The game of musical broker downgrades continues. Today we have Goldman Sachs downgrading Merrill Lynch to "sell". Not only is it a "sell" but Goldman also elevated Merrill to its "conviction sell" list. Analyst William Tanona expects that the firm[...]
HTML clipboardThe hits just keep on coming: Reuters reports that Lehman's LibertyView hedge funds haven't performed well, at least through July; the Special Opportunities fund was down over 17% for the year and other funds showed year to date losses[...]
Oops: The principals at Atticus Capital, with over $20 billion under management at its peak last year, won't be making the estimated $250-300 million that they're said to have each pulled in last year. That's because the hedge funds run[...]
TML clipboardHTML clipboard Just call him the pusher: Thanks to billionaire hedge fund manager George Soros, the good people of Massachusetts can look forward to voting on whether or not possession of a small amount of marijuana will be decriminalzed[...]
HTML clipboard The guy who brought Smurfs to America was busted in an extortion attempt of his son-in-law, a bigwig at Blackstone Group. Stuart Ross, of Aventura Fla. was charged, along with his lawyer, of attempting to shake down Blackstone[...]
The hits just keep on coming: One by one, big revenue streams that the major investment banking firms have enjoyed are drying up. The latest: the junk bond business. Underwriting fees have dropped dramatically. According to the NY Post: Underwriting[...]
Lots of Lehman headlines this morning. There was that FT article that described Lehman's now aborted secret talks to sell a stake to Korea Development Bank or CITIC. According to one of the potential investors, Lehman CEO Dick Fuld still[...]
Andor Capital, the $2 billion hedge fund rund by Dan Benton, is closing its doors in October and returning funds to investors. Benton, who earned a reputation for picking technology stock winners, wrote to his clients that "after 24 years[...]
Why buy the cow when you can have the milk for free?: Barclays would love to increase it's investment banking business in the U.S. But with the credit crunch causing disarray at so many U.S. investment banking firms, swallowing an[...]
With the extra layer of expenses that they add on to a hedge fund investment, in this tough environment, is it really a surprise that hedge funds of funds are having big cash outflows? "Most of the large funds of[...]
We've started updating our 13F hedge fund chart studies with the new 6/30 filings. You can find the them here. We'll be updating more in the next few days.[...]
Leveraged loans could come back to haunt some of the banks that sold them: Citigroup and Deutsche bank may have announced billions in loan saies to private equity firms, but as it turns out, according to securities filings, balance sheet[...]
They must've known something. Per Bloomberg.... On March 11, the day the Federal Reserve attempted to shore up confidence in the credit markets with a $200 billion lending program that for the first time monetized Wall Street's devalued collateral, somebody[...]
After being with the firm for 15 years, Jim Pallotta is leaving the $18 billion Tudor investment Corp according to a letter sent to investors on Wednesday. Hedge funds managed by Pallotta will be spun off of Tudor Investment at[...]
Jimmy Cayne didn't waste any time escaping to the golf course after the shareholder meeting where JP Morgan swallowed Bear Stearns. Here's an excerpt from the Fortune Magazine interview with Cayne: After the final shareholders' meeting in May, Cayne spent[...]
If you're looking forward to a show from Carl Icahn at Yahoo's annual meeting on Friday you're going to be disappointed. That's because he won't be there. With the proxy fight over, he doesn't want to turn the event into[...]
Merrill Lynch's John Thain bought 500K shares of stock in Tuesday's offering at $22.50 a share. With the stock closing at $26.65, he's up over $2 million on paper. Other insiders who have so far profited handsomely are Merrill president[...]
Lehman Hardest Hit by Biggest Rise in Borrowing Cost Since 2000 Einhorn awaits new distressed debt price falls Marshall Wace set to pursue financials European hedge fund launches fall to six-year low U.S. lawyers busy as hedge funds face scrutiny[...]
That includes Harbinger, which the Financial Times notes lost 12% in the first 2 1/2 weeks of July, and Clarium, down 4.3% for the month to July 18. Both funds are said to still be up strongly for the year[...]
Though the price of Lehman Brothers' stock has continued to erode under a cloud of uncertainty, a new Greenwich Survey that queried 1,246 institutional investors between February and April finds that Lehman is tops among fixed-income dealers by market share[...]
It's been a hot button for months, especially with the demise of Bear Stearns and more recently with the volatility in Lehman Brothers shares and other financial firms among others, but the SEC is now talking tough about going after[...]
Billion Dollar Wall Street Baller no more: John Devaney, the flamboyant hedge fund manager and head of United Capital Markets Holdings who made massive wrong way sub-prime bets, was forced to liquidate his Horizon funds. And unfortunately, investors will be[...]
