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Keyword: hedgefunds

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  • Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece

    07/05/2015 7:30:40 AM PDT · by Lorianne · 21 replies
    New York Times ^ | 28 June 2015 | Landon Thomas Jr.
    For investors around the world looking at Greece, there was but one question Sunday: What is going to happen when the markets open? On Sunday night, the prime minister, Alexis Tsipras, said in a televised address that Greece’s banks and stock market would be closed on Monday, as Athens tries to avert a financial collapse. But the question of what happens when the markets do open is particularly acute for the hedge fund investors — including luminaries like David Einhorn and John Paulson — who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds,...
  • How hedge-fund geniuses got beaten by monkeys — again

    06/26/2015 5:39:58 AM PDT · by SeekAndFind · 3 replies
    MarketWatch ^ | 06/25/2015 | Brett Arends
    The average hedge fund has produced a worse investment performance in the first half of this year than a portfolio consisting of a savings account at your local bank and a random collection of stocks picked by a blindfolded monkey. Stop me if you’ve heard this one before. According to the benchmark HFRX Global Hedge Fund Index, tracked by Hedge Fund Research Inc., the average hedge fund has earned its investors just 2.4% so far this year net of fees. By contrast, the average stock in the MSCI World index of the developed countries’ equity markets is up 7.7%. Hedge-fund...
  • Judge reopens FOIA case on Hillary Clinton aide Abedin (Huma)

    06/20/2015 8:23:41 AM PDT · by PROCON · 15 replies
    politico ^ | June 19, 2015 | JOSH GERSTEIN
    Reacting to the disclosure that Hillary Clinton exclusively used a private email account during her tenure as secretary of state, a federal judge agreed Friday to reopen a conservative group's Freedom of Information Act lawsuit seeking details about the employment arrangements of top Clinton aide Huma Abedin. However, U.S. District Court Judge Emmet Sullivan declined — for now — to address claims from Judicial Watch that Clinton's use of the private account and server led State Department officials to commit a fraud on the court by certifying they had turned over all responsive records.
  • Steyer Hedge Fund Tied to Russian Oligarch Targeted by U.S. Sanctions

    05/07/2014 9:21:58 AM PDT · by Nachum · 2 replies
    Washington Free Beacon ^ | 5/7/14 | Adam Kredo
    The hedge fund founded and, until recently, run by billionaire environmentalist Tom Steyer was involved in a deal to sell a stake in a Russian oil company to a Russian oligarch who is the target of U.S. sanctions. Farallon Capital Management sold a part of its stake in Russian firm Geotech Oil Services to the Volga Group, a Luxembourg-based investment firm owned by Russian billionaire Gennady Timchenko, in 2010. Four years later, in April 2014, the U.S. Treasury Department announced that it would target Timchenko, Volga, and a number of companies associated with them, in a round of sanctions aimed...
  • U.S. political fundraiser gets 12 years for bank fraud

    07/16/2010 12:43:12 PM PDT · by nuconvert · 7 replies
    Hassan Nemazee, an Iranian-American businessman who raised money for the political campaigns of Barack Obama and Hillary Clinton, was sentenced to 12 years in prison for defrauding Bank of America Corp, Citigroup Inc and HSBC Holdings Plc out of $292 million. U.S. District Judge Sidney Stein imposed the sentence on Thursday following Nemazee's March 18 guilty plea in Manhattan federal court to charges of bank fraud and wire fraud over loan transactions with the three major banks. Nemazee said he needed the money to pay debts arising from his dealings in hedge funds and properties.
  • GM plans $5B stock buyback, averts showdown with hedge funds

    03/09/2015 8:47:14 AM PDT · by Olog-hai · 17 replies
    Associated Press ^ | Mar 9, 2015 11:28 AM EDT | Tom Krisher
    General Motors agreed to buy back $5 billion in stock by the end of next year as part of a plan to return more cash to shareholders. In return, an activist shareholder decided to drop a potentially divisive bid for a seat on the company’s board. The move, announced Monday, is part of a deal with Harry Wilson, a former member of the government task force that restructured GM coming out of its 2009 bankruptcy.Wilson, who represents four hedge funds which own about 2 percent of the company, had previously accused GM of hoarding cash to the detriment of shareholders...
  • Climate Change’s Bottom Line

    02/01/2015 6:08:36 AM PST · by Oldeconomybuyer · 42 replies
    New York Times ^ | January 31, 2015 | By BURT HELM
    It was 8 degrees in Minneapolis on a recent January day, and out on Interstate 394, snow whipped against the windshields of drivers on their morning commutes. But inside the offices of Cargill, the food conglomerate, Greg Page, the company’s executive chairman, felt compelled to talk about global warming. Mr. Page is a member of the Risky Business Project, an unusual collection of business and policy leaders determined to prepare American companies for climate change. It’s a prestigious club, counting a former senator, five former White House cabinet members, two former mayors and two billionaires in the group. The 10...
  • Hedge Fund Manager Who Survived Five Debt Crises Wiped Out Overnight on Swiss Franc (Ouch)

    01/18/2015 1:21:09 PM PST · by Kaslin · 24 replies ^ | January 18, 2015 | Mike Shedlock
    Someone asked me for a list of winners and losers and what the unexpected move by the Swiss National Bank meant in the long term for Switzerland. I will address that later today. First, consider one of the big losers who was wiped out overnight.
  • A Major Jewish University Is In Danger Of Going Broke Because Of How Much It Lost In Hedge Funds

    06/18/2014 9:35:40 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 06/18/2014 | Julia La Roche
    Credit-ratings agency Moody's thinks Yeshiva, a private Jewish university located in New York City, will be broke by next year. Yeshiva lost an estimated $105 million losses with convicted Ponzi schemer Bernie Madoff, who was also a trustee, but that's not why the university is running out of money. According to an extensive two-year investigation by TakePart's Steven Weiss and The Jewish Channel, the administration blew the school's financial future on bad hedge fund investments over the last decade. At one point before the 2008 financial crisis, the university became allocated 65% in hedge funds, which was the third-highest of...
  • Green billionaire prepares to attack 'anti-science' Republicans

    05/22/2014 10:32:38 AM PDT · by PaulCruz2016 · 29 replies
    CNN ^ | 05-22-2014 | Peter Hamby
    An environmental advocacy group backed by hedge fund tycoon Tom Steyer is set to unleash a seven-state, $100 million offensive against Republican "science deniers" this year, a no-holds-barred campaign-style push from the green billionaire that could help decide which party controls the Senate and key statehouses come November. The Steyer-backed outside group, NextGen Climate, has billed itself as a progressive, pro-environment counterbalance to the wealthy oil and gas industry -- as well as the primary foil to the pro-business Koch brothers and their well-funded conservative donor network. The outfit, launched last year by the San Francisco billionaire, has already pledged...
  • IRS audits less than 1 percent of big partnerships

    04/17/2014 6:06:25 PM PDT · by Olog-hai · 2 replies
    Associated Press ^ | Apr 17, 2014 6:24 PM EDT | Stephen Ohlemacher
    The Internal Revenue Service audits fewer than 1 percent of large business partnerships, according to a government report released Tuesday. That means some of Wall Street’s largest hedge funds and private equity firms are largely escaping close scrutiny by the IRS, said Sen. Carl Levin, D-Mich. The Government Accountability Office says the number of large businesses organized as partnerships has more than tripled since 2002, yet hardly any get audited. In 2012, only 0.8 percent were subjected to field exams in which agents do a thorough review of books and records. …
  • Hedge Funds Haven't Owned This Much Of The Stock Market Since Right Before The Crash In 2008

    06/08/2013 1:44:24 PM PDT · by blam · 3 replies
    TBI ^ | 6-8-2013 | Matthew Boesler
    Hedge Funds Haven't Owned This Much Of The Stock Market Since Right Before The Crash In 2008 Matthew Boesler June 8, 2013, 3:27 PM Two interesting stats on hedge fund exposure to the market via BofA Merrill Lynch analysts Stephen Suttmeier, Jue Xiong, and MacNeil Curry: 1.In the first quarter of 2013, net exposure (the difference between long and short positions in stocks) rose to match the previous peak (made in the second quarter of 2007). 2.The percentage of the stock market (specifically, the Russell 2000 float) owned by hedge funds is now the highest since the second quarter of...
  • Political intelligence firms set up investor meetings at White House

    05/27/2013 1:58:49 AM PDT · by Brad from Tennessee · 12 replies
    Washington Post ^ | May 26, 2013 | By TOM HAMBURGER
    Wall Street investors hungry for advance information on upcoming federal health-care decisions repeatedly held private discussions with Obama administration officials, including a top White House adviser helping to implement the Affordable Care Act. The private conversations show that the increasingly urgent race to acquire“political intelligence” goes beyond the communications with congressional staffers that have become the focus of heightened scrutiny in recent weeks. White House records show that Elizabeth Fowler, then a top ­health-policy adviser to President Obama, met with executives from half a dozen investment firms in 2011 and 2012. Among them was Kris Jenner, a stock picker with...
  • Todd Disses Santorum--But Fails To Ding Dunn On Hedge Fund Hypocrisy

    02/14/2012 1:15:07 PM PST · by governsleastgovernsbest · 5 replies
    NewsBusters ^ | Mark Finkelstein
    His show's called The Daily Rundown. And sure enough, Chuck Todd ran down Rick Santorum this morning as just another "flavor of the day" who "probably won't be the nominee." Apparently, trouncing Mitt Romney in three contests last week, and leading by a reportedly huge margin in Romney's native state of Michigan, isn't enough to impress Chuck. But Todd totally swerved around Anita Dunn, failing to question his guest about the story of her big-money hypocrisy making today's news. As Obama's White House communications director, Dunn regularly went after hedge funds. But now as a PR consultant, as the Washington...
  • Greens get billionaire ally, money (Tom Steyer)

    04/03/2013 8:18:27 AM PDT · by Darren McCarty · 18 replies
    The Hill ^ | 4-3-2013 | Alexandra Jaffe
    A California billionaire is pledging to spend as much of his fortune as necessary to make climate change “the defining issue of our generation.” Tom Steyer, who made his riches as a hedge fund manager, told The Hill on Tuesday that he wants to make climate change a campaign issue for years to come and Democratic support for environmental protections as widespread as support for gay marriage and immigration reform. “The goal here is not to win. The goal here is to destroy these people. We want a smashing victory,” Steyer said of candidates he judges to be on the...
  • New York Hedge Funds Are Annoyed That Cyprus Isn't Blowing Up Markets And Making Gold Surge

    03/20/2013 9:05:55 PM PDT · by blam · 23 replies
    TBI ^ | 3-20-2013 | Joe Weisenthal
    New York Hedge Funds Are Annoyed That Cyprus Isn't Blowing Up Markets And Making Gold Surge Joe WeisenthalMar. 20, 2013, 8:19 PMSo the Cyprus drama makes for a fascinating story. But as of yet, the crisis hasn't leaked into broader markets. Even Bernanke noted that today, during his press conference. And it seems that some are annoyed by the market resilience. SocGen's currency wizard Kit Juckes tweeted this evening: Kit Juckes Via email, we asked him to expand on what he meant. Basically, in his latest swing through New York City meeting with hedge fund clients, he talked with a...
  • DAVID TEPPER: 'This Country Is On The Verge Of An Explosion Of Greatness'

    01/22/2013 10:47:32 AM PST · by blam · 54 replies
    TBI ^ | 1-22-2013 | Julia La Roche
    DAVID TEPPER: 'This Country Is On The Verge Of An Explosion Of Greatness' Julia La RocheJan. 22, 2013, 11:13 AMDavid Tepper, who runs $12 billion distressed debt hedge fund Appaloosa Management, was on Bloomberg TV "Market Makers" with Stephanie Ruhle moments ago. It was a tremendous interview and it showed a very relaxed and funny side of Tepper. Tepper, who has one of the best long-term track records, told Bloomberg TV that his fund was up 30% in 2012. He's said he's "going to come out of the closet" as being bullish in 2013. The reason, he explained, is there...
  • Goldman Sachs And The Big Hedge Funds Are Pushing Leverage To Ridiculous Extremes

    01/20/2013 5:43:44 AM PST · by SeekAndFind · 15 replies
    TEC ^ | 01/14/2013 | Michael Snyder
    Goldman Sachs And The Big Hedge Funds Are Pushing Leverage To Ridiculous Extremes By Michael, on January 14th, 2013 As stocks have risen in recent years, the big hedge funds and the "too big to fail" banks have used borrowed money to make absolutely enormous profits. But when you use debt to potentially multiply your profits, you also create the possibility that your losses will be multiplied if the markets turn against you. When the next stock market crash happens, and the gigantic pyramid of risk, debt and leverage on Wall Street comes tumbling down, will highly leveraged banks...
  • Hedge Fund Presents Massive, Bearish Outlook On The State Of US Markets

    01/03/2013 3:00:05 PM PST · by blam · 2 replies
    TBI ^ | 1-3-2013 | Lucas Kawa
    Hedge Fund Presents Massive, Bearish Outlook On The State Of US Markets Lucas KawaJan. 3, 2013, 2:51 PMMorgan Creek Capital Management, an investment management firm with offices around the world, released its 2013 market outlook, entitled "Peering Over the Precipice." The presentation was delivered at the North Carolina Bankers Association yesterday. The slideshow presentation focuses on the three big risks facing the market: the Euro crisis, possibility of a downturn in China, and fallout from the Fiscal Cliff. Of these three, the firm is most bearish on the U.S. economy -- to the point of predicting a recession starting in...
  • Smart Money? Hedge Funds Now Worse Than Mutual Funds

    11/24/2012 5:44:22 AM PST · by SeekAndFind
    CNBC ^ | 11/23/2012 | John Melloy
    Hedge fund managers don’t have much to be thankful for these holidays, as failure to beat low-fee index funds will likely infuriate investors shelling out hefty fees for their services. Just 13 percent of the so-called smartest money on the Street are outperforming the S&P 500, and a fifth of all hedge funds are actually in the red during 2012, according to Goldman Sachs data. To make matters worse, hedge fund managers have crowded into the same trades, with turnover at a record low, according to Goldman. Translation: Hedge fund investors are paying 2 percent fees up front and 20...
  • Obama raised most from private equity, hedge funds in 2008

    05/22/2012 7:59:16 AM PDT · by Sub-Driver · 3 replies
    Obama raised most from private equity, hedge funds in 2008 By Jonathan Easley - 05/22/12 09:52 AM ET President Obama raised far more cash from hedge fund and private equity donors than any other candidate in the 2008 election cycle. According to an analysis by the nonprofit group Open Secrets, Obama took in nearly $3.5 million from large private-equity donors that year — nearly twice what his general-election rival, Sen. John McCain (R-Ariz.), pocketed. The data bring into focus the thin line Obama must walk in attacking presumptive GOP presidential nominee Mitt Romney’s background in the industry, which has sparked...
  • Norway Sovereign Wealth Fund Purges All Insolvent Eurozone Debt Holdings, US Hedge Funds Buying

    05/04/2012 1:48:31 PM PDT · by SeekAndFind
    Zero Hedge ^ | 05/04/2012 | Tyler Durden
    Over the years, our friends at the Norway Sovereign Wealth Fund have gone from jeered to cheered. To wit from March 30: "Remember this from September 2010? "Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts. “The point is, do you expect these guys to default?” said Harvinder Sian, senior fixed-income strategist at Royal Bank of Scotland Group Plc, in an interview. “Norway has taken the view that they will not. The Greek holdings are particularly interesting because the consensus in the market is that they will at some point restructure...
  • UBS hit by further $4bn write-down ($18bn for 2007)

    01/29/2008 11:41:08 PM PST · by TigerLikesRooster · 5 replies · 103+ views
    FT ^ | 01/30/08 | Haig Simonian
    UBS hit by further $4bn write-down By Haig Simonian in Zurich Published: January 30 2008 07:21 | Last updated: January 30 2008 07:21 UBS, one of the biggest casualties of the US subprime crisis, on Wednesday revealed a further $4bn in write downs on its portfolio of troubled mortgage-related securities. The surprise announcement, coming ahead of the Swiss bank’s annual results on February 14, means UBS will report a net group loss of about SFr4.4bn ($4bn) for 2007. UBS said the full-year loss, which it had signalled when disclosing initial fourth-quarter subprime writedowns of $10bn last month, stemmed from additional...
  • Not Again - Following Abysmal 2011, Only 10% Of Hedge Funds Are Outperforming The S&P In 2012

    02/23/2012 1:59:58 PM PST · by SeekAndFind
    Zero Hedge ^ | 02/23/2012 | Tyler Durden
    Too bad not every hedge fund can be long Apple (even if as Goldman points out, they sure are trying - "One out of five hedge funds has AAPL among its ten largest long positions" - a truly stunning observation and one which means that if Apple, which is priced to absolute perfection, has even one hiccup, we would see an absolutely epic bloodbath in the market). Because if 2011 was a horrible year for hedge funds which closed the year well below, or -10%, their respective benchmark - the S&P (unch for the year), the last thing hedge...
  • Understanding Carried Interest Is there a tax loophole that benefits fund managers?

    01/31/2012 7:08:39 AM PST · by C19fan · 2 replies
    National Review Online ^ | January 31, 2012 | Alan D. Viard
    Mitt Romney’s release of his tax returns has pushed the arcane issue of “carried interest” — the share of an investment fund’s profits given to its managers as payment for their services – back into the headlines. Critics have renewed their calls to tax the carried interest as ordinary income. Unfortunately, the populist rhetoric used by some critics can obscure the facts about how carried interest is actually taxed.
  • Al Gore, Sarah Palin and Dr. Robert Gates to speak at SkyBridge 2012 Hedge Fund SALT Conference

    01/11/2012 6:54:32 PM PST · by 2ndDivisionVet · 27 replies
    HedgeCo ^ | January 11, 2012 | Alex Akesson
    New York ( – $5.7 billion hedge fund firm, SkyBridge Capital, has announced that Vice President Al Gore, former Alaska Governor Sarah Palin and Secretary of Defense Dr. Robert M. Gates will serve as keynote speakers at the SkyBridge Alternatives (SALT 2012) Conference May 8 to 11, 2012, at the Bellagio Resort & Casino in Las Vegas. “We are very excited to draw off the success of past SALT conferences to bring together leaders who are keen to present fresh thinking and hard views that will impact decision-making for investors, managers and the broader financial sector,” said Victor Oviedo, partner...
  • Hedge Funds Braced for Worst Year Since 2008

    12/09/2011 12:29:44 AM PST · by TigerLikesRooster · 5 replies
    CNBC ^ | 12/08/11 | Sam Jones and Dan McCrum
    Hedge Funds Braced for Worst Year Since 2008 Published: Thursday, 8 Dec 2011 | 7:31 PM ET By: Sam Jones in London and Dan McCrum in New York Hedge funds are set to rack up their second-worst year in two decades after taking a beating from the eurozone crisis and an unexpected slowing in global economic growth. The average hedge fund manager has lost 4.37 percent in the year to the end of November, according to data just released by Hedge Fund Research — losing money in six of the past seven months. Only in 2008, following the collapse of...
  • MF Global and the great Wall St re-hypothecation scandal (Where the Money Went - Must Read)

    12/08/2011 10:49:36 AM PST · by mojito · 19 replies
    Reuters ^ | 12/7/2011 | Christopher Elias
    A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients. MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for...
  • Put NYC pension fund in minority hedge funds: official

    12/05/2011 8:25:49 AM PST · by reaganaut1 · 6 replies
    Reuters ^ | December 2, 2011 | Joan Gralla
    New York City, weighing how best to invest some of its $109 billion pension money in hedge funds, should hire so-called emerging managers, said Public Advocate Bill de Blasio. Emerging managers include women- and minority-owned hedge funds, which are fairly new and thus typically manage less money than older, more established rivals. Furthermore, women- or minority-owned hedge funds outperformed their much larger established peers over the last five years, according to a study by Barclays Capital released in June. "We'd be missing a big opportunity to grow the fund in a tough fiscal climate if we only add emerging managers...
  • Hedge Funds Pay Top Dollar for Washington Intelligence

    10/04/2011 8:23:38 AM PDT · by reaganaut1 · 7 replies · 1+ views
    Wall Street Journal ^ | OCTOBER 4, 2011 | BRODY MULLINS And SUSAN PULLIAM
    At a breakfast fund-raiser last year at the Liaison Capitol Hill hotel, former lobbyist Paul Equale pulled up a chair next to Sen. Richard Durbin. As they chatted, the Illinois Democrat told him about a recent breakthrough in his efforts to push through a bill to cap debit-card fees. At a breakfast fund-raiser last year at the Liaison Capitol Hill hotel, former lobbyist Paul Equale pulled up a chair next to Sen. Richard Durbin. As they chatted, the Illinois Democrat told him about a recent breakthrough in his efforts to push through a bill to cap debit-card fees. Some investment...
  • Shelton's Testimony: FCC Approved LightSquared is a significant problem for ALL GPS users

    09/17/2011 9:10:30 PM PDT · by dickmc · 70 replies
    Department of the Air Force (via GPS World) ^ | September 15, 2011 | General Shelton
    “GPS receivers were quite purposefully designed to operate in a portion of the radio frequency spectrum deliberately maintained as a “quiet neighborhood,” with neighboring frequencies primarily occupied by signals of comparable power levels, all based on widely accepted understanding of previous FCC rules and intent. The proposed LightSquared transmitters will produce received signal strengths five billion times stronger than the GPS received signal.” "Some have suggested GPS equipment can be redesigned for greater filtering to mitigate the interference, but even if this is possible, we believe it would involve substantial financial cost and likely degrade the accuracy of high performance...
  • The Soros Loophole

    08/11/2011 9:37:56 AM PDT · by opentalk · 14 replies
    Frontpage ^ | August 11, 2011 | Matthew Vadum
    It wasn’t that long ago that currency speculator George Soros was traveling the globe urging regulatory crackdown on the same financial sector that has allowed him to become a billionaire 14 times over. In late 2008 the preachy political radical who has given more than $8 billion to charities and left-wing causes lectured a congressional committee. “The entire regulatory framework needs to be reconsidered and hedge funds need to be regulated within that framework,” he pontificated.Soros got his wish, and the lawmakers his money helped to install in Congress dutifully approved the Dodd-Frank Wall Street Reform and Consumer Protection Act...
  • US Taxpayers Just Paid $780 Million To Fund The Latest Greece Bailout Tranche

    07/08/2011 7:38:49 PM PDT · by mojito · 38 replies
    ZeroHedge ^ | 7/8/2011 | Tyler Durden
    The IMF is delighted to announce that it just approved a €3.2 billion disbursement of cash for Greece, its fifth, as part of the €12 billion in money that Greece needs in order to continue operating in the months f July and August. And just for what purpose will this money be used, one may ask? Well, as explained a few weeks ago, in Greek Math: €12 Billion In, €18.2 Billion Out the entire amount will be promptly recycled by global financial institutions in the form of debt maturities and interest payments, which amount to €18.2 billion in the months...
  • Hedge Farm! The Doomsday Food Price Scenario Turning Hedgies Into Survivalists

    05/19/2011 2:53:06 PM PDT · by blam · 6 replies · 1+ views
    The Observer ^ | 5-17-2011 | Foster Kamer
    Hedge Farm! The Doomsday Food Price Scenario Turning Hedgies Into Survivalists By Foster Kamer May 17, 2011 | 8:16 p.m On the rare occasion that New Yorkers talk about farming, it's usually something along the lines of what sort of organic kale to plant in the vanity garden at the second house in the Adirondacks. But on a recent afternoon, The Observer had a conversation of a different sort about agricultural pursuits with a hedge fund manager he'd met at one of the many dark-paneled private clubs in midtown a few weeks prior. "A friend of mine is actually the...
  • The phenomenal success and insularity of South Asians flooding the American financial sector

    04/20/2011 11:51:11 PM PDT · by Bridge_toofar · 1 replies
    The Daily Beast ^ | April 21, 2010 | Gary Weiss
    The trial of hedge-fund billionaire Raj Rajaratnam has riveted the financial world and shined a light on the phenomenal success and insularity of the Indians, Pakistanis, Bengalis, and Sri Lankans flooding the American financial sector, writes Gary Weiss. Following every financial collapse, a cast of Wall Street bad guys invariably parades through the dock, from Depression-era thief Richard Whitney to junk-bond king Michael Milken to Ponzi schemer Bernie Madoff—media-saturated jaunts down the Via Dolorosa calculated to reassure the public that the financial markets are being policed, even though they’re not. This week, it’s the somber, bespectacled, self-made billionaire Raj Rajaratnam...
  • Running for the Exits. Hedge funds are dumping US Treasury bonds. Do they know something?

    03/22/2011 6:51:34 AM PDT · by SeekAndFind · 46 replies
    National Review ^ | 03/22/2011 | Jim Lacey
    The wisest and most successful bond investor of all time, Bill Gross, has dumped his bond fund’s $150 billion investment in U.S. bonds. One should not ignore the importance of this event. The largest bond fund in America no longer believes that Treasury bonds are a good investment. Moreover, Gross is not alone. Blackrock, the world’s largest money manager, is now underweighting Treasuries overall and reducing the duration of the bonds it still holds. That means they are dumping their long-term bonds, which are the most sensitive to interest-rate changes, in favor of Treasury instruments that mature in a year...
  • Coburn: Education Department "Tipping Hedge Funds" on For-Profit Colleges

    03/03/2011 10:13:23 PM PST · by freespirited · 1 replies
    Daily Caller ^ | 03/03/11 | Jonathan Strong
    Oklahoma Republican Sen. Tom Coburn blasted the Education Department Wednesday for what he called “very significant inappropriate behavior in tipping hedge funds on short selling private education” and called on a key Senate panel to investigate the matter. Coburn was referring to documents released last week by Citizens for Responsibility and Ethics in Washington (CREW), a watchdog group that has called for federal authorities to investigate market manipulation by famous Wall Street short-seller Steven Eisman. Coburn said the charges even could result in jail time for Education Department officials. “Utilization of facts in the Department of Education in advantaging investors...
  • George Soros Handicapping American Energy

    03/02/2011 3:18:04 AM PST · by Scanian · 13 replies
    The American Thinker ^ | March 02, 2011 | Ed Lasky
    George Soros has been a brilliant investor over the years. As befits many hedge fund operators, he uses leverage to magnify his returns. But in his case, leverage has a double meaning. Leverage can refer to the debt Soros assumes when he makes his investments. But it can also refer to the practice Soros has engaged in, both overseas and in America, to use his money and influence to bolster his political power -- power that he then uses to boost returns on his investments. He is not just a hedge fund billionaire but a crony capitalist kingpin who puts...
  • Obama Official Leaves Energy Department for Soros Sponsored CleanTech Fund

    02/24/2011 2:27:49 PM PST · by John Carney · 12 replies
    CNBC's NetNet ^ | 2.24.11 | Cadie Thompson
    Cathy Zoi, the Secretary for Energy and Assistant Secretary for Energy Efficiency and Renewable Energy, is going to work for a new cleantech private equity fund sponsored by George Soros and a prominent Silicon Valley venture capital firm. The new fund will invest in...wait for it..."the energy and resource sectors."
  • Credibility Shaken, Hedge Funds Are Punished by Investors

    02/17/2011 3:00:53 PM PST · by FromLori · 3 replies
    CNBC ^ | 2/17/2011 | Jesse Eisinger
    Now for a bit of good news: Rationality may be breaking out in the hedge fund world. Investors are punishing funds that have engaged in questionable behavior and balking at ever-escalating fees. Regulators are showing uncharacteristic backbone, insisting that they will not merely fight the last war when it comes to new rules. That’s a big change from the old way of doing business in hedge fund land, which was to reward failure and ignore problems. Think back to Long-Term Capital Management. The multibillion-dollar hedge fund imploded spectacularly in 1998, presaging much of the larger financial crisis a decade later....
  • Swiss whistleblower Rudolf Elmer plans to hand over offshore banking WikiLeaks

    01/16/2011 5:03:35 AM PST · by markomalley · 46 replies
    The (Red) Guardian ^ | 1/16/11 | Ed Vulliamy
    The offshore bank account details of 2,000 "high net worth individuals" and corporations – detailing massive potential tax evasion – will be handed over to the WikiLeaks organisation in London tomorrow by the most important and boldest whistleblower in Swiss banking history, Rudolf Elmer, two days before he goes on trial in his native Switzerland. British and American individuals and companies are among the offshore clients whose details will be contained on CDs presented to WikiLeaks at the Frontline Club in London. Those involved include, Elmer tells the Observer, "approximately 40 politicians". Elmer, who after his press conference will return...
  • In One Day, Federal Reserve Posts $8 Billion In Unrealized Capital Losses (And Possibly Double That)

    12/14/2010 6:12:54 PM PST · by FromLori · 28 replies
    ZeroHedge ^ | 12/14/2010 | Tyler Durden
    Today we get a brief glimpse of what will happen to the Fed's balance sheet when rates surge. In the span of one day, the Fed took an $8 billion unrealized loss on its $1.07 trillion in Bonds, TIPS and Agencies. It also likely experienced a comparable loss on its MBS portfolio. It's a good thing the Fed has $57 billion in capital accounts. Which means 4 days like today, and all of the Fed's equity buffer is wiped out. What happens next is up to congress. The question that Zero Hedge has long been posing, namely why the Fed,...
  • SAC Discloses Government Subpoena (Major hedge fund - uh oh)

    11/23/2010 4:14:56 PM PST · by Frantzie · 5 replies
    Zero Hedge ^ | 11-23-2010 | Tyler Durden
    SAC Capital Advisors LP told investors in a letter that it got a government subpoena, according to a person who received the update from the hedge fund firm. SAC said in the letter, dated Nov. 23, that the government served identical “extraordinarily broad” subpoenas on a number of investment managers of different sizes and descriptions, including SAC. The subpoena does not focus on particular individual securities, sectors or strategies, SAC added. The firm said the subpoenas don’t “shed much light on whom or what the government may be investigating.” One focus appears to be on the use of consultants and...
  • The Biggest Holdings Of Level Global, A Hedge Fund Just Raided By The FBI

    11/22/2010 11:04:27 AM PST · by FromLori · 16 replies
    The Business Insider ^ | 11/22/10 | Katya Wachtel
    The hedge fund looks to be heavily invested in tech, media and food Two Connecticut hedge funds were just raided by the FBI in connection with the huge insider trading investigation that is currently underway. Both funds raided are run by former SAC traders. Level Global is one of them. The firm's latest 13f-HR shows the firm's top holdings are: Apple: ~$152 million (~538,000 shares) Citi: ~$105 million (27,000,000 shares) McDonalds ~$104 million (1,400,000 shares) Monsanto ~$141 million (2,950,000 shares) Oracle ~$119 million (4,450,000 shares) Sina ~$112 million (~2,220,000 shares) Virgin Media ~$445 million (~19,000,000 shares) It also has large...
  • The Beta Band (or why do we call them hedge funds anyway, if they don't hedge at all?)

    11/09/2010 6:56:19 AM PST · by SeekAndFind · 1 replies
    The Reformed Broker ^ | 11/09/2010 | Joshua M. Brown
    Beta (market performance) is free. It's Alpha (performance above market returns) that oughta cost ya. Apparently, this is news to many hedge fund investors.The average hedge fund is little more than the highest cost provider of market access. Anywhere from 2 to 10 times more expensive than an asset manager or an ETF wrap program, less transparent, less liquid and less responsible on a fiduciary basis.Sounds great, where do I sign up?And why are we still calling them "hedge funds" anyway? Have a gander at this Onion-worthy headline from the New York Times from last week:Hedge Funds Rescued From Down...
  • A Hedge Fund Controlled by Women, So It Claimed

    10/19/2010 8:55:17 AM PDT · by reaganaut1 · 3 replies
    New York Times ^ | October 18, 2010 | JULIE CRESWELL
    Jane Buchan is a rarity in the big-money boys’ club of hedge funds. Amid the testosterone-fueled trading floors of Wall Street, Ms. Buchan has not only built a hugely successful hedge fund investment firm but also one that is, on paper, owned and run by women. But questions have surfaced about whether her firm, Pacific Alternative Asset Management Company, is now — or ever was — controlled by women at all. It turns out that S. Donald Sussman, a hedge fund mogul who has bankrolled some of the biggest (male) names in the business, has quietly stood behind Paamco for...
  • Ready to Be Rich

    10/04/2010 9:34:35 AM PDT · by SmokingJoe · 6 replies
    New York Magazine ^ | Sep 26, 2010 | Jessica Presseler
    David Tepper—whose hedge fund made a killing during the crash by betting the government wouldn’t let the big banks fail—is coming out of the billionaire closet. With the stock markets down, Europeans rioting in the streets, and worried investors all but stuffing cash inside their mattresses, it was unsurprising that the mood at the annual Ira Sohn conference at the Time Warner Center in May, at which Wall Street’s moneymen of the moment share their investment outlooks to benefit a pediatric cancer fund, was about as cheerful as the annual Prophecy Conference in Tulsa. “The rebound has been synthetic, fabricated...
  • Why Wall St. Is Deserting Obama

    08/31/2010 3:30:47 PM PDT · by Innovative · 35 replies
    Yahoo News/NYT ^ | Aug. 31, 2010 | NYT Editorial
    A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats. So it came as quite a surprise on Friday, when Mr. Loeb sent a letter to his investors that sounded as if he were preparing to join Glenn Beck in Washington over the weekend. ...some of the president's biggest supporters have so publicly derided his policies, even at the risk of hurting their ability to influence the party in the future
  • Sorkin: Why Wall St. Is Deserting Obama

    08/31/2010 6:28:37 AM PDT · by facedodge · 24 replies
    nytimes ^ | 8/31/2010 | ANDREW ROSS SORKIN
    A letter from a hedge fund manager to his investors about Washington’s policies is stirring up controversy on a sensitive topic among the moneyed elite, The New York Times’s Andrew Ross Sorkin writes in his latest DealBook column. The poison pen of Daniel S. Loeb took a jab recently at one of his former allies, the Obama administration, deploring the redistribution of resources and power that Wall Street has come to fear with the passage of the financial regulation overhaul. Some say that they knew Obama would seek higher taxes and tighter regulation; that was O.K. What they say they...
  • Kyle Bass NAILS It: Revised GNP Figure Is Exact Number He Predicted

    08/27/2010 8:35:42 AM PDT · by blam · 15 replies
    The Business Insider ^ | 8-27-2010 | Courtney Comstock
    Kyle Bass NAILS It: Revised GNP Figure Is Exact Number He Predicted Courtney Comstock Aug. 27, 2010, 11:08 AM Last week on CNBC, hedge fund manager Kyle Bass predicted the Commerce Department's growth estimate for the 2nd quarter would end up coming in at 1.6%. Until today, the Department had stuck to its estimate of a 2.4% growth; Bass said on CNBC that it was too optimistic. He, like others, predicted a downward revision. Bass said it'd be 1.6%. He was exactly right. FrontBurner noticed Bass' awesome call: This morning, the Commerce Dept. issued a revision: the 2nd quarter figure...