When Steve Cohen started unsubtly pitching Point72 Asset Management as the ethical sequel to his "less than totally clean" SAC Capital, we had some laughs. But Steve really made every attempt to sell the image of his new fund as the angel that killed the devil lurking in his soul. He even hired people to watch over him and ensure that he looked no further for the "Black Edge" but instead turned into the light where guys like former McKinsey samurai Doug Haynes would stop him from recording his employees with a "God cam" or accidentally coercing them into felonies.
And for a while, it worked! But recently we found out that Steve's hand-chosen morality minder had engaged is some less than gentlemanly behavior of his own, such as writing "Pussy" on a whiteboard in his office, leaving it up there for weeks, consciously paying women less than men and also making those women keenly aware of his owe personal 'No fatties' policy.
So as of last Friday, Doug Haynes no longer works at Point72, leaving a gaping hole in the role of Chief Ethical Officer at the hedge fund. Luckily, Steve Cohen has just the man to fill that hole...
Now the hedge fund is under the sole leadership of Cohen, 61, who will temporarily take the job of president until a replacement is hired.
Haynes’ departure from Point72 comes just two months after Cohen opened his doors again to outside investors, raising $3 billion, according to a memo Cohen sent to employees Friday that was seen by Bloomberg. Cohen, who thanked Haynes for his service in the note, also said that the transition from a family office “is a natural point to make way for a new, different type of leader.”
This might be the first literal case of "Meet the new boss, same of the old boss" that we have ever seen.
But in fairness to Steve, he is not actually doing this totally alone. To ensure that Haynes' mess is properly cleaned up and Point72 remains a pillar of virtue in the halls of asset management, Cohen has brought in Jared Kushner's lawyer to keep things ethical and above board.
And Steve has empowered Jamie Gorelick from WilmerHale already...
“Steve Cohen wants to make sure that his firm is living up to its stated values and fostering a respectful workplace,” the statement read, adding that employees have been invited to speak to the WilmerHale attorney on a confidential basis. That lawyer, Jamie Gorelick, will report back to Cohen with her observations and advice.