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.
June 14, 2011 |
NEW YORK - The second trial to result from an investigation into insider trading at hedge funds ended Monday with the conviction of three traders on charges they paid hefty bribes to coax confidential information out of lawyers. A jury reached the verdict against stock trader Zvi Goffer and two others in federal court in Manhattan after deliberating since June 2. It came a month after the conviction of Raj Rajaratnam, the onetime billionaire who founded the Galleon Group of hedge funds and who was once Goffer's boss.
May 12, 2011 |
NEW YORK - A former Wall Street titan was convicted Wednesday of making a fortune by coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades in technology and other stocks - what prosecutors called the largest insider-trading case ever involving hedge funds. Raj Rajaratnam was convicted of five conspiracy counts and nine securities-fraud charges at the closely watched trial in federal court in Manhattan. The jury had deliberated since April 25, and at one point was forced to start over when one juror dropped out because of illness.
December 28, 2010 |
A Bucks County-based hedge-fund manager has attracted the eye and capital of Goldman Sachs Group Inc. Mount Lucas Management Corp. , with $1.8 billion under management, said Monday that Goldman Sachs' Petershill Offshore Fund L.P. will acquire a passive minority interest in the 34-year-old firm in Newtown. It did not disclose how big that stake will be. However, Mount Lucas said it will "retain complete autonomy" over management, operations, and investment strategies.
May 28, 2010
Eton Park Capital Management, a New York hedge fund, disclosed in a regulatory filing that it had boosted its stake in Airgas Inc. to 7.27 percent, or six million shares, as of Friday, making it the second-largest shareholder in the Radnor industrial gases distributor behind company founder Peter McCausland. Eton Park bought the Airgas shares after Air Products & Chemicals Inc. announced its $60-a-share buyout offer for Airgas, anticipating that Air Products will have to pay more.
October 12, 2008 |
The $700 billion bailout may or may not unclog the nation's financial system. But what it would surely do, experts say, is create opportunities for clever investors to game the system. "I think everyone who is in the financial-services business is busting a gut right now trying to figure out where" the money can be made, said Richard D. Jones, a partner at Dechert L.L.P. who focuses on mortgage finance and capital markets. As the U.S. Treasury Department begins implementing the bailout program - the first contractors might be hired this week - the nation's financial problems only deepened.
October 4, 2008
Palin's disservice With Sarah Palin's unchallenged assertion early in the debate that "I may not answer the questions that either the moderator or you want to hear, but I'm going to talk straight to the American people," she gave herself permission to ignore many questions. But it was a great disservice to those same American people. Committing to a debate is not breaking your prepared remarks into 90-second segments. It is agreeing to answer a variety of questions to demonstrate your depth of knowledge.
September 24, 2008 |
Treasury Secretary Henry Paulson's $700 billion bailout of Wall Street essentially places the federal government at the helm of the world's biggest hedge fund. After all, isn't that what this bailout is proposing to do with taxpayers' money? Under the plan, Paulson will invest $700 billion - at his discretion, with no strings - into so-called mortgage-related assets. That sure sounds like a hedge fund. So shouldn't we - or the fiduciaries we've elected to Congress - ask some of the same questions an investor would ask before putting his or her money into a hedge fund?
August 20, 2008 |
A federal judge in Philadelphia has ordered a former hedge fund operator with offices in King of Prussia and Toronto to pay $279 million in restitution to investors and a $12 million civil penalty. Judge Michael M. Baylson, of the U.S. District Court for Eastern Pennsylvania, last week issued the consent order in the three-year-old case involving $202 million in investor losses. Federal regulators alleged in a June 2005 civil lawsuit that Ontario resident Paul M. Eustace defrauded investors in Philadelphia Alternative Asset Management Co. L.L.C.
October 11, 2007 |
Driven by an improving regulatory and investment climate, the European hedge fund industry is growing rapidly and could shortly overtake the U.S. industry, an investment analyst contended yesterday at a conference organized by Philadelphia's Dechert L.L.P. law firm. Segun Aganga, managing director of equities for the Goldman Sachs Group Inc. in London, said a more favorable regulatory climate, an abundance of capital, and a location central to American and Asian markets were helping to boost establishment of hedge funds in Europe.