hedge funds

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Sinema Received $1M Haul, Then Killed Tax Hike on Rich Investors

AP: Ariz. Dem saw big influx of cash over last year from private equity firms, hedge fund managers

(Newser) - Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party's longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers, and venture capitalists whose taxes would've increased under the plan, per an AP review...

Green Investor Forces Exxon Directors Out

Unprecedented revolt over climate strategy puts at least 2 new members on board

(Newser) - ExxonMobil shareholders backed a hedge fund opposed to the company's approach to climate change issues by replacing board members Wednesday. It's the first such rebellion the company has ever faced, CNN Business reports. The hedge fund, Engine No. 1, won two board seats, and the races for two...

This May Be One of the Biggest Losses of Personal Wealth

Hedge fund manager Bill Hwang lost about $10B in a matter of days last month

(Newser) - The name Bill Hwang may not ring a bell for most people, but the low-profile hedge fund manager might just have earned a very unwanted distinction. Here is how industry expert Mike Novogratz sums it up to Bloomberg : "I've never seen anything like this—how quiet it was,...

GameStop's Wild Ride Resumes After Restrictions Eased
Wild Ride Resumes
After Restrictions Eased

GameStop's Wild Ride Resumes After Restrictions Eased

Robinhood is being sued over Thursday halt

(Newser) - GameStop's wild ride isn't over yet. The Robinhood online brokerage, which caused an outcry Thursday by halting buying of GameStop, AMC Entertainment, and other stocks targeted by Reddit users, loosened restrictions early Friday. All 13 stocks in question soared in premarket trading, the Wall Street Journal reports. GameStop...

Lady Gaga Cited Not Once, but Twice in Shkreli Trial Opening

Shkreli was simply 'born this way,' defense attorney argues about eccentric client

(Newser) - Is Martin Shkreli "strange" and "weird," with a "dysfunctional personality"? Yes on all counts, per Benjamin Brafman, the ex-pharma CEO's lawyer, who offered what the New York Times calls a "captivating" opening statement at Shkreli's securities fraud trial Wednesday in New York...

How Donald Trump Cost George Soros $1B

Soros made the wrong call on how stock market would respond after election

(Newser) - George Soros literally bet against Donald Trump after the election and lost. The Wall Street Journal reveals the hedge fund manager and Hillary Clinton supporter misread what the stock market was going to do after the election and said goodbye to almost $1 billion. Soros, who'd already been leery...

$35B Hedge Fund Manager's Secret: Do Nothing

Nevada's Steve Edmundson is a rare find in the investment world

(Newser) - If your visions of high-profile hedge fund managers include frenetic scrambling through paperwork, fielding endless phone calls, and scouring the Internet during never-ending workdays, those don't apply to Steve Edmundson, the investment head of Nevada's $35 billion Public Employees' Retirement System, the Wall Street Journal notes. Where other...

Probe Targets Finance Firms Over 'Sneaky' Strategy

Bain Capital gets a subpoena

(Newser) - Do private equity firms like Bain Capital use a sly strategy to avoid paying hundreds of millions in taxes? That's what New York Attorney General Eric Schneiderman aims to find out. In recent weeks he issued subpoenas to more than a dozen companies, including Bain, TPG Capital, and Sun...

Businesses Must Stop Worshiping Shareholders
Businesses Must Stop Worshiping Shareholders

Businesses Must Stop Worshiping Shareholders

Emphasis on the short term is killing the economy: law professor

(Newser) - The notion that businesses exist solely to increase their stock prices and thus reward shareholders may be a "bedrock principal of our era," writes Jesse Eisinger at the Trade blog for ProPublica, but it also may be taking a serious toll on America's financial health. He sums...

Meet the Man Who Took Down JPMorgan

Boaz Weinstein is an aggressive trader who once lost $2B, too

(Newser) - Credit (or blame) Boaz Weinstein—a 38-year-old hedge fund trader known as a "monster" for his aggressive, risky style—for the $2 billion takedown of JPMorgan, reports the New York Times . Weinstein, a chess master and big-time Las Vegas gambler, isn't talking, but numerous other traders say he...

Lawmakers Give Inside Info to Big Investors—Legally

Brokerage firms arrange meetings with legislators

(Newser) - Congressmen aren’t the only ones trading on their inside info . A lucrative practice has sprung up in Washington, in which hedge funds and other investors pay handsomely for private meetings with top lawmakers or their aides, who give them an early scoop on market-moving news, the Wall Street Journal...

Market Swings Too Wild Even for Big Traders

Attempting to buy or sell can send prices fluctuating wildly

(Newser) - Even the biggest of fish are finding the waters too choppy on Wall Street. As the Dow swings about wildly—it fell 247 points yesterday, and has moved at least 1% in 14 of its past 19 sessions—so too are individual stocks. It’s become nigh-impossible to buy or...

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...

FBI Raids CT Hedge Funds
 FBI Raids Conn. Hedge Funds 

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...

Feds See Massive Insider-Trading Network

Three-year investigation is among the biggest ever undertaken

(Newser) - You know that gray line that sometimes separates "expert advice" from the crime of insider trading? It's about to get a lot darker. The feds are wrapping up what the Wall Street Journal describes as a huge three-year investigation expected to bring an unprecedented array of charges against everyone...

Dems Cave to Scott Brown, Kill Bank Tax

$19B tax ditched in favor of $11B in TARP funds

(Newser) - Scott Brown's threat to vote against the financial regulatory overhaul bill unless Democrats met his demands yesterday succeeded in killing the part of the bill Brown had opposed: a $19 billion tax on big banks and hedge funds. Conceding to Brown and ending a dramatic few days of negotiation, lawmakers...

Disney Employee's Insider Trading Scheme Fizzles

Tip No. 1: Don't send out email blasts

(Newser) - A woman who worked as an administrative assistant to a Disney executive is accused of trying to sell business secrets to hedge funds. As New York magazine explains , she and her boyfriend got the not-so-bright idea to send out a blind email to hedge funds seeking customers. At least 20...

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken...

Feds Investigate Whether Hedge Funds Sank Euro

'Idea meeting' may constitute collusion

(Newser) - The Justice Department has begun an investigation into a group of hedge funds that may have colluded to short-sell the euro, driving down its value and driving up their profits. Justice sent a letter to SAC, Greenlight, and Soros—among others—the same day the Wall Street Journal reported that...

CIA Ops Moonlight for Corporations

Help hedge funds spot liars on corporate earnings calls

(Newser) - Apparently CIA operatives don't have enough on their plates fighting two wars and al Qaeda: Many operatives moonlight as consultants to financial firms and hedge funds, Eamon Javers writes in a book excerpt on Politico . Moonlighting in the private sector is generally allowed for federal employees if they follow strict...

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