Tags: free food, god love these people, great ideas, hot dogs, insider-trading, SAC Capital, Steve Cohen, Super Duper Weenie trucks
“In an effort to boost morale, Mr. Cohen arranged in July for a local “Super Duper Weenie” hot-dog truck to swing by SAC’s office and dispense free food. — WSJ, September 24, 2013
July 23, 2013
The place: SAC Capital Headquarters. The time: middle of the trading day. The mood: Not great.
An IM chime rings in Steve Cohen’s ear. He turns to the far left of his seven screens, minimizes one or two computer programs, and sees that it’s from SAC president Tom Conheeney.
“U got 1 sec?” Conheeney asks.
“Is it impt?” the Big Guy responds.
Across the office, Conheeney looks up and catches Cohen’s eye. He starts to type a response, stops, and holds down the Backpace button. Types again, Backspace again. Type, Backspace. Type, Backspace. It’s a delicate matter. The SAC president eventually settles on a simple, “Yeah. It kinda is.”
“Fine,” Cohen replies. “My office, 30 seconds.” Read more »
Tags: insider-trading, is this gonna take a while? 'cause I actually have somewhere I need to be..., Judge Paul Gardephe, Mathew Martoma, reprieves, Richard Strassberg, SAC Capital, the ghost of Countrywide
A federal judge on Tuesday pushed back the insider trading trial of former SAC Capital Advisors portfolio manager Mathew Martoma to January 6. U.S. District Judge Paul Gardephe delayed the trial, originally scheduled for November 4, at the request of Martoma’s lawyer, Richard Strassberg, who is taking part in another trial starting this week…Strassberg, Martoma’s lawyer, is also representing Bank of America Corp’s Countrywide unit in a trial over allegations that it defrauded Fannie Mae and Freddie Mac with shoddy home loans. Because of proceedings in the Countrywide case, Strassberg arrived, out of breath, in Gardephe’s crowded courtroom an hour after the scheduled 12:30 p.m. start of a hearing. “Yes, I have arrived,” Strassberg said, when the court reporter asked if he was present. Gardephe took the bench a few minutes later, and Strassberg informed him that he had to return to the courtroom of U.S. District Judge Jed Rakoff, who is presiding over the Countrywide case, by 2 p.m. [Reuters]
Tags: a very delightful guy doing all sorts of stuff for him, adjustable beds, balconies, Eddie, Galleon Group, gentle giants, hedge fund managers, insider-trading, manservants, prison life, private bathrooms, Raj Rajaratnam, TVs
If you took a random poll of family, friends, colleagues, and strangers on the street, asking them how they’d feel about going to prison, the majority if not all of them would probably say, “Not good.” For most people, prison is a place to steer clear of, for all the reasons you can think of (living in a cell, isolation from the outside world, bad food, low paying jobs, daily risk of sodomy) and probably some you can’t.
Not too long ago, hedge fund manager Raj Rajaratnam counted himself among those who for whom jail time was something to avoid (if not by being an upstanding, law-abiding citizen than by hiring a high-priced attorney to try and get him off after being charged with 14 counts of conspiracy and securities fraud). But now? After having served 21 months of his eleven-year sentence? Raj can honestly say that this prison is great.
And not because hard time forced him to take a serious look at his life or to think about what he’d done or change himself for the better or any of that metamorphosis type crap, but because minus the not being allowed to leave the grounds rules? Raj’s life in prison is arguably better than his life on the outside, which did not include servants or a 34 inch waist. Read more »
Tags: he also gave Doc Gooden a call, insider-trading, Mathew Martoma, SAC Capital
Back in November, we learned that former SAC Capital employee Mathew Martoma had cultivated a relationship with University of Michigan doctor Sid Gilman, from whom Martoma received material non-public information about clinical drug trial results, which contributed to him being accused of orchestrating “the most lucrative insider-trading scheme ever.” Over the course of the next several months, it came out that Martoma and Gilman were fairly tight, so the news yesterday that Martoma was actually pumping a second doctor on the side for inside information was a bit of a shock. Imagine our surprise to learn this morning that in fact Martoma was soliciting not one, not two, not three, not four, not five, not six, not seven, not eight, not nine, not ten, not eleven, not twelve, not thirteen, not fourteen, not fifteen, not sixteen, not seventeen, not eighteen, not nineteen, but TWENTY doctors for material non-public information. That, to use the proper medical term, he was a regular doctor-whore about town. Read more »
Tags: insider-trading, Mathew Martoma, SAC Capital, so that's something
U.S. prosecutors on Thursday filed a superseding indictment in the insider trading case against a former portfolio manager at an affiliate of Steven A. Cohen’s hedge fund SAC Capital Advisors, according to court papers. The superseding indictment describes a second doctor who allegedly passed inside information to the former portfolio manager, Mathew Martoma, who was charged last November with insider trading in shares of the drug companies Elan Thursday’s court filing said the doctor, described as “a co-conspirator,” met with Martoma for paid consultations arranged through an expert networking firm and provided non-public information “with the expectation that Martoma would assist (the doctor) in obtaining additional clinical trial business.” [Reuters, related]
Tags: Danielle Laurenti, insider-trading, Panama!, Shawn Hegedus, Vegas
This is the kind of frenetic talent that a certain hedge fund might have snapped up if time had allowed. Read more »