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Mysterious Twitter Investor to Make Big Bucks on IPO

Suhail Rizvi's equity firm amassed 15% stake, says Reuters

(Newser) - As Twitter prepares to go public , there's plenty of people waiting in the wings to cash in; yesterday's filings reveal investment firms, board members, and execs will have the highest payouts, but one mysterious Hollywood financier also will add a good chunk of change to his bank account.... More »

Tycoon Carlos Slim Loses $8B in Week

But he still has $63B left for comfort

(Newser) - From the everything's-relative department: The world's richest man has lost about $8 billion in this week's market mess, reports Bloomberg . The fortune of Mexico's Carlos Slim is now worth about $63 billion in US dollars, down 11% from the end of July. Mexico's stock market... More »

Warren Buffett's Greatest Investments

Coke and American Express have made him a bundle

(Newser) - Warren Buffett is one of the United States' greatest rags-to-riches stories. Once a whiz kid from Omaha, Buffett is now one of the world's wealthiest men. Here are some of the investments that got him there, from 24/7 WallSt .
  1. Coca-Cola: Buffett bought his first shares of Coke in 1988. By
... More »

Facebook 'Unsure' if Zuck Sold Site Years Ago

Case appears before judge for the first time

(Newser) - A lawyer for Facebook says she’s “unsure” whether a freshman Mark Zuckerberg signed away the rights to the site for $1,000. New York investor Paul Ceglia produced a contract in court yesterday that he said Zuckerberg had signed back in 2003, giving Ceglia a growing stake in... More »

Warren Buffett Lunch Snags $2.6M

Anonymous bidder sets record in charity auction

(Newser) - Warren Buffett's status as an oracle seems intact. An anonymous bidder will pay $2.6 million to have lunch with the chief of Berkshire Hathaway, topping the 2008 record of $2.1 million, reports Monsters & Critics . Buffett auctions off the lunch every year on eBay, with proceeds going to... More »

Fund Sues Goldman Sachs Over Bonuses

Cop, firefighter pension group seeks to halt $22B payout

(Newser) - A pension fund investor is taking Goldman Sachs to court over bonuses it says has nothing to do with employee merit. The suit filed by the Security Police and Fire Professionals of America Retirement Fund accuses the company of preparing to "blindly" hand out $22 billion in bonuses, Reuters ... More »

Don't Let the Recession Rule Out Retirement

Save more, use 'catch-up' tax law provisions to turn things around

(Newser) - Retirement savers have been facing grim truths, like the fact that a 50% portfolio loss requires 100% in earnings to recover. But middle-of-the-road investors could recover in as little as 2 years if they make contributions, receive a company match, and see fair long-term portfolio returns, writes Linda Stern in... More »

SEC Moves to Ban Lightning-Fast Trading

Flash orders let big investors buy and sell in milliseconds, harming slower traders

(Newser) - The SEC is seeking a ban on the financial technique known as flash orders, a controversial method in which powerful computers survey other investors' trades and adjust strategies within milliseconds to turn a profit. SEC head Mary Schapiro said that flash orders "may create a two-tiered market" since only... More »

Buffett: 'We Are Not Out of Problems Yet'

Investor looks to clean up on crisis, but is moving out of stocks

(Newser) - Even Warren Buffett had a bad financial crisis: The Omaha sage personally lost $25 billion in 2008, enough to put him behind Bill Gates on the worldwide rich list. But while many investors hunkered down as markets tanked, Buffett recalibrated, pouring billions into companies—Goldman Sachs, GE, BofA, Amex—that... More »

Jailed Financier Stanford Wants Cell With Better A/C

Alleged fraudster files a motion to move to cushier Houston jail

(Newser) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the... More »

Lunch With Buffett Sells for $1.68M

(Newser) - Lunch with Warren Buffett is a little cheaper this year. The anonymous winner of an eBay auction for a steak lunch with the Oracle of Omaha paid $1.68 million, down from last year’s record of $2.1 million. It’s still the second highest bid in the 10-year... More »

GM Close to Hummer Sale That Would Save 3K US Jobs

Has picked a buyer; deal would be finalized by Sept.

(Newser) - GM has selected an unnamed investor to buy its hulking Hummer brand, in a move aimed at saving more than 3000 US jobs, sources tell the Wall Street Journal. They say the company hopes to seal the deal, rumored to be in the $200 million range, by September. An official... More »

Investors Hire Gumshoes to Snoop on Fund Managers

Fraud schemes prove boon to private eyes

(Newser) - Investors are increasingly hiring private investigators to dig up dirt on fund managers in hopes of avoiding the next Madoff-style fraud, Bloomberg reports. Background checks are expensive—depending on the firm, they may cost $1,000 per company or individual investigated—and can take weeks, but investors say they are... More »

Fla. Developer Offers Investors Green Cards

Foreigners with $1M cash can get US residence

(Newser) - Foreigners still interested in the American dream can get permanent residence in the US by investing $1 million in a Florida condo-hotel project starved for credit. The government-approved offer gives investors a conditional visa in exchange for the investment, the Orlando Sentinel reports. If the foreigners can prove within two... More »

Madoff Ruse Exploited Palm Beach's Clubby Ways

Swindler exploited ritzy Palm Beach culture to bilk investors

(Newser) - You have to give it to Bernie Madoff: The Ponzi pirate wasn’t your average fraudster, Daniel Gross observes in Slate. Look no further than Palm Beach, which was "ground zero" of his scheme. Madoff got where he did by “fiendishly exploiting the unique, clubby culture" of the... More »

Madoff Got $10M Investment Days Before Arrest: Suit

Funds were businessman's first Madoff deal

(Newser) - A New York businessman is suing to recover $10 million he handed over to Bernard Madoff 6 days before the alleged Ponzi schemer was arrested, the Wall Street Journal reports. Martin Rosenman wired the funds to a JP Morgan Chase account controlled by Madoff, who told the first-time investor that... More »

Tables Turn: Madoff Gets Ripped Off

Thieves rip-off investment fraudster

(Newser) - In a bit of poetic justice, a thief stole an expensive statue from the Palm Beach estate of Bernard Madoff last week, the New York Post reports. Burglars took a $10,000 copper statue depicting two lifeguards from the fraudster accused of losing $50 billion of investors’ money in a... More »

Mark Cuban Hit With Insider-Trading Charges

Owner of NBA's Dallas Mavericks accused in 2004 stock sale

(Newser) - Dallas Mavericks owner Mark Cuban was charged today with insider trading, the Dallas Morning News reports. The government alleges that, in 2004, Cuban spoke with the CEO of a company in which he held shares, and was told, confidentially, of a new stock offering that would dilute the value of... More »

Investor Templeton Dies at 95

He founded huge investment firm, awards for spiritual research

(Newser) - Influential investor and philanthropist John Marks Templeton has died at age 95. The founder of Templeton Mutual Funds, one of the biggest investment funds in the world, died in the Bahamas, the Washington Post reports. In 1999, Money magazine called him "arguably the greatest global stock picker of the... More »

Investor Wins $2.1M Lunch With Buffett

Charity auction for San Francisco homeless sets record

(Newser) - A Chinese investment fund manager won the chance to have lunch with billionaire Warren Buffett by bidding $2.1 million in the most expensive charity auction ever held on eBay. Zhao Danyang of the Hong Kong-based Pureheart China Growth Investment Fund won the auction, which ended Friday evening with a... More »

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