The bizarre behavior was ordered by the boss, it was alleged, to eliminate the trader’s aggressive male attitude so he could become a more obedient and detail-oriented player in the $2 trillion hedge fund world.
Now new details have surfaced about the pair and how they climbed to the top.
The trader, Andrew Tong, had studied for his doctorate in computer science at Columbia University, and his boss, Ping Jiang, also was a computer brainiac who pioneered the use of computer-run “macro trading,” which hedge funds wield to move global markets in just seconds.
They met nine years ago as young traders at Lehman Brothers, and moved on to other top firms over the years, all the while remaining friendly and occasionally socializing. They reunited a year ago at SAC.
Tong, who was fired from hedge fund SAC after his allegations were filed, remained in seclusion with his wife in their swank condo tower in Newport Center in Jersey City.
Those who know Jiang say they’re stunned.
“He was a very bright, quiet loner,” said a former Lehman executive now at a rival hedge fund, describing him as “an aggressive trader who liked to take big positions.” Another ex-Lehman exec who worked closely with Jiang said he had “never seen any [behavior] from Jiang that could possibly be related” to the claims.
“I think Jiang is a great trader and a bright guy whose strategy might have rubbed [Tong] the wrong way, but the most successful people in hedge funds are intense and single-minded.”
Colleagues milling outside SAC’s sprawling headquarters campus in Stamford Conn., were puzzled by the tale.
One said it didn’t make sense to hand out female hormones to enhance skills. “If taking female hormones actually helped you do your job, they would simply hire women here,” the employee said. “But they don’t. They don’t think women are aggressive enough.”
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