SAC Capital Senior Officials are Scrambling to Prevent Massive Redemptions

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that SAC Capital senior officials are “scrambling to prevent massive redemptions from the $14 billion hedge funds and are currently contacting and holding one-on-one meetings with large investors.” Excerpts from the report are below, courtesy of Fox Business Network.

On SAC Capital’s attempts to prevent redemptions:

“SAC senior officials are scrambling to prevent massive redemptions from the $14 billion hedge funds and are currently contacting and holding one-on-one meetings with large investors. Basically they’re saying don’t pull out, we think we have this under control. They’re saying despite everything you’ve heard, the criminal charges against [Matthew] Martoma, the investigation that involves Steve Cohen…they think Steve Cohen is going to be OK. Internally, they’re saying we may get a large fine, we think we are going to get a large fine, we think we are facing charges but we are not going to be indicted so keep your money with us. The bottom line is you don’t know until February.”