Has Every Wall Streeter Gone Insane? A Graphical Guide.Maybe it’s hubris brought on by the second Gilded Age, but 2007 may well go down as the Year the Wall Streeters Lost It. Just in time to coincide with our Money Issue, we’ve assembled a handy graphical breakdown of financial-worker malfeasance, from Albert Hsu entrapping an ex-mistress in a simulated rape-kidnapping to John Fitzgerald just plain having a monstrous ego. Spooky! —Dan Amira
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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
white men with money
Sacked SAC Trader Alleges Boss Made Him Girlie-Man Steven Cohen’s hedge fund, SAC Capital Management, is weird. With the combination of its founder’s Svengali-like persona (super-traders are “totally committed to their own particular style and demonstrate complete conviction when trading,” he once wrote), over-the-top richness (fun things at his Greenwich mansion include Damien Hirst’s shark in formaldehyde and a skating rink in the backyard), and Pentagon-level of secrecy, it’s always seemed like the kind of place where the employees probably get all Eyes Wide Shut after hours. And as it turns out, that might not be so far from the truth! We’re late to the party on this one, but yesterday afternoon, Charles Gasparino at CNBC reported new details in the sexual-harassment suit filed against SAC by a former junior trader, 37-year-old Andrew Z. Tong. The suit was filed in the spring but sealed yesterday by a non-fun New York State judge, on the grounds that it was too salacious for public consumption. However, CNBC was able to obtain some veryjuicy details.