Mozilo, SEC In Settlement Discussions (WSJ)
Late Thursday, a status conference on the case was ordered for Friday, a move that could signal a new development in the suit. If no agreement is reached, a jury trial is scheduled to begin Tuesday in federal court here before Judge John Walter.
UBS In Talks With Dozens Of Prop Traders Mulling Hedge Funds (Bloomberg)
Some traders are teaming up to form groups, said Stuart Hendel, who is based in New York and was in Singapore to attend UBS’s annual hedge fund conference. Managers will also leave existing hedge-fund firms that haven’t reached their high-water mark, or the historical peak net asset value of a hedge fund, he said. “Funds with poor performance will splinter,” he said.
Bernanke Makes Case For Further Fed Action (WSJ)
Federal Reserve Chairman Ben Bernanke made a case for new steps by the central bank to boost economic growth, saying inflation was running below the Fed’s objective of 2% and that the economy was on a course to grow too slowly to reduce unemployment. “There would appear—all else being equal—to be a case for further action,” Mr. Bernanke said in prepared remarks for a conference on monetary policy at the Federal Reserve Bank of Boston.
Romer ‘Sad’ Politicians Calling Stimulus a `Dirty Word’ (Bloomberg)
Don’t make Christina sad.
Hedge Fund Links Donors To Attorney General Nominee (NYT)
One in four dollars raised by Daniel M. Donovan Jr., the Republican candidate for New York attorney general, can be traced to Elliott Management.
What’s Dick Bove Feeling Today? (TSC)
“I’ve taken the sells off everything,” Bove says, “You’ve got a whole bunch of companies like State Street Corp), The Bank of New York Mellon Corp., Citigroup, Bank of America and Northern Trust selling at discounts to their cash values. Even though the companies may not be generating that much in terms of earnings, they definitely are being undervalued at the present time,” he says.
John Elway Invests $15 Million With (Alleged) Ponzi Schemer (AP)
Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme. The Denver Post reported Thursday that Elway and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the money in trust until they agreed on where it would be invested. Continue reading »
