The good news, if you are Mr. Steve Cohen: you were neither charged nor “mentioned by name” in the criminal complaint against your former employee, Mathew Martoma, who is alleged to have orchestrated “the most lucrative insider trading scheme ever.” The less good news: YOU ARE PORTFOLIO MANAGER A. YOU NEVER WANT TO BE PORTFOLIO MANAGER A!
U.S. officials for the first time Tuesday implicated Steven A. Cohen, the founder of SAC Capital Advisors LP, in an alleged insider-trading scheme they said was the most lucrative ever to be charged…Mr. Cohen…is referred to as “Portfolio Manager A” in an alleged $276 million insider-trading scheme in a civil complaint filed by the Securities and Exchange Commission, according to people familiar with the matter. Both civil and criminal complaints also refer to him as the “owner” of two hedge-fund affiliates involved in the alleged scheme, and depict him as integrally involved in the allegedly illicit transactions…According to the SEC complaint, Portfolio Manager A authorized many of the trades based on Mr. Martoma’s alleged inside information, and rejected the advice of other analysts at his firm that conflicted with Mr. Martoma’s positions. In particular, on July 20, 2008, after Mr. Martoma had learned negative information relating to two pharmaceutical stocks in which SAC and its affiliate had big positions, Mr. Martoma said it was “important” that he speak to Portfolio Manager A, and indicated he was no longer “comfortable” with their positions, according to the civil complaint.
The next day, Portfolio Manager A’s head trader began selling hundreds of millions of dollars of shares in the two companies, and the hedge funds later began executing negative bets against those two companies’ stocks, reaping big profits and saving large losses.
10 bucks someone at the SEC is seen wearing a S.A.C fleece signed by A.Rod by weeks end…Takers?
fuck…
No mention of Little Cat A, B, or C?
–Guy who just read The Cat in the Hat Comes Back to his kid
This is a terrible tragedy. Investors were fleeced.
Go on.
I can think of at least one compliance officer who is going to be SACked.
Shamelessly copying the Drudge siren, I see, did you ask for his permission?
- UBS Intellectual Property Quant
Please Matt, do us some charts and some CFA level II analyses on this P&L:
Economic Inputs
1- No Bonus in 2009, base pay $250k
2- $9.38mm Bonus in 2010, base pay $250k
3- Lawyers fee for a plea- $250k
4- SEC penalty- $5mm
5- 18 months in mimimum security lock-up- loss of 18 months income, -$60k
6- Taxi driving until retirement- 27 years x $50k, $1.35mm
What is the Expected Value of insider Trading?
You're an idiot and also new here.
Never comment again.
You're not very bright, are you?
Jojo the idiot circus boy?
Might I recommend he gets Zambonied, dipped in formaldehyde and stuffed into a Perspex box.
Seriously folks. What if they go after Cohen? What happens to his portfolio? Does he close shop? Is there reputational damage if he's practically the only investor in his fund?
what a sac of lies and deceit
I noticed that you all called yourselves "guest" in lowercase – next time I comment, I will be sure to abide by the standards and lowercase the first letters of names. Thank you for the advice!
Til we meet again,
guest (formerly Guest)
SAC needs to merge with Rochdale to survive
Best thing for him is to come down with Alzheimer's at this point….
Green dot or Red dot on Bloomberg?
I'm sorry Bess. I know you must be taking this news harder than anyone.
*WHEW*
- Portfolio Manager B
"obviously no one knows except you me and [HF Owner]"
Looks real bad, Stevie boy.
Maybe SAC will be seen wearing Presidential cufflinks in the not too distant future.
pmco
Thanks for the gift certificate! You are a woman of your word and an upstanding member of the Dealbreaker peanut gallery.
- In love with pmco II
"What if they go after Cohen?"
Current Steven A. Cohen Net Worth: +/- $1 bil
Less: legal fees re: first wife, SEC settlement, buying all copies of "that" deck of cards": $100 mil
Net Steven A. Cohen Net Worth: +/- $800 mil
Sure, ban him from the securities industry – he will just grow MORE powerful, allocating money to his favored new PMs – HE CANNOT BE STOPPED!
"Whew."
-J. Corzine
Maybe McAfee can help by sending an instruction manual for his cardboard escape pod 5000?
"Current Steven A. Cohen Net Worth: +/- $1 bil "
try more like +/- $ 6 bill
"+/- $1 bil"?…I'll take the over
Cherry top flashing grand mal seizures, commence.
Steve Cohen doesn't get out of bed for less than $1 bn/day…
Honestly did not care enough to Google it. Whatever, even if they invoiced him for $3 bil, he's got more than enough to live on, even if he attached $100 bills to the bottom of his shoes to use on the rink. He'd be just as fine as an allocator, and he can toss $50 mil a year to charities and be a hero to boot. His only risk is reputational. See: Milken, Michael.
Better sell the shark.
Portfolio Manager A needs to merge with [Hedge Fund Owner] to survive.
( voice cracking, as in after a major loss at the desk )
The acronym is what drove me to work there.
He may go down. What do you mean ?
He does a stint inside, pays a large fine. Industry ban.
Moves on.
What an amateur.
brack·et
verb (used with object)
(Gunnery) To place (shots) both beyond and short of a target.
We have caught the sniper like a duck in a noose. Say it, duck in a noose.
lol
9,10,11,12
chimp city
9 , 10 , 11, 12
chimp city
loser ???
What sounds like a a "stint" is what they stick in your clogged arteries. A "stretch" is the time in jail that the Feds stick up your ass.
you don't think that frog in your throat thing is accurate ?
hear it at least once a week.
how do they say homosexual ?
N/A
"Mark Haines at CNBC for example, says someone from the network tried to talk to him.
Cohen told them, "You don't need to be talking to me. I'm on the way down."
Any thoughts about what that means?"
Read more: http://articles.businessinsider.com/2011-01-28/wa…
You are welcome Bander. And good job by you for paying it forward. The deal struck today is $100 to Sandy Relief and $150 for Margs and Gimlets.
xoxo
"Stent"…..stick to the prison side of your lingo
7- Book Deal while in minimum security lock up – $2mm
Get a fucking room you two
Get out of our conversation and go fuck yourself you fucking fucktard.
FKApmco
try more like +/- $ 8 bill
http://www.youtube.com/watch?v=5hfYJsQAhl0
I'm so sick of hearing about SAC. I've got a much more interesting story: Back when Dan Dorfman was on CNBC, SOROS used to coerce him into moving stocks in his direction by sending child prostitutes to his house while having it videotaped so he could use it against him. There's some inside information for ya.
For the record EQ, while the above is something I might say, I did not say it. There is an impostor among us.
Fuck it, I can't count all of your chromosomes
I am also sick of this
How much is the sec spending on this witch hunt? What about the millions of money laundering small businesses and welfare cheats? what about the criminal federal reserve stealing from savers?
a message to the Obama communist government – fk off already scapegoating wall street for votes
Shark for sale, comes with tank full of formaldehyde. Cash bids only. Must move quickly as I plan to be relocating soon. Don't tell my ex-wife.
Contact: Stevie@sac.com
Well Stevie, now we know how you feed your family…
I look into my crystal ball and see a rapidly rising public prosecutor that will be a future client number 10.