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New York Post – Billionaire Tom Petters fancied himself the next Warren Buffett – that is until his empire starting crashing down like a house of cards.
The feds accuse Petters, one of Minneapolis’ fastest rising business stars, of secretly being at the center of an elaborate $2 billion corporate ruse, stretching over the past decade, while he hobnobbed with billionaires and movie stars.
Petters stepped down from his Minneapolis-based Petters Group Worldwide after federal agents raided his offices in several cities, acting on a tip from a disgruntled insider.
Pioneer Press – Tom Petters, who spent two decades building the Petters Group Worldwide into a far-flung empire with $2 billion in sales and 3,200 employees, resigned Monday amid a federal investigation into allegations of fraud at one of his companies.
The move came days after federal authorities raided company offices, homes and vehicles of people connected to the business as they searched for evidence of an alleged scam dating back to the mid-1990s at Petters Co. Inc., a unit of Petters Group.
"Events of the last few days have made it impossible for me to continue as the leader of these companies," Petters said in a statement released to employees. "My first concern is that these companies continue to go forward and that you as employees feel secure about working here," he said.
Petters no longer would be involved in day-to-day operations of Petters Group or its independent operating companies such as Polaroid or Sun Country Airlines, the statement said.
Reuters – Hedge-fund pioneer Paul Tudor Jones and veteran stock picker James Pallotta are mulling changes to their 15-year partnership, including a possible parting of ways that could affect their $18 billion fund empire, the Wall Street Journal reported Thursday.
A split between Pallotta and Jones, the veteran trader who started Tudor Investment Corp, would mark the end of one of the most successful and well-known hedge-fund duos in history, the paper said.
Jones has talked privately in recent weeks about the possibility of restructuring his firm in a way that could result in a separation with Pallotta, the Journal said, citing people familiar with the discussions.
Business24-7- When oil prices were as low as $10-20 a barrel two decades ago, the UAE seriously considered borrowing from the local market to finance its swelling budget deficit. But the plan was shelved in favour of painful spending cuts.
Such reductions, however, could not be maintained for a long time because of the rising domestic development needs and a seven per cent growth in the population. As a result, the deficit in the country sharply widened.
Yet authorities still never considered borrowing or introducing income taxes for two reasons: the country’s petrodollar income was swelling and a gigantic overseas investment empire was taking shape.
