Archive: 09/24/2007
Main News
Barclays
risks loss in sale of sub-prime arm
Telegraph.co.uk - United Kingdom
HSBC revealed plans on Friday to close its US-based Decision One sub-prime
mortgage unit, with the loss of 750 jobs. The move will force HSBC into a ...
See
all stories on this topic
Study
reveals credit crunch damage
GLOBAL
- Institutional investors believe the fallout from the credit crunch will
spread to other asset classes and many have moved to mitigate their exposure,
according to research by Greenwich Associates.
HSBC
shuts wholesale lending arm -- [at FT.com]
By David Wighton in New York FT.com
9/21/2007 1:35:52 PM
ABP
to implement new internal risk model
http://www.ipe.com/news/ABP_to_implement_new_internal_risk_model_25418.php
Confidence
trick
The problems involved in stopping a bank run ... more
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Mitsubishi
UFJ May Have to Reduce Value of Holdings (Update2). By Steve Dickson and Erik
Schatzker. Sept. 21 (Bloomberg) -- Mitsubishi UFJ Financial Group ... |
FUND
OF INFORMATION
The Lessons of Summer 2007Reassessing hedge funds.
http://online.barrons.com/article/SB119041446144435750.html?mod=djemWR
|
File
Format: PDF/Adobe Acrobat - View
as HTML |
Standard
and Poor’s, Fitch Ratings and Moody’s Investors Service have all affirmed their
ratings and ratings outlooks for Calyon and its parent company following the
disclosure of a large rogue trade. The rating agencies commented yesterday,
satisfied for the time being that risk management controls at the investment
banking arm of Crédit Agricole are adequate following its shock announcement on
September 18 that a large unauthorised credit derivatives index trade would
knock a whopping €250 off third-quarter earnings.
Rating
agencies unmoved by Calyon’s rogue trade
The
Greening of T. Boone Pickens
An oil and gas visionary talks about the benefits of environmentally friendly
energy and how he's profiting from it.
http://online.barrons.com/article/SB119033152219834562.html?mod=djemBF
New
hedge-lite quant funds held up in Aug-study
Source: Reuters UK
New quantitative "hedge-lite" investment funds often called 130/30s
didn't sustain the kind of underperformance last month that afflicted other
kinds of quant hedge funds, a new study released on Thursday showed. More...
<http://www.hedgefund-index.com/newstoday.asp>
Morgan Stanley May Buy Stake in Hedge Fund Traxis, Person Says
Bloomberg.com Fri, 21 Sep 2007 3:19 PM PDT
Sept. 21 (Bloomberg) -- Morgan Stanley is considering buying a minority stake
in Traxis Partners LLC, the hedge-fund firm founded by Barton Biggs and other
former executives at the securities firm, according to a person with knowledge
of the discussions.
$8
Billion Buyout of D.C. Firm Collapses
The $8 billion buyout of audio-equipment maker Harman International Industries
collapsed yesterday, the first major private-equity deal to unravel since the
current credit turmoil began and a sobering sign for other big takeovers in the
works.
(By David Cho, The Washington Post)
Morgan
Stanley in talks over Traxis stake -- [at FT.com]
By Ben White in New York and James Mackintosh in London FT.com
9/21/2007 5:05:18 PM
New
rich storm into Forbes 400 -- [at FT.com]
By Francesco Guerrera in New York FT.com
9/21/2007 3:40:43 PM
A
New Life in Panama?The silent U.S. emigration.
http://online.barrons.com/article/SB119041441207935747.html?mod=djemWR
Energy Risk – California
Carbon Markets
California
is about to embark on the creation of the world's most aggressive greenhouse
gas market in the most energy efficient state in the United States.
_________________________________________________________________________
Yield Curve Corner
The
Fed: Fed's Kohn disputes notion of a Greenspan or Bernanke 'put'
By Greg Robb MarketWatch
9/21/2007 8:00:00 AM
Bernanke: Loan Losses Worse Than Forecast
Fed chairman says that despite "significant market stress," the
financial system remains "relatively strong." Read More
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Natural Disaster Corner
http://www.sec.noaa.gov/Data/index.html
http://earthquake.usgs.gov/eqcenter/
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:
Looking
for the Next Big One
Seismologists have long debated whether earthquake patterns could allow them to
chart fault movement enough to predict the timing and size of temblors in some
regions. Most earthquakes seem to hit without warning, as Science notes, but
there is evidence that at least in some places fault breaks produce
"similar quakes at roughly similar intervals." The recent series of
quakes off the Indonesian island of Sumatra, with started with the megaquake
and tsunami of December 2004 and continued through a bunch of quakes last week,
offers fodder for both sides of the debate, the magazine adds. "Both sides
now have their eyes on one section of the fault offshore of the coastal
Sumatran city of Padang. If that part of
the fault follows the pattern some geologists expect, a tsunami-generating
magnitude-8 or larger quake could well strike there in the coming months,"
Science says. To California Institute of Technology geologist Kerry Sieh and
others, "It's really looking ominous."
_________________________________________________________________________
Iranian Situation
|
Rice
says US, France agree on Iran
AP via Yahoo! News Fri, 21 Sep 2007 11:13 AM PDT
The United States and France agree on how to pressure Iran to abandon its
nuclear ambitions, U.S. Secretary of State Condoleezza Rice said Friday.
IRAN
PREZ: WHY ALL THE FUSS
By CHUCK BENNETT, AUSTIN FENNER and DAVID SEIFMAN in N.Y. and
CHARLES HURT in D.C.
He must be clueless. Despite his best efforts to obtain nukes, kill U.S.
troops, aid terrorists, deny the Holocaust and wipe Israel off the map, Iranian
President Mahmoud Ahmadinejad expressed disbelief yesterday that Americans
could object to his...
full story: http://www.nypost.com/seven/09212007/news/nationalnews/iran_prez__why_all_the_fuss_.htm
Iran shows off military
USA Today Sat, 22 Sep 2007 4:57 AM PDT
Threats and economic sanctions will not stop Iran's technological progress,
President Mahmoud Ahmadinejad warned Saturday at a large parade featuring
fighter jets and radar-avoiding missiles designed to show off the country's
military might.
_________________________________________________________________________
Opalesque’s Corner
-
Opalesque Exclusive : Absolute Capital Management reveals action plan: Resets
performance fees, creates side-pockets, says illiquid investments does not mean
no value
- CQS acquires New City Investment Managers to expand product, geographic reach
and to diversify into closed-ended funds management
- Carlyle stake sold to Abu Dhabi company, `removes pressure Carlyle to file
IPO`, Martin Currie Investment sells 25% stake
- Barclay CTA Index falls 1.34% in August, largest traders drop 2.99%, JWH and
DUNN down, Niederhoffer countertrends
- Greenwich releases study on consequences of quidity crunch in global credit
markets, Subprime layoffs head for record, worst may not be over as job losses
on way to breaking mark set in 2001, Speech - Bernanke focuses on
subprime mortgage lending and mitigating foreclosures, House prices to
drop much lower: Greenspan
- SIVs face ratings downgrade
- Goldman Sachs hits one long, Bear Stearns whiffs, Goldman says both Global
Equity Opportunities and Global Alpha funds bounce back, $1.6bln withdrawals
from latter, Comment: GS results embarrass firm`s flagship hedge fund,
The Goldman Alpha We`re Not Sorry` letter, GSAM revenues hit $1.2bln in Q3
- `No brainer trade`: Northern Rock so heavily shorted by hedge funds that
shares available for shorting ran out, first time for UK `blue chip`, RAB
Special Situations fund buys 4.8% stake but sits on losses, Northern Rock
shares drop after U.K. limits guarantee, Paul Marshall says dual regulation
caused Rock slide, BoE`s King blames U.K. law for foiling bank rescue
- Thames River co-founder launches new hedge fund group, Turnberry launches
leveraged version of distressed credit fund, Natixis launches EUR500m carbon
fund
- Balestra now at 125% YTD, starts selling some positions
- Hedge Fund Indexes Part 2: Variations in weights, measures
- New Mexico jumpstarts Portable Alpha program
- New Jersey employees object and `almost cry` over state pension` plan to put
at least $9bln in alternatives
- Rising prices have banks running to commodities, Gold futures hit 28-year
high
- MF Global elects three new board members: Eileen Fusco, Lawrence Schloss and
Robert Sloan, Lehman picks Erin Callan as finance chief, Columbia
Management appoints Colin Moore as CIO, to develop proprietary alternative
products
- New Forbes 400 list: Nearly half of 45 new members made their fortunes in
hedge funds and private equity, Google founders edge out Wal-Mart heirs
- Report: Execution Quality in the Nasdaq Market
- Special Report: California to create world`s most aggressive greenhouse gas
market
- Hackers invade office computers, taking control while users unaware
- Self-regulation a danger, says exchange study
- Former Wall Street workers to face charges for stock-loan `brazen schemes`
- LSE faces fresh bidding war, Qatar Investment Authority and Borse Dubai now
own 48%
- FoF sets record for world`s most expensive office rent in London
- Opalesque Exclusive: Babylon Fund first foreign investor admitted to Iraqi
T-bill acution
- More Chinese investors turn to fund managers instead of direct investments,
fund accounts could increase to 100m, China to limit investment in Hong Kong
- News Briefs: CAP brokers first RPX based residential property derivative
transaction,Swedish fund Pecunia changes its name, Linklaters re-hires
Michael Guilday as Asian practice leader
- ...And finally: Ready for a game? Australia plans world`s longest golf
course, 18 holes over just 1,200 km
- Logon: http://www.opalesque.com/main.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
Alan
Greenspan's memoirs
Not many surprises in this memoir-cum-essay except that it is an unexpectedly
enjoyable read ... more
Israel,
U.S. shared data on suspected nuclear site: report
September 21, 2007 01:08 AM ET
WASHINGTON (Reuters) - Before it decided to strike Syria, Israel
shared intelligence with President George W. Bush this summer
indicating that its neighbor was getting help from North Korea
on a nuclear facility, The Washington Post reported on Friday.
http://links.reuters.com/r/TVKJ6/L1C74/BGVWL/KSUZ8/N8BL4/GX/t?a1=nl_usmorningdigest
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
embonpoint
hn-bohn-PWAN, noun:
Plumpness
of person; stoutness.
2001: In stock market trading in the United States,
the Dow Jones industrial average posted its largest weekly loss (14.3 percent)
since the Great Depression.
1931: The Bank of England dropped the gold
standard, and the pound sterling promptly lost 28 percent of its value,
undermining the solvency of countries in eastern Europe and South America.
1867: Henry L. Stimson, an American statesman who
exercised a strong influence on U.S. foreign policy in the 1930s and '40s and
served in the administrations of five presidents between 1911 and 1945, was
born.
1840: While experimenting with gallic acid, a
chemical he was informed would increase the sensitivity of his prepared paper,
William Henry Fox Talbot discovered that the acid can be used to develop a
latent image on paper, leading to a revolution in photography.
1435: In the French kingdom, the Treaty of Arras
was signed, ending the long quarrel between Duke Philip of Burgundy and King
Charles VII.
19: The Roman poet Virgil, best known for his
national epic the Aeneid, died.
_________________________________________________________________________
Conference, Courses, Books, Papers
Great
Research Sites:
http://www.allaboutalpha.com/blog/
Merrill
Lynch research Link to full report including important disclosures see example
http://rsch1.ml.com/9093/24013/ds/78763025.PDF
John
Mauldin’s Weekly Analysis
James
Altucher’s Website:
Other
useful sites:
_________________________________________________________________________
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)
HFRX
Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431
http://www.cogenthedge.com/home/inv_strategy.asp
_________________________________________________________________________
Regulatory Info
Commodity Futures Trading Commission
(CFTC)
Division of Enforcement: +1
866-FON-CFTC
http://www.cftc.gov/enf/enfform.htm
http://www.cftc.gov/enf/enfform.htm
Securities and Exchange Commission
(SEC)
http://www.sec.gov/complaint.shtml
http://www.sec.gov/complaint.shtml
Autorité des marchés financiers (AMF)
Ombudsman's office: +33 (0)1
5345-6464
French: http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=fr&Id_Tab=0
English:
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
Financial
Services Authority (FSA)
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Financial
Ombudsman Service: 0845 080 1800, outside the UK: +44 (0)20 7964 1000
complaint.info@financial-ombudsman.org.uk
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Hong Kong
Securities and Futures Commission (SFC)
http://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
Investor
Hotline: 852-2840-9333
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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