Outing the Oligarchy - International Forum on Globalization

— INDIVIDUALS OF UNDUE INFLUENCE —
STEVEN A. COHEN, USA
$8.3 BILLION [AS OF SEPTEMBER 2011]
Wealth: Steven A. Cohen is <strong>the</strong> founder and owner of SAC Capital Advisors, a Stamford, Connecticut-based
hedge fund that focuses mostly on equity market strategies. SAC Capital charges some of <strong>the</strong> steepest fees in
<strong>the</strong> business—3% of assets and 35% of profits on most funds. As of September 2011, Capital’s annual
returns increased 8% from $12 billion to $14 billion. 102
Power Networks: A major GOP donor that has resulted in leadership that blocks climate solutions at every
turn, as well as scoffing at <strong>the</strong> scientific consensus on climate. In August 2010, Cohen hosted a dinner at his
home for major Republican donors and hedge fund managers to strategize about how to help <strong>the</strong> GOP win
<strong>the</strong> midterm elections. 103 In previous elections, Cohen’s SAC Capital was a big Democratic donor. One of his
primary beneficiaries was Sen. Christopher Dodd, chair of <strong>the</strong> Senate Banking Committee (<strong>the</strong> committee in
charge of financial regulations). Cohen serves on <strong>the</strong> Board of Trustees of Brown University and <strong>the</strong> Robin
Hood Foundation, which targets poverty in New York City.
Environment: Cohen is a major oil company investor and increased his petroleum investments in 2010. Oil
investments now account for 16 percent of Cohen’s total $9.7 billion holdings. 104 SAC Capital is absent from
<strong>the</strong> Dow Jones Sustainability Index and CSR Hub.
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