Black Edge

Buchzusammenfassung

Sheelah Kolhatkar is a staff writer at the New Yorker. She has also written for the Atlantic, the New York Times and Time magazine. She is a public speaker and commentator on business, economics, Wall Street, regulation and financial crime. Before becoming a journalist, Kolhatkar was an analyst at two New York hedge funds.

Steve Cohen’s meteoric rise from a junior trader to a Wall Street powerhouse was marked by the founding of SAC Capital Advisors in 1992, which rapidly grew from $23 million to over $1 billion in assets by 1999. Initially thriving on short-term stock speculation, SAC later shifted to leveraging insider information as regulatory scrutiny on hedge funds remained lax. However, by 2009, the FBI and SEC launched investigations into SAC’s practices, targeting Cohen through a methodical approach involving junior analysts. Key breakthroughs included insider trading evidence tied to Jonathan Hollander and Mike Steinberg, though Cohen’s legal safeguards complicated direct accusations. SAC paid historic fines totaling $2.4 billion, yet Cohen avoided conviction, rebranded his firm as Point72 Asset Management, and continued to amass wealth, earning $2.5 billion in 2014 alone. Despite suspicions and penalties, Cohen’s resilience and strategic maneuvers solidified his status as one of Wall Street’s most enigmatic figures.

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