Police search for Nordstrom Rack robbers who took hostages









Los Angeles police continued to search for armed suspects who took 14 hostages at a Nordstrom Rack store in Westchester this week, brutally assaulting some of them.


Law enforcement sources said detectives were following several promising leads in tracking the suspects.


Several of the hostages -- all store employees -- were hurt in the incident. But their injuries were not life-threatening, and by Friday afternoon the victims had all been treated and released.








The gunmen apparently stormed the store about 10 p.m. Thursday, as it was closing.


Two employees hid in a restroom, authorities said. The gunmen herded the rest into another restroom on the third level, according to dispatch audio posted on the Venice 311 server. There, at least two employees were told to strip.


One woman was dragged to a separate room, where she was sexually assaulted, police said. A second woman was stabbed in the neck, police said, and a third hostage was pistol-whipped.


After officers arrived, a vehicle with tinted windows and its headlights off sped out of the parking garage. The driver wore a black hoodie and the passenger a white T-shirt, according to dispatch recordings.


"White SUV! White SUV! White Ford Explorer!" an officer barked. "High rate of speed leaving the parking lot!"


"Go pursue that vehicle!" another officer said.


They did, to no avail.



"We lost sight of that vehicle," an officer said over the radio. "We're going on the 405 north. I need other units to try Sepulveda. We don't know where vehicle is now."


The suspects had apparently escaped — though officers didn't know that at the time and waited to move into the store. They called in a SWAT team, which arrived about 1 a.m. The mall remained on lockdown — stranding at least 200 moviegoers at the cineplex.


Simeon Campbell, 26, and two of his friends had gone to the 10 p.m. showing of "A Haunted House."


"It was funny until we got out," he said.


Theater employees told them the mall had been closed off but did not explain why. Some moviegoers were escorted to the second floor, where Campbell looked out a window.


"It became real when I saw the SWAT team," he said.


Some moviegoers munched on popcorn that theater employees handed out. Others tried to nap. Campbell paced, his head throbbing and his stomach in knots.


"What if they run in here? What if they have accomplices?" he said he thought.


The wait ended sometime before 3 a.m., when some of the Nordstrom hostages called 911, described their injuries and asked for medical aid, according to dispatch recordings.





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Judge Halts California Internet Sex-Offender Law











A federal judge late Friday blocked enforcement of a California voter-approved measure that would have dramatically curtailed the online, First Amendment rights of registered sex offenders.


Proposition 35, which passed with 81 percent of the vote in November, would have required anyone who is a registered sex offender — including people with misdemeanor offenses such as indecent exposure and whose offenses were not related to activity on the internet — to turn over to law enforcement a list of all identifiers they use online as well as a list of service providers they use.


U.S. District Judge Thelton Henderson of San Francisco also said the measure was overbroad.


“The challenged provisions have some nexus with the government’s legitimate purpose of combating online sex offenses and human trafficking, but the government may not regulate expression in such a manner that a substantial portion of the burden on speech does not serve to advance its goals,” he wrote.


The Californians Against Sexual Exploitation Act would also have forced sex offenders to fork over to law enforcement their e-mail addresses, user and screen names, or any other identifier they used for instant messaging, for social networking sites or online forums and in internet chat rooms.


The American Civil Liberties Union and the Electronic Frontier Foundation immediately filed suit after its passage. The measure would currently affect some 75,000 sex offenders registered in California, but the law also requires those convicted of human trafficking to register as sex offenders, thus widening the pool of people affected.


The measure carries three-year prison penalties.


Henderson had tentatively blocked enforcement of the measure immediately after it passed. His decision Friday is in the form of a preliminary injunction. Next up is a trial on the lawsuit’s merits, if it gets that far.




David Kravets is a senior staff writer for Wired.com and founder of the fake news site TheYellowDailyNews.com. He's a dad of two boys and has been a reporter since the manual typewriter days.

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Follow @dmkravets and @ThreatLevel on Twitter.



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Simon Rattle to quit Berlin Philharmonic in 2018






BERLIN (Reuters) – Renowned British conductor Simon Rattle said on Thursday he would step down as head of the prestigious Berlin Philharmonic in 2018 when his current contract with the orchestra expires and before he turns 64.


“In 2018 I will be nearly 64 years old,” the 57-year-old said in a statement on the Philharmonic’s website. “As a Liverpool boy, it is impossible not to think of the Beatles’ question ‘Will you still need me… when I’m 64?’” he joked.






“This was not an easy decision. I love this orchestra and therefore wanted to tell them my decision as early as possible.”


Rattle, known for his youthful energy, his readiness to take risks and his mop of curly grey hair, took over the Berlin Philharmonic, one of the world’s leading orchestras, in 2002.


The first Briton to hold a post previously associated with such giants of German music as Herbert von Karajan, Rattle has sometimes upset music traditionalists in his adopted land with his love of experimentation and his unorthodox approach.


Rattle has described his sometimes turbulent relationship with the Berlin Philharmonic as “a love affair”.


Critics have accused him of lacking appropriate German gravitas in such a high-profile cultural role and of caring more about the public image of the orchestra than about the music.


But his many supporters have welcomed efforts to reach out to new audiences as well as his success in forging relations with other orchestras around the world, including Venezuela’s Simon Bolivar Youth Orchestra.


“With his outstanding musicality and creativity he has filled new listeners with enthusiasm for the orchestra every day and has shaped the national and international perception of the Berliner Philharmonic as a vital cultural ambassador for Berlin,” said Martin Hoffmann, the orchestra’s general manager.


Rattle, who studied at the Royal Academy of Music in London, worked as conductor of the Birmingham Symphony Orchestra in central England for 18 years before moving to Berlin.


(Reporting by Gareth Jones; editing by Mike Collett-White)


Music News Headlines – Yahoo! News





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Former Lab Technician Denies Faulty DNA Work in Rape Cases





A former New York City laboratory technician whose work on rape cases is now being scrutinized for serious mistakes said on Friday that she had been unaware there were problems in her work and, disputing an earlier report, denied she had resigned under pressure.




The former lab technician, Serrita Mitchell, said any problems must have been someone else’s.


“My work?” Ms. Mitchell said. “No, no, no, not my work.”


Earlier, the city medical examiner’s office, where Ms. Mitchell said she was employed from 2000 to 2011, said it was reviewing 843 rape cases handled by a lab technician who might have missed critical evidence.


So far, it has finished looking over about half the cases, and found 26 in which the technician had missed biological evidence and 19 in which evidence was commingled with evidence from other cases. In seven cases where evidence was missed, the medical examiner’s office was able to extract a DNA profile, raising the possibility that detectives could have caught some suspects sooner.


The office declined to identify the technician. Documents said she quit in November 2011 after the office moved to fire her, once supervisors had begun to discover deficiencies in her work. A city official who declined to be identified said Ms. Mitchell was the technician.


However, Ms. Mitchell, reached at her home in the Bronx on Friday, said she had never been told there were problems. “It couldn’t be me because your work gets checked,” she said. “You have supervisors.”


She also said that she had resigned because of a rotator cuff injury that impeded her movement. “I loved the job so much that I stayed a little longer,” she said, explaining that she had not expected to stay with the medical examiner’s office so long. “Then it was time to leave.”


Also on Friday, the Legal Aid Society, which provides criminal defense lawyers for most of the city’s poor defendants, said it was demanding that the city turn over information about the cases under review.


If needed, Legal Aid will sue the city to gain access to identifying information about the cases, its chief lawyer, Steven Banks, said, noting that New York was one of only 14 states that did not require routine disclosure of criminal evidence before trial.


Disclosure of the faulty examination of the evidence is prompting questions about outside review of the medical examiner’s office. The City Council on Friday announced plans for an emergency oversight committee, and its members spoke with outrage about the likelihood that missed semen stains and “false negatives” might have enabled rapists to go unpunished.


“The mishandling of rape cases is making double victims of women who have already suffered an indescribably horrific event,” said Christine C. Quinn, the Council speaker.


A few more details emerged Friday about a 2001 case involving the rape of a minor in Brooklyn, in which the technician missed biological evidence, the review found. The victim accused an 18-year-old acquaintance of forcing himself on her, and he was questioned by the police but not charged, according to a law enforcement official.


Unrelated to the rape, he pleaded guilty in 2005 to third-degree robbery and served two years in prison. The DNA sample he gave in the robbery case was matched with the one belatedly developed from evidence the technician had overlooked in the 2001 rape, law enforcement officials said. He was recently indicted in the 2001 rape.


Especially alarming to defense lawyers was the possibility that DNA samples were cross-contaminated and led to false convictions, or could do so in the future.


“Up to this point,” Mr. Banks said, “they have not made information available to us, as the primary defender in New York City, to determine whether there’s an injustice that’s been done in past cases, pending cases, or allowing us to be on the lookout in future cases.” He added, “If it could happen with one analyst, how does anyone know that it stops there?”


The medical examiner’s office has said that the risk of cross-contamination was extremely low and that it does not appear that anyone was wrongly convicted in the cases that have been reviewed so far. And officials in at least two of the city’s district attorneys’ offices — for Brooklyn and Manhattan — said they had not found any erroneous convictions.


But Mr. Banks said the authorities needed to do more, and that their statements thus far were the equivalent of “trust us.”


“Given what’s happened,” he said, “that’s cold comfort.”


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Business Briefing | Retailing: Best Buy Shares Rally on Improved Holiday Sales



The Best Buy Company had better-than-expected holiday sales, setting off a gain of $2, or 16.4 percent, in its stock price, to $14.21 a share on Friday. The holiday quarter accounted for about a third of Best Buy’s revenue last year. The chain said that revenue at stores open at least a year fell 1.4 percent for the nine weeks ended Jan. 5. The company’s performance in the United States was flat. The chief executive, Hubert Joly, said in a statement that the result was better than the last several quarters. A Morningstar analyst, R. J. Hottovy, said the results showed that some of Best Buy’s initiatives, like more employee training and online price matching helped increase sales.


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Southbound 5 Freeway at Grapevine reopened









Southbound Interstate 5 at the Grapevine was reopened Friday morning about 8 a.m. but the northbound lanes remained closed because of icy road conditions, the California Highway Patrol said.


Drivers were being escorted by CHP cruisers on the southbound side of the freeway as a precaution, officials said. CHP planned to escort cars on the northbound side Friday morning, but don't know what time that will begin.


The freeway was closed at the steep Grapevine grade Thursday afternoon as a cold winter storm pounded Southern California. 








Stranded motorists jammed hotels and parking lots of food outlets off Interstate 5 in Lebec on Thursday evening, trying to determine whether to wait out the reopening or find an alternate route. Truck drivers lined up along roadsides just off the freeway, near various food outlets.


At the Best Western Hotel in Lebec, which sold out of all rooms by early Thursday evening, many who were stranded crowded around tables in the breakfast room, watching the news and hoping for updates on the reopening of Interstate 5.


Tanya Viau said she sat for two hours on the freeway before being diverted off around 4:30 p.m. The deckhand for San Francisco ferries was headed from the Sacramento area to San Diego to visit her son, who had recently graduated.


"I felt fortunate to get a room," Viau said. "I've been driving this route for 30 years and this is the first time I've ever been stranded."


Jim McCluskey hurried out of the Best Western around 6:30 a.m. to try his luck getting onto the 58 Freeway and traversing the desert to try to get south. McCluskey had been headed to Castaic and turned up at the Best Western after being diverted from the freeway Thursday afternoon. 


"I've been stuck several times in the past, I'm used to it," he said.


Floyd Osborne and Dan Tobias, who were headed from Bakersfield to Lancaster, pored over computer maps to determine alternate routes.


Truck driver Samuel Watson, 23, said he arrived in Lebec around 1:30 p.m. Thursday and ended up getting stranded. He didn’t find out about the Grapevine being closed until he was already on the road from Ripon, Calif., to Torrance.


Watson ended up sleeping in the cab of his rig loaded with hazardous materials. He had extra warm clothing, adding he was always prepared and always had something to sleep on.


He was hoping to make it back to the Stockton area by Saturday to celebrate his 24th birthday.


Truck driver Ricardo Roman set out for an eight-hour trip from Sacramento and arrived in Lebec at 4 a.m. He was headed to Santa Fe Springs and was expected to make a delivery for Kohl’s department store at 8 a.m. Friday.


He said he had been in the trucking business for eight years and had enough clothes and food to get him through the ordeal.





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Ford Wants to Teach You Some Off-Peak Electrical Tricks



LAS VEGAS — Electric vehicle owners eager to charge up in the greenest, most economical manner plug in during off-peak hours when rates are lowest. Ford wants to extend the concept of off-peak power to home appliances, further reducing an EV owner’s electric bill and CO2 footprint by allowing them to tap into the cloud and a proprietary power-tracking database.



Here at CES 2013, the automaker announced MyEnergi Lifestyle, a sweeping collaboration with appliance giant Whirlpool, smart-meter supplier Infineon, Internet-connected thermostat company Nest Labs and, for a green-energy slant, solar-tech provider SunPower. The goal is to help people understand how the “time-flexible” EV charging model can more cheaply power home appliances, and how combining an EV, connected appliances and the data they generate can help them better manage their energy consumption and avoid paying for power at high rates.


Because the electric grid experiences its heaviest loads during daytime hours when people are most active, consumers pay more for juice because utilities must produce more of it — an expensive proposition for all involved. For that reason, many utilities offer discounted rates for off-peak consumption to encourage customers to shift their energy usage patterns to nighttime or early-morning hours. Discounted rates typically apply between midnight and 5 a.m. and, according to Ford, can cost half as much.


The use of smart electrical meters in more than 40 million homes across the U.S. allows households to better take advantage of off-peak rates, said Mike Tinskey, Ford’s global director of vehicle electrification and infrastructure.


“We launched in 19 markets last year with our Focus Electric,” he says. “Of those, 16 had a timing use rate available and that’s all been driven by smart power meters.”



Appliances are getting smarter, too. Some of the most power-hungry appliances, such as a water heater and the ice maker in your freezer, can now schedule their most energy-intensive activities at night. Nest’s Internet-connected thermostat can help homeowners save energy while their away. While some of the appliances and devices within MyEnergi Lifestyle launch early this year, others are available now, Tinskey said.


“One of the key points we wanted to make is that this isn’t expensive stuff,” he said. “This is aimed at mid-America.”


The MyEnergi Lifestyle project also aims to tie these threads together and make it easier for EV owners make to manage and track of their electrical consumption using cloud-based data collected by smart appliances and meters. Users enter info such as their location and local utility rates into the database via the participants products, such as the MyFord Mobile app for the automaker’s EVs. And then they get results on the best charging times and the potential energy savings.


“When we put all these things together, we were astonished by what you can actually do,” Tinskey said.


Ford and its partners worked with researchers at Georgia Institute of Technology to create a model that calculates the electricity usage of a typical single family home for one year and the savings that could come from using off-peak electricity. It predicted a 60 percent reduction in energy costs and a 55 percent reduction in CO2 generated. That’s more than 9,000 kilograms of CO2. MyEnergi Lifestyle collaborators also announced plans to award a “typical” American family with the delivery and installation of energy-saving products from each company to create a real-world example of how the effectiveness of the program.


Researchers estimate that having every home in the U.S. implement energy-saving technologies like those promoted by MyEnergi would be the equivalent of taking every home in California, New York and Texas — around 32 million — off the grid. That’s a significant savings, but it still requires a significant initial investment on the part of the average homeowner. And it still may not be reason enough for some to buy an EV.


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Seattle bankruptcy hearing to decide Tully’s sale






SEATTLE (AP) — The auction for beleaguered coffee company Tully’s will likely conclude Friday in federal bankruptcy court, with an ownership group led by actor Patrick Dempsey in position to take over the chain. But Starbucks isn’t’ out of the running.


Dempsey — dubbed “McDreamy” in the “Grey’s Anatomy” hospital TV drama — claimed victory last week after an auction.






But a company that teamed up with Starbucks to bid for the Tully’s chain filed an objection Wednesday. AgriNurture Inc. says it’s still willing to proceed with its combined bid with Starbucks of about $ 10.6 million. The bid from Dempsey’s company, Global Baristas LLC, was for $ 9.2 million.


Tully’s has 47 shops in Washington and California with more than 500 employees. It filed for Chapter 11 bankruptcy protection in October.


Entertainment News Headlines – Yahoo! News





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The New Old Age Blog: Taking a Zen Approach to Caregiving

You try to help your elderly father. Irritated and defensive, he snaps at you instead of going along with your suggestion. And you think “this is so unfair” and feel a rising tide of anger.

How to handle situations like this, which arise often and create so much angst for caregivers?

Jennifer Block finds the answer in what she calls “contemplative caregiving” — the application of Buddhist principles to caregiving and the subject of a year-long course that starts at the San Francisco Zen Center in a few weeks.

This approach aims to cultivate compassion, both for older people and the people they depend on, said Ms. Block, 49, a Buddhist chaplain and the course’s lead instructor. She’s also the former director of education at the Zen Hospice project in San Francisco and founder of the Beyond Measure School for Contemplative Care, which is helping develop a new, Zen-inspired senior living community in the area.

I caught up with Ms. Block recently, and what follows is an edited transcript of our conversation.

Let’s start with your experience. Have you been a caregiver?

My experience in caregiving is as a professional providing spiritual care to individuals and families when they are facing and coping with aging and sickness and loss and dying, particularly in hospital and hospice settings.

What kinds of challenges have you witnessed?

People are for the most part unprepared for caregiving. They’re either untrained or unable to trust their own instincts. They lack confidence as well as knowledge. By confidence, I mean understanding and accepting that we don’t know all the answers – what to do, how to fix things.

This past weekend, I was on the phone with a woman who’d brought her mom to live near her in assisted living. The mom had been to the hospital the day before. My conversation with the daughter was about helping her see the truth that her mother needed more care and that was going to change the daughter’s responsibilities and her life. And also, her mother was frail, elderly, and coming nearer to death.

That’s hard, isn’t it?

Yes, because we live in a death-denying society. Also, we live in a fast-paced, demanding world that says don’t sit still — do something. But people receiving care often need most of all for us to spend time with them. When we do that, their mortality and our grief and our helplessness becomes closer to us and more apparent.

How can contemplative caregiving help?

We teach people to cultivate a relationship with aging, sickness and dying. To turn toward it rather than turning away, and to pay close attention. Most people don’t want to do this.

A person needs training to face what is difficult in oneself and in others. There are spiritual muscles we need to develop, just like we develop physical muscles in a gym. Also, the mind needs to be trained to be responsive instead of reactive.

What does that mean?

Here’s an example. Let’s say you’re trying to help your mother, and she says something off-putting to you like “you’ve always been terrible at keeping house. It’s no wonder you lost my pajamas.”

The first thing is to notice your experience. To become aware of that feeling, almost like being slapped emotionally. To notice your chest tightening.

Then I tell people to take a deep breath. And say something to themselves like “soften” to address that tightness. That’s how you can stay facing something uncomfortable rather than turning away.

If I were in this position, I might say something to myself like “hello unhappiness” or “hello suffering” or “hello aging” to tether myself.

The second step would be curiosity about that experience. Like, wow, where do I feel that anger that rose up in me, or that fear? Oh, it’s in my chest. I’m going to feel that, stay with it, investigate it.

Why is that important?

Because as we investigate something we come to understand it. And, paradoxically, when we pay attention to pain it changes. It softens. It moves. It lessens. It deepens. And we get to know it and learn not to be afraid of it or change it or fix it but just come alongside of it.

Over hours, days, months, years, the mind and heart come to know pain. And the response to pain is compassion — the wish for the alleviation of pain.

Let’s go back to what mother said about your housekeeping and the pajamas. Maybe you leave the room for five minutes so you can pay attention to your reaction and remember your training. Then, you can go back in and have a response rather than a reaction. Maybe something like “Mom, I think you’re right. I may not be the world’s best housekeeper. I’m sorry I lost your pajamas. It seems like you’re having a pretty strong response to that, and I’d like to know why it matters so much to you. What’s happening with you today?”

Are other skills important?

Another skill is to become aware of how much we receive as well as give in caregiving. Caregiving can be really gratifying. It’s an expression of our values and identity: the way we want the world to be. So, I try to teach people how this role benefits them. Such as learning what it’s like to be old. Or having a close, intimate relationship with an older parent for the first time in decades. It isn’t necessarily pleasant or easy. But the alternative is missing someone’s final chapter, and that can be a real loss.

What will you do in your course?

We’ll teach the principles of contemplative care and discuss them. We’ll have homework, such as ‘Bring me three examples of someone you were caring for who was caring toward you in return.’ That’s one way of practicing attention. And people will train in meditation.

We’ll also explore our own relationship to aging, sickness, dying and loss. We’ll tell our stories: this is the situation I was in, this is where I felt myself shut down, this was the edge of my comfort or knowledge. And we’ll teach principles from Buddhism. Equanimity. Compassion. Deep inner connectedness.

What can people do on their own?

Mindfulness training is offered in almost every city. That’s one of the core components of this approach.

I think every caregiver needs to have their own caregiver — a therapist or a colleague or a friend, someone who is there for them and with whom they can unburden themselves. I think of caregiving as drawing water from a well. We need to make sure that we have whatever nurtures us, whatever supplies that well. And often, that’s connecting with others.

Are other groups doing this kind of work?

In New York City, the New York Zen Center for Contemplative Care educates the public and professionals about contemplative care. And in New Mexico, the Upaya Zen Center does similar work, much of it centered around death and dying.

People who want to read about this might want to look at a new book of essays, “The Arts of Contemplative Care: Pioneering Voices in Buddhist Chaplaincy and Pastoral Work” (Wisdom Publications, 2012).

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DealBook: Client Redemptions Loom for SAC Capital

12:46 p.m. | Updated

The hedge fund giant SAC Capital Advisors is steeling itself for a possible wave of withdrawal requests from clients amid the government’s intensifying scrutiny of its trading practices.

Investors have about a month to decide whether to pull out money from SAC, the $14 billion fund owned by the billionaire investor Steven A. Cohen.

While posting one of the best investment track records on Wall Street across two decades, SAC has attracted billions of dollars from pension funds, wealthy families and other money management firms. But since late November, when federal prosecutors brought its latest criminal insider trading charge against a former SAC employee — a case that it calls the most lucrative insider trading scheme ever uncovered — those clients are weighing whether continuing their relationship with the fund is worth the reputational risk.

The fund has a standard quarterly redemption deadline, and the next one will fall on Feb. 15. Already, several of SAC’s clients, including Lyxor Asset Management and Titan Advisors, have notified the fund that they intend to withdraw their money. Others, like Skybridge Capital, have told SAC they will continue to invest with the fund.

Questions remain about the intentions of several of SAC’s well-known clients, including Blackstone Group, one of the world’s largest and most influential allocators to hedge funds. Blackstone has about $550 million invested in SAC, making it one of the fund’s largest outside investors. A Blackstone spokesman declined to comment.

The fund has told its employees that it could face at least $1 billion of withdrawals, according to a report in The Wall Street Journal on Friday. A spokesman for SAC said it was “far too early to speculate about redemptions, and we do not expect redemptions to have a significant impact on our funds.”

Any withdrawals from clients would come after a year of decent performance for SAC. In 2012 the firm returned about 13 percent net of fees, which while slightly underperforming the Standard & Poor’s 500 stock market index, is superior to the results of the average hedge fund.

While a spate of redemptions can have a crippling effect on a hedge fund by forcing it to sell its holdings at unfavorable prices, SAC is more insulated than most of its competitors from the ill effects of client withdrawals. That is because of the $14 billion that SAC manages, only about 40 percent of that comes from outside clients. The rest — a fortune of about $8 billion — belongs to Mr. Cohen and his employees.

Also, SAC has protected itself with a stringent redemption policy. The fund’s clients can redeem only 25 percent of their investment each quarter. So, for example, if a client has $200 million invested with SAC, and asks for its money back by the Feb. 15 deadline, SAC would return $50 million every three months beginning in March. That way, SAC is protected from having a forced liquidation of its investment portfolio.

Still, an investor exodus can have a crippling effect on a hedge fund, often causing it to shut down. Last month, Diamondback Capital Management, another hedge fund that became ensnared in the government’s insider trading investigation, closed after its investors sought to pull out roughly one-quarter of the fund’s assets.

Diamondback’s management decided that the most prudent course of action was to wind down rather than reorganize the firm to manage the reduced amount of money.

Like Diamondback, SAC has become embroiled in the government’s broad crackdown on insider trading at hedge funds. At least seven former SAC traders and analysts have been tied to illegal trading while at the fund. And the Securities and Exchange Commission has warned SAC that it might filed a civil action against the fund for failing to properly supervise its employees.

Mr. Cohen has told his employees that he believes he and his fund have at all times acted appropriately, and that the fund has fully cooperated with the government’s investigation.

In recent weeks, SAC has gone on a charm offensive in an attempt to hold on to clients. The fund has told its investors that they would not be responsible for any penalties incurred as a result of any of the government’s legal inquiry. Instead, SAC has told them, Mr. Cohen and his management company would pick up the costs.

There have also been changes at the fund. SAC last week told its staff that it was closing its office in Chicago, which is home to about a dozen employees. Such a move is not unusual, as the fund has closed offices before, such as San Francisco, where it saw limited opportunities.

A spokesman said it didn’t make sense to have an office in Chicago. SAC has more than 1,000 employees – portfolio managers, analysts, traders, and support staff – in five offices across the globe, with its headquarters in Stamford, Conn.

Though Mr. Cohen has told his friends and employees that he remains committed to managing money for outside clients, he could decide to follow in the footsteps of several fellow billionaire hedge fund managers.

A number of star investors, having already amassed billions in personal wealth, have decided to get out of the business of managing other people’s money. In recent years, for example, both George Soros and his onetime protégé, Stanley Druckenmiller, returned money to clients and set up so-called family offices to manage their own fortunes.

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