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SAC Shutters London Office; Reduces Capital Allocations
Stevie Cohen's beleaguered 'hedge' fund SAC Capital has decided to shutter its London office:
- *SAC SAID TO PLAN CLOSING DOWN LONDON OFFICE BY END OF YEAR
- *SAC SAID TO EMPLOY MORE THAN 50 PEOPLE IN LONDON OFFICE
- *SAC SAYS IT CUT SIX U.S. PORTFOLIO MANAGER POSITIONS THIS WEEK
But perhaps, even more importantly - and some suggested responsible for the collapses in several major tech/momo names this morning:
- *SAC SAYS ITS SIMPLIFYING FIRM, REDUCING CAPITAL ALLOCATIONS
With stock prices held up by the marginal levered hedge fund buyer, SAC's size makes their liquidations as big a threat as anything to this fragile market.
SAC Capital Advisors LP plans to shut down its London office as the $14 billion hedge-fund firm founded by Steven A. Cohen scales back in the face of insider-trading allegations by U.S. prosecutors.
...
"As our negotiations with the government have unfolded, it has become clear to us that the outcome the government is demanding is likely to have a greater than first anticipated impact on the firm,” Conheeney wrote. “We have concluded that we must operate as a simpler firm and reduce our capital allocations.”
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simpler firm? LOL
Indeed...in the "market" of momo, HFT, lemming idiots, all it really takes is one seller of size...and algorithms all across the planet will take it from there.
Thank you, Ben Bernanke, for bailing out the criminal syndicate known as Wall Street [for five years running now] so that they could game the most important capital markets in the world with fanta seconds...and so that the rest of us could live in this economic wasteland of your creation.
It's a drop in the QE bucket for Ben to bridge the gap. Nothing matters except the Fed.
Au Contra. Nothing matters except the FEDs owners(Goldman, JP Morgan, etc). SAC doesn't own the FED they are allowed to DIE! It is simple. Work at Goldman you are protected for life! JON CORZINE Said SO!
Banksters running for the bunkers!
...to the Lear jets...course set for some Greek island they stole last year...or some such thing. Blankfein's engine is already running on the tarmac, I'm hearing.
Does seem that way doesn't it? Someone has put out a hard time for an event horizon. Final ramp before the sellout and 'shop close up'.
The FED has the full backing of Congress to purchase as much of the market as required to keep the indixes climbing.
BTFD and take advantage of a criminal political system when you see one.
Ow my balls. Right in the Sac.
Why is Steve Cohen not in jail with Bernie Madoff? Perhaps, he spent a billion of his ill-gotten fortune promoting his case. He still has about $10 billion of his stolen fortune. Who says crime does not pay in these United States? Maybe he can head the Fed after Janet Yellen. He has all the right qualifications.
Bernie stole from the 0.1%.
Cohen from the serfs.He also made sure his 'contributions' were up to date.
A lesson learned after the S+ L debacle.
The looting will continue until morale improves.
Here's how you can live off of OPM even after getting caught:
http://homesoftherichest.files.wordpress.com/2008/07/steve.jpg
http://observer.com/2013/04/the-rumors-are-true-steve-cohen-lists-115-m-...
http://observer.com/2013/07/hedge-funder-steve-cohen-closes-on-23-4-m-ma...
http://www.bloomberg.com/news/2013-04-04/report-steven-cohen-s-buying-sp...
"Hopefully the $60 million is worth it; Cohen paid a hefty sum compared with the East Hampton median home value of $2.24 million. " Wonder who was selling and how much they were asking?
http://www.forbes.com/sites/morganbrennan/2013/09/04/billionaire-propert...
http://www.forbes.com/sites/afontevecchia/2013/03/26/hedge-fund-billiona...
Why the spending spree? Trying to move the money into illiquid assets? Wash it? ???
At this rate they will be back to cold calling in no time.
Yeah, more of their own family members.
"Hi, Aunt Lucy. How would you like to roll your IRA over into an SAC professionally managed portfolio, run by your nephew Stevie?"
"Is he still getting insider information for his stock picks?"
"No, not any more."
"Tell Stevie I love him and I'll see him at Thanksgiving, but he's not getting my money."
Bingo!
This is how Madoff got money besides the phony returns. His tribesman pals/clients thought he was able to front run the market.
I've noticed that the cold-calling has already ramped back up in the past two months.
Why the London office..that is where there are not any rules...you can do anything you want there....cheating and stealing are legal there...
are you kidding? it's better here in metro NYC ...
Because everything happens first, in London.
400 years more experience to draw upon.
Actually the City had a spotless reputation upto about 1960.
Then they got into asset stripping, and it went to hell.
Dissolute empire,just like here, but this is an exceptionally dissolute empire.
Off topic what check this site out. This exposes the NRC for Rigging RADNET back when FUK melted down. They were rigging the detection centers areound the US.
http://hatrickpenry.wordpress.com/2013/08/15/something-wicked-this-way-c...
I figure did. Is there any reliable and free web based radiation monitors? I found one on the web but it may have been NRC. They all lie.