Literally speechless. Well, not literally...
Saba Capital founder Boaz Weinstein is a man who thinks big. Just ask Deutsche Bank, for whom he lost $1.8 billion in 2008, or JPMorgan, against whom he made a fortune hunting whales. But orchestrate a massive bid-rigging scheme to drive Saba’s already-awful March numbers down by a few basis points so as to shaft the Canadian Public Sector Pension Investment Board out of $12 million? Puh-lease.
While I understand and share PSP’s disappointment with Saba Capital’s 2014 returns, I am shocked by the allegations in PSP’s lawsuit….
This lawsuit relates to a tiny portion of PSP’s investment – just 2 out of nearly 1200 positions, and a difference in value of less than $12 million out of an initial investment of half a billion dollars…. The suggestion that I manipulated the valuation of two bonds for my personal gain is utter nonsense.
Boaz Weinstein’s Hedge Fund Accused of Cheating Investors [WSJ]
Boaz Weinstein ‘Shocked’ by Investor Lawsuit [WSJ MoneyBeat blog]