They didn't exactly cheat. According to the rules as written, what they did was acceptable. Others who were slightly less blatant about it were permitted, and continue to be permitted, to do the same thing.

That tax case didn't concern their alpha. It was a result of the ruling body deciding that they had inaccurately grouped short term profits with long term profits, through the use of basket options. The ruling in this case was simply the short term gains that were grouped into basket options weren't able to be taxed like the long term gains they were construing them as.

We agree. The case was about Renaissance breaking the law. The best lawyers their money could buy lost and did not avail themselves of their right to appeal. The ruling body found they were tax cheats.

Philanthropic work is great way to get shills to come out of the woodworks.