Cohen

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Noose Tightens: Prosecutors Focus On Core SAC Fund Managed Personally By Cohen





Following all the recent busts of former SAC and related portfolio managers, it was only a matter of time before prosecutors zeroed in on the guy at the top. The WSJ writes: Prosecutors are examining trades made in an account overseen by hedge-fund titan Steven Cohen that were suggested by two of his former fund managers who have pleaded guilty to insider trading. The development surfaced in court filings submitted in connection with a sweeping insider-trading investigation, which focuses on ways traders can receive nonpublic information from experts connected to industries or firms. At issue is trading in a $3 billion stock portfolio personally overseen by Mr. Cohen at SAC Capital Advisors and referred to by the government in the filings as the "Cohen Account" and internally at SAC as "The Big Book." SAC portfolio managers funnel their best trading ideas to Mr. Cohen for this account and are paid a bonus if they generate big returns for Mr. Cohen, according to people familiar with the matter." As a silo-based hedge fund, where every PM is given freedom to win or lose small amounts of money on their own, but make big amounts of money on the high conviction ideas, or, in other words, those in which the PM has a lot of inside information, it was only a matter of time before prosecutors realized that even teflon Stevie would eventually have commingled insider-information based trades. The only question now is how he weasles his way out. And unless the government totally screws up its case, it may be not that easy any more.

 
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Stevie Cohen's Red Herring Plan Works As Orexigen Gets Slaughtered By The FDA





When we observed Stevie Cohen's odd and sudden purchase of 5% of OREX stock, announced in the last minutes of trading yesterday, we speculated that either this was another blatant attempt by the man with the golden touch to purchase shares in a company which would come up with the golden grail: a drug for obesity, or "we would not be surprised if this is the first, maybe of many, red herrings thrown by the legendary hedge fund manager to indicate that he does not have a 100% batting average when it comes to predicting FDA outcomes." Well, it was the latter. OREX just got the worst news possible and the stock is about to open 60-80% lower. This will be a ~$20 million loss for the Connecticut man. One wonders, more than ever, what is the quid pro quo?

 
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Is Stevie Cohen's Magic Biotech "Touch" Up To Snuff In The New Year? We Are About To Find Out





Earlier today, SAC Capital filed a 13G in which it disclosed an incremental 2.374 million share stake in Orexigen, or 5% of the total, which also happens to be the stock's 10 Day Average volume. Why is Orexigen special? The company is expected to announce a ruling by the FDA on whether its leading obesity drug candidate Contrave will be approved, just this afternoon. Of course, with old blue eyes indicating his last minute participation, we are 100% confident that the firm will pass with flying colors. We are also confident that i) Gerson Lehrman and other expert networks have quite a few experts on how Contrave is viewed by the regulators, and/or ii) that Sigma and SAC may well have retained the services of recent portfolio managers who in their previous life have had quite an extended facility with the nuances of the Contrave-focused metabolic processes.

 
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Comic Interlude With A. Joseph Cohen





Following tragic days such as yesterday, some form of levity is always welcome. Which is why we present A. Joseph Cohen's latest. Let the joyous merriment commence.

 
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Shocker: Joseph Cohen (Abby) Says Recession Is Over, S&P Headed To 1,300





Goldman's distinctly feminine A. Joseph Cohen is out with the latest prognostication. Punxsutawney Abbey must have not seen her shadow yet again, resulting in a call for 6 more decades of Dow at 36,000, or in this case S&P hitting 1,300 by the end of the year. The fact that blind monkey, with a penchant for dart (and/or feces) throwing have had a more successful track record than AJC is irrelevant, yet disturbing . To wit: On a CNBC appearance in March 2008, she predicted S&P 500 at 1550 by end 2008, In an August 10, 2007 appearance on CNBC the Oracle of nothing predicted the S&P 500 would rally to 1,600 by December; In December 2007 A. Joseph predicted the S&P 500 index would reach 1,675 in 2008 (the S&P 500 traded to less than half, or 741.02, in November 2008).

 
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Is FBI Special Agent King Set To Take Down Stevie Cohen?





The man who brought down Galleon is not finished, and if the report by Reuters' Matt Goldstein is correct, FBI special agent B.J. Kang may well have his sights set on the top of the hedge fund pantheon: SAC Capital itself. This is not a surprise to Zero Hedge, and is something we have speculated on in the past, however the intricacies of such a spectacular take down would have to be refined beyond any reasonable doubt as any allegations against Mr. Cohen will likely see the involvement of every single $1,000/hour billing lawyer in the world, taking on any DOJ case.

 
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And The Other Side Of The Rodgin Cohen Story





After the New York Times came out with a very ingenuous piece of "objective" fluffery, we have littel to add except to bring readers' attention to our initial thoughts on Mr. Cohen and his place in the Wall Street parthenon.

H. Rodgin Cohen's (Failed?) Quest To Backstop Every Bank... Ever (And Usurp Geithner's Throne)

 

 
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H. Rodgin Cohen's (Failed?) Quest To Backstop Every Bank... Ever (And Usurp Geithner's Throne)





Over the past two weeks many banks issued press releases and opened up the PR spigot to indicate just how stable they all are now that a few have managed to pay down their TARP commitments. This of course, is nothing but a complete farce, and simply yet another chapter in the "consumer confidence" game played by the administration and its financial underlings. In order to see just how much the banking system depends on the continued unlimited wallet of taxpayers and Geithner's printing presses, and how much certain law firms continue to depend on the somewhat less limited wallet of Wall Street, I present an October 31, 2008 letter recently obtained by Zero Hedge, in which Sullivan & Cromwell, Wall Street's #2 favorite law firm (or is that #1: I am sure Wachtell Lipton would have a few choice words with regard to that particular league table rating, although it may be hard pressed to match S&C's $241,975 in donations to the Democratic National Convention), goes to town to make sure that its well-deserving clients including Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo get to not only have the taxpayers' cake (in perpetuity), but eat more and more of it each day.

 
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Cohen & Steers Funds Merge





Two odd press releases after the close today, both pertaining to our favorite REIT focused fund. According to the first, Cohen & Steers Advantage Income Realty Fund, Inc. ("RLF"), Cohen & Steers Worldwide Realty Income Fund, Inc. ("RWF"), Cohen and Steers Premium Income Realty Fund, Inc. ("RPF") and Cohen & Steers Quality Income Realty Fund, Inc. ("RQI") have all merged with and into RQI. It apeears that even despite the magical ramp of all REITs this quarter, those pesky "size matters" issues have reared their ugly heads for the 4 various closed-end funds.

 
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Cohen & Steers Heart Commercial Real Estate





An amusing article in the WSJ today discusses the newfound sweeping hope across the REIT space. The hope, by the way, has to do with the recent stock offerings by SPG, AMB and KIM (the last one Zero Hedge had quite a few things to say about). WSJ provides a good assessment of the situation:

Vacancies are still zooming up and property values are still crashing down.

 
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Cohen & Steers Heart Commercial Real Estate





An amusing article in the WSJ today discusses the newfound sweeping hope across the REIT space. The hope, by the way, has to do with the recent stock offerings by SPG, AMB and KIM (the last one Zero Hedge had quite a few things to say about). WSJ provides a good assessment of the situation:

Vacancies are still zooming up and property values are still crashing down.

 
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Steve Cohen Safe For Time Being: Kogan Massive Outhouse Plans On Hold





The downsized plans for Valery Kogan's anex at 18 Simmons Lane, which were presented at last night's Greenwich, CT council meeting, were put on hold again (the last time Kogan tried to create the biggest septic nightmare in Greenwich, he was voted down 3-2). The original pro forma house at 54,000 sq. feet and 26 toilets would have been the largest single-family home built in Greenwich since new housing plans started being reviewed in 2001. The new proposal which called for only 38,000 sq.
 
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Steve Cohen Safe For Time Being: Kogan Massive Outhouse Plans On Hold





The downsized plans for Valery Kogan's anex at 18 Simmons Lane, which were presented at last night's Greenwich, CT council meeting, were put on hold again (the last time Kogan tried to create the biggest septic nightmare in Greenwich, he was voted down 3-2). The original pro forma house at 54,000 sq. feet and 26 toilets would have been the largest single-family home built in Greenwich since new housing plans started being reviewed in 2001. The new proposal which called for only 38,000 sq.
 
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