Steven Cohen Gets Art-Backed Loan from Goldman Sachs

Bloomberg reports:

The top prime broker to the former hedge-fund firm, Goldman Sachs is making a personal loan to Cohen for the first time, according to a regulatory filing, joining the list of banks that have provided SAC’s founder with credit lines backed by his $1 billion art collection. Like Citigroup Inc. (C), JPMorgan Chase & Co. and Bank of America Corp., New York-based Goldman Sachs is making the loan through its private bank as part of an effort to expand its business catering to ultra-wealthy individuals.

Goldman Sachs’s Chief Executive Officer Lloyd Blankfein and President Gary Cohn expressed support for Cohen, 57, after SAC was indicted in July by federal regulators for insider trading, and continued to do business with the firm after it agreed to pay $1.8 billion in November to settle the charges. Goldman Sachs stepped in after Cohen had been seeking an art loan for months, having paid off and terminated his personal credit line from Deutsche Bank AG, said two people familiar with the matter, who asked not to be identified because the matter is private.

Goldman Sachs Supports Cohen with Loan Backed by Fine Art