Archive: 09/16/2008
Main News
New York Times - 31 minutes ago
By STEPHEN LABATON WASHINGTON - In another unnerving day for Wall Street, investors suffered their worst losses since the terrorist attacks of 2001, and government officials raced to prevent the financial crisis from spreading.
Hedge Funds Dealt Another Blow by Lehman Failure
By: Reuters
Posted: 09/15/2008 1:40:00 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3589.html
By: Reuters
Posted: 09/15/2008 1:40:00 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3589.html
CDS Dealers Honor Trades to Cut Lehman Risk
By: Reuters
Posted: 09/15/2008 1:29:15 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15259.html
By: Reuters
Posted: 09/15/2008 1:29:15 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15259.html
Map of the Market
Worst Day for Market Since 9/11
In a crushing -- and historic -- day on Wall Street, financials weren't the only losers. See how all the sectors did in our Map of the Market.
http://www.smartmoney.com/t.cfm?pId=7&mID=738&mDt=09/15/2008&ui=1157312&ctu=%2Fmarketmap%2F
Worst Day for Market Since 9/11
In a crushing -- and historic -- day on Wall Street, financials weren't the only losers. See how all the sectors did in our Map of the Market.
http://www.smartmoney.com/t.cfm?pId=7&mID=738&mDt=09/15/2008&ui=1157312&ctu=%2Fmarketmap%2F
Lehman Seeks To Transfer US Futures Business
CNNMoney.com - USA
The collapse of Refco's capital markets unit in 2005 triggered an immediate defection of business from its own FCM, most of which was ultimately sold to MF ...
CNNMoney.com - USA
The collapse of Refco's capital markets unit in 2005 triggered an immediate defection of business from its own FCM, most of which was ultimately sold to MF ...
American International Group Inc. Ratings Placed On CreditWatch With Negative Implications<http://now.eloqua.com/e/er.aspx?s=795&lid=7401&elq=964DE2AA1D41414EB7669AE417BB509E
Major banks agree to create $70 billion liquidity fund
Trouble in the financial sector prompted 10 of the largest banks in the world to create a $70 billion liquidity fund. The move is part of an effort to lessen the effects of Lehman Brothers' failure. The banks -- Barclays, Bank of America, Credit Suisse, Citigroup, Goldman Sachs, Deutsche Bank, JPMorgan Chase, Morgan Stanley, Merrill Lynch and UBS -- will each be allowed to borrow as much as one-third of the fund. Financial Times (15 Sep.) , Reuters (15 Sep.)
Trouble in the financial sector prompted 10 of the largest banks in the world to create a $70 billion liquidity fund. The move is part of an effort to lessen the effects of Lehman Brothers' failure. The banks -- Barclays, Bank of America, Credit Suisse, Citigroup, Goldman Sachs, Deutsche Bank, JPMorgan Chase, Morgan Stanley, Merrill Lynch and UBS -- will each be allowed to borrow as much as one-third of the fund. Financial Times (15 Sep.) , Reuters (15 Sep.)
Reshaping Wall Street
Financial Times - London,England,UK
He says that forcing Lehman Brothers to file for bankruptcy shows that Ben Bernanke, the chairman of the Federal Reserve, is delivering on his threat to ...
Financial Times - London,England,UK
He says that forcing Lehman Brothers to file for bankruptcy shows that Ben Bernanke, the chairman of the Federal Reserve, is delivering on his threat to ...
Wall Street crisis could put Fed rate cut in play
International Herald Tribune - France
During emergency sessions over the weekend, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson made clear there would be no government bailout ...
International Herald Tribune - France
During emergency sessions over the weekend, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson made clear there would be no government bailout ...
Arb Hedge Funds Not Totally Sold On Merrill Sale To BofA
CNNMoney.com - USA
(BAC) has been positive, but merger-arbitrage hedge funds aren't exactly betting on it. Recently, Merrill shares were trading up $4.55 at $21.60 , and Bank ...
CNNMoney.com - USA
(BAC) has been positive, but merger-arbitrage hedge funds aren't exactly betting on it. Recently, Merrill shares were trading up $4.55 at $21.60 , and Bank ...
A Hellacious Hurricane Hits Lehman BrothersLehman's fate may soon be sealed, but any buyout bid could be very low. Meanwhile, AIG and Merrill look cheap -- if you're up to a risk.
http://online.barrons.com/article/SB122126846691831075.html?mod=djemWR
http://online.barrons.com/article/SB122126846691831075.html?mod=djemWR
Hedge Funds: The Shakeout Is in Progress
Seeking Alpha - New York,NY,USA
In the last bear market after the popping of the tech bubble, hedge funds held their own and exhibited positive and uncorrelated returns to other asset ...
Seeking Alpha - New York,NY,USA
In the last bear market after the popping of the tech bubble, hedge funds held their own and exhibited positive and uncorrelated returns to other asset ...
The International Swaps and Derivatives Association (ISDA) yesterday announced that with the input of market participants, it is compiling a list of deliverable obligations for purposes of a smooth settlement process in relation to the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Association (Freddie Mac).
INTERNATIONAL TRADER - EUROPE
Barron's - USA
Several major Norwegian companies lost as much as 7% of their value early last week, when rumors started that a big hedge fund was unwinding positions. ...
Barron's - USA
Several major Norwegian companies lost as much as 7% of their value early last week, when rumors started that a big hedge fund was unwinding positions. ...
2007 U.S. Risk Barometer
Survey of C-Level Executives with the Nation’s Largest Companies
Monday , 15 Sep 2008
With confidence taking a major knock with the Lehman Brothers fallout and other banking uncertainties, the dollar dropped and gold started to pick up again, this time without the help of a rising oil price which weakened on less pessimistic damage reports from hurricane Ike.
With confidence taking a major knock with the Lehman Brothers fallout and other banking uncertainties, the dollar dropped and gold started to pick up again, this time without the help of a rising oil price which weakened on less pessimistic damage reports from hurricane Ike.
Sep 15, 2008 ... China Cuts Rates as U.S. Turmoil Adds to Global Risks (Update3). By Li Yanping and Kevin Hamlin. Sept. 15 (Bloomberg) -- China cut interest ...
Sep 15, 2008 ... Money-Market Rates Climb on Lehman Bankruptcy; Bill Yields Fall. By Kim-Mai Cutler. Sept. 15 (Bloomberg) -- The cost of borrowing in dollars ...
Paulson and Palin, McCain's gaffe, Bernanke's Silence
Conde Nast Portfolio - New York,NY,USA
The person we should have heard from today was Ben Bernanke with a simple Greenspan '87-like statement saying that the liquidity would be there. ...
Conde Nast Portfolio - New York,NY,USA
The person we should have heard from today was Ben Bernanke with a simple Greenspan '87-like statement saying that the liquidity would be there. ...
Short sellers have banks worried
International Herald Tribune Sun, 14 Sep 2008 6:12 PM PDT
David Einhorn, a hedge fund manager, helped drive down the share price of Lehman Brothers by aggressively short-selling its stock. Now there are calls for regulators to block short-selling.
International Herald Tribune Sun, 14 Sep 2008 6:12 PM PDT
David Einhorn, a hedge fund manager, helped drive down the share price of Lehman Brothers by aggressively short-selling its stock. Now there are calls for regulators to block short-selling.
Warren E. Buffett's first authorized biographer believes the world's richest man and renowned value investor is “a vulnerable human being who isn't perfect,” whose genius is due to “focus and intensity.”
IMF-backed survey shows unaccountability at sovereign funds
Every one in five sovereign wealth funds is not accountable to their domestic legislatures, a new survey supported by the International Monetary Fund has revealed. (Financial Times)
http://mail.efnmail.co.uk/r/397067/MTk4MTI1OjE4NjQ2/
Every one in five sovereign wealth funds is not accountable to their domestic legislatures, a new survey supported by the International Monetary Fund has revealed. (Financial Times)
http://mail.efnmail.co.uk/r/397067/MTk4MTI1OjE4NjQ2/
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Yield Curve Corner
A Line In The Sand
Forbes - NY,USA
All summer, US Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke talked about "moral hazard." Firms need to be careful, they said, ...
Forbes - NY,USA
All summer, US Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke talked about "moral hazard." Firms need to be careful, they said, ...
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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/TRCike259_G10.jpg
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Iranian Situation and Other Man Made Disasters
Iran: Tehran Weighs its Options. September 15, 2008 | 2119 GMT. Iranian Foreign Minister Manouchehr Mottaki. ATTA KENARE/AFP/Getty Images ...
Iran still stalling on nuclear probe: IAEA
AFP via Yahoo! News Mon, 15 Sep 2008 7:54 AM PDT
Iran is continuing to stall on UN investigation into its disputed nuclear programme, refusing to provide access to documentation, individuals or sites which could reveal the true nature of its activities, the UN atomic watchdog said Monday.
AFP via Yahoo! News Mon, 15 Sep 2008 7:54 AM PDT
Iran is continuing to stall on UN investigation into its disputed nuclear programme, refusing to provide access to documentation, individuals or sites which could reveal the true nature of its activities, the UN atomic watchdog said Monday.
Israel Waging 'Secret War With Iran'
New Book Details Mishaps That Have Likely Delayed Iran's Efforts To Go Nuclear
BY ELI LAKE - Staff Reporter of the Sun
WASHINGTON — Israel and America are intensifying a clandestine war against Iran that has run hot and cold since the Islamic Revolution in 1979 but has grown more urgent as Iran races to obtain an atomic bomb. That is a central claim in a new book…
New Book Details Mishaps That Have Likely Delayed Iran's Efforts To Go Nuclear
BY ELI LAKE - Staff Reporter of the Sun
WASHINGTON — Israel and America are intensifying a clandestine war against Iran that has run hot and cold since the Islamic Revolution in 1979 but has grown more urgent as Iran races to obtain an atomic bomb. That is a central claim in a new book…
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Opalesque’s Corner
- Opalesque Exclusive: Review of hedge fund launches, closures, trends, and regulatory and legal events - week 37
- Opalesque Exclusive: Front Street launches the Sharia Resource fund with $10m
- Launches - Asset manager Samena Capital launched to exploit investment opportunities in Middle-East and Asian markets, debuts Samena Special Situations Fund with $200m, Credit Agricole A.M. Alternative Investments sponsors launch of innovative Infrastructure Fund of Funds, German shop rolls out L/S shipping fund
- Performance - Opalesque Exclusive: AIMhedge`s performance at all-time high, Global Diversified Fund up +33.32% YTD, +45.5% over the last 12 months, Harvard endowment up 8.6%, grows to $36.9bln, Comment: Hedge fund terminations only slightly higher than last year
- Assets -Barings to open up currency hedge fund to external investors, Update: Aurarian delays launch, increases assets
- M&A: Opalesque Exclusive: Global asset manager Rock Creek Group takes strategic stakes in alternatives manager Evolution Capital Management, Sceptre Investment Counsel Ltd seen as potential takeover target
- Trends - Desperate companies turn to `usurious` hedge funds, Tabb: Asset managers tighten their risk management, Hedge funds are losing their secretive status
- Strategies - Hedge funds grow more wary of short financials bet, Strategy outlook for the coming 12 months, Ranger Alternatives banks on short technology play, Comment: Hedge funds raise cash to repay, not reinvest
- Traditional asset managers face conflict of interest dilemma when extending into hedge fund world
- On International Financial Reporting Standards for hedge funds
- Lehman Update - Lehman will file for bankruptcy, Race to save Lehman Brothers resumed yesterday, Paulson `adamant`: no government funds for Lehman, Barclays pulls out of talks to save Lehman, Lehman investment unit gets bids from PE firms Bain, Clayton, Credit markets may weaken as Lehman collapse spurs risk flight, Lehman employees prepare for exit, Dealers held emergency trading session on Sunday afternoon
- Credit Crunch Update - Bank of America will buy Merrill Lynch to gain brokerage for $50bln, Taiwan, Sydney extend losses on Lehman, Merrill news, AIG scrambles to raise cash, talks to Fed, Banks fear next move by short sellers, Federal announces several initiatives to provide additional support to financial markets, Group of banks set up $70bn liquidity fund, ISDA to compile list of Fannie Mae, Freddie Mac deliverable obligations to facilitate smooth settlement
- Regulatory - US House of Representatives votes to bolster SEC enforcement power, Permanent SEC curbs on shorts unlikely, Phil Goldstein backs plan to sue SEC and demand freedom of speech for HFs, Update: European Parliament compromises over hedge funds
- Legal - Former New Star manager Alan Miller in legal battle with engineering firm Pursuit Dynamics, UBS aims for speedy US deal over alleged breaches by offshore private-banking unit, Update: Fidelity to buy back $300m in auction-rate securities
- People - Stanley Fink back in the game as CEO of International Standard Asset Management, Merville succeeds Massad at Man Investments, Middle East, Pioneer A. I. confirms several resignations from FoHF divisions in New York and London, Rebecca Donaldson appointed head of marketing for Dexion Capital, SAC Capital hires several staff as it prepares to unveil new name, SAC Global Investors, New Star poaches RAB`s Kenny to monitor risk
- Europe - RBS: listed HFs joining FTSE 250 could see extra demand of 9% of their shares from index-tracking investors, Brevan Howard`s BH Macro and BH Global quoted funds among top of their peer group, Ireland: The classification of hedge fund indices as financial indices explained
- Opalesque Exclusive: World Bank leading international mission to assess Georgia`s needs
- Middle East markets mature
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Sovereign Wealth Funds invest $20bln in commodities, Oil declines below $98 as refineries escape major storm damage, Gold gains for second day in London on sinking dollar, equities
- Environmental - Paying to pollute: Everything you wanted to know about cap and trade
- SIV restructuring: New routes to keep vehicles on the road
- Awards - Cheyne Capital wins three Creditflux awards, Contenders line up for Financial News awards
- Events - `How I Became a Quant`, University of Michigan, 19th September
- Activist News - Deutsche Boerse invites SWF to invest in attempt to fend off hedge funds, Hedge funds force Orient Express to hold meeting, Walgreen in $3bln offer for Longs, Ackman will not tender Longs share to CVS, Hedge fund Elliott Associates rebukes Republic Services Inc.
- News Briefs - Probe into how Google mix-up caused $1bln run on United Airlines, New Star loses GBP1.4bln mandate from Family Assurance, Art prices appear to be defying gravity but there is risk of a downside, Ajia Partners seeking mainland talent from Beijing
- ...And finally - The solution for New York`s Central Park South? Smelly messes lead to horse diapers in UK
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: Front Street launches the Sharia Resource fund with $10m
- Launches - Asset manager Samena Capital launched to exploit investment opportunities in Middle-East and Asian markets, debuts Samena Special Situations Fund with $200m, Credit Agricole A.M. Alternative Investments sponsors launch of innovative Infrastructure Fund of Funds, German shop rolls out L/S shipping fund
- Performance - Opalesque Exclusive: AIMhedge`s performance at all-time high, Global Diversified Fund up +33.32% YTD, +45.5% over the last 12 months, Harvard endowment up 8.6%, grows to $36.9bln, Comment: Hedge fund terminations only slightly higher than last year
- Assets -Barings to open up currency hedge fund to external investors, Update: Aurarian delays launch, increases assets
- M&A: Opalesque Exclusive: Global asset manager Rock Creek Group takes strategic stakes in alternatives manager Evolution Capital Management, Sceptre Investment Counsel Ltd seen as potential takeover target
- Trends - Desperate companies turn to `usurious` hedge funds, Tabb: Asset managers tighten their risk management, Hedge funds are losing their secretive status
- Strategies - Hedge funds grow more wary of short financials bet, Strategy outlook for the coming 12 months, Ranger Alternatives banks on short technology play, Comment: Hedge funds raise cash to repay, not reinvest
- Traditional asset managers face conflict of interest dilemma when extending into hedge fund world
- On International Financial Reporting Standards for hedge funds
- Lehman Update - Lehman will file for bankruptcy, Race to save Lehman Brothers resumed yesterday, Paulson `adamant`: no government funds for Lehman, Barclays pulls out of talks to save Lehman, Lehman investment unit gets bids from PE firms Bain, Clayton, Credit markets may weaken as Lehman collapse spurs risk flight, Lehman employees prepare for exit, Dealers held emergency trading session on Sunday afternoon
- Credit Crunch Update - Bank of America will buy Merrill Lynch to gain brokerage for $50bln, Taiwan, Sydney extend losses on Lehman, Merrill news, AIG scrambles to raise cash, talks to Fed, Banks fear next move by short sellers, Federal announces several initiatives to provide additional support to financial markets, Group of banks set up $70bn liquidity fund, ISDA to compile list of Fannie Mae, Freddie Mac deliverable obligations to facilitate smooth settlement
- Regulatory - US House of Representatives votes to bolster SEC enforcement power, Permanent SEC curbs on shorts unlikely, Phil Goldstein backs plan to sue SEC and demand freedom of speech for HFs, Update: European Parliament compromises over hedge funds
- Legal - Former New Star manager Alan Miller in legal battle with engineering firm Pursuit Dynamics, UBS aims for speedy US deal over alleged breaches by offshore private-banking unit, Update: Fidelity to buy back $300m in auction-rate securities
- People - Stanley Fink back in the game as CEO of International Standard Asset Management, Merville succeeds Massad at Man Investments, Middle East, Pioneer A. I. confirms several resignations from FoHF divisions in New York and London, Rebecca Donaldson appointed head of marketing for Dexion Capital, SAC Capital hires several staff as it prepares to unveil new name, SAC Global Investors, New Star poaches RAB`s Kenny to monitor risk
- Europe - RBS: listed HFs joining FTSE 250 could see extra demand of 9% of their shares from index-tracking investors, Brevan Howard`s BH Macro and BH Global quoted funds among top of their peer group, Ireland: The classification of hedge fund indices as financial indices explained
- Opalesque Exclusive: World Bank leading international mission to assess Georgia`s needs
- Middle East markets mature
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Sovereign Wealth Funds invest $20bln in commodities, Oil declines below $98 as refineries escape major storm damage, Gold gains for second day in London on sinking dollar, equities
- Environmental - Paying to pollute: Everything you wanted to know about cap and trade
- SIV restructuring: New routes to keep vehicles on the road
- Awards - Cheyne Capital wins three Creditflux awards, Contenders line up for Financial News awards
- Events - `How I Became a Quant`, University of Michigan, 19th September
- Activist News - Deutsche Boerse invites SWF to invest in attempt to fend off hedge funds, Hedge funds force Orient Express to hold meeting, Walgreen in $3bln offer for Longs, Ackman will not tender Longs share to CVS, Hedge fund Elliott Associates rebukes Republic Services Inc.
- News Briefs - Probe into how Google mix-up caused $1bln run on United Airlines, New Star loses GBP1.4bln mandate from Family Assurance, Art prices appear to be defying gravity but there is risk of a downside, Ajia Partners seeking mainland talent from Beijing
- ...And finally - The solution for New York`s Central Park South? Smelly messes lead to horse diapers in UK
- 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….
suffuse suh-FYOOZ, transitive verb:
To spread through or over in the manner of fluid or light; to flush.
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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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