Recall that Pequot Capital Management was the target of an inside trading probe by SEC lawyer Gary Aguirre. Various Pequot trades were flagged by exchange surveillance teams and delivered to the SEC. Aguirre later said he was fired after he sought approval to interview John Mack, CEO of Credit Suisse First Boston at the time. Mack was a major Bush donor, and when the issues exploded publicly and in a Congressional hearing, it looked bad for the SEC. Anyway, Pequot has just been informed that it will not face any charges, though the case remains open. The Senate Finance Committee is still looking into the circumstances surrounding Aguirre's termination.

For more on this:
- Here's a New York Times article