Friday, March 1, 2024
HomenetnetHot new eBay item: SAC Capital polar fleece

Hot new eBay item: SAC Capital polar fleece

Think of them as game-worn Alex Rodriguez jerseys for the hedge fund set.

An enterprising eBay seller is trying to cash in on the pain at Steve Cohen's SAC Capital Advisors by selling branded polar fleeces the person purports to have worn while employed at the troubled hedge fund firm.

EBay page selling SAC and other fleece garments for $1,500.Source: Ebay

"Own a piece of history!" the seller exclaims on the eBay page selling the items.

"Best of all you don't even need to get screamed at, be told you are useless, sell your soul, have your hair go gray or worse yet lose it altogether," the person wrote of the fleece four-pack from various SAC units, bidding for which starts at $1,500.

"There is a high minimum as I need to pay my health insurance for a few months and having these places on my resume hasn't worked out too well. Copy of resume will be included free of charge…"

A spokesman for SAC declined to comment.

(Read more: Moore Capital set to hire SAC traders)

SAC fleeces are part of the firm's lore. Cohen—who favors half-zip sweaters—reportedly keeps the trading floors at his Stamford, Conn., headquarters at around 69 degrees to keep traders alert. To compensate, employees are known to wear company issued and branded fleeces. Dealbreaker, a popular financial blog edited by Bess Levin, usually runs an image of a blue SAC fleece to illustrate posts about the firm.

Fleeces are also part of general hedge fund culture, a nod to the self-styled independence from Wall Street investment banks, which have more formal dress codes.

SAC has been reeling from a string of insider trading convictions and settlements. Most recently, portfolio manager Michael Steinberg was found guilty on Dec. 18 for various violations. He faces time in prison. Another, Mathew Martoma, faces trial imminently.

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In early November, SAC pleaded guilty to criminal insider trading charges and agreed to pay a $1.2 billion fine. Cohen, who has not been personally charged with any crime, also agreed to stop managing outside capital. That was on top of a $616 million fine by the Securities and Exchange Commission for related charges.

The eBay sale was first noted by Matthew Goldstein of The New York Times. There were no bids as of midday Tuesday.

—By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne.

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