Steve Cohen Can Finally Afford To Buy Some Art

No thanks to Deutsche Bank.
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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]

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