June 6, 2003 |
Three women who are veterans of the financial services industry announced yesterday the formation of NewMarket Capital Partners L.L.C., an investment company in Philadelphia that will manage two new hedge funds. NewMarket is managing the funds for CMS Cos., a Philadelphia investment company that helps entrepreneurs manage their money. Patricia Young, Diana Wagner and Mindy Posoff are the founders of the new hedge funds. "We think it's a great time to launch NewMarket Capital Partners because it's anticipated that over $2 trillion will be invested in hedge funds in the next five to seven years," said Young, 48, the company's chief investment officer.
March 15, 2004 |
How rich would you be if you could spend every dollar twice? If you could buy a home on the Main Line - and get a Shore house thrown in for free? If your next slot-machine pull came with a complimentary lottery ticket - and both won? That's something like what Pennsylvania achieved last year with a chunk of its $24 billion state workers' pension system. In late 2002, the State Employees' Retirement System invested $2.3 billion in scores of unregulated investment pools called hedge funds, then set up Wall Street trading arrangements - "equity swaps" - to buy the future gains or losses of a similar-size investment in the Standard & Poor's 500 stock index.
September 23, 2006 |
Philadelphia's pension fund has spread its bets - just in time to take a small hit on the latest hedge-fund blowup. Four of the eight hedge-fund-management firms that the City of Philadelphia's pension board hired in the last year invested a total of $8 million in Amaranth Advisors L.P. Connecticut-based Amaranth warned clients this week that it may have lost 65 percent of its $9 billion in customers' investments due to bad bets on the price of...
April 25, 2004 |
Two for you, One for me . . .. Pennsylvania hasn't gotten rich yet from its $5 billion investment in hedge funds. But the hedge funds have. For every dollar they made for the state pension plan last year, hedge-fund operators collected more than 50 cents in fees, says a report filed with the Securities and Exchange Commission by the manager of 55 of the plan's 183 hedge investments. That compares with less than 3 cents in fees for every dollar produced by the pension system's $20 billion in other investments (such as stocks)
April 14, 1994 |
Hedge funds, the unregulated investment pools that may have worsened the stock and bond plunge of February and March, need more study - but probably not new legislation, federal regulators testified yesterday. Hedge funds are not currently subject to federal regulations because they have fewer than 100 investors, generally wealthy individuals and instititions. Typically, they use investors' contributions as a base for large loans that can then be invested in securities and currency markets worldwide.
January 26, 2016 |
Roughly 15 years ago, I wrote an article about a notable Wall Street figure and his secretive investment fund that never, ever lost money. His name was Bernard Madoff. The dot.com bubble had just burst, yet Madoff's hedge fund earned 10 percent that year, without missing a beat. In May 2001, I wrote about some red flags surrounding Madoff's hedge fund: eerily consistent returns and no losing years even when the stock market crashed, no due diligence allowed by investors, no independent brokerage statements, and odd threats that investors could not return to the fund once they had cashed out. Madoff himself gave me a brief interview by phone, then metaphorically patted me on the head and told me to go away.
July 21, 2013 |
WASHINGTON - The Securities and Exchange Commission filed civil charges Friday against Steven A. Cohen, accusing the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded. Cohen founded and runs SAC Capital Advisors. The government has called the case one of the biggest insider-trading fraud cases in history. The SEC said Cohen failed to supervise two senior employees of SAC and prevent them from illegal insider trading. As a result of illegal trades by Cohen's hedge funds, the funds reaped profits and avoided losses of more than $275 million, the SEC said.
January 27, 2016
By Dean Baker According to their acolytes, the rich are great innovators and job creators. But they haven't lived up to that billing in this century, as both job growth and overall economic growth have been extraordinarily weak since 2000. If their benefit to the economy is in doubt, no one can dispute that the wealthy are world-class tax avoiders. The New York Times recently reported that the country's 400 wealthiest families paid an average of just 17 percent of their income in taxes.
July 27, 2004 |
Last year, Pennsylvania taxpayers paid more than $350 million into the state's two largest public pension funds, the Public School Employees Retirement System (PSERS) and the State Employees Retirement System (SERS). This amount was needed to subsidize pension costs not covered by investment profits. The subsidy was necessary even though the two funds were paying more than $250 million in fees to 300 private money managers to manage them. Board members of both pension funds refuse to disclose the criteria used to select the people who manage what amounts to more than $70 billion in assets.
June 17, 2011
It wasn't just crazy talk Last month, we questioned hedge-fund honcho David Einhorn 's sanity in shelling out $200 million for a 33 percent stake in the Mets. We withdraw the question. Here's why: According to Forbes, if owners Fred Wilpon and Saul Katz do not pay back Einhorn's $200 million investment in three years, the hedge fund manager can obtain a 60 percent stake in the team for an additional $1. A buck. For a franchise that could be worth up to $1 billion.