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Stevie Cohen: Six Degrees of Paris Hilton

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Fortune's Andy Serwer slams the perfume company responsible for producing Paris Hilton perfume--and not simply because they're morally responsible for a Paris Hilton brand extension:

PARALUX: This is a spicy one. Remember Perfumania? Yes, a hot (for a time) perfume company several years back. Well, its successor is PARL (Research), run by the same gentleman, Ilia Lekach. And yes, the big deal here is that it sells Paris Hilton perfume. Other than that, some say there is not a whole lot going on at this little outfit. Some wonder if there is enough to justify the company's valuation... Some active hedge funds are playing in this one, including SAC Capital Associates, run by the elusive, the mysterious, the sensational (!) Steve Cohen. SAC owned a chunk of stock. Hmm. Wonder if we're trying to get short squeeze going? And in case you're wondering, no, I am not suggesting you buy this stock.

Betting on Silver and Credit Cards [CNNMoney/Fortune]