Anyone here have money with Stevie?

Looks like he is done.

Yeah, he manages my IRA.


big deal. the worst that happens is he can no longer manage.

He’s still a billionaire, free to spend as he pleases, and buy stuff you can only dream of.

I’m personally more concerned for my friends and others that are analysts there and that do things above board. Steve has made his fortunes but my buddies are doing all the heavy lifting and have a lot of potential earnings tied up in deferred comp. It is hard enough for people to find gigs on the buy side these days, but if SAC folds or turns inward to family assets, it will be blood on the Street.

^ true. SAC has around 1k employees alone…

Addtionally, if you suddenly dump all those people into the unemployed job market, all it’s going to do is make “breaking into finance” even harder.

not to mention all the spinoffs / brokerage / research shops SAC funds.

How many analysts does SAC have?

I think SAC has well over a hundred analysts/PM’s if you include all the affiliates. The issue is that there always seems to be someone leaving and someone coming in. Therefore, I have no idea what the “normalized” headcount looks like, and neither do my friends that work there.

For what it’s worth, I got a call just a couple weeks ago for a position at SAC, so it’s possible that Mr. Cohen thinks all of the stuff in the news these days is just a minor distraction from running the business as usual and acquiring new talent…

They have around 90-100 PM’s…not including analysts, and each PM has around 2-3 analysyts

if SAC were to go away, which time will tell I guess, I wonder what the knock-off effect is on groups like the exchanges or banks that SAC paid commissions to. I dont recall the figure but remember how they were a meaningful portion of activity/volume in mkts, wonder if that will reverberate.

SAC pays tons of commissions all across the bulge brackets and other shops. If SAC goes, it would trigger a big wave of bad news across wall street.

Anybody have any idea on SAC’s flows and/or lock ups? Any hedge fund manager research people on here?

I have to say, the situation at SAC is looking hairier and hairier every day…

I think the real question here is, Why did it take them so long to nail SAC for insider trading?

“Everyone” in the industry already knew this was happening, and while public opinion is hardly worthy of a guilty verdict, it seems like it took the authorities about 10 years longer than it should have. The evidence appears to have been in plain sight with little attempt to obscure what was happening. Maybe the government is doing its best to build a case slowly in order to avoid screwing this up – in which case, bravo, the government may have finally done something right.

I’m sure Preet Bharara, the District Attorney on the case, waited until he had enough evidence on one of the most powerful men on Wall Street. This guy has a 100% win rate in convicting financial criminals.

Yeah that’s legit, my point was it couldn’t possibly have taken 10 years, so what was the SEC doing for that entire time? Besides looking at porn. It’s frustrating because there is a lot of fraud in the capital markets and the SEC seems to be inept at finding much of it, even when it is very obvious.

^ SEC was doing the same thing as they did for Madoff…nothing. it is a gov’t entity, what do you expect?


I would have expected, with a $1B budget, they would have done something productive. There are literally dozens of “obvious” frauds in publicly traded securities that also do not get shut down (referring only to the US). I found one last week that I “knew” was fraud within 5 minutes, and had conclusive evidence is fraud after 1 full day of research. Company has been public since 1997, why has this not been shut down?

Maybe the SEC just wants fraud to proliferate for a while, so that they have the opportunity to catch big fish once in a while and raise the agency’s profile. If the SEC did such a great job that there was no insider trading or other violations, then maybe people might question why we are spending so much money on the SEC.

Of course, the alternative and more likely explanation is that they are just a bunch of demotivated government workers waiting for their pensions to kick in, and that they really have no motivation to do well. It’s not like they get paid huge bonuses if their performance reviews are good.