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At SAC, Portfolio Managers Are Treated Like Stocks

Mathew Martoma is the latest fired SAC managers to be accused of insider trading
Steven Cohen, chairman and chief executive officer of SAC Capital Advisors, addresses the media during the 2012 World Economic Forum
Steven Cohen, chairman and chief executive officer of SAC Capital Advisors, addresses the media during the 2012 World Economic ForumPhotograph by Simon Dawson/Bloomberg

“In a 2010 e-mail suggesting that Martoma’s employment be terminated, an Investment Adviser A officer stated that Martoma had been a ‘one trick pony with Elan.’”

That sentence, contained in the complaint (PDF) filed on Nov. 20 by the Securities and Exchange Commission against former SAC Capital portfolio manager Mathew Martoma, seems to sum up what working for Steven Cohen is like.