Archive: 09/19/2008
Main News
Reuters - 1 hour ago
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke plan to work through the weekend with Congress on a comprehensive plan to deal with toxic bank assets choking the financial system, a Treasury spokeswoman ...
Daily ETF Wrap-Up
Bailout Boost
Rob Wherry
Reports that Treasury is considering RTC-type entity rallies ETFs and broad market. http://www.smartmoney.com/t.cfm?pId=7&mID=744&mDt=09/18/2008&ui=1157312&ctu=%2Fetf%2Doutlook%2Findex%2Ecfm%3Fstory%3DETFs%2DRally%2Don%2DTalk%2Dof%2DRTC%2Dtype%2DBailout
Bailout Boost
Rob Wherry
Reports that Treasury is considering RTC-type entity rallies ETFs and broad market. http://www.smartmoney.com/t.cfm?pId=7&mID=744&mDt=09/18/2008&ui=1157312&ctu=%2Fetf%2Doutlook%2Findex%2Ecfm%3Fstory%3DETFs%2DRally%2Don%2DTalk%2Dof%2DRTC%2Dtype%2DBailout
Crisis brings interbank lending close to a halt
Traders said the interbank-lending market in Europe and the U.S. has ground to a near standstill as demand for cash sent yields on some short-term Treasury bills to their lowest level since World War II. "To say that conditions are dysfunctional and volatile does not do the state of play justice," said RBS Greenwich in London. "In fact, it is probably fair to say that the markets have not been this anarchic and unstable as far back as most traders remember, especially in the U.S." Financial Times (17 Sep.)
Traders said the interbank-lending market in Europe and the U.S. has ground to a near standstill as demand for cash sent yields on some short-term Treasury bills to their lowest level since World War II. "To say that conditions are dysfunctional and volatile does not do the state of play justice," said RBS Greenwich in London. "In fact, it is probably fair to say that the markets have not been this anarchic and unstable as far back as most traders remember, especially in the U.S." Financial Times (17 Sep.)
JP Morgan on Thursday cut off trading with Chicago-based hedge fund Citadel Investment Group as part of an ongoing ...
eFinancial News Thu, 18 Sep 2008 10:18 AM PDT
JP Morgan on Thursday cut off trading with Chicago-based hedge fund Citadel Investment Group as part of an ongoing hiring dispute, according to people familiar with the situation.
eFinancial News Thu, 18 Sep 2008 10:18 AM PDT
JP Morgan on Thursday cut off trading with Chicago-based hedge fund Citadel Investment Group as part of an ongoing hiring dispute, according to people familiar with the situation.
Financial Calamities Could Spur More Hedge/Mutual Fund Convergence by Christopher Holt
BNP Paribas Says It's Getting `Flood' of New Hedge Fund Clients
Bloomberg - USA
GLG Partners Inc., the $24 billion hedge fund that started as a unit of Lehman 13 years ago, this week said some ``residual'' trades with Lehman didn't ...
Bloomberg - USA
GLG Partners Inc., the $24 billion hedge fund that started as a unit of Lehman 13 years ago, this week said some ``residual'' trades with Lehman didn't ...
Morningstar to Calculate and Distribute Hedge Fund Indices Using ...
CNNMoney.com (press release) - USA
"We are delighted to be working with Morningstar, and believe that this exciting development will greatly benefit all users of our hedge fund indices. ...
CNNMoney.com (press release) - USA
"We are delighted to be working with Morningstar, and believe that this exciting development will greatly benefit all users of our hedge fund indices. ...
Bombs Away!
A bomb-disposal expert's skills can help you deal with today's turmoil in the markets. Read More
A bomb-disposal expert's skills can help you deal with today's turmoil in the markets. Read More
Having watched Lehman Brothers and Merrill Lynch succumb to the crisis of market confidence, Morgan Stanley is planning for the worst.
http://online.wsj.com/article/SB122170664299951197.html?mod=djemheard
http://online.wsj.com/article/SB122170664299951197.html?mod=djemheard
Wall Street's Day of Reckoning: What's Next?
Fannie Mae and Freddie Mac, Lehman Brothers, Merrill Lynch, AIG: Given the gravity of the current financial crisis on Wall Street and its impact on global markets, Knowledge@Wharton is devoting this issue to the views of Wharton faculty and other experts on the origin of the crisis, what it might take for the economy to right itself, and what investors and consumers can expect in the coming weeks.
Fannie Mae and Freddie Mac, Lehman Brothers, Merrill Lynch, AIG: Given the gravity of the current financial crisis on Wall Street and its impact on global markets, Knowledge@Wharton is devoting this issue to the views of Wharton faculty and other experts on the origin of the crisis, what it might take for the economy to right itself, and what investors and consumers can expect in the coming weeks.
Wharton Faculty Debate the Impact of the Financial Crisis
In a roundtable discussion on the fallout from a week of turmoil on Wall Street, Wharton professors Richard Herring, Susan Wachter and Franklin Allen discussed the ripple effect of the crisis across U.S. and global markets. They also speculated on the AIG bailout, which was announced shortly after this video was recorded on September 16.
http://knowledge.wharton.upenn.edu/
In a roundtable discussion on the fallout from a week of turmoil on Wall Street, Wharton professors Richard Herring, Susan Wachter and Franklin Allen discussed the ripple effect of the crisis across U.S. and global markets. They also speculated on the AIG bailout, which was announced shortly after this video was recorded on September 16.
http://knowledge.wharton.upenn.edu/
Sep 18, 2008 ... SAN FRANCSICO (MarketWatch) -- Pension fund managers Calpers and Calstrs said Thursday that it has temporarily halting lending of Morgan ...
BNY Mellon Institutional Cash Fund Hit by Lehman Debt Losses
Sep 18, 2008 ... Faced with extraordinary market volatility, the Board of Trustees closed the institutional Putnam Prime Money Market Fund, ...
Japanese credit markets shaken
Sep 17 2008 21:06
The aftershocks from the collapse of Lehman Brothers jolted Japan's credit markets, with several foreign companies forced to postpone raising funds in the yen-denominated debt market Read more »
Sep 17 2008 21:06
The aftershocks from the collapse of Lehman Brothers jolted Japan's credit markets, with several foreign companies forced to postpone raising funds in the yen-denominated debt market Read more »
Broader Lessons From Lehman Brothers' Bankruptcy<http://now.eloqua.com/e/er.aspx?s=795&lid=7602&elq=0B49BFE065C6472480D2CB18A582C79F>
Market Perspective Paper
Can firms prepare in advance for a major default in the market?
Over the last week, seismic events have fundamentally altered the capital markets landscape. Weary eyed risk professionals have spent 15 hour days answering a multitude of management concerns:
Global Market Brief: Of Bailouts and ... Recycling. September 18, 2008 | 2129 GMT. Global Market Brief - Stock. Global stock markets are in a state of ...
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UK - Schemes with liability-driven investment strategies constructed using Lehman Brothers swaps and derivatives will face significant upheaval, industry experts say.
Central Banks Offer Extra Funds to Calm Money Markets (Update4) - Bloomberg.
www.examiner.com/r-2276793~Central_Banks_Offer_Extra_Funds_to_Calm
www.examiner.com/r-2276793~Central_Banks_Offer_Extra_Funds_to_Calm
Russia forced to suspend trading on two main exchanges
The Russian government closed two of its main exchanges, RTS and the MICEX, on Wednesday to keep the market from plunging further. The rout wiped almost $800 billion off the country's bourses in the past few months. Officials from the government and central bank brainstormed much of the day with CEOs from the largest investment banks in the country on ways to put an end to the collapse, but trading had not resumed by close of business. The Moscow Times (18 Sep.) , Financial Times (18 Sep.) , BusinessWeek (17 Sep.)
The Russian government closed two of its main exchanges, RTS and the MICEX, on Wednesday to keep the market from plunging further. The rout wiped almost $800 billion off the country's bourses in the past few months. Officials from the government and central bank brainstormed much of the day with CEOs from the largest investment banks in the country on ways to put an end to the collapse, but trading had not resumed by close of business. The Moscow Times (18 Sep.) , Financial Times (18 Sep.) , BusinessWeek (17 Sep.)
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Yield Curve Corner
Bernanke to testify three times next week
MarketWatch - USA
By Greg Robb WASHINGTON (MarketWatch) -- Federal Reserve board chairman Ben Bernanke is being called to testify three times next week about the bailout of ...
MarketWatch - USA
By Greg Robb WASHINGTON (MarketWatch) -- Federal Reserve board chairman Ben Bernanke is being called to testify three times next week about the bailout of ...
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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/FSHSnorthwest262_N8.jpg
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Iranian Situation and Other Man Made Disasters
Analysis: Iran and Turkey deepen maritime ties
UPI Thu, 18 Sep 2008 11:51 AM PDT
By JOHN C.K. DALY UPI International Correspondent WASHINGTON, Sept. 18 (UPI) -- A little-noticed item published Sept. 16 by Iran's Fars News Agency reported in 168 words that Iran and Turkey had signed a memorandum of understanding on maritime cooperation. What at first glance might seem a minor news item has, in fact, great potential commercial and military significance, as both countries not ...
UPI Thu, 18 Sep 2008 11:51 AM PDT
By JOHN C.K. DALY UPI International Correspondent WASHINGTON, Sept. 18 (UPI) -- A little-noticed item published Sept. 16 by Iran's Fars News Agency reported in 168 words that Iran and Turkey had signed a memorandum of understanding on maritime cooperation. What at first glance might seem a minor news item has, in fact, great potential commercial and military significance, as both countries not ...
Iran dismisses atom bomb work allegation: report
Reuters via Yahoo! News Thu, 18 Sep 2008 3:30 AM PDT
President Mahmoud Ahmadinejad said the U.N. nuclear watchdog had no legal right to consider material alleging Iran wanted the atom bomb and an IAEA report proved Tehran's peaceful intent, Press TV reported on Thursday.
Reuters via Yahoo! News Thu, 18 Sep 2008 3:30 AM PDT
President Mahmoud Ahmadinejad said the U.N. nuclear watchdog had no legal right to consider material alleging Iran wanted the atom bomb and an IAEA report proved Tehran's peaceful intent, Press TV reported on Thursday.
Geopolitical Diary: Iranian Diplomacy in the Caucasus
September 18, 2008 0114 GMT
The Iranian foreign minister traveled to Georgia on Wednesday. The gesture is just one of several the country has made in the Caucasus in light of Turkish diplomatic efforts and its own desire to keep a resurgent Russia in check.
http://www.stratfor.com/geopolitical_diary/20080917_geopolitical_diary_iranian_diplomacy_caucasus_and_turkish_factor
September 18, 2008 0114 GMT
The Iranian foreign minister traveled to Georgia on Wednesday. The gesture is just one of several the country has made in the Caucasus in light of Turkish diplomatic efforts and its own desire to keep a resurgent Russia in check.
http://www.stratfor.com/geopolitical_diary/20080917_geopolitical_diary_iranian_diplomacy_caucasus_and_turkish_factor
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Opalesque’s Corner
- Opalesque Exclusive: Hedge funds managers hunker down at Global Alpha Forum as `investors are jittery` and markets drop 4+%, timely panel discussions and the chance for face to face conversations with colleagues and investors as important as time in front of `the screen`
- Fund launches - New York firm Harvest Volatility Management starts marketing portable alpha strategy, Ex-Goldman COO and Millennium PM set up Japan-focused hedge fund, ARCH launches third Africa fund to capitalise on the `Lion Economies`
- Closures - Lehman`s LibertyView to close Master Fund, Santander to close down its ETFs
- Opalesque Exclusive: Pangolin Asia Fund down 5.87% in August, -23.87% YTD
- Assets - BlueBay sees inflows of $1.9bln over July and August
- Indices - Barclay Hedge Fund Index down 1.07% in August, Scotia Capital Canadian Hedge Fund Performance Index down in August, -2.99% on asset weighted basis, -1.89% on equal weighted bases
- Trends - Update: FoHF industry growth slows to 4.5% - InvestHedge Billion Dollar Club survey
- Strategies - Hedge fund cash holdings at 30%, might be at all-time high - Citi research, Hedge funds keep borrowing and risk low but see opportunities
- Hedge funds come under fire for attacking HBOS
- M&A - AIG, Lehman collapses may spur financial fire sales, Morgan Stanley and Wachovia in $44bln merger talks, Lloyds TSB seals GBP12bln HBOS deal, Reports suggest HSBC may buy Morgan Stanley
- Lehman - Barclays may add to $1.75bln deal with Lehman, Barclays may hire Lehman European staff, Lehman`s Fuld called to Capitol Hill for hearing next week, Lehman bankruptcy sees junior judge face veteran lawyers, Bob Dole investor in Lehman oil hedge fund, HFA claims no direct Lehman exposure, Horizon Cash Management says no exposure to Lehman or any other financials
- AIG - AIG said to accept Fed takeover, replace managers, Former Allstate Corp. CEO Liddy to run AIG, Europeans banks in the firing line as Fed bails out AIG
- Hedge Funds in Credit Crunch - Big hedge funds reassess Morgan Stanley risk, A dark mood among hedge funds in London, Risk Analytics VP: `We`re going to see five hedge funds fail for every bank`, Marty Whitman: `There are great values out there now`
- Credit Crunch Update - Risk aversion at its highest - Merrill fund manager survey, Lending among banks freezes, Goldman, Morgan Stanley defend investment banking models, Vikram Pandit memo to Citi employees: `All ok`, Deutsche Bank limits credit default swaps trades adding to bank risk, Central banks put more cash into market, IMA chairman Robert Jenkins on the impact of the credit crunch
- People - Newtonian executives leave for HANRiver Capital, Carne continues expansion with appointment of Paul Ramsey in London, AIG hires Citi exec as $30bln alternatives business hangs in balance
- Regulatory - SEC issues new rules against naked short selling, SEC may require disclosure of hedge funds` short-sale positions
- Interview: Greenlight`s David Einhorn on fraud, short selling and regulation
- Legal - NFA takes emergency enforcement action Capital Blu Management
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Another six months of commodities pain, says Citigroup, The commodity bull run is not over in the long run
- Opalesque Exclusive: Currency risk manager Cambridge Strategy picks up Australian alpha mandate
- Europe - Russian stock market crisis hits star fund managers
- Asia - Asian fund industry to gain from Lehman layoffs
- Events - Nassim Nicholas Taleb won`t be attending HedgeWorld Dubai 2009 conference
- Activist News - The Conference Board Working Group on Hedge Fund Activism issues final recommendations for corporations and investors, Jana Partners increases Convergys stake
- News Briefs - Global Alpha chief buys $14m Park Ave. appartment, LCH.Clearnet turns to Tata for derivatives clearing platform, Gates replaces Buffett as wealthiest American
- ...And finally: Police pull man from art museum air shaft. `Mission failed,` he says. His mission: Deactivate a nuclear warhead in a blue plastic cow sculpture in the basement
- Logon: http://www.opalesque.com/index.php?act=archive
- Fund launches - New York firm Harvest Volatility Management starts marketing portable alpha strategy, Ex-Goldman COO and Millennium PM set up Japan-focused hedge fund, ARCH launches third Africa fund to capitalise on the `Lion Economies`
- Closures - Lehman`s LibertyView to close Master Fund, Santander to close down its ETFs
- Opalesque Exclusive: Pangolin Asia Fund down 5.87% in August, -23.87% YTD
- Assets - BlueBay sees inflows of $1.9bln over July and August
- Indices - Barclay Hedge Fund Index down 1.07% in August, Scotia Capital Canadian Hedge Fund Performance Index down in August, -2.99% on asset weighted basis, -1.89% on equal weighted bases
- Trends - Update: FoHF industry growth slows to 4.5% - InvestHedge Billion Dollar Club survey
- Strategies - Hedge fund cash holdings at 30%, might be at all-time high - Citi research, Hedge funds keep borrowing and risk low but see opportunities
- Hedge funds come under fire for attacking HBOS
- M&A - AIG, Lehman collapses may spur financial fire sales, Morgan Stanley and Wachovia in $44bln merger talks, Lloyds TSB seals GBP12bln HBOS deal, Reports suggest HSBC may buy Morgan Stanley
- Lehman - Barclays may add to $1.75bln deal with Lehman, Barclays may hire Lehman European staff, Lehman`s Fuld called to Capitol Hill for hearing next week, Lehman bankruptcy sees junior judge face veteran lawyers, Bob Dole investor in Lehman oil hedge fund, HFA claims no direct Lehman exposure, Horizon Cash Management says no exposure to Lehman or any other financials
- AIG - AIG said to accept Fed takeover, replace managers, Former Allstate Corp. CEO Liddy to run AIG, Europeans banks in the firing line as Fed bails out AIG
- Hedge Funds in Credit Crunch - Big hedge funds reassess Morgan Stanley risk, A dark mood among hedge funds in London, Risk Analytics VP: `We`re going to see five hedge funds fail for every bank`, Marty Whitman: `There are great values out there now`
- Credit Crunch Update - Risk aversion at its highest - Merrill fund manager survey, Lending among banks freezes, Goldman, Morgan Stanley defend investment banking models, Vikram Pandit memo to Citi employees: `All ok`, Deutsche Bank limits credit default swaps trades adding to bank risk, Central banks put more cash into market, IMA chairman Robert Jenkins on the impact of the credit crunch
- People - Newtonian executives leave for HANRiver Capital, Carne continues expansion with appointment of Paul Ramsey in London, AIG hires Citi exec as $30bln alternatives business hangs in balance
- Regulatory - SEC issues new rules against naked short selling, SEC may require disclosure of hedge funds` short-sale positions
- Interview: Greenlight`s David Einhorn on fraud, short selling and regulation
- Legal - NFA takes emergency enforcement action Capital Blu Management
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Another six months of commodities pain, says Citigroup, The commodity bull run is not over in the long run
- Opalesque Exclusive: Currency risk manager Cambridge Strategy picks up Australian alpha mandate
- Europe - Russian stock market crisis hits star fund managers
- Asia - Asian fund industry to gain from Lehman layoffs
- Events - Nassim Nicholas Taleb won`t be attending HedgeWorld Dubai 2009 conference
- Activist News - The Conference Board Working Group on Hedge Fund Activism issues final recommendations for corporations and investors, Jana Partners increases Convergys stake
- News Briefs - Global Alpha chief buys $14m Park Ave. appartment, LCH.Clearnet turns to Tata for derivatives clearing platform, Gates replaces Buffett as wealthiest American
- ...And finally: Police pull man from art museum air shaft. `Mission failed,` he says. His mission: Deactivate a nuclear warhead in a blue plastic cow sculpture in the basement
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
Bloomberg Shoots Up List Of Richest; Greenberg Off
BY JAY AKASIE - Special to the Sun
Mayor Bloomberg is far and away the richest man in town, according to the latest issue of Forbes magazine, beating out the likes of Carl Icahn, Ronald Perelman, and David Koch. In fact, the publication of the Forbes 400 special issue shows Mr…
BY JAY AKASIE - Special to the Sun
Mayor Bloomberg is far and away the richest man in town, according to the latest issue of Forbes magazine, beating out the likes of Carl Icahn, Ronald Perelman, and David Koch. In fact, the publication of the Forbes 400 special issue shows Mr…
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Funnies, Facts, Quotes, etc….
tintinnabulation in-tih-nab-yuh-LAY-shuhn, noun:
A tinkling sound, as of a bell or bells.
The Top 10 Gadget Sites | by Kevin Ohannessian
Do you know the difference between iPhone and iPhone
3G? Or which media player supports which format? If
your answer is yes, then only a site or two on our
list may be new to you. But for the technically
challenged rest of us, the list teaches us where
to get a gadget-geek high.
http://trax.fastcompany.com/k/w/mailman/fasttake/20080917/gadget_sites
Do you know the difference between iPhone and iPhone
3G? Or which media player supports which format? If
your answer is yes, then only a site or two on our
list may be new to you. But for the technically
challenged rest of us, the list teaches us where
to get a gadget-geek high.
http://trax.fastcompany.com/k/w/mailman/fasttake/20080917/gadget_sites
Slideshow: Top 10 Gadget Sites | by Kevin Ohannessian
A glimpse at the 10 top gadget sites of the moment.
http://trax.fastcompany.com/k/w/mailman/fasttake/20080917/slideshow_gadblogs
A glimpse at the 10 top gadget sites of the moment.
http://trax.fastcompany.com/k/w/mailman/fasttake/20080917/slideshow_gadblogs
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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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