Investors in Paulson & Co.’s Advantage funds did not have a great year. It wasn’t quite 2011, but a 36% loss in no less unpleasant just because you suffered a 51% loss three years earlier.
On the other hand, losing 51% and surviving—nay, thriving—does mean that a 36% loss won’t necessarily kill your confidence. And old J.P., he’s as confident as ever, and has a message for those who lost 36% with him last year or who are having second thoughts about investing with him this year on account of said loss: Read more »
Dominique Strauss-Kahn, the former head of the International Monetary Fund who last year became chairman of a Paris-traded bank, is planning to raise $2 billion for a hedge fund he’s setting up…The move is part of efforts Strauss-Kahn, or DSK as he’s known in France, has been making to rebuild his post-IMF life after he was charged in 2011 with criminal sex, attempted rape, sexual abuse, unlawful imprisonment and forcible touching of a chambermaid at the Sofitel hotel in Manhattan. Strauss-Kahn, 64, denied the charges, which were later dropped, and he settled the maid’s lawsuit in 2012. Strauss-Kahn joined LSK & Partners last year as chairman to help develop the Luxembourg-based company’s franchises. The hedge fund he’s setting up, called DSK Global Investment, will benefit from “academic research and practical knowledge, both stemming from Dominique Strauss-Kahn’s experience as a public figure,” Mohamad Zeidan, LSK & Partners’ chief operating officer, said in a phone interview from Shanghai.[Bloomberg]
Back in November, UBS worked out a prettay, prettay, prettay sweet deal for itself re: Libor manipulation. Like many another bank, UBS’s employees had their way with London Interbank Offered Rate. Unlike many other bank, which faced stiff penalties for doing so, the Swiss struck an immunity deal with the EU wherein it paid a relatively small fine and then, in exchange for cooperating with authorities and “turning over information about other banks,” found itself in the clear. Anyway, that worked out so well for UBS last time that it’s decided to take the same approach with a new rate-rigging investigation, and save itself a coupla bucks. Read more »