Goldman Sachs Gave Steve Cohen A Loan That's Backed By His Incredible Art Collection
Bloomberg News' Miles Weiss reports:
Goldman Sachs Bank USA, parent to the firm's private bank for the very rich, filed a notice with the Connecticut Secretary of the State reporting that Cohen had pledged "certain items of fine art" under a security agreement dated Feb. 28, which didn't specify how much money was borrowed. The February filing is the first to show Cohen receiving an art loan from Goldman Sachs. Michael DuVally, a spokesman for Goldman Sachs, declined to comment on the amount of the loan, as did Jonathan Gasthalter, a spokesman for Cohen at Sard Verbinnen & Co.
Cohen is an avid collector. His personal collection includes pieces by Monet, Picasso, Jasper Johns, Jeff Koons, Damien Hirst, Willem de Kooning, Francis Bacon and Andy Warhol, according to a 2010 Vanity Fair profile. He's also said to keep a live tattooed Wim Delvoye pig in his Connecticut compound.
Last year was rough for Cohen.
In November, his once $14 billion SAC Capital pleaded guilty to criminal insider trading charges and agreed to pay a $1.8 billion fine.
SAC is now called Point72 Asset Management. It's no longer allowed to manage outside capital. Today, it operates as a family office hedge fund that manages Cohen's personal wealth and money of its employees, which comes to about $9 billion in assets under management.