Great Southern creditors vote to wind up companies Nov 20, 2009
Three groups are vying to acquire Great Southern's various forestry schemes: Pulpwood Plantations, headed by West Australian business leader Gordon Martin and backed by US hedge fund Och-Ziff Capital Management Group; Black Tree Group, headed by prominent Perth businessman John Poynton, forester Tony Jack and the Bunnings family; and timber giant Gunns. The banks have refused an offer from Och-Ziff. (Sydney Morning Herald -- Business)
Harbinger shrinking at Times Nov 20, 2009
Hedge fund Harbinger Capital Partners cut its stake again in The New York Times Co., almost two years after it bought a big stake in a bid to shake up the newspaper publisher ... In September, the hedge fund reported a 16 ... Hedge fund Harbinger Capital Partners cut its stake again in The New York Times Co., almost two years after it bought a big stake in a bid to shake up the newspaper publisher. (New York Post -- Business)
Hedge Fund "King" Griffin Rebounding From Losses: Report Nov 19, 2009
NEW YORK (Reuters) - Hedge fund manager Kenneth Griffin's Citadel Investment Group lost $8 billion in clients' money last year, but is turning things around as markets recover and has made $5 billion in profits so far this year, the Wall Street Journal said on Wednesday ... He is spending the vast majority of his time focused on Citadel's biggest hedge funds, it said, in an article that referred to Griffin as the "hedge-fund king." ... Citadel survived the economic downturn, although more than... (ABC News -- Wire)
Markets lower on drop in home building Nov 19, 2009
The fall was cushioned somewhat as rallied after John Paulson s hedge fund said the shares may almost double, while takeover speculation lifted. Copyright 2009 Globe Newspaper Company. (Boston Globe)
Landrys refinances debt load Nov 19, 2009
Clouding the issue of the take-private deal is the move by New York hedge fund , which disclosed on Nov. 13 that it and several affiliates had acquired 9. 9 percent of Landry s shares. (Houston Business Journal, TX)
Canada Stocks Rise as Toronto-Dominion Gains on Rate Outlook; Metro Climbs Nov 19, 2009
the largest fertilizer producer, rose 3 percent, adding to a 7 percent advance yesterday when George Soross hedge fund said it increased its stake. The rose 22. (Bloomberg -- Canada)
US stocks falter on home construction data Nov 19, 2009
9 per cent after hedge fund billionaire John Paulson said Bank of America Corp stock could double in two years. Bank of America's shares rose 3. (Sydney Morning Herald -- Business)
Ritchie Capital sues to recover Petters firm loans Nov 19, 2009
(Crains) , a Chicago hedge fund that at one time managed $2 billion, sued two former executives of companies controlled by indicted businessman Thomas Petters in a bid to win the return of millions of dollars of loans ... Judge Ann Montgomery, who put the Petters companies into receivership after Mr. Petters indictment, told the hedge fund in April to stand in line with other creditors ... Mr. Petters is connected to the implosion of another Chicago-based hedge fund. (Crain's Chicago Business)
Billionaires share a memory problem Nov 19, 2009
Debelle also appeared disappointed over the recent acquittal of two Bear Stearns hedge fund managers who were facing a criminal case in the US. ''That might actually help the brand name if some people do some serious jail time, but I'm not suggesting that in this country. . (Sydney Morning Herald -- Business)
US stocks end mainly lower Nov 19, 2009
35 dollars after reports that a major hedge fund was boosting its holdings in the major lender. Wells Fargo also shone in the financial space, rising 1. (India Times)
Soros Hedge Fund Takes Stake in Ford Motor Nov 18, 2009
Hedge fund run by George Soros takes stake in Ford Motor as it increases US stock holdings ... Soros Fund Management LLC, the hedge fund run by billionaire investor George Soros, increased its holdings in U.S. stocks to $6. (ABC News -- Wire)
Japan doomsdayfears premature Nov 18, 2009
I myself was talking recently to a hedge fund manager who was speaking of Japan's hitting a "debt wall". Topping off the hysteria about Japan was a piece in Britain's Daily Telegraph on November 1 by Ambrose Evans-Pritchard. (Asia Times Online)
Ford Fusion, Motor Trend car of the yr Nov 18, 2009
Ford's shares reached a more than two-year high on Tuesday, a day after billionaire investor George Soros' hedge fund disclosed taking a 7. 3 million share stake in Ford during the third quarter. (India Times)
Obamaannounces task force to fight financial crime Nov 18, 2009
The administration has long pledged to be more aggressive in fighting financial crime, but has faced a few setbacks like Madoff and losing a high-profile case against two hedge fund managers accused of fraud in the early days of the crisis ... The task force comes a week after the Justice Department lost a pivotal criminal fraud case in New York against two managers from Bear Stearns whose hedge funds collapsed at the early stages of the financial crisis. (MSNBC -- Politics)
With a resurgence in short selling, regulators must make sure the financial system is transparent. Nov 18, 2009
LAST week billionaire hedge fund investor, and famous Enron short seller, Jim Chanos emerged from the hedge fund abyss with news that he was shorting the entire Chinese economy. A big call, but it put the hedge fund industry back in the spotlight after one of its worst years on record ... Since then the markets have see-sawed between 4500 and 4800, which is the kind of volatility hedge funds thrive on. (Sydney Morning Herald -- Business)
JPMorgan Said to Hire Economist Jesper Koll as Head of Its Japan Research Nov 18, 2009
Nov. 18 (Bloomberg) -- hired , a former chief economist at and hedge fund manager, to head the companys Japan equity research team ... Koll will step down as chief executive officer at Tokyo- based TRJ Tantallon Research Japan, a hedge fund he started in 2007 only months before the country fell into recession in November of that year. (Bloomberg -- Japan)
Griffin Picking `Juggernaut' Edsparr to Run Bank Means Do-Over at Citadel Nov 18, 2009
Nov. 17 (Bloomberg) -- spent 12 years making hedge fund-like bets at ... Out of five money-management chiefs listed in a December 2006 prospectus for Citadels $500 million bond offering, two -- , head of high-frequency trading, and , who runs energy -- are still at the hedge fund ... He believes he can run other peoples businesses better than they can, said , co-founder of Singapore- based hedge fund Alphadyne Asset Management Pte Ltd., who has known Edsparr since 1998 when they worked... (Bloomberg)
Stocks Rise to 13-Month High, Led by Banks, as Interest Rate Concerns Ebb Nov 18, 2009
6 percent on a rating increase from Macquarie Group Ltd. , the worlds largest fertilizer producer, advanced 7 percent after George Soross hedge fund increased its stake. The rose 117. (Bloomberg -- Canada)
Potash Corp. Rallies to Five-Month High After George Soros Boosts Stake Nov 18, 2009
Nov. 17 (Bloomberg) -- rose to a five-month high in Toronto Stock Exchange trading after hedge fund boosted its stake. Soros Fund Management LLC owned 2. (Bloomberg -- Canada)
Abu Dhabi does tower deal Nov 18, 2009
In the end, spreads on the interest payments came down so much, the expected hedge fund players backed out and institutional insurance funds and others with cash stepped in, essentially removing the incentive or need to use the Federal Reserve's loan support to buy the bonds ... In the end, spreads on the interest payments came down so much, the expected hedge fund players backed out and institutional insurance funds and others with cash stepped in, essentially removing the incentive or need to... (New York Post -- Business)
Investor Ackman boosts stake in McDonald's Nov 18, 2009
Hedge fund manager Ackman boosts stake in McDonald's ... (Reuters) - Hedge fund investor William Ackman, known for often pressing companies for change, more than tripled his holdings in fast food restaurant but cut his stake in retailer Target in the third quarter ... Pershing Square Capital Management, Ackman's New York-based hedge fund, boosted its stake in McDonald's to 8. (Crain's Chicago Business)
US gets finance crime task force Nov 18, 2009
Mr Holder said the group would learn from the case of former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin. The US justice department lost its case against the pair last week when they were cleared of fraud by a New York jury. (BBC News -- Americas)
Hedge-Fund Assets Rise for Sixth Month, Led by Europe, Eurekahedge Says Nov 18, 2009
Hedge funds attracted money from investors even as their performance stalled amid global stock-market declines. The Eurekahedge Hedge Fund Index, which tracks more than 2,000 funds globally, lost 0 ... Hedge funds that are surviving and prospering will see an increase in their assets under management going forward, said , the Tokyo representative of Hong Kong-based Triple A Partners Ltd., a provider of start-up capital for hedge funds. (Bloomberg -- Europe)
Trumps End Battle, Hand Control of Atlantic City Casinos to Bondholders Nov 18, 2009
chairman and chief executive officer of Avenue Capital Group, the New York-based hedge fund manager and a member of the creditor committee, said in the statement that noteholders were pleased to have reached an agreement with the Trumps that will avoid continued litigation. . (Bloomberg -- US)
Paulson & Co. Bets Bank of America Stock Will Almost Double by End of 2011 Nov 18, 2009
Nov. 18 (Bloomberg) -- Paulson & Co., the hedge fund firm run by billionaire , told investors s stock will almost double in the next two years as writedowns ease ... Paulson, who manages about $29 billion, started a hedge fund last year called Paulson Recovery to invest in financial companies hurt by mortgage writedowns. (Bloomberg -- US)
Wayzatas interest in Neenah, Grede and Elyria could presage foundry sector tie-up Nov 18, 2009
The Minnesota-based hedge fund was named the stalking horse bidder for the bankrupt Grede Foundries last week, and is also amassing fulcrum positions in the debt of distressed competitors Neenah Foundry and Elyria Foundry, said the sources. Should the three-pronged investment strategy culminate in Wayzata acquiring Grede and then equitizing its Neenah and Elyria holdings, the stage could be set for a series of stock mergers or JV deals that combine the assets, the sources added. (FT.com -- Markets)
BHP Billiton Should Buy Back $15 Billion of Shares, Southern Cross Says Nov 17, 2009
While just about every hedge fund lives in hope of a revived offer for Rio Tinto or Potash of Saskatchewan, we think neither will occur, Aitken said. Southern Cross has a buy rating on BHP with a target price of A$43. (Bloomberg -- Australia & New Zealand)
Lease action on Sixth Ave. Nov 17, 2009
Now, hedge fund D.E. Shaw, which is also a Minskoff tenant on floors 4 through 6, has doubled its space in the tower by adding floors 7 through 9 in a sublease from Marsh & McLennan, giving the firm 24 00004000 0,000 square feet in all at 1166 Sixth ... Higher up in the tower, hedge fund manager Invesco, which has been a direct-lease tenant of Marsh & McLennan on floors 25 through 27, just signed a renewal and expansion totaling 100,000 feet -- of which about 20 percent represents new space ...... (New York Post -- News)
BMO Capital Markets Acquires Assets of Paloma Securities U.S. Hedge Fund Nov 17, 2009
BMO Capital Buys Assets From Paloma Hedge Fund (Update1) - Bloomberg ... BMO Capital Buys Assets From Paloma Hedge Fund (Update1) ... Bank of Montreal added 42 people from the lending unit of the Greenwich, Connecticut-based hedge fund, the Toronto-based bank said today. (Bloomberg -- Canada)
SEC accuses 4 people in alleged Ponzi scheme Nov 17, 2009
NY jurors deliberate at hedge fund trial. A jury began deliberations Monday at the trial of two former Bear Stearns hedge fund managers charged with lying to investors. (Fresno Bee -- Business)
Who is Raj Rajaratnam? Don't ask in Sri Lanka Nov 17, 2009
COLOMBO: Billionaire hedge fund titan Raj Rajaratnam's shadow in Sri Lanka is so big that his arrest in the United States initially knocked 5 percent off the local stock market ... As extraordinary as his success in building the Galleon Group hedge fund into a $7 billion behemoth at its peak, Rajaratnam's story is typical of hundreds of thousands of minority Tamils who almost entirely severed ties to Sri Lanka as it slid into ethnic conflict ... The billionaire hedge fund titan's shadow in Sri... (India Times)
Doubts emerge on China's domestic growth Nov 17, 2009
" The RBA has repeatedly cited Chinas demand for Australian resources as the key factor explaining the resilience of exports during the financial crisis. In a speech earlier this month, Reserve Board Governor Glenn Stevens said: The emergence of China and India is a benefit to Australia, but we stand to have a heightened exposure to anything going seriously wrong in those countries. ANZ's Mr Pervan said a few years ago, the fear was that Chinese officials were trying to downplay GDP... (Sydney Morning Herald -- Business)
Rajaratnam's sketchy history Nov 17, 2009
Billionaire hedge fund titan Raj Rajaratnam's shadow in Sri Lanka is so big that his arrest in the United States initially knocked 5 per cent off the local stock market ... As extraordinary as his success in building the Galleon Group hedge fund into a $US7 billion ($7. (Sydney Morning Herald -- Business)
Amaranth Withdraws $350 Million Case Against Touradji Capital Nov 17, 2009
The energy trading hedge fund Amaranth has long been toast ... In on Monday, Touradji and Amaranth said that the defunct hedge fund had withdrawn (pdf) against Touradji ... (The transfer was part of Amaranth's ultimately unsuccessful attempt to stave off the biggest hedge fund meltdown in history. (Law.com)
Business briefs Nov 17, 2009
AP, Bloomberg, Reuters and Dow Jones. Last Updated: 2:40 AM, November 17, 2009. (New York Post -- Business)
Dynamic Hedge Fund Chairman Micalizzi Says Fraud Allegations `Unfounded' Nov 17, 2009
Dynamic Hedge Fund Chairman Says Fraud Allegations Unfounded - Bloomberg ... Dynamic Hedge Fund Chairman Says Fraud Allegations Unfounded ... Nov. 17 (Bloomberg) -- , founder of the hedge fund firm Dynamic Decisions Capital Management Ltd., said allegations that he invested in worthless bonds are unfounded and investors will recover close to 100 percent of their money. (Bloomberg -- Europe)
Hedge Fund Chief's NY Indictment Deadline Extended Nov 17, 2009
NY indictment deadline for hedge fund operator extended 1 month as lawyers seek deal ... Federal prosecutors notified the court by letter Monday that the deadline for an indictment should be extended by a month while talks continue between the government and lawyers for billionaire hedge fund operator Raj Rajaratnam (RAHJ rah-juh-RUHT'-nuhm) ... The portfolio manager for the Galleon Group hedge fund remains free on $100 million bail. (ABC News -- Wire)
Stock index futures signal dip after rally Nov 17, 2009
Investor George Soros's hedge fund reported holdings of 6. 2 billion during the third quarter, an increase of 2 billion, after taking a stake in Ford (F.N) and boosting his holdings in communications services stocks. (Yahoo News -- Press Releases)
Soros' Holdings Increase, Takes Stake in Ford Nov 17, 2009
BOSTON (Reuters) - Billionaire investor George Soros' hedge fund reported holdings of $6. 2 billion during the third quarter, an increase of $2 billion, after taking a stake in automaker Ford and boosting his holdings in communications services stocks. (ABC News -- Business)
Wall Street risk-takers could be doomed to repeat history Nov 16, 2009
In 1998, the massive Long Term Capital Management hedge fund collapsed because risk models failed ... The government ordered Wall Street to pony up hundreds of millions to bail out the hedge fund ... Bear Stearns' thought his firm had $20 billion in risky hedge funds, when it actually had $45 billion. (USA Today -- Money)
Gold May Advance on Lower Supply, Climbing Demand, Blackrock's Hambro Says Nov 16, 2009
Investors including John Paulson, the hedge fund billionaire whose company manages about $29 billion, have been increasing bets on the precious metal this year. Gold has surged 28 percent this year as a weaker dollar boosted demand. (Bloomberg -- Australia & New Zealand)
Blair offers post-crash vision for Europe Nov 15, 2009
Blair outlined a vision to the select audience of the Zurich business community that may raise a few eyebrows in the corridors of Brussels, where politicians are also working on proposals to regulate the hedge fund industry. "In Europe, in particular, we should play a part in keeping the world trading system open and vibrant," Blair said. (SwissInfo.org, Switzerland)
Paulson Hedge-Fund Firm Takes Citigroup Stake, Sells Goldman Sachs Holding Nov 15, 2009
Billionaire investor disclosed in 2007 that he had acquired almost 25 million Citigroup shares through his ESL Investments Inc. hedge fund. ESL began cutting its stake during the fourth quarter of 2007, and the New York Times estimated that November that the funds paper loss totaled as much as $471 million. (Bloomberg -- US)
Fed's in Congress' crosshairs, but many experts say hold fire Nov 15, 2009
It would bring unregulated entities such as hedge funds under closer supervision, give the government the power to shut down large financial firms, and merge numerous federal banking regulators under a single roof ... The seven federal regulators who would be the voting members of this council collectively would be charged with determining when an investment bank, hedge fund or other type of financial firm posed a risk to the broader financial system. (Fresno Bee -- Local)
What Saved Bear Stearns' Managers From Jail?Skipping the stand may have helped keep Cioffi and Tannin out of prision. Nov 15, 2009
hedge fund managers Ralph Cioffi, left, and Matthew Tannin, right, are ... hedge fund managers Ralph Cioffi, left, and Matthew Tannin, right, are escorted out of 26 Federal Plaza in New York, U.S., in these file photos taken June 19, 2008. (ABC News -- Business)
Ropes & Gray Associate Arrest in Galleon Case Spurs Firms to Review Policy Nov 15, 2009
33, of Ridgewood, New Jersey, released material, nonpublic information about mergers and acquisitions involving Ropes & Gray clients to Wall Street traders and hedge fund managers who made over $20 million trading on the tips, the government said in court papers filed in Manhattan. Cutillo and 13 others were arrested Nov. 5 as part of the Justice Department probe of insider trading related to Manhattan hedge fund Galleon Group. (Bloomberg -- US)
K1 Group Founder Kiener Loses Bid for Release From Detention, Court Says Nov 15, 2009
K1s Kiener Loses Court Bid for Release From Custody (Update1) - Bloomberg. Updated: New York, Nov 15 04:21 London, Nov 15 09:21 Tokyo, Nov 15 18:21. (Bloomberg -- Germany)
Marvell Technology Investigates Employee Named in Galleon Hedge Fund Probe Nov 15, 2009
Nov. 14 (Bloomberg) -- is conducting an internal investigation after employee Sam Miri was named as a recipient of payoffs for inside information by a hedge fund manager who pleaded guilty in the investigation of Galleon Group, company spokeswoman Diane Vanasse said. Miri received payoffs in return for inside information, according to , a hedge-fund manager who admitted to insider trading and is helping prosecutors in a probe of the industry. (Bloomberg)
> Tangled web of inside traders made millions Nov 14, 2009
The government says its insider case grew out of efforts by Roomy Khan, a former Atherton woman, to get a job from her former employer, Raj Rajaratnam of the hedge fund ... Former CEO Hector Ruiz has been identified as the source of a leak about a major reorganization of the company in 2008 to NewCastle hedge fund trader Danielle Chiesi, information she allegedly shared with Rajaratnam and another NewCastle trader, Mark Kurland ... Here are links to press releases which contain links to court... (San Jose Business Journal, CA)
Two Madoff computer programmers charged in fraud Nov 14, 2009
May 2001: Mar/Hedge, a hedge fund publication, publishes a story in which Michael Ocrant reports, "Most of those who are aware of Madoff's status in the hedge fund world are baffled by the way the firm has obtained such consistent, non-volatile returns.". Early 2006: The SEC opens an investigation of Madoff. (USA Today -- Money)
Buffett Says Burlington Northern an Asset for a Century, `Not a Bargain' Nov 14, 2009
The company wasnt egregiously cheap, said , a principal at hedge fund , which owns Berkshire shares. It could be five years before the logic of Burlington Northern becomes clear, he said. (Bloomberg -- US)
Rush for commodity funds Nov 14, 2009
The worlds largest commodity hedge fund, Clive Capital, closed its doors to new investors this week, providing a clear illustration of this years remarkable turnround in investor appetite for commodities. At the beginning of the year, many commodity hedge funds were being forced to sell holdings to meet investor redemptions. (FT.com -- Markets)
> Lawyers say there can be gray areas Nov 14, 2009
It s at the forefront of conversation in legal circles right now, with the widening hedge fund insider trading case ... Most hedge funds and private equity funds have a high level of awareness about insider trading rules and policies around trading activities. (San Jose Business Journal, CA)
Hedge fund to oppose Landrys sale Nov 14, 2009
Hedge fund to oppose Landrys sale - Houston Business Journal ... Hedge fund to oppose Landrys sale ... An activist hedge fund has acquired a large stake in Landry s Restaurants Inc. and is preparing to fight company chief executive Tilman Fertitta s bid to take the dining and entertainment company private. (Houston Business Journal, TX)
Rajaratnam for opening Khan records Nov 14, 2009
NEW YORK: Galleon Group founder Raj Rajaratnam, accused in the biggest US hedge fund insider trading case, has asked a federal court to unseal records of a 2001 criminal charge against former trader Roomy Khan, one of the government's cooperating witnesses ... Galleon Group founder Raj Rajaratnam, accused in the biggest US hedge fund insider trading case, has asked a federal court to unseal records of a 2001 criminal charge against former trader Roomy Khan, one of the government's cooperating... (India Times)
NY Fed president: Crisis can teach finance system Nov 14, 2009
It would bring unregulated entities such as hedge funds under closer supervision, give the government the power to shut down large financial firms, and merge numerous federal banking regulators under a single roof ... The seven federal regulators who would be the voting members of this council collectively would be charged with determining when an investment bank, hedge fund or other type of financial firm posed a risk to the broader financial system ... Dudley said the financial crisis deepened... (Fresno Bee -- Business)
CFTC Fines Hedge Fund EMF for False Statements Nov 14, 2009
WASHINGTON (Reuters) - The top U.S. futures market regulator on Friday fined hedge fund EMF Financial Products LLC $4 million for making false statements about its market positions relating to U.S. treasury note futures. In addition to the fine, the Commodity Futures Trading Commission order also restricts EMF's registration as a commodity pool operator and commodity trading advisor for three years. (ABC News -- Business)
Hedge Fund Billionaire Paulson Reports New Citi Stake Nov 14, 2009
NEW YORK (Reuters) - Hedge fund billionaire John Paulson's firm took a stake in Citigroup , while cutting holdings in Bank of America and its interest in Goldman Sachs , according to a regulatory filing on Friday. Paulson, whose firm Paulson t against financial companies and the housing market before the credit crisis, also dissolved his stakes in Petro-Canada, Humana Inc , State Street Corp and AT, according to a filing with the U.S. Securities nge Commission. (ABC News -- Business)
Wall Street Makes It Hard to Earn Legal Living Nov 13, 2009
People who are looking from the outside at the Galleon hedge fund insider-trading case may also be thinking, How could they have been so stupid. Admittedly, naming the ringmaster wasnt the brightest move, yet the reason insider traders create networks to exchange illegal information isnt because they are dumb. (Bloomberg -- Columnists)
Boston-based analyst linked to Galleon case Nov 13, 2009
The coconspirator was an analyst at a Chicago-based hedge fund, the document shows. The company was , according to the Journal. (Boston Globe)
Inside trader says he paid for Marvell Technology info Nov 13, 2009
An executive at reportedly was paid for inside information used by the insider trading ring, according to a hedge fund trader who is cooperating with the government investigation ... Far is accused in a criminal complaint of exchanging information with four companies and fournhedge fund managers. (San Jose Business Journal, CA)
Rajaratnam Arrest Jolts Sri Lanka From Stock Exchange to Tsunami Survivors Nov 13, 2009
Nov. 13 (Bloomberg) -- About 60 Muslim fishermen and their families congregated in a community hall on Sri Lankas east coast to pray for after he was arrested for alleged insider trading at his New York hedge fund ... Rajaratnams Oct. 16 arrest, in what U.S. prosecutors say is the largest insider-trading case involving hedge funds, was an unsettling jolt to an island that took pride in his success and benefited from his wealth ... His personal investments wont be affected by the hedge... (Bloomberg)
Chanos: Huge China Crash Coming Nov 13, 2009
To the growing number of China bears, add Kynikos hedge fund manager Jim Chanos, who is reportedly shorting the entire Chinese economy. Chanos, among the first to see through Enrons web of accounting tricks, told Politico. (Newsmax)
UBS Offers Brazil Algorithmic Stock Trading, Matching Bank of America Move Nov 13, 2009
Algo trading is going to be done by more sophisticated institutional investors or hedge fund that will go through the big banks, said Latin American strategist at Nomura Securities International Inc. in New York. Its a different trading strategy and really is bringing a new type of client to the market. (Bloomberg -- Latin America)
Institutions upset with KOEL stake sale plan Nov 13, 2009
Grapevine has it that a foreign hedge fund is planning to write to Kirloskar Oil indicating its readiness to buy the stakes for around Rs 300 crore. On Thursday, the stock rose 5. (India Times)
