Money, the power of ‘no’
At a recent holiday gathering, one of the things that came up over cocktails was Superstorm Sandy and two of the proposals to protect us from the next such storm. Both call for adding landfill in the East River near the South Street Seaport. One plan—called “Seaport City”—proposes building housing and new parks. The other—known as “The Big U”—involves digging a tunnel beneath the landfill and sending a portion of the FDR Drive underground.
Anyone who thinks they can make it in the trading or hedge fund business at this point is smoking crack. You might as well put your money in that pipe and smoke it also. Three types of people, and only three types of people, make money in the stock market. Read More
This spring, rumor had it that hedge fund honcho Steve Cohen was buying an apartment at the Abingdon in the West Village. Well, it wasn’t just a rumor: this afternoon the deed for the building’s “West Mansion” hit property records.
Mr. Cohen bought the nursing home-turned-luxury condo through a shell corp entitled Hudson Heights Holdings, Inc., but he wasn’t very crafty about shielding his identity, as the LLC is domiciled at his 35,000-square-foot Greenwich (Connecticut, not Village) home at 30 Crown Lane.
Up & Down the Street
Over the past year, hedge fund honcho Steve Cohen has shelled out $150 million for a Picasso, $60 million for an East Hampton estate and $616 million to get the Securities and Exchange Commission off his back. Now, it looks like he wants to get a little bit back—$115 million, to be exact.
Via our friends at Real Estalker comes word that Mr. Cohen’s 9,000-square foot spread at One Beacon Court, the residential portion of the Bloomberg Tower at 151 East 58th Street, has officially hit the market. Mr. Cohen and his brokers—Deborah Grubman and David Dubin at Corcoran—are hoping to knock reigning real champion 15 Central Park West out of the park and set a New York City record.
But with no outdoor space, three blocks between the building and the park and nowhere near the name recognition of 15 Central Park West, can Mr. Cohen’s 51st-story duplex do it? (Even if it can’t, he only paid $24 million for the apartment back in 2005, so he’ll come out ahead either way.)
Like sands through the hourglass, these are the days of our lives. Is that show even on TV anymore? And if it is, are Bo and Hope still together? (Note to self: ask Mom.) Meanwhile, on to another long-running melodrama, the madcap saga we call the market. Where will the Street lead us in 2013? Read More
Managers at several high-profile hedge funds met with Republicans Monday night to draw up some strategy ideas for the upcoming midterm elections, according to a report by wordily-named hedge fund trade mag AR: Absolute Return + Alpha.
Citing a “person familiar with the event,” AR says SAC Capital Advisors’ Steve Cohen convened the meeting Read More
Don’t trust the iconic hedge fund manager Steven A. Cohen when he seems “distraught,” his ex-wife Patricia advises in her latest lawsuit against no. 113 on this year’s Forbes billionaires list.
The suit, made public yesterday, is Ms. Cohen’s third attempt in the last year to sue Mr. Cohen — from whom she Read More
In the last seven days, the deluge of new Wall Street scandals has been constant, fascinating and incredibly confusing. Helpfully, one tie that binds is that nearly every major accusation has been accompanied by denials from the accused, but beyond that things Read More
The covers of the Wall Street Journal and the New York Times‘ business section today both have huge stories on Wall Street pay. And they look very different.
The Times story, “Pay of Hedge Fund Managers Roared Back Last Year,” says that the country’s top 25 hedge fund managers made $25.3 billion last Read More
Barack Obama, in a somewhat unusual move, just released a statement about a Democratic primary in Tennessee that has become particularly charged, although he mentions neither candidate by name: Statement of Senator Barack Obama on Tennessee’s 9th Congressional District primary
“These incendiary and personal attacks have no place in our Read More