The Hedge Fund Formula For Philanthropy (HuffingtonPost)
The financial crash posed a series of questions about capitalism, many of which have not been adequately answered. Most significantly, a majority of people now expect companies, and especially those in financial services, to have a purpose beyond simply making money. They need to articulate their role in society, it’s not enough simply to be the tendons of Adam Smith’s invisible hand. Nowhere is this more necessary than the hedge fund sector, which has in the past often been happy for most people to remain in the dark about what it does and why.
‘Forensic investigation’ financed by union blasts Raimondo’s handling of R.I. pension fund (ProvidenceJournal)
In a scathing report commissioned by the largest state employees union, national financial industry critic Edward “Ted” Siedle accuses Gen. Treas. Gina Raimondo of selling out Rhode Island’s public workers and retirees to create an “opportunity to enrich herself and her hedge fund backers.” Siedle titled the report, unveiled Thursday afternoon at the Charles Street headquarters of Rhode Island Council 94, American Federation of State, County and Municipal Employees, “Rhode Island Public Pension Reform: Wall Street’s License to Steal.”
Complaint says hedge fund managers bilked investors (OrlandoSentinel)
When their brokerage statements arrived, the wealthy investors thought their holdings were going gangbusters with profits. Soon, they ponied up another $4 million for the Orlando-based hedge funds managed by their brokers. The problem? It was all a mirage. They had actually lost millions of dollars already; and only a fraction of their holdings were left, regulators say. Now officials at an Altamonte Springs-based stock brokerage face allegations of misconduct stemming from the $23 million hedge-fund operation – much of it involving penny stocks — that used falsified account statements to bilk clients, according to a regulatory complaint.
GLG Said to Start Global Stock Fund Based on European Strategy (Businessweek)
GLG Partners Inc., the investment firm acquired by Man Group Plc (EMG) in 2010, has started a hedge fund modeled after its flagship European equity pool that will trade the stocks of global companies, according to three people with knowledge of the matter. The fund started trading this month and is overseen by Pierre Lagrange, Simon Savage and Darren Hodges, who manage the London-based firm’s $3 billion European Long-Short Fund, said the people, who asked not to be identified because it hasn’t been announced publicly. GLG plans to hire traders and analysts with experience investing in U.S. and Asian companies to work on the fund, said one of the people.
What Bond Guru Jeffrey Gundlach Thinks About The Fed & The US Economy (InsiderMonkey)
Jeffrey Gundlach, Fed, bonds: Jeffrey Gundlach is the founder of the Double Line investment firm, and Institutional Investor Magazine has called him the Money Manager of the Year in the past. Tracking the activity of Gundlach and following his ideas and suggestions is important, since he represents a notorious figure in the investment universe. After yesterday when Warren Buffett spoke about Apple and J.C. Penney, today, on CNBC, Gundlach shared his opinion regarding the U.S. credit situation and the Fed’s corresponding policies.
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