Steve Cohen Can Finally Afford To Buy Some Art

No thanks to Deutsche Bank.
Author:
Publish date:

Steven A. Cohen, the billionaire investor and a renowned art collector, may be in a buying mood. At the end of last year, Morgan Stanley’s private bank arranged a personal loan of an unspecified sum for Mr. Cohen. The loan is secured by “artwork collateral pieces” and related documents, according to a filing with the Connecticut secretary of state’s office...Two years ago, Goldman Sachs provided Mr. Cohen with a line of credit after Deutsche Bank decided not to continue a personal loan it made to him in 2009. Officials at Deutsche Bank chose to pull back on its business and personal ties to Mr. Cohen after his former hedge fund, SAC Capital Advisors, agreed to plead guilty to insider trading charges, pay $1.8 billion in penalties to the federal government and stop managing money for outside investors. [Dealbook]

Related

News

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.