A botched case against Hedge Fund Billionaire Steve Cohen

Steve Cohen, Chicago billionaire hedgy, is without doubt enjoying his 4th of July weekend holiday. Throw some more dogs on the grille, baby. It's party time. Invite the neighbors, honey.

It looks as if the federal prosecutors have either botched the case against him or didn't have enough of a case all along.

This case was about the insider-trading scheme run by SAC portfolio manager, Mathew Martoma.

Insider trading is always so very tough to prove. However, it gives lawyers on both sides something to do. And in a tough employment environment for jobs for lawyers, it could be viewed on win-win terms for the legal industry.

Enjoy watching Cubs baseball this weekend!

Steve.

Allen Stanford gets 110 years in the big house

Allen Stanford sentenced to 110 years in prison


(Reuters) - Former billionaire Allen Stanford was sentenced to 110 years in prison on Thursday for running a $7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean.


Sir Allen & Me: An Insider's Look at R. Allen Stanford and the Island of Antigua

Sean Quinn: The Road From Billionaire to Bankrupt

It seems, as if, the theme of this early week begins with several stories about billionaires in court. Maybe a new, reality TV program, perhaps? Probably not, since viewers are sick of reality TV.

Yesterday, we wrote about Michigan billionaire Manuel (Matty) Moroun getting thrown into jail for a day for not complying with a judge's order. We ever so politely suggested to Matty:  Finish the damn bridge!!!

Today, it is about obliging our European readers with an image, a story and comments on Sean Quinn, the ex-billionaire prankster bankster from Ireland. Everyone in Europe and half the people elsewhere know about Sean this month.

Our commentary at Think Billions is kind of obvious and basic here. The hubris, the aggressiveness, the audacity that worked so well for this guys in the business world, does not work at all in the court room. Do you expect their legal team will tell them to "tone it down a bit?" Of course not, they want their jobs, their retainer, don't they?

Yes, this is a helpful lesson for all the future billionaires out there. Be careful in the court room. And be especially nice to judges, whether you mean it or not!

Paris Hilton: A Billionaire's Mug Shot

Billionaire girl, Paris Hilton (more correctly..... one of The Top 10 Hot Billionaire Heiresses of 2007) has made it to the top once again.

It is now one of the most searched items this week - her mugshot! The Official Paris Hilton Mugshot. It's still pretty glamorous.

Google reports that people searched for Paris' last photo by the millions before she arrived at her 100 sq foot cell.

In the photo Paris is smiling with her hair flipped to the side wearing the same make-up she wore to the MTV Movie Awards earlier on Sunday night.

See you in several weeks!

Top Ten Things Paris Hilton Heard Today In Prison

10. “No, we don’t have a room service menu”

9. “Versace doesn’t make an orange prison jumpsuit”

8. “Say ‘That’s hot’ one more time and I’ll smother you with a pillow”

7. “Governor Schwarzenegger called, but no one could understand a thing he said”

6. “I assume you’re accustomed to people watching you shower”

5. “No number five — writer too heartbroken”

4. “If you miss your chihuahau, the rats make pretty good pets”

3. “I’m in here for illegally downloading video of you off the internet”

2. “May I have your autograph Miss Lohan?”

1. “Tell Letterman we can’t accept any more flowers”

Top 10 List via David Letterman