Tuesday, 7 July 2015
Last updated 2 hours ago
May 6 2014 | 11:11am ET
Goldman Sachs President Gary Cohn in July called SAC Capital Advisors “an important client to us.” The firm’s founder, Steven Cohen, apparently remains one.
Goldman has extended a line of credit to the hedge fund billionaire, secured by part of his massive art collection, it revealed in a regulatory filing. It is the first time the bank has made a personal loan to Cohen, whose firm last year pleaded guilty to insider trading and which has become a family office called Point72 Asset Management.
Goldman was SAC’s largest prime broker.
According to the filing, with the Connecticut Secretary of State, Cohen in February pledged “certain items of fine art” to secure the loan, the size of which was not specified. Terms of the credit line were also not revealed.
Cohen’s art collection is valued at about $1 billion and features important works by Vincent Van Gogh, Pablo Picasso, Willem de Kooning and Andy Warhol, among many others. He had previously taken art-backed loans from Citigroup, Bank of America, JPMorgan Chase and Deutsche Bank.
The Goldman loan comes after Deutsche Bank decided not to renew Cohen’s credit line amidst the insider-trading scandal engulfing his firm.
May 27 2015 | 2:15pm ET
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