Wall Street stars have much in common with rock stars, we're often told. On the theory that a peek backstage can help get an audition and a callback, here are some tidbits from a just-published profile of one larger-than-life star of the hedge fund galaxy: SAC Capital and its founder Steve Cohen.
The following intelligence about the environment at SAC Capital come from Bloomberg Magazine's cover story, as summarized by ClusterStock.
- Sunday is a workday for just about everyone: all staff are required to call Cohen between 5 p.m. and 9 p.m. and give him updates on the companies they follow.
- "The interview process can take 14 months and the background check is really extensive. The joke is that Cohen will find out the name of a candidate's second-grade teacher."
- Phones don't ring, they just light up. (Cohen doesn't like the noise, ClusterStock explains.)
- Cohen frequently yells expletives at staffers.
- Cohen sits right in the middle of the trading floor, so any staffer might sit near him.
- Staffers who propose an idea that makes money get paid extra.
- A 20-person compliance staff monitors IMs, e-mails and other communications.
- We found this point most telling of all: "Portfolio managers either make money or they're fired. They usually last about 4 years. (20 portfolio managers were fired or resigned in 2008.)"
This Is What It's Really Like To Work For Stevie Cohen [ClusterStock]
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Venture Pools Begin to Show Some Fissures [WSJ]
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