Ad Salesman-Turned-Hedge Manager at Center of Loss
Thursday, October 29, 2009 : PermalinkBloomberg – Helmut Kiener went from selling advertising for telephone books and getting paid by the ad to starting a German hedge-fund firm that would eventually make bets using millions borrowed from such banks as Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA.
Police and prosecutors yesterday raided Kiener’s ivy- covered villa near Frankfurt, part of a joint German-U.S. investigation into what may be losses amounting to $400 million, people familiar with the probe said. A woman who identified herself as Kiener’s wife declined to comment when a Bloomberg News reporter rang the door bell last night. Neither Kiener nor anyone at his firm, K1 Group, has been publicly accused of wrongdoing in connection with the probe.
More on this topic
(What's this?)
Krugman on the Need for Jobs Policies
(naked capitalism, 11/13/09)
JP MORGAN: DOWNTURN WILL BE A BUYING OPPORTUNITY
(THE PRAGMATIC CAPITALIST, 1/29/10)
Germany's Secular Bear Market
(Gold Versus Paper, 11/2/09)
Former Barclays Chief Points Out Bonuses Were Paid Fraudulently
(naked capitalism, 12/16/09)
Leave a Comment:
Related posts
Tags:
hedge fund