so that’s nice for them

  • 10 Apr 2014 at 12:50 PM

Judge Shows Mercy On SAC Capital

$1.8 billion fine and not a penny more, probably. Read more »

For the ten SAC Capital employees who have been convicted of securities fraud over the last several years, the results of the government’s crackdown on insider trading are obvious: time in the big house, fines, and the dream of being being honored as a distinguished alumni of Stanford Business School dashed. For SAC founder Steve Cohen, too, the impact is clear: no more outside investors, a new layers of management– a cocoon, if you will– between him and his traders, and a giant metal ‘S’ ‘A’ and ‘C’, which once graced the wall of the firm’s lobby rendered completely useless.

For another group of people, though, the effect of multi-year investigation is less clear: the hundreds of SAC employees who did not engage in insider trading. Specifically, what having the hedge fund soon to formerly be known as SAC Capital on their resumés means for their professional lives and long-term career plans. Would it be the equivalent of a scarlet ‘S’ on their chests? Would hiring managers blow them off in a “seat’s taken” kind of way? Would they have to burn their fleeces and any other evidence of having once been associated with the firm? Would they stand in the shower scrubbing their skin raw in an attempt to get the SAC stench out, after a particularly unpleasant meeting with a potential employer who announced flatly that he could “still smell them on [you]“? Would they have to leave town, and start over in a place where no one had ever heard of SAC Capital? Read more »

  • 03 Feb 2014 at 2:38 PM

Moore Capital Takes In SAC Refugees

A team of nine from the now-defunct London office of SAC Capital Advisors LP has joined Louis Bacon’s $12.1 billion hedge fund Moore Capital Management LP. The team includes seven portfolio managers and two analysts. It is the largest group of portfolio managers to move together from SAC following the closure of its U.K. office at the end of 2013. A spokesman for Moore confirmed the hires. [WSJ]

Billionare David Tepper’s hedge fund firm, Appaloosa Management, celebrated its 20th anniversary in 2013 and it’s turning into a year to remember for the former Goldman Sachs trader. Tepper’s big Palomino hedge fund posted net returns of 37.86% through the end of November…The Standard & Poor’s 500 index returned 29.1% this year through November. [Forbes, Related: David Tepper Has A Message For Jon Corzine]

  • 13 Dec 2013 at 3:14 PM

Bonus Watch ’13: No Bonus Caps For You!

If you are a banker in Europe who makes less than 1 million euros and also aren’t in a position to burn the place down. Read more »

The Swiss bank is in the clear when it comes to further fines and all it has to do is rat out all the other banks it knows is engaging in the same thing its own employees have done. Read more »

  • 13 Nov 2013 at 2:09 PM

Goldman Sachs Just Gave 280 Lives Meaning

Yesterday they were lost, today they are found. Yesterday they were just bumping along aimlessly, today they have something to live for. Yesterday they were mere Goldman employees, today* they are Goldman Sachs Managing Directors. Read more »