Write-Offs: 01.02.14

$$$ Billions Vanish in Kazakh Banking Scandal [WSJ]

$$$ SAC’s Cohen Focus of Trial as Martoma Rebuffs U.S. [Bloomberg]

$$$ Elan and Wyeth announced initial results for the Alzheimer’s drug trial on June 17. They were positive, emboldening both Martoma and Cohen. By June 30, 2008, CR Intrinsic owned over $233 million worth of Elan shares and more than $80 million of Wyeth, comprising almost 14 percent of the fund’s holdings. Cohen also had $293 million of Wyeth and $95 million of Elan in his personal portfolio. There are signs that the investment was generating considerable excitement around the office. As the positions ballooned, Cohen’s personal assistant, Kate Mattox—who listened to practically every conversation her boss had every workday via the famous Steve-cam, which broadcast Cohen’s movements across the trading floor—asked senior management for permission to open a personal trading account. There were only two stocks she wanted to buy: Elan and Wyeth. The firm said no. (Mattox has since left SAC; a SAC spokesperson declined to comment.) [BusinessWeek / Sheelah Kolhatkar]

$$$ Supersize markups on Super Bowl tickets [NYP]

$$$ Shia LaBeouf Turns To Skywriting For Latest Apology [HP]

$$$ Dollar Is Off to a Roaring Start in the New Year [WSJ]

$$$ Citigroup paid $250 million to resolve U.S. mortgage suit [Reuters]

$$$ Crack mayor Rob Ford running for re-election [NYP]

Click Here
No comments (hidden for your protection)
Show all comments ↓

Comments are closed.