The Secret To SAC's Success?
In May, we told you about the allegations of sartorial behavior modification at SAC Capital Management. Former SAC employee Andrew Z. Tong had accused current SAC employee (and top trader, and Yoko Ono neighbor) Ping Jiang of sexual harassment that included enrollment in a “top secret training program,” and the elimination of Tong’s alleged personality flaws by requiring him to wear “certain kinds of clothes to work.” No one got back to us regarding whether or not leather was involved and we pretty much forgot about the whole thing, the night terrors involving Stevie Cohen, spandex and warm-up suits notwithstanding. Today, Charlie Gasparino, because he tracks this sort of thing, brings us an update.
-- Apparently, one aspect of the “program,” guided by Jiang’s belief that traders are too aggressive and should be more effeminate, had Tong taking female hormones, which he bought on the black market.
-- According to Tong, as a result of the hormones, he suffered emotional and physical distress, and started wearing women’s clothes. He also said that he was unable to perform sexually with his wife, with whom he was trying to have a baby.
-- Other forms of harassment allegedly included “sexual relations between two men.”
Not surprisingly, SAC and Jiang have denied the charges, and said in a statement:
”SAC conducted a thorough investigation and found these scurrilous accusations to be false. We will vigorously defend ourselves and are confident that these claims will be swiftly rejected in arbitration.”
Sources at the firm told Gasparino that Tong was fired for cause in April 2006, though whether or not the “cause” was his inability to even feign enthusiasm at being forced to wear a dress is unclear. (We know—not funny, just sick. It’s a defense mechanism sometimes employed in uncomfortable situations so back off you don't know my life!)
On a lighter note, this whole thing makes the rumors about Cohen leaving the dismembered body of a (former) analyst floating in tank of formaldehyde on the Stamford trading desk, "as a motivational technique," not seem so bad, eh?
Earlier: Sartorial Behavior Modification at S.A.C.?
Tong v S.A.C. Capital Mgt., LLC
SAC Capital Harassment Suit [CNBC]








Comments
First, traders should refer to themselves as "Trader" in conversations or mailings (Tr.) like doctors refer to each other as "Doctor" or "Dr.".
Second, that was the funniest article I have read this month. Thans to SAC and Dealbreaker!!!
Posted by: Tr. Neal Downenbiter | October 10, 2007 04:42 PM
Saw it in CNBC, could not help but laugh loudly. Traders need to be more feminine? A guy saying that to another? Best part was when they said something along the line of being involved in sex with two males.
Posted by: Anonymous | October 10, 2007 04:48 PM
So was he forced to wear the dress to work or was it voluntary?
Posted by: Anonymous | October 10, 2007 04:59 PM
Who is ever going to want SAC Capital on his resume after THIS?
Posted by: Anonymous | October 10, 2007 05:00 PM
why take down that pic>?
Posted by: why | October 10, 2007 05:03 PM
This is crazy. Is Jiang still at SAC?
Posted by: Anonymous | October 10, 2007 05:26 PM
I assume he is, as he is the star trader at SAC after Cohen
Posted by: drs | October 10, 2007 05:28 PM
What sort of frock goes best with my new black Lodds?
Posted by: Mr. Super Trader | October 10, 2007 05:34 PM
Sounds like another loser who swung for the fences at SAC and got canned. The guy is obviously a loser, not a moneymaker. NEXT!
Posted by: Anon | October 10, 2007 05:35 PM
well, regardless of whether the guy is a loser or not, it's just hard to make this shit up.
Is Jiang feminine?
Posted by: Anonymous | October 10, 2007 06:03 PM
Yeah, SAC is known for hiring really smart, but completely mal-adopted folks. This strikes me as a bizarre, but plausible story.
Posted by: Know some SAC folks | October 10, 2007 06:08 PM
Ask anybody who worked with Ping at Lehman... he's a weird dude, a maniac risk-taker, but somehow (possibly via blind, shithouse luck) a consistent huge moneymaker.
Posted by: Ben_H | October 10, 2007 08:42 PM
Yeah I used to see Ping giving Jeffrey Epstein foot massages at the West Side YMCA. I didn't think anything of it.
Posted by: Per Ling | October 10, 2007 09:49 PM
Just a side note - i want to Ass fuck most of the CNBC chix. do you think they lube it up?
Posted by: BUTT FUCKER | October 10, 2007 11:36 PM
Ping is gay
Posted by: Anonymous | October 11, 2007 12:03 AM
no you gotta go in raw
Posted by: Anonymous | October 11, 2007 07:35 AM
True story about Stevie Cohen's kid.
A little over a year ago this guy bumped into my friend (a lady) who was smoking a cigarette in front of a restaurant and kept walking and didn't apologize or anything. Another friend of mine said "Hey, that's no way to treat a lady." So lil Cohen looks her up and down and makes a "psst" noise, flaps his arm in a manner to say "I don't give a ___" and continues to walk.
My friend says "perhaps I should teach you some manners and rearrange your face." (Keep in mind that my friend had no clue who this guy was)
So another friend bumps in the middle to say there's no need to fight over this and breaks up the altercation (the group was in front of one of our friend's restaurants). Once he's in the middle lil Cohen belts out "Do you know who my dad is???? Steve Cohen!! I could take care of you in five minutes!!!"
My friend in the middle immediately walks out and tells my other friend "feel free to ___ this guy up!" Turns to Cohen and says "Wow, you're such a douche."
Nothing came of it but this was a 22-23 year-old man crying for daddy.
This is no joke. Too bad I was inside the restaurant and missed it. It's retards like that who give bankers a bad name.
Posted by: Anon | October 11, 2007 10:52 AM
Anon, good story but speculators are not bankers. And the retarded offspring of speculators are definitely not bankers.
Posted by: Anonymous | October 11, 2007 11:00 AM
As it were, Stevie does have a twenty-two year old stepson named Josh Cohen who attends Tisch at NYU.
Like his mother Alex who gave birth to him while still living in the South Bronx with her parents, he's ill-bred, treats people like shit and has no sense of decorum. Incidentally, contrary to what was reported in the WSJ article, Alex had no first marriage prior t her marriage with Stevie.
You can expect more of these kinds of stories as there's a whole brood behind Josh that are each, equally arrogant, rude and ill brought up.
But let's face it, Stevie himself is vulgar and crass, besides a lot of other disagreeable things.
Why would anyone expect anything else?
Posted by: Anon | October 11, 2007 01:44 PM
I had a bunch of classes with Josh Cohen at NYU and he's a great kid. I don't think Anon has ever come in contact with this kid or his family.
Posted by: NYU Student | October 11, 2007 09:50 PM
Last I checked, Only people who work for him, or USED to work for him called him "Stevie". Sounds like someone is a little bitter. No reason to take it out on his offspring. Be a man, keep it to business. Ignorant shithead.
Posted by: Anonymous | October 12, 2007 04:07 AM
I'm wondering what's in this for you? I mean picking on a young kid. Maybe instead of trashing people you could be more constructive by setting an example yourself? No wonder why our young people today are so angry? But then again there are millions of people like you and that's what makes the world a harder place to find peace. God Bless
Posted by: Rose | October 12, 2007 11:56 AM
As a friend of the family, let me set the record straight
1. Anyone who has met Josh knows this story is total bull. He would never do this and he is a great kid. But most of all he doesn't call his dad "Stevie".
2. Alex IS NOT FROM THE BRONX. She was born and raised in Manhattan.
Obviously people are jealous and like to make up bullshit stories. Get a life!!!
Posted by: anonymous | October 12, 2007 12:33 PM
The fact of the matter is that Alex is a former SAC trader who underwent the same female hormone therapy.
Posted by: Anonymous | October 12, 2007 12:39 PM
There's a lot of Steve Cohens. Maybe this dude was the father: "Stephen Michael Cohen is an American entrepreneur who gained notoriety after fraudulantly acquiring control of the domain name sex.com in 1995."
Posted by: foo-d | October 12, 2007 01:53 PM
Anon, I think that you are the one that is ill-bred for going after someones family that way when they have nothing to do with the article mentioned, looks like your parents did a great job on you.
BTW, it has come to my attention that Steve Cohen has two sons, both the same age - get your story straight......
Posted by: Anonymous | October 12, 2007 04:28 PM
Interesting how there's the same dialectical fingerprint in all of the pro stevie rhetoric.......
Not to make too fine a point of it, but I've never heard a contemporary refer to another as a 'great kid'.
BTW, jealousy is not the same thing as revulsion.
Posted by: anon | October 12, 2007 04:31 PM
Josh would never do something like that. Get your facts straight.
Posted by: anon | October 14, 2007 08:52 PM
The downside for Jiang must have been the amount of time his traders spent at Starbucks and discussing handbags following the hormone therapy!
Still it least it proves that hormone treatment does work, I mean he had only been taking the female hormones for a relatively short period before he launched a sexual harassment case. Classic female behaviour, I am only surprised that Tong didn't claim that as a transexual he "had to work twice as hard for half the salary".
Posted by: Toni | October 17, 2007 07:34 AM
WOW, I have just figured it out, Keith moves out of the picture just as Myrna appears......they are one in the same, Carney had been loading Keith's coffee with the hormones, and hey presto............
Posted by: Just Realised | October 17, 2007 10:55 AM
Tong blatantly did the Buffalo Bill (Silence of the Lambs) in the reflection of the shark tank
Posted by: Anonymous | December 6, 2007 01:04 PM