Archive: 10/10/2008
Main News
U.S. Economic Forecast: Welcome To The Recession<http://now.eloqua.com/e/er.aspx?s=795&lid=8303&elq=E7006AF2B0374473BDCE318560CE3DCC>
The Economist: We assess those moves, we look at the consequences of the continuing panic, and we publish a 19-page report on the world economy in crisis.
Saudi Arabia: Seeking Solutions In Global Financial Crisis?
October 9, 2008 1549 GMT
Saudi Crown Prince Sultan says Riyadh is looking for ways the kingdom can assist global financial...
http://www.stratfor.com/sitrep/20081009_saudi_arabia_seeking_solutions_global_financial_crisis
October 9, 2008 1549 GMT
Saudi Crown Prince Sultan says Riyadh is looking for ways the kingdom can assist global financial...
http://www.stratfor.com/sitrep/20081009_saudi_arabia_seeking_solutions_global_financial_crisis
Geopolitical Diary: Rate Cuts and Paying for the Bailout
October 9, 2008 0156 GMT
Five central banks made major interest rate cuts to help overcome the global credit crunch. The problem now is how to pay for the economic growth stimulation.
http://www.stratfor.com/geopolitical_diary/20081008_geopolitical_diary_rate_cuts_and_paying_bailout
October 9, 2008 0156 GMT
Five central banks made major interest rate cuts to help overcome the global credit crunch. The problem now is how to pay for the economic growth stimulation.
http://www.stratfor.com/geopolitical_diary/20081008_geopolitical_diary_rate_cuts_and_paying_bailout
ime to think the unthinkable
By all accounts, the British authorities were a taken aback by the failure of UK equities to rally on the back of their £400bn (?505.9bn) initiative to bail out the banks. Fear was still haunting the market today. If things get any worse, the question of the UK joining the euro could re-emerge.
http://mail.efnmail.co.uk/r/404409/MTk4MTI1OjE4OTM1/
By all accounts, the British authorities were a taken aback by the failure of UK equities to rally on the back of their £400bn (?505.9bn) initiative to bail out the banks. Fear was still haunting the market today. If things get any worse, the question of the UK joining the euro could re-emerge.
http://mail.efnmail.co.uk/r/404409/MTk4MTI1OjE4OTM1/
Commodity Prices at Mercy of World Economy
10/08/2008 5:15:40 PM ET
NEW YORK (Reuters)—Further declines in oil and metals prices after coordinated global interest rate cuts suggest that commodities will not return to their giddy heights until the world economy is on more solid footing. Wednesday's [Oct.
10/08/2008 5:15:40 PM ET
NEW YORK (Reuters)—Further declines in oil and metals prices after coordinated global interest rate cuts suggest that commodities will not return to their giddy heights until the world economy is on more solid footing. Wednesday's [Oct.
GLOBAL – The director-general of the Banca d’Italia Fabrizio Saccomanni has called for the International Monetary Fund (IMF) to become a global monetary and financial watchdog.
Nuveen Investments President Mark Anson Honored for Hedge Fund ...
MarketWatch - USA
Anson and co-authors, Ho Ho and Kurt Silberstein of CalPERS, were recognized for their article "Building a Hedge Fund Portfolio with Kurtosis and Skewness". ...
MarketWatch - USA
Anson and co-authors, Ho Ho and Kurt Silberstein of CalPERS, were recognized for their article "Building a Hedge Fund Portfolio with Kurtosis and Skewness". ...
FUND VIEW-Sharp drop in hedge fund numbers likely
Reuters UK - UK
LONDON (Reuters) - The global financial crisis is likely to lead to a sharp contraction in the number of hedge funds, Paul Touradji, founder of Touradji ...
Reuters UK - UK
LONDON (Reuters) - The global financial crisis is likely to lead to a sharp contraction in the number of hedge funds, Paul Touradji, founder of Touradji ...
A lesson from 1929 for the hedge funds
Financial Times - London,England,UK
What can history tell us about the $2000bn world of hedge funds? Some say the turmoil in financial markets could be a boon for shrewd hedge fund managers, ...
Financial Times - London,England,UK
What can history tell us about the $2000bn world of hedge funds? Some say the turmoil in financial markets could be a boon for shrewd hedge fund managers, ...
Most welcome the end of the US short-selling ban
Financial News - London,England,UK
Ken Heinz, president of data provider Hedge Fund Research, said he did not think the ban has had a significant effect. Some fund managers made gains by ...
Financial News - London,England,UK
Ken Heinz, president of data provider Hedge Fund Research, said he did not think the ban has had a significant effect. Some fund managers made gains by ...
SocGen to be quizzed on Kerviel's trades
Oct 08 2008 18:13
Ernst & Young and Deloitte summoned to appear in court to respond to allegations against bank over loss of €4.9bn Read more »
Oct 08 2008 18:13
Ernst & Young and Deloitte summoned to appear in court to respond to allegations against bank over loss of €4.9bn Read more »
PREA Conference presents a gloomy future
http://www.ipe.com/realestate/PREA_Conference_presents_a_gloomy_future_29403.php
http://www.ipe.com/realestate/PREA_Conference_presents_a_gloomy_future_29403.php
The presence of the government in the market could be just another piece of information to assess.
Iceland's biggest bank gets Swedish loan
Oct 08 2008 09:58
Kaupthing, Iceland's biggest bank, received funding from Sweden as a smaller competitor was swallowed by emergency legislation, while the government negotiates a €4bn loan from Russia Read more »
Oct 08 2008 09:58
Kaupthing, Iceland's biggest bank, received funding from Sweden as a smaller competitor was swallowed by emergency legislation, while the government negotiates a €4bn loan from Russia Read more »
Basel Also Keeping an Eye On Hedge Fund Leverage by Christopher Holt
Tucked away inside the recent $700 billion U.S. plan to buy toxic mortgage assets are unrelated changes to the tax code -- effectively eliminating a favorite tax-deferral dodge of hedge-fund managers.
New Due Diligence Provider Launches
Denver-headquartered Allon Financial has started up as a due diligence provider that will give independent disclosures on loan pools’ quality and character.Read
Denver-headquartered Allon Financial has started up as a due diligence provider that will give independent disclosures on loan pools’ quality and character.Read
more
Lehman fall sends world into a spin
Following Lehman Brothers' collapse, rival investment banks are cherry-picking the carcass for talented staff. But the longer term ramifications are ominous. The bank was heavily involved in credit derivatives, and its demise will sour confidence in structured products and derivatives. Naomi Rovnick, Ruth David, Pamela Tang, and Richard Morrow report....[read more]
Following Lehman Brothers' collapse, rival investment banks are cherry-picking the carcass for talented staff. But the longer term ramifications are ominous. The bank was heavily involved in credit derivatives, and its demise will sour confidence in structured products and derivatives. Naomi Rovnick, Ruth David, Pamela Tang, and Richard Morrow report....[read more]
Crown City CDOs Default On Lehman Exposure
Total Securitization - New York,NY,USA
Crown City CDO 2005-1 and 2005-2 have experienced an event of default following Lehman Brothers’ bankruptcy filing last month, leading Standard & Poor’s to ...
Total Securitization - New York,NY,USA
Crown City CDO 2005-1 and 2005-2 have experienced an event of default following Lehman Brothers’ bankruptcy filing last month, leading Standard & Poor’s to ...
Journal of Risk Management in Financial Institutions, visit http://prmia.org/index.php?page=training&option=trainingRMFI
Wall Street millionaires are saying goodbye to mega-bonuses and outsized base pays—for good. Read More
Henderson seeks to halt redemptions in flagship hedge fund
Henderson Global Investors has urged investors in its flagship hedge fund to support a restructuring in exchange for reduced fees after poor performance prompted massive redemptions. (Financial Times)
http://mail.efnmail.co.uk/r/404268/MTk4MTI1OjE4OTI5/
Henderson Global Investors has urged investors in its flagship hedge fund to support a restructuring in exchange for reduced fees after poor performance prompted massive redemptions. (Financial Times)
http://mail.efnmail.co.uk/r/404268/MTk4MTI1OjE4OTI5/
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Yield Curve Corner
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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/TRCnorbertodile283_G10.jpg
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Iranian Situation and Other Man Made Disasters
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Iran postpones new sales tax
UPI Thu, 09 Oct 2008 9:11 AM PDT
TEHRAN, Oct. 9 (UPI) -- Iran said it would postpone implementation of a 3 percent sales tax after merchants in several cities shuttered stores in protest.
UPI Thu, 09 Oct 2008 9:11 AM PDT
TEHRAN, Oct. 9 (UPI) -- Iran said it would postpone implementation of a 3 percent sales tax after merchants in several cities shuttered stores in protest.
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Opalesque’s Corner
- Opalesque Exclusive: Eidesis Capital prepares to launch a Hybrid distressed fund
- Opalesque Exclusive: DynamiteF3 to launch Dynamite CTA fund on November 1
- Fund Launch - Marshall Wace to set up a financials fund with $200m
- Performance - MQS quant fund launched in July returns -0.65% YTD, Genesis` Japan Macro Fund fell 1.8% in September (+9.3% YTD), beats rivals
- Opalesque Exclusive: HFRI Index down 4.68% in September, -9.41%YTD, Short Bias index is best performer (5.28%, 15.14% YTD), may be due to alternatives to short-selling
- Indices - Hennessee Group HF index down 6.34% for September (-10.28% YTD), worst month in decade, Greenwich Index: HFs dramatically outperform equity markets despite losses, GGHFI -4.85% (-8.85% YTD) and GI2 -5.87% (-8.82% YTD)
- Henderson asks investors to back restructuring with longer lock in return for lower fees
- Opalesque Exclusive: Geneva banks who run hedge funds suffered heavy redemptions, AUM down 8 to 20%
- Assets - Lansdowne HF manager Banerji quits to focus on garden products company, EM fund`s AUM down from $500m to $50m, Credit crunch sees formerly closed, top hedge funds reopen to new investors
- Opalesque Exclusive: As investors express an interest in more conservative vehicles, requirements to secure Shari'ah approval may be in closer alignment with strategy changes, Islamic finance has not felt full brunt of credit crisis due to many of its requirements
- Opalesque Exclusive: 3C Asset Management now 100% owned by Sampo Bank
- Fitch downgrades 6 tranches from 5 HF CFOs after reassessment of macro risks
- Short Selling Regulation - Market nervously eyes return of short sellers, Did the short-selling ban make a difference?, Options trading could jump as SEC lifts short-sale ban, RiskMetrics: Hong Kong should improve shorting disclosure requirements
- Hedge Fund Standards Board - You can call him Mr. Hedge Fund: Borges seeks voluntary standards rather than regulation, UK arm of BlackRock among first funds to sign up to voluntary code, Europe`s Hedge Fund Standards Board chief fears backlash, Hedge funds bolster self-regulation drive, HFSB represents about half hedge fund assets in Europe
- Lehman Update - Lehman to sell its 45% stake in Richard Rieder's hedge fund R3 Capital Partners, Lehman administrators issue press release regarding client monies and assets, Laid-off Lehman staff will no longer get severance pay, Hundreds of Lehman investors protest in Hong Kong in hopes to recoup money
- Interest Rate Cuts - Fed, ECB, England, Switzerland, Sweden, China, South Korea, Taiwan, Hong Kong, Australia have cut interest rates, Bahrain central bank cuts key rate, Canada cut rates, TSX rallies, Comment: Global rate cuts, last step to halt credit crisis
- Credit Crunch Update - Extreme volatility, NY Fed calls Friday meeting for CDS players to focus on which clearing house the market will support, Fed reaching out to Canadian institutions for participation in rescue, US Treasury considers buying bank stakes, H. Paulson says more firms will fail despite bailout bill, Pimco, BlackRock submit bids to manage treasury bailout assets, AIG gets another Fed lifeline in form of $37.8bln in additional liquidity, Flight to safety continues as US equity funds receive record $42bln inflows over past 13 weeks, BofA`s wobbles take shine off rescue deal for Merrill investors, manager blasts handling of capital raising, Morgan Stanley` share price plunge, still vulnerable, Citi shrinks U.S. mortgage broker business, to cut 500 jobs and slash independent brokers by 90%, Goldman had $20bln in AIG CDS exposure, says fully hedged and collateralized, UBS pulls plug on weekly mortgage strategy report and ABS group, IMF points to $1.4tln US writedowns
- Europe - UK launches GBP400bln ($693.6bln) rescue plan, RBS, Barclays and Lloyds TSB likely to use scheme, Italy says no bank will fail, UniCredit to shed 700 jobs, Trading on both Russian stock markets halted after huge declines, Iceland sinks further into crisis, abandons bank nationalization, fixed exchange rate, Iceland`s biggest bank Kaupthing gets Swedish loan, Kaupthing UK unit placed in administration, UK terror law used for Iceland deposits
- Middle East - Saudi bourse slumps by more than 7.5% at opening amid fears financial crisis cannot be contained
- Asia - Asian bourses fare worse on hedge fund unwinding, Chinese finance firms snap up axed Wall Street professionals, Japan pledges to act as Nikkei falls 9.4%
- Legal - Delphi judge may revive fraud claim against Appaloosa, Feds expand probe into Bear Stearns hedge funds, Citi, Wells Fargo extend Wachovia legal truce until Fri, Oct 10, BofA agrees to $4.7b auction-rate securities settlement, Petters` business partner, Michael Catain, is charged with money laundering conspiracy, Goldman Sachs ordered to pay broker Greg Fullmer $1m
- People - Kinetic Partners grows Cayman team with relocation of Nick Matthews and Malin Nilsson, RAM appoints Credit Suisse`s Tim Sweeting as Head of Alternatives, Sovereign merchant bank BMB appoints David Gibson-Moore as Managing Partner
- Environmental Investing - Solar company Suntech says demand exceeds supplies, First Solar says feels no credit crisis effects and may take on financing role
- Commodities - Sharp declines in commodities hammer funds, Read Opalesque Commodities Briefings, the free daily commodities publication
- Read Opalesque Real Estate Briefing, the new free daily Real Estate publication
- Opalesque Exclusive: Altesque Events presents 2008 Hedge Fund Insider`s Update, NYC, November 10th
- Events - 100 Women in Hedge Funds` education session with Mina Gerowin, Paulson Europe: Lessons from Life and Investing, Geneva, 20 October
- Activist Investing - Atticus Management` stake in NYSE Euronext falls to 2.32%, Owl Creek A. M. increases Navistar stake to 8.03%, now third largest investor
- New Briefs - RCM to offer clients option of paying performance fees on traditional global equity products, Gambling on price of art to become a reality with Intrade Prediction Market futures contracts, Airfare analyst and aviation professor create the Aero 100 index, CME Group hikes margins on rate futures contracts, Sprint Nextel executives top list of most overpaid
- And Finally. Blondes have more fun argument doesn`t work in court
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: DynamiteF3 to launch Dynamite CTA fund on November 1
- Fund Launch - Marshall Wace to set up a financials fund with $200m
- Performance - MQS quant fund launched in July returns -0.65% YTD, Genesis` Japan Macro Fund fell 1.8% in September (+9.3% YTD), beats rivals
- Opalesque Exclusive: HFRI Index down 4.68% in September, -9.41%YTD, Short Bias index is best performer (5.28%, 15.14% YTD), may be due to alternatives to short-selling
- Indices - Hennessee Group HF index down 6.34% for September (-10.28% YTD), worst month in decade, Greenwich Index: HFs dramatically outperform equity markets despite losses, GGHFI -4.85% (-8.85% YTD) and GI2 -5.87% (-8.82% YTD)
- Henderson asks investors to back restructuring with longer lock in return for lower fees
- Opalesque Exclusive: Geneva banks who run hedge funds suffered heavy redemptions, AUM down 8 to 20%
- Assets - Lansdowne HF manager Banerji quits to focus on garden products company, EM fund`s AUM down from $500m to $50m, Credit crunch sees formerly closed, top hedge funds reopen to new investors
- Opalesque Exclusive: As investors express an interest in more conservative vehicles, requirements to secure Shari'ah approval may be in closer alignment with strategy changes, Islamic finance has not felt full brunt of credit crisis due to many of its requirements
- Opalesque Exclusive: 3C Asset Management now 100% owned by Sampo Bank
- Fitch downgrades 6 tranches from 5 HF CFOs after reassessment of macro risks
- Short Selling Regulation - Market nervously eyes return of short sellers, Did the short-selling ban make a difference?, Options trading could jump as SEC lifts short-sale ban, RiskMetrics: Hong Kong should improve shorting disclosure requirements
- Hedge Fund Standards Board - You can call him Mr. Hedge Fund: Borges seeks voluntary standards rather than regulation, UK arm of BlackRock among first funds to sign up to voluntary code, Europe`s Hedge Fund Standards Board chief fears backlash, Hedge funds bolster self-regulation drive, HFSB represents about half hedge fund assets in Europe
- Lehman Update - Lehman to sell its 45% stake in Richard Rieder's hedge fund R3 Capital Partners, Lehman administrators issue press release regarding client monies and assets, Laid-off Lehman staff will no longer get severance pay, Hundreds of Lehman investors protest in Hong Kong in hopes to recoup money
- Interest Rate Cuts - Fed, ECB, England, Switzerland, Sweden, China, South Korea, Taiwan, Hong Kong, Australia have cut interest rates, Bahrain central bank cuts key rate, Canada cut rates, TSX rallies, Comment: Global rate cuts, last step to halt credit crisis
- Credit Crunch Update - Extreme volatility, NY Fed calls Friday meeting for CDS players to focus on which clearing house the market will support, Fed reaching out to Canadian institutions for participation in rescue, US Treasury considers buying bank stakes, H. Paulson says more firms will fail despite bailout bill, Pimco, BlackRock submit bids to manage treasury bailout assets, AIG gets another Fed lifeline in form of $37.8bln in additional liquidity, Flight to safety continues as US equity funds receive record $42bln inflows over past 13 weeks, BofA`s wobbles take shine off rescue deal for Merrill investors, manager blasts handling of capital raising, Morgan Stanley` share price plunge, still vulnerable, Citi shrinks U.S. mortgage broker business, to cut 500 jobs and slash independent brokers by 90%, Goldman had $20bln in AIG CDS exposure, says fully hedged and collateralized, UBS pulls plug on weekly mortgage strategy report and ABS group, IMF points to $1.4tln US writedowns
- Europe - UK launches GBP400bln ($693.6bln) rescue plan, RBS, Barclays and Lloyds TSB likely to use scheme, Italy says no bank will fail, UniCredit to shed 700 jobs, Trading on both Russian stock markets halted after huge declines, Iceland sinks further into crisis, abandons bank nationalization, fixed exchange rate, Iceland`s biggest bank Kaupthing gets Swedish loan, Kaupthing UK unit placed in administration, UK terror law used for Iceland deposits
- Middle East - Saudi bourse slumps by more than 7.5% at opening amid fears financial crisis cannot be contained
- Asia - Asian bourses fare worse on hedge fund unwinding, Chinese finance firms snap up axed Wall Street professionals, Japan pledges to act as Nikkei falls 9.4%
- Legal - Delphi judge may revive fraud claim against Appaloosa, Feds expand probe into Bear Stearns hedge funds, Citi, Wells Fargo extend Wachovia legal truce until Fri, Oct 10, BofA agrees to $4.7b auction-rate securities settlement, Petters` business partner, Michael Catain, is charged with money laundering conspiracy, Goldman Sachs ordered to pay broker Greg Fullmer $1m
- People - Kinetic Partners grows Cayman team with relocation of Nick Matthews and Malin Nilsson, RAM appoints Credit Suisse`s Tim Sweeting as Head of Alternatives, Sovereign merchant bank BMB appoints David Gibson-Moore as Managing Partner
- Environmental Investing - Solar company Suntech says demand exceeds supplies, First Solar says feels no credit crisis effects and may take on financing role
- Commodities - Sharp declines in commodities hammer funds, Read Opalesque Commodities Briefings, the free daily commodities publication
- Read Opalesque Real Estate Briefing, the new free daily Real Estate publication
- Opalesque Exclusive: Altesque Events presents 2008 Hedge Fund Insider`s Update, NYC, November 10th
- Events - 100 Women in Hedge Funds` education session with Mina Gerowin, Paulson Europe: Lessons from Life and Investing, Geneva, 20 October
- Activist Investing - Atticus Management` stake in NYSE Euronext falls to 2.32%, Owl Creek A. M. increases Navistar stake to 8.03%, now third largest investor
- New Briefs - RCM to offer clients option of paying performance fees on traditional global equity products, Gambling on price of art to become a reality with Intrade Prediction Market futures contracts, Airfare analyst and aviation professor create the Aero 100 index, CME Group hikes margins on rate futures contracts, Sprint Nextel executives top list of most overpaid
- And Finally. Blondes have more fun argument doesn`t work in court
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
aficionado uh-fish-ee-uh-NAH-doh, noun:
An enthusiastic admirer; a fan.
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Funnies, Facts, Quotes, etc….
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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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