Please welcome our newest member, Tom Conheeney SAC ’99-’14! Tom, whom you all know very well, is joining the alumni association from Point72 Capital Management after having served faithfully alongside—not to say under the thumb of!—Steve Cohen for a decade and a half. And best of luck to future member Doug Haynes ’14. Read more »
SAC Capital Advisors LP executives told investors Monday that its settlements with securities regulators, in which the hedge-fund firm agreed to pay a record $616 million penalty to end two insider-trading cases, was a difficult decision that will help it move forward. On a conference call with clients, SAC President Tom Conheeney cautioned that the two agreements with the Securities and Exchange Commission wouldn’t mark the end of the regulatory scrutiny that has shrouded the firm in recent years. The settlements, Mr. Conheeney said on the call, are “an important first step.” But, he added, “I don’t want to leave you with the thought that this means everything is cleared up.” [WSJ, earlier]
Back in October, we detailed a list of things that, if you are the hedge fund manager who goes by the name Steven A. Cohen, you really don’t want to hear first thing in the morning. They included: “The fleeces are on back order”; “Your ex-wife is in the lobby”; “There’s a photographer here who said he’s been authorized to shoot you wearing a king’s robe and crown for a set of playing cards”; and “You’ve been outmaneuvered for the Toledo Mud Hens. But I hear the Binghamton Mets may be available.” Today we must update that list to include another thing, perhaps THE thing, that people delivering news to Cohen don’t want to relay. Paraphrasing but any variants on: “Mr. Cohen, we’ve received a Wells notice and by the way, they’re considering naming you personally.” Read more »
For the July issue of Vanity Fair, Bryan Burrough has the second only on the record interview with Steve Cohen. Burroughs previously hinted that he was able to seal the deal with Steve due to the fact that it would offer Cohen’s wife, Alex, a highly coveted opportunity to be shot by Annie Liebowitz. And sure, that probably helped things (the billionaire secretly loves having his photo taken, and in another life had dreams of being a male model). But beyond that, it’s clear that Steve and his people were ready for some Real Talk. Sick and tired they are of being seen as recluses who keep themselves ensconced in a hermetically-sealed full body condom. Sick and tired they are of having people assume that underneath their clothes, they’re entirely covered in scar tissue. Sick and tired they are of the whispers, the rumors, the theories, that they’re control freaks who will never let go. SICK AND TIRED THEY ARE OF THE ASSUMPTIONS THEY DON’T SAY PLEASE AND THANK YOU. Sick and tired they are of the nicknames. And so now, they’re opening up, like never before. ‘Cause they’ve got some things they’d like to clear up. A few things they want you to know, so you don’t just go making it all up on your own. Are you ready for this truth? This truth to be laid on your ass? Steve’s general counsel, Peter Nassbaum, will start.
* And it pertains to the photo above. “Steve has been characterized unfairly,” Peter A. Nussbaum, his general counsel says, “He doesn’t have two horns and a tail.” *** Read more »