hedge fund

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Hedge Fund Run by Chelsea Clinton's Husband Loses 90% of Value

He bet investors' money on the Greek economy and lost

(Newser) - Chelsea Clinton's husband, Marc Mezvinsky, runs a hedge fund focused on global politics and the world economy. Vanity Fair calls it a "cozy specialty for a man related to a former president and a former secretary of state who is currently the front-runner to take the Oval Office... More »

Activist Investor Wants to Scrub Entire Yahoo Board

Starboard says it's got 9 nominees to take over for floundering Internet company

(Newser) - Yahoo's entire board of directors should be swapped out, per an activist investor, and the AP reports that Starboard Value is going to nominate nine new board members Thursday, ratcheting up tensions between itself and the beleaguered Internet giant. The Wall Street Journal says it reviewed a letter from... More »

Cops: Son Shot Hedge-Fund Dad Over Allowance Cut

Thomas Gilbert Jr. allegedly tried to make death look like suicide

(Newser) - "Spoiled" barely covers it: Thomas Gilbert Jr., who allegedly shot his hedge-fund founder father dead on Sunday, did so because his father had threatened to cut his $400-per-week allowance by $100, police say. Thomas Gilbert Sr. had also discussed stopping paying his son's rent in a Manhattan building... More »

Son Arrested in Hedge Fund Founder's Shooting

Thomas Gilbert shot dead in Manhattan home

(Newser) - The son of a hedge fund founder was arrested last night, hours after 70-year-old Thomas Gilbert was shot dead in his Manhattan home. Thomas Gilbert Jr., who may have slipped past security at his father's luxury East Side apartment building before the shooting, was believed to have fled the... More »

BlackBerry Sells Itself for $4.7B

Fairfax Financial, the smartphone pioneer's largest shareholder, buys it

(Newser) - It looks like the days of BlackBerry being an independent company are over. Trading on shares of the company was halted today when the company made it known that it had a major announcement coming. The announcement: It had signed a letter of intent to be purchased by Fairfax Financial... More »

Hedge Fund Chief Dumps JCPenney for $490M Loss

Ackman backed policies that led to huge drop in sales

(Newser) - After buying a huge stake in JCPenney and backing a disastrous revamp that has left the chain floundering, Bill Ackman has decided he's done with the company. The Pershing Square hedge fund Ackman runs has announced its intention to unload its 18% stake in the company at a price... More »

SEC: Giving Up on Financial Crisis Prosecutions?

Commission passes on prosecuting major hedge fund

(Newser) - You might want to stop holding your breath waiting for the SEC to bring the hammer down on more financial crisis ne'er do wells, because the commission appears to be winding down crisis-related investigations. That's what the Wall Street Journal has concluded after getting word from sources that... More »

JPMorgan Loss Passes $3B

Bank bleeds a billion after rivals cash in on its bad bets

(Newser) - JPMorgan's $2 billion trading loss has become a $3 billion-and-counting loss with dizzying speed, insiders tell the New York Times . CEO Jamie Dimon predicted that the loss could double within a few quarters, but the extra billion in trading losses has come in just four trading days as hedge... More »

Galleon Founder Slapped With $92.8M Civil Penalty

Convicted insider trader hit with record SEC fine

(Newser) - Galleon Group hedge fund founder Raj Rajaratnam has broken another record. The former billionaire, who received the longest-ever prison sentence for insider trading last month, has been ordered to pay the largest-ever Securities and Exchange Commission civil penalty for insider trading, reports the New York Times . The $92.8 million... More »

Ex-Goldman Exec Charged With Fraud

Rajat Gupta accused of leaking info to Galleon director

(Newser) - Former Goldman Sachs director Rajat Gupta surrendered to federal authorities today to face charges related to insider trading, the AP reports. Gupta appeared in Manhattan federal court and was charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. The longtime McKinsey & Company... More »

Soros Kicks Investors Out of His Hedge Fund

He'll manage exclusively family assets from now on

(Newser) - From now on, George Soros’ hedge fund is strictly a family affair. The billionaire has decided to oust all outside investors from the fund, in order to duck new federal regulations requiring hedge funds to register with the SEC, Bloomberg reports. From now on, the fund will manage Soros’ own... More »

JP Morgan Coughs Up $153M to Settle Fraud Case

Investors misled about shoddy securities

(Newser) - JP Morgan has paid $153.6 million to settle SEC charges that it misled investors as it scrambled to offload mortgage-backed securities before the 2007 collapse in the housing market, reports Reuters . " We are soooo pregnant with this deal," wrote an exec in a 2007 email, referring to... More »

Investor to Microsoft: Ditch 'Charlie Brown' Ballmer

David Einhorn calls for Steve Ballmer's head

(Newser) - Big-time hedge fund manager David Einhorn called for Steve Ballmer’s head yesterday, saying Microsoft suffered from “Charlie Brown management.” Einhorn’s Greenlight Capital has been snapping up Microsoft shares, which, he told the Ira Sohn Investment Conference, are at a “remarkable discount” because of Ballmer’s... More »

Billionaire Convicted in Huge Insider Trading Case

Raj Rajaratnum of Galleon Group guilty on all counts

(Newser) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted... More »

Insider Trading Probe Looks at Fund King's 'Big Book'

Steven Cohen fund made trades suggested by pair who have copped to insider trading

(Newser) - Federal prosecutors are looking into a massive hedge fund run by industry giant Steven Cohen as part of a sweeping insider trading investigation . They’re specifically looking at trades suggested by a pair of ex-employees of Cohen’s SAC Capital Advisors who have pleaded guilty to insider trading (in the... More »

Hedge-Fund Tycoons Ditch Obama for GOP

They feel betrayed by president's tough talk

(Newser) - Daniel Loeb used to be one of Barack Obama’s biggest supporters, but these days he’s raising huge piles of money for Republicans. Why? Well the president appears to have hurt his feelings, the Wall Street Journal observes. “I am sure, if we are really nice and stay... More »

This Man Made $5B Last Year

John Paulson scores big with merely decent performance

(Newser) - Hedge-fund manager John Paulson personally raked in $5 billion in profits in 2010, which is “likely the largest one-year haul in investing history,” according to the Wall Street Journal , beating even the nearly $4 billion Paulson made betting against subprime mortgages in 2007. To put the number in... More »

Feds Make First Arrest in Insider Trading Sweep

Don Ching Trang Chu allegedly planned to flee to Thailand

(Newser) - Federal authorities have made the first of what's expected to be many arrests in their huge insider trading investigation . A US Attorney in Manhattan announced charges today against Don Ching Trang Chu, an employee of an expert-networking firm that supplied "market intelligence" to hedge funds. Prosecutors say the New... More »

FBI Raids Conn. Hedge Funds

...as part of extensive insider-trading investigation

(Newser) - The FBI is undertaking an extensive insider-trading investigation, and raided two hedge fund offices in Connecticut today that are presumably part of it. Former managers at Steve Cohen's SAC Capital Advisors run both raided firms, Diamondback Capital Management LLC and Level Global Investors LP, the Wall Street Journal reports. The... More »

Hedge Funds Get 'Sweet Deal' in Finance Bill

Thanks to an army of lobbyists, they've dodged reforms

(Newser) - While Wall Street banks are being hauled before Congress for public reprimand, hedge funds and private equity firms have floated blissfully above the fray, thanks to an army of well-connected lobbyists. More than half of the 83 new lobbyists who signed up with the industry's two main trade groups last... More »

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