Ping Jiang, the man who revolutionized trading at SAC Capital, has started his own hedge fund. Previous to branching out on his own, Jiang maximized returns at SAC by *allegedly* requiring those who worked under him to take female hormone pills and wear dresses, operating on the principle that traders were too aggressive, and that Steve Cohen could be made an even richer man if everyone’s voice were a little higher pitched. Jiang was relived of his duties at the Stamford-based firm in March, not because of the push-up bras, but, according to those with their fingers on the pulse of cross dressing, the fact that he wasn’t making any money. Jiang’s new venture will be called Ping Capital Management. No pornification necessary.
Earlier: People Moves: Blanche DuBois Out At SAC
Ex-SAC Capital Trader Ping Jiang Starts Hedge Fund [Bloomberg]
CNBC’s Senior Testes-cum-Ovaries Correspondent Charlie Gasparino reports that the Federal Equal Employment Opportunity Commission has closed its investigation of allegations made by a former SAC Capital employee that his superior forced him to take female hormone pills. Junior trader Andrew Tong filed a discrimination lawsuit last year, charging that his boss, Ping Jiang, whose trading philosophy states that men must be more like women, sexually harassed him and made him take estrogen, which supposedly caused strain on Tong’s marriage, and led to him wearing dresses. On Monday EEOC stated that after interviewing dozens of SAC employees, all of which claimed to be wearing tube tops and mini skirts “of our own volition,” that it would not proceed any further. Though Steve Cohen et al are probably pretty pleased with the decision, we hear that Ping is sort of torn– on the one hand, he’s happy that Tong, whose lawsuit continues, has been stripped of a powerful ally. On the other, having been recently tossed aside by the hedge fund for merely not making them any money this year, he’d loved to see those “sexist pigs” fry. If he has go down with them, so be it.
EEOC Closes SAC Capital Female Sex Hormone Case [CNBC]
You’ve obviously read the story on Bloomberg about the big art robbery in Zurich; paintings by Cezanne, Degas, Monet and Van Gogh worth more than $163 million were stolen. It’s a big deal if you give a shit about obscure art museums in third-rate European cities. Reporters Marc Wolfensberger and Linda Sandler note that three burglars–packing heat and wearing ski masks–lifted Monet’s “Poppies Near Vetheuil,” Degas’ “Count Lepic and his Daughters,” Van Gogh’s “Blossoming Chestnut Branches” and Cezanne’s “Boy in the Red Vest” from the Buehrle Foundation half an hour before closing yesterday afternoon. Scandalous, we thought, and yet, not really enough information to solve the case.
Then, a lightbulb—we’d made friends with a well-placed guard at that very museum during our semester abroad junior year. We made a call, and after about ten minutes of bullshitting and acting like we were just calling to see how he was doing and not for a favor, we casually mentioned the incident. He was reluctant at first to give up any details—he said the burglar later called from a secure line (203-890-2000) and through heavy breathing that would seem to imply the person on the other end wasn’t in the best of shape, told him, “If you tell anyone about this I’ll fucking kill you,” but I assured him nothing he told me would end up in the public record. Here’s what he said:
“All points bulletin described the third suspect as a portly gentleman, late 40s or early 50s, dressed in black, coke-bottle glasses visible beneath ski mask. Distinguishing features: cookie crumbs cascading down the front of his zip-up sweater, haunting blue eyes. When confronted by gawking, photo-taking tourists at the gallery, the fleeing suspect promised to ‘pay good money for the rights to those snapshots.’ A small shark figurine was found at the scene.”
Draw your own conclusions. We’ve drawn ours.
Zurich Gang Grabs $163 Million Art Haul From Museum [Bloomberg]
SAC suffered two high level departures today when both its president and chief financial officer announced they were departing. James Rowan, the chief financial officer, is leaving to become the chief operating officer of Ren Tech. The president, Brian Cohn has no plans. Supposedly his departure has come as a surprise to the firm.
SAC employees we spoke to moments ago had no idea that either man had left, so to the rank and file traders both departures come as a surprise. Of course, these surprised traders also couldn’t give us any dish about why Cohn was departing so suddenly because they had no idea he was already out the door.
Cohn, Rowen Depart SAC Capital [Wall Street Journal]
CNBC’s Senior Testes and Estrogen Correspondent Charlie Gasparino, who just can’t get enough of this stuff, reports that SAC trader Ping Jiang probably lost 200 million last year. At one point, Ping was Stevie-boy Cohen’s second highest earner. Where did things go wrong? The obvious answer is not enough E, and not that his “top secret training program” of skin tight tube tops and miniskirts on the floor was distracting Ping from executing profitable trades. Paulson Capital can attest to this, as they posted a 52% return in 2007 after reinstating their cross-dressing/estrogen-injection regimen following a disappointing 2006. And that’s all I have to say about that.
Latest on Merrill, Citi Layoffs and SAC Capital Scandal [CNBC]
Does he wear color contacts or are Stevie Cohen’s eyes really that blue? (And check out all that chest hair! Kind of ironic, isn’t it?)