Jon Corzine Considers Launching Hedge Fund (WSJ)
Jon S. Corzine, the embattled former MF Global Holdings Ltd. chief executive and ex-chairman of Goldman Sachs Group Inc., has discussed plans to start his own hedge fund in recent months, according to people familiar with the matter. The fund would start with cash from Mr. Corzine’s personal wealth and a handful of outside investors. Mr. Corzine said he had been speaking with about a half-dozen potential investors, and projected around $150 million in assets under management, one of the people said...Mr. Corzine most likely wouldn’t be able to launch a fund until legal proceedings against him over MF Global have been resolved. Pretrial motions are expected to go at least until February of next year. The Commodity Futures Trading Commission in June 2013 filed civil charges against him and is still collecting evidence for a possible trial. “Jon Corzine is not managing anybody’s money and has not asked a single investor to put money into a fund,” said Andrew Levander, a lawyer for Mr. Corzine.
Greece Flashes Warning Signals About Its Debt (Dealbook)
Over the weekend, senior European officials said that while the Greek debt situation was dire, they still believed an agreement would be reached. And the United States, starting at the top with Mr. Obama, is actively engaged in pushing both sides to come together to prevent a market-rattling default. After two international bailouts for Greece since 2010, about 90 percent of its debt is owed to its eurozone neighbors, the I.M.F. and the European Central Bank. At the moment, not one of those lenders is showing a willingness to give any additional payback relief to Mr. Varoufakis and the new left-leaning government in Athens. Mr. Varoufakis’s next formal meeting with his country’s creditors is set for Friday in Riga, Latvia, where eurozone finance ministers are to assemble for their monthly gathering. Wolfgang Schäuble, the powerful German finance minister, said here last week that no one should expect the meeting on April 24 to resolve anything.
Swiss Franc Antics Threaten Banks’ Grip on Currency Trading (Bloomberg)
After the Swiss National Bank stunned the world in January by abandoning its price cap on the franc, some banks sought to reduce their losses by trying to renege on transactions. Dealers including Bank of America Corp., Barclays Plc and Goldman Sachs Group Inc. approached customers about changing some trades, according to people familiar with the discussions. The banks’ attempts to reopen deals present their rivals -- electronic trading venues and established exchanges -- with a new argument in their battle for market share. From Chicago to Stockholm, foreign-exchange operators are making an invigorated sales pitch: Do business through us rather than dealers who can cancel or alter your trades after they’ve been executed.
Gundlach Says Market Hasn’t Seen Full Impact of Fed Moves (Bloomberg)
The central bank has kept rates in the U.S. near zero and embarked on unprecedented monetary stimulus since the 2008 financial crisis. Known for his contrarian views and top returns, Gundlach said rating the Fed very highly at this point is “sort of like a man who jumps out of a 20-story building, and after falling 18 stories, says, ‘So far, so good.’”
Chiropractor Performs Exorcisms And Barters For Sex With Patients (HP)
An Iowa chiropractor is out of business after authorities busted him for performing exorcisms and treating patients in exchange for sex. Charles Manuel surrendered his license but could apply to get it back in 10 years as part of a settlement reached with the Iowa Board of Chiropractors reached in March. The board had accused the southern Iowa-based chiropractor of "unethical conduct…engaging in practice harmful or detrimental to the public," and "practicing outside the scope of the profession" in the settlement obtained on April 15 by The Des Moines Register.
Hedgies whose convictions were overturned are set free — for now (NYP)
After months in legal limbo, two hedge fund managers whose convictions were overturned in December are officially free men — at least for now. The convictions of Todd Newman and Anthony Chiasson were vacated and the indictment against them was dismissed with prejudice Thursday by federal judge Richard Sullivan, who presided over their trial.
Investors Who See ‘Froth’ in Market Go All In for Oil (Bloomberg)
As industry luminaries gather at the IHS CeraWeek Energy Conference in Houston this week to ponder the implications of $50-a-barrel crude, the money keeps piling into oil, with hedge funds, buyout firms and asset managers rushing to claim a spot at the table. “There is just so much money,” said Gladbach, who noted that more than $100 billion has been raised and set aside for energy investments by the likes of Blackstone Group LP and Carlyle Group LP.
For short-sellers in U.S. stocks, the agony just piles on (Reuters)
Through the end of March, Credit Suisse's index that measures the performance of short-biased funds is down 4.4 percent, while its market-neutral index - measuring funds that match long and short bets - is off by 1.6 percent. In comparison, CSFB's broad index of all hedge funds is up 2.6 percent.
Former Tullett Prebon Employee Pleads Not Guilty in Libor Case in Britain (Dealbook)
A former employee of the British brokerage firm Tullett Prebon Group pleaded not guilty on Friday in a criminal inquiry into the manipulation of a global benchmark interest rate. In October, the Serious Fraud Office of Britain charged the former employee, Noel Cryan, who worked at Tullett Prebon until 2013, with conspiracy to defraud in connection with the manipulation of the London interbank offered rate, or Libor. The fraud office has said the conspiracy took place from February to December 2009.
Firefighters discover parrots made calls for help in burning home (UPI)
Firefighters responding to screams for assistance in a burning Idaho home said they thought they were saving people but instead rescued a group of parrots. Emergency crews first heard the pleas for help as they approached the outside of the residence in Boise. "What was actually recorded was them saying 'fire, fire,' " Victor Islas with the Middleton Fire Department told KBOI. "That's what we got. 'Help. Fire.' Yeah. It's a smart bird, smart bird. So there was actually nobody besides the birds inside the house." The birds were removed and given oxygen. The cause of the fire is under investigation.