Luckily, Steve Cohen could count on Goldman to loan him some scratch.

Goldman Sachs Group Inc, which stood by Steven A. Cohen last year as his SAC Capital Advisors LP bore the brunt of a massive insider trading probe, has come to the billionaire’s aid again. The top prime broker to the former hedge-fund firm, Goldman Sachs is making a personal loan to Cohen for the first time, according to a regulatory filing, joining the list of banks that have provided SAC’s founder with credit lines backed by his $1 billion art collection. Like Citigroup Inc. (C), JPMorgan Chase & Co. and Bank of America Corp., New York-based Goldman Sachs is making the loan through its private bank as part of an effort to expand its business catering to ultra-wealthy individuals.

Goldman Sachs Supports Cohen With Loan Backed by Fine Art [Bloomberg via Matthew Goldstein]

Related: Whatever Doesn’t Kill Steve Cohen Makes Him Stronger

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  1. Posted by Franklin P. Adams | May 7, 2014 at 8:00 AM

    This has all the earmarks of a very bad decision. Hey, Lloyd, I've got a neat sand castle I'd like to use as collateral. Howzabout it, baby?