SAC Capital Advisors

US Attorney’s Office and FBI Feud Over SAC Capital Raid

US Attorney’s Office and FBI Feud Over SAC Capital Raid

The United States Attorney’s Office had “a major disagreement” with the Federal Bureau of Investigation (FBI) over the pre-dawn raid on SAC Capital portfolio manager Michael Steinberg’s insider trading investigation according to FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino. Gasparino went on to report that The U.S. Attorney’s Office does not believe in pre-dawn raids for insider trading, but the FBI is for it.

On the “major disagreement” between the FBI and the U.S. Attorney’s Office over the pre-dawn raid:

“People inside the U.S. Attorney’s Office from Manhattan, that’s the office run by a guy named Preet Bharara had a major disagreement with the FBI over this pre-dawn raid. We should point out that Steinberg’s attorney went to great lengths to basically say my guy will turn himself in, he has no problem turning himself in. The FBI rejected that and also rejected the sort of, I guess you would say, the advice, the council of the U.S. Attorney’s Office not to do a pre-dawn raid to allow him to essentially  turn himself in. The reason why in their opinion – the FBI believes, maybe you want to call them hard asses about this, but they believe there is a clear deterrent to having this stuff go down this way.”

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