Former SAC Employees Talk About What It's Like To Work For Steve Cohen

and its manager, Steve Cohen.

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Spokesmen for SAC denied a lot of it, but it’s still very interesting, especially what people who used to work for Cohen told AR-A:

“He probably brought some of this on himself because he wasn’t that great to work for and wasn’t a nice guy. I found him unpleasant at times and think he’s very self-centered and has a great deal of avarice – but he had a positive, dramatic effect on my career, as he did on hundreds of others.”

“Steve can be charming and he can be ruthless. If you do well, he’s perfectly nice, and if you do poorly, he’s got very little patience.”

One of SAC’s practices (which a SAC spokesman denied) that AR-A says traders dislike is the “shadow” system.

Apparently Cohen monitors everyone’s trades and “shadows” the ones he thinks will do well by adding it to his own portfolio.

One fund manager familiar with the situation explains: “He’s basically taking the best idea of each trader and instead of giving them more capital or leverage is just putting it in his management book.”

Read the full story.

Bloomberg also wrote a huge piece on Steve Cohen and SAC Capital recently.

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