Twenty-five years after the Black Monday stock market crash of 1987, the potential for a catastrophic plunge remains, says Bloomberg. The Wall Street Journal looks back at the articles it published on the week of Oct. 19, 1987.
It seems the Times has also seen a “bootleg” copy of Greg Smith’s Why I Left Goldman Sachs, and its take is in line with what we’ve read of the book so far: “Long on Mr. Smith’s reminiscences of the pleasures of the job—handmade suits, sashimi at 30,000 feet, strawberries at Wimbledon—the former Goldman salesman’s book does not break much new ground on illegal or questionable financial practices at the firm.”
Naval enthusiast Paul Singer of Elliott Management and secretive Mexican financier David Martinez are still battling in court, according to The New York Times. Mr. Martinez is said to have a $140 million painting by Jackson Pollock in his Time Warner Center apartment, but no one is willing to stake their name on it. Also Read More
A lot of people will be watching Ghana’s Supreme Court tomorrow, which is not something that can be said everyday. Then again, it’s neither a common occurrence for a hedge fund to impound a sailing vessel used for training by a sovereign navy.
That’s what happened last week when an affiliate of Paul Singer’s hedge fund Elliott Associates asked the Ghanaian government to prevent the ARA Libertad, a tall ship owned by Argentina,from leaving the port of Tema. The cause of that bizarre action? NML Capital, the Elliott affiliate, wants the South American nation to make good on bonds issued before its $95 billion default in 2001.
Former Goldman Sachs and UBS trader Haim Bodek went to the SEC after he learned that exchanges were offering some high-frequency traders a way to get their trades processed ahead of ordinary investors, according to The Wall Street Journal.
Goldman Sachs’ Chief Financial Officer David Viniar will retire at the end of January, the Read More
Elliott Management, the nation’s leading Republican-donor hedge fund and avowed enemy of journalists who dare to contemplate publishing its documents, today dropped its court motion against hedge fund trade magazine AR: Absolute Return + Alpha. AR itself has the story.
On August 19, Elliott had petitioned the New York State Supreme Court Read More
Managers at several high-profile hedge funds met with Republicans Monday night to draw up some strategy ideas for the upcoming midterm elections, according to a report by wordily-named hedge fund trade mag AR: Absolute Return + Alpha.
Citing a “person familiar with the event,” AR says SAC Capital Advisors’ Steve Cohen convened the meeting at Read More
Rudy Giuliani is looking to boost his second-quarter fund-raising numbers with a dinner for donors at the Sheraton on June 20, according to a one of the campaign's top contributors.
The minimum ticket for the event is $1,000, and Rudy's key backers are pitching the event as a "great time to impact Rudy's 2nd quarter Read More