Editor’s Note: Related Tickers: Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Microsoft Corporation (NASDAQ:MSFT), Hess Corp. (NYSE:HES)
One Of John Paulson’s Funds Is Really Doing Well (Business Insider)
Hedge Fund Manager Raises Offer For NBA Team (FINalternatives)
Undeterred by the National Basketball Association’s apparent unwillingness to allow him to move the Sacramento Kings to Seattle, hedge fund manager Christopher Hansen has offered even more for the team. Hansen and his group, which includes Microsoft Corporation (NASDAQ:MSFT)’s Steve Ballmer, boosted their offer for the 65% of the Kings owned by the Maloof family by $49 million, increasing the already-record valuation of the team to $625 million from $550 million.
Ex-Hedge Fund Manager Sentenced to More Than 6 Years in Trading Case (New York Times)
During the sentencing of the former hedge fund manager Anthony Chiasson on Monday, Judge Richard J. Sullivan marveled at his prodigious wealth, ticking off the annual income listed on his tax returns. “$16 million, $10 million, $23 million,” he said. The crime is insider trading, and Judge Sullivan handed down one of the stiffest sentences yet in the government’s vast campaign to root out the illicit activity on Wall Street trading floors. He sentenced Mr. Chiasson, the co-founder of Level Global Investors, to six and a half years in prison after a jury found him guilty last December of illegally trading technology stocks.
Cayman Islands Spars With Sachs Over Hedge Fund Directorships (Bloomberg)
The head of the Cayman Islands financial services industry trade group rejected charges from economist Jeffrey Sachs that the Caribbean nation’s oversight of hedge funds and banks is a “mortal threat” to the global economy. Sachs, in separate letters to the Financial Times the past two weeks, said some residents of the island nation sit on hundreds of fund boards, limiting their ability to provide oversight. He also said the Cayman banking system has $1.4 trillion in liabilities and assets, citing data from the Bank for International Settlements. The system is a “house of cards” for the global financial system, he said.
Hedge Fund Rejects Proposal by Hess to End Proxy Fight (New York Times)
Credit: Hess Corp. (NYSE:HES)
Ex-JPMorgan Credit Trader Readies Hedge Fund (FINalternatives)
A former JPMorgan Chase & Co. (NYSE:JPM) credit-trading executive has set up a hedge fund. Tolga Uzuner has founded Brocade Capital Management, with plans to offer its maiden fund within the next year, Financial News reports. Brocade aims to raise at least $200 million at inception, and is considering a seed investment. Uzuner, who serves as chief investment officer, is joined at Brocade by Stuart Firth, the former head of European distressed trading at Credit Suisse. Firth will serve as CEO.
Lehman Reaches Beyond Grave to Grab Millions From Nonprofits (Bloomberg)
Almost five years after Lehman Brothers Holding Inc. filed for bankruptcy and set off the global financial crisis, managers of the bank’s estate are demanding millions of dollars from retirement homes, colleges and hospitals. After selling most of its assets, Lehman now says it was shortchanged by…
