This DD, the billionaire boys club part 9 is the latest instalment in the series of citizen journalism attempting to uncover and expose the super wealthy, and particularly those involved in international finance. This one focuses on Steve Cohen and the Cohen Network.
Billionaire boys club part 9: Steve Cohen...is he STEALING from his clients?
AUTHORS DISCLAIMER: I am not a financial advisor, and I do not provide financial advice. Many thoughts here are my opinion, and others can be speculative.
Everything I am highlighting here is asking questions about publically available information and not an accusation of any wrongdoing of any parties mentioned.
Also... I'm not financially trained, so feel free to correct me if I miss something or get something wrong!!
Steve Cohen
Ok... the first lesson of a Good BBC is to check the Charities...
Stevey has the Steven & Alexandra Cohen Foundation and quotes that he has given out $625 Million across 3,032 Grants over the last 19 years... as per his website: https://www.steveandalex.org/
FIRST...
His fucking website...
In 2019... he spent $220,000 on the website
In 2018... he spent $42,113 on the website
In 2017... he spent $78,050 on the website
In 2016... he spent $62,400 on the website
So in a 4 year period... he spent $402,563 on his website???
Apes... I work in Digital Marketing... and believe me when I tell you this... his website did NOT cost $402,563!!
I mean sure... it's got some fancy animations, but it's a Wordpress site with a Pro Theme... That's it!
Oh... but maybe he's spending that amount on Marketing his website?
Nope... he's got a separate line item for that... Content... nope... hosting? He gets fuck all traffic so NOPE!
Now... I don't take this lightly...
You could say maybe he's spending on SEO... buying Backlinks... SOMETHING...
Here's his SEMrush report:
Fair enough... he's got a decent authority score... but he's not even running ads...
He gets 10k hits a month... and that only increased in the last year...
If he is paying $400k for these results... he is either GETTING RIPPED OFF by some SLICK sales Digital Marketer... or he's REALLY BAD at running a business...
Neither makes sense... SO>>> LIES!
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Marketing...
2019 - He spent 600k... BUT HE'S NOT RUNNING ADS?
You may say... maybe he did in 2019?
If he did... he'd have more than just Google Analytics tracking on his website so he can actually see the results of his $600k in marketing right?
Well if you know how to read HTML you can go in and verify that all he has is Analytics: view-source:https://www.steveandalex.org/
But ANYWAY... I suppose he can argue that he is using it for PR... not MARKETING... or some bullshit...
FUCK... I'm pissed off already...
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Awww... look at the little puppy in a Raincoat!!!
Are you hiding grom me??? Yes you are! Yes you Are!
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Ok, let's get into what we're here to get into...
In 2019... The Steven & Alexandra Cohen Foundation received a total of $2,088 in donations
(FUCK... that $600k in Marketing went a LONG way didn't it!!>>>>???)
BUT...
They made $99,000,000 in DIVIDENDS...
(Fuck me... that's a lot!)
And they gave out $101 million in donations.
Now... the BEST dividend rate from stock in the market right now is Gilead Sciences at 4.12%...
So if his entire fund was in Gilead, that $99 million would mean his fund must be...
$2,402,912,621
But... his ACTUAL investment BOOK VALUE is $515,813,195 or Market Value of $693,523,715
Hmmmmmmmmmmmmmmm
Ok... Maybe he has preferred shares?
According to Forbes (source) in 2021 the highest yielding Preferred Shares are Jon Hancock Premium Dividend Fund... at 8.6%...
So MATH...
Would still put the fund requirement at $1,151,162,790...
I honestly don't know here Apes...
This seems suspect to me.
He's getting a 19% yield on DIVIDENDS AND INTEREST???
Any Finance Apes care to enlighten us?
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Ahh... wait... Now I SEE!!!
He's invested his charity's money through Point72 Capital INTL II LTD!!!
How did I not think of that!
So he MUST be getting crazy returns for his clients then too right?
Hmmmm....
According to this article... Source
Stevey in 2019 returned 14.9% for clients NET OF FEES...
But charges 2.85% Fees....
14.9% + 2.85% = 17.75%
But...
His charity generated 19.1% returns...
That's a 1.35% difference...
THIS MAY NOT SEEM LIKE MUCH... BUT IN THIS WORLD... IT'S A FUCK TON...
No accusations...
BUT IS STEVEY CUTTING A BIT OFF THE TOP OF HIS CLIENTS MONEY?
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So let's take a look at what he's spending these HARD-EARNED gains on then, shall we?
Remember our BBC Benefits Category Guide?TAKE FROM THE RICH AND GIVE TO THE RICH THROUGH THESE CATEGORIES:
Charter Schools - Control The Education System while making your friends rich
Elite Colleges - Get your Kids into the best schools while making your friends rich
Healthcare - Ensure those that can afford healthcare get the best while making your friends rich
Religions - Make sure your image is upheld in your community while making your friends rich
Art - Buy nice tax havens while making your friends rich
Political Parties - Make sure your friends control the laws, keep the pesky poor in their place... while making your friends rich.
THE KEY BEING... ELITE PHILANTHROPY TENDS TO BE ABOUT ELITE CAUSES.
--------------------------------------------------------------------------------------------------------------------------------So how did Stevey fair in 2019?
BIGGEST DONATIONS...
Museum of Modern Art - $10,500,000 - ART ✔
New York Presbyterian Fund - $7,700,000 - HEALTHCARE ✔
Northwell Health Foundation - $5,000,000 - HEALTHCARE ✔
Rye Country Day School - $1,000,000 - CHARTER SCHOOLS ✔
St Jude's Children's Research Hospital - $2,000,000 - HEALTHCARE ✔
University of Sourthern California - $1,000,000 - ELITE COLLEGES ✔
World Trade Center Performing Arts Center - $2,000,000 - ART ✔
Bruce Museum - $5,000,000 - ART ✔
John Hopkins University - $7,000,000 - ELITE COLLEGES ✔
Mount Sinai Adolescent Health Center - $2,700,000 - HEALTHCARE ✔
World Trade Center Performing Arts Center (Again) - $3,000,000 - ART ✔
John Hopkins University (Again) - $3,500,000 - ELITE COLLEGES ✔
Icahn School of Medicine - $3,600,000 - ELITE COLLEGES ✔
Duke University - $1,600,000 - ELITE COLLEGES ✔
God's Love we Deliver - $1,200,000 - Meals for the poor? X
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Ok PRETTY close to 100%...
But there's one more on this list that is going to get VERY HEATED...
But wait for it...
Cohen Veterans Network - $47,000,000 - HELPING VETS WITH PTSD X
And it's the BIGGEST donation???
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Now I know you American's are VERY patriotic and anyone helping the Vets is doing good...
But I did tell you that ELITE PHILANTHROPY TENDS TO BE ABOUT ELITE CAUSES... Right?
So in 2018... an article in ProPublica found that The Cohen Network was closing it's clinic in Los Angeles less than a year after it opened. The Cohen Network's leaders had alienated the staff there, former employees said, by telling them to prioritize healthier patients over homeless veterans.
This is SPECULATED as the privatization of Mental Health Treatment for VAs in America... and I'm GUESSING many of you already know all about this... RIGHT??
The article continues with:
A thorough examination of the Cohen Network’s record — including internal documents, emails and dozens of interviews with current and former employees — reveals a different story from the one the Cohen Network tells about itself.
The clinic at the University of Southern California (Also on the above Donation list) was doomed by the Cohen Network’s mismanagement and insistence on a narrow focus that helped only a subset of veterans, former employees said.
“The model we ended up believing would really serve veterans was different than the model the Cohen Network was proposing all clinics operate under,” said Marv Southard, who served as CEO of the Cohen clinic at USC and is now chair of USC’s doctor of social work program.
There's a lot more to read in here for any Apes that are interested.
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In a 2016 NYTimes article... Cohen is quoted as saying that:
With veterans, Mr. Cohen makes clear that this is his project alone, separate from the charitable work his family foundation has done under the oversight of his wife, Alexandra. (Their family foundation, which gives away about $50 million a year, has focused on causes like children’s health and Lyme disease.)
-- So he's SAYING that his foundation is not involved in the Cohen Network... YA?
Well I had a look...
In 2016, the time of this article... the foundation donated $10,500,000 to the Cohen Veterans Network...More Lies?
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Dam I BADLY need a puppy break!!
CUPPIE #2 ... Awww.... aren't you the CUTEST puppy in a cup I've ever seen>????
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Well I thought to myself...
Ok... BADASSTRADER...
Think this through...
The Cohen Foundation, Invests their $500 million in Point 72... Gets the VIP returns rate of 19.1%... then uses these profits to donate to causes that further his agenda...
But it costs him nothing... ok...
Well $47 million goes to the Cohen Veterans Network...
Let's take a look at that company right???
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Well taking a look at the Cohen Veterans Network... 2018 (2019 not available yet)
The MAIN donor is Cohen's Foundation... this is expected...
He pays out Salaries to senior staff in the 6 figures... ok...
Spends $1.6 million on Marketing... hmmm
Website and Client Portal costs $29k.... (Pfff ha ha ha ha!) - Remember how much he spent on his funds website... BULLSHIT!!!
And then most of the rest gets donated out to the individual Military Family Clinics...
Now... I had a look at these Military Family Clinics... and these all look to be the real deal.
Government-funded initiatives with the sole purpose of helping vets and their families...
So what was the story with CVN here?
Cohen has his clinics listed at these Military Family Clinics around the country...
It SEEMS like...
He donates to the Military Family Clinic, provides a grant to get his own team in there and set them up... then funds the team and trains them to provide care using their UNIQUE methods...
Could be completely wrong... but...
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He did say that: Mr. Cohen makes clear that this is his project alone...
Though it SEEMS that he just takes a portion of his profits... Hires a team of execs... gets them to donate to Family Clinics around the country and has smaller teams installed along side them...
Hmmm............
Though the Military Family Clinics he is partnering are WAY more funded, have WAY more staff... and seem to be doing a good job from the outside looking in...
Maybe it's nothing... but I wanted to get some independent reviews of this place.
If he's in all these clinics around the country, shouldn't there be some feedback besides the fact that they are de-prioritising homeless vets?
I took a look at their facebook page: Source
Out of the last 24 posts... not 1 comment...
HMMM..... that's weird.
Then they went live back in June 28th... and they got 2 comments saying they were great...
Lets keep digging...
Another 9 posts with 0 comments...
Lots of likes no comments...
Then again a live stream and they had 2 people commenting...
Lets dig again...
Finally a REAL comment back in June 16, but not about CVN
Too many posts not enough real engagement...
GlassDoor says its an amazing place to work source
Urrgghhh....
Not finding anything REAL here...
Same story on LINKEDIN
Same Story on YOUTUBE
Same Story on REDDIT (Shocking - 0 comments)
I scoured the Internet Apes...
I really did...
Cohen has committed to $235 million in funding for this program... and I can see the money going through Salaries and Donations to Military Family Clinics... but if they are helping all these people how come NO INDEPENDENT reviews GOOD or BAD are talking about it?
All I can find is POOR efforts at Social Content by their Social Media team... news reports and a few staff stating how great it is to work there.
I want to be wrong here... I want it to be a great service doing great things...
But it seems to be invisible... at least from a Digital Perspective.
They are running ads and there is a LITTLE bit of traffic going to the site
But that's it... Brick wall other than that.
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Urrrghhghg...
PUPPY BREAK!!!!
Ahhh.... that's better....
mmmmmm
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1 thing did catch my eye again though...
In 2018... he spent $1.6 million on marketing.
Now most traffic tools don't have much data on this site historically... but Google trends does.
Now this is COMPLETE... speculation... But SEM rush gives me traffic for this year...
With an average of total site visits of about 6k a month...
We can see the graph in Google Trends... and in 2018... lets say those spikes are about double...
If we then assume no spikes and average it out at the highest peak... we get 12k hits per month.
12 x 12 = 144,000 website visits for the year... and it cost him $1.6 million?
And no1 is talking about them? They can't even get views or comments on their Youtube Channel?
COULD IT BE THAT THIS IS ALL JUST A PUBLICITY PLAY???
I dunno... I'm tired... it's late... this is shit... and it simply doesn't make sense...
I'm reaching to try and make this company be legit... but I just can't see it???
I have a feeling my work here is just beginning
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Let me leave you with this point...
Wanna know how to get away with Insider Trading?
Just say you didn't read the Email...
That's how Steve did it!!
The entire series is listed below:
| Part 1: Is this the final boss? | Read On Hive |
| Part 2: The Inner Circle | Read On Hive |
| Part 3: The Big Boys | Read On Hive |
| Part 4: Recess is over | Read On Hive |
| Part 5: Foundational Strategy | Read On Hive |
| Part 6: Smile for the Camera, Kenny | Read On Hive |
| Part 7: What DAF F**k is This? | Read On Hive |
| Part 8: The Chips are Stacked Against Us | Read On Hive |
| Part 9: Steve Cohen | Read On Hive |
| Part 10: Vacation of a lifetime | Read On Hive |
| Part 10.2: Cayman Island Getaway | Read On Hive |
| Part 11: Buy Borrow Die | Read On Hive |
| Part 12: Specialized Purpose Entities | Read On Hive |
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