Earlier today French doctor Yves Benhamou was charged with passing on some hot info about Hepatitis C to an unnamed hedge fund, which didn’t seem to make any money off of the tip but avoided losing $30 million by a timely sale of six million shares of drug maker Human Genome Sciences. The fund was not named, but according to Matthew Goldstein at Reuters, it’s FrontPoint Partners, which has suspended a trader named Dr. Chip.
FrontPoint Partners oversees roughly $7 billion in assets, including in healthcare funds. It has offices in Greenwich, Connecticut; New York; and London. The fund’s healthcare-focused group was formed in 2003 when Chip Skowron, Jason Bonadio and Ajay Bhalla joined the firm from rival hedge fund firm SAC Capital Management.
According to the firm, they are “cooperating fully with this investigation” and “have placed Dr. Chip Skowron on leave pending the outcome of the investigation.”
That’s a shame. It would have been awesome to hear Eisman rip those HGS nerds a new one on the next conference call.
No wonder Stevie didn’t rip HGS’s management a new one in the investor conference. Hipocrit.
Frankly, the only accomplishment that this management team can truly point to is the survival of this Company, which I don’t mean to minimize, but otherwise, this management team has overseen are failed drug trials and a massive destruction of human life. I demand a response.
ugh, I know :(
What does Conan O’Brien have to do with any of this?
That Jason Bonobo is one sharp dresser.
SAC:Insider Trading :: Goldman:front-running
Just the tip?
illegal tips? is that code for unclipped cock? those french are dirty
Eisman has nothing to do with the fund being investigated. Eisman manages the Frontpoint Financials Fund. Chip is co-PM of the Frontpoint Healthcare Fund. Two completely separate funds in different locations.
he’s a top manager at the firm. you’re an idiot– just sayin.
Steve Eisman has nothing to do with this. Dealbreaker is the only website that is getting this wrong. Chip is a co-PM for Frontpoint’s Healthcare funds. FPP is not a fund, it’s a grouping of completely different funds that share the same operational platform. Try to get it right in your follow-up Dealbreaker
So, everyone in Greenwich really IS named Chip?
Dr. Chas. Festerbottom, PHD, MFA, BSD
do you see him mentioned in this post? try to get it right in your follow up comment, Correction.
“Dealbreaker is the only website that is getting this wrong”
um, reuters, the wsj, dealbook have all mentioned eisman. try again.
Earlier this year the had the first drug approved for Lupus in several decades.
(Or are you riffing on Steve’s comments on the CC? If so, sorry for being pedantic)