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  • 16 Oct 2014 at 2:36 PM

Steve Cohen Makes Money For Steve Cohen

Point72 Asset Management, AKA the hedge fund formerly known as SAC Capital, whose largest client by far is a guy who answers to the name Steve Cohen, has turned in some pretty decent performance so far this year, despite a series of events that have led it to do stuff like, among other things, monetarily compensate employees for staying on the right side of the law. Read more »

Paul Singer had an idea a while back: Let’s come up with a plan to destroy Argentina even more than we already have, have an elder stateswoman and a Spanish-speaking former U.S. Cabinet member transmit the threat, and watch Cristina Kirchner crawl to the negotiating table, $1.6 billion in tow. Well, things didn’t work out quite as planned: Instead of begging, President Kirchner got even more ornery than she already was. Long story short, Paul Singer has no need of Madeleine Albright anymore. Read more »

  • 16 Oct 2014 at 12:38 PM

Ill-Gotten Gain Watch ’14: Mrs. Martoma

Rosemary, wife of ex-SAC PM Mathew, wants the Feds to keep their mitts off 50% of the marital assets. Read more »

He didn’t use the P-word, or the BG-words. He never said, “unlike those assholes.” He didn’t have to, because it doesn’t take Michel Foucault to read between these lines of BlackRock’s Larry Fink. Read more »

Chilton’s DLA Piper office is a modern, all-glass affair in central Washington. On a September afternoon he’s sitting behind a glossy oval desk with a red lava lamp on it, its cream-colored orbs undulate from one end to the other. Chilton’s long, white-steel hair flutters in the breeze of a nearby fan, and the lamp’s pinkish light gives him the rosy cast of a romance novel cover model. [BusinessWeek]

Opening Bell: 10.16.14

Cyberattack at JPMorgan Chase Also Hit Website of Bank’s Corporate Race (Dealbook)
The JPMorgan Chase Corporate Challenge website, which is managed by an outside vendor, has been conspicuously inaccessible since early August, with visitors to the site seeing only a lonely list of coming races. The link between the breach on that website and the broader attack, which the bank said did not compromise any financial information, has not been previously reported. The bank said it discovered the breach in the Corporate Challenge website on Aug. 7, about a week after it learned of the broader intrusion into its computer network. By infiltrating the race website, hackers were able to gain access to passwords and contact information for participants, the bank informed them.

Russian student selling ‘crystallized’ Mercedes on eBay (CNBC)
A London-based Russian business student took the phrase “bling, bling” to another level when she encrusted every inch of her Mercedes’ exterior in Swarovski crystals. Daria Radionova, 21, paid laborers to apply 1 million crystals by hand to the 2011 Mercedes CLS 350. “I love it!” she enthusiastically said via email. But apparently not enough to keep it. She’s selling it on eBay less than a month after commissioning it. The auction ends Thursday; the current highest bid stands at £154,600, or about $248,000.

Paul Singer drops Madeleine Albright’s firm amid Argentina conflict (NYP)
Albright, who has parlayed her extensive diplomatic ties into both a consulting firm and a hedge fund that invests in emerging markets, was hired by Singer to help in his rancorous debt dispute with Argentina, as reported exclusively by The Post. Albright, Singer hoped, would be able to bring Argentina officials to the bargaining table. The assignment backfired when Argentina President Cristina Kirchner publicly attacked Albright’s firm for meddling in the country’s affairs. Albright’s firm said Singer had a five-point plan to destabilize the Argentine government if it didn’t sit down and negotiate with the holdout creditors led by Singer, who won a court battle to get $1.6 billion, Kirchner claimed. Albright’s partner told officials that holdouts would hire journalists in Argentina and would delay negotiations until a new government linked to Singer’s interests was in power following the 2015 presidential election, the fiery Argentine president said. Albright’s firm, the Albright Stonebridge Group, denied delivering such a plan. But Argentina’s rebuff led Singer and Albright to end their association—at least for now.

Netflix CEO: ‘We get addicted … to beating our own numbers’ (CNBC)
Netflix CEO Reed Hastings shrugged off the company’s 700,000 subscriber shortfall for the most recent quarter. “We get addicted sometimes to beating our own numbers. So, for the last three quarters we underestimated our growth and overperformed,” Hastings told CNBC. “This quarter, it was the other side.” Investors reacted to the disappointing subscriber growth and lower-than-expected fourth-quarter projections by sending Netflix shares plunging in after-hours trading.

Winklevoss Index Becomes Available For iPhone & iPod Touch (NewsBTC)
Wednesday, the Winklevoss twins — Cameron and Tyler — announced on Reddit that the mobile version of their popular bitcoin price tracker, the WinkDex (also known as the Winklevoss Index) is now available…The Winklevoss twins also note that users can expect a whole lot more from the app in the near future. “We have a lot of awesome things in the pipeline, so expect some great updates shortly,” wrote one of the twins on Reddit.

Halloween Candy May Contain Marijuana, Denver Police Warn (HP)
With marijuana now legal in Colorado and cannabis candy a big part of the scene, Denver police are issuing an unusual warning ahead of Halloween. In short, they want people to know that not all candy is for kids. “With edibles gaining in popularity we thought it was important to alert the community to the possibility that it’s easy to mistake what looks like regular candy with a marijuana edible,” Denver police spokesman Lt. Matt Murray told Fox31 Denver. The department recruited Patrick Johnson, owner of Urban Dispensary, to create a video showing how pot candies can resemble traditional candies. Johnson said some manufacturers of “knocked-off candy” buy sweets in bulk and then spray them with hash oil. Once the oil dries, there’s no way to tell the difference. “The problem is that some of these products look so similar to candy that’s been on the market, that we’ve eaten as children, that there’s really no way for a child or a parent or anybody, even an expert in the field, to tell you whether or not a product is infused,” Johnson said in the video. He said that if kids bring home candy that don’t look like something from a recognizable brand, toss it. However, some believe this may be unnecessary fear-mongering. “This is just another way for those who most benefit from marijuana prohibition to try to convince the public that prohibition protects children,” wrote the Ladybud blog. “The real message here is that the average citizen should be wary of cannabis users; they might want to drug your kids and get them ‘hooked’ too.” Read more »

Write-Offs: 10.15.14

$$$ Gut Punch Bruises Hedge Funds [WSJ]

$$$ Hedge funds face worst year since 2011 [FT]

$$$ Yellen Said to Voice Confidence in U.S. Economic Expansion [Bloomberg]

$$$ India’s Smart Money Embraces Social Media as Tweets Move Markets [Bloomberg]

$$$ DWI Suspect Bribes Cops With Mountain Dew: Police [HP] Read more »

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Bill Gates, too. And, back in the days when there really were hobos, Warren Buffett. Alas, none found themselves with a brindle stick over their shoulders, riding the rails and steering clear of the law. Instead, the became billionaires. But those railroading dreams never died. They just turned into many, many hobo nickels, what with Pershing Square’s investment in Canadian Pacific Railway becoming… Read more »