Here are a bunch of things the Rochdale analyst had to say about the central bank and its policies in a recent note. Continue reading »
Archive for June 2011
Or you can get a replica of this outfit. Your call.
Pop quiz: you’re a hedge fund manager named Philip Falcone. Last year investors got pretty bent out of shape when you loaned yourself $113 million in order to pay personal taxes, from a gated fund. Many of them, including Goldman Sachs and Blackstone, redeemed, and among the ones who stayed, well, they’re still not so happy, on account of the fact that you’ve tied up most of the fund’s money in a side project building walkie-talkies. A bunch of them put in requests to get their money back a couple months ago and you know they’re gonna just fa-reak (like they always do) if they don’t get it but you don’t have the scratch. You’ve been hoping the problem would just go away but it hasn’t and you need to think of something fast! What do you do? Whereas most managers wouldn’t have the foresight, you come up with something so genius you can’t wait to tell everyone about it.
“In light of my high conviction in LightSquared, its size within our portfolio and the necessity of maintaining a controlling position while we join forces with a strategic partner, we have determined to distribute a portion of the withdrawal proceeds for March 31, 2011 withdrawal requests in-kind,” said Falcone in a June 6 letter to investors…”While we have had opportunities to monetize a portion of our LightSquared position in recent months, I feel strongly that any sale by our funds of an interest in LightSquared would have been premature and would not only have jeopardized the ability to join forces with a strategic partner, but also would have limited the substantial upside that I am convinced will come to all of our investors as our plan is executed.”
Oddly, not all investors are thrilled. Continue reading »
The Congressman from Massachusetts is fine with SIFMA holding a $1,000/seat fundraiser for him but his spokesman wants to make it clear that “if Wall Street is trying to buy influence with him, it has been a dramatic failure.” Consider yourselves warned. [MarketPlace]
According to ESPN, talks between current owner Comcast-Spectacor and Harris are “ongoing” and a deal is “imminent.” [ESPN]
Insider Trader Noah Freeman Cannot Say Enough Good Things About Winifred Jiau’s Inside Information
By Bess Levin
Yes she could be bossy, yes she would cancel meetings at the last second, yes she could be a crazy bitch who’d demand $300 gift certificates to the Cheesecake factory in one breath and a dozen Thanksgiving lobsters in the next, yes sometimes you’d meet with her for a pass off of material non-public information and she’d tell you the shellfish you sent were Maine lobsters and she’d specifically request South African lobsters (even though she hadn’t) and then spit in your face and walk away and yes sometimes you’d sit at your desk after she’d reamed you out over the phone for not giving her “the sugar” and fantasize about various ways you could kill her and make it look like an accident but god damn it, this woman knew her shit and when this whole thing blows over you two are going to start working together again because you can’t imagine doing the trading thing without her and you know what? You don’t want to. Continue reading »
That report they released last week? Wasn’t even their best material, according to founder Carson Block who told reporters today from an undisclosed location there’s so much more where that came from and that anyone long Sino should probably be quaking in their boots. You don’t even know. Continue reading »
“He looked seriously at the Brewers,” said Bill Ackman, another hedge fund heavyweight, who runs Pershing Square Capital Management. He said that Einhorn did not view his interest as a lark. Indeed, Ackman said Einhorn “kicked himself” when he heard what Attanasio’s group paid for his share of the team: $223 million. [NYT]
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
