Fortress Clash With Life Insurers Spills Into Statehouses (BusinessWeek)
Fortress Investment Group LLC (NYSE:FIG) has taken its clash with life insurer The Phoenix Companies, Inc. (NYSE:PNX) from the courthouse to the statehouses as the firm seeks to salvage a bet on policies with a face value of more than $1 billion. The private-equity and hedge-fund manager, which purchased policies on the secondary market, has proposed rules to make it harder to cancel insurance and to mandate the return of premiums if coverage is voided. While efforts stalled in states such as Florida and Connecticut, an attorney for Fortress cited progress in Delaware where a proposal advanced from a house committee, only to die as the legislative session ended three weeks ago.
Hedge Fund-Backed Bank Bought (Finalternatives)
Two banks rescued by hedge and private-equity funds during the financial crisis are set to merge in a deal that will see those saviors earn more than $3 billion. CIT Group said yesterday that it would buy OneWest Bank for $3.4 billion in cash and stock. OneWest—formerly known as IndyMac Bank—is owned by a consortium led by Paulson & Co. That group, which also includes J.C. Flowers & Co., MSD Capital, Soros Fund Management, Dune Capital Management and Stone Point Capital, bought OneWest in 2009.
Hedge Fund Forum on Diversity (HedgeCo)
Bank of America Merrill Lynch, in partnership with GCM Grosvenor and Sponsors for Educational Opportunity (SEO), recently collaborated with investors representing over $300 billion in assets to host a Hedge Fund Forum on Diversity. The Forum, held last month in New York City, was led by Keith Glenfield, Head of Alternative Investments for Bank of America Merrill Lynch, and Michael Sacks, Chairman and CEO of GCM Grosvenor. The event, created to reinforce the importance of diversity in the industry, was attended by founders and senior executives from more than 40 hedge fund firms.
T. Boone Pickens writes Rickie Fowler a ‘thank you’ letter after British Open (NewsOk)
Oklahoma State billionaire booster T. Boone Pickens took time out to write former OSU golfer Rickie Fowler a handwritten letter for some kind words the British Open runner-up said on TV. Fowler called Pickens his “good friend” in a recent CNBC interview, and Pickens responded with this letter, saying he was following Fowler’s chase of the Claret Jug last weekend. Fowler finished in a tie with Sergio Garcia for second place, two shots behind winner Rory McIlroy.
Will Gold Prices Fall Even Further? (Fool)
Marc Faber, publisher of The Gloom, Boom & Doom Report, told Bloomberg on July 21 that investors should be buying gold and gold miners to take advantage of the rally he expects in the price of the precious metal. Faber recommends that investors protect the value of their assets by taking positions in gold and gold stocks to hedge against the negative impacts of worsening geopolitical situations and unrestricted money printing. The idea is that global investors will soon flock to gold again to protect against currency devaluation, inflation, and the unknown fallout of major global conflicts.
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