Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Reuters – What is it about siblings and the White House? Jimmy Carter had Billy, Hillary Clinton had Hugh Rodham, and George W. had Neil Bush. If Abel got elected president, it’s a near-certainty that Cain would have skipped the fratricide and instead built a nice little business trading off his brother’s name.
The family saga that’s gotten the blogosphere riled up in recent days doesn’t have to do with the president. It’s the vice president’s brother—Jim Biden—and his son, R. Hunter Biden, who’ve been drawing attention, thanks to a midsized, New York-based money-management firm they bought control of in 2006 called Paradigm Global Advisers.
Seeking Alpha – 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.
Last night, we were 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 Barak Obama’s right hand man: Joe Biden.
The fund in question is Paradigm Capital, a fund of funds, that is controlled by Hunter and James Biden, the VP’s son and brother, respectively.
North Country Gazette – The brother of the former chief financial officer of the bankrupt hedge fund firm Bayou Group LLC has been sentenced to 21 months in federal prison of his role in concealing a $400 million fraud.
Matthew Marino, brother of Daniel Marino, was also ordered to pay $60 million in restitution.
Prosecutors say that Marino knew about the fraud on the investors in the now-collapsed Bayou Hedge Funds and took steps to conceal it. His brother is serving 20 years for the scheme as is Bayou co-founder Samuel Israel.
