Main News

 

FBI Looking Into IndyMac For Possible Fraud
The Associated Press has learned that the FBI is investigating now-defunct
IndyMac banks for possible fraud.
MORE DETAILS: <http://www.wnbc.com/tu/5zmv0G1iy.html>

 

Naked Shorting 'Emergency Order' Draws Praise, Confusion
By: Christopher Faille, Senior Financial Correspondent
Posted: 07/16/2008 10:50:15 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=legl&story=legl2246.html

 

Fears rise over RBS' US subsidiaries
Jul 15 2008 23:15
Royal Bank of Scotland led the London market into a decline on Tuesday as the crisis of confidence in America's regional banking sector crossed the Atlantic Read more »

 

Saudi Arabia approves setting up of new fund
Jul 16 2008 02:29
The oil-rich nation is set to create a state investment vehicle, considered by many as its first sovereign wealth fund, which will have an initial capital of $5.3bn Read more »

 

US - Fund managers investing in US equities have disagreed on whether the credit crunch has reached its negative peak, the

latest update on the sector by Standard and Poor’s Fund Services has revealed.

 

Credibility Gap Returns to Financial Markets Doubt, rational or otherwise, threatens to cripple functioning markets.
http://online.barrons.com/article/SB121611550685454089.html?mod=djemBF

 

Indian Commodity Prices Soar
Prices of essential commodities are soaring in the Indian spot and futures market as deficient rains in half the country delayed sowing, spurring fears of lower production. More

 

Oil falls sharply as economic gloom spreads
Los Angeles Times - CA,USA
Some energy analysts said the catalyst Tuesday was testimony from Federal Reserve Chairman Ben S. Bernanke, who said the Fed must remain "particularly ...

 

Current Subprime Wave Washes Up On Asia's Shores [Housing Tracker]
Seeking Alpha - New York,NY,USA
This is nothing like the subprime mortgage crisis." - Samuel Chen, an analyst with JP Morgan. (Reuters UK, July 15 th ) China Banks Tank On Fears Of US ...

 

No Bottom Yet for Financial Stocks The market isn't acting as if it believes that the worst for the beleaguered sector is over.
http://online.barrons.com/article/SB121601144228050409.html?mod=djemBF

 

WSJ.com - Goldman Is Queried About Bear's Fall* This article will be available to non-subscribers of the Online Journal for up to seven days after it is e-mailed.

 

The following is testimony by Secretary Henry M. Paulson, Jr. on GSE initiatives before the Senate Banking Committee.

Full Story...

 

 

As the White House's effort to help the deteriorating housing market ran into tough questions and opposition in Congress, a sense of economic-centered gloom is plaguing Washington. Federal Reserve Chairman Ben Bernanke presented the Senate Banking Committee with a dismal economic picture, although he did not use the word "recession." The economic woes have also spurred new disagreements among lawmakers. Democrats have called for new tax cuts and spending programs to bolster the economy, with Republicans rejecting such ideas. http://r.smartbrief.com/resp/lIvIrwlGvNfTavCibSfXQZqh?format=standard ClipSyndicate/Bloomberg (16 Jul.) , The New York Times (registration required) (16 Jul.)

 

Markets Shift as Hedge Funds Lever Up/Down
By: Chidem Kurdas, New York Bureau Chief
Posted: 07/16/2008 12:45:44 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15131.html

 

El-Erian predicts more 'facilitated marriages'
Mohamed A. El-Erian, co-chief executive and co-chief investment officer of Pimco, has predicted that government and financial regulators will encourage further fundraising across the US financial sector, and work to isolate the most vulnerable institutions in order to avoid systemic risk.  (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/380740/MTk4MTI1OjE3OTcz/

 

Dollar Could Lose Reserve Currency Status
By: Martin de Sa'Pinto, Senior Financial Correspondent
Posted: 07/16/2008 3:52:34 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15136.html

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Yield Curve Corner

 

Price jump worst since '91
CNNMoney.com - USA
The latest reading comes as Federal Reserve Chairman Ben Bernanke is warning that inflation could be a major drag on the economy the rest of this year. ...

 

Ben Sings the Blues
As stocks fall, Fed chief points to growth and inflation risks. Read More

 

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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/TRCelida198_G10.jpg

 

Bertha Lashes Bermuda With High Winds, Rain, Knocks Out Power
FOXNews - USA
Bermuda's weather service canceled a hurricane watch for the island late Monday as Bertha's center moved away from the British territory. ...
See all stories on this topic

 

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Iranian Situation and Other Man Made Disasters

 

U.S., Iran: The Beginning of High-Level Diplomatic Talks
July 16, 2008 1339 GMT
A meeting between two high-level diplomats marks a new phase in U.S.-Iranian negotiations.
http://www.stratfor.com/analysis/u_s_iran_beginning_high_level_diplomatic_talks

 

By talking to Iran, White House budges in nuclear impasse
International Herald Tribune Wed, 16 Jul 2008 12:18 PM PDT
The Bush administration has decided to abandon its longstanding position that it will only meet face-to-face with Iran after the country suspends its uranium enrichment activities as demanded by the United Nations Security Council.

 

Rice discusses Iran with Russian foreign minister: Moscow
AFP via Yahoo! News Wed, 16 Jul 2008 10:43 AM PDT
Russia said Wednesday that US Secretary of State Condoleezza Rice had called her Russian counterpart on Tuesday to discuss a number of issues, including Iran's nuclear programme.

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Opalesque’s Corner

 

- Opalesque Exclusive: Canada`s new funds part 6 - Roundtable`s new long/short equity fund will puts its money where its mouth is: Canada
- Fund Launches: Veritas launches multi-strategy hedge fund, Dubai-based Millennium to start sharia-compliant hedge fund
- Global MENA Financial Assets Ltd (GMFA) raises $500m through IPO
- Tice to sell two `hedge fund like` funds to Federated for $43m
- Performance: BlueBay` assets rose 12% to $21bln, hedge funds lost 3.4% avr YTD
- Indices: Credit Suisse/Tremont Hedge Fund index is flat, 0.00% in June, `HFs performed well compared to global equities`, RBC Hedge 250 Index(R) returned -0.71 % in June, -1.86% YTD, Morningstar: HFs down 0.73% in June (YTD 0.31%), investors shift $10bln to `4- and 5-star hedge funds` from the lower tiers,  `global trend funds` adding $6bln, Hedge funds outperform stocks in 2008, Barclay Hedge Fund index bests S&P 500 by 9.82%, Shariah index outperforms in Q2, Palomar: Structured credit hedge funds up 0.35% in May, positive return since eight months
- Eurekahedge June 2008 hedge fund performance commentary
- Update: McKinsey finds hedge funds hardest hit by crisis
- In drive for more esoteric assets, Maia Capital adds Artemis global hedge fund to its cautious portfolio
- Institutions: Denmark`s  PKA pension looking to make first investments in hedge funds and bank loans, Buckinghamshire mandate for $65m specialist alt asset investment, deadline August 11
- People: Erin Callan joins Credit Suisse as Head of Global Hedge Fund Business, Comment: Life after Lehman, Structured Portfolio Management hires Ward McGraw as Controller and CFO, Insparo Asset Management appoints CFO, Managing principal of Steel Partners Japan resigns, Gemini hedge fund head Steer also to be head of alternatives at Skandia, BNP Paribas expands global hedge fund relationship management team, Rothschild continues aggressive UK recruitment with hire of three senior advisers from GAM, A&L says Gillespie no longer joining as chairman
- Fannie/Freddie Update: Ackman: `grave error` for govt to buy Fannie/Freddie equity, Pershing shorting, Ackman proposes plan to save Fannie, Freddie, re-organization would wipe out equity, preferred holders and protect taxpayers, Ackman unveils Fannie/Freddie fix (video), Ackman adds cash to Target hedge fund as stock price slides 38%, Relief for Fannie/Freddie but other financials feel trading heat, `I don't know what the Fed can do about that`, Don`t bail out Fannie, Freddie: Jim Rogers (video)
- Credit Crunch Update:  Bernanke highlights risks facing US economy, Bush seeks to calm fears over economy, Oppenheimer analyst calls Wachovia outlook `bleak`, Wachovia analyst downgrades AIG, Polygon shorting HBOS, RBS suffers 7% fall as fears rise over its US subsidiaries
- Market Manipulation: Comment: Wall Street doesn't think regulators can catch rumor mongers, Goldman is queried about Bear`s fall manipulation talk - Bear`s Alan Schwartz and Lehman`s Richard Fuld asked Lloyd Blankfein
- Regulatory: SEC will fight short selling of financials, Comment: Short sellers seize the moment, Comment: Subpoenas issued in `early fact` inquisition, SEC has more than 4 dozen subprime cases underway involving lenders, banks, rating agencies, insurers, broker dealers, AIMA announces draft regulations for offshore funds in response to Treasury`s consultation paper
- Fortis slides amid regulator`s checks, Fortis releases statement on market speculation
- Convertible bonds tumble amid forced selling by hedge funds, Credit turbulence put financials CDS spreads out of whack
- Legal: SEC settles administrative proceeding against Amit Mathur for hedge fund fraud scheme, UBS to buy back up to $3.5bln frozen auction-rate shares following legal action
- Opalesque Exclusive: ArtMarket Confidence Index: players have been pessimistic since May
- 130/30: BNY Mellon Asset Servicing announces new 130/30 large capitalization universe
- SPACs still struggle to take off in Europe, lack of managers, weak markets hinder investment vehicles
- EDHEC and EuroPerformance release the results of the Alpha League Table 2008 for Switzerland
- Commodities: Woodford and Bolton sound the alarm on bubble in mining stocks, Oil plunges in huge sell-off fueled by economic fears; biggest drop in 17 years, OPEC predicts drop in oil demand, Commodities boom fuels this year`s hottest job markets
- Gravitas launches dedicated co-location solutions to host clients` applications and data centers
- Activist Investing: Battle for future of Yahoo reaches Congress, Hedge Fund demands closure of Northstar Neuroscience
- News Briefs: State Street revenues up 39% in 12 months, record revenues $2.7bln for 2Q, 2008 outlook raised, JonesTrading`s Capital Markets Group completes $500m in private equity and VC block trades, Chicago based Citadel adds third full floor at Citigroup Center in NYC, National Futures Association to provide regulatory services for NYSE Liffe futures exchange, BlackRock to acquire software developer Impact Investing and integrate it into BlackRock Solutions, UK consumer inflation hits 16-year peak
- ...And finally:  Pilot offers reward for item that fell off his plane somewhere over Colorado - fortunately, a propeller should be easy to spot. The true story of a truly miraculous emergency landing
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

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Funnies, Facts, Quotes, etc….

 

mephitic muh-FIT-ik, adjective:

1. Offensive to the smell; as, mephitic odors.
2. Poisonous; noxious.

 

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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.