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Elizabeth Warren wants to know why disgraced hedge fund manager allowed back into banking

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U.S. Senator Elizabeth Warren, a firebrand of strong financial regulation, wants to know why securities regulators approved Steve Cohen’s new firm as an investment adviser after barring the billionaire from managing other people’s money until 2018.

In a letter sent on Thursday to the U.S. Securities and Exchange Commission, the Massachusetts Democrat said the regulator’s decision to approve the firm, Stamford Harbor Capital L.P., makes “a mockery of the SEC’s core mission to ‘protect investors.'”

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“The Commission has permitted a recidivist hedge fund manager, well-known for his former company’s willingness to evade and ignore federal law, to once again profit from – and potentially exploit – investors,” she wrote, adding it is “the latest example of an SEC action that fails to appropriately punish guilty parties, deter future wrongdoing, and protect investors.”

In 2012 Cohen was implicated in an insider trading scandal at a unit of SAC Capital Advisors, a hedge fund he founded. The SEC in January reached a settlement with Cohen prohibiting him from serving in a supervisory role at any broker, dealer, or investment adviser until 2018, addressing charges related to the SAC subsidiary.

Earlier this month the SEC granted registration to the new entity, which Cohen owns.

A statement from a Stamford Harbor spokesman said Cohen will “not supervise the activities of anyone acting on its behalf,” thus allowing him to abide by the agreement he reached with federal regulators.

The firm will initially focus on investments in private companies that are illiquid, or can be difficult to sell quickly, according to filings. But it could also seek or accept outside capital in the future.

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Warren said the firm had a “shell management structure” and the SEC should ensure “that future settlement agreements cannot be so easily undermined.”

She asked for a complete list of “other individuals or firms who, like Mr. Cohen, were barred from managing funds (or barred from other activities by SEC) yet are presently indirectly involved in those activities with SEC-registered entities.”

(Reporting by Lisa Lambert; editing by Andrew Hay)

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Confederate battle flag banned — Marine Corps declares it a ‘threat to our core values’

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The United States Marine Corps banned the public display of the Confederate battle flag on Friday.

"Depictions of the Confederate battle flag are unauthorized in public and work spaces aboard an installation," the Marine Corps wrote in guidance to the troops.

The ban applies to bumper stickers, clothing and flags among other items.

"The Confederate battle flag has all too often been co-opted by violent extremist and racist groups whose divisive beliefs have no place in our Corps," the Marines explained.

"Our history as a nation, and events like the violence in Charlottesville in 2017, highlight the divisiveness the use of the Confederate battle flag has had on our society," the continued. "The presents a threat to our core values, unit cohesion, security, and good order and discipline."

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BUSTED: Police arrest Anthony Brennan III on assault charges after viral video of attack on teenage protesters

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On Friday, The Washington Post reported that authorities have arrested Anthony B. Brennan III, a man suspected of being the attacker caught on camera in Maryland attacking teenagers putting up posters protesting the death of George Floyd, and charged him with second-degree assault.

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Trump is ‘a soulless man with a broken mind’: George Conway calls out his wife’s boss in scathing op-ed

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George Conway, the prominent Republican attorney married to White House counselor Kellyanne Conway, blasted his wife's boss in a new Washington Post op-ed published online on Friday evening.

"Until three brief months ago, President Trump never faced a serious crisis, at least one not of his own making. But now he has faced two, and is failing two, in short order: the covid-19 pandemic, with its concomitant economic devastation; and now social unrest, and rioting, stemming from the killing of George Floyd in Minneapolis police custody," Conway wrote. "Lacking in humanity, Trump has had no idea how to handle either one."

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