In what should probably not come as a massive shock but represents a devastating blow nevertheless, Charlie Gasparino reports that Steve Cohen is having trouble convincing people to come work for him. Whereas in years past, people would put up with everything from verbal abuse, to not so subtle signs re: what would happen to them if they lost Cohen money, to high heels that were murder on their feet, in order to work at SAC Capital, more than a few would-be employees are taking a pass on getting involved with Point72 Asset Management, AKA SAC 2.0.
Hedge-fund titan Steve Cohen doesn’t like taking no for an answer. But that's what several senior traders have told him in recent weeks, rebuffing offers to join his massive “family office” despite promises they would trade hundreds of millions of dollars in assets and earn some of the biggest pay checks on Wall Street, the FOX Business Network has learned. People with direct knowledge of the matter say traders with experience working at places including Goldman Sachs (GS) and Citadel and Perry Capital are rejecting offers from Cohen’s hedge fund, Point72 Asset Management. Those sources say these people fear regulatory issues that have plagued Cohen in recent years will amount to a black mark on their resume, and attract the attention of the Securities and Exchange Commission to their activities, particularly if they want to open up their own hedge fund as many do down the road.
And while he may not have the ability to reel 'em in like he used to, Steve Cohen will get what he wants, eventually. If he has to throw in some extra perks to get things done (until SAC is restored to its former glory in three years hence, at which time traders banging down his door will be shot by snipers from on high), so be it. So far ideas to sweeten said deals include the following, but he's always looking for others:
• Daily catered lunch starring the greatest god damn hot dogs in the world
• A couplea Warhols
• Signed copies of Guy Fieri Food: Cookin' It, Livin' It, Lovin' It, a house favorite
• Use of Cohen's personal parking spot when he's not there, and on weekends.