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Hormones and Hedge Funds
By
Dave Hogarty
Published Oct 14, 2007
Modified Mar 7, 2008
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By
Dave Hogarty
Published Oct 14, 2007
Modified Mar 7, 2008
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A junior trader at one of the world's largest hedge funds, SAC Capital, is suing the company. Andrew Tong alleges that his boss Ping Jiang––the two men are 37 and 41 years old, respectively––forced him to take estrogen hormone pills and wear a dress to work. This was supposedly to feminize him and make him a better trader. Tong also alleges that he was sexually assaulted while at work. If this is the first you've heard of this affair, background can be found at the Wall St. tabloid DealBreaker.com.
A spokesperson for SAC Capital said that the charges against the company were "scurrilous" and "false", and Tong never called the police regarding the alleged sexual assault. The Equal Employment Opportunity Commission is investigating, however, and Tong's lawyer says that his client has medical documentation that he ingested estrogen.
An article in the New York Post earlier this week said that Tong and Jiang have known each other for nine years, since trading together at Lehman Brothers. The odd-sounding allegations about hormones and female clothing supposedly led to a sexual relationship between the two men. Jiang is the head of computerized trading at SAC capital, one of Wall St.'s largest hedge funds. According to the Post, he earns as much as $150 million a year. Co-workers say that it wouldn't make any sense for Tong to be feminized in order to be a better trader, because otherwise the company would just hire women as traders, which it doesn't, because it doesn't think women are aggressive enough to be traders. We're betting the employee who said that is regretting it already.
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