Greenwich News - March 30, 2010
What the NY Mag story didn't tell you about Stevie Cohen v. Mrs-Ex SAC (greenwichroundup.blogspot)
By Teri Buhl
Today we learned that the secretive hedge fund manager from Greenwich, Stevie Cohen of SAC Capital, whose trading prowess is legendary, is not so good at managing his family life. According to a New York Magazine article, he plays an underhanded game of mental abuse to control the people in his family. Steve Fishman's two month investigation into the lives of Steven (the billionaire hedgie), Alex (current wife), and Patricia (ex-wife) Cohen gives us an on the record account of the domestic financial battles of the Cohens over the last twenty years.
Unfortunately, the New York Magazine story left out some very important facts in their tale of all things Cohen that we know were discovered in their research and not reported. At the heart of this story are the dollars paid to Patricia for child support and household expenses for the children as part of her divorce settlement. We found the explanations of these numbers, as reported in New York Magazine, are not what they appear to be.
First of all let's be clear: it's the current wife Alex who reigns over monitoring the payments to Stevie's ex-wife Patricia and signs the check. A move Alex relishes and lords over like the mad Queen in Alice In Wonderland, because according to Patricia, reimbursement payments were often challenged as unnecessary or not related to the children.
Take a look at this example in Fishman's story: In 2001, Alex wrote checks to Patricia totaling $576,950, though the average annual payment, including child support and all other expenses, was closer to $400,000 while her kids were at home, according to documents. Of course, however generous the sum, it was no hardship for Steve. In 2001, Steve earned $428 million, according to Institutional Investor......
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