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SAC Capital Employees Might Not Work At The Hottest Hedge Fund In The World Right Now But They Did Interview At A Holiday Inn Express Last Night

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It remains to be seen whether SAC will become a less important client on Wall Street over the longer term. The fund’s assets under management are dropping as investors have asked to withdraw money amid the intensifying investigation. Over the last six months, many investors have cut ties with SAC, with roughly $5 billion of $6 billion in outside money being withdrawn from the fund. The firm could also see an exodus of employees. Already, according to one executive of another hedge fund, some SAC employees are stealthily conducting interviews in hotel rooms and private homes to avoid being seen on rivals’ trading floors. [Dealbook]


Things Could Be A LOT Better At SAC Capital Right Now

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”; “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."

Things Could Be Worse But They Could Also Be Better At SAC Capital Right Now

The good news, if you are Mr. Steve Cohen: you were neither charged nor "mentioned by name" in the criminal complaint against your former employee, Mathew Martoma. The less good news: YOU ARE PORTFOLIO MANAGER A. YOU NEVER WANT TO BE PORTFOLIO MANAGER A!

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