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:
“What cannot stand must fall; and the measure of our sincerity and therefore of the respect of men, is the amount of health and wealth we will hazard in the defence of our right. An old farmer, my neighbor across the fence, when I ask him if he is not going to town-meeting, says: “No, ‘t is no use balloting, for it will not stay; but what you do with the gun will stay so.””
—Ralph Waldo Emerson (1803–1882)
“As the Spanish proverb says, “He who would bring home the wealth of the Indies, must carry the wealth of the Indies with him.” So it is in travelling; a man must carry knowledge with him, if he would bring home knowledge.”
—Samuel Johnson (1709–1784)
“Without the rich heart, wealth is an ugly beggar.”
—Ralph Waldo Emerson (1803–1882)