Bob Van Voris, "Chiesi Told Rajaratnam She 'Played' Friend Like 'Piano,'" Bloomberg News, April 4, 2011. 一間價值八億美元的網路科技公司："Akamai Reports Fourth Quarter 2008 and Full Year 2008 Financial Results," company press release, February 4, 2008. 「我把他騙得像旋轉木馬一樣團團轉」：U.S. v. Rajaratnam, No.09 Cr.1184 (RJH), Government Exhibit (hereafter GX) 532T, transcript of call between Rajaratnam and Chiesi, July 24, 2008. 去肯亞生日遊獵：Anita Raghavan, "Power and Pleasure," Forbes, September 23, 2010. 比斯坎灣星島上舉辦的超級盃派對：Robert A. Guth and Justin Scheck, "The Man Who Wired Silicon Valley," The Wall Street Journal, December 30, 2009. 在監聽那通電話的六天後：U.S. v. Rajaratnam, GX 44, "Galleon Tech Profit from Trades in Akamai Technologies Beginning on July 25 2008." 拉傑放空了八十七萬五千股：U.S. v. Rajaratnam, GX 42, "Galleon Tech Daily Closing Position in Akamai Stock," June 1 2008–July 30 2008. 她賺進了兩百五十萬：U.S. v. Rajaratnam, GX 45, "New Castle Profit from Trades in Akamai Securities Beginning on July 25 2008." 「這是一場征服之戰」：U.S. v. Rajaratnam, GX 543T, transcript of call between Raj Rajaratnam and Danielle Chiesi, from July 30, 2008. 拉傑在隔天放空十三萬八千五百五十股：U.S. v. Rajaratnam, GX 42. 姜監聽的對象就擴展至拉賈拉特南的朋友們：David Glovin and Patricia Hurtado, "Chiesi Swaps Cell for Halfway House," Bloomberg News, May 18, 2013. 薩克資本顧問公司：之後提及科恩的公司時會用「薩克資本」作為「薩克資本顧問公司」的簡稱。 「阿里．法爾？」：U.S. v. Ali Far, No.09 Cr.1009 (RPP), Ali Far Sentencing Memo.法爾是受過專業訓練的電機工程師。他出生於伊朗，在伊朗伊斯蘭革命中期，於一九八七年搬到美國，當時他還是個青少年。從柏克萊畢業後，他早上在矽谷一間生產電腦化耳機組的公司繽特力以及其他地方工作，晚上攻讀碩士學位。他在繽特力證券組當上了半導體分析師，讓拉賈拉特南印象深刻，雇用他到帆船集團工作。不過他在帆船的工作不太順利，在二○○八年離開。 法爾的妻子、兩名女兒、母親和岳母都在法爾背後：U.S. v. Far, Far Sentencing Memo, letter from Far's mother Esmat Akhavain. 李洲彬是科技分析師：U.S. v. Richard Choo-Beng Lee, et al. , No.09 Cr.0972 (PKC), Richard Choo-Beng Lee Sentencing Memo, November 18, 2015.李洲彬在進入薩克資本之前，曾在矽谷的晶片公司Monolithic Memories（該公司後來變成了Advanced Micro Devices公司）以及昇陽電腦公司工作過。 但法爾還是打了電話給他的合伙人：U.S. v. Choo-Beng Lee, et al., Richard Choo-Beng Lee Sentencing Memo. 「我有人脈」：U.S. v. SAC Capital Advisors, et al., No.13 Cr.541 (LTS), Sealed Indictment, July 25, 2013; some details of Lee's call to Cohen. 「我們聽說他帶了竊聽器」：Fairfax Financial Holdings Ltd. and Crum & Forster Holding Corp. v. SAC Capital Management LLC, et al., MRS-L-2032-06; Superior Court of the State of New Jersey, videotaped deposition of Steven A. Cohen, February 22, 2011.More details on this conversation from: Matthew Goldstein, "Cohen Said to Have Warned Friend About Possible Federal Investigation," The New York Times, December 23, 2013. 在他為投資人賺進任何一毛錢之前：Nina Munk, "Greenwich's Outrageous Fortunes," Vanity Fair, July 2006. 保羅．都鐸．瓊斯和肯．葛立芬：保羅．都鐸．瓊斯（Paul Tudor Jones）創立了都鐸投資公司；肯．葛立芬（Ken Griffin）創立了城堡投資集團。See Sebastian Mallaby, More Money Than God (Penguin, 2010). 較傳統的華爾街事業：避險基金業最吸引人的其中一點是，避險基金經濟人只要帶入更多投資人的錢並使基金變得更大（通常這件事易如反掌折枝），就能輕而易舉地把他或她該年的獎金從數百萬美元倍增到數千萬美元，甚至更多。多數避險基金會收取資產的百分之二以及年尾時基金公司賺取利潤的兩成金額作為管理手續費，這筆錢原本應該用於支付公司開銷與員工薪水。一間管理三億美元他人資產的基金公司能收取六百萬作為手續費，此外還能額外從利潤中抽兩成。如果避險基金的資產上漲到三十億，管理手續費就會躍升至六千萬。如果這種規模的公司在那年的回報率是百分之六，他們的利潤便是一億八千萬，基金經理人能留下其中的三千六百萬。公司裡只需要大約五位員工就能做到這種程度。 薪水落在前百分之二十五的人：Mallaby, More Money Than God, p.3.See also "The Top 25 Moneymakers: The New Tycoons," Institutional Investor's Alpha, April 24, 2007. 全球將近三兆美元的資產："HFR Global Hedge Fund Industry Report: Year End 2015," Hedge Fund Research. 通常也是違法的：近期法庭判決書鬆綁了構成內線交易的條件；更詳細的內容請見Jon Eisenberg, "How United States v. Newman Changes the Law," K&L Gates LLP, May 3, 2015.第一章 錢、錢、錢
格倫托成立於一八八○年，之所以能夠撐過：Richard Behar, "The Shabby Side of the Street," Fortune, March 3, 2003. 艾瑟在格倫托執行一種叫做「選擇權套利」的策略：格倫托的選擇權部門在一九六四年由卡爾．伊坎創立。從這方面看來，伊坎、艾瑟和科恩有很多共同點。雖然伊坎比艾瑟還要大很多歲，但他們小時候都住在外行政區（紐約市中曼哈頓以外的四個行政區），非常憧憬曼哈頓的天際線，計畫要勝過自己中產階級的出身。當時若想要交易股票選擇權的人必須打電話給格倫托或其它少數幾間公司的經紀人，解釋他們想要在多長的時限內打什麼樣的賭，而且基本上他們只能接受公司提出的任何價格。到了一九六八年，伊坎在格倫托的部門能賺進一百五十億美元的手續費，是公司裡獲利最高的部門之一。伊坎在那年離職，自行開設了一間公司。Connie Bruck, The Predators' Ball (Penguin, 1989), p. 151. 研究報上的股票數字：Jack D. Schwager, Stock Market Wizards, (HarperCollins, 2001), p. 269. 在這裡獲得了《大亨小傳》的部分靈感：Judith S. Goldstein, The Great Gatsby: Inventing Great Neck: Jewish Identity and the American Dream (Rutgers University Press, 2006), p. 3. 科恩會在大清早帶著滿滿一口袋的鈔票、踩著困頓的腳步回到家裡：Bryan Burrough, "What's Eating Steve Cohen?" Vanity Fair, July 2010. 華頓商學院的文化：數位同一時期的華頓畢業生被起訴（詳見"Wharton Producing Its Share of Criminals on Wall Street," Boca Raton News, September 26, 1988），其中最知名的一位是科恩的同學布魯斯．紐堡，他在一九七九年取得華頓學士學位，一九八○年取得華頓企管碩士學位。紐堡之後在德克索為麥可．米爾肯工作，成為了明星交易員，在一九八九年垃圾債券之王的王國被拆除的過程中，他被起訴勒索與證券詐騙。米爾肯也曾在華頓取得企管碩士學位。 競爭是沒有用的：「我在抵達賓州之前就已經被宣判死亡了。」科恩說。「那些讀私立寄宿學校的小孩，他們都做好萬全準備了，他們已經讀過每一本書了。至於我呢，我過得很辛苦。」Burrough, "What's Eating Steve Cohen?" 「我當時會站在那裡盯著報價機看」：Burrough, "What's Eating Steve Cohen?" 格倫托的執行長：霍華德．席維曼經營格倫托的時間是一九七四年至一九九五年。 席維曼開跑車： Lawrence Van Gelder, "Long Islanders: Driving Hard on Wall Street," The New York Times, May 3, 1987. 她和科恩聊了好幾個小時：Some details about Cohen and Patricia's first meeting from Steve Fishman, "Divorced, Never Separated," New York, March 28, 2010. 辦了一場小小的婚禮：Patricia Cohen v. Steven A. Cohen, et al., Complaint Under the Racketeer Influenced and Corrupt Organizations Act, No. 09 Civ.10230 (WHP), December 9, 2009；結婚日期是一九七九年十二月七日。在另一份離婚申請文件中，結婚日期是一九七九年十二月十二日。 合併與收購的速度變得更快：在一九八一至一九八八年間，有超過一千五百間上市的美國公司被私下收購。Mallaby, More Money Than God, p.113. 他很快就拋棄了艾瑟那個毫無風險的選擇權策略：「我發現在買賣股票時，我做的正確決定多於錯誤決定。」科恩後來說。「所以我想著，為什麼要避開它們？為什麼不直接買股票就好了？」Burrough, "What's Eating Steve Cohen?" 科恩的年收入就到達了五百至一千萬美元：Burrough, "What's Eating Steve Cohen?" 這讓他更加靠近「自己經營基金」的夢想：Patricia Cohen v. Steven A. Cohen, et al., Statement of Facts, 2009. 最後，戈德曼進入格倫托不到一年就離開了：證管會至少曾在五個不同的時間針對戈德曼展開過五次調查；FOIA request, File No. 14-05422。戈德曼從來沒有被起訴過任何不法行為。 他們幾乎每天都會通電話：According to former employees.Also from Fairfax Financial Holdings Ltd. and Crum & Forster Holding Corp. v. SAC Capital Management LLC, et al., videotaped deposition of Steven A. Cohen, February 22, 2011. 「我聽說他們打算要改組」：In the Matter of: Trading in the Securities of RCA Corporation, SEC File No.HO-1793. 他告訴其他人說，他以前在華頓的同學跟他說：Patricia Cohen v. Steven A. Cohen, et al., Statement of Facts, 2009. 奇異集團宣布："General Electric Will Buy RCA for $6.28 Billion," Los Angeles Times, December 12, 1985. 科恩在這次的交易賺了兩千萬：Patricia Cohen v. Steven Cohen, et al., First Amended Complaint, No. 09 Civ.10230 (WHP). 三個月後，證管會寄出的一封信抵達了：Date of subpoena April 23, 1986, per Cohen SEC deposition testimony, In the Matter of: Trading in the Securities of RCA Corporation. 證管會要科恩到案作證：In the Matter of: Trading in the Securities of RCA Corporation. 「不用擔心」：In the Matter of: Trading in the Securities of RCA Corporation. 證管會起訴李維：James B. Stewart, Den of Thieves (Simon & Schuster, 1991), p. 294. 同一天下午六點左右："Investment Banker Pleads Guilty to Insider Trading," Associated Press, June 5, 1986. 格倫托安排奧圖．歐博梅爾做為科恩的代表律師：歐博梅爾在一九八九年擔任科恩的代表律師後，被喬治．H．W．布希指派為紐約南區的聯邦檢察官，取代了魯迪．朱利亞尼。歐博梅爾在此崗位上執業至一九九三年。"Otto Obermaier Is No Rudy Giuliani," BusinessWeek, July 27, 1992. 「行使第五修正案權」： 憲法第五修正案，也就是一般人熟知的不得自證其罪的權利，此修正案保障所有人都不能被迫作證自己有罪。更多在證管會調查中與行使第五修正案權相關的內容請見Tom Hanusik, "Averse to Adverse Inferences? RethinkÍing the Scope of the Fifth Amendment Protections in SEC Proceedings," Securities Regulation & Law Report, 41 SRLR 574, The Bureau of National Affairs, March 30, 2009. 取證在二十分鐘內結束：Cohen SEC deposition testimony, In the Matter of: Trading in the Securities of RCA Corporation. 科恩在一九八五年誇耀自己賺到了近乎一千萬美元：Steven Cohen and SAC Trading Corp. v. Brett K. Lurie and Conversion Trading Corp., No.9891/87, affidavit by Brett K. Lurie, May 12, 1987. 害怕地縮在一起：「他回家常常很累、很沒有耐心，而且非常煩惱。」派翠西亞說。「他有時會變得刻薄、愛挑剔，還會大吼大叫。」；Fishman, "Divorced, Never Separated." 「我只是個股票交易員」：SEC testimony of Brett K. Lurie, In the Matter of: Trading in the Securities of RCA Corporation. 科恩搬出了他們家：Steven A. Cohen v. Patricia Cohen, No.11 Cv.1390, filed March 21, 1991; per Order to Show Cause for Modification Upward of Child Support, apartment was located at 120 East End Avenue, 10A. 打了她的臉：Steven A. Cohen v. Patricia Cohen, affidavit filed by Patricia Cohen; in his own affidavit, Cohen says that Patricia provoked the confrontation. 他把大約一半的錢，也就是八百七十五萬美元：Steven Cohen and SAC Trading Corp. v. Brett K. Lurie and Conversion Trading Corp., Affidavit in Support of Order to Show Cause. 他說房子價值兩百八十萬：Mr.and Mrs. Steven A. Cohen Statement of Financial Condition, July 1, 1988. 科恩那年賺了超過四百萬美元：Steven A. Cohen v. Patricia Cohen，科恩在一九九一年八月九日提起的異議申訴文件中，附上了他在一九八九年的一○四○表格，證明他在一九八九年的收入是四百三十萬；根據派翠西亞的離婚申請所述，她認為科恩在一九八九年賺了兩千萬，一九八八年賺了一千兩百萬。科恩駁斥了她的說法。 波道夫古德曼百貨的八萬元帳單：Steven A. Cohen v. Patricia Cohen, Affidavit in Opposition, filed August 9, 1991.第二章 想要什麼都能手到擒來
格倫托已經成為了一間以聲譽不佳而聞名的公司：在一九七四年至一九九五年間，經營公司的是霍華德．席維曼，同時由他的兩個兒子開設的一間公司替格倫托進行紐約證交所的所有結算，這種安排雖然合法，但至少看起來是有利益衝突的。同一時間，公司另一位副手的兒子愛德華．包則替公司進行美國證交所的所有結算。Richard Behar, "The Shabby Side of the Street," Fortune, March 3, 2003. 科恩設立薩克的資本是兩千三百萬：部分公開文件中的數字是兩千五百萬；前員工們說是兩千三百萬或兩千四百萬。 尤其是那些熱衷於大學運動的人：Jack D. Schwager, Stock Market Wizards (HarperCollins 2001), p. 274. 他進入股票交易市場：麥可．斯坦哈特在布魯克林一個破舊的街區由單親媽媽撫養長大，他同時擁有傑出的投資直覺與陰晴不定的情緒，這兩項特質使他更加渴望賺錢。「我每天都迫切渴望能贏。」他曾說過。「如果我沒有贏，我就會覺得好像自己正在經歷某種人間慘劇。」Sebastian Mallaby, More Money Than God (Penguin, 2010), p. 55–56. 喬治．索羅斯和保羅．都鐸．瓊斯：此產業被屈指可數的幾個男人所佔據，他們都算是華爾街的半個知名人士：朱立安．羅伯特森，他是老虎基金的負責人，以培育新避險基金經理人而聞名；喬治．索羅斯，他被眾人認為具有極高智商，和合夥人史丹利．卓肯米勒一起經營量子基金，對大規模的經濟力量下賭注；還有曼菲斯的棉花交易員保羅．都鐸．瓊斯，他在一九八三年成立了都鐸基金，之後在他三十三歲，也就是一九八八年時，被媒體報導他是華爾街薪水最高的人，每年八千萬至一億美元。他們都各有一套賺錢策略，通常這些策略都是基於他們對於投資的強烈構想。Alison Leigh Cowan, "Where the Money Is: Wall St.'s Best-Paid People," The New York Times, June 4, 1988. 已接近一億美元：SAC Capital Advisors marketing presentation, May 1, 2012. 他申請了約會介紹服務：Bryan Burrough, "What's Eating Steven Cohen?" Vanity Fair, July 2010. 科恩在上節目時以為：Steven A. Cohen v. Patricia Cohen, Index No. 62593/90, Affidavit in Opposition, November 9, 1995. 「我們交往的第一年經歷了很多事」：Alex and Steven Cohen appearance on The Cristina Show, July 29, 1992. 他的另一個專業是成功：基輔是布隆克斯一名拉比的兒子，畢業於哈佛，寫了數本與憂鬱症相關的書籍，一直以來都站在抗憂鬱症研究的最前線，進行百憂解和左洛復的試驗。William Grimes, "Ari Kiev, Psychiatrist to Traders, Dies," The New York Times, Nov.30, 2009. 他最喜歡的兩句話：Ari Kiev, M.D., Trading to Win (John Wiley & Sons, 1998). 「你必須為了贏錢而交易」：Schwager, Stock Market Wizards. 科恩打電話給肯尼．理薩克，告知一個令人心驚的消息：理薩克被開除的故事來源為理薩克本人，有數位當時也在場的人證實了他說的話。 薩克資本光靠著交易量就能帶來更多收入：A version of this story is also recounted by Gary Sernovitz, "Edge and the Art Collector," n+1, January 16, 2013. 洛克斐勒家族和摩根大通家族都曾在此置產：Nina Munk, "Greenwich's Outrageous Fortunes." Vanity Fair, July 2006. 保羅．都鐸．瓊斯是第一批住進這裡的人：Munk, "Greenwich's Outrageous Fortunes." 把他的競標提高到一千四百八十萬美元，之後一次付清了這些錢：斯坦貝格在事後回想這件事時，於採訪中描述道：「那棟房子美輪美奐──是個又大又美麗的家。我覺得那棟房子原本看起來非常完美，他則把房子拆得支離破碎了。」最後斯坦貝格用一千五百萬買下了格林威治的另一座豪宅，那棟房子原本的主人是唐納．川普。 建造了九呎高的石牆：Marcia Vickers, "The Most Powerful Trader on Wall Street You've Never Heard Of," BusinessWeek, July 20, 2003. 共運進了兩百八十三輛砂石車的土壤：Matthew Purdy, "Our Towns: In Greenwich, More Is Just Too Much," The New York Times, December 5, 1999. 「我覺得那棟房子根本不是家」：Purdy, "Our Towns: In Greenwich, More Is Just Too Much."第三章 「CR本質」誕生
越來越難獲得回報：「現在很難找到從沒有人仔細思考過的概念了，更難的是獲得真正的回報並使自己鶴立雞群。」科恩說。「能賺到高額回報的時代已經過去了。」Susan Pulliam, "The Hedge-Fund King Is Getting Nervous," The Wall Street Journal, September 16, 2006. 從那間公司招募到薩克資本來：U.S. v. Choo-Beng Lee, et al. 迅速存下足夠你舒適過完下半生的財富：有時候，就連避險基金交易員自己都搞不太清楚他們賺的錢到底有多少。在二○○四年時，拉賈拉特南的帆船集團中，幾位交易員圍坐在桌前看著天花板懸掛電視螢幕，這臺螢幕上播的通常是CNBC，不過這時播的則是洋基隊比賽。輪到洋基的高薪強擊手傑森．吉昂比上場打擊了。拉賈拉特南的合夥人兼公司共同創辦人蓋瑞．羅森巴赫對著電視大喊：「吉昂比，快上啊，你拿這麼多薪水為的就是這一刻！」其中一位交易員環顧四周。他迅速用網路查了一下吉昂比的薪水。每年兩千五百萬美元。在帆船集團交易大廳中，大概有二十多個人賺的錢是吉比昂的五倍。 除了金融界的一個小小圈子之外，這二十多個人的名字遠遠稱不上耳熟能詳。 薩克資本在尋找新交易員時注重的其中一項特質：James Sterngold and Jenny Strasburg, "For SAC, a Shift in Investing Strategy Later Led to Suspicions," The Wall Street Journal, July 24, 2013. 藝術市場提供了一種管道，能把財富轉變為：A version of this idea was expressed by Jonathan Jones, "Art and Money: The Sharks Behind the Show- pieces," The Guardian, October 12, 2011. 「身為億萬富翁已經不怎麼厲害了」：Rebecca Mead, "The Dare- devil of the Auction World," The New Yorker, July 4, 2016. 花了八百萬購買米恩．赫斯特的作品：Carol Vogel, "Swimming with Famous Dead Sharks," The New York Times, October 1, 2006. 四千三百六十加侖甲醛：Roberta Smith, "Just When You Thought It Was Safe," The New York Times, October 16, 2007. 賭業大亨史蒂夫．韋恩買下了這幅畫： Account of Wynn cocktail party: Nick Paumgarten, "The $40-Million Elbow," The New Yorker, October 23, 2006. 「這幅畫賣出的價格是有史以來最高的」："Steve Wynn to Keep Pi- casso He Damaged," The Associated Press, October 18, 2006. 曾經屬於維克多．岡茲與莎麗．岡茲這對收藏家夫婦：Geraldine Norman, "Life with Picasso," The Independent, September 27, 1997. 「可怕的」撕裂聲：Nora Ephron, "My Weekend in Vegas," The Huffington Post, October 16, 2006. 取消交易：Paumgarten, "The $40-Million Elbow"; some details from Stephen and Elaine Wynn v. Lloyd's of London, No.07 Civ.00202, filed January 10, 2007. 馬托瑪將會負責投資約四億美元的投資組合：U.S. v. Martoma, January 20, 2014, Timothy Jandovitz testimony. 二十萬美元的底薪，以及兩百萬的簽約酬金：U.S. v. Martoma, GX 570, introduced January 13, 2014, Mathew Martoma SAC job offer from June 2, 2006. 他在薩克資本裡完美融入了：David Kaplan, et al., v. SAC Capital, et al., No.12 Civ.9350 (VM) (KNF), filed September 3, 2014, Elan Shareholder Second Amended Complaint. 他會熬夜開始第二輪工作：U.S. v. Martoma, Mathew Martoma Sentencing Memorandum, Exhibit 1, letter from Rosemary Martoma. 在校內醫學中心的阿茲海默症分部擔任志工：Patrick Radden Keefe, "The Empire of Edge," The New Yorker, October 13, 2014. 巴平的結構比較不複雜：U.S. v. Martoma, January 17, 2014, testimony of Dr. Sidney Gilman. 「專家網絡」，或稱「媒合」：Laurie P. Cohen, "Seeking an Edge, Big Investors Turn to Network of Informants," The Wall Street Journal, November 27, 2006. 「實在是一件很荒謬的事」：Steve Bodow, "Investing; It's Not What They Know, but Whom," The New York Times, December 23, 2001. 繳交一百二十萬美元的年費：U.S. v. Martoma, GLG SAC Subscription Agreement, GX 630, introduced January 16, 2014. 「這些醫師有在你的資料庫裡嗎？」：U.S. v. Martoma, GX 262, email sent on August 30, 2006; also David Kaplan, et al., v. SAC Capital, et al., Elan Shareholder Second Amended Complaint, filed September 3, 2013. 「我是這次臨床實驗的安全監測委員會主席。」：U.S. v. Martoma, GX 660, January 16, 2014; Gilman email to Noopur Batsha dated August 23, 2006.第四章 最糟糕的違法行為都發生在……
兩邊開始互相控告對方在翻自己的垃圾：Michael Orey, "Corporate Snoops," Businessweek, October 9, 2006. 加拿大製藥廠百歐菲爾：該公司專門收購已廣泛使用的藥物（例如在商業上非常成功的抗憂鬱藥物威博雋（Wellbutrin），再重新以新型式生產藥物，搭配上緩釋傳遞機制，使藥物更有效率。 百歐菲爾的執行長尤金．麥爾尼克：For more details, see Leonard Zehr, "Biovail and the Analyst's Secret Account," The Globe and Mail, June 22, 2002. 二○○三年出版的《彭博商業周刊》：Marcia Vickers, "The Most Powerful Trader on Wall Street You've Never Heard Of.," BusinessWeek, July 20, 2003. 薩克資本的這通電話：沒有任何薩克資本的交易員因為英克隆而被起訴違反法律。Vickers, "The Most Powerful Trader on Wall Street You've Never Heard Of." 百歐菲爾對薩克資本提告：Biovail Corporation v. SAC Capital Management, et al., No. 06 Cv.01413, filed February 23, 2006. 從加拿大幣五十元下跌至十八元：Jenny Anderson, "Claiming Stock Manipulation, Biovail Sues Hedge Fund," The New York Times, February 23, 2006. 施加極高壓力：Biovail Corporation v. SAC Capital Management, et al. 證管會也另外開始了新的調查案：百歐菲爾對證管會的起訴在二○○九年被紐澤西的法官駁回。二○一○年二月，薩克資本起訴當時已被威朗製藥併購的百歐菲爾，指控該公司惡意訴訟。威朗製藥和薩克資本在二○一○年十一月和解，威朗製藥同意支付薩克資本一千萬元做為法律開銷的補償。二○○八年三月二十四日，證管會起訴麥爾尼克和百歐菲爾，指控該公司涉入會計詐欺。百歐菲爾與政府和解該案時支付了一千萬元，又在與公司股東提起的集體訴訟和解時支付了一億兩千八百萬元。"Biovail Settles with SAC Capital," The New York Times, November 4, 2010. 《六十分鐘》播映了與此訴訟有關的一集節目：Leslie Stahl, "Betting on a Fall: On One Company's Lawsuit Against a Hedge Fund," 60 Minutes, CBS News, March 24, 2006. 「當你看到一陣大浪湧上來時」：Stahl, "Betting on a Fall." 永無止盡地試圖毒害：Steven A. Cohen v. Patricia Cohen, Index No. 62593, Affidavit and Affirmation in Opposition, November 9, 1995. 賄賂現象十分猖獗：Richard Behar, "The Shabby Side of the Street," Fortune, March 3, 2003. 賺進了將近十億美元：Peter Lattman and Ben Protess, "$1.2 Billion Fine for Hedge Fund SAC Capital in Insider Case," The New York Times, November 4, 2013. 利用這些報告進行內線交易：Fairfax Financial Holdings Ltd. and Crum & Forster Holding Corp. v. SAC Capital Management LLC, et al., Fairfax Appeal Brief. 「救救你自己吧！」：Bethany McLean, "A Wall Street Battle Royal," Fortune, March 6, 2007. 許多間避險基金的交易員都放空了：Fairfax Financial Holdings Ltd.And Crum & Forster Holding Corp. v. SAC Capital Management LLC, et al.二○一二年，紐澤西州法官駁回了楓信的案子，他說紐澤西不是該案件的適合轄區；楓信在二○一三年重新起訴。See David Voreacos, "SAC Dismissal from New Jersey Lawsuit Appealed by Fairfax," by Bloomberg News, June 4, 2013. 史匹哲要調查部門開始調查："SEC Fact Sheet on Global Analyst Research Settlements," the Securities and Exchange Commission, April 28, 2003. 其中一個典型案例就是亨利．布羅傑："SEC Sues Goldman Sachs for Research Analyst Conflicts of Interest," SEC press release, April 28, 2003. 要求銀行提供特定服務作為回報：銀行提供的許多服務都可以用所謂的「軟錢」來支付費用──基本上就是用交易手續費來償還的「還債承諾」（IOUs）。 瑞克酒吧的賭局：此說法來自經典電影《北非諜影》中的一個場景，在瑞克．布萊恩的酒吧兼賭場「瑞克咖啡館」中，常客雷諾局長在必須找理由關閉咖啡館時說道：「我非常震驚，非常震驚，竟然發現這裡有人在賭博。」第五章 優勢，在於獨家消息
在大學主修哲學：U.S. v. Michael Steinberg, No.12 Cr.121 (RJS), filed May 2, 2014, Michael Steinberg Sentencing Memorandum, letter from Rebecca and Kenneth Roban. 開始獨自經營投資組合：U.S. v. Steinberg, November 21, 2013, testimony of SAC CFO Dan Berkowitz. 這兩間公司原本的價值超過兩百億：Kate Kelly, Serena Ng, and David Reilly, "Two Big Funds at Bear Stearns Face Shutdown," The Wall Street Journal, June 20, 2007. 霍瓦特很清楚他的上司想要他怎麼做：U.S. v. Steinberg, testimony of Jon Horvath.庭審期間，斯坦貝格的辯護律師駁斥了這套說詞，而後針對斯坦貝格的起訴因為與案件內容完全無關的理由（上訴法院的某項規範）被駁回。 FBI特別探員大衛．馬庫：馬庫是堆高機駕駛員的兒子，從小在麻州春田長大，他非常熱衷於工作，幾乎每天都在早上五點進入辦公室。他的第一個大案件是瑪莎．史都華調查案，史都華和英克隆系統創辦人山姆．瓦沙克是生意上的朋友，據稱她在二○○一年收到瓦沙克的線報之後賣掉了克隆系統四千股的股票，並試圖隱瞞此事。接著，馬庫調查的下一個案件是銳跑｜愛迪達案，此案源於一位年輕的高盛分析師在事先知道了愛迪達要併購銳跑之後，便用他姑姑（一位住在克羅埃西亞的六十三歲退休裁縫師）的帳戶交易了銳跑的選擇權。For more, see Susan Pulliam, Michael Rothfeld, and Jenny Strasberg, "The FBI Agent Who 'Flips' Insider-Trading Witnesses," The Wall Street Journal, January 20, 2012. 決定與政府合作：Susan Pulliam, "Wired on Wall Street: Trader Betrays a Friend," The Wall Street Journal, January 16, 2010; also David Glovin and David Voreacos, "Dream Insider Informant Led FBI from Galleon to SAC," Bloomberg News, December 2, 2012. 雷曼兄弟裡有一位影響力極大的網路分析師：證管會從兩千年開始調查薩克資本對亞馬遜的交易； Gretchen Morgenson, "Analyst and Her Husband Under Scrutiny," The New York Times, January 15, 2003.證管會最後沒有提起任何控訴。 斯萊同意讓FBI錄下對話：U.S. v. David Slaine, No.09 Cr.1222 (RJS), January 9, 2012, government's Sentencing Memorandum; 斯萊的證據使帆船的兩位交易員茲維．高佛和克雷格．卓爾莫以及其他數人被起訴。U.S. v. Goffer, No.11 Cr.3591 (2d Cir. 2013); 綽號「小章魚」的高佛是他自己的內線交易圈中的領頭者。他和他的兄弟伊曼紐爾以及從公司律師轉職為交易員的麥可．基梅爾曼一起付錢給瑞格律師事務所的兩位律師，要他們提早透露與合併收購有關的消息。他們通常都使用預付卡手機進行交易，並在交換消息之後時常會把預付卡銷毀。在成功交易後，他會把預付卡從手機裡拿出來，用牙齒折成兩半。 他在團隊賺進的收益中留下多少錢：U.S. v. Steinberg, GX 2004, Sigma Capital Management, LLC 2007 Year-End Payout Calculation. 斯坦貝格藉此傳達了一則強烈訊息：U.S. v. Steinberg, GX 2064, Jon Horvath performance review 2007. 他搬到東岸：U.S. v. Steinberg, testimony of Jesse Tortora. 接著托爾托拉邀請了其他幾個人加入：包括他在大衛．加奈克的基金公司水準全球的朋友，分析師山姆．阿東達基斯。 他要托爾托拉永遠不准用電子郵件：U.S. v. Steinberg, testimony of Tortora. 「電子郵件名單的第一個規則」：U.S. v. Steinberg, GX 327, testimony of Tortora. 美國十大主要城市的房價：Ben Rooney, "Home Prices: Down Record 11%," CNN Money, March 25, 2008. 將近一百七十億的資產：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), testimony of Berkowitz. 薩克資本的回報率：Katherine Burton and Anthony Effinger, "How Hedge Fund Manager Steve Cohen Averaged 30% Returns for 18 Years," Bloomberg Markets, April 25, 2010. 薩克資本的規模成長了一倍：U.S. v. Martoma, testimony of Berkowitz. 他在二○○五年用兩百八十萬美元：Colin Gleadell, "Saatchi Sells Another Key Work in His Collection," ArtNews, May 10, 2005. 達米恩．赫斯特創作的藝術品：Carol Vogel, "Swimming with Famous Dead Sharks," The New York Times, October 1, 2006. 在兩千年至二○○七年之間：Kelly, Ng, and Reilly, "Two Big Funds At Bear Stearns Face Shutdown." 表現最糟糕的一個六月：Alexandra Twin, "Stocks: Mixed Day, Brutal June," CNN Money, June 30, 2008. 買進七十五萬至一百萬股的伊連藥廠：U.S. v. Martoma, GX 302.第六章 利益衝突
他也寄了另一份惠氏藥廠的文件：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), GX 305. 我跟史蒂芬說過了：U.S. v. Martoma, GX 302. 他在一九七七年和第一任妻子琳達：Michael Betzold, "The Corruption of Sid Gilman," Ann Arbor Observer, January 2013. 她是在六十七歲時自殺的：According to "Not My Father's Keeper: Unveiling the Skeletons in Dr. Sid Gilman's Closet," a book proposal by Todd Gilman that was submitted to publishers in 2014. 兩人就再也沒有說過話：Gilman, "Not My Father's Keeper." 他工作是為了分散自己的注意力：Patrick Radden Keefe, "The Empire of Edge," The New Yorker, October 13, 2014. 他主導的各種研究計畫：Betzold, "The Corruption of Sid Gilman." 他對避險基金幾乎一無所知：U.S. v. Martoma, testimony of Dr. Sidney Gilman, cross-examination. 工作的薪水很好：U.S. v. Martoma, testimony of Gilman. 他每次和避險基金交易人講三十分鐘電話：U.S. v. Martoma, cross-examination of Gilman. 每年賺進數十萬美元：U.S. v. Martoma, January 23, 2014, cross-examination of Gilman. 「公司外諮商服務」在二○○六年讓他賺進三十四萬元，二○○七年賺進四十二萬元，二○○八年賺進四十二萬五千元；在稍早的直接作證中，吉爾曼說他賺的錢是二十萬。See also Jenny Strasburg, "Doctor's Alleged Role Highlights Ties Between Investors and Medical Field," The Wall Street Journal, November 20, 2012. 他不是那種喜歡購買昂貴商品的時髦人士：提姆．葛林納麥爾是吉爾曼的前學生，在匹茲堡經營神經退化疾病機構；from Keefe, "The Empire of Edge." 他開始享受一定程度的奢華：Nathaniel Popper and Bill Vlasic, "Quiet Doctor, Lavish Insider: A Parallel Life," The New York Times, December 15, 2012. 醫學專業界已經被華爾街滲透了：Eric Topol and David Blumenthal, "Physicians and the Investment Industry," The Journal of the American Medical Association, June 1, 2005. 吉爾曼被伊連藥廠聘僱：U.S. v. Martoma, GX 20,, also testimony of Gilman.在巴平的前導藥物AN-1792的測試中，吉爾曼在二○○五年成為安全監測委員會主席。他見過該藥物的災難性副作用，也就是導致危險的腦部水腫，因此有有些擔憂新病人們的安危。吉爾曼的費用是每小時三百五十元，最高可累積至兩萬五千元。 所有參與巴平試驗的人：U.S. v. Martoma, January 13, 2014, testimony of Allison Hulme, Elan Corp., testimony of Gilman.共有兩百三十四位來自全美各地的阿茲海默症病患參與了巴平珠單抗的第二階段試驗。二十位醫師簽約成為本研究中的調查人員，負責給藥並觀察病人的反應。 「分析師、避險基金員工」：U.S. v. Martoma, testimony of Hulme, testimony of Gilman. 「交易伊連藥廠或惠氏藥廠」：U.S. v. Martoma, GX 7, also testimony of Hulme, Gilman. 這次的狀況似乎不太一樣：U.S. v. Martoma, GX 103, testimony of Gilman, memo to Enchi Liu of Elan. 「這是理所巴然的！」：Keefe, "The Empire of Edge." 馬托瑪讓他回想起他的大兒子傑夫：U.S. v. Martoma, testimony of Gilman. 馬托瑪把霍曼稱做：U.S. v. Martoma, Defense Exhibit 269, email from Martoma to Chandler Bocklage, introduced during testimony of Chandler Bocklage,. 科恩提供了八億元：U.S. v. Martoma, testimony of Peter Nussbaum, SAC general counsel. 他還是簽下顧問合約：Deposition of Steven Cohen before the SEC, In the Matter of: Elan Corporation, plc, File No.NY-8152, May 3, 2012. 為科恩帳戶裡買下的藥廠股份「掛牌」：U.S. v. Martoma, GX 297, Cohen sector position-alert email, introduced during testimony of Katie Lyndon. 「我覺得馬托瑪是最瞭解這件事的人」：David E. Kaplan, et al., v. SAC Capital Advisors, et al., No.12 Civ.9530 (VM) (KNF), exchanges on March 28, 2008, and April 6, 2008, cited in Elan Shareholder Second Amended Complaint.第七章 驚險的一步「好」棋
FBI隱密地向聯邦法庭申請監聽：U.S. v. Rajaratnam, No. 09 Cr.1184 (RJH), October 6, 2010, Franks Hearing, testimony of FBI Special Agent B. J. Kang. 他們必須讓法庭知道監聽：Title 18, United States Code 2518, (1) (c), statute regarding wiretapping. 「除非油價突然大幅下跌」：U.S. v. Mathew Martoma, No. 12 Cr.0973 (PGG); Defense Exhibit 505, dated July 7, 2008, introduced during testimony of Timothy Jandovitz. 伊連藥廠和惠氏藥廠宣布："Elan and Wyeth Announce Encouraging Top-line Results from Phase 2 Clinical Trial of Bapineuzumab for Alzheimer's Disease," press release dated June 17, 2008. 科恩也在自己的投資組合中大量買進：U.S. v. Martoma, GX 298, 299. 「我頭上的頭髮」：U.S. v. Martoma, GX 53, testimony of Gilman. 七月十五日，藥廠包機讓吉爾曼前往：U.S. v. Martoma, GX 9. 「阿茲海默症國際研討會報告機密文件」：U.S. v. Martoma, GX 11. 「親愛的席德尼。」裡面寫道：U.S. v. Martoma, GX 12. 那天晚上，吉爾曼待在家裡：U.S. v. Martoma, GX 710, testimony of Gilman. 時間剛過十點：U.S. v. Martoma, testimony of Nathan Brown, University of Michigan, re campus-access control system. 他將在下午四點登機：U.S. v. Martoma, GX 1307, introduced during testimony of Mark Manhan of Delta. 他們談了二十分鐘：U.S. v. Martoma, GX 459. 掛掉電話後：David Kaplan, et al., v. SAC Capital, et al., No. 12 Civ.9350 (VM) (KNF), Elan Shareholder Second Amended Complaint, p. 86.二○八年七月二十一日股市開盤前，投資組合中有一千○六十萬美國存託憑證，價值三億六千六百萬，還有一間九百萬的惠氏藥廠，價值約九億。 賣掉了大約一百五十萬股：U.S. v. Martoma, GX 431, introduced during testimony of Phillip Villhauer. 「用三十四點九七元賣掉四十萬，全數黑池交易」：U.S. v. Martoma, GX 432, introduced during testimony of Villhauer. 科恩放空了四百五十萬股：Elan Shareholder Second Amended Complaint, p. 86; see also SEC v. CR Intrinsic Investors, Mathew Martoma and Dr. Sidney Gilman, and SAC Capital Advisors, No.12 Civ.8466 (VM), Amended Complaint, March 15, 2013. 哈維．彼特的人抵達了薩克資本：U.S. v. Martoma, GX 595, introduced during testimony of John Casey, SAC compliance officer. 薩克資本法規事務部的其中一位上級長官：U.S. v. Martoma, some details from lawyer discussion at bench, January 16, 2014; others from testimony of Casey. 「在交易前停下來想一想」：U.S. v. Martoma, GX 595, Harvey Pitt talk email invitation, and GX 591, Pitt slide presentation, introduced during testimony of Casey. 丹尼斯在網捷網路被併購的三天前：SEC v. Matthew G. Teeple, David T. Riley, and John V. Johnson, Complaint, United States District Court, Southern District of New York, March 26, 2013. 網捷網路在併購宣布後上漲了：SEC v. Ronald N. Dennis, No.14 Civ.1746, March 13, 2014. 他在這個禮拜接受了一系列化療：U.S. v. Martoma, chemotherapy treatment schedule elicited during Gilman cross-examination. 二十二頁簡報中：U.S. v. Martoma, GX 19, introduced during testimony of Hulme. 「我記得那時候我氣喘吁吁的」：Nathaniel Popper and Bill Vlasic, "Quiet Doctor, Lavish Insider: A Parallel Life," The New York Times, December 15, 2012. 「我有看到你昨天對惠氏的處理」：The stock symbol for Wyeth. U.S. v Martoma, GX 294, Martoma Lyndon email, introduced during Katie Lyndon testimony. 「晚點喝酒聊」：U.S. v. Martoma, Defense Exhibit (hereafter "DX") 328/GX 313, testimony of Jandovitz. 「總而言之，」他補充道，「沒必要打電話來，」：U.S. v. Martoma, GX 235, email date September 28, 2008, introduced during testimony of Gilman. 鑽紋資本每年支付七萬五千美元：U.S. v. Michael Steinberg, No.12 Cr.121 (RJS), testimony of Jesse Tortora 「戴爾確認了」：U.S. v. Steinberg, GX 214. 在漢普頓的週末公寓：U.S. v. Steinberg, GX 631. 「真奇怪……」：U.S. v. Steinberg, GX 631. 其他投資人：Laurie J. Flynn, "Dell's Profit Drop Surprises Investors," The New York Times, August 28, 2008. 他的上司擔保了他的賣空：SEC v. Dennis; Patricia Hurtado, "Former Level Global Analyst Says Two SAC Friends Got Inside Tips," Bloomberg News, No vember 29, 2012第八章 線人
一種叫做「戰略行為評估」的訓練課程：Eamon Javers, Broker, Trader, Lawyer, Spy: The Secret World of Corporate Espionage (HarperBusiness, 2010). 那位朋友，他在倫敦的黑石集團工作：Michael J. de la Merced, "Blackstone Executive Is Charged with Insider Trading," The New York Times, January 14, 2009. 好像他是個黑幫份子一樣：Peter Lattman and Ben Protess, "How Pursuit of Billionaire Hit One Dead End," The New York Times, January 14, 2013. 李洲彬每季都付兩千美元：U.S. v. Richard Choo-Beng Lee, et al., No.09 Cr.0972 (PKC), information filed October 13, 2009; also see Sentencing Submission by government. 「這是你唯一的機會」：Anita Raghavan, The Billionaire's Apprentice, (Business Plus 2013), p. 302. 基金公司的狀況相對來說算是很不錯：Susan Pulliam, "How Associates Helped Build Case," The Wall Street Journal, October 20, 2009. 唯一能滿足這些人的方法：U.S. v. Choo-Beng Lee, Sentencing Submission. 「首要全球研究」是最糟糕的共犯之一：In the Matter of Application of the United States of America to Authorize to Intercept Certain Wire Communications, 11 Cr.00032 (JSR), filed July 12, 2011. 「首要全球研究」是最糟糕的共犯之一：PGR Wiretap Application, pp. 20–25.與FBI探員戴夫．莫特伊以及詹姆斯．辛科合作的卡爾．莫特伊證實了姜的懷疑。莫特伊已婚，是三個孩子的父親，和不同避險基金中的五位投資組合管理人合作擔任顧問，他們每年都為了他提供的科技產業見解支付他五十萬，而他告知那些管理人的部分資訊是內線消息。當莫特伊被問起，他在金融業中觀察到哪些讓他訝異而他自己卻不一定有涉入的非法行為時，他回答：「專家網絡。」U.S. v. Motey, 10-cr-1249. PGR最大的客戶：Patricial Hurtado, "SAC Trial Seen by Probe Convict as Latest Abusive Tactic," Bloomberg News, January 7, 2014. 大衛．馬庫和詹姆斯．辛科開始蒐集證據：PGR Wiretap Application. 派托為薩克資本管理：Michael Rothfeld and Jenny Strasburg, "Witness Adds Thread to SAC Probe, The Wall Street Journal, January 23, 2013. 他們申請傳票時：Devin Leonard, "The SEC: Out- manned, Outgunned, and On a Roll," Bloomberg Businessweek, April 19, 2012. 當時是凌晨三點：U.S. v. Raj Rajaratnam, Rajiv Goel, and Anil Kumar, No.09 Mag.2306, October 15, 2009. 隔天早上六點：丹妮爾．奇希，紐卡索ㄐ基金的交易員；奇希的老闆馬克．柯蘭德；IBM資深副總裁羅伯特．莫法特；以及拉傑的兩位朋友，英特爾的主管拉吉夫．戈爾與麥肯錫的阿尼．庫馬。據稱奇希同時和柯蘭德與莫法特在一起，從莫法特身上獲取IBM的情資。Michael J. de la Merced, "Hedge Fund Chief Is Charged with Fraud," The New York Times, October 16, 2009.第九章 FBI與華爾街的賽跑
「如果你考了九十八分」：Ed Beeson, "When U.S. Attorney Preet Bharara Speaks, Wall Street and the World Listens," The Star-Ledger, August 19, 2012. 「學校、唸書、成績」：Carrie Johnson, "Family Ties," Columbia Law School Magazine, Fall 2011. 麥可．穆凱西：他是席德尼．吉爾曼的辯護律師馬克．穆凱西的父親。 讓他立志成為檢察官：Benjamin Weiser, "For Manhattan's Next U.S. Attorney, Politics and Prosecution Don't Mix," The New York Times, August 9, 2009.普里特不是巴拉拉家唯一一個具有高成就者基因的小孩。他的弟弟文尼也在三年後跟隨著哥哥的腳步進入哥倫比亞法學院。他是一間紙尿布網路零售商的共同創辦人，他們在二○一○年以五億四千萬美元把公司賣給亞馬遜；see also Johnson, "Family Ties." 「舒默的副手成為」：Benjamin Weiser, "Schumer Aide Is Confirmed as United States Attorney," The New York Times, August 8, 2009. 「有時候，貪婪並不是件好事」：U.S. v. Raj Rajaratnam et al., 09-Mag-2306, October 16, 2009; prepared remarks for U.S. Attorney Preet Bharara in press conference announcing charges. 瑞根甚至曾在二○○三年進入薩克資本工作：Rajarengan Rajaratnam testimony before the SEC, In the Matter of: Sedna Capital Management, file No.NY-7665. 人們只能自行猜測：在拉傑被捕的短短三天後，《華爾街日報》在網站上刊登了一則文章，首次公開指出李洲彬和阿里．法爾再和政府合作。此事對調查造成了非常大的負面影響。Susan Pulliam, "How Associates Helped Build Case," The Wall Street Journal, October 20, 2009. 百歐菲爾對薩克資本的起訴案：Shira Ovide, "SAC Capital, Biovail Finally Bury the Hatchet," The Wall Street Journal, November 4, 2010. 證管會起訴百歐菲爾在過去一年間涉及詐騙：Judith Burns, "SEC Charges Biovail Officers With Fraud," The Wall Street Journal, March 25, 2008. 在閱讀證管會提供的科恩相關檔案時：Patricia Cohen v. Steven A. Cohen et al., First Amended Complaint, No. 09 Civ. 10230 (WHP), April 7, 2010. 到了最後，拉利破產了， 結局悲慘：Steven Cohen and SAC Trading Corp. v. Brett K. Lurie and Conversion Trading Corp., No.8981/87, Affidavit in Support of Order to Show Cause, N.Y. State Supreme Court, May 12, 1987.See also, Douglas Montero, "Slippery Scammer an Elusive Daddy, Too," New York Post, October 26, 2004 and "Agents Catch Up with U.S. Citizen on the Run," A.M.Costa Rica,Vol.5, No. 224, November 11, 2005. 求償三億美元：Patricia Cohen v. Steven A. Cohen, et al., December 16, 2009. 他的母親是護士，父親是在越南駕駛C-130的戰機機師Virginia Grantier, "Four Boys Thank Her for Courage After Husband's Death," Bismarck Tribune, May 11, 2002. 馬托瑪那年拿到的獎金是九百三十八萬美元：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), GX 555, Dan Berkowitz testimony. 埃斯布雷能否獲得食藥署許可：Andrew Pollack, "FDA Rejects InterMune's Drug for Fatal Lung Disease," The New York Times, May 4, 2010. 將近四百五十萬的股份：Suzy Kenly Waite, "Hedge Funds Hemorrhage on InterMune," Institutional Investor, August 31, 2010. 「聯邦當局在三年的調查後即將要提起內線交易控告」：Susan Pulliam, Michael Rothfeld, Jenny Strasburg, and Gregory Zuckerman, "U.S. in Vast Insider Trading Probe," The Wall Street Journal, November 20, 2010; Ernest Scheyder and Matthew Goldstein, "U.S. to Lift Lid on 'Pervasive Insider Trading': Report" Reuters, November 20, 2010. 他和另一位在薩克資本波士頓分部工作的投資組合管理人諾亞．弗里曼成為朋友：Steve Eder, Michael Rothfeld, and Jenny Strasburg, "They Were Best of Friends, Until the Feds Showed Up," The Wall Street Journal, February 17, 2011. 他曾嘗試過違規增血：Freeman use of EPO; FBI notes from interviews with Noah Freeman, hereafter Freeman 302s. 他太過好鬥：Eder, Rothfeld, Strasburg, "They Were Best of Friends, Until the Feds Showed Up." 「日誌」：Freeman 302s. 無數個Gmail帳戶：Details of Longueuil's Gmail accounts; Freeman 302s. 多數即時通訊都集中在Skype：Longueuil use of Skype, FBI notes from interviews with Samir Barai, hereafter Barai 302s. 他們一直到凌晨兩點半才回到家：U.S. v. Samir Barai and Donald Longueuil, No.11 Mag.332, February 7, 2011; reference to video surveillance, exit and return times from affidavit filed by FBI Special Agent B. J. Kang.See also Eder, Rothfeld, Strasburg, "They Were Best of Friends, Until the Feds Showed Up." 巴萊和隆蓋伊發展出非常親近，或者也可以說是十分惹人厭的友誼：他們三人會在每季公布才報的前一週左右在聖克拉拉希爾頓見面，交換從不法來源取得的資訊，通常他們會在電子郵件中把這種會面稱做「三人行」或「堂、薩、諾──性」；; Barai 302s. 狀況越來越慘烈的離婚：Bree Sposato, "One Enchanted Evening: Bhavana Pothuri & Samir Barai," New York, April 15, 2006; Barai 302s 佛隆對於焦婉瑩的身分不太瞭解：Barai 302s; also, FBI interview notes with Jason Pflaum, hereafter Pflaum 302s 「你不該問」：Barai 302s. 一分鐘過後: "Fuuuuuck"： U.S. v. Barai, et al. 姜把兩人的對談內容全都拍攝下來：Pflaum 302s.第十章 奧坎剃刀
卡內基大廳的對街：Level Global Address, 888 7th Avenue; Level Global Search and Seizure Warrant, November 21, 2010. 持有法官在週末簽署的搜索票：搜索票授權他們搜索加奈克、他的搭檔安東尼．齊爾森和兩名分析師山姆．阿東達基斯以及葛瑞格．布倫納的辦公室；Level Global Search Warrant. 他在那週週六晚上：加奈克安排要在那週週末和證管會主席瑪莉．夏皮羅一起出席討論會，他們都是從富蘭克林與馬歇爾學院畢業的；Peter Lattman, "In Insider Case, the Odd Couple Won't Meet," The New York Times, November 23, 2010. 拍攝辦公室伺服器：Level Global Search Warrant.See also David Ganek v. David Leibowitz, Reed Brodsky, David Makol, et al., No.15 Civ.1446, February 26, 2015. 談成一筆生意：Katherine Burton, "Goldman Sachs Fund Buys Stake in Ganek's $4 Billion Hedge Fund," Bloomberg News, April 2, 2010. 把目標放在改變人生：U.S. v. Noah Freeman, 11-Cr.-116 (JSR), Sentencing submission on behalf of Noah Freeman, filed January 28, 2015, letter from Silas Bauer. 「我和公司裡的每個人都知道」：Freeman 302s. 「全部都處理好了」：The exchange recounted in U.S. v. Samir Barai and Donald Longueuil, 11-Mag-332, February 7, 2011. 沙利文曾擔任另一位共和黨參議員的顧問：Tory Newmyer and Kate Ackley, "Sullivan's Hiring Hedge Bets on Sully," Roll Call, April 18, 2007. 沙利文對參議員的調查人員說：Some details in Jenny Strasburg and Michael Siconolfi, "Senator Probes Trades at SAC," The Wall Street Journal, May 21, 2011. 五月二十四日，格拉斯利又寄了一封信：Letter to the Honorable Mary Schapiro, Chairman, U.S. Securities and Exchange Commission, from Charles E. Grassley, Ranking Member, Committee on the Judiciary, May 24, 2011. 「你之前的合夥人史蒂芬．詹」：Bob Van Voris and Saijel Kishan, "SAC's Martoma Harvard Expulsion Revealed as Trial Starts," Bloomberg News, January 10, 2014. 「你只是微不足道的小兵」：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG); cross-examination of Sidney Gilman. 花了一百九十萬買了一間五臥的房子：The Martomas spent $1.9 million on the house, according to Florida real estate records. 馬修與蘿絲瑪莉基金會：根據紀錄顯示，該基金會在二○一○年十月十日於佛州以一百萬元成立；根據該基金會的九九○表單顯示，基金會在二○一一年五十元或一百元為單位捐了幾百塊給屈指可數的地方慈善機構，並花費了超過兩萬美元的開支。往後幾年基金會都沒有都沒有提交九九○表單。 車道上暈倒原註：此段內容來自對當時事件有直接瞭解的人和我的對談，不同於與蘿絲瑪莉．馬托瑪告訴《紐約客》的版本：Patrick Radden Keefe, "The Empire of Edge," October 13, 2014.在該版本中，她說姜和卡拉漢靠近時，姜要她「進屋裡」，但她拒絕了。她說接著姜轉向馬托瑪說：「你想要自己告訴他，還是應該由我來？」馬托瑪告訴姜：「你想說就儘管說。」根據蘿絲瑪莉的敘述，姜對馬托瑪說：「我們知道你在哈佛做了什麼事。」然後馬托瑪便昏倒了。根據我的調查報導，馬托瑪因打擊而昏倒時蘿絲瑪莉並不在場，她沒有聽到姜在馬托瑪昏倒前說的話。第十一章 百折不摧
他送給兒子一面金屬牌原註：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), GX 65, Mathew Martoma Sentencing Memo, filed May 28, 2014; letter from Bobby D. Martoma. 馬托瑪畢業的第一年原註：U.S. v. Martoma; GX 106, Martoma Sentencing Memo, letter from Manju Varghese. 「他充滿野心，」原註：Patrick Radden Keefe, "The Empire of Edge," The New Yorker, October 13, 2014. 那名書記官在二月四號原註：U.S. v. Martoma, January 9, 2014, Disciplinary Hearing on Charges against Ajai Mathew Thomas, Findings of Fact and Decision of the Administrative Board, May 12, 1999, filed as exhibit to Government's Motion in Limine to Admit Evidence Concerning the Defendant's Expulsion from Harvard Law School in Response to Potential Defenses. 坎恩開除了那名學生的學籍原註：Jal D. Mehta, "Law Student Expelled for Forging Transcript," The Harvard Crimson, January 30, 1997. 信末寫的日期都是一月三十一日原註：U.S. v. Martoma, Exhibit to Government's Motion to Admit Harvard Evidence. 在最終的報告中原註：U.S. v. Martoma, Exhibit to Government's Motion to Admit Harvard Evidence, Disciplinary Hearing. 他的父親用他們的房子貸了二次房貸原註：U.S. v. Martoma, Mathew Martoma's Memorandum of Law in Support of his Motion to Exclude Evidence Concerning Events Unrelated to the Charged Offenses and Preceding Mr. Martoma's Employment at SAC, filed under seal, January 9, 2014. 一位才華洋溢的年輕程式設計師，名叫史蒂芬．詹原註：Ajai Mathew Thomas v. Stephen K. Chan, MICV-2000-0010, June 2, 1999, affidavit submitted by Mathew Martoma; some details of genesis of Computer Data Forensics. 報告上有三位「個案分析師」的簽名原註：Computer Data Forensics report filed as an exhibit to Government's Motion to Admit Harvard Evidence. 他還做了測謊原註：Martoma Motion to Exclude Evidence. He admitted that he had faked his Harvard transcripts原註：Thomas v. Chan, affidavit of Stephen K. Chan, January 20, 2000. 他們的員工都在辦公室裡原註：Bob Van Voris, "SAC Capital's Martoma Defense May Be Hurt by Partnership," Bloomberg News, January 28, 2014; also Thomas v. Chan, affidavit of Robert Owens. 「我們就像『出租朋友』一樣」原註：Van Voris, "SAC Capital's Martoma Defense May Be Hurt by Partnership." 憤憤不平的員工們一起寫了一封信原註：Thomas v. Chan, employee group letter, dated December 26, 1999. 滿身的瘀傷原註：Complaint filed in Thomas v. Chan. Martoma filed for a restraining order against Chan原註：Thomas v. Chan, Interlocutory Order Continuing Restraining Order in Force. 詹和六位合夥人被控詐欺原註：U.S. v. Chan, et al., U.S. District Court, District of Massachusetts, Criminal No. 98-10277-GAO, August 12, 1998.據稱他們為了商業目的用空殼公司的租賃合約取得了數百萬美元，為公司購買根本不存在的電腦設備和辦公室用品。 承認自己因一項共謀指控與一項郵件詐欺指控而有罪原註：Van Voris, "SAC Capital's Martoma Defense May Be Hurt by Partnership." 他正式把自己的名字原註：Name change occurred on August 29, 2001, per the Clerk of the Circuit and County Court, Brevard County, Florida. 「我們的目標是史蒂夫．科恩」原註：Some of the details of the FBI encounter come from Rosemary Martoma's account in Keefe, "The Empire of Edge." 終於取得了實質勝利原註：麥肯錫管理公司的前總裁暨高盛前董事會成員顧磊傑因為將高盛的資訊洩漏給拉賈拉特南而被逮捕並起訴。首要全球研究專家網絡被關閉。諾亞．弗里曼依然在和檢察官合作。薩米．巴萊也在認罪後開始和政府合作。唐納德．隆蓋伊也認罪，被判三十個月有期徒刑："Longueuil Pleads Guilty to Conspiracy, Securities Fraud," Bloomberg News, April 28, 2011; Patricia Hurtado, "Ex-SAC Manager Longueuil Sentenced to 30 Months in Prison," Bloomberg News, July 29, 2011. 他何必和FBI合作呢？原註：Securities and Exchange Commission v. Jonathan Hollander, No.11 Civ.2885, Southern District of New York, April 28, 2011.霍蘭德以內線消息用個人帳戶交易了五千六百股的連鎖超市艾伯森股票，並因此被起訴，在二○一一年四月和證管會達成民事和解。他同意支付十九萬兩千元罰金，在未來三年內禁止進入證券產業。 前薩克資本交易員唐納德．隆蓋伊原註：Hurtado, "Ex-SAC Manager Longueuil Sentenced to 30 Months in Prison." 準備要以內線交易的罪名起訴兩名交易員原註：馬庫有兩個和他合作的人，來自鑽紋資本和水準全球的前分析師傑西．托爾托拉和山姆．阿東達基斯。從他們提供馬庫的資訊來看，檢察官已經可以用內線交易起訴托爾托拉和阿東達基斯的老闆陶德．紐曼和安東尼．齊爾森了。據稱戴爾營收的內線消息是由戴爾的投資關係工作人員傳給前戴爾員工再傳給托爾托拉，接著托爾托拉傳給他的上司陶德．紐曼，再傳給托爾托拉的朋友阿東達基斯。 阿東達基斯轉頭把消息傳給在他的老闆，水準全球的安東尼．齊爾森。紐曼和齊爾森都和薩克資本關係緊密。See also Patricia Hurtado, "Newman Calls FBI Inside-Trading Agent As Last Witness," Bloomberg News, December 11, 2012. 「我有來自公司內部的二手數據」原註：U.S. v. Michael Steinberg, No.12 Cr.121 (RJS), GX 634, introduced during testimony of Jon Horvath.電子郵件全文：「我有來自公司內部的二手數據──這已經是我從他們那裡拿到資訊的第三個季度了，前兩個季度的資訊都非常可靠。他們說毛利率會下降五十到八十基準點，原因在於營銷組合和目前營業費用的狀況不好，營收小幅上升，導致最後每股收益下降。就算他們在營業費用或其它收入有彈性能補強過低的毛利率，每股收益與預估相同甚至高上一分錢，我覺得股價還是會掉（我知道他們說前一季的裁員數是後收型佣金）。請勿外傳，多數人尚未得知此消息。」 顯然斯坦貝格接著就有了動作原註：U.S. v. Todd Newman, Anthony Chiasson, Jon Horvath, and Danny Kuo, No.12 Mag.0124, sealed complaint, January 17, 2012.第十二章 大鯨魚
席德尼．吉爾曼在曼哈頓下城世貿中心原註：短短兩週後，鑽紋資本的陶德．紐曼便在二○一二年一月十八日於波士頓被逮捕，喬恩．霍瓦特則在紐約被捕。大衛．加奈克在水準全球的搭檔安東尼．齊爾森知道自己即將被捕，因此住進飯店。六位FBI探員衝進他位於上東區的公寓，卻發現他不在家。他在那天早上稍晚自首。惠蒂爾信託避險基金公司的基金經理人丹尼．郭在加州南帕薩迪納的家中被捕。普里特．巴拉拉公布政府起訴的罪名是他們一起靠著戴爾與輝達的內線消息進行違法交易，共賺進六千一百八十萬美元，其中五千三百萬是齊爾森在水準全球放空了大量戴爾股票賺來的：Jenny Strasburg, Michael Rothfeld, and Susan Pulliam, "FBI Sweep Targets Big Funds," The Wall Street Journal, January 19, 2012. 這是吉爾曼第一次原註：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), GX 741, dates of proffer meetings introduced during testimony of Dr. Sid Gilman. "Mat Martoma will call me re SAE's in bap"原註：U.S. v. Martoma, GX 751. 證管會才剛公開勸阻原註：證管會曾在數年前捲入一場糾紛，當時一位名叫蓋瑞．阿吉瑞的證管會執業律師、指控證管會的主管不讓他以內線交易為由，調查另一間掌握大權的避險基金皮科特資本公司。阿吉瑞說在調查該案時，他的上司不讓他在調查過程中找華爾街的高層主管來對談。他說他抱怨了這件事就被開除了。此事爆發後引發了社會騷動，阿吉瑞起訴政府單不當解雇。在二○一○年，證管會支付了七十五萬五千美元給他作為應付薪資。Gretchen Morgenson, "SEC Settles With a For- mer Lawyer," The New York Times, June 29, 2010. 他剛花了兩千萬買下紐約大都會百分之四的股份原註：Svea Herbst-Bayliss, "SAC's Cohen Buys Small Stake in New York Mets," Reuters, February 23, 2012. 對洛杉磯道奇隊提出競標原註：Bill Shaikin, "Billionaire Aims to Own Dodgers," Los Angeles Times, December 28, 2011.See also David Ng, "Dodger Suitor on Museum Board," Los Angeles Times, January 14, 2012; Ron- ald Blum, "MLB Approves Dodgers' Finalists," Associated Press, March 27, 2012. 古根漢合資集團的二十億美元競標原註：Ronald Blum, "Dodgers Reach Deal with Magic Johnson Group," Associated Press, March 28, 2012. 古根漢最知名的投資人之一就是麥可．米爾肯原註：Leslie Scism and Craig Karmin, "Guggenheim Gets SEC Scrutiny on Milken Ties," The Wall Street Journal, February 27, 2013. 使他極為失望原註：Steve Fishman, "The Taming of the Trading Monster," New York, June 3, 2014. 科恩推門而入時原註：日期是二○一二年五月三日。 『我就是覺得伊連藥廠的持倉不太好。』原註：In re: Elan Corporation, plc, SEC File No.NY-8152, U.S. v. Martoma, 12-Cr.-0973, government motion re Cohen SEC testimony.第十三章 因果循環
所有主要媒體都在報導馬托瑪被捕一事原註：Michael Rothfeld, Chad Bray and Susan Pulliam, "Trading Charges Reach SAC," The Wall Street Journal, November 20, 2012. 《紐約時報》的頭版寫著原註：Peter Lattman, "Insider Inquiry Inching Closer to a Billionaire," The New York Times, November 20, 2012. 高概念三明治餐廳原註：U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), testimony of Tim Jandovitz, January 10, 2014. 「因果循環，報應不爽」原註：U.S. v. Martoma, mentioned by Arlo Devlin Brown during sidebar discussion. 巴拉拉才在數個月前登上了《時代週刊》的封面原註：Massimo Calabresi, "U.S. Attorney Preet Bharara Is Taking Down Wall Street," Time, February 13, 2012. 這兩筆罰款加起來的金額將會是證管會收過的最高額和解金原註：Details on CR Intrinsic/Elan settlement: "CR Intrinsic Agrees to Pay More than $600 Million in Largest-Ever Settlement for Insider Trading Case," SEC press release, March 15, 2013.Details on Sigma/Dell settlement: "SEC Charges Hedge Fund Firm Sigma Capital with Insider Trading," SEC press release, March 15, 2013. 安東尼．齊爾森和陶德．紐曼原註：此案太過盤根錯節──這兩位投資組合管理人已經是戴爾營收電子郵件的一連串收件人中的第五位了──使得顯得岌岌可危。辯護律師認為政府是在測試刑法內線交易的極限會落在哪裡。齊爾森和紐曼聲稱他們不知道戴爾的資訊是從哪裡來的，卯足全力回擊。雖然案情複雜，有時證據又令人有些茫然，但陪審團在兩天後確認他們有罪。喬恩．霍瓦特在開庭審判的六週前決定和政府合作提供協助。Patricia Hurtado, "Ex-SAC Analyst Horvath Pleads Guilty in U.S. Insider Case," Bloomberg News, September 28, 2012.齊爾森和紐曼的定罪在二○一四年的上訴中被推翻。 他參加了達沃斯的世界經濟論壇原註：Katherine Burton, "Cohen Travels to Davos for Lesson in 'Resilient Dynamism,'" Bloomberg News, January 23, 2013. 他在二○○五年做了幾次著名的交易原註：Carol Vogel and Peter Lattman, "$616 Million Poorer, Hedge Fund Owner Still Buys Art," The New York Times, March 26, 2013. 「大約只有鉛筆尖那麼寬」原註：Kelly Magee, "Wynn's $troke of Luck," New York Post, October 15, 2008. 「科恩都一直對這幅畫魂牽夢縈」原註：Peter Lattman and Carol Vogel, "Suit by Ex-Wife of SAC's Cohen Revived on Appeal," The New York Times, April 3, 2013. 「你會在親眼看見這幅畫時感到驚艷」原註：Lattman and Vogel, "Suit by Ex-Wife of SAC's Cohen Revived on Appeal." 這個價值一億五千五百萬的交易登上新聞媒體時原註：事實上，科恩有可能是在好幾個月前的二○一二年十一月初就已經買下《夢》了，正好在馬托瑪被捕的三週前。他的顧問在新聞報導此事時試圖弭平這比交易帶來的影響：「時間點不太對。」他說，他指的是媒體報導畢卡索交易的時間點，並更正說科恩付的錢其實是一億五千萬。「我們要更正日期。」Lattman and Vogel, "Suit by Ex-Wife of SAC's Cohen Revived on Appeal."第十四章 救生筏
柏克最愛這種狀況了原註：在斯坦貝格被捕後，柏克表示：「麥可．斯坦貝格沒有做錯任何事。他的交易一直以來都立基於詳細分析，以及他透過機構投資人每天都依賴的那幾種渠道獲得並理解的資訊。」 比較安全的作法是起訴那些有確切證據的案件原註：想進一步瞭解司法部因寒蟬效應遭遇的損失，請見Jesse Eisinger, "Why Only One Top Banker Went to Jail for the Financial Crisis," ProPublica and The New York Times Magazine, April 30, 2014. 一九八八年，麥可．米爾肯的律師原註：James B. Stewart, Den of Thieves (Simon & Schuster, 1991), p. 441. 那項罪名將可以被歸納到他工作的那間公司上原註："9-28.000—Principles of Federal Prosecution of Business Organizations," U.S. Attorney's Manual, "Title 9: Criminal." 「根本沒做過虧心事」原註：Steve Fishman, "The Taming of the Trading Monster," New York, June 3, 2014. 柯洛茲打電話給南區證券調查小組原註：Ben Protess and Peter Lattman, "Cohen Declines to Testify in SAC Insider Case," The New York Times, June 28, 2013. 從年初開始，其中有將近二十億美元都被投資人買回了原註：Peter Lattman and Ben Protess, "SAC Starts to Balk Over Insider Trading Inquiry," The New York Times, May 17, 2013. 公司的高階主管一直在關注調查的走向原註：Matthew Goldstein, "Blackstone Notifies Cohen's SAC It Intends to Pull Money," Reuters, May 25, 2013. 他覺得歐巴馬執政團隊原註：Jonathan Alter, "Schwarzman: 'It's a War' Between Obama, Wall St.," Newsweek, August 15, 2010. 拋棄他原註：Peter Lattman, "Blackstone Keeps Most of Its Money with SAC," The New York Times, February 14, 2013. 這是薩克資本法規事務部唯一一次原註：U.S. v. SAC Capital Advisors, et al., No.13 Cr.541 (LTS), Sealed Indictment, July 25, 2013. 「今天，我們要宣布三個執法行動，都與薩克資本避險基金這個團隊有關。」原註：Preet Bharara press conference, July 25, 2013. 「很多人認為」原註：Fishman, "The Taming of the Trading Monster."開玩笑說他「穿條紋衣會很好看」原註：Michael Rothfeld, Jenny Strasburg, and Susan Pulliam, "Prosecutors Pursue Big SAC Settlement," The Wall Street Journal, September 24, 2013.
第十五章 哪來的正義
在早上八點之前抵達原註：Michael Rothfeld, Jenny Strasburg, and Susan Pulliam, "Prosecutors Pursue Big SAC Settlement," The Wall Street Journal, September 24, 2013. 華爾街主要投資銀行原註：摩根史丹利、摩根大通和高盛都繼續和薩克資本進行商業往來；德意志銀行在薩克基本被起訴後針對該公司設下了信用額度。Jenny Strasburg and Rob Copeland, "SAC Reconsiders Industry Relationships—And Its Name," The Wall Street Journal, December 12, 2013. 「他們對我們來說是重要客戶」註：Gary Cohn interview with Kate Kelly, CNBC, July 31, 2013. 在避險基金業界中擁有「史無前例的極高內線交易流通量」原註：Preet Bharara prepared remarks, July 25, 2013.See also Peter Lattman and Ben Protess, "SAC Capital Is Indicted, and Called a Magnet for Cheating," The New York Times, July 25, 2013. 「少部分的犯罪」原註：Peter Lattman and Ben Protess, "$1.2 Bil- lion Fine for Hedge Fund SAC Capital in Insider Case," The New York Times, November 4, 2013. 「穿得保守一點」原註：Kaja Whitehouse and Michelle Celarier, "Steinberg Wife to Pals: No Wearing Bling Near Jury," New York Post, December 16, 2013. 霍瓦特被領進法庭原註：霍瓦特在瑞典出生，在多倫多長大，是皇后大學商科畢業的。U.S. v. Michael Steinberg, No.12 Cr.121 (RJS). 賺了多少錢原註：U.S. v. Michael Steinberg, GX 2004, 2005, and 2006, introduced during testimony of Daniel Berkowitz, November 21, 2013. 成員包括了前任郵務工作人員原註：Christopher M. Matthews, "SAC's Steinberg Convicted in Insider-Trading Case," The Wall Street Journal, December 18, 2013. 下午兩點五十九分，陪審團投票表決原註：Stevenson and Abrams, "Insider Jury-Room Demonstration Persuaded Holdouts in Ex-Trader's Trial."第十六章 判決
來電者是馬托瑪的律師理查．史卓斯伯原註：馬托瑪在二○一三年的案子中把辯護律師查爾斯．史提曼換掉了。Peter Lattman, "Martoma, Former SAC Employee, Changes Lawyers in Insider Case," The New York Times, April 4, 2013. 財經版的封面頭條寫著原註：Matthew Goldstein and Alexandra Stevenson, "Ex-SAC Trader Was Expelled From Harvard Law School," The New York Times, January 9, 2014. 更令他感到痛苦原註：馬托瑪說他徹底毀了。U.S. v. Mathew Martoma, No.12 Cr.0973 (PGG), Mathew Martoma Sentencing Memorandum, GX 101, letter from James Tierney. 於是馬托瑪便成了替代的孩子原註：在這段期間，陶德對於吉爾曼為何會在遇到年輕英俊的馬托瑪時陷得這麼深、這麼徹底，自有一套理論。在庭審開始後，自從一九九一年就沒有和父親說過話的陶德開始撰寫一本與父親有關的書籍提案。陶德之所以會和吉爾曼醫師斷絕關係，是因為他覺得父親拒絕他同性戀的身份，也拒絕陶德的哥哥傑夫的同性戀身份。在書籍提案中，陶德描述吉爾曼醫師「對於兩個兒子都是同性戀感到非常困擾。」接著接又描述了當時正在發生的謎團：吉爾曼醫師為了維持和馬托瑪的關係而決定危及自己的名聲與一生的志業。「那麼，席爾曼真正的動機是什麼？」陶德寫道。「他兒子的──或者他自己的──性傾向是否也是動機的一部份？」 "Not My Father's Keeper: Unveiling the Skeletons in Dr. Sid Gilman's Closet," a book proposal by Todd Gilman, Ph.D., October 6, 2014. 感覺就好像被三顆子原註：U.S. v. Martoma, Martoma Sentencing Memo, GX 65. 這個案件已經使馬托瑪的經濟完全崩潰了原註：U.S. v. Martoma, Forfeiture Request, GX A. 以非營利組織的名義成立了基金會原註：Mathew and Rosemary Martoma Foundation, Form 990, 2011; the foundation did not file 990s for 2012 and 2013. 「現在不會、以前也從來沒有、未來也永遠不會」原註：Patrick Radden Keefe, "The Empire of Edge," The New Yorker, October 13, 2014. 撤銷了他的學位原註：Melissa Korn, "Stanford B-School Strips Diploma of SAC Capital's Martoma," The Wall Street Journal, March 5, 2014. 在這整件事中扮演的角色非常邪惡原註：More on Judge Gardephe's mindset: "From the Trenches: High Profile Trials 2014," Practicing Law Institute, September 2014. 「依照事件的發生順序判斷」原註：U.S. v. Martoma, Memorandum Opinion and Order, September 8, 2014.尾聲
其中一幅將要拍賣的畫作原註：Katya Kazakina, "Billionaire Cohen Said to Sell $25 Million Dubuffet 'Paris,'" Bloomberg News, April 7, 2015. 「史蒂文是一位非常認真、非常敏銳的蒐藏家」原註：Carol Vogel, "Steven A. Cohen Was Buyer of Giacometti's 'Chariot,' for $101 Million," The New York Times, November 10, 2014. 自己開設了一間避險基金原註：Saijel Kishan, "EX-SAC's Kumin Said to Gather $1 Billion for Hedge Fund Startup," Bloomberg News, January 14, 2015. 「顧問董事會」原註：Juliet Chung and Jenny Strasburg, "Steven A. Cohen's Point72 Asset Management to Create Advisory Board," The Wall Street Journal, November 16, 2014. 科恩的「家族辦公室」在一年內為他賺進了數億美元原註：Matthew Goldstein, "Profit at Point72, Cohen's New Firm, Outshines Many a Hedge Fund's," The New York Times, January 5, 2015. 最傑出的作品之一原註："Giacometti's iconic L'Homme au doigt (Pointing Man)," Impressionist & Modern Art Auction Preview, Christies, April 16, 2015. 這是拍賣會中有史以來以最高價競標賣出的一座雕塑原註：Eileen Kinsella, "Billionaire Steve Cohen Goes On a $240 Million Giacometti Buying Spree," Artnet News, June 8, 2015; Kelly Crow, "Steven A. Cohen Was Mystery Buyer of $141 million Sculpture," The Wall Street Journal, June 8, 2015. 「昨天的判決」原註：Interview with Richard Holwell, Bloomberg Television, December 11, 2014. 退回了他們的有罪答辯原註：除了斯坦貝格和之外，巴拉拉還少了另外五個合作證人的有罪答辯：傑西．托爾托拉、史派里東．阿東達基斯、珊迪普．戈亞、丹尼．郭與杭恩．林姆。Matthew Goldstein, "U.S. Prosecutor to Drop Insider Trading Cases Against Seven," The New York Times, October 22, 2015. 「創造了一份明顯的路徑圖」原註：Gina Chon, "Preet Bharara Warns of Insider Trading 'Bonanza,'" The Financial Times, October 5, 2015. 「到時候會有一大堆人在門外排隊」原註：Aruna Viswanatha and Juliet Chung, "Deal Ends SEC's Pursuit of Steven Cohen," The Wall Street Journal, January 8, 2016.