Thursday, June 6, 2013

Steve Cohen is not shaken; Vows to stay open

From NY Post: Steve Cohen ain’t going down easy.  In an act of stereotypical Wall Street trader chutzpah, hedge-fund billionaire Cohen promised employees that he won’t be closing his $15 billion SAC Capital to outside investors — despite massive withdrawals in the face of a federal insider trading probe.

In an e-mail to employees, SAC President Tom Conheeney also forecast no significant staff reductions, despite recent requests for redemptions of as much as $5.7 billion.  Conheeney, in his letter, said the Stamford, Conn., firm has enough stable money to continue despite the redemptions.  The Cohen confidant also said some investors have told SAC that they may reconsider their recent withdrawal requests once legal questions surrounding the firm, including a potential criminal indictment, are resolved….

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