Feds Get In On The SACtion
Great headline, right? There’s more where that came from. Anyway, according to papers files yesterday, the federal Equal Employment Opportunity Commission is now investigating allegations that a SAC trader was required to take female hormones as part of a senior trader’s “top secret training program.” For those of you who don’t have Google alerts set up for “some pretty fucked up shit,” Andrew Tong, who was fired last year from the hedge fund, has accused Ping Jiang of sexual harassment that had Tong taking female hormones (which he bought on the black market) in order to reduce aggressiveness and make him more effeminate, and, in turn, a better trader. Additionally, there’s been talk of “sexual relations between two men.” Tong has also stated that the hormones caused him significant emotional and physical distress, as well as impotence.
The Post reports that those who know Jiang, still running SAC’s computer trading at its Madison Avenue offices, are surprised by the accusations. “He was a very bright, quiet loner…an aggressive trader who like to take big positions,” said a former Lehman exec (where Jiang and Tong first met, nine years ago). Another former Lehman Brother, and Jiang sympathizer speculated that "[Jiang’s] strategy might have rubbed [Tong] the wrong way, but the most successful people in hedge funds are intense and single-minded," presumably referring to Jiang’s more legal trading strategies. Meanwhile, a third former Brother (and DealBreaker reader) countered that Jiang is a “maniac” and said that the allegations seem “plausible.”
Up in Stamford, SAC employees are flummoxed. Not by the accusations, per se, but the rationale behind them. "If taking female hormones actually helped you do your job, they would simply hire women here," one said. "But they don't.”
For his part, Stevie Cohen is apparently angry, or at least embarrassed, and supposedly dispatched his minions to go from “desk to desk to try and find out who leaked it...like a witch hunt." In accordance with his personality, Stevie will have no compunction over burning anyone alive, which he's said to have done before, "for lesser things."
Jiang/SAC’s lawyers called the allegations "salacious and false." Tong’s lawyer, sort of awesomely, countered that the allegations are "neither salacious nor false." False? Perhaps not. Salacious? We think so. One wonders what other sort of cases Tong's lawyer may have covered that would make him so openminded.
Earlier: The Secret To SAC's Sucess?
Sartorial Behavior Modification At SAC?
Two In The SAC [New York Post]











Comments
rrarr
Posted by: whats wrong with posting | October 12, 2007 10:52 AM
"sort of awesomely" bess sometimes you really do know how to turn a phrase. cohen is a madman himself. god i wish i could have seen his face on the stevie-cam when he heard about all this
Posted by: Anonymous | October 12, 2007 10:53 AM
Tong/SAC’s lawyers called the allegations "salacious and false." Tong’s lawyer, sort of awesomely, countered that the allegations are "neither salacious nor false."
Should this read " Jiang/SAC's lawyers"?
Posted by: Anonymous | October 12, 2007 10:54 AM
ps everyone knows chicks cant trade
pps you kinda stole that great headline from the post though, didnt you
Posted by: the occasional misogynist | October 12, 2007 10:54 AM
This has nothing to do with this post but just had my first 'touching' moment in finance. Maheras walking out of his office across the trading floor. Entire floor erupts into a standing ovation. Don't know how chuckie will ever gain trust around these parts, grown men were teary eyed watching their hero walk out. shitty day for shitty bank, an even shittier day for the spirit of Sollie.
Posted by: Anonymous | October 12, 2007 10:55 AM
the post's headline is "Two In The SAC," so no.
Posted by: Anonymous | October 12, 2007 10:55 AM
The Post was already punning SAC
so yes. but it's okay and less eggregious than yesterday's post of an entire Bernstein research note without crediting either the firm or the analyst
Posted by: Anonymous | October 12, 2007 10:58 AM
One of my fellow quant trader colleagues knows both of these guys; according to him, Tong is total scum.
Posted by: caveat bettor | October 12, 2007 11:01 AM
this is the same organization that gave salvatore krawcheck a standing ovation. whooopedy doo. the guy rode a red hot capital market to profits for the capital markets group. is that impressive in some way?
Posted by: doubting vikram | October 12, 2007 11:06 AM
Another completely off topic post:
So yesterday I'm sitting in a Starbucks, scorching my tounge on burnt coffee. This hot, tall, thin, small breasted goddess walks in, a youthful 20+/-. (ok probably 17, but a VERY mature 17). She steps up to the barista, and I'm checking out her ass to make sure she's wearing a thong. The FIRST thing that goes through my mind: I bet Jeffrey Epstein would love to stare at her topless and beat off in a towel.
I'm damaged!! Can I send my therapy bills to DB?
Posted by: Anonymous | October 12, 2007 11:14 AM
worked with Ping, driven, incredibly smart trader and insightful into market action. Accusations seem implausible.
Posted by: xLB | October 12, 2007 11:17 AM
It's an ok headline, Bess. But not really worth patting yourself on the back over, especially when the headline from the Post story you reference is so awesomely inspired: "Two in the SAC" is hilarious. The Post rules when it comes to headlines.
Posted by: Anonymous | October 12, 2007 11:19 AM
@ 11:14, thats hilarious, also which starbucks? because my day is real slow. maybe she will come back?
Posted by: Anonymous | October 12, 2007 11:22 AM
Fuck SAC. In this life, you get what you make of it.
If you make so much money early and decide you are special in your frosty cold lair and that you have to hire allegedly smart people to continue to propel the dream while you act like an asshole, well, what do you think is going to happen? You're going to hire someone who thinks he/she can physically change the wiring of an employee with weird psycho-shit blather. I mean, who is the real freakazoid nut here? The dipshit SAC employees or the person who set the foundation for this trainwreck?
Grow the fuck up!
Posted by: The Trader Psychologist | October 12, 2007 11:22 AM
11:19- SHE WAS BEING SARCASTIC, YOU STUPID FUCKING RETARD.
Posted by: Anonymous | October 12, 2007 11:23 AM
The Pingster made his $400mio year last year on the back of maniacal (but ultimately profitable) buying of Argentina GDP warrants. Taking on boatloads of these exotic puppies requires balls the size of a gorilla's, so not sure how estrogen would help!
Posted by: Ben_H | October 12, 2007 11:38 AM
10:55AM
Am with you, that was tough to watch. Tom will be missed.
Posted by: Anonymous | October 12, 2007 11:56 AM
why is it every time bess says something that is not funny, some loser shows up here screaming that it was sarcasm?
buddy, nobody is funny 100% of the time. not even bess levin.
@11:38, Pingpong clearly had the trading p/l covered on his own, he was just trying to create a gay, not a better trader
Posted by: the | October 12, 2007 12:09 PM
Looks like Andrew Tong was the subject of an elaborate office prank.
Posted by: Anonymous | October 12, 2007 12:22 PM
I have just instructed by legal to notify our desk heads to cease any planned or active strategy to improve trader performance using gender altering initiatives .
Posted by: LippyTex | October 12, 2007 12:27 PM
A gorilla has small balls
Posted by: @ 1138 | October 12, 2007 12:30 PM
Tiny.
Posted by: Grape Ape | October 12, 2007 12:32 PM
Relative to body weight a human testicle is nearly five times as large as
a gorilla's testicles but only 1/3rd the size of a chimpanzee's testicles.
Maybe we should be having more fun by having more sex like the bonobos and
chimpanzees -- and less time for war.
Hank Roth
Posted by: Hank Roth is one kinky mf-er. | October 12, 2007 12:37 PM
I didn't think that Asian men needed much assistance in being more feminine?
Isn't that why they are singlehandedly responsible for wiping out the Rhino populations in Africa? They're the only ones desperate enough to think some powdered rhino horn will help the brother out.
Posted by: justsayin | October 12, 2007 12:45 PM
"If taking female hormones actually helped you do your job, they would simply hire women here," one said. "But they don't.”
well at least someone is finally being open about it
Posted by: wall st chick | October 12, 2007 01:43 PM
see 10:54
Posted by: Anonymous | October 12, 2007 03:17 PM
mmmm....salacious sacs
Posted by: fleshy peddler | October 12, 2007 04:36 PM
Trader Psychologist: point well made.
No one gets away with shitting on everyone they come across, eventually it catches up with them and when it does, it's like a shit storm and there ain't no way back.
It's pay-back time and the party's just getting started.
He should have kept his big fat face out of the press. I don't think he quite grasps that the honeymoon is over. The word is getting out and the word is not good. As someone familiar with his methodology, I can tell you that this story is marginal compared to things he's done or employed others to do. Sociopaths are dangerous people.
Posted by: Anonymous | October 12, 2007 06:18 PM