A belated Merry Christmas, from the Corina and Andrés Piedrahíta branch of the Noel family! (via Semana)
How Do You Run a Hedge Fund? Colleges Are Showing How (NYT)
Yale School of Management is ramping up its effort "to educate students in the skills and knowledge most relevant to running hedge funds" such as freezing redemptions and the art of telling investors you've lost 77.9% of their money year to date but are still confident this thing's gonna work out.
Blocking The Exits (NYP)
Doug Kass is not down with Cerberus' plan to hang on to investor money. "From my perch, halting redemption requests, though permissible, is an unconscionable act by a hedge fund," said the Seabreeze Partners manager.
GMAC Step Draws U.S. In Deeper (WSJ)
Federal regulators have given GMAC the okay to become a bank, by a 4-1 vote, so that's exciting. Fifteen page statement on the matter from the gov o' free love found here.
Madoff Victims Zapped (NYP)
SIPC limit of $100K per victim.
Greenwich Wants In On Bailout Money (GT)
"It didn't exactly amount to the three wise men bearing gifts of gold, frankincense and myrrh, but a trio of Greenwich politicians held formal talks on Christmas Eve to discuss the town's strategy for getting a piece of an anticipated $700 billion economic stimulus package for infrastructure projects."
Full page ad taken out by Chrysler in the Journal:
(via The Maverick)