Opening Bell: 07.08.09
Meriwether Said To Shut JWM Hedge Fund After Losses (Bloomberg)
JWM Partners LLC is closing up shop after its flagship, Relative Value Opportunity II fund, lost 44 percent from September 2007 to February 2009. Obviously this won't be the last we've heard from John, who's currently working on the next flick of this slasher series, LTCM: The Resurrection. Get in while you still can.
Code Theft Could Cost Goldman Millions (NYT)
Aleynikov's lawyer Sabrina Shrofftold told U.S. magistrate judge Kevin Fox that "if Goldman Sachs cannot possibly protect this kind of proprietary information that the government wants you to think is worth the entire United States market, one has to question how they plan to accommodate any other breach. I think the market is at risk no matter what then. It's not necessarily attributable to my client's actions," Shroff said.
In California, Even The IOU's Are Owed (NYT)
Tons of vendors who had been told they would receive the i.o.u.'s instead of actual money said they had not yet received them yesterday. Signed copies of Junior still up for grabs.
L.A. Targets Cannabis Clubs (WSJ)
"They are like a rash," said City Councilman Ed Reyes, who is leading the effort to shut down many of the dispensaries. He said a colleague told him that at one dispensary near a high school, the student crowds outside made the pot store look "like an ice cream shop from the 1950s."
Facebook Backer Struggling With Loser Fund (NYP)
Peter Thiel's Clarium Capital down 4.4 percent for June, 6 percent YTD. Assets under management are down to $1.9 billion from $7.8 billion this time last year. Someone give Pedro a poke today-- he could really use one.
Memorial Spotlights Staples (Boston Herald)
Staples cannot believe its good fortune re: reaching out and touching those who may have never heard of the company before the Michael Jackson extravaganza yesterday. So, thanks for dying, guy.
Explosive Divorce (NYP)
Crazy Connecticut Guy, shockingly not a down on his luck fund manager, holds ex-wife hostage. Here he is chatting it up with a reporter while the situation went down: