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 »
Over the last several years, as nearly a dozen former SAC Capital employees have been convicted of securities violations, the firm has taken many steps to redefine its image, from one of a bastion of insider trading to one where such actions are not only frowned upon but strictly prohibited. Such steps include but are not limited to: paying over $1 billion in fines; changing its name; and turning itself into a family office. Last month, Point72 Asset Management, AKA the hedge fund formerly known as SAC, even went so far as to announce that it would be monetarily compensating employees for “setting a proper tone and example on compliance and doing the right thing.” You’d think that all of these things– including the fact that a whole bunch of ex-SAC employees are doing time– would go far to deter people currently working at the hedge fund from engaging in insider trading. And yet, someone in Stamford apparently thought it was necessary still to take away one final temptation from them. Read more »
Also about how he had “no idea” who might’ve been responsible for sideswiping Tim in accounting’s driver side mirror, despite the fact that he was seen peeling out of the parking lot at the time of the incident. This upcoming bout truthiness brought to you by Cohen’s ex-bride, Patricia C. Read more »
This December will mark five years since Patricia Cohen, Steve’s first wife, came back into his life with the fury of a thousand Preet Bhararas. To celebrate, he’s going to smother her with a pillow. Just kidding, that’s for year six. For five, he’s going with this: Read more »
Time was, the unofficial policy at (the hedge fund formerly known as) SAC Capital was that one could earn a pretty penny come bonus season if one made the firm a ton of money, and if that money happened to be made through material non-public information well…whatyougonnado? At SAC Capital 2.0 AKA Point72 Asset Management, however, insider trading is not only frowned upon, it’s both officially and unofficially a bad idea and one that could cost you big time on payday (though one would obviously be fired before that, unless payday is the day they get caught).
But just because the company handbook has been rewritten, or Steve Cohen has held a town hall where the words “If we catch you insider trading, I’ll stick my hand down your throat and rip out your spleen” have exited his mouth, or the hedge fund’s propriety trading software has been rewired so that a cartoon Cohen pops up on the screen and says “Remember, I can make it look like an accident” before any trades are placed, doesn’t mean that people can change their ways in a day. Old habits die hard, particularly at a place where those old habits could score you 8 figures a year.
Which is presumably why* someone at Point72 came up with this: Read more »