University News

Tisch accepts position at Cohen’s new firm

Chancellor will serve on board of former Corporation member’s firm following SAC fraud

By
University News Editor
Thursday, April 9, 2015

Chancellor Thomas Tisch ’76 P’18 accepted a position Wednesday on the six-person external advisory board of Point72, the investment firm founded by emeritus Corporation Trustee Steven Cohen P’08 P’16 almost two years after his former hedge fund SAC Capital Advisors L.P. faced five counts of fraud, Dealbreaker reported.

Other board members will include the former Chancellor of New York City public schools Joel Klein, former Chief Executive of the Hearst Corporation Victor Ganzi, Yale School of Management Lecturer Richard Foster, former Paine Webber and Company Chairman and Chief Executive Officer Donald Marron and Goldman Sachs partner Gary Goldring. 

Cohen was involved in a civil case in July 2013 for failing to oversee SAC fund managers who were then charged with insider trading. Eight employees from SAC were charged with insider trading and fraud between summer 2013 and fall 2014. The firm faced charges for having an institutional culture that rewarded insider trading before it finally reached a settlement of $1.2 billion with federal prosecutors in November 2013.

“Steve Cohen is a valued and involved trustee of Brown, and the University has been strengthened by his engagement,” Tisch said in a 2013 statement at the time of SAC portfolio manager Michael Steinberg’s arrest. “There has been no pressure on (Cohen) — or the Corporation — for him to leave his seat.”

A previous version of this article inaccurately referred to Cohen as a current trustee. In fact, he is an emeritus trustee. The Herald regrets the error.

  • Thomas Falsch

    tut

  • mud

    Why is Cohen doing these things? What is he up to?

    • Captain Obvious

      Maybe because people should invest their personal money to make more money? Take a basic lesson on investing.

      • Muddy

        A civil suit warrants suspicion.

  • Dat Peemum

    Totally. They belong to the same group.

  • Tad Mumpeg

    Brown University should not be proud of these people at all.

    • Gold digger

      Where are the Brown protests over Cohen? Another example of #moneytalksatbrown. ?

      They call this the golden rule: ‘he who makes the gold makes the rules’