A few nuggets from Richard K. Rein’s fascinating story on Jay Regan, in the new issue of the Princeton Echo:
“A young man on Wall Street became interested in the work of a mathematician who had developed a system for beating blackjack and was using that system to pick stocks that would outperform the market average. . . . Princeton Newport Partners became the first quantitative hedge fund.”
“Google his name (James S. ‘Jay’ Regan) and the first two words that might come up are ‘racketeering charges.’”
At the office on the corner of Witherspoon and Spring Street, “armed marshalls presented a search warrant to the startled receptionist. Regan first thought it was some college buddies playing a joke.”
“Even in the darkest days Regan maintained his sense of humor, even if it had a certain gallows cast to it.”
“the sentence was later overturned…. prosecutorial over-reach. The prosecutor, incidentally, was Rudolph Giuliani, even then political ambitious.”
“For all that he and his family went through, Regan remains a bright and cheerful soul, and as enthusiastic about his work as he must have been when he first got involved on Wall Street.”
My personal note to parents of liberal arts majors: Regan was a philosophy major.
The Echo comes to the mailboxes of Princeton residents once a month and is available in newsboxes throughout town. On the cover: a story on card shark/mathematician Bradley Snider.
Photo of Jay Regan by Suzette Lucas.