Archive: 08/28/2008
Main News
European Economic Forecast: Recession Ahead?<http://now.eloqua.com/e/er.aspx?s=795&lid=6810&elq=C3CC6C6273DF4F00A18B131AE03538C5>
In April 2005, the Basel Committee on Banking Supervision released a document entitled Compliance and the compliance function in banks, which set out high-level principles on the management of compliance risks in banks. As a follow-up to the release of the paper, the Committee asked its Accounting Task Force to assess the degree to which the compliance principles have been implemented, as well as to review recent compliance-related incidents and challenges facing the industry. The Committee is now publishing a summary of that assessment based on a survey in which 21 jurisdictions participated.
Bloomberg - 35 minutes ago
By Dawn Kopecki Aug. 27 (Bloomberg) -- Fannie Mae Chief Executive Officer Daniel Mudd replaced three top managers at the beleaguered mortgage-finance provider as the company struggles to convince investors it has enough capital to weather the housing ...
Hedge Funds Help Fill Gap
Wall Street Journal - USA
So Mr. Gray turned to an unlikely source for money -- a hedge fund. He took out a one-year, $2.3 million loan from Madison Realty Capital to pay for the ...
Wall Street Journal - USA
So Mr. Gray turned to an unlikely source for money -- a hedge fund. He took out a one-year, $2.3 million loan from Madison Realty Capital to pay for the ...
Private equity groups in running for Lehman unit
Aug 26 2008 23:31
Lehman Brothers has told three private equity firms – KKR, Hellman & Friedman, and Bain Capital – that they remain in the bidding for its asset management arm, even though the investment bank has yet to make a final decision on whether to sell the unit Read more »
Aug 26 2008 23:31
Lehman Brothers has told three private equity firms – KKR, Hellman & Friedman, and Bain Capital – that they remain in the bidding for its asset management arm, even though the investment bank has yet to make a final decision on whether to sell the unit Read more »
Temasek defends investment strategy
Aug 26 2008 19:04
Temasek Holdings, the Singapore state investment agency, on Tuesday defended its strategy of investing in Merrill Lynch and Barclays, insisting that it saw value in US and UK financial stocks in spite of setbacks from the credit crunch Read more »
Aug 26 2008 19:04
Temasek Holdings, the Singapore state investment agency, on Tuesday defended its strategy of investing in Merrill Lynch and Barclays, insisting that it saw value in US and UK financial stocks in spite of setbacks from the credit crunch Read more »
Hedge Funds Hedge Election Bets
Wall Street Journal Blogs - New York,NY,USA
So the Managed Funds Association, the largest hedge fund lobbying group, added a Democrat to its ranks. It snagged Roger Hollingsworth, a key aide to Sen. ...
Wall Street Journal Blogs - New York,NY,USA
So the Managed Funds Association, the largest hedge fund lobbying group, added a Democrat to its ranks. It snagged Roger Hollingsworth, a key aide to Sen. ...
Small Banks, Tight Credit
Reliance on Souring Development Loans Is Leading To a Cash Crunch, Limiting Funds for Other Businesses
(By Binyamin Appelbaum and David Cho, The Washington Post)
Reliance on Souring Development Loans Is Leading To a Cash Crunch, Limiting Funds for Other Businesses
(By Binyamin Appelbaum and David Cho, The Washington Post)
Equity funds in China down 42% in 2008
Although equity funds in China recorded an average return of 2.04% in July, overall the funds were down 42.22% in the first seven months of this year, according to data from Lipper. Funds for qualified domestic institutional investors suffered an average loss of 21.72% during the same period. Meanwhile, funds for qualified foreign institutional investors earned an average return of 0.74% last month. Rising inflation, economic growth and extreme volatility continue to plague China's markets. AsianInvestor.net (27 Aug.)
Although equity funds in China recorded an average return of 2.04% in July, overall the funds were down 42.22% in the first seven months of this year, according to data from Lipper. Funds for qualified domestic institutional investors suffered an average loss of 21.72% during the same period. Meanwhile, funds for qualified foreign institutional investors earned an average return of 0.74% last month. Rising inflation, economic growth and extreme volatility continue to plague China's markets. AsianInvestor.net (27 Aug.)
Pimco seeking as much as $5 billion to buy "senior" debt
Pacific Investment Management is looking to take advantage of cheap debt left on the market from the mortgage-market crisis. The largest manager of bond funds wants as much as $5 billion to buy debt that will invest in "senior" securities backed by commercial and residential mortgages. The firm has been trying to increase mutual-fund returns by buying more mortgage-related assets. Bloomberg (27 Aug.)
Pacific Investment Management is looking to take advantage of cheap debt left on the market from the mortgage-market crisis. The largest manager of bond funds wants as much as $5 billion to buy debt that will invest in "senior" securities backed by commercial and residential mortgages. The firm has been trying to increase mutual-fund returns by buying more mortgage-related assets. Bloomberg (27 Aug.)
After Russian President Dmitry Medvedev recognized the independence of South Ossetia and Abkhazia, the Russian stock market dropped Tuesday to its lowest level since September 2006. Although the market rallied later, the fall indicates how concerned investors are about the country's geopolitical situation. Adding to concerns, the ruble fell as much as 1.3% against the U.S. dollar, the lowest in seven months. Read Medvedev's explanation of his decision. http://r.smartbrief.com/resp/mggwrwlGvNkpzaCibSfXStqF?format=standard ClipSyndicate/Bloomberg (27 Aug.) , The Moscow Times (27 Aug.)
ing Values May Be Viewed as Golden
BY CANDACE TAYLOR - Staff Reporter of the Sun
The gold value of residential real estate in New York State is rising for the first time in nearly two years, indicating that the prolonged housing slump may be coming to an end.
BY CANDACE TAYLOR - Staff Reporter of the Sun
The gold value of residential real estate in New York State is rising for the first time in nearly two years, indicating that the prolonged housing slump may be coming to an end.
Wednesday , 27 Aug 2008
The problems the U.S.Mint has had in servicing demand for the popular one ounce Gold Eagle coins suggest that physical gold is again becoming a key store of value for the man in the street in Western economies too.
The problems the U.S.Mint has had in servicing demand for the popular one ounce Gold Eagle coins suggest that physical gold is again becoming a key store of value for the man in the street in Western economies too.
JPMorgan Sees Multi-Year Cycle for Commodities
By: Reuters
Posted: 08/27/2008 1:40:23 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1391.html
By: Reuters
Posted: 08/27/2008 1:40:23 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1391.html
Money Management International (MMI) announced yesterday the results of a survey designed to measure consumer sentiment towards current economic instability.
By ZACHERY KOUWE
Two big hedge funds, run by billionaires Steven Cohen and David Shaw, tightened their grip on Orient-Express Hotels yesterday in an effort to get the Bermuda-based owner of the famous '21' Club to eventually put itself up for sale. The...full story
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Yield Curve Corner
US stock indexes advance as data support upbeat tone
MarketWatch - USA
The president of the Federal Reserve Bank of Atlanta comes down squarely on the side of Fed chief Ben Bernanke, who has argued that inflationary pressures ...
MarketWatch - USA
The president of the Federal Reserve Bank of Atlanta comes down squarely on the side of Fed chief Ben Bernanke, who has argued that inflationary pressures ...
"Forcing the Fed's Chairman, Ben Bernanke, to resign
and abolishing the Fed is the most expeditious way to
boost the dollar and help the economy recover."
- Inspired by Jim Rogers, CEO of Rogers Holdings
http://trax.fastcompany.com/k/w/mailman/fasttake/20080827/bigidea_bernanke
and abolishing the Fed is the most expeditious way to
boost the dollar and help the economy recover."
- Inspired by Jim Rogers, CEO of Rogers Holdings
http://trax.fastcompany.com/k/w/mailman/fasttake/20080827/bigidea_bernanke
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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/TRCgustav240_N7.jpg
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Iranian Situation and Other Man Made Disasters
2008 Threat Season Heats Up. August 27, 2008 | 1804 GMT. Graphic for Terrorism Intelligence Report. By Fred Burton and Scott Stewart ...
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Iran general says Israel too vulnerable to attack
AFP via Yahoo! News Wed, 27 Aug 2008 6:01 AM PDT
The head of Iran's elite Revolutionary Guards, General Mohammad Ali Jafari, said on Wednesday that Israel is too vulnerable to Iran's longer-range missiles to dare launch an attack.
AFP via Yahoo! News Wed, 27 Aug 2008 6:01 AM PDT
The head of Iran's elite Revolutionary Guards, General Mohammad Ali Jafari, said on Wednesday that Israel is too vulnerable to Iran's longer-range missiles to dare launch an attack.
French President: Keep Dialogue With Iran, But Tighten Sanctions
Nasdaq Wed, 27 Aug 2008 8:49 AM PDT
PARIS -(Dow Jones)- French President Nicolas Sarkozy Wednesday called for tougher sanctions against Iran over its nuclear program, although he stressed the West must continue its dialogue with the pivotal Persian gulf state.
Nasdaq Wed, 27 Aug 2008 8:49 AM PDT
PARIS -(Dow Jones)- French President Nicolas Sarkozy Wednesday called for tougher sanctions against Iran over its nuclear program, although he stressed the West must continue its dialogue with the pivotal Persian gulf state.
Iran, China: Iran Is Second-Biggest Crude Supplier To China
August 27, 2008 1540 GMT
Iran was China's second-biggest supplier of crude oil in July, Kuwait News Agency reported Aug....
http://www.stratfor.com/sitrep/iran_china_iran_second_biggest_crude_supplier_china
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Opalesque’s Corner
- Fund launches - Opalesque Exclusive: Quant shop Amplitude Capital grows to $700m in 3 years and announces new high frequency, stat-arb, equity fund launch for October 1, Fortress plans MENA fund for September, Global Investment House launches India focused L/S fund, Viresco launches Long/Short clean tech fund
- Opalesque Exclusive: Swiss firm creInvest believes best opportunities will remain in trading-related strategies, hedge section of portfolio -6.69% in H1
- Camelot Global directors announce MBO in cooperation with Merlin Global Enterprise
- Portfolio construction - Using `higher moment betas`
- Assets - Camber Asset Management eyes $50m soft close, strategy up 20% YTD
- People - Opalesque Exclusive: Cogo Wolf Asset Management adds analyst Alan Andreini Jr, MFA appoints Roger Hollingsworth, former sr. policy advisor to Senator Dodd as EVP and MD of government relations to develop and coordinate legislative and regulatory priorities and initiatives, Former Tiger manager Paul Spieldenner joins Japanese equity firm Wada Capital, Ian Mainwaring to Head alternative investments practice at Citisoft, Morgan Stanley grabs Lehman team to focus on HNW American Indians, Senior Bear Stearns analyst Wheeler joins NCB as head of equity research
- Hedge funds could profit if battered financial stocks fall further
- New survey from CPA firm Rothstein Kass finds hedge fund senior partners neglect to assess how sudden changes impact ownership, few have planned for death, disability, or departure
- Lehman Brothers Update - Lehman asks PE firms to remain in bid for asset management arm
- Och-Ziff, Kolter Group form $1bln real estate joint venture
- Credit Crunch Update - Despite interest in unloading subprime assets, firms are reluctant to take large losses, Fed minutes show weak economic outlook and financial market stress supported case for steady interest rates despite inflation fears, Credit crisis hits London harder than New York, AIG may see more losses in derivatives
- Fannie/Freddie Update - Goldman says GSE bailout would be manageable
- Indices - Dow Jones Indexes and Chicago Climate Exchange launch Global Emissions Index Series
- Institutions - Opalesque Exclusive: German endowment plans putting 6% into single manager hedge funds, Pension funds seek leveraged loan deals, potential boost to cash starved system
- Legal - Abu Dhabi Commercial Bank files suit over losses of Cheyne Capital SIV
- United States - FDIC: 117 troubled banks, highest level since 2003, US consumer confidence recovers more than expected in August
- Europe - German economy nearing danger zone, surveys show, German industry negative forecasts means trouble for the euro, Russia backs away from some W.T.O. commitments
- Asia - Vijaya Bank to exit asset management JV with principal PNB, Japan goes on buying spree, country has cash equal to 11% of assets, Merrill execs in Taiwan for ex-President Chen Shui-bian's graft probe, to clarify Merrill's role in case
- Opalesque Exclusive: Wallberg African All Stars Fund managers to be in Germany and Austria for September roadshow
- Commodities - Silver smacked 40% lower despite big popular demand, Analyst Ted Butler claims 2 US based banks crushed the market, Lumber futures to start electronic trading at CME, Drought stricken, Iran buys US wheat for first time in 27 years, Natural gas and crude part ways, Oil prices rise as Hurricane Gustav nears Gulf
- SWFs - Temasek defends investment strategy, insisting in value of US and UK financial stocks, Temasek throws support to Merrill`s Thain
- Activist Investing - Einhorn attacks MID founder in SEC filing letter to board, Harbinger and Firebrand increase New York Times stake
- News Briefs - MIT model helps computers sort data more like humans and recognize patterns in numbers, MGM says not for sale but hires Goldman to mull options, State Street surpasses $100bln in private equity assets under administration, Citigroup limits meetings, cuts back on color photocopies, Personal details and signatures of a million bank customers sold on ebay, Kynikos founder Chanos buys $20M NYC penthouse, Greenwich office market feels funds woes
- ...And finally: Miracle rescue: Newborn baby abandoned outdoors in winter found safe in dog pen with mother dog and her brood of puppies
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: Swiss firm creInvest believes best opportunities will remain in trading-related strategies, hedge section of portfolio -6.69% in H1
- Camelot Global directors announce MBO in cooperation with Merlin Global Enterprise
- Portfolio construction - Using `higher moment betas`
- Assets - Camber Asset Management eyes $50m soft close, strategy up 20% YTD
- People - Opalesque Exclusive: Cogo Wolf Asset Management adds analyst Alan Andreini Jr, MFA appoints Roger Hollingsworth, former sr. policy advisor to Senator Dodd as EVP and MD of government relations to develop and coordinate legislative and regulatory priorities and initiatives, Former Tiger manager Paul Spieldenner joins Japanese equity firm Wada Capital, Ian Mainwaring to Head alternative investments practice at Citisoft, Morgan Stanley grabs Lehman team to focus on HNW American Indians, Senior Bear Stearns analyst Wheeler joins NCB as head of equity research
- Hedge funds could profit if battered financial stocks fall further
- New survey from CPA firm Rothstein Kass finds hedge fund senior partners neglect to assess how sudden changes impact ownership, few have planned for death, disability, or departure
- Lehman Brothers Update - Lehman asks PE firms to remain in bid for asset management arm
- Och-Ziff, Kolter Group form $1bln real estate joint venture
- Credit Crunch Update - Despite interest in unloading subprime assets, firms are reluctant to take large losses, Fed minutes show weak economic outlook and financial market stress supported case for steady interest rates despite inflation fears, Credit crisis hits London harder than New York, AIG may see more losses in derivatives
- Fannie/Freddie Update - Goldman says GSE bailout would be manageable
- Indices - Dow Jones Indexes and Chicago Climate Exchange launch Global Emissions Index Series
- Institutions - Opalesque Exclusive: German endowment plans putting 6% into single manager hedge funds, Pension funds seek leveraged loan deals, potential boost to cash starved system
- Legal - Abu Dhabi Commercial Bank files suit over losses of Cheyne Capital SIV
- United States - FDIC: 117 troubled banks, highest level since 2003, US consumer confidence recovers more than expected in August
- Europe - German economy nearing danger zone, surveys show, German industry negative forecasts means trouble for the euro, Russia backs away from some W.T.O. commitments
- Asia - Vijaya Bank to exit asset management JV with principal PNB, Japan goes on buying spree, country has cash equal to 11% of assets, Merrill execs in Taiwan for ex-President Chen Shui-bian's graft probe, to clarify Merrill's role in case
- Opalesque Exclusive: Wallberg African All Stars Fund managers to be in Germany and Austria for September roadshow
- Commodities - Silver smacked 40% lower despite big popular demand, Analyst Ted Butler claims 2 US based banks crushed the market, Lumber futures to start electronic trading at CME, Drought stricken, Iran buys US wheat for first time in 27 years, Natural gas and crude part ways, Oil prices rise as Hurricane Gustav nears Gulf
- SWFs - Temasek defends investment strategy, insisting in value of US and UK financial stocks, Temasek throws support to Merrill`s Thain
- Activist Investing - Einhorn attacks MID founder in SEC filing letter to board, Harbinger and Firebrand increase New York Times stake
- News Briefs - MIT model helps computers sort data more like humans and recognize patterns in numbers, MGM says not for sale but hires Goldman to mull options, State Street surpasses $100bln in private equity assets under administration, Citigroup limits meetings, cuts back on color photocopies, Personal details and signatures of a million bank customers sold on ebay, Kynikos founder Chanos buys $20M NYC penthouse, Greenwich office market feels funds woes
- ...And finally: Miracle rescue: Newborn baby abandoned outdoors in winter found safe in dog pen with mother dog and her brood of puppies
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
Huge statue of Roman ruler found *
Archaeologists in Turkey discover parts of a colossal marble statue depicting the Roman emperor Marcus Aurelius.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7580745.stm
Archaeologists in Turkey discover parts of a colossal marble statue depicting the Roman emperor Marcus Aurelius.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7580745.stm
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Funnies, Facts, Quotes, etc….
naif
ah-EEF; ny-, adjective:
1. Naive.
2. A naive or inexperienced person.
2. A naive or inexperienced person.
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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)
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Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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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
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