Steve Cohen is determined to prevent the mistakes of the past at his Point72.
Many of us recall the arrests, convictions, and imprisonments of former employees at Cohen's SAC Capital Advisors. Among the most infamous - and cartoonish - had been Mathew Martoma.
However, Cohen himself avoided being personally convicted, brought to trial, and being incarcerated. When it came to the SEC, superlawyer David Boies got him off the hook on most of that.
Cohen has turned over a new leaf. As Rachel Levy reports in BusinessInsider, for his Point72 Asset Management Cohen had hired a former federal prosecutor for compliance and surveillance. That's Vinny Tortorella.
Tortorella has a staff of 50 whose mission is to prevent trouble.
As a public relations tactic, Cohen can position and package his Point72 as the model for right ethics and aligning with the letter and spirit of the law in investing. Soon enough he could be invited to address the World Economic Forum in Davos on issues of fair play in the global investment community.
It takes what it takes for Baby Boomers to finally come into our own about what we want and how to get it. We can think of that as The Startup of our little lives. And what pivots we took and are taking. It could save our lives.
Old lawyers, despite success, often seem as unhinged as younger lawyers who can't get a hold of how to practice law without coming undone. I encounter them in recovery groups, mindfulness discussion meetups, and through this blog.
The good news is that it's possible for Baby Boomer lawyers to pivot to save their lives.
For me, a non-lawyer, it all began in 20o3. That was the year of the catastrophe of losing my business, nest egg and mind. The way back hasn't been linear. There were horrific setbacks. But finally, at age 71, I have been able to create my own version of Genova Inc.
How does it feel to be in charge, finally? Unusual. I am still getting used to it.
This weekend I paid off the last debt associated with my communications boutique. You may be facing still paying off your children's educational loans.
For me, the payout was easy. That was because the business caught fire. Demand is such that I can carefully select client accounts. Several weeks ago rather than verbally arm-wrestle with the client I mistakenly let in, I returned his down payment. That didn't feel good or bad. It just felt the way things go currently.
The ghosts from the past have been exorcised. Those range from Seton Hill, Greensburg, Pennsylvania, classmates Kathleen Huebner and Irene Nunn to public relations player Bob Dilenchneider and his administrative assistant Joan Avagliano.
Ghosts are typically the last to go. Those spirits tend to hover over our lives, intruding on the inner peace. But somehow I was able to figure out that uprooting from the New York Metro rat race would make them hard to track me. I was on the money, literally. It took that for professional success to be thrust upon me.
Another pivot has been to care less. About everything. That's the zen of self-love. No, we don't have to jump to return the call or email, get every piece of business available, or network with the A-group. Most importantly, we don't have to chase perfection. Last Christmas was far from perfect. But it was good-enough. This one will be a little better, I hope.
Thanks to the pivots, I would like to continue to work indefinitely. My sister Camille Klinga died at age 60 of breast cancer. My 3-D X-ray came out negative. Genetically I might take after the paternal side of the family which lives beyond 100, with all their marbles. Even my teeth are holding up. At the Mexican dental practice (I am big fan of dental tourism) I received a clean bill of oral health. Come back in six months for a cleaning.
On Friday evening, I want out to dinner with a member of Generation X. "The worst is over in my life," I declared. She sensed the victory I have had. Then she explained her continuing current struggle. Maybe it takes aging, with a big heaping of catastrophe as a side dish, to put together a startup that creates such unexpected outcomes.
Lawyers can experience the same results when they are ready to do a reset.
It's usually the tyrannical equity partners in BigLaw that are positioned/packages as the bosses from hell.
Well, at the New York Post, Maureen Callahan gives that honor to Kerry Kennedy, president of the Robert F. Kennedy Center for Judicial and Human Rights. In the last year, nine employees have walked. Here you can read the hatchet job.
The Post profile depicts her as a "monster." Her signature is to shame subordinates in public. Her style of leadership and management is increasingly "unhinged." Worst of all, the focus on assisting with human rights around the world seems a low priority. Instead, her attention is allegedly on socializing with fellow celebrities.
Most recently, this Kennedy has been in the news because of a hit and run. She contended she was on Ambien and won that case in court. Many of the Kennedy clan were in the courtroom, including matriarch Ethel.
Before that, it was the breakup of her marriage to now-New York governor Andrew Cuomo the riveted media. But back then she had Uncle Ted to defend her.
That the Post could and would hammer this Kennedy likely is a sign of the times: The Kennedy dynasty no longer exerts a magnetic field. Neither does the Bush one. Instead the fascination is with the Clinton dynasty and the emerging Trump one.
St. George's prep school, where annual tuition/fees total $56K, has joined the conga line of schools featured in Vanity Fair for internal misdeeds that were handled badly. Here is the article on St. George's in the August issue by Benjamin Wallace in glossy VF.
It was last December that the Boston Globe broke the story on the decades of sexual abuse at St. George's. The miscreants included teachers, staff, and students. The victims numbered 40.
The abusers were fired but not reported to authorities. Some were allowed kind treatment such as decent severance, pensions, and letters of recommendation. Because of that irate alumni and their parents want headmaster Eric Peterson to resign.
Obviously, St. George's and other prep schools caught in scandals were desperate to protect their premium brands. After all, they are responsible for educating and instilling character in the next generation of leaders. And their alumni have plenty invested in that brand equity.
But in this media era in which reporters consider on subject hands-off, the dirt is being dished. Likely heads will roll. There might be lawsuits. And a top public relations agency will be called in. But St. George's et al. will continue to receive applications. That's the way the game is played: Networking starts in elite boarding schools.
a The New York Post, reports Isabel Vincent, obtained the nude photo spread done by Melania Trump back in January 1996.
All she is wearing are bracelets and a pair of high heels. Her breasts and posterior are exposed. She covers the genital area with one hand.
The series of photos appeared in Max, the European men's magazine which no longer exists. At the time she was not married to Trump and her last name was Knauss. Here you can see the spread and read Vincent's article.
To some the way the photos had been taken may represent "art." And the Trump campaign may attempt to position and package the spread as that. Good luck.
America was founded by a bunch of rigid Puritans. The legacy has survived in different forms. One form is the Christian right.
It's doubtful that these photos will be a plus for the Make America Great Again campaign.
In addition, the Trumps have to explain why Melania's website vanished after her educational credentials had been questioned. On the website she had claimed to have an undergraduate degree in architecture and design.
Some are contending she did not complete that degree.
One wonders how the Hillary Clinton campaign will make sue of this photo spread.