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Is The White House Setting Up A Hedge Fund To Deal With Toxic Assets?

Only senior reporters at HFN, which has apparently been taken this morning by a li'l April 1 prank, should be nodding "hell yes." Yesterday, at Hedge Funds Review:

In a move which has left Wall Street and Capitol Hill reeling, the US administration has announced the formation of a hedge fund with a $500 billion mandate to oversee disposal of and investment in bank toxic assets as well as some of the remaining trouble asset relief programme funding. The deal could also include the troubled Big Three carmakers.
Details of the new fund, thought to be using the pre-launch name of Tarpox Opportunities Fund, are sketchy. However, people close to the deal have suggested portfolio management will be handled by a consortium of some of the top hedge funds in the US, including those that recently testified before Congress.

Today, at HFN:

The White House is developing a hedge fund to manage $500 billion in toxic bank assets, Hedge Funds Review reported Wednesday.
The hedge fund would handle the disposal and investment of the rechristened "legacy" assets, according to the report.
A request for further comment put through the White House press office was not returned. Isaac Baker, the U.S. Treasury spokesman handling information related to TARP, did not return a message seeking further comment at presstime.


UK Hedge Fund Manager Sets Unreachably High Bar With Resplendent Private Residence For Chicken Friends

Crispin Odey is the founder of Odey Asset Management, a sausage brand ambassador, and a guy who unwittingly made fellow hedge fund manager Philip Falcone's life* a living hell when he pulled this stunt: ...Odey has upped the ante for poultry accommodation – he’s building a temple for his chickens for which the stone alone costs £130,000. The Palladian-style chicken house, designed by Christopher Smallwood Architects, has won planning approval from the Forest of Dean District Council, and will sit on the hillside above Eastbach Court, Odey’s Grade II-listed home. The temple’s roof – adorned with an Anthemia statuette – will be fashioned in grey zinc; the pediments, cornice, architrave and frieze are in English oak; and the columns, pilasters and rusticated stone plinth are being hewn from finest grey Forest of Dean sandstone. Naturally, the doors will be painted in the Odey Asset Management founder’s favourite Hague Blue – “to match the doors around Eastbach Court”, according to the plans...“The temple will be a lovely place when it is finished at the end of the year,” Odey said from a grouse moor. “The chickens will be grand.” Nice for the chickens, but obviously this gesture makes Phil look like a deadbeat by comparison, as he merely allows his pet pig Wilbur to live in his apartment and has never even suggested getting her her own place. You can bet someone will be printing a copy of the article and placing it prominently on top of someone's morning paper, and god help that someone if he doesn't get on the horn about building her the god damn Taj Mahal, ASAP. Crispin Odey’s chickens come home to (a luxury) roost [Telegraph via FT Alphaville] *And the lives of all deep-pocketed animal owners.