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What Gets An SAC Portfolio Manager $1.3 MM? Lots Of Insider Trading, Banging Hookers And Running Around Naked While High On Shrooms
Courtesy of ex-SAC portfolio manager Noah Freeman's cooperating witness testimony, we now know just what it takes to be a star trader under Stevie Cohen: i) trade on inside information at least 6 times, ii) run around San Francisco, in your underwear, high on shrooms, and iii) bang a hooker at a Taiwan bar called the Red Horse. And that's about all you need to make 1.3 million a year while in the employment of one SAC Capital.
Bloomberg brings us more details of the highly secretive, and oh so mysterious world of hedge fund high fliers:
A former SAC Capital Advisors LLP portfolio manager testified that on a 2009 business trip he ingested a hallucinogenic mushroom that resulted in his wandering around the streets of San Francisco in his underwear.
Freeman was asked about his drug history during cross- examination by David Luttinger, a lawyer for Jiau. Freeman said he smoked marijuana regularly from his senior year in high school until 2009 and said he took a hallucinogenic mushroom once while attending a conference in San Francisco in 2009.
“I was walking around looking for something to do,” Freeman said, adding that he’d bought the drug outside a concert hall. When he didn’t get an immediate reaction, he said he ate some more.
“‘Weren’t you running around the streets of San Francisco in your underwear?” asked Luttinger, who also asked Freeman why he hadn’t given authorities or hospital officials his real name when he was found wandering and disoriented.
“It was one of the worst experiences of my life,” Freeman said. “I was worried I was going to get in trouble with SAC.”
Then there is the whole insider trading thing...
Luttinger closely questioned Freeman about the number of times he committed insider trading based on material, nonpublic information while at Sonar Capital.
“Approximately a dozen where I’m totally confident the information was material and nonpublic,” Freeman said.
“What about your time at SAC Capital?” Luttinger asked.
“Focusing on only the ones where there was no question of a gray area, I would say perhaps half a dozen,” Freeman said. “Again, my trading style was faster there, so I don’t remember quite as well.”
But wait, there's more:
Was it your experience that people working in companies based in Taiwan were looser with their financial information and sales data?” Luttinger asked.
“Yes, they were,” Freeman said.
Luttinger asked Freeman if he ever paid for prostitutes for his sources, citing a report by the Federal Bureau of Investigation describing an incident at a karaoke bar in Taiwan called the Red Horse.
“Didn’t you purchase a prostitute?” Luttinger asked.
“No,” Freeman said. “The conversation was conducted in Chinese. I collected a large bill and I was never sure what happened.”
He said the bill totaled “a couple of thousand dollars,” and he submitted it to his assistant at Sonar Capital who “sorted it out.”
But wait, there's even more:
Last week, Hyland disputed Freeman’s testimony, saying that
“any statement that Sonar Capital used insider trading as a
business model is categorically false.”
Just like SAC has said any statement about SAC is "categorically false."
As for the bottom line:
Freeman, who said his contract at SAC Capital guaranteed him a minimum compensation of $1.3 million.
And now you know the mystery behind the hedge fund facade: insider trading, lots of drugs, occasionally running around a major metropolis in your boxers, and hookers. The rest is the daily commute.
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Perhaps the "golden handcuffs" were something more than a metaphor ...
Now that was good, lol!
I'd take that gig.
I've just applied. If you get in my way, you're dead.
Shit, I'm in the wrong game.
Fucking rookie error, ingesting more, when the first batch hasn't been digested.
Stevie, scrapping the bottom of the barrel with this dude.
Spent half the night picking holographic fruit off the wall. Yep i've seen rookies before.
Rookie moves can also be the best of times. I remeber running around with my best buddies in a 1974 LTD convertible. We pulled up on the bluffs next to Hoag Hospital and howled like wolves under the methane gas blowoff tower. The flames blowing out of the tower, moon full in the sky...very animalistic.Ran in to some girls. They dug the whole wolf thing. Good times.
V.I., you are dating yourself, talking about the bluffs at Hoag. You old enough to remember the Rendezvous?
Best regards,
RF
Stevie knows to take the sacraments in the church of the woods and water..woulda' saved a good night...hookers? paying for sex is a dog's game. The guy's just not experienced, that's all folks.
Ah, just like the good ole days ;)
Sign me up!
Where do I apply!
"Boxers and Hookers"
Now that's a classic.
If you think she can wrestle, you should see her box.
"Boxers and Hookers"
Stevie Cohen says now that's classy...
That reminds me of Model and Bottles... the video that the limp dick investment banker put out.
http://www.mergersandinquisitions.com/why-not-investment-banking/
He should just at this point retire and go to Thailand where he can blend in with the other monger farangs. That way he can run around with 2 hookers in Pattaya on his arm on LSD and his career won't be fazed. Hell, it might even help for a PR tool.
I am on the way to Pattaya actually.
Its a really nice place. 30 golf courses, big shopping malls,
big shopping malls = nice place.
now THAT is sarcasm! well done!
The Pattaya miracle mile....
They have a lot more than 30 rounds of golf in Pattaya, Spitz. You know the drill. Make sure there's no junk in the front first so your putter doesn't go all wobbly during the backswing. Have fun.
Almost forgot -- my avatar is a picture of the elephants one hour above Chang Mai, Thailand.
Just make sure you get your Sois straight. And I do mean straight.
NEVER hire a trader that can't handle his drugs! geesh
Sounds like my entire 20's minus the big buxs.
The homeless are not allowed in the Lincoln Tunnel. Sign says no pedestrians. Ooops. Ended up being banged by a Tennessee art dealer in the Holiday Inn on West 54th. THAT"S my 20's. This shit is nothin'. Clean black leather with a McDonalds straw. Bitchessssss!
I need someone to "sort out" my expenses, too.
a slight twist to hookers and cocaine.
Enjoy! Have some durian for me while you're there!
Psylosiben bithez!
everything tastes better on a ritz.
Freeman, who said his contract at SAC Capital guaranteed him a minimum compensation of $1.3 million.
And now you know the mystery behind the hedge fund facade: insider trading, lots of drugs, occasionally running around a major metropolis in your boxers, and hookers. The rest is the daily commute.
___ Is this a fucking great Country, or what!!? _I'd do it for half that.
I WANT MY COUNTRY BACK!
Forget about confidence in the markets, we have a much larger sociological problem to worry about.
Truly sad individual.
STFU Puritan! Move.
Like I said...a sociological problem...I didn't even have to cue you, and you responded in spades.
Much thanks.
Interesting what response a clear-truthy statemement will bring eh holdbuy?
You puritan you! ;-)
ORI
What's also sad is that so many think degrading themselves is cool.
What ever happened to dignity?
It's a proven formula, don't mess with it! It's what made this country great.
Bang Dai Ho: I Immune too. Took shots. I swear under oath Noah Freeman is great big Weiner.
ROFLMFAO
Gwar5
mems boi! Good on ya!
this guy was partying his ass off and is acting like he is one of the innocent victims of Zack Galifianakis
"America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves."
Abraham Lincoln
And thus my comments above...sociologically, we're degenerating from within.
Yes. Everything we are experiencing has NEVER happened before. END OF THE WORLD AS WE KNOW IT. Save my chidren, oh my sick children save them so my family name can survive.
Epic fail!!!!!!
Yes, history (nearly) repeats itself. What's your point?
Rome is burning (so is dignity) and he gets back slapped by all the common (male) sluts.
"And now you know the mystery behind the hedge fund facade: insider trading, lots of drugs, occasionally running around a major metropolis in your boxers, and hookers. The rest is the daily commute."
That is the main reason (apart from tax evasion) why the hedgies are all volunteers in their Asian outposts HK and Singapore now, edge of the empire, Bang cock, Manila and Jakarta all beckon, within 2 hours from a really good time, even the FBI folks cannot resist the cheap and good massage joints (no pun), anonymity assured. Someone once chanced across a group of farlangs comprising hedgies hosted by squiddies fixers, and looked over by some secret agents who themselves could not resist frolicking naked in some foam parties with an entire harem of naked local girls in one of these seedy cities in the far east. So in case you need to know who hedgies or computers makes decisions during asian trading hours...
Tell ya' what, having hung around Bangkok, those girls smell funny.
That happens...if you haven't had enough mushrooms.
Next time you'll learn to get loaded and take a big bar of soap in the shower with your dates to start the game.
If you drown you are pure. If you float you are a witch to be burned.
B. Fleeced
You said:
"If you drown you are pure. If you float you are a witch to be burned."
And you also said:
"STFU Puritan! Move."
So 'witch' are you? Certainly not 'pur'itan.
I'll light the match.....
Jordan fades back....."swish"
Tripping balls and emptying your balls at the same time.
Damn. I'm in the wrong profession.
There is no reason not to expect another wrong choice if you don't make sure you are in the mindset of massaging her ankles into your ears.
Was the hooker hot? Shit, this is every man's dream until he grows old and realizes how dumb he acted.
amateur move. (telling the truth under oath)
trust, Wannabe!
Do you...?
I do have severe memory loss your honor!
There's a reason for the 5th amendment.
Is the reason to prove you have a brain? ..or shuite yourself and do some 'splainin' to your new friend, the man.
re-read the first line..."cooperating witness"
take the Fifth and lose your plea deal
He's lucky he didn't trip his way down to the Castro, he might have come back to Planet Earth with a whole new sexual identity.
And, you the think the FEDS are screwing him a new asshole.
The first sign of aids is a pounding sensation in your rectum.
Far easier and way less messy to join up with the part of your brain before sex was expressed..get to know the other sex you were once about be. Unstuck in time as it were on a whole 'nother level. The secret mystery of Eleusis gets you there. A little tab 'll do ya.
Do I get to twitter my junk, or is that privilege only for elected officials?
Weiner might be able to get a gig at SAC. My guess is Steve Cohen may fire him when Breitbart release the photo he supposedly has of Weiner with his own weiner in his own mouth. I guess he must be into yoga to do that.
Who's going to hang around midtown selling blow and shrooms laced with rat posion now?
+ death cross.
dupe delete
You need to find better friends..and It Ain't Me, Babe.
"Freeman".... and "Cohen"... hmm... - "Bernanke"... "Geithner"...hmm...
US pioneers crossed deserts to reach their Holy... Hollywood... Homeland... hmm
Zerohedgers nodding.... sex, drugs and more money than God... hmm...
Continuity, repetition, transcendence... - death defying, or death seeking... hmm...
Losers love to complain.
"Losers"... who do you refer to?
Any zerohedger knows the biggest losers are the rich, who always need more money which they get from the Fed, their darling whorehouse - and who always blame the peasants, the workers and the poor - yes, the rich, who pass the buck to the poor.
If your nebulous four words are a complaint, check with Max Keiser.
Some stopped. OK, NE, MO...hmmm
Freeman's nickname at SAC was, "Lite Weight." Stevie told him, "Son. If you can't keep-up we're going to have to let you go."
Ah... shrooms....
Remember walking through farmer's field in the Pac Northwest picking and eating..
The wet ones are an acquired taste....
wet hookers or shrooms?
i lurves some shrooms.
Running Around San Francisco Naked While High On Shrooms
If he took a crap in the middle of the sidewalk right on Mission St, left his underwear, wiped with a newspaper and walked away naked...
He would be a typical SF homeless derelict...
He would have to flip off a cop before they would do anything about him... maybe (while naked after having crapped on the sidewalk)...
What else is new in SF?
+1 and true. Typical Obama voters.
JUST a Small Giggle. Everyone beat me to the BIG laughs.
Just for some perspective, a large bar tab does not necessarily indicate hookers were involved. Anyone who did Tokyo in the 80's or early 90's can attest to that.
As one who was the object of the affection of sell side firms, there were occasions when I was taken to a bar---which the sell side folks wanted to visit---had some god-awful boring Canadian or Brit backpacker woman in an ill-fitting evening gown come sit next to me, drank perhaps two beers, ate a handful of peanuts, and then looked over the shoulder of the host as he pulled out the company credit card and paid the $3000 bill. Two sell sides types, me, twenty minutes in full and fully-clothed view of all participants, a maximum of a half dozen beers at the table---all for $3000. As we shook hands on the street, the usual last comment from the sell side types was, "if anybody from our firm asks, tell them we went to two or three other bars after Cassanova, okay?"
Google "Cassanova Club, Roppongi"
...figures...
best article title ever.
and
that was before breakfast...
TD, you were a hedgie too, was this your life then?
hedge things just go better....
Well he traded on inside information, what's the issue with that other than arbitrary political dislike? Not like politicos don't do just that, only in a far more pernicious way...
yawn, what else is new. Call me when someone's indicted for murder
douchebags
Resume sent.