Why SAC's Steve Cohen Isn't in Jail

After seven years of investigations, wiretaps, unearthed documents, and undercover informants, the government had not been able to assemble enough evidence to charge Cohen criminally with insider trading—though people familiar with the investigation say the pursuit of the billionaire hedge fund founder continues. It’s becoming increasingly apparent, however, that Cohen was just clever—or lucky—enough to avoid the harshest penalties levied against some of his own employees. The reasons why may trace back to his actions during a few pivotal weeks in the summer of 2008.