King of Hedge Funds
Cohen is renowned not only for his ability to make money as a trader, but also for his penchant for spending it, on such things as a 30-room mansion in Greenwich, Connecticut and an art collection that includes works by Warhol, Picasso, Cézanne and other famous artists. 
Cohen began as an options trader with Gruntal & Co. in 1978. He started SAC Capital Advisors in 1992 with $25 million in assets. At its peak just before the conversion to a family office, SAC had over $50 billion under management, with a staff of 1000 people across the globe.
Lucy McNulty, 17 April 2017
Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.
But, on January 11, he received a call from his New York lawyers that threatens to upend all that.
Joey Frenette, 17 April 2017
Equitable Group Inc. (TSX:EQB) operates through its subsidiary Equitable Bank, which offers a range of solutions including mortgage lending products. Marc Cohodes, a well-known short-seller who has called the downfall of many infamous Canadian stocks, believes that Equitable Group is a “poor man’s Home Capital Group Inc. (TSX:HCG),” which is another mortgage lender that Mr. Cohodes is short.
Unlike Home Capital Group, Equitable Group isn’t riding a huge amount of negative momentum, and the stock isn’t far off its all-time high. Home Capital Group, though, is down over 60% from its all-time high, and it looks like there’s no bottom in sight as the stock continues to fall farther into the abyss.
There’s no question that the Canadian housing market is overheated. Many pundits believe a correction could be in the cards sometime over the next few years. If there was a Canadian housing collapse, then both Equitable Group and Home Capital Group would get crushed, and their investors would lose their shirts.
Continue reading “Article: Why I Wouldn’t Touch Equitable Group Inc.”
Associated Press, 10 April 2017
LONDON – British politicians are seeking an investigation into allegations that the Bank of England was also involved in manipulating a key market interest rate during the financial crisis.
The BBC says it has a recording from 2008 between officials at Barclays bank that indicates the Bank of England was trying to influence the interest rate, called Libor. Several banks have been fined billions for tampering with the interest rate, which is used to price services like loans globally.
Labour party lawmaker John McDonnell says “this is an extremely serious revelation that contradicts past assurances about the role of the Bank of England in the Libor scandal.”
The central bank told the BBC that Libor was not regulated at the time and that it has been helping in past investigations.
INDEPENDENT INSTITUTE, 07 April 2017
Patrick M. Byrne is the Founder and former CEO of Overstock.com, that had revenues in 2016 of $1.8 billion and its sixth out of seven straight years of profitability. He holds a certificate from Beijing Normal University, a bachelor’s degree in philosophy and Asian studies from Dartmouth College, a master’s in philosophy from Cambridge University as a Marshall Scholar, and a doctorate in philosophy from Stanford University.
Byrne has served as a Teaching Fellow at Stanford University; Chairman, President and CEO of Centricut, LLC; and Chairman, President and CEO at Fechheimer Brothers, Inc., a Berkshire Hathaway company. Continue reading “Article: Patrick M. Byrne”
CBC Radio, 07 April 2017
Scandal on Wall Street didn’t end with 2008’s financial crisis. New Yorker staff writer Sheelah Kolhatkar chronicles the rise and fall of the prominent hedge fund SAC Capital in a new book, Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street.
Kolhatkar explains how insider trading allegations dogged the company and its ultra-rich founder, Steven Cohen. Cohen “was an iconic figure in the financial industry,” she tells The Current’s Friday host Piya Chattopadhyay. Continue reading “Article: How Wall Street billionaire Steve Cohen survived an insider trading scandal”