Tags: "Nikita", 'I Am Legend', cultures of working-my-a**-off, Ed Butowsky, interviews, Michael Jordan, people who don't go bed with Stevie dolls, SAC Capital, Steve Cohen, Will Smith
Yesterday afternoon, the Wall Street Journal ran an alarming report: SAC Capital’s number one fan, the guy who stuck by when no one else would, who swore there was no place he’d rather be than in the trenches with Cohen & Co, the one, the only, Ed Butowsky, had pulled his money from the hedge fund. For those failing to grasp the enormity of this move, the following are comments that Butowsky has made to the press re: SAC/Steve over the past several months:
- “I’m thinking of putting more money with him…Steve Cohen is the Michael Jordan of hedge fund managers…I’d be a fool to take money out.” (May 22, 2013)
- “The very thought that people want to trash Stevie Cohen, who is one of the great legends in portfolio management, because of some allegations, shame of them. If it was me and I had to live through this stuff the last three years, I would tell everyone to go jump off a boat.” (June 12, 2013)
- “I don’t believe that criminal charges against the firm would impact Steve Cohen’s traders and their ability to make money.” (July 24, 2013)
- “Right now you have allegations. We’ve seen allegations and complaints many times that seem horrific and unbelievable only to find later that there’s no support for it.” (July 25, 2013)
- [After letting the quarterly deadline for client withdrawals come and go:] “I feel like Will Smith in ‘I am Legend’ when everyone else has died. I’m the last man standing…How quickly people are convicted in the public eye without a trial is shocking to me.”(August 16, 2013)
- “The government says SAC has a culture of insider trading. What about a culture of working-my-a**-off? Because that’s what they’re doing at SAC.” (August 28, 2013)
So to hear the news that Butowsky was not only out but that, as he told the Journal, “[doesn't] go to bed with a Stevie doll” was downright shocking. Naturally we reached out last night for further comment. Read more »
Tags: 'I Am Legend', due process, Ed Butowsky, family offices, hedge fund managers, Hedge Funds, Redemptions, SAC Capital, Steve Cohen, Will Smith
As many of you know, the last number of months have not been the best of times for hedge fund manager Steve Cohen. In addition to taking it up the tailpipe from several federal agencies, some of which he’s written $600+ million checks to, others whose fearless leader eats raw meat for breakfast and hopes to one day feast on Cohen tartare, the SAC Capital founder has seen friendships tested and found where loyalties lie. And it hasn’t been pretty.
Employees, despite being told their jobs are safe, have been holding exploratory interviews with other funds in hotel rooms that rent by the hour. The guy who previously said he’d be there through “the bombs going off” left Cohen in the trenches, alone, taking grenades. Clients have requested their money back on en masse; as of Friday night, virtually all outside investors were expected to have filed redemptions requests if they had not done so already.
Except for one. Read more »
Tags: bachelor parties, dwarfs, handcuffs, Men In Black, Miami, Morgan Stanley, problems, Will Smith
In a seemingly positive article this morning about Wall Street having and spending shitloads of money again, a troubling firing story is relayed:
A Morgan Stanley trader recently tried to hire a dwarf for a bachelor party in Miami, asking the dwarf to meet him at the airport in a “Men in Black” style suit, according to e-mail exchanges. The trader, who wanted to handcuff the dwarf to the bachelor, was recently fired.
No answer is provided as to why the trader was canned, and so we’re left to wonder, What Is Morgan Stanley’s Problem? It’s important we answer this question so other employees can know what exactly management is and isn’t cool with. So, is MS’ prob: Read more »