If Gary Cohn so much as sees one ass in one chair past 9PM on a Friday, there’ll be hell to pay. Read more »
Posts by Bess Levin
Several years back, SAC Capital manager Steve Cohen sat for two days of deposition as part of a lawsuit filed by Canadian insurer Fairfax Financial filed against a group of hedge funds that included SAC. At one point, Cohen was questioned about insider trading, his fund’s policy on insider trading, and his personal views on insider trading, as reported by Reuters at the time the transcripts were unsealed. Recently, PBS obtained video footage of the deposition and published it today, perhaps wanting to wait for a really good time in Cohen’s life to do so. Is it even more awkward to watch Cohen discuss rules about insider trading than simply read what he said? You betcha! Is it the most awkward thing to ever watch Cohen do on tape? Including the time he appeared on an English version of the talk show “Cristina” with his second wife to talk about his first? Let’s find out. Read more »
Cuts are said to have gone down at the House of Corbat. Read more »
As you may have heard, yesterday SAC Capital agreed to plead guilty to insider trading and pay a $1.2 billion fine (on top of the $600+ million it already paid) in order to make a federal investigation go away. The deal has been yet to be approved by a judge, and though there is not reason to believe it won’t be, it’s always possible things could fall through. For instance, Richard J. Sullivan might think Cohen should pay a fine greater than this year’s take-home. He might want to force Cohen to wear a poster board that says “Loads of people have insider traded on my watch” in giant letters and walk up and down the streets of Greenwich, CT. He might take issue with the lack of fine print dictating that Cohen must obtain permission from Preet Bharara to use the little boy’s room. He might want to ratchet up the punishment in any of these ways; in the event he does, Cohen will have a choice between agreeing to strapping on the sandwich board or saying no dice. Read more »
They may be rogue bums but they’re SAC’s rogue bums. Read more »
October performance. Read more »
You Can Take Away Steven A. Cohen’s Ability To Manage Outside Money But You’ll Never Take Away His Giant Balloon Inflation PartyBy Bess Levin
Earlier today, SAC Capital pleaded guilty to insider trading, agreeing to pay $1.8 billion, the largest fine ever, for such a crime. While the settlement presumably gave some level of comfort to Cohen, who it is unlikely will face jail time, uncertainty about the future still plagues the hedge fund and its founder.
In addition to legal issues that may still rear their heads, the changes that SAC will undergo as a result of the deal with the government has likely given rise to new anxieties for staff, clients, and the community. Employees are wondering just how safe their jobs are, now that the fund will go from managing $15 billion to a mere $9 billion. #1 Fan Ed Butowsky is scrambling to find a sister or a cousin of Cohen’s who he can marry as a means of becoming an investor in the family fund.
But for the greater SAC Family, the worries are much more urgent.
As those of you with a cursory knowledge of SAC Capital are aware, each year since at least 2009, the firm has sponsored an event called the Giant Balloon Inflation Party. Members of the Stamford community gather downtown the Saturday before Thanksgiving, and the night before the UBS Parade Spectacular, and watch with wonderment and delight as “giant helium balloons come to life.” It’s a spectacle so grand that Cohen himself not only foots the majority of the bill but has been known to attend, too, just awestruck as the children seeing it for the first time.
But with today’s settlement, and the changes afoot at SAC, the question was clearly on everyone’s mind: what would become of the giant balloons that needed inflating? Would SAC cancel its check, deciding it could no longer afford to fund such things? Would a representative from the firm be dispatched to blow them up manually? Would Cohen deem it simply too awkward to lend SAC’s name to the party, given the events of the prior weeks? Would the government include a clause in the settlement forbidding SAC from taking part in “celebratory gatherings of 26 or more people at which cotton candy is provided, without written permission from Preet Bharara”? It all seemed so frighteningly possible.
But those fears were alleviated late Monday afternoon, when it became clear that what could have been the biggest tragedy of the whole settlement – the worst-case scenario of the storm – never materialized. We reached out to inflation party organizers, and according to Stamford Downtown president, Sandy Goldstein: Read more »