Up & Down the Street
Up & Down the Street
Last Thursday, when the government charged SAC Capital with perpetrating an insider-trading scheme from 1999 through 2010, the move answered a lot of questions people had been asking of late. The main one: given the fact that the Feds had yet to charge SAC’s founder, Steven Cohen, with any crimes, was he going to get off scot-free while an ever-growing number of his henchmen were charged with—and convicted for—crimes committed under his watch? Was it the same old story, in which another of Wall Street’s powerful avoids punishment for something he quite likely encouraged and most definitely profited from? The refreshing answer: not this time. The U.S. attorney for the Southern District, Preet Bharara, plays hardball, and he just threw a fastball right at Mr. Cohen’s chin.
If you’re a fan of magic, one of the most enjoyable evenings available in New York City is a wonderful little show put on by one Steve Cohen out of a suite at the Waldorf Astoria several evenings a week. Mr. Cohen, known as “the millionaires’ magician,” thrills with sleight of hand and a witty banter that evokes the old-school parlor magicians of yore. But the highlight of his show is a segment in which he tells members of the audience things about themselves that he really shouldn’t know. Go see for yourself; it’s mind-boggling. Mr. Cohen has made quite a career out of his talent—he even had a special on the History Channel last week—but he may be in the wrong line of work.
See, there’s another man named Steve Cohen who has also made quite a career out of seemingly knowing things he shouldn’t know. Call him “the billionnaire magician.”
a woman scorned
More than 50,000 Greeks marched on the nation’s parliament to protest austerity measures required by bailout agreements, according to Reuters: ”‘We can’t just sit by idly and do nothing while the troika and the government destroy our lives,’ said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1,100 euros a month from 1,600 euros previously.”
Spain is moving towards accepting European bailouts, even as protests in Madrid turned violent and politicians in the Catalonia region called for secession.
“It’s just amazing how Libor fixing can make you that much money or lose if opposite.” So said Tan Chi Min, a former Royal Bank of Scotland trader in a conversation with traders at other banks, in an affidavit reviewed by Bloomberg. “It’s a cartel now in London.” Tan is suing RBS in Singapore for wrongful dismissal after being fired for attempting to manipulate Libor.
How angry an ex would you have to be to file racketeering charges against your spouse?
That’s a question Elizabeth Bingham-Perry could answer. The Scarsdale resident filed a civil RICO action against her husband Jeffrey Perry in the U.S. Southern District’s Westchester courthouse last week.
Mr. Perry, it so happens, is an executive at Third Read More
Billionaire Steven A. Cohen is poised to follow his recent legal reprieve with a huge lease at 510 Madison Avenue.
After months of speculation, his mercurial hedge fund, SAC Capital, is near a deal to take 66,000 square feet, or the second through fifth floors, multiple sources said. Rumors of the deal have been swirling for months, but a Read More
Steven Cohen’s SAC Capital Advisors, a $12 billion hedge-fund whose name has been bandied about quite frequently since three hedge funds received a visit from raiding FBI agents Monday, has told its investors that it’s received a government subpoena. MarketWatch reports, citing a letter from SAC to investors:
SAC said in the Read More
An important warning, courtesy John Kinnucan, tech consultant to Wall Street firms: Now that the authorities are reaching a key stage in a three-year, across-the-board investigation into insider trading, a glass of wine on the front porch just got a lot less calmly contemplative for high-powered financiers and their consultants:
John Kinnucan says Read More