SAC Capital

Ex-CNBC anchor still seeking hedge fund glory

Jim Kim — Wed, 13 Aug 2008 21:14:15 -0400

Remember Ron Insana, the one-time CNBC anchor. Recall that he left the network in 2006 to pursue a career in the hedge fund industry. He formed a fund-of-funds, aiming to capitalize on his knowledge of the hedge fund industry. His former network has reported that he is now winding down Insana Capital Partners. He reportedly managed to raise about $100 million for his Legends Fund, which is peanuts in the industry. But the effort was not a complete waste. He apparently has landed a job as managing director at SAC Capital, one of the industry's big boys. It's unclear what his role there will be. Media relations, perhaps?

For more:
- here's an article from HedgeFund.net

Hedge funds to give up on fixed income?

Jim Kim — Wed, 02 Jul 2008 12:30:23 -0400

The credit crunch continues to reverberate through much of Wall Street, eating away at jobs and forcing more writedowns at investment banks. One view was that hedge funds would stay in the game--given the performance of the likes of John Paulson. That may be true in some cases, but overall a lot of funds may soon start to capitulate. Breakingviews notes that SAC Capital, the giant $16 billion hedge fund, has cut back its fixed-income trading significantly, even letting go of some bond specialists. True, SAC is more of an equities shop, but it's fair to say that even hedge funds with more of a credit focus will be deterred by the kind of illiquidity we're now seeing. For bond traders, the hits keep coming.

For more:
- here's the Breakingviews article

Related Article:
Soft dollars based on fixed-income trades

Biovail's case for short conspiracy debunked?

Thu, 22 May 2008 06:59:55 -0400

Recall that in early 2006, Biovail filed a $4.6 billion suit that charged 24 hedge funds and research analysts with engaging in a scheme to push the company's stock with lies and planted stories in the media. The debate was widely covered, and ensnared some really big names, such as SAC Capital. But Fortune notes the company just settled federal charges of kickbacks and conspiracy related to the launch of a new drug that touched on the issue raised by hedge funds. In a press statement, the feds seemed to agree with hedge funds that a program that paid doctors to prescribe the drug was a bit over the top. In short, it lent credence to the arguments from the shorts that the company was engaging in nothing short of bribery.

For more:
- here's the Fortune article

C&L: Matt Grossman to leave SAC Capital to form own firm

Wed, 19 Dec 2007 06:59:51 -0500

Ellyn McColgan joins Morgan Stanley

Citigroup names Don Callahan chief administrative officer

Matt Grossman to leave SAC Capital to form own firm. Article

Nymex taps Thomas Gordon as vice chairman

Keith Anderson to leave BlackRock

Adam Applegarth steps down early at Northern Rock

Another bizarre Wall Street tale

Mon, 15 Oct 2007 06:59:55 -0400

These stories come in spates. Turns out the EEOC is now looking into a really odd accusation by Andrew Tong, a trader at SAC Capital. In the suit, Tong alleges that his boss forced him to take female hormones, avoid contact with his wife and wear female clothing in an effort to curb his aggressive trading instincts. The trader's suit said that hormones wrecked his life and made him unable to conceive with his wife. The suit also alleges that the relationship turned intimate. This is more than bizarre. Tong was let go after his allegations surfaced, according to news reports.

For more:
- here's the New York Post article

Related articles:
- Sordid tale of trader and ex-girlfriend
- Another sordid Wall Street tale