Correction by Brown Daily HeraldJan 25, 2014 “An article in Thursday’s Herald (“Health care enrollment on track to meet federal targets,” Jan. 23) misstated the name of the policy director and co-founder of the Economic Progress Institute and chair of Rite Care Consumer Advisory Council. Her name is Linda Katz, not Lisa Katz. The Herald regrets the error.”
A shift toward generosity by Brown Daily HeraldJan 25, 2014 “Last week, President Christina Paxson announced a new initiative for students who receive financial aid. Her effort seeks to extend funded research and work opportunities to undergraduates on a need-based criterion. This demonstrates Brown’s commitment to students who lack the financial resources of their peers, which is often ignored by individuals who are unaware of the recent changes to financial aid policy.
Paxson’s strategic plan was criticized for ignoring the economically less fortunate. Though the plan outlined a general desire for Brown to become fully need-blind, many felt it was too focused on buildings and curriculum and not focused enough on supporting those most in need. However, delving into the details of Brown’s financial aid shows that this interpretation simply doesn’t fit.
Since 2004, the average University scholarship has nearly doubled in value. In fact, including state and federal grants, total scholarship funds have more than doubled over the same time period. While these may have increased due to higher tuition costs or increased grants, it is undeniable that Brown has helped put more money in the pockets of students who need it. In fact, many aid packages are structured generously to benefit students. Because over 63 percent of financial aid is loan-free and 36 percent requires no co-contribution from parents, students now have less burdensome financial obligations in the short and long term.
Critics of these numbers may argue that there is some degree of selection bias, as many students in need of assistance are being turned away. Still, the facts fail to add up in that perspective. Nearly nine out of 10 undergraduates who applied for aid received an award, according to the University’s website. Pell Grant funding has increased for three consecutive years. Not only are students receiving heftier benefit packages with looser covenants, but distribution has also become appreciably equitable in recent times.
Paxson’s recent proposals to remove the financial stress of unpaid internships and guarantee funding for entry-level jobs further demonstrate the administration’s commitment to helping those who need support. With $500,000 allocated to this initiative for its first summer, the goal of full roll-out by 2018 seems highly probable. Such a program allows students who receive aid to take apprenticeship-oriented, skill-building roles without forgoing wages. On top of that, hourly pay for on-campus jobs is nearly $2 higher than Rhode Island’s minimum wage. There is no question that Brown is unwavering in its support for students receiving financial aid.
Stepping back from the figures, it is clear that students’ perceptions of our leaders are unjustified. Paxson is lambasted for not making Brown completely need-blind. Many have attacked the Corporation, claiming that a board composed of industry titans is detached from the middle-class and unable to connect to the needs of Brown students. The reality is much different. Direct aid has more than doubled, regulations regarding student loans and parent contributions have loosened, and Paxson has made active efforts to ensure a prosperous future for all students.
To be clear, I support careful analysis of any policy regardless of how reliable the source’s history may be. But anecdotal evidence and lofty complaints about the inability of corporate heads to implement efficacious, equitable policies are not worthy of serious consideration. Opponents of Paxson and the Corporation act as though construction and renovation of campus buildings are mutually exclusive with providing an enriching undergraduate experience. I’d argue that the two actually overlap.
To avoid personal bias shaped by emotion or ideology, students should consider reading through the University’s budget and looking at the recent trends in financial aid. Ultimately, the University and Paxson are admirably focused on making Brown more accessible for all.
Diamonds and coal: Jan. 24, 2014 by Brown Daily HeraldJan 25, 2014 “A diamond to novelist John Banville, who reported once having seen “five snow-white seabirds fighting over a crust of bread with a duck. And the duck won.” We saw something similar going down over the last bowl of pho in Andrews Commons last night.
Coal to the student who said of the pipe burst and subsequent flood in Graduate Center C, “It definitely played out the best possible way.” Yeah. Or, you know, the pipe could have not burst.
Coal to Ira Wilson, professor and chair of the Department of Health Services, Policy and Practice, who said, “People are indecisive and don’t make decisions until they are forced to.” Luckily, we have two weeks of shopping period.
A diamond to the administration upon the opening of the Building for Environmental Research and Teaching, also known as BERT. We look forward to the completion of its companion building, preliminarily named ERNIE.
A diamond to the former professor and graduate student who found ways to effectively clean paper money without damaging the integrity of the bills. The exotic dancers at the Foxy Lady thank you for your efforts.
Coal to Edith Mathiowitz, professor of molecular pharmacology, physiology and biotechnology, for describing her developmental work on the insulin pill as “the holy grail of protein delivery.” Thanks for giving Dan Brown his next plot line.
Cubic zirconia to the women’s basketball player who said of her team, “We know we can score.” Sounds like the wide-eyed naivete with which we entered the Grad Center Bar last night.
Cubic zirconia to the newly formed Brown University Beard Appreciation Society, or as we fondly call them, “The Bold and the Beard-iful.” Once the group solidifies its meeting schedule, we’ll be sure to shave the date.
Cubic zirconia to senior lecturer Mirenda Christoff for calling the University’s decision to cancel some morning classes Wednesday “a helpful measure.” As if we would’ve woken up for that 8:30 a.m. anyway.
Cubic zirconia to the men’s basketball player who said, “We didn’t exactly get the results we wanted.” That’s how we felt after our latest biology exam. And pregnancy test.”
Standout swimmers combine for four first-place finishes in duals by Brown Daily HeraldJan 25, 2014 “Aside from both being in the pool, Paige Gilley ’14 and Cory Mayfield ’16 play different roles for Brown’s swimming teams. Gilley is a sprinter, competing in the 50-yard freestyle and the 100-yard backstroke competitions. Mayfield is a long-distance swimmer, specializing in the 1650-yard and 1000-meter freestyle events. After impressive performances against Providence College Jan. 4, Gilley and Mayfield earned ECAC New England Swimmer and Diver of the Week honors. Now, the two swimmers are gearing up for their last few conference meets before the Ivy League Championships at Harvard.
You are now in the heart of your season. How has the season progressed for you and for the team?
It’s progressed really well. We have been here since Jan. 2 — putting in a lot of work. We swam really well at the beginning of the season (and were) kind of tired at the end.
What has been the mentality of the team and the coaching staff during winter session?
We all knew what we were here to do. We all came into it knowing what was going to happen and what energy we needed.
Your titles in the 50 freestyle and the 100 backstroke helped you win the New England Swimmer of the Week Award. Are these your usual two events? What do you feel contributed most to your strong showing in both of these events?
I am a sprinter — sometimes (I) swim 100 free. It was a good week for us; we had a pretty good lineup against them. (We’re) good at knowing what you need to get done and getting it done.
How did you get into swimming and what has helped you have so much success in college? Are you a self-motivator or is there someone that helps you push your own limits?
I’ve been swimming since I was a little kid. I’m from California and they said I had a really good stroke. I got into it and I loved it. It has been exciting. Training gets more difficult — most exciting is being part of a team and contributing to it. The goal is to get the best time. Swimming is a really disciplined sport. You have to be self-motivated. You don’t want to let your teammates down.
This award is such a highlight of your season. What have been other high points of your season?
The Princeton Invite — I swam really well there. I finaled in all of my events. … The meet is longer and more teams compete. That was a really good meet for our team as a whole. Highlight: end of season, seeing what we can do. I cannot believe it’s almost over — my last real championship meet ever.
After such success, what successes do you hope to have for yourself and for the team in the final weeks of the season?
Our team is really close — hoping to score well at Ivies. We want to score higher than we did last year (and) have best times all around. Hopefully everyone will drop time. Keep positive attitudes, especially because it’s our pool.
You are a senior and this is your final season. What moments have defined your athletic experience at Brown, and what words would you give to your teammates, and future members of the team, for future years?
Honestly, (the memories) all kind of blend together — competing and being with my teammates (and) knowing that you are helping your teammates. When you have put in a whole year of work for Ivies — those have been the highlights. I am really hoping that this last Ivy will be the best one. I would do it over again — it completely impacted who I am now. Being a part of the women’s swim team is the best experience, in my opinion.
You guys swept all 11 events against Providence. What do you think was the greatest contributing factor to this sweep?
We had a good meet getting back from break. Everybody was ready for Ivies.
What has been the energy of the team during winter session? Do you feel ready for the Ivy League season?
We had two tough dual meets. We had to go to UPenn this year (and we) had a tough meet there. We lost by 50 points. The energy is still positive.
Your success in the 200-yard individual medley and 500 freestyle helped you win the New England Swimmer of the Week — what an honor. Do you feel these two events are your strongest? What other events do you swim in?
The 500 is my strongest event. 200 IM is not one of my strongest.
1000 freestyle and the 1650 (freestyle). I swim these at the Ivy Championships. I will swim the 1000 the next three weekends.
Either the 1000 or the 1650.
How do you stay focused in the pool for so long?
(I think about) what is going on during the race. (I) don’t ever really get too sidetracked.
As a sophomore, you already have had such a huge impact on the team. What are your individual and team goals for the rest of the season and the rest of your time at Brown?
Individual goals are to place in the top three in Ivies for at least two of my events. Beat school records—the 1650 and 1000. I beat the 500 last year. Have a good showing at Ivies. It would be a big finish to finish in the top four. It will be close between us, Dartmouth and UPenn.
I want to win Ivies at least once. I want to eventually qualify for the U.S. National team in open water — lake swims or ocean swims. I have been ninth before — (you) have to be in top six to qualify. During the summer, I swam at my club at home. I have to now start thinking about internships. I spent five to six hours a day in the water, pretty much everyday except Sunday.
How do you stick with swimming even with all the long hours and not get exhausted?
I think it is rewarding and I get to do a lot of cool things. I swam against the seven-time world champion. These things keep me coming back. I swam for the U.S. team in Canada — open water 10,000. (It was) part of the World Cup circuit.
What motivates you and what is the key to your progress and success? What kind of advice would you give to other athletes and swimmers in the heat of their seasons?
Just going in everyday and working hard — focusing. It’s crunch time, it’s a grind to be here for three weeks during winter session, but it’s worth it.
What do you feel is your biggest strength and what do you hope to improve for the upcoming Ivies?
(My) biggest strength is work ethic. I could improve race strategy and race planning. I had tough races last year at Ivies. That is something I could hone in on and refine.
These interviews have been condensed for clarity and length.”
University of Michigan taps Schlissel as next leader by Brown Daily HeraldJan 25, 2014 “Provost Mark Schlissel P’15 was named the next president of the University of Michigan Friday morning, priming him to leave Brown after three years in the top administrative post.
He will remain at Brown for the remainder of the academic year, taking the helm at Michigan July 1.
Schlissel, who came to Brown in 2011 after serving as dean of biological sciences at the University of California at Berkeley, played a leading role in the year-long process of crafting President Christina Paxson’s strategic plan, which was approved by the Corporation in late October.
He has also served as the University’s second–in-command during a time of tremendous administrative change. Just seven members of today’s 19-person senior staff predate his 2011 arrival.
The Michigan Board of Regents unanimously approved and announced Schlissel’s selection at a special 10 a.m. meeting Friday, bringing an end to a seven-month search that began when current President Mary Sue Coleman announced her plans to retire last April.
Schlissel’s ascension to the top job at Michigan continues his rapid rise through the academic ranks, climbing from dean at Berkeley to provost at Brown to president at Michigan in a span of just six years.
His departure leaves the University with simultaneous openings for two top administrative posts following Katherine Bergeron’s Jan. 1 exit as dean of the College to assume the Connecticut College presidency.
Schlissel is chair of the 13-person search committee for the new dean, and it was not immediately clear Friday how his departure will affect the search and whether he will continue to lead it. The University hopes to select a new dean this spring to assume the post in July, Schlissel told The Herald in October.
Plans to search for Schlissel’s successor will take shape in the coming weeks, Paxson wrote in a community-wide email Friday morning.
“Since his arrival, Mark has applied a rare combination of energy, thoughtfulness and discipline to strengthen every aspect of Brown,” Paxson wrote in the email, calling him a “valuable partner in the strategic planning process.”
“I credit the University of Michigan’s presidential search committee for their exceptional wisdom and judgment in choosing Mark to lead one of our nation’s preeminent public research universities,” she wrote. Schlissel is “recognized as a highly rated scholar and teacher,” said Michigan Regent Katherine White during Friday’s announcement, according to remarks posted on the University of Michigan website. “He has experience as an academic administrator at virtually every level.””
Profs. inducted into inventors’ academy by Brown Daily HeraldJan 22, 2014 “Since 1989, Edith Mathiowitz, professor of molecular pharmacology, physiology and biotechnology, has been issued 30 patents, many of which relate to her work on the development of an insulin pill that could improve the treatment of diabetes. For her work, Mathiowitz, along with Professor of Physics Leon Cooper, was inducted into the National Academy of Inventors last month.
Mathiowitz’s research focuses on finding a way to deliver proteins orally to the body. By encapsulating the insulin molecule with nanoparticles, Mathiowitz and her team were able to increase the efficiency with which the protein was delivered to rats in lab trials. Normally, if a protein such as insulin is given orally, stomach acid will hinder its function by degrading it, she said.
With the “adhesive delivery system” she created, 65 percent of the protein was absorbed by the body. In past oral delivery methods without the attached nanoparticles, only 4 percent of the protein was absorbed.
For people with diabetes, an insulin pill could become an alternative to injecting insulin into the body, though its development and implementation still requires more research, Mathiowitz said. The first application of such a pill will likely be to stabilize glucose levels of diabetic patients during the night, she said.
Giving a slightly incorrect dosage of insulin to a patient can be detrimental to the body, Mathiowitz said. This narrow range of healthy dosages presents potential challenges for moving researchers’ work out of the lab, she added.
The researchers have close contacts in industry, which they hope will help with their goal of eventually commercializing the delivery method, Mathiowitz said.
In the future, use of the protein delivery system could be extended to also allow for delivery of other drugs that have oral viability, Mathiowitz said.
“This is the holy grail of protein delivery,” she added.
The NAI elects scientists who have had a “tangible impact on the quality of life in either their local community, the U.S. or the world,” said Keara Leach, program manager of the NAI.
Inventors are nominated by their peers and must have at least one patent with the United States Patent and Trademark Office, Leach said. The newest class of inventors will be inducted March 7 in Alexandria, Va., she added.
Since its founding in 2010, over 3,000 individual inventors who belong to U.S. and international universities and nonprofits have been elected to the Academy, according to the NAI website.
Mathiowitz said she views her selection to the NAI as a testament to the importance of researchers protecting their inventions and eventually taking them to the market. “I hope that at Brown, I will encourage other faculty to go ahead and try to patent their research and commercialize it,” she said.”
Applications to class of 2018 second-highest in U. history by Brown Daily HeraldJan 18, 2014 “Updated Friday, Jan. 17 at 3:50 p.m.
Approximately 30,200 students applied to the class of 2018, the second-largest applicant pool in University history and about a 4 percent increase from last year, said Dean of Admission Jim Miller ’73.
Roughly 27,100 students applied through the regular decision process — which had a Jan. 1 deadline — while 3,088 students submitted early decision applications, according to the Office of Admission. The University admitted 18.9 percent of early decision applicants in December.
The Admission Office received 28,919 applications last year, accepting approximately 9.2 percent. Applications reached an all-time high with the class of 2015, when the Admission Office received over 30,900 applicants, 8.7 percent of whom were accepted.
The University’s specialized degree programs witnessed significant increases in interest this year. Applications to the Program in Liberal Medical Education rose by 22 percent to 2,763, Miller said. The Brown/RISD Dual Degree Program saw a 28 percent increase from 512 applications last year to 716 this year, he added.
Miller attributed the jump in applications to special degree programs to increased publicity for the dual-degree program and to a cyclical interest in medicine, calling this year an “up-cycle” for PLME.
The physical sciences were the most popular intended area of study, as 28 percent of applicants indicated they intend to concentrate in a physical sciences field, Miller said. About 27 percent of applicants chose concentrations in the social sciences, 26 percent expressed interest in a life sciences concentration and 13 percent opted for a field in the humanities. Six percent of applicants indicated that they were undecided on their intended course of study.
All fifty states are represented in the applicant pool, with California accounting for the most applicants, Miller said. New York, Massachusetts, New Jersey and Florida, respectively, rounded out applicants’ top five home states.
International applications hit an all-time high, with 4,999 applicants — or 17 percent of the total pool — residing outside the United States, Miller said. Applicants hail from 152 countries, with China — as in past years — the best represented foreign country, followed by India, Canada, South Korea and the United Kingdom.
A record-high 40 percent of applicants — or nearly 12,000 students — identified as students of color, Miller said. Though the percentage of black and Hispanic applicants remained “flat” from last year to this year, the percentage of the applicant pool identifying as Asian rose by 16 percent, he added.
For the fourth consecutive year, approximately 68 percent of the applicant pool applied for financial aid, Miller said.
About 59 percent of applicants are female and 41 percent are male, Miller said. Roughly 71 percent of applicants attend public school, 20 percent attend private schools and 9 percent are in parochial schools, he added.
This year’s pool resembles applicant totals over “the last five or six years,” as the number of applications has hovered between 28,000 and 31,000, Miller said.
The Admission Office does not have a specific target number of acceptances and instead will examine the pool holistically before making final admission decisions, Miller said. Applicants will be notified of their admission decisions March 27 at 5 p.m.”
Raimondo officially enters gubernatorial race by Brown Daily HeraldJan 14, 2014 “Rhode Island General Treasurer Gina Raimondo officially announced her candidacy for the Democratic nomination for governor in a video sent to supporters Wednesday.
The decision sets up a competitive race against Mayor Angel Taveras, who announced his candidacy for the party nomination in October. In an early poll conducted by the Taubman Center for Public Policy and American Institutions prior to Taveras’ announcement, the state’s voters gave Raimondo an almost 10 percent lead over her competitor, though the two were the speculated frontrunners.
In the video, Raimondo said her official primary campaign to replace Gov. Lincoln Chafee ’75 P’14 P’17 will begin next month.
Raimondo, who is from Smithfield, R.I., was elected to her first political office as treasurer in November 2010. Before becoming treasurer, Raimondo founded and worked for the venture capital firm Point Judith Capital.
Raimondo, like Taveras, is a Harvard graduate. She received her law degree from Yale and attended Oxford University as a Rhodes Scholar.
As treasurer, Raimondo was known for reforming the state’s pension system with the Rhode Island Retirement Security Act, which passed in November 2011. In her announcement video, Raimondo cited her role in reforming the retirement system for state employees as part of her motivation for seeking the governor’s seat.
In a statement released by his campaign press team, Taveras said he “welcomed” Raimondo to the primary race, which he described as “a campaign about restoring hope to the people of Rhode Island.”
He reiterated his call for Raimondo to sign the “Rhode Island People’s Pledge.” Raimondo and Taveras have previously debated the pledge to not accept campaign contributions from super PACs and other third-party organizations. Taveras called the pledge “an agreement that reflects the highest ideals of the Democratic party” in the press release.
Though Wednesday marked the formal declaration of her candidacy, Raimondo has been leading the other gubernatorial candidates in fundraising over the past several months. Her campaign has already raised over $2.3 million, a record amount of fundraising in a non-election year for a Rhode Island elected official, The Herald previously reported.
Both Raimondo and Taveras received favorable ratings in a Nov. 19 WPRI poll, though a larger percentage of Democrats evaluated Taveras’ job performance as “good” or “excellent,” compared to Raimondo, The Herald previously reported.
Another likely contender for governor is Clay Pell, grandson of U.S. Sen. Claiborne Pell, who has not yet announced his candidacy and has never before run for political office. Pell has filed a notice of organization with the R.I. Board of Elections — a step toward declaring candidacy in Rhode Island, according to a Nov. 18 article from Rhode Island Public Radio.
The winner of the Democratic nomination will run against one of the Republican contenders — Cranston Mayor Allan Fung and former Moderate party member Kenneth Block — in the general election. If elected, many of the candidates would be historic selections for governor. Raimondo would be the state’s first female governor, Taveras would be the first Latino and Fung would be the first Asian-American. A Democrat has not been elected governor since 1990.”
Pembroke Center names new director by Brown Daily HeraldJan 14, 2014 “Suzanne Stewart-Steinberg, professor of comparative literature and Italian studies, will assume the post of director of the Pembroke Center for Teaching and Research on Women beginning July 1, the center announced this week.
Stewart-Steinberg will replace current Director Kay Warren, professor of anthropology, who has led the center since July 2011.
Since arriving at the University in 2005, Stewart-Steinberg has maintained close ties to the Pembroke Center. She served on the board of the gender and sexuality studies concentration and later became concentration director from 2007 to 2010, she said. Her research in this field has overlapped with the interests and mission of the center, she added.
Stewart-Steinberg served as the center’s interim director from 2010 to 2011, while Warren was on sabbatical. Her experience serving as temporary director, colleagues said, made her a strong choice for the permanent position.
“Suzanne is a dynamic thinker and a visionary leader,” said Debbie Weinstein ’93, assistant director of the center. “I think she’s the ideal person to build on the strengths that … Kay Warren has already developed.”
Stewart-Steinberg said her first priority will be continuing the $3.5-million fundraising campaign initiated under Warren this fall in support of the center’s two archives, the Christine Dunlap Farnham Archives and the Feminist Theory Archives.
An upcoming conference or symposium will be built around these archives, a project called “The Order of Knowledge,” Stewart-Steinberg said. Though the center is still planning the programming and workshops, they will be focused on “how we organize knowledge,” she said.
“We’re raising money to grow those archives and support staff around that,” Stewart-Steinberg said, adding that she hopes to design a component that will attract students to develop research for the archives in a “productive way.”
The hallmark of Warren’s career as the center’s head was the implementation of faculty seed grants in 2012. Stewart-Steinberg said she hopes to continue publicizing this funding opportunity as well as expand the center’s current funding for undergraduate and graduate students to do research.
Stewart-Steinberg also hopes to bring to fruition a commemorative event in honor of the 100th anniversary of World War I, she said. The project would likely be long-term, she added, and would explore “the problems of modern war.”
Stewart-Steinberg has conducted extensive research integrating Italian history and gender studies. She has published three books, and her best known, 2007’s “The Pinocchio Effect: On Making Italians (1860-1920),” received the Aldo and Jeanne Scaglione Prize for Best Manuscript in Italian Literary Studies from the Modern Language Association.
She is currently completing a manuscript titled “A History of Italian Repression: Sexuality, Psychoanalysis and the War Against Memory,” according to a Pembroke Center press release.
She attended the University of Essex as an undergraduate, going on to receive a PhD in political science from Yale and a masters degree in German studies from Cornell.
During her time at Brown, Stewart-Steinberg has also served on the Graduate Council, the University Resources Committee and the Tenure, Promotions and Appointments Committee. “We’ve worked on regular departmental business together, and I was chair when she was promoted to full professor,” said Professor of Comparative Literature Karen Newman, who has known Stewart-Steinberg since 2006. “She has done terrific work as a colleague across the university — departmentally in both her departments, on the Graduate Council and now on TPAC.””
Employee of Corp. trustee’s hedge fund convicted by Brown Daily HeraldJan 14, 2014 “Federal prosecutors secured a conviction against a former SAC Capital Advisors L.P. portfolio manager on insider trading charges Wednesday, national news outlets reported this week — the latest development in the government’s investigation of Corporation trustee Steven Cohen’s P’08 P’16 hedge fund.
The verdict in Manhattan Federal Court against Michael Steinberg, the highest-ranking SAC employee to be found guilty and the first whose case proceeded to trial, marks a significant victory for federal authorities in their decade-long investigation of SAC.
Steinberg, who was arrested in March, was accused of trading stocks of technology companies Dell, Inc. and Nvidia Corp. on proprietary information about the companies’ earnings.
At the time Steinberg was arrested, Chancellor Thomas Tisch ’76 said in a statement to The Herald, “Steve Cohen is a valued and involved trustee of Brown, and the University has been strengthened by his engagement,” adding that “there has been no pressure on Steve — or the Corporation — for him to leave his seat.”
Steinberg fainted as jurors entered the courtroom to announce their verdict Wednesday, causing a temporary delay, the New York Times’ DealBook reported.
After the guilty verdict was delivered, U.S. District Court Judge Richard Sullivan released Steinberg on bail until sentencing, which is set for April 25.
The government’s case relied heavily on former SAC employee Jon Horvath, who worked under Steinberg and testified against him with the hope of avoiding jail time.
Horvath said at the trial that Steinberg pushed him to deliver “edgy” and “proprietary” information about Dell’s and Nvidia’s stocks and to “cultivate sources of non-public information,” DealBook reported.
Horvath also testified that Steinberg traveled to a conference in Arizona to prepare him to answer possible questions from federal authorities in the wake of raids on other hedge funds in fall 2010.
Six of the eight SAC employees indicted in the government’s investigation have pleaded guilty, with only Steinberg and Mathew Martoma electing to fight the charges.
Martoma’s trial begins Jan. 6, and prosecutors hope that Steinberg’s trial defeat will convince Martoma, a former portfolio manager, to consider cooperating with the government, according to several news outlets. But Martoma’s lawyer, Richard Strassberg, has said there was no connection between the facts of each case.
Unlike Martoma, Steinberg is personally close to Cohen, multiple news outlets reported.
Though prosecutors have not brought criminal charges against Cohen himself, they indicted his hedge fund for multiple counts of fraud in July, citing “systematic” insider trading and “institutional practices” that produced a culture encouraging improper trading.
In addition to the criminal charges against SAC, Cohen faces a pending civil suit filed in July by the Securities and Exchange Commission, which holds him responsible for “failing to supervise” employees accused of insider trading. SAC reached a record insider-trading settlement with federal prosecutors in early November, under which the hedge fund agreed to pay about $1.2 billion in penalties, plead guilty to five charges of insider trading and cease managing outside money. SAC is still permitted and expected to manage approximately $9 billion of Cohen’s personal money as it downsizes to a family office.”
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