1. #1PercentProblems

    Billionaire to Auction Art

    Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors, responds to a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, 2011. Cohen, whose SAC Capital Advisors has drawn scrutiny from prosecutors probing insider trading, said his firm has and will cooperate with all government investigations. REUTERS/Steve Marcus (UNITED STATES - Tags: BUSINESS HEADSHOT) - RTR2MAA9

    Steve Marcus/Reuters

    That’s gotta hurt. Steven A. Cohen, the billionaire hedge fund manager who is also known for his prodigious art collection, will be auctioning off around $80 million worth of top tier art at Sotheby’s and Christie’s beginning next week. The move comes right as Cohen’s fund, SAC Capital Advisors, made a deal and will plead guilty to securities fraud and has seen massive withdrawals from its once powerful fund. The works include art by Brice Marden, Rudolf Stingel, Cy Twombly, Andy Warhol, and Gerhard Richter.

    Read it at The New York Times