Stevie Cohen Could End Up in a PickleNo, not in the Damian Hirst sense, though that would be amazing: The art-loving SAC Capital Management CEO could have some problems with the SEC if he’s not careful. Plus! An ex–Bear CEO jumps ship at JPMorgan, Natalie Portman’s apartment goes on the block, and Condé Nast has a green issue, in our daily rundown of industry news.
white men with money
There’s No Crying in Hedge Funds (or, There Shouldn’t Be)Poor Mark Fishman. His Stamford-based hedge fund, Sailfish Capital Partners, exploded spectacularly last month, culminating in an ugly shouting match between Fishman and his founding partner, Sal Naro, and the loss of billions of dollars. (“It’s basically mayhem,” one insider told FinAlt at the time.) Bummer, yes. But did the former SAC golden child have to cry about it, in public? Quoth the Gray Lady:
On Monday Mr. Fishman, 47, sat in the paneled Princeton Club of New York, explaining what it was like to battle the markets—and lose.
“It feels like someone has died,” Mr. Fishman told The New York Times, his eyes welling up. “We’ve disappointed people, and there is no one more disappointed than me.”
It’s not that we don’t feel sad for Fishman, who has clearly been humbled by his losses. “It’s that sad dawning when you realize the market is so much bigger than you are,” he told the Times. Also, we appreciate the fact that after working at SAC for seven years he remains human enough to cry actual tears. But, dude: Crying in front of a reporter is okay when you have a limb blown off or, yes, lose a loved one, and it does wonders when you are running for president. But you don’t cry when you are rich and other rich people take some money away from you. Buck up! You still have your big old house in Westport, don’t you?
Tough Times for Big-Name Funds [Dealbook/NYT]
in other news
The Tong SongA New York State judge sealed the sexual-harassment suit filed by former SAC Capital Management trader Andrew Z. Tong against the hedge fund and his former boss, Ping Jiang, to keep “salacious and yet-unproven” allegations under wraps, but the weird details keep trickling out. For those who are just tuning in, Tong claims that Jiang, a senior trader at SAC, encouraged him to take estrogen pills and wear women’s clothing in order to soften his manner and improve his trading skills, and that the combination made him gay — or, at least, gayish enough to stop sleeping with his wife and engage in a sexual relationship with Jiang. Jiang and SAC deny any of this occurred, but yesterday Tong’s lawyer, Gerry Filippatos, told the Post that Tong has both medial reports and “scientific evidence” to corroborate his claims. (We wonder if they’re going to use the Castrated Rat Defense.) Best of all, an SAC trader offered up this unfortunate quote: “Jiang is a great trader and a bright guy whose strategy might have rubbed [Tong] the wrong way.” Heh. He said “rubbed.”
‘Hormone Guy’s’ New Sex Claim [NYP]
Earlier: Sacked SAC Trader Alleges Boss Made Him Girlie Man