Wealth
Forbes Magazine estimates Cohen's fortune at $8.3 billion in September 2011, ranking him the 35th richest man in the United States.
In 1998, the Cohen family purchased a 35,000 square feet (3,300 m2) home on 14 acres (57,000 m2) in Greenwich, Connecticut.
His 2005 compensation was reportedly $1 billion, considerably higher than his 2004 compensation ($450 million), 2001 compensation ($428 million), and 2003 compensation ($350 million).
In addition, Cohen owns 7% of search engine Baidu and owns 5% of SSD design firm OCZ Technology.
On November 20, 2012, according to The Wall Street Journal, Cohen was implicated in an alleged insider trading scandal involving an ex-SAC manager, Mathew Martoma. Cohen was not directly named in an indictment released in New York, but was referred to as "Portfolio Manager A" "according to people familiar with the matter." Reuters reported that Cohen "personally signed off on" the trades that are being investigated, but that "experts said prosecutors lack proof that Cohen knew the trades ... were based on inside information". A SAC spokesman later stated that “Mr. Cohen and SAC are confident that they have acted appropriately and will continue to cooperate with the government’s inquiry,” according to The Wall Street Journal.
Five former SAC employees have been implicated in insider trading deals by prosecutors and three have confessed. Another three former SAC traders have been charged with illegal trading after they left SAC and two have pleaded guilty. SAC’s culture has been described as "high-stress, pressure-packed... (and) ruthless". The firm relentlessly digs "for information about publicly traded companies to form a 'mosaic,' building a complete picture of the company’s prospects that gives the firm an edge over other investors."
Read more about this topic: Steven A. Cohen
Famous quotes containing the word wealth:
“When a lady of wealth, is seen roaming about in search of cheaper articles, or trying to beat down a shopkeeper, or making a close bargain with those she employs, the impropriety is glaring to all minds. A person of wealth has no occasion to spend time in looking for extra cheap articles; her time could be more profitably employed in distributing to the wants of others. And the practice of beating down tradespeople, is vulgar and degrading, in any one.”
—Catherine E. Beecher (1800–1878)
“We are often reminded that if there were bestowed on us the wealth of Crsus, our aims must still be the same, and our means essentially the same.”
—Henry David Thoreau (1817–1862)
“When the ice is covered with snow, I do not suspect the wealth under my feet; that there is as good as a mine under me wherever I go. How many pickerel are poised on easy fin fathoms below the loaded wain! The revolution of the seasons must be a curious phenomenon to them. At length the sun and wind brush aside their curtain, and they see the heavens again.”
—Henry David Thoreau (1817–1862)