Zwirn winds down principal funds [Sandy Burglar's shop]

ft ^ | 2/22/8

[NativeNewYorker]

New York hedge fund DB Zwirn & Co is winding down its principal funds after investors – rattled by lapses in internal controls, including the expense of a private jet used by the firm’s founder – said they would withdraw more than $2bn.

Investors started pulling their money after the group, which has almost $5bn under management, disclosed in March last year that an independent internal review had uncovered improper transfers among funds and improper handling of operational expenses.

[NativeNewYorker]

March 15, 2006--DB Zwirn has hired Sandy Berger, US national security adviser under former president Bill Clinton, to run its international business as the Dollars 4bn hedge fund and merchant bank firm expands. As chairman of DB Zwirn Global Investments, Mr Berger will help build investing and banking relationships.

[Moonman62]

He’s probably destroying evidence at this very moment.

[kittymyrib]

Wonder how much of that swag was funneled into Hillary’s war chest, with the promise that it would be repaid after her election? Inquiring minds want to know...

[gusopol3]

Warren Rudman too, per the linked editorial

[benjamin032]

You think there will be Enron like outcry on this? I thought only the Republicans were rich, the Dems being down-to-Earth commoners and all?

[Neidermeyer]

Zwirn gets independent third-party valuations for the assets for which there is no market price, people familiar with the matter say.
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In English this means that he is flat busted after gorging on Credit Swaps and CDO’s.

[em2vn]

How did a convicted felon get hired into such a position? I don’t think Berger could pass muster with the SEC.

[Moonman62]

According to the article, they specialize in illiquid assets, and have made steady returns and so far have been able to compensate investors with interest. The fact is any company in that type of market needs to be squeaky clean and then some these days.

The tragedy is we need companies like this to buy up all the illiquid assets out there, for pennies on the dollar most likely.

[Ann Archy]

Warren Rudman, who gave us that immoral twit, David Souter, on the Supreme Court, and Sandy Burglar in the same company....must be a DEN of THIEVES!

[nyyankeefan]

He’s probably destroying evidence at this very moment.

nope....all evidence has been smuggled oout in his socks and underwear....he will then have to pay a $10,000 fine and all will be forgiven....

after all....he is a lib/dem!!!

[Lucky777]

Himmel, Arsch und Zwirn!!! (Those FReepers who can speak German should appreciate that)

[Soliton]

I guess they waited to fold until after Wisconsin primaries. With Hillary losing, there goes their pardons.