It seems obvious from the SEC's complaint that SAC was in need of a compliance oversight department to insure that its compliance dept was insuring that PM's were in compliance with SAC's Code of Ethics. Oh, yeah, that was Cohen's job. So perhaps what SAC needed a CEO-overseer to make sure that the CEO was overseeing the compliance department in order to insure that SACs PMs (or the CEO!) was complying with its Code of Ethics (not to mention applicable law).
One also might speculate on SAC's understanding IM and service-provider archiving of IM messages. Since the ground rules on accepted communications between suppliers of edge and SAC consumers of edge was crystal clear to suppliers, one might wonder whether SAC believed IMs were somehow disposable and "not like email", somehow vanishing into cyberspace upon exit. This seems (to me) rather amateurish in comparison to the sophistication and lengths employed to cultivate an edge systematically throughout the business over time.
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