TWI
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Talk about being abreast of the market! The New York Post reports one of the world's richest and most secretive hedge funds is telling its traders to swallow female hormones to trade better, a lawsuit claims.
The bizarre twist on how to get wealthy fast swept across Wall Street's trading desks amid ribald laughter and groans after revelations yesterday of the shocking claims involving SAC Capital. The firm, a powerful $10 billion hedge fund, is run by superstar trader Steven A. Cohen, one of Wall Street's most prolific players who regularly takes home $500 million a year.
It was alleged that one of Cohen's top bosses at SAC chided traders for being too aggressive - and that they must use a soft feminine touch to score in their trading pitches. One junior trader claimed that the boss, Ping Jiang, a key producer at the big hedge fund, demanded that the young trader take female hormone pills to help erase his aggressive male ways so he could be more effeminate in his trading style.
Eventually, the hormones caused the junior trader to start wearing dresses, avoid his wife's touches altogether and allegedly begin a sexual relationship with his boss, the trader claims. Details of the case, disclosed yesterday by Charlie Gasparino on CNBC, claimed that the boss bragged he had developed a successful trading method based on being effeminate and that other traders ought to start using it, too. The method apparently worked for Jiang, who's listed by Trader Monthly magazine as one of Wall Street's top 100 traders, with estimated income of $100 million a year.
The bizarre twist on how to get wealthy fast swept across Wall Street's trading desks amid ribald laughter and groans after revelations yesterday of the shocking claims involving SAC Capital. The firm, a powerful $10 billion hedge fund, is run by superstar trader Steven A. Cohen, one of Wall Street's most prolific players who regularly takes home $500 million a year.
It was alleged that one of Cohen's top bosses at SAC chided traders for being too aggressive - and that they must use a soft feminine touch to score in their trading pitches. One junior trader claimed that the boss, Ping Jiang, a key producer at the big hedge fund, demanded that the young trader take female hormone pills to help erase his aggressive male ways so he could be more effeminate in his trading style.
Eventually, the hormones caused the junior trader to start wearing dresses, avoid his wife's touches altogether and allegedly begin a sexual relationship with his boss, the trader claims. Details of the case, disclosed yesterday by Charlie Gasparino on CNBC, claimed that the boss bragged he had developed a successful trading method based on being effeminate and that other traders ought to start using it, too. The method apparently worked for Jiang, who's listed by Trader Monthly magazine as one of Wall Street's top 100 traders, with estimated income of $100 million a year.
