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24%  
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Keyword: hedgefund

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  • "Soros Put" Hits Record As Downside Hedge Rises By 154% To $1.3 Billion (Bet's big market crashes)

    02/17/2014 6:11:16 PM PST · by Beave Meister · 24 replies
    Zero Hedge.com ^ | 2/17/2014 | Tyler Durden
    A curious finding emerged in the latest 13F by Soros Fund Management, the family office investment vehicle managing the personal wealth of George Soros. Actually, two curious findings: the first was that the disclosed Assets Under Management as of December 31, 2013 rose to a record $11.8 billion (this excludes netting and margin, and whatever one-time positions Soros may have gotten an SEC exemption to not disclose: for a recent instance of this, see Greenlight Capital's Micron fiasco, and the subsequent lawsuit of Seeking Alpha which led to the breach of David Einhorn's holdings confidentiality). The second one is that...
  • Rajaratnam Surfaced in U.S. Terrorism Probe [Funded DNC, 0, and Hillary!]

    10/17/2009 8:11:30 PM PDT · by Steelfish · 16 replies · 1,516+ views
    Wall St. Journal ^ | October 17th 2009
    OCTOBER 17, 2009 Rajaratnam Surfaced in U.S. Terrorism Probe By EVAN PEREZ and MATTHEW ROSENBERG WASHINGTON—The hedge-fund billionaire charged as part of a vast insider-trading case surfaced in an earlier, separate probe into U.S. fundraising by a Sri Lankan terrorist group, people familiar with the probe said. As part of that investigation, federal agents said they uncovered documents showing that Raj Rajaratnam, founder of the Galleon Group, was among several wealthy Sri Lankans in the U.S. whose donations to a Maryland-based charity made their way to the Liberation Tigers of Tamil Eelam, according to people familiar with the probe. Raj...
  • Comparing Value v. Worth (Dick Durbin on money, comparing hedge fund managers and U.S. Navy SEALS)

    11/29/2012 9:41:35 AM PST · by Perseverando · 17 replies
    Canada Free Press ^ | November 29, 2012 | Richard J. “Sarge” Garwood
    I value anybody working to make this country I love and honor, America, as great as it has been and so much greater than it is now. Senator Dick “Dimples” Durbin pulled the earnings gap out of the Democratic Party closet and pummeled hedge fund managers for making too much money in comparison to Navy SEALS. He feels there’s an immoral disparity between what this nation pays its warriors and what hedge fund managers earn in private industry. This proves a point: the Democratic Party leadership is composed of wealthy people saying “don’t do as I do; do as I...
  • The World's Biggest Hedge Fund You Have Never Heard Of

    10/01/2012 3:51:40 AM PDT · by defeat_the_dem_igods · 4 replies
    zerohedge.com ^ | 09/30/2012 | Tyler Durden
    The world's largest hedge fund is not located in the top floor of some shiny, floor-to-ceiling glass clad skyscraper in New York, London, Hong Kong or Shanghai. It isn't in some sprawling mansion in Greenwich or Stamford which houses a state of the art trading desk behind a crocodile-filled moat. Instead it can be found in tiny, nondescript office in Suite 225 located on 730 Sandhill Road in Reno, Nevada
  • The Best Way For College Student To Land A Job At A Hedge Fund Right After Graduation

    05/14/2012 8:26:52 AM PDT · by SeekAndFind · 13 replies
    Business Insider ^ | 05/14/2012 | Lisa Du
    Everyone knows networking is a big factor in getting that long-awaited job offer—but for possible employment at hedge funds, it's the ace in the hole that will get you the job. Because hedge funds are so focused on culture and overall environmental "fit" when it comes to hiring new employees, they are more likely to hire someone they know on a more personal basis—that's why networking is so important, according to Bob Olman, president of the executive search firm Alpha Search Adivsory Partners. In a release obtained by Business Insider, Olman said college graduates should not depend on career centers...
  • The Hedge Fund And Private Equity Stock Train Wreck

    05/08/2012 6:28:20 AM PDT · by SeekAndFind · 1 replies
    Forbes ^ | 05/08/2012 | Nathan Vardi
    When some of America’s biggest hedge fund and private equity firms started to sell ownership through initial public offerings a few years ago, many investors rushed to buy the stocks. The hedge fund and private equity industries had produced Wall Street’s biggest fortunes, billionaires like Stephen Schwarzman, David Rubenstein and Daniel Och. There are now some 50 hedge fund and private equity billionaires—it seemed to make sense for investors to want a piece of the companies that made them rich. But investing in hedge fund and private equity stocks has largely been a disaster for years. Blackstone’s 2007 IPO priced...
  • Hedge fund managers lament the end of the golden era

    12/09/2011 3:32:02 AM PST · by TigerLikesRooster · 3 replies
    Reuters ^ | 12/08/11
    Hedge fund managers lament the end of the golden era By Svea Herbst-Bayliss NEW YORK | Thu Dec 8, 2011 6:48am EST (Reuters) - For years, running a hedge fund was the road to riches, but with the giddy years of double-digit returns at an end, prospects for profits look decidedly more gloomy, top managers and investors say. When famed short-seller James Chanos launched his Kynikos Associates more than two dozen years ago, he had just $16 million to begin trading. But the manager of a fund that now has $6 billion in assets said those days are long gone....
  • Inside the Rajat Gupta Insider Trading Scandal (Clinton connection, of course)

    10/26/2011 10:13:18 AM PDT · by doug from upland · 1 replies
    Inside the Rajat Gupta Insider Trading Scandal By Sadia Khawaja on March 4th, 2011 0 Comments Tagged: Galleon Group, Goldman Sachs, Hedge Funds, Insider Trading, McKinsey, Proctor & Gamble, Raj Rajaratnam, Rajat Gupta What happens when being at the epicenter of money, power, and respect is not enough? Unethical conduct and corruption, apparently. If money, power, and respect is having it all — then Rajat Gupta had just that. Money: An approximate net-worth of about $100 million, while managing billion-dollar investments and access to high-profile account intel. Power: One of the most well connected people in corporate America that you’ve...
  • Stripper-turned-hedge funder sues ex-bosses for sexual harassment

    10/06/2011 11:43:41 AM PDT · by Niuhuru · 21 replies
    Daily Mail ^ | 5:36 PM on 6th October 2011 | By Meghan Keneally
    Strippers with sob stories or hookers with hearts of gold are often the way that Hollywood glamorizes the career paths of exotic dancers. One combination that you don't hear about often is the stripper turned Wall Street trader. Niki Marx, 27, is that case.
  • End of the road for hedge funds

    08/08/2011 6:51:16 AM PDT · by Palter · 8 replies
    Asia Times Online ^ | 08 Aug 2011 | Spengler
    There's something deeply anomalous about a stock market crash at the peak of United States corporate profitability. Nothing like this ever has happened before. Nonetheless, judging from overnight moves in Asian markets, last week's plunge in world stock markets will be repeated in Europe and America on Monday morning - although recent intraday moves have been so extreme that one is loath to guess. Standard and Poor's downgrade of American sovereign debt from the highest, triple-A rating may be the silliest pretext for a stock market crash in world history. America is the only big industrial country in the world...
  • The Head Of The World's Biggest Hedge Fund Sees "Economic Collapse" By Early 2013

    07/19/2011 7:57:40 AM PDT · by SeekAndFind · 29 replies
    Zero Hedge ^ | 07/19/2011 | Tyler Durden
    As part of its most recent issue the New Yorker has released a must read interview with Ray Dalio - head of the world's biggest hedge fund, Bridgewater. Dalio's fund, which according to some may now be as large as $80 billion, continues to outperform even in this problematic environment, indicating that unlike various other managers who shall remain nameless, and whose wealth is built up almost exclusively on one trade (and that belonging to someone else in the first place), Dalio, despite rumors that he is preparing to leave his current position and is actively seeking a replacement, is...
  • Chelsea Clinton's Husband Launching His Own Hedge Fund With "Two Guys From Goldman

    05/10/2011 9:54:53 AM PDT · by SeekAndFind · 28 replies
    Business Insider ^ | 05/10/2011 | Katya Wachtel
    Chelsea Clinton's hedge funder husband, Marc Mezvinsky, is reportedly close to launching his own firm after he quit 3G Capital last year and shacked up in Jackson Hole, the Daily News reports. Mezvinsky has "decided to spearhead his own private [hedge] fund with two other guys," one of his buddies said. It will apparently launch in the next few months. He'll be setting up shop with "two guys from Goldman Sachs." Mezvinsky worked at the bank for six years before he scored his gig at 3G. As for all those pesky rumors that he was "cracking up" and things with...
  • Trump: I'm better for prez because my net worth's bigger than Romney's

    04/18/2011 5:19:14 AM PDT · by Scanian · 53 replies
    NY Post ^ | April 18, 2011 | GEOFF EARLE
    WASHINGTON -- Vote for me 'cause mine's bigger. Donald Trump yesterday fired the opening salvo in a macho battle of bank accounts with rival presidential contender Mitt Romney, dismissing the former Massachusetts governor as a "small business" person and saying his own assets are "much, much" larger than his opponent's. Trump, whose approval ratings have rocketed upward since he started hammering President Obama, yesterday turned his fire on Romney, considered by many the front-runner in a divided Republican field. "I'm a much bigger businessman and have a much, much bigger net worth. I mean my net worth is many, many,...
  • Chuck Schumer fund-raiser John Paulson is key figure in Goldman Sachs fraud case, records reveal

    04/25/2010 8:30:02 PM PDT · by neverdem · 36 replies · 1,025+ views
    NY Daily News ^ | April 24th 2010 | Michael Mcauliff
    WASHINGTON - One of New York Sen. Chuck Schumer's top recent fund-raisers is a key figure in the Goldman Sachs fraud case, a review of federal campaign records reveals. John Paulson, leader of the $33 billion hedge-fund firm Paulson & Co., helped Democrat Schumer collect nearly $100,000 in the first three months of this year. Schumer is running for a third term in November. The Securities and Exchange Commission says Paulson's company helped assemble a bunch of bad mortgage securities for Goldman Sachs and bet they would tank, while Goldman found buyers who got soaked for $1 billion. The SEC...
  • Two Hedge Fund Managers Charged in Insider-Trading Case, Two Others Make Plea Deal: Feds

    02/08/2011 10:48:52 AM PST · by lbryce · 3 replies
    New York Post ^ | February 8, 2011 | Bruce Golding
    The feds unsealed a scathing indictment this morning against two hedge fund managers as part of a larger sweep looking into insider trading, as two other men in the case pleaded guilty to the charges, authorities said. The charges against two of the portfolio managers, Samir Barai, 39, and Donald Longueuil, 34, include conspiracy to commit securities and wire fraud and obstruction of justice, the US Attorney's office in Manhattan said. Barai founded Barai Capital Management in 2008 after leaving Citigroup's hedge-fund unit. Manhattan US Attorney Preet Bharara called the charges "a sad chronicle not only of criminal conduct, but...
  • Hedge Fund figure financed mosque campaign

    01/18/2011 6:50:24 PM PST · by Nachum · 4 replies
    politico ^ | 1/18/11 | ben smith
    POLITICO's Maggie Haberman emails that she's solved a lingering mystery from the now-nearly-forgotten summer storm around a planned Islamic center in Lower Manhattan. Robert Mercer, the co-CEO of the giant hedge fund manager Renaissance Technologies, appears to have financed the ad campaign entirely himself, through a $1 million contribution on July 26 to the New York State Conservative Party, according to a filing today by the party's housekeeping account. Conservative Party Chairman Mike Long confirmed to Haberman that Mercer was the source of the ad money. Mercer had maxed out to the account of Rick Lazio, but the Conservative Party's...
  • Are Expert Networks About To Be Exposed As Ringleaders In Biggest Insider Trading Bust In History?

    11/20/2010 11:38:53 PM PST · by Rockitz · 3 replies
    ZeroHedge.com ^ | 11/20/2010 | Tyler Durden
    Over a year ago, Zero Hedge published an expose in three parts (two of them in the form of direct letters to Andrew Cuomo) discussing the possibility that so-called "expert networks" are nothing less than legalized insider trading rings for the uber-wealthy, operating largely unsupervised, and leaking selective information to preferred clients. For those who may be new to this topic, we suggest catching up on Part 1, Part 2 and Part 3. Subsequently, we also suggested that expert networks would be implicated in the bust of Galleon Partners, the Goldman "Huddle", the collapse of FrontPoint Partners and, most recently,...
  • The Balkan Chameleon

    04/07/2009 6:17:42 AM PDT · by Ravnagora · 13 replies · 1,298+ views
    Electric Politics ^ | March 30, 2009 | George Kenney
    I first laid eyes on Richard Holbrooke (he won't remember) on Monday evening, September 21, 1992. Some ridiculously wealthy Manhattan socialite had thrown a party for Bosnian President Alija Izetbegovic, then the new cause du jour, and some boutique human rights group — a bogus one, I realized in retrospect, now defunct, though its chieftain has since moved to greener pastures and is still active — had decided that I might be useful and had flown me up for the soirée. As it was, nobody was interested in me, I had a drink or two, ate some peanuts, and went...
  • Tony Demasi and the Media III

    12/08/2010 8:11:54 AM PST · by pinstripes715
    Chicago Elections 2011 ^ | 12/08/2010 | Michael Boskin
    In no part of Demasi’s story has the media coverage been more incompetent than in covering his actual crimes. All the public knows are the charges against him and his guilty plea. There’s absolutely no exploration about the set of events that lead to the crimes. For instance, the amount of his fraud according to the Feds was $4.7 million, a number Demasi disputes, but yet Reserve was already a very successful club when the crimes were alleged to occur. So, did he set out to commit fraud? Why would someone that owns a wildly successful club, one that could...
  • Why DE Shaw Had Layoffs: It Tried To CREATE A New Mexico Town And Now Owes $150 Million

    10/13/2010 7:53:22 AM PDT · by WebFocus · 12 replies
    Business Insider ^ | 10/13/2010 | Courtney Comstock
    New details on DE Shaw's failed real estate venture in New Mexico shed some light on why the fund had to lay off so many employees two weeks ago (at least 150). Last week, we found out that DE Shaw's layoffs hit the hedge fund's real estate division harder than any other. Now, the Wall Street Journal has details on the deal that probably caused those layoffs - a failed New Mexico community that DE Shaw planned in 2006 with SunCal Cos, a developer. According to the Wall Street Journal, DE Shaw and SunCal bought a 55,000-acre property—twice the size...
  • Mass Layoffs Coming In Ken Griffin's Citadel Securities, Says Tipster (Another Giant Hedge Fund)

    10/06/2010 8:59:55 AM PDT · by SeekAndFind · 3 replies
    Business Insider ^ | 10/06/2010 | Courtney Comstock
    Citadel Securities was Ken Griffin's big dream -- he wanted to make the next Goldman Sachs. Now an anonymous tipster tells us that the business is slowly being dismantled and there will be a series of mass layoffs in the fixed income department in next few days. The tipster didn't give too many details, and we're still waiting to hear back from Citadel's media rep, so for now let's just talk about why this might be happening. At its launch in 2008, Citadel Securities received glowing reviews from the business press heralding Citadel Securities the next big thing in investment...
  • Connecticut out to poach NY's hedge-fund companies (as NY State tries to tax the rich even more)

    07/22/2010 2:15:42 PM PDT · by SeekAndFind · 19 replies
    New York Post ^ | 07/22/2010 | KAJA WHITEHOUSE and ANDY SOLTIS
    Hey, Connecticut, back off! Nutmeg State officials are dramatically stepping up their efforts to poach New York businesses -- wooing hedge-fund honchos to relocate by promising an "intimate" meeting with Connecticut Gov. Jodi Rell at a swanky steakhouse in Darien, according to a letter obtained by The Post. Rell wrote to Timothy Selby, president of the New York Hedge Fund Roundtable, last Friday warning him that a proposed $50 million tax on certain hedge-fund managers is still alive in Albany -- and that's a great reason to move their businesses and jobs to her side of the border. I am...
  • Billionaire Pedophile Goes Free

    07/21/2010 6:25:35 PM PDT · by standub · 16 replies
    BusinessInsider ^ | 7/21/10 | Katya Wachtel
    Hedge fund mogul, former Bear Stearns trader, and most recently, convicted sex offender, Jeffrey Epstein goes free today after serving just 5 years under house arrest for sexually abusing underage girls. The 40-some girls were from South America, Europe, and the former Soviet republics, and include: * Three 12-year-old girls brought over from France as a birthday gift. * Numerous girls filed lawsuits accusing him of recruiting them to perform “massages” at his mansion in Palm Beach. (He settled.) The girls also alleged trips on Epstein's private jets, which prosecutors say is tantamount to sex trafficking -- a far more...
  • Calpers and risk: Together forever? (CA Taxpayers on hook for State Employee Pension Fund Loses)

    07/01/2010 9:42:28 AM PDT · by mojito · 9 replies
    Fortune ^ | 6/30/2010 | Kit R. Roane
    Before clocking a $100 billion loss in early 2009, the California Public Employees' Retirement System, known as Calpers, had the swagger of a hedge fund and the certainty of a saint. Other pension funds followed its lead, loading up on leverage, investing in unrated CDOs, shoving money into high-priced private equity deals and barreling into commodities and real estate. The question now is whether a loss of nearly 40% of its market value -- the worst loss in the system's 77-year history -- has brought Calpers sufficiently back down to earth to avoid another such debacle, and whether other chastened...
  • Goldman sued by hedge fund over notorious CDO deal

    06/09/2010 1:16:34 PM PDT · by NormsRevenge · 5 replies · 30+ views
    Reuters on Yahoo ^ | 6/9/10 | Steve Eder and Matthew Goldstein
    NEW YORK (Reuters) – An Australian hedge fund is suing Goldman Sachs Group Inc (GS.N) over an investment in a subprime mortgage-linked security that hastened the fund's demise in 2007. The lawsuit, being filed on Wednesday, accuses Goldman of misrepresenting the value of the notorious Timberwolf collateralized debt obligation, which garnered a lot of attention during a recent congressional hearing. Basis Yield Alpha Fund is suing Goldman to recoup the $56 million it lost on the CDO, according to a lawyer for the fund, Eric Lewis. The suit also seeks $1 billion in punitive damages. The litigation is the latest...
  • Soros: Don't Blame Me

    05/07/2010 9:55:47 AM PDT · by jazminerose · 30 replies · 1,007+ views
    www.joytiz.com ^ | 5/7/10 | Joy Tiz
    Betting on the fall of the Euro creates an opportunity to make enormous amounts of money. The Daily Mail is straightforward: A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro. Representatives of George Soros’s investment business were among an all-star lineup of Wall Street investors at an ‘ideas dinner’ at a private townhouse in Manhattan, according to reports. A spokesman for Soros Fund Management said the legendary investor did not attend the dinner on February 8, but did not deny that his firm was...
  • Buffett Defends Goldman; Berkshire Posts Profit

    05/01/2010 2:08:55 PM PDT · by george76 · 5 replies · 401+ views
    wsj ^ | MAY 1, 2010 | SCOTT PATTERSON And ERIK HOLM
    Warren Buffett offered a vigorous defense of Goldman Sachs Group Inc. Saturday, saying the embattled firm hadn't engaged in improper activity and shouldn't be blamed for the losses of its clients. Goldman has been reeling from Securities and Exchange Commission allegations that the bank had engaged in fraudulent activities in relation to a mortgage deal called Abacus 2007-AC1. Goldman says it did nothing wrong. The billionaire investor said he fully supported Goldman CEO Lloyd Blankfein. Asked if he could choose a successor for Mr. Blankfein, Mr. Buffett said: "If Lloyd had a twin brother I'd go for him." Buffett also...
  • Hedge fund manager in Goldman Sachs case is major Dem donor

    04/16/2010 7:43:50 PM PDT · by NormsRevenge · 59 replies · 2,661+ views
    The Hill ^ | 4/16/10 | Alexander Bolton
    The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties. Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor. He also gave $2,300 to Senate Majority Leader Harry Reid’s (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at...
  • You Could Now Be Arrested, In America, Just For Mentioning Europe's Problems Over Dinner

    03/03/2010 2:02:44 AM PST · by TigerLikesRooster · 10 replies · 1,187+ views
    Business Insider ^ | 03/03/10 | Vincent Fernando
    You Could Now Be Arrested, In America, Just For Mentioning Europe's Problems Over Dinner Vincent Fernando | Mar. 3, 2010, 12:01 AM You know a company/country/continent is in trouble when authorities start cracking down on short bets against it. That's why it's so disturbing how much heat European currency and sovereign debt speculators are getting these days. Even the U.S. has climbed aboard the bandwagon now. Reports of a U.S. Justice Department investigation into Soros Fund Management, SAC, and Greenlight Capital short positions against the euro broke last week. Yet now the speculator clamp down is evolving into something completely...
  • Obama's Boss: Ready to Torpedo the Euro

    02/26/2010 10:03:07 AM PST · by jazminerose · 10 replies · 717+ views
    www.joytiz.com ^ | 2/26/10 | Joy Tiz
    It’s astonishing that so many commentators seem genuinely confused about the real power behind the Democrats. They talk about Obama’s plans as if he were some kind of normal president who just happens to be very bad at it. In reality, Obama has little sway over his own operation. All the ruminating about whether Obama will now move toward the center or modify his policies to reflect the will of the people is sophomoric. It is inexplicable to suggest that Obama has the freedom to run afoul of his boss’s orders. Ed Lasky at American Thinker explains how Obama’s boss,...
  • Euro in Big Hedge Funds’ Crosshairs(betting on its collapse?)

    02/26/2010 7:41:40 AM PST · by TigerLikesRooster · 6 replies · 366+ views
    Euro in Big Hedge Funds’ Crosshairs The Wall Street Journal is not the first to comment on the magnitude of the wagers against the euro (the Financial Times took note nearly two weeks ago: “Speculators raise record bets against euro“). But the Journal offers a spectacle sure to inflame sentiment in Europe: that of major hedge funds feasting first on lemon-roasted chicken and filet mignon and later the euro: During the dinner, hosted by a boutique investment bank at a private townhouse in Manhattan, a small group of all-star hedge-fund managers argued that the euro is likely to fall to...
  • How to Invest in Hedge Funds Like the Big Boys (What is the best refuge from a falling dollar?)

    02/13/2010 8:30:53 AM PST · by SeekAndFind · 13 replies · 872+ views
    Esquire ^ | 02/13/2010 | Ken Kurson
    <p>The best way to seek refuge from the coming storm of inflation is gold. But not in the way you might think.</p> <p>I recently received $100 trillion in the mail.</p> <p>It's in Zimbabwean dollars and it's the bill with the largest figure ever printed in the history of money. It was sent as an eye-catching "we're fucked" holiday card from Jonathan Hoenig, an old friend who started out as a financial writer like me before he deduced that he could make a ton more running his own hedge fund.</p>
  • Did Hedgies lose out on their investment — or help dump — Dodd?(Dodd $10 million short)

    01/08/2010 11:27:29 PM PST · by TigerLikesRooster · 37 replies · 1,452+ views
    Connecticut Post ^ | 01/06/10 | Teri Buhl
    Did Hedgies lose out on their investment — or help dump — Dodd? January 6, 2010 at 7:02 pm by Teri Buhl When U.S. Sen. Christopher Dodd (D-Conn.) announced Wednesday he wouldn’t run for a 6th term, folks in the financial world behind the Dump Dodd campaign were rejoicing, but some big name hedgies likely realized they’d just taken a huge loss on their political investment. Greenwich resident Bruce Rose, founder of Carrington Capital, appears to be the biggest loser. This summer Maurna Desmond of Forbes.com broke the news that the chairman of the Senate Banking Committee was acting as...
  • Fishnet temptress Danielle Chiesi snagged by insider trading scandal (preyed on geeks?)

    01/02/2010 10:52:55 PM PST · by TigerLikesRooster · 46 replies · 6,537+ views
    The Times(UK) ^ | 01/03/09 | Tony Allen-Mills
    January 3, 2010 Fishnet temptress Danielle Chiesi snagged by insider trading scandal Tony Allen-Mills in New York Her mother calls her “my angel”, and “the most honest human being in the whole world”. Yet federal investigators take a different view of Danielle Chiesi, a former beauty queen turned hedge-fund consultant, who has emerged at the centre of the biggest insider trading scandal to shake Wall Street for decades. The publication of federal indictments against the flamboyant chief of a $7 billion (£4.3 billion) hedge fund has provided a glimpse into a secretive world of male-dominated corporate networking that allegedly proved...
  • The Greatest Trade Ever (Hedge fund manager John Paulson's $ 15B bet against real estate)

    11/11/2009 8:20:20 AM PST · by SeekAndFind · 7 replies · 710+ views
    Newsweek ^ | 11/11/2009 | Daniel Gross
    In a span of just three years, hedge-fund manager John Paulson went from practically unknown to practically unparalleled. After a series of smart bets against the housing market made Paulson's hedge fund billions of dollars—including days where it made more than $1 billion—he earned a place alongside George Soros and Warren Buffett as an oracle of investing. In his new book, The Greatest Trade Ever, Gregory Zuckerman, a reporter at The Wall Street Journal, examines how the unlikely team of Paulson and assistant Paolo Pellegrini—as well as a few other investors—bucked conventional wisdom and saw through the housing hype. Who...
  • Former Bear Stearns Execs Not Guilty

    11/10/2009 1:45:24 PM PST · by khnyny · 15 replies · 3,345+ views
    CNN.Money.com ^ | November 10, 2009 | David Goldman
    NEW YORK (CNNMoney.com) -- Two former Bear Stearns hedge fund managers were found not guilty on all charges on Tuesday in the first major criminal trial stemming from the housing and financial meltdown. A jury in U.S. District Court in Brooklyn, N.Y., acquitted Ralph Cioffi and Matthew Tannin. Both had worked as hedge fund managers at Bear Stearns, which went bankrupt in March 2008. Federal prosecutors had accused Cioffi and Tannin of falsely inflating the value of their portfolios, even as they knew that the mortgage-backed assets in the funds were at risk of collapse.
  • 2 ex-Bear Stearns hedge-fund managers acquitted

    11/10/2009 1:28:08 PM PST · by NormsRevenge · 5 replies · 358+ views
    AP on Yahoo ^ | 11/10/09 | Tom Hays - ap
    NEW YORK – Two Bear Stearns executives who ran hedge funds that crashed in 2007 amid the subprime mortgage meltdown were acquitted Tuesday of lying to investors about the looming crisis on Wall Street. Jurors found Ralph Cioffi and Matthew Tannin not guilty of conspiracy and other charges in an alleged fraud that cost 300 investors about $1.6 billion and nearly caused the demise of Bear Stearns itself. The firm barely avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co. The jury began deliberating on Monday. Both men had been charged with three counts of securities fraud and...
  • Billionaire Hedge Fund Founder Arrested for Insider Trading

    10/16/2009 3:38:24 PM PDT · by nickcarraway · 20 replies · 1,352+ views
    NBC New York ^ | Fri, Oct 16, 2009 | JONATHAN DIENST and ALICE MCQUILLAN
    Raj Rajaratnam was ranked by Forbes magazine last year among the 400 richest AmericansThe billionaire founder of the Galleon Group hedge fund and five others were arrested in a $20 million insider trading scandal, federal authorities said Friday. Raj Rajaratnam, 52, ranked by Forbes magazine last year among the 400 richest Americans, was charged with conspiracy and securities fraud along with current and former executives from Bear Stearns, IBM, Intel Capital and McKinsey & Co., according to federal prosecutors. Rajaratnam, was ranked No. 559 by Forbes magazine this year among the world's wealthiest billionaires, with a $1.3 billion net worth....
  • Billionaire among 6 nabbed in inside trading case

    10/16/2009 1:48:38 PM PDT · by BAW · 34 replies · 1,898+ views
    New York Times ^ | 10-16-2009
    One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that prosecutors say generated more than $25 million in illegal profits and should be a wake-up call for Wall Street. Raj Rajaratnam, a partner in Galleon Management and a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to trade based on insider information about several publicly traded companies, including Google Inc. U.S. Attorney Preet Bharara told a news conference it was the...
  • How hedge fund wives are learning to cope (a really different world)

    07/05/2009 3:01:15 AM PDT · by TigerLikesRooster · 25 replies · 1,473+ views
    The Times (UK) ^ | 06/17/09 | Tatiana Boncompagni
    How hedge fund wives are learning to cope New York’s super-rich are feeling the pinch — but don’t feel too sorry for them. The party had to end Tatiana Boncompagni On a recent sunny afternoon in New York City I was talking with a girlfriend who happens to be a hedge fund wife. She was complaining about her husband, once a highly compensated trader whose fund had closed down and who now, in her opinion, wasn’t doing enough to find a job. The couple had been bickering non-stop about their cashflow problems. From behind a pair of oversized black lenses,...
  • Connecticut Seeks Hedge Fund Regulation

    06/08/2009 10:54:54 AM PDT · by nateriver · 2 replies · 307+ views
    What's interesting is that Connecticut, a state that has for the past three years failed to have passed legislation providing greater transparency in government finances is now calling for more transparency in the private sector.
  • FBI arrests Stamford hedge fund manager(Biden connection)

    05/04/2009 5:29:07 AM PDT · by TigerLikesRooster · 7 replies · 753+ views
    FBI arrests Stamford hedge fund manager Staff reports Updated: 05/02/2009 11:44:08 AM EDT STAMFORD -- A hedge fund manager and former UBS trader -- already the subject of a federal investigation involving an alleged $30 million fraud -- was arrested by FBI agents Friday at his Stamford home on mail fraud charges. Francesco Rusciano, 27, of Strawberry Hill Avenue, is accused of raising money for two hedge funds and defrauding victims by materially overstating and misrepresenting his background and experience as well as overstating his success and historic performance, according to a statement from Nora Dannehy, acting U.S. attorney for...
  • $80 Million? Try a Tenth of That. Art’s New Numbers.

    05/03/2009 7:50:51 AM PDT · by TigerLikesRooster · 12 replies · 801+ views
    NYT ^ | 05/03/09 | CAROL VOGEL
    $80 Million? Try a Tenth of That. Art’s New Numbers. By CAROL VOGEL TWO Madoff victims and a hedge fund manager are among the sellers at this spring’s important auctions of Impressionist, modern and contemporary art. You could say a faint whiff of desperation is in the air: the catalogs are a shadow of what they were six months ago, as are the values and — for the most part — quality of the paintings, drawings and sculptures on offer. When the season kicks off at Sotheby’s on Tuesday night, the two most expensive works of the evening — and...
  • Are the Bidens Mixed Up in Hedge Fund Scandal?

    05/02/2009 4:14:47 PM PDT · by SouthernmostFreeper · 24 replies · 1,514+ views
    Contrarian Profits ^ | By Contrarian Profits
    Vice President Joe Biden may also have some difficult questions to answer, according to John Hempton who blogs at Bronte Capital. Tyler Durden at Zero Hedge says: John Hempton, who writes the insightful blog Bronte Capital, has done some amazing dot connecting in what, if true, and not swept promptly under the carpet by the powers that be, could expose a hedge fund scandal that could rival the Madoff fiasco, for the simple reason that it implicates none other than Barack Obama’s right hand man: Joe Biden.... This is an intricate story. And it is my no means conclusive. But...
  • Is Joe Biden Associated With A Fund Of Funds Feeder Scam?

    05/02/2009 3:57:16 PM PDT · by SouthernmostFreeper · 3 replies · 432+ views
    zerohedge.blogspot.com ^ | Wednesday, April 29, 2009 | Posted by Tyler Durden at 9:52 PM
    Zero Hedge is always happy to discover something rotten in the state of capital markets. We are even happier when others dig independently and come up with their own startling conclusions. Tonight - we are very happy. John Hempton, who writes the insightful blog Bronte Capital, has done some amazing dot connecting in what, if true, and not swept promptly under the carpet by the powers that be, could expose a hedge fund scandal that could rival the Madoff fiasco, for the simple reason that it implicates none other than Barack Obama's right hand man: Joe Biden.
  • (Hedge) Fund manager hit with civil charge in Madoff fraud (funneled $2.4B to Madoff)

    04/06/2009 11:49:13 AM PDT · by NormsRevenge · 4 replies · 365+ views
    AP on Yahoo ^ | 4/6/09 | David B. Caruso - ap
    NEW YORK – New York's attorney general filed civil fraud charges Monday against a hedge fund manager who funneled $2.4 billion to Wall Street swindler Bernard Madoff without telling clients where their money was going. The complaint accuses J. Ezra Merkin, ... of concealing his links to Madoff and lying to investors about what he was doing with their money, .. Over the years, Merkin collected $470 million in fees and performance bonuses from his clients, .. "Merkin duped individual investors, non-profits, and charities .. in actuality he was dumping them into history's largest Ponzi scheme," Attorney General Andrew Cuomo...
  • Obama Advisor Paid Millions by Hedge Fund (hypocrisy alert)

    04/05/2009 9:39:24 PM PDT · by PGR88 · 2 replies · 261+ views
    AP / South China Morning Post ^ | April 5, 2009 | AP
    Lawrence Summers, President Barack Obama's top economic adviser, earned millions over the past year as managing director of the hedge fund DE Shaw Group and through speaking fees, some from financial institutions now at the centre of the government's rescue programme. Financial disclosure reports released by the White House show that Mr Summers received US$5.2 million from DE Shaw. He also reported payments for appearances before firms such as JP Morgan, Citigroup, Goldman Sachs and Lehman Brothers Holdings. Overall, he was paid US$2.7 million for more than 40 appearances before organisations and firms, including financial institutions. "Given that Dr Summers...
  • Obama adviser Summers earned millions from hedge fund

    04/04/2009 12:25:27 PM PDT · by freespirited · 9 replies · 705+ views
    Reuters UK ^ | 04/04/09 | Roberta Rampton
    Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, disclosure forms released by the White House showed on Friday. Summers was also paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms. The disclosure documents on Summers and other White House officials advising Obama on the global financial crisis covered 2008 and the first few months of this year. Summers became an official adviser on January 20 when Obama took office. Summers, who was...
  • Hedge fund paid Obama adviser Summers $5.2 million

    04/03/2009 8:28:47 PM PDT · by NormsRevenge · 5 replies · 612+ views
    Reuters on Yahoo ^ | 4/3/09 | Reuters
    WASHINGTON (Reuters) – Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million in compensation by hedge fund D.E. Shaw during the past year, according to financial disclosure forms released on Friday by the White House. ... Summers was also paid hundreds of thousands of dollars in speaking fees from major Wall Street firms and financial institutions, including JP Morgan, Citigroup, Goldman Sachs and Lehman Brothers, the forms showed.
  • Wall Street's love-hate for Treasury plan (Plan creates Taxpayer-backed Hedge Funds)

    03/25/2009 9:16:02 AM PDT · by mojito · 3 replies · 336+ views
    Fortune ^ | 3/25/2009 | Jon Birger
    The Obama Administration's latest bailout plan is as rich with irony as it is with potential. The plan tries to fix the banking crisis by encouraging the very behavior that got us into this mess in the first place -- using buckets full of leverage to buy mortgages, asset-backed securities and other so-called toxic assets. Moreover, it requires the participation of the very folks -- Wall Street bankers and investors -- whom officials in Washington have spent the last two months threatening and vilifying. At its core, the Public-Private Investment Program (PPIP) harkens back to what the original bank bailout...