Prince Harry and friends do a little trading for at ICAP’s London headquarters. [DM]
Unless you’ve avoided Facebook or other forms of social media these last couple weeks, you know that people are raising money for ALS by dumping buckets of ice water on their heads. As a fan of water-based challenges and an opponent of terrible diseases, this thing was right in JP Morgan’s wheelhouse. A firm-wide email was sent around yesterday asking people to sign up to get dumped on today at 3PM outside the 270 Park Ave HQ, with $100 donated for every participant (total amount donated was $150,000). The bank “provided big individual orange buckets for all, as well as free tee-shirts.” Read more »
When Chris Hohn set up his hedge fund nine years ago, he came up with a cute little marketing gimmick. He’d give one-third of the fund’s management fees—and a whole lot more if it did well—to a charity benefiting children. He dubbed his creation, The Children’s Investment Fund.
Carl Icahn undoubtedly thinks that the scheme is bullshit, but it (and/or Hohn’s skill/luck in the markets) worked, and now TCI is running almost $10 billion. And he’s built up The Children’s Investment Fund Foundation’s endowment to in excess of £2 billion.
Just you, PV, a friend you deem worthy to tag along and the open water. You can talk about life, fish, and what banking was like in the fifties. Does that sound like something you’d be interested in? Would you go so far as to call it a dream of yours? Read more »
You can! Provided you pay up, as he’s offering to grace you and four friends with his presence as part of an auction on CharityBuzz, the proceeds of which go to the Surfrider Foundation, whose mission is “the protection and enjoyment of oceans, waves and beaches through a powerful activist network.” Will he tell you about what it was like the moment he and his team discovered that Scott Thompson was an academic charlatan of the highest order? Bid and find out.
Pony up 500k and it’s yours. Read more »
LightSquared is a wireless venture that seeks to create “convenient connectivity for all.” But, as the part-time Phil Falcone biographers among us know full well, it stands to do much more. In short, it will make or break backer Harbinger Capital. Success will mean billions for Falcone and his investors, who are more or less being held hostage until this whole thing pans out. Failure will mean Wilbur Falcone looking for a new benefactor on the 5:54 Metro North to Greenwich.
As one can expect when one is doing ground-breaking, visionary-esque work, LightSquared has encountered some opposition. The yachting community worries the interference will cause them to get lost at sea. The National Oceanic and Atmospheric Administration says it “may degrade precision services that track hurricanes, guide farmers and help build flood defenses.” Mars is similarly pissed. Last week brought news that LightSquared caused “interference to 75 percent of global-positioning system receivers examined in a U.S. government test,” though that won’t matter much if this thing runs out of cash, which it just might. Read more »
When one is an investor in a hedge fund, letters from the top that include lines about being “disappointed,” “clearly wrong in our judgment,” and this year being notable for being “the worst in the firm’s history” are tough to take. Sure, they’re slightly more palatable than those that attempt to explain why the last month/quarter/year went ass-bleedingly bad by deflecting the blame with something like, “We lost it all but you can take solace in knowing it’s not us, it’s the market. The global financial markets are wrong, and we happy few at [insert firm here] are correct, in a way that has yet to reveal itself but rest assured, is coming” and/or offer a silver-lining à la,“Now hear the great news: we’ve turned every dollar you invested in the beginning of the year into 15 cents,” but whether you get a “sorry” or “sorry, we’re not sorry” letter doesn’t really much matter. In both cases, a whole bunch of your money is gone. Generally speaking. If you’re speaking of hedge fund Paulson and Co, however, such is not the case! According to the Times, the fact that the firm has suffered its worst performance since inception is actually of little matter to investors, as John Paulson has “guaranteed” he will be covering their losses, whatever they may be, come year-end. For the purposes of not getting anyone’s hopes up, it should be noted that the guarantee only applies to one investor. Everyone else, past performance yadda yadda still applies to you- better luck next year. Read more »