Sunday, November 8, 2009

Remember Fairfax Financial? Stevie Cohen of SAC wants you to forget!

Now that SAC Capital is being investigated for insider trading, I thought it would be nice to go back a few years. But first, check out Stevie's frozen ice rink! It was built to help you skate around insider trading!

First this email:

From: Mark Heiman
Sent: December 16, 2002 4:46 PM
To: James Chanos; Douglas Millett; Charles Hobbs
Subject: Fairfax
Just spoke to John Gwinn at Morgan Keegan, and he was more critical of FFRX than I’ve ever heard a sell side analyst. It looks like his criticisms of from the top to the bottom–everything from underwriting to accounting to dishonesty. He gave me his basics, as he is somewhat restricted because he hasn’t officially launched. It will be interesting to see how much of this the people who run the research department there will let him publish!

Which was forwarded to Jeffrey Perry an analyst at SAC Capital. Then John Gwinn at Morgan Keenan, had a face-to-face meeting with SAC Capital Portfolio Manager Forrest Fontana:

From: Forrest Fontana
Sent: January 06, 2003 8:57 AM
To: John Gwynn
Subject: RE: hope you had a nice holiday!
you available to touch-base on Fairfax sometime this week?


From: John Gwynn
Sent: January 06, 2003 9:01 AM
To: Forrest Fontana
Subject: RE: hope you had a nice holiday!
Name the time.

Then Forest Fontana of SAC Capital, sent this email to his boss, Stevie Cohen of SAC Capital.

Tuesday 1/14: Morgan Keegan expected to launch on Fairfax with sell rating – we will be covering into this.

And of course, everyone involved was short the stock before the report was released. And then, they were "covering" into this.

Remember how Stevie Cohen was always so secretive? In fact, doesn't he own the rights to his own photographs?

Why the, the abrupt change of heart? Exhibiting his art, giving out donations, and making SAC Capital more accessible. Oh wait--the accessibility of SAC was because of subpoenas!

But he sure rushed to show his art. It was put together in a couple weeks--The show showed no signs of its "hasty conception."

March 13 (Bloomberg) -- Billionaire hedge-fund manager Steven Cohen, who owns an extensive art collection that has rarely been publicly displayed, is lending 20 paintings and sculptures for an exhibition at Sotheby’s in April.

“Our collection has not been curated before” said Cohen in a statement provided by Sotheby’s. “It will be an exciting experience for us.”

I suppose its better to exhibit your art that way, instead of the Lehman and Dick Fuld method!

At least Dick's wife was the trustee at MoMA!

But Stevie's art made it in this blog, before it was being exhibited. With a giant inside tip. Buy technology. At the market low. And buy eBay at 12.

And a picture of Munch's Madonna. I had to have a conception that wasn't hasty. And immaculate!

Pssst. And there was no inside tip with that information.

No wonder that information wasn't used! SAC trades on information that is on the inside!

Heck--Stevie even added to his position in Sotheby's--maybe that's why he exhibited his art there. Get any edge that you can!

Now didn't SAC use the press before to plant negative stories on stocks they were short?

So now, let's use the press to publish good things about us!

Except now, we see that SAC's mole wants to squeal!

 The widening investigation of insider trading on Wall Street is expected to examine transactions at Steven A. Cohen's SAC Capital Advisors, one of America's largest and most successful hedge funds, according to people familiar with the matter.

A plea agreement between the government and a cooperating witness in the investigation, Richard Choo Beng Lee, indicates that Mr. Lee has agreed to provide information to prosecutors about a hedge fund where he worked between 1999 and 2004. That firm is SAC, according to people familiar with the matter....

Now the Goldman story below, had quite a few references to the Titanic.


It looks like they've now hit the iceberg!

And there's a lot more than what you see!


Anonymous said...

You ever think Goldman will get charged with insider trading?

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