Steve Cohen Attends Party, Dresses Like A 'Schlub': Bloomberg

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Something you probably know about Steve Cohen is that the last number of years have not been so kind to him. Almost a dozen of his employees have been charged with and convicted of securities fraud. The government won't let him manage outside money. He had to rename his fund, rendering a warehouse full of SAC fleeces useless. No one will buy his apartment. The New York Times thinks his house is only 14,000 square feet. He just wrote a check for $848 million, money that could've gone toward Super Duper Weenie products or Guy Fieri cookbooks. It'd be enough to make anyone want to get into bed, pull the covers over their head, and shut out the world, which is exactly what Cohen was doing earlier this year.

So when his wife wanted to attend a little party in East Hampton this weekend, it surely took some convincing. "It'll be good to get out, Steve," she probably said. "I bet they'll serve cocktail franks." "Alec Baldwin will be there; you loved him in Glengarry Glen Ross and Along Came Polly."

One or all of these temptations clearly struck a chord, and Cohen decided that yes, he would be nice to get out and mingle. Unfortunately, he didn't realize that Bloomberg's exacting eye would be watching.

A man going out to a gala in the Hamptons can usually get away with jeans and button-down, no tie, not even a jacket. But if you’re Jerry Seinfeld, and Giorgio Armani is sponsoring the Baby Buggy Summer Dinner at your house, you put on a gray suit with blue silk tie and dress shoes and marvel at the schlubs gathered in your backyard. Steve Cohen of Point72 Asset Management wore a purple patterned dress shirt, tucked in, no jacket or tie. The hedge-fund manager’s Steven A. and Alexandra M. Cohen Foundation was a “Premiere Table Sponsor” of the event on Saturday Night, photos of which were reviewed by Bloomberg News.

Harsh! Luckily, he's in a zen place, sartorially speaking, otherwise this might've really stung. In other news, let this be a lesson to you all: the Bloomberg's Fashion Police is watching.

Hamptons Scene: Seinfeld in Tie, Steve Cohen, Kardashian [Bloomberg]

Related: New York Times Finds A Weird Way To Kick Steve Cohen When He’s Down

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Steve Cohen Bought Himself A Little Pick-Me-Up

As you may have heard, the last number of months have been a bit tough on hedge fund manager Steve Cohen. In November, one of his former employees, Mathew Martoma, was accused of orchestrating "the most lucrative insider trading scheme ever," in a criminal complaint in which Cohen was referenced as Portfolio Manager A. A week later, the Times lopped 21,000 square feet off his house. Earlier this month, he had the pleasure of setting the record for the largest insider trading fine ever, at $614 million, a sum that does not even put this whole thing behind him, as the settlement "doesn't preclude the Securities and Exchange Commission from pursuing Cohen himself in the future." So you'll excuse the Big Guy if he felt the need to indulge in a little retail therapy recently.