Matt Levine has some interesting thoughts on Senator Elizabeth Warren's letter to the Securities and Exchange Commission about money manager Steven Cohen:
The markets are still safe from the possibility that Steve Cohen might "profit from -- and potentially exploit" outside investors. Until Jan. 1, 2018, when he can exploit them to his heart's content.
Of course, Cohen has never actually been accused of exploiting outside investors. Outside investors love him! They lined up to fling money at him, even though he charged fees of 3 percent of assets and 50 percent of profits. Which sounds exploitative, actually, come to think of it, except that he made them so much money, with average returns of 30 percent for two decades. Then, once he kicked them out and turned his fund into a family office, he made so much money for himself.