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NEWS ABOUT: hedge fund

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Subprime Crisis Sparks a Spate of Legal Battles

Investors, homeowners, banks head to court, but obstacles lie ahead

(Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range... More »

KKR Prepares for Test of Credit Markets

Fate of pending deals may foretell future of private equity

(Newser) - Kolhberg Kravis Roberts is pushing forward with some of the biggest deals in US history, but the iconic buyout firm finds itself under unprecedented scrutiny. Analysts say the huge deals KKR has pending will be a test of the struggling credit markets, the Washington Post reports: If they don't go... More »

House Targets Hedge-Fund Tax Deferments

New bill would cut tax deferrals on overseas income for managers

(Newser) - Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free.... More »

One Unrivaled Market Force: Vacation

Stocks calm down as bankers, investors bail for the beach

(Newser) - The FT leads with a prediction that market volatility will decrease over the next week for a simple reason: everyone's going on vacation. Major decisions by banks, hedge funds and mortgage lenders will be on hold as the financial world bails New York, London and Frankfurt for the end of... More »

Wall Street Bonuses To Sink

Market crisis hits paychecks

(Newser) - The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first... More »

Reality Bites Wall Street Whiz Kids

Quant fund eggheads screwed up just as badly as everyone else

(Newser) - The eggheads who run Wall Street's "quant funds," using complex algorithms to play the markets but neglecting the human element, screwed up as badly as everyone else during the Dow's recent dive. "They are very smart in front of a textbook but not smart enough to understand... More »

Romney Has Major Stake in Sinking Fund

Candidates in both parties could see big donations dry up

(Newser) - Former Massachusetts  Governor Mitt Romney has a substantial investment in a teetering Goldman Sachs hedge fund that was propped up with a $3 billion cash infusion after it lost a third of its value. Romney, who won a symbolic victory in Iowa's GOP straw poll last weekend, is thought to... More »

Goldman Hedge Fund Gets $3B Infusion

Investors fund bailout after assets evaporate; markets breathe

(Newser) - A struggling Goldman Sachs hedge fund will get a $3 billion cash infusion, with a third of the bail-out coming from wealthy investors and the rest from the bank itself. Global Equity Opportunities Fund has seen assets drop by 28%, to $3.6 billion, over the last two weeks, as... More »

Dow Tumbles Over 380 Points

Year's second-worst loss falls on heels of solvency fears

(Newser) - The Dow Jones lost nearly 3% of its value today, tumbling 387.18 points to 13,270.68 in the second-worst drumming of the calendar year. Trading curbs were in place early, after BNP Paribas froze funds that took a bath in the US credit market and Chinese exchanges crashed... More »

Bear Stearns Takes Refuge in Caribbean

Bankrupt hedge funds ticketed for liquidation in friendly Caymans

(Newser) - Bear Stearns, faced with the implosion of two hedge funds worth more than $1 billion, has decided to liquidate them in the Cayman Islands—a move that will give creditors and investors less access to their money.  Bloomberg forecasts a court battle over the tactic, which an analyst said... More »

Mortgage Crisis Hits Affluent Buyers, Too

Even borrowers with excellent credit are now facing higher rates

(Newser) - Mortgage tremors have rippled so far across the home loan market that even buyers of high-priced homes with good credit records are now being squeezed, the Wall Street Journal reports. Rates have surged on loans above $417,000 for prime borrowers—to 7.34% for a 30-year fixed-rate mortgage, up... More »

Bear Stearns Axes Prez Over Fund Fiasco

Subprime woes reach executive suite after hedge funds implode

(Newser) - Bear Stearns has fired its No. 2 and once-likely successor as CEO in the wake of  the collapse of two company hedge funds worth more than $1B, reports the Wall Street Journal. Warren Spector, the most high-profile casualty to date in the subprime-mortage crisis rocking Wall Street, is a mortgage... More »

Battered Bear Tries to Act Bullish

Wall Street's anxieties force Bear Stearns to make major changes

(Newser) - The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond... More »

Dow Surges After Asian Bleeding, Roller-Coaster Day

(Newser) - Wall Street is dizzy after mixed signals threw traders into buy mode despite an abundance of bearish indicators today, making for one of the most volatile days in weeks. The Dow finished up 150.38 points at 13362.37, even after Asian markets plummeted across the board last night, a... More »

Subprime Woes Rock Another Bear Stearns Fund

Withdrawals blocked, rumors swirl as market slips further

(Newser) - Bear Stearns has blocked withdrawals from a mortgage investment fund amid Wall Street jitters over the crisis in high-risk subprime mortgages, the Wall Street Journal reports. Two Bear Stearns hedge funds heavily invested in subprime mortgages collapsed in June, and now another fund, which has only a tiny fraction of... More »

Schumer Bucks Party on Wall St. Tax Hikes

Leading Dem torn between monied base, middle class

(Newser) - Rejecting populist piety, Chuck Schumer is opposing legislation that would double tax rates for private equity and hedge fund executives, arguing that he’s torn over the measures but contending that they unfairly target an industry critical to his constituency. The New York Times reports the senator, the only Democrat... More »

Funds Can't Find Friends in Anti-Tax Fight

As Senate starts tax hearings, masters of the universe find they're short on pals

(Newser) - Wall Street's hedge-fund and private-equity titans are looking for allies in their fight to prevent a tax hike on profits—but they're having trouble recruiting, today's Journal reports. As the first Senate hearings on the proposed hikes get under way, representatives from venture capital, public pension funds, and investment firms... More »

Funds Find One Bet They Can't Hedge: Trust

It's 1998 all over again as Bear Stearns buckle triggers panic

(Newser) - The recent collapse of two Bear Stearns hedge funds, and the resulting informal SEC investigation, have once again placed the complex system and its impact on markets under the spotlight. The Washington Post delves into the history and ethos of the powerful funds, comparing them to the Wizard of Oz... More »

Bad US Loans Sink London Hedge Fund

Subprime mortgage crisis ripples through world market

(Newser) -  A London hedge fund is the latest casualty of the US subprime mortgage crisis that has already hit American investment companies, the Financial Times reports. After losing 53% of its value, Caliber Global Investment will sell its assets and try to repay $900 million to investors over the next... More »

SEC Opens Subprime Probe

Cox announces investigations into CDOs in wake of Bear Sterns tremors

(Newser) - The feds are investigating the controversial bundles of financial services that have recently shaken the market and sparked a spate of leveraged buyouts, the Journal reports. SEC chief Christopher Cox told a congressional panel yesterday that "about 12 investigations" were under way into CDOs, shared debt packages reliant on... More »

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