Guardian Unlimited - The threat of further redundancies hung over the City last night as it emerged that the investment bank Goldman Sachs is expected to cut at least 600 jobs in London. A wide-ranging cull of hedge funds in the capital was also predicted as the fallout from the banking crisis spread to vulnerable […]

Los Angeles Times - Traders and investment bankers might have more to worry about than dwindling bonus pools this year as mass firings on Wall Street are set to hit a record.
The fallout from this year’s global credit crisis has claimed jobs throughout Wall Street, from hedge fund managers to floor traders and beyond. More […]

Seeking Alpha - As the Wall Street Journal pointed out earlier this week, “It may be premature to write the epitaph for funds of hedge funds”.
Maybe so, but with predictions for redemptions running in the high teens for this fall, one would be excused for believing the hedge fund “bubble” has burst along with the […]

New York (HedgeCo.Net) - In an emergency hearing yesterday, U.S. District Judge John Koeltl left the door open for Wachovia to consider better offers, saying the law “appears” to permit bids from other potential buyers.  This decision comes at a time when Wells Fargo is considering a $15 billion proposal, a substantial increase from Citigroup’s […]

CNBC - The Wall Street fallout is having aftershocks throughout the economy, but believe it or not, the entertainment industry is having no problem securing bank-financed credit.
Sure, it’s not boom time, but the fact that media companies are able to attract financing is impressive, and a testament to the fact that movie going is generally […]

Reuters - U.S. federal prosecutors asked securities regulators to delay a civil case against two former Bear Stearns hedge fund managers while they hold grand jury hearings in building a criminal case against the pair.
Fund managers Ralph Cioffi and Matthew Tannin were arrested and indicted in June, the first executives to face federal criminal charges […]

International Herald Tribune - Blackstone Group, manager of the world’s largest leveraged-buyout fund, said Wednesday that second-quarter profit beat analysts’ estimates as gains from hedge funds offset a decline in private-equity takeovers.
Net economic income, a measure that excludes some compensation costs, fell 75 percent to $165.6 million, or 15 cents a share, from $655 million, or […]

New York (HedgeCo.Net) - Citigroup Inc. will close its $400 million Tribeca Convertible hedge fund in what will help wind down the $2 billion Tribeca Global Investments Group, according to a report published on Bloomberg.com.  The closing of the fund has not yet been made public, but investor redemptions are thought to be the reason […]

New York (HedgeCo.Net) - John Paulson, the infamous hedge fund manager turned billionaire who bet brilliantly against the housing market, will start a new fund later this year according to a report published on Bloomberg.com.
The new hedge fund will provide capital to financial institutions who have suffered losses due to mortgage writedowns.  It was the […]

Reuters UK- A near one year-old credit crunch still has plenty of venom and will sting global financial markets and the economy well into next year or even into 2010, a Reuters poll found.
On the eve of its one-year anniversary at the start of August the credit crisis is still spitting out victims and darkening […]

New York (HedgeCo.Net) - Credit rating agency Moody’s said on Tuesday that it would probe deeper into why its staff incorrectly rated approximately $1 billion of complex debt securities.
While it was thought to be a computer error that caused the discrepancies in ratings, an external investigation by Sullivan & Cromwell revealed that some members of […]

New York (HedgeCo.Net) - New York-based Avenue Capital, the hedge fund that manages roughly $20 billion, is back after a lagging first quarter.  The company informed investors that the fund experienced gains in May for the second straight month.
The firm’s $1.5 billion Avenue International Ltd Fund was up over 1.5% in May, while the $1 […]