The Book Club: Black Edge and the Quest to Convict the Most Wanted Man in Wall Street
I read Black Edge when it came out last year and, I have to say, that its one of the best books about Wall Street’s stories I’ve read in a long time. The book depicts the epic battle between hedge fund legend Steven A. Cohen. and federal authorities. The mastermind by New Yorker’s writer Sheelah Kolhatkar, Black Edge goes in detail into the U.S Attorney’s office quest to convict Cohen and his firm SAC Capital. The case that started with the arrest and conviction of Galleon Group hedge fund magnate Raj Rajaratnam, became an obsession for federal authorities which end up convicting numerous people associated with Cohen such as his lieutenant Mathew Martoma as well as companies such as Level Global, Diamondback Capital Management of Stamford, Connecticut and Loch Capital Management. Although SAC Capital pled guilty to securities fraud, the authorities were unable to convict Cohen whom, since then, has been working in his own asset management firm, Point72 and is gearing up to launch a new fund with external capital.
Black Edge does a phenomenal job describing one of the most intriguing Wall Street sagas of the last 20 years. Kolhatkar takes a pragmatic an impartial view to a very complex subject that exposes the best and both of both worlds.