Steve Cohen To Commemorate 12/10 Annually As "Suck It, Preet Bharara [pumps fist, does a little high kick] Day"


Will Cohen celebrate the loss by his noted #2 enemy1 at the hands of an appeals court by saying, "Fuck it, you know what? We're re-re-naming the firm?" We'll just have to wait and see (but it seems possible).

“Ebullient” was the way Cohen was described following the precedent-setting ruling by the second circuit court of appeals that overturned the convictions of traders Anthony Chiasson and Todd Newman. Now it won’t be enough just to show that traders relied on “material non-public information” to buy or sell stocks. Prosecutors will have to prove that traders have complete knowledge that the information they used was of the illegal variety, and that some sort of gift of “consequence” was exchanged with a tipper to get the insider information....Indeed Cohen’s festive mood was front and center at the company’s annual holiday party, held at the swanky Cipriani 42nd street location just hours after the second-circuit decision on Wednesday. That’s when the normally reticent Cohen gave a speech where he told astonished traders and executives that “today we received very good news” from the courts that would benefit both the firm going forward and its traders who have been snared in the crackdown, according to people who were in the room.

'Ebullient' Cohen Reveling in Insider Trading Ruling [FBN]

1.#1 is obviously the ex-Mrs. C.


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.