Earlier today, Diamondback Capital was the second of god knows how many firms to be raided by the FBI as part of its Insider Trading Fest(ivus) 2010. The hedge fund had nothing to say about the matter at the time but they’ve just issues a statement letting every who was worried know that nothing is fucked.
“We received an inquiry this morning from the FBI. Diamondback is voluntarily cooperating. The firm is fully operational and we, along with our team, continue to manage the portfolio and Diamondback’s business for the benefit of our investors.” (via Reuters)
Proof that they are totally screwed. Redemptions should be going on EVERYWHERE about now. If you had money in SAC would YOU leave it there?
Truly nbd; the FBI is just airing its grievances
Dear Valued Customer,
We are running late with our normal Monday route in the Stamford/Greenwich area. Pls do not leave documents in garbage as we have had reports of quite a few dumpster divers recently.
Your Friends at Iron Mountan Secured Shredding
stop the BS everyone knows these guys are guilty they are all going down its about time how else do u think they make so much money when returns for the last 10 years suck
THEY STEAL IT
I guess you first have to ask yourself if you want Bess Levin to accuse of lacking a pair or not.
19 Nov 2010 at 3:51 PM
FrontPoint Forced To Shutter Healthcare Fund Thanks To Investors’ Lack Of A Pair
By Bess Levin
A few weeks back, FrontPoint Partners’ healthcare fund had its name in the press due to its association with a French doctor who allegedly passed one of its managers some hot tips. Not really that big a deal in the grand scheme of things (especially considering the firm itself was never actually charged with any wrongdoing) but apparently investors thought differently. They have redeemed en masse, forcing FrontPoint to liquidate the $1.5 billion fund. And now they need to sit down for a little chat re: the ways of the world.
What’s most shocking about this news is that this group of individuals lacks the stomach for ONE measly not very scandalous at all insider trading scare. Do they see the investors of, for example, one of the world’s most successful hedge funds, let’s just call it SMACK Capital, redeeming every time someone connected to SMACK is suggested to be an insider trader? No, they don’t and it happens all the time. In fact, no hedge fund worth its fees hasn’t had its name whispered alongside the words ‘insider trading’ at least a dozen times. You want to invest with the best? Then man the fuck up or go by a Vanguard index mutual fund. And a word to FrontPoint next time you go raising capital– more important that the minimum? A ‘no pussies’ clause and a forewarning that any stories of possible illegality set off an immediate gate.
somewhere on Park Ave Phil Falcone is breathing a huge sigh of relief as the media has now moved on……………
what’s worse, 1) being down 15% with two pigs in your house or 2) being ass raped by FBI raid?
Fyi, I just drove to every Staples/Ofice Depot in SW CT trying to find a shredder. Everyone is out right now.
Fyi, I just drove to every Staples/Ofice Depot in SW CT trying to find a shredder. Everyone is out right now.
I assumed that they were just better traders than you. Don’t confuse good research with insider trading just because you suck at your job and your ego is too delicate to handle what sounds like a lifetime of failure.
2nd paragraph…who knew what she knew, when she knew it?
http://www.webstaurantstore.com/third1812/products/brown-paper-bags.html thank me later
Good because I need someone to talk to about withdrawing my funds.
Rumor – Kruger Industrial Smoothing is next!!!
3) being down 15% while being assraped by two pigs with the FBI taping the whole thing with pinhole cameras that will later be made public during your trial
eerie…
I’m not usually one to defend semi-literate rants on this board, but it seems like a connection to SAC has been the common denominator of every major insider trading case that’s hit the press in the last 12 months. Seems pretty clear that these guys share a willingness to skate pretty close to the edge of legality in their trading…
Let the redemption party commence
This is going to be a train wreck.
On the bright side, after the raping you’ll be able to lie back, smoke a cigarette, and listen to a live version of Hungarian Rhapsody No.12.
I’ve heard if you paint lamb’s blood over the doorway, the FBI won’t come. Can someone confirm?
yes
Wow. An industrial strength magnet just sold on ebay for $60,000 to somebody named punjab@sacbackoffice.com.
someone is going down, who will be the “new” Fabrice?
Don’t I know it!
If I was the FBI or a priest, I would totally molest myself.
nothing is fucked here, dude. you’re being very un-dude. they’re a bunch of fucking amateurs!
-Walter
FBI:DB::Priest in 3some:FB
levin spelled backwards is schwartz. coincidence?
So THAT’s what they use the Zamboni for!
Jerry: “Excuse me I’d like to redeem my investment.”
DiamondBack: “Certainly. May I ask why?”
Jerry: “……..For spite…”
DiamondBack: “Spite?”
Jerry: “That’s right. I don’t care firm sold me on it.”
DiamondBack: “I don’t think you can return an item for spite.”
Jerry: “What do you mean?”
DiamondBack: “Well if there was some problem with the investment, If it were unsatisfactory in some way, then we could do it for you, but I’m afraid spite doesn’t fit into any of our conditions for a refund”
Jerry: “That’s ridiculous, I want to redeem it. What’s the difference what the reason is.”
DiamondBack: “Let me speak with the manager…excuse me ………….RICHARD!”
(walks over to the Richard Schimel and whispers)
DiamondBack “……..spite…..”(Manager walks over)
Richard: “What seems to be the problem?”
Jerry : “Well I want to redeem this investment and she asked me why and I said for spite and now she won’t take it back.”
Richard: “That’s true. You can’t redeem an investment based purely on spite.”
Jerry:. “Well So fine then ..then I think its to risky and that’s why I’m redeeming it”
Richard: “Well you already said spite so……”
Jerry: “But I changed my mind..”
Richard: “No…you said spite…Too late.”
j’accuse!
the SAC parallels to a baseball player testing positive for estrogen are many
So I assume I’m not the only one here who’s wondering how the hell everything wasn’t shredded yesterday given that this was leaked days ago? How much more warning do you really need?
Precisely.
I think that most investors are familiar with the insider trading law when it comes to not trading on inside information if it is non public, material and when the tipper or tippee owes a fiduciary duty to the company, directly or constructively. What i think most are confused about is what consititutes “misappropiation”.
Don’t know about the others but a couple of Diamondback guys were dirty as hell.
Ah… yes I would. find me a better place to put my money. Worst case scenario: liquidation occurs and I get my money back. You are a moron.
Shredders are so 2003. I know a man who can implant an idea in a person’s mind during a dream-like state, so that perceptions of the past are forever altered. Once the idea takes hold, it can never be eradicated. Yes, I’m talking about is misperinception.
Hey Diamondback, my son tells me you couldn’t smooth a silk sheet if you had a hot date with a babe………………..i lost my train of thought. Enjoy your dinner
ALL LEVEL GLOBAL and DIAMOND INVESTORS RUN!!! RUN!!! RUN!! Redeem while you can!!! get out before Ganek takes you down with him. You will get a copy of Dani Ganek’s hamptons memoirs if you are lucky!!!
Really enjoying that sec reg class, huh?
Yes, but you’ve got to walk through a sea and then travel for 40 years in the desert before you’re in the clear.
Thats the Ironman competition you idiot
- Bear Stearns RM
i guess all of those gifts to the Human Fund will come back to bite them in the ass!
Does this mean it’s not too late for me to apply for the Head of IR job?
–Marjorie
Only if Charlton Heston paints it with his cold bloody hands.
I believe SAC and Stanford Finanical are the same ppl only without R. Allen Stanford
@Socratic Method: my 7 year old is more qualified to run IR at Diamondback than the clowns they have now. I could care less, I was once an interested investor but those schmucks never called me back after 2 messages and 2 emails because apparently there were even bigger schmucks trying to get in all throughout this year. You don’t call me back, I don’t invest (it’s a simple, but effective rule).
On second thought, I owe the team lunch. You just made me look like a star for passing on the “investment”.
The hedge fund had nothing to say about the matter at the time