Monthly Archives: August 2011
Civil Penalties of $10.9 Million Against Ocean Bank
FinCEN – The Federal Deposit Insurance Corporation (FDIC), the Treasury’s Financial Crimes Enforcement Network (FinCEN), and the State of Florida Office of Financial Regulation (OFR) today announced the assessment of concurrent civil money penalties of $10.9 million against Ocean Bank, […]
Event-driven and special situations hedge funds enjoy a rise in assets
Opalesque – Event-driven and Special Situations hedge funds rose 4.1% or equivalent to $21.2bn in the first half of the year, bringing the group’s total assets under management (AuM) to $537.1bn halfway into 2011. In his industry report furnished to […]
Morgan Stanley at Brink Got $107B From Fed
Bloomberg – As markets convulsed in September 2008, Morgan Stanley (MS)Treasurer David Wong briefed the Federal Reserve on a “dark” scenario in which the U.S. firm would need at least $10 billion of emergency loans from the central bank. It got 10 […]
GOSSIP: Today’s Wall Street Buzz in 60 Seconds
Business Insider – WikiLeak’s Julian Assange’s right-hand man reportedly destroyed 3,500 unpublished documents including a cache of Bank of America documents. Jonathan Sorrell, the son of billionaire Sir Martin Sorrell, the chief executive of advertising firm WPP, is leaving Goldman […]
McGraw-Hill gets earful on breakup
Reuters – McGraw-Hill Companies Inc directors and executives met on Monday with Jana Partners LLC, a hedge fund, and the Ontario Teacher’s Pension Fund to hear their arguments that the company should be broken up. Jana and the pension fund […]
Goldman CEO hires prominent defense lawyer
Reuters – Goldman Sachs Chief Executive Lloyd Blankfein has hired high-profile Washington defense attorney Reid Weingarten, according to a government source, as the Justice Department continues to investigate the bank. Blankfein, 56, is in his sixth year at the helm […]
Insider Trading Hedge Fund Lawyer Gets 3 Years
New York (HedgeCo.net) – Jason Goldfarb has been sentenced to three years in prison for passing information to a stock trader about mergers and acquisitions in exchange for $32,500 in cash bribes, Reuters reports. Goldfarb pleaded guilty on Friday to […]
Malta Hedge Fund Launch By Prestige Asset Management Ltd
New York (HedgeCo.net) – Prestige Asset Management has launched a new fund, the Prestige Equity Options, which is allocating to three trading advisors who between them manage $500 million. “All three use a combination of both long and short volatility […]
Hedge Funds Buying Corn to Silver to Soy After Commodities Futures Decline
Bloomberg – The rout that drove commodities to a nine-month low is proving irresistible to speculators anticipating that even slowing economic growth will cause shortages of raw materials. Oil has risen 8 percent since plunging 25 percent in the two […]
Citigroup’s Sutesh Sharma may quit to begin his own hedge fund
Business Standard – Sutesh Sharma, who heads a team of Citigroup Inc proprietary traders, intends to leave the company and start a hedge fund, two people familiar with the plan said. Sharma, 48, has held discussions with potential investors about […]
Hedge fund managers sifting through ‘busted’ credit for deals
Pensions and Investments – Hedge fund managers are rummaging through the world’s vast debt opportunities, looking for undiscovered sources of alpha in an overheated market plagued by high volatility and correlations that are much too close for comfort. Managers are […]
Hedge funds most bearish since July 2009
Economic Times – Bearish wagers against global stocks at hedge funds have surged to the highest level since July 2009 as the European debt crisis and reports showing an economic slowdown cause the biggest losses in almost three years. An […]