Main News

 

Report: Investors of auction-rate securities were misled
A report by the Association for Financial Professionals says more than 85% of the firms that invested in the auction-rate securities market, which collapsed spectacularly amid the global credit crunch, were led to think or explicitly told that Wall Street banks would support the market in the event of a crisis. The report might add yet more pressure to banks' already strained relationships with customers caught in the collapse. Financial Times (29 Jun.)

 

European Economic Forecast: Central Banks Zero In On Inflation

Central banks in Europe, like their counterparts worldwide, now consider controlling inflation to be their main priority. We believe, however, that this more hawkish stance could hold consequences for foreign exchange markets and consumers. The change of tone in just a few weeks has been spectacular. After being alone for the past nine months, the European Central Bank appears to have found some new friends in its fight against inflation.

More

 

 Lehman Drops to Eight-Year Low on Sale Speculation (Update1)

 http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=aUuwgX2aStx4

 

Fortis taps Russian billionaire for $630m cash infusion
Fortis has secured a ?400m ($630m) cash infusion from Russian billionaire Suleiman Kerimov, it has emerged.  (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/376083/MTk4MTI1OjE3Nzky/

 

Bubble Ready to Pop? Sure Looks Like It
Hedge Fund Manager - Monday June 30, 07:56 BST

 

 

A lesson from the savings-and-loan crisis is that banks that fail to quickly acknowledge problems and act on them pay a steep price.
http://online.wsj.com/article/SB121478990614214893.html?mod=djemheard

 

 

 

Georgia: Abkhazia To Close Georgian Border
June 30, 2008 1443 GMT
Georgia's breakaway province of Abkhazia will close its border with Georgia beginning July 1, RIA...
http://www.stratfor.com/sitrep/georgia_abkhazia_close_georgian_border

 

'Legal Nightmare' Feared in Russia
Suit Against Bank of New York Mellon May Set RICO Precedent
BY JULIE SATOW - Staff Reporter of the Sun
The final stages of a $22.5 billion battle pitting the Bank of New York Mellon against the Russian Federation will begin today in a Russian court.

 

USDA Says Flooding May Cut Corn Crop by 2%
By: Jacob Bunge, Financial Correspondent
Posted: 06/30/2008 5:38:21 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=mfad&story=mfad1326.html

 

Monday , 30 Jun 2008
Both parties now awaiting final elections results in Mongolia early Monday say they support ratification of the Oyu Tolgoi draft investment agreement.

 

Top Bankers Join HFs, Set Up Shops
By: Emma Trincal, Senior Financial Correspondent
Posted: 06/30/2008 3:52:26 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=what&story=what16031.html

 

"A 23-year-old man convicted of running a hedge fund scam in Connecticut has filed a federal lawsuit against New York University, claiming the school owes him a diploma."
http://www.boston.com/news/local/connecticut/articles/2008/06/30/connecticut_hedge_fund_scammer_wants_diploma?s_campaign=8315

 

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Yield Curve Corner

 

Fed is restricted by its congressional mandate
Financial Times - London,England,UK
Sir, Your editorial suggesting that the Federal Reserve should raise interest rates to address the global inflation problem ("Fed cannot ignore global ...

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Natural Disaster Corner

 

Climate Prediction  http://www.nws.noaa.gov/predictions.php

World Meterological Organization http://severe.worldweather.org/

Tornadoes: http://www.disastercenter.com/tornado.htm

Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/TRCboriscristina182_G11.jpg

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Iranian Situation and Other Man Made Disasters

 

US 'won't allow' Iran to shut key Gulf oil route
AFP via Yahoo! News Mon, 30 Jun 2008 9:05 AM PDT
The commander of the US navy's Fifth Fleet warned on Monday that the United States will not allow Iran to shut the Strait of Hormuz, the Gulf sea lane through which much of the world's oil is supplied.

 

Report: U.S. 'preparing the battlefield' in Iran
CNN.com Mon, 30 Jun 2008 8:55 AM PDT
The Bush administration has launched a "significant escalation" of covert operations in Iran, sending U.S. commandos to spy on the country's nuclear facilities and undermine the Islamic republic's government, journalist Seymour Hersh said Sunday.

 

Iran sentences 'Israel spy' to death
AFP via Yahoo! News Mon, 30 Jun 2008 6:16 AM PDT
Iran has sentenced to death an Iranian telecoms salesman found guilty of spying for Israel, official media reported on Monday, in a rare move amid spiralling tensions between the archfoes.

 

Geopolitical Diary: Iran, Psywar and the Hersh Article
June 30, 2008 0200 GMT
A 2007 presidential finding has approved covert operations in Iran, according to an article in The New Yorker by Seymour Hersh.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_iran_psywar_and_hersh_article

 

Iran: Foreign Firms Will Be Able To Own State Companies
June 30, 2008 1512 GMT
Iran will begin to allow foreign firms to buy unlimited shares in Iranian state-run companies...
http://www.stratfor.com/sitrep/iran_foreign_firms_will_be_able_own_state_companies

 

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Opalesque’s Corner

 

- Opalesque Exclusive: The 4th GCC Oil Boom (2002 - ????) Part 3: Understanding Islam
- Opalesque Exclusive: What is happening to Kerviel now?
- New hedge fund insurance from Integro and Amber Partners: coverage against potential losses from fraud and regulatory/governmental asset seizures
- Fund launches: Geomatrix`s Howe aims to raise $2bln for Asia hedge fund, Citigroup distressed-debt team to start hedge fund, Cogitam unveils UCITS-compliant core/catellite fund
- Closures: SAC Capital shuts Sigma debt unit, cuts fixed-income trades, Update: Elgin closes flagship credit hedge fund
- Cairn Capital will advise on Solent`s defaulted SIV
- Performance: Avenue Capital hedge funds post gains in May, Blackstone gathers momentum after New York listing, survives setback caused by falling share price, Blackstone staff prefers firm`s listed stock to investments
- Cornucopia Capital targets $500m for new Alpha Fund
- Lehmans, Aladdin Capital raise $3bln to seed small hedge fund managers
- Investors favour niche and non-correlated strategies over mainstream asset classes
- JVs: Opalesque Exclusive: Hong Kong and Singapore firms form JV to offer alternative managers `one stop shop` for all risk, middle- and back-end requirements, Bridge Consulting forms joint venture with Independent Risk Monitoring to provide risk solution for hedge funds
- Opalesque Exclusive: Opalesque forms joint venture with Janice M. Johnson, CPA, JD to launch hedge fund conference division, workshop series starts July
- Man Investments wins best hedge fund company at the banker Middle East industry awards 2008
- Credit Crunch Update: Stock, bond slumps signal worse than `94 as inflation says `74, Balestra: this is a bear market, Hopes fading that worst of the credit crunch is over, Survey: Investors `misled` on auction-rate securities, led to believe they would be bailed out, Bear Stearns was helped to avert `contagion`, Fed says, Investors target HSBC, IBM for declines, MBIA sells muni bonds to raise cash following Moody`s downgrade from A2 to Aaa
- Rating agencies: Moody`s likely to cut Morgan Stanley credit rating
- Bankers signal change of mood over fair value, Comment: How fair is fair-value accounting?
- People: BNY Mellon Wealth Management appoints Ted A. Berenblum to lead alternative investment strategies, JPMorgan taps Bear Asia CEO to run sovereign wealth group
- Manager profile: Massimo Tosato wants to accelerate Schroders` growth in alternatives
- Dutch fund PGGM likely to halve alternative beta target, including FoHFs
- Commodities: Commodities signal bubble bursting as first-half ends, Oil rises for a third day on dollar declines, output disruption, HFs bet on rising prices, Update: Jim Rogers sets up new commodities stocks index with Van Eck, Grain economist says growth of international grain prices to continue into 2009, Pharos: Russian gas industry to grow on higher prices
- Legal: Update: Ritchie Capital dismisses complaint against Benchmark Plus, Swindler Hakan Yalincak says New York University owes him diploma,
- Regulatory: US House of Representatives passes bill bolstering oil trade regulator, MFA tells PWG `Good job, let`s tweak it`, AIMA agrees, Comment: Regulators need to shine a light on derivatives
- Europe: Opalesque Exclusive: Update - French banking system`s `policeman` recommends less investments in hedge funds, Opalesque Exclusive: EU French presidency to encourage greater focus on the topic of hedge fund transparency, EU plan for complex investment products` single market delayed in favour of more research, Prisma Capital Partners to expand in Europe, Fortis secures capital from Russia`s Millennium Group in share issue
- Middle-East: Thames River Capital targets Gulf's heavyweight investors
- Asia: Asia has perfect conditions for hedge clones to thrive, UBS Global AM focuses on Japan, Barings: Japanese banks well positioned to benefit from credit crunch, Asian states eye steps to support plunging stock markets, Irrational exuberance of Indian market has gone
- LatAm: HFN Latin America Average up 28% since Feb` 07, funds investing in LatAm still sheltered from weak markets
- SWFs: Foreign wealth pours into London`s hedge funds, Fund bosses hope sovereign funds will plug the inflow gap, Sovereign wealth funds buying oil index futures - report
- Activist Investing: Update: Jana Partners drops Cnet activist campaign amid $47m profit, SAC Capital discloses 5.3% stake in Take-Two Interactive Software, Steel Partners gets seat on Japan`s Aderans board, Amber Capital cuts stake in Fiat holding
- News Briefs: Buffett has $2.1m lunch date with Chinese hedge fund manager, BofA to slash 7,500 jobs after Countrywide merger, Bonus fears fuel job cuts, say bankers, RBC Asset Management renames funds, cuts management fees, Gartmore plans overhaul of UK retail division, Former Nomura chairman Setsuya Tabuchi dies at 84
- ...And finally: Man rescues drowning 375 pound bear from Gulf of Mexico. Drowing Bear??? (with photo)
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

Prince Charles establishes £1bn investment fund
Prince Charles has set up Tellesma, a £1bn (?1.3bn) investment fund, to invest in sustainable developments across urban UK.  (The Daily Telegraph)
http://mail2.efnmail.co.uk/r/376082/MTk4MTI1OjE3Nzky/

 

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Funnies, Facts, Quotes, etc….

 

indigent IN-dih-juhnt, adjective:

Extremely poor; not having the necessities of life, such as food, clothing and shelter.

 

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Conference, Courses, Books, Papers

 

Great Research Sites:

 

Merrill Lynch research Link to full report including important disclosures see example

 

John Mauldin’s Weekly Analysis

 

James Altucher’s Website:

 

Other useful sites:

 

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Index Corner

 

The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.

The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp

The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)

HFRX Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431

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Regulatory Info

 

 

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Disclaimer

 

The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the respective publishers, as referenced by header and appropriate hypertext links.