SAC Capital still working to hang onto investors

From NY Times’ Dealbook: “At last month’s Hurricane Sandy benefit concert, Steven A. Cohen sat near the Madison Square Garden stage, grooving to performances by Bon Jovi and Billy Joel.  Last week, he flew a private jet to the World Economic Forum in Davos, Switzerland, rubbing shoulders with world leaders and Fortune 500 chieftains. And on Monday, he will show up at the Breakers Resort in Palm Beach, Fla., for one of the year’s biggest hedge fund conferences and, if he can squeeze it in, a round of golf.

“For a man who has emerged as the Justice Department’s great white whale in its insider trading investigation — a Wall Street version of Moby-Dick being pursued by Captain Ahab — Mr. Cohen, the billionaire owner of the hedge fund SAC Capital Advisors, does not appear concerned.  But inside the offices of SAC’s Stamford, Conn., headquarters, and at Midtown Manhattan law firms, Mr. Cohen’s employees and lawyers are working hard to contain the fallout from the investigation.

“His execs have offered financial incentives to Mr. Cohen’s staff members to stay with SAC. Marketing officers are trying to persuade investors to keep their money at the fund. And defense lawyers are working furiously to persuade federal securities regulators not to file a civil fraud lawsuit against the firm.

“This has always been a stressful place to work,” said an SAC employee who requested anonymity because he was unauthorized to speak publicly about the fund. “Now it’s just more stressful….”

Read all about it at http://dealbook.nytimes.com/2013/01/27/beneath-the-calm-sac-works-to-contain-fallout-from-an-inquiry/?hp