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NEWS ABOUT: hedge fund

Art Funds Looking Far East

As West's growth slows, managers aim to buy, and sell, in China, Middle East, India

(Newser) - With major economies slowing and the US dollar near historic lows, art investment funds are looking to move away from the slowing Western art market, Bloomberg reports. Funds are sinking millions into works from China, India, and the Middle East. One leading fund has met its target for contemporary Chinese... More »

Hedge Funds Cash In on Collapse of Bear

Wagering the securities firm stock would fall paid off millions

(Newser) - The epic collapse of Bear Stearns didn't mean bad news for everyone on Wall Street—several big hedge funds made a mint off it, the Wall Street Journal reports. The funds essentially placed bets that Bear would stumble, then raked in millions when the security firm's shares took a nosedive.... More »

Chelsea Shows Best of Both Clintons

On the stump for mom, she looks like a political natural

(Newser) - Chelsea Clinton has come into her own on the campaign trail, “self-assured, soothing … at once affable and urbane,” even “the ideal amalgam of her parents’ political talents,” glows Lloyd Grove in a New York profile. Bill and Hillary have adroitly managed their daughter's public persona,... More »

Spending Spree Puts Abu Dhabi Under Spotlight

After US grabs, officials focus on secretive sovereign wealth fund

(Newser) - When Abu Dhabi's investment arm poured $7.5 billion into Citigroup, to bail out America's biggest bank, the move didn't escape notice in Washington. The world’s biggest sovereign wealth fund has been flexing its muscle, making increasingly aggressive investments  in foreign interests, the New York Times reports. And though... More »

Citi Blocks Hedge Fund Withdrawals

Move is latest black eye for bank's alternative investments

(Newser) - Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last... More »

Greenspan Signs On With Mortgage Profiteer

Ex-Fed honcho will advise hedge fund

(Newser) - Paulson & Co. made a fortune as the mortgage crisis unfolded, and now the hedge fund has hired the man some say caused the meltdown. Alan Greenspan, whose actions as chairman of the Fed have been under fire lately, today agreed to advise the firm, which saw one fund rise... More »

'Miraculous' Crash Survivor Doing Well

Teen has no serious injuries after Panama plane accident

(Newser) - The sole survivor of a plane crash that killed a California businessman and his daughter in Panama is conscious and talking, CNN reports. Francesca Lewis, 13, who survived not only the crash but two days of frigid temperatures before being rescued, has a fractured arm but no life-threatening injuries. "... More »

Feds Investigate Bear Stearns Fund Manager

Insider-trading probe targets $2M move ahead of fund collapse

(Newser) - The manager of hedge funds that lost $1.6 billion when they went bankrupt in July has left Bear Stearns, and federal investigators are looking into whether he withdrew his own money before the collapse. Ralph Cioffi moved $2 million in March—before the funds tanked in the subprime collapse—... More »

Debut of New Goldman Hedge Fund May Break Record at $10B

Firm spawns first in-house private fund

(Newser) - Goldman Sachs will launch a new stock hedge fund next month with as much as $10 billion, making it the biggest hedge fund debut in industry history, Bloomberg reports, and Goldman's first in-house fund of its kind. The fund, Goldman Sachs Investment Partners, will be run by two Goldman department... More »

Death Airs Hedge-Fund Excesses

Drowning unleashes rumors of coke binges, male strippers and murder

(Newser) - The legal wrangling that has followed the September death of hedge fund manager Seth Tobias in his Florida swimming pool is sensational enough, the New York Times reports—his wife says he drowned; Tobias' brothers accuse his wife of murder—but details of the high living bankrolled by high finance... More »

Small Hedge Fund Scores 1,000% Return

Shorting subprime securities may be most profitable bet of all time

(Newser) - A small Californian hedge fund bet against subprime-linked securities and earned its investors a cool 1,000% profit this year, making Lahde Capital one of the world's best-performing funds of all times, the Financial Times reports. In all, hedge funds that shorted subprime loans appear to have made the single... More »

Hedge Funds Bounce Back

After summer retreats, stock pickers get back on their game

(Newser) - Despite the uncertain economic climate, hedge funds are rebounding after a rough summer. The mercurial atmosphere is actually helping stock pickers play the markets, the Journal reports. The smart ones predicted the mortgage crunch and are making out well from oil and currencies. "The good managers are taking advantage... More »

House Passes Alternative Minimum Tax Bill

But bill is unlikely to make it through the Senate unchanged

(Newser) - The House passed a sweeping tax-reform bill yesterday—shifting some $78 billion in taxes from middle-class families to the super-rich—that is expected to get little traction in the Senate and has already drawn the promise of a presidential veto. The bill would exempt middle-income families from the Alternative Minimum... More »

Looming Tax Bill to Test Dem Loyalties

Bill to help middle class hurts their hedge-fund backers

(Newser) - A bill to give tax breaks to middle- and low-income people by closing loopholes that keep equity executives’ tax rates low is set for a vote this week in Congress, the Washington Post reports, forcing Democrats to choose between standing up for the common man and protecting the hedge-fund managers... More »

Merrill Hedging Prompts Inquiry

SEC seeks info on delayed mortgage reckoning

(Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which... More »

Rangel Pushes Corporate Tax-Rate Cut

Tax-rate trim from 35% to 31% would be offset by eliminating tax breaks

(Newser) - Rep. Charles Rangel, the Democratic chairman of the House Ways and Means Committee, has proposed a revised corporate tax structure that could lower corporate income taxes from 35% to between 30% and 31%. It would be offset by doing away with tax breaks for manufacturing in the US. The bill... More »

Can 1987's Black Monday Happen Again?

Not likely, but credit crunch proves we can invent new screw-ups

(Newser) - Twenty years ago, Black Monday—now, the credit crunch. Haven’t we learned a thing? Yes and no, says MSNBC: Today, "circuit breakers" make a 1987-style sell-off unlikely by cutting off trading at certain limits. And new, tighter mortgage standards will keep credit under control. But greed and fear... More »

Living on the Edge in Connecticut

Will hedge-fund legend Victor Niederhoffer go broke again?

(Newser) - Victor Niederhoffer is many things: a champion squash player, a family man (six children from two wives and a mistress), a blogger, and a math prodigy.  But mostly he is a trader. He amassed huge wealth working with George Soros in the 1980s, losing it all in 1997. He... More »

Swiss Bank Giant Posts Huge Losses Amid Credit Crisis

Biggest loser so far in subprime mess

(Newser) - Switzerland's largest bank, UBS, has become the biggest casualty of the worldwide turmoil in the financial markets, reports the Wall Street Journal. The bank is expected to announced today that it has written off  $3.4 billion in fixed income assets. UBS is projecting third quarter losses of at least... More »

Windy City Finance Biz Lures New Yorkers

Hedge fund says prices, lifestyle win converts

(Newser) - If a Chicago-based hedge fund goes public, can it relocate East Coast talent to the Windy City? Citadel Investment Group, which is signaling interest in an IPO, says many New Yorkers fall in love with the city. Yet some still give it the cold shoulder:  "A lot of... More »

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