At some point last year, after he had settled insider trading charges against his firm, the hedge fund formerly known as SAC Capital, Steve Cohen began exhibiting signs of man who felt, if not contrite, than contrite-lite. He agreed to rename his company, stripping his initials from all letterhead, fleece, and signage. He started paying employees to not commit securities fraud. And, most significantly, he agreed to only manage the money of people related to him by blood or marriage, returning billions of dollars to investors, and kissing a whole lot of would-be fees good-bye.
But now? Possibly/probably emboldened by the December appeals court ruling that knocked his No. 2 nemesis, Preet Baharara, down several pegs and officially made it harder for prosecutors to convict people of insider trading? He’s all but finished playing the part of a guy who feels bad about running a firm described as a “veritable magnet for market cheaters.” Not only is he no longer taking orders from Preet, the Feds, of the SEC, but he’s thinking maybe it’s about time he started giving them out. Read more »
Now that certain formerly lucrative strategies have been declared not kosher—for now—the former SAC Capital Advisors is looking for some new edge, preferably on the lighter side of the gray area. Like perhaps a multi-strategy fund with a value bias, which provides an opportunity for SAC’s crack naming department to do a little better than it did last time around. Read more »
He already cut it once to $98 million (from 115) and now it’s down to a mere $82 mill. At this point his practically giving it away and if the bargain basement price isn’t enough to get anyone to bite, how about he sweetens the deal by throwing in a coupla signed 8×10 copies of this puppy? Read more »
Will Cohen celebrate the loss by his noted #2 enemy1 at the hands of an appeals court by saying, “Fuck it, you know what? We’re re-re-naming the firm?” We’ll just have to wait and see (but it seems possible). Read more »
The big guy bided his time, waiting until he could see where his money could be best used to elect Republican governors in states he doesn’t live in—and also saving those would-be governors the trouble of having to explain why they were financing their campaigns with money from a guy who, you know, has had a few reputational issues lately. Read more »
And by everybody, we of course mean the great hedge-fund art collectors, the answer is Miami. First, because it’s a lot less shitty, weather-wise, down there than it is in the greater Greenwich metropolitan area, and second, because it’s Art Basel’s winter sojourn from its namesake city, which is also very, very cold right now. Read more »
As those of you who keep up with the Life And Times of Steven A. Cohen know, there are few things on this earth that the hedge fund manager despises more than his first bride, Patricia Cohen. So despite the fact that she has been suing him nearly five years; is, in the words of his lawyer Martin Klotz, “harass[ing] and embarrass[ing] Steven,”; and, at this point, wants what represents approximately 1/900000th of his personal wealth, the SAC Capital founder continues to refuse to settle this thing privately and throw her a dime. While merely casual observers of the Big Guy assumed that Patty’s recent victory, wherein she “won permission as part of a 25-year-old divorce battle to question him about any lies he may have told related to wrongdoing at the hedge fund” would’ve gotten him to budge, SAC Scholars know better.
“It’s a bit of a head-scratcher,” said Anthony Sabino, a business law professor at St. John’s University in New York, who has followed the case. “He’s been pilloried in the press. You’d have to think he is sick and tired of that and would like to get out of the spotlight. It’s baffling why he just doesn’t say, ‘Here’s the money, why not leave us alone?’”
For the record, here are a list of things Steve Cohen would rather do than give his ex-wife satisfaction, monetary or otherwise: Read more »