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Denver Post – Bernard Madoff asked a federal judge this week to sentence him to as little as 12 years in prison after he pleaded guilty earlier this year to operating a massive, decades- long Ponzi scheme.
In a letter filed late Monday and made public Tuesday, Ira Sorkin, a lawyer for Madoff, asked U.S. District Judge Denny Chin to sentence his client to less than a life sentence.
"Mr. Madoff is currently 71 years old and has an approximate life expectancy of 13 years," Sorkin said. "A prison term of 12 years — just short of an effective life sentence — will sufficiently address the goals of deterrence, protecting the public and promoting respect for the law without being greater than necessary to achieve them."
Bloomberg – James Pallotta and Christopher Pia, hedge-fund managers who recently struck out on their own, are discovering just how much the global financial crisis is reducing investors’ appetite for risk.
Pallotta, who split from Tudor Investment Corp. last month, and Pia, who spent 13 years managing money for Moore Capital Management LLC, probably will raise about $500 million apiece this year, according to brokers who provide loans and administrative services to hedge funds. Michael Ryan, who left Credit Suisse Group AG to open Jai Capital Management, will top out at around the same amount, according to the brokers, who asked not to be identified because the funds are private.
Investors, who put more than $1 billion each into seven new hedge funds last year, are scaling back after the industry posted its worst year on record in 2008. Whether it’s a big-name manager like Boston-based Pallotta or a newcomer, that threshold will be harder to cross this year than in the boom of 2002 through 2007.
North by Northwestern – By the start of his 9 a.m. class, Weinberg freshman Brian Levin has begun watching his investments.
When the markets open, he checks his models to try to predict what will happen in the markets, and then starts formulating investment positions. He calls other professionals and traders on the floor of the Chicago Board of Trade to see what they’re doing that day, or if there are any rumors going around the trading community. He adjusts his investment positions throughout the day until 3 p.m. when the equity market closes.
Levin has been investing since he was 13 years old. Three years ago, he took on clients and founded the hedge fund BDL Capital Advisors, which he still runs today — when he’s not in class. Levin has over forty clients, an office in Vernon Hills, IL, and a snazzy website. Despite the current economic downturn, 2008 was BDL Capital Adviser’s best year yet financially.
