Archive: 05/22/2008
Main News
CPDOs expose ratings flaw at Moody's
<http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/YGZKH/W1/h>
May 20 2008 23:36
When the craze for CPDOs erupted in financial markets in late 2006, some
observers quipped that these new products were like something out of a
sci-fi blockbuster Read more >
<http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/YGZKH/W1/h>
<http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/YGZKH/W1/h>
May 20 2008 23:36
When the craze for CPDOs erupted in financial markets in late 2006, some
observers quipped that these new products were like something out of a
sci-fi blockbuster Read more >
<http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/YGZKH/W1/h>
Moody's error gave top ratings to debt products <http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/4VX9A/W1/h>
May 20 2008 23:36
Moody's awarded incorrect triple-A ratings to billions of dollars worth of a type of complex debt product due to a bug in its computer models, an Financial Times investigation has discovered Read more » <http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/4VX9A/W1/h>
May 20 2008 23:36
Moody's awarded incorrect triple-A ratings to billions of dollars worth of a type of complex debt product due to a bug in its computer models, an Financial Times investigation has discovered Read more » <http://link.ft.com/r/H60H77/CEJIF/723ZK/ZOMOR/4VX9A/W1/h>
SEC Unanimously Supports New Technology <http://feeds.feedburner.com/~r/Pomtalk/~3/294553412/sec-unanimously.html>
Posted: 20 May 2008 04:09 PM CDT
Posted: 20 May 2008 04:09 PM CDT
Shares of Lehman Brothers Holdings Inc. dropped nearly 5% on analyst Richard Bove's research note. Bove says the investment bank could post a second quarter loss.
» Read the Full Story
» Read the Full Story
FSA to weigh bonus structure in banking risk assessment
The structure and scale of bankers' bonuses will be taken into account by regulators when they assess banks' exposure to financial risk, Hector Sants, chief executive of the UK Financial Services Authority, said on Tuesday. (Financial Times)
http://mail2.efnmail.co.uk/r/365239/MTk4MTI1OjE3Mzc0/
The structure and scale of bankers' bonuses will be taken into account by regulators when they assess banks' exposure to financial risk, Hector Sants, chief executive of the UK Financial Services Authority, said on Tuesday. (Financial Times)
http://mail2.efnmail.co.uk/r/365239/MTk4MTI1OjE3Mzc0/
By MARK DeCAMBRE
It turns out that not even the father of the mortgage-backed securities market is immune to the mother of all mortgage busts. Lewis Ranieri's Franklin Bank Corp., a Houston-based savings and loan of which he is chairman, is getting hammered by...full story
Citigroup's Bischoff Sees Subprime Crisis `Close to the Bottom'
Bloomberg - USA
The New-York based lender has booked more than $40 billion of credit losses and writedowns since the subprime mortgage market collapsed. ...
Bloomberg - USA
The New-York based lender has booked more than $40 billion of credit losses and writedowns since the subprime mortgage market collapsed. ...
Results from the latest stage of the ongoing Towers Perrin/Cass Business School research looking at the value created in the last three global M&A cycles reveals that, contrary to conventional wisdom, 2008 may be the best time to do a deal.
Markets Compete for SPACs, Regulatory Difference a Factor
By: Chidem Kurdas, New York Bureau Chief
Posted: 05/21/2008 10:34:58 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3479.html
By: Chidem Kurdas, New York Bureau Chief
Posted: 05/21/2008 10:34:58 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3479.html
Will Hedge Funds' Gloomy Outlook Make Money?
By: Chidem Kurdas, New York Bureau Chief
Posted: 05/21/2008 3:37:46 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3482.html
By: Chidem Kurdas, New York Bureau Chief
Posted: 05/21/2008 3:37:46 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3482.html
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Congo: Tar Sands and a Means of Escape. May 21, 2008 | 1949 GMT. Headquarters of Italian energy firm ENI, showing logo. PACO SERINELLI/AFP/Getty Images ... www.stratfor.com/analysis/congo_tar_sands_and_means_escape - 5 hours ago - |
Hedge Fund Assets Reach an Estimated $2.848 Trillion in Q1 2008
Business Wire (press release) - San Francisco,CA,USA
The report estimates total hedge fund assets fell 1.4% in Q1 2008 to $2.848 trillion. The release is concurrent to the release of the HFN Q1 2008 ...
Business Wire (press release) - San Francisco,CA,USA
The report estimates total hedge fund assets fell 1.4% in Q1 2008 to $2.848 trillion. The release is concurrent to the release of the HFN Q1 2008 ...
Hedge Fund Rising Stars: Clemente Cappello
Institutional Investor News’ second annual issue of 20 Rising Stars of Hedge Funds showcases up-and-coming hedge fund managers.Read more
Institutional Investor News’ second annual issue of 20 Rising Stars of Hedge Funds showcases up-and-coming hedge fund managers.Read more
Japan may export 200,000 metric tons of rice to help the Philippines, the world's largest importer. Manila has been unable to buy enough rice because a series of Asian exporting countries have limited foreign sales to protect their own populations against record prices. "We expect delivery in a matter of weeks," Agriculture Secretary Arthur Yap said. http://r.smartbrief.com/resp/lgrcrwlGvMypeOCibSfXqPiq?format=standard ClipSyndicate/Bloomberg (20 May.) , Manila Standard Today (Philippines) (20 May.)
Sichuan quake could add to China's food inflation
The Sichuan earthquake may not curtail China's economic growth, but it is expected to add to food inflation. The south-central province is China's leading pig-farming region and a big grain producer. Some pork processors said they've had trouble getting hogs because of blocked or damaged roads. Also, many trucking companies are busy delivering relief supplies. The demand for pork has led to some villages reporting a jump in thefts of baby pigs. Los Angeles Times (free registration) (21 May.)
The Sichuan earthquake may not curtail China's economic growth, but it is expected to add to food inflation. The south-central province is China's leading pig-farming region and a big grain producer. Some pork processors said they've had trouble getting hogs because of blocked or damaged roads. Also, many trucking companies are busy delivering relief supplies. The demand for pork has led to some villages reporting a jump in thefts of baby pigs. Los Angeles Times (free registration) (21 May.)
Lieberman proposes limits on commodities trading
A Senate leader has proposed limiting buying and selling by large institutional investors in commodities markets. Sen. Joseph Lieberman, D-Conn., said the legislation would be aimed at speculators. The chief economist for the Commodity Futures Trading Commission said while institutional investors have moved into commodities, they are not solely responsible for driving up prices. The New York Times/Bloomberg (21 May.)
A Senate leader has proposed limiting buying and selling by large institutional investors in commodities markets. Sen. Joseph Lieberman, D-Conn., said the legislation would be aimed at speculators. The chief economist for the Commodity Futures Trading Commission said while institutional investors have moved into commodities, they are not solely responsible for driving up prices. The New York Times/Bloomberg (21 May.)
Wed, 21 May 2008, 06:00
Hedgeweek
With oil prices fast approaching USD130 a barrel and a global food crisis looming, the US Senate Committee on Homeland Security and Governmental Affairs is scrutinising the role of financial speculators in the commodities markets.
With oil prices fast approaching USD130 a barrel and a global food crisis looming, the US Senate Committee on Homeland Security and Governmental Affairs is scrutinising the role of financial speculators in the commodities markets.
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Yield Curve Corner
Wall Street Whacked, Main Street On Deck
Forbes - NY,USA
The already sluggish US economy took blows from all sides Tuesday, as oil prices reach new heights and inflation readings can't provide a clear picture. ...
Forbes - NY,USA
The already sluggish US economy took blows from all sides Tuesday, as oil prices reach new heights and inflation readings can't provide a clear picture. ...
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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/DSTchina142_MO.jpg
U.N. chief goes on Myanmar cyclone aid mission
May 21, 2008 04:10 AM ET
YANGON (Reuters) - U.N. chief Ban Ki-moon headed to southeast
Asia on Wednesday on a mission to secure more help for cyclone
victims in Myanmar, whose military rulers have finally granted
an aid agency the use of helicopters to deliver supplies.
http://links.reuters.com/r/DFGA9/UVW6Z/WQNBD/PUW3R/IC7PL/YT/t
May 21, 2008 04:10 AM ET
YANGON (Reuters) - U.N. chief Ban Ki-moon headed to southeast
Asia on Wednesday on a mission to secure more help for cyclone
victims in Myanmar, whose military rulers have finally granted
an aid agency the use of helicopters to deliver supplies.
http://links.reuters.com/r/DFGA9/UVW6Z/WQNBD/PUW3R/IC7PL/YT/t
Earthquake slammed businesses
TheChronicleHerald.ca - Halifax,Nova Scotia,Canada
Also Monday, the government said it was releasing fuel supplies from a national strategic reserve in Sichuan to prevent shortages. The State Reserves Bureau ...
TheChronicleHerald.ca - Halifax,Nova Scotia,Canada
Also Monday, the government said it was releasing fuel supplies from a national strategic reserve in Sichuan to prevent shortages. The State Reserves Bureau ...
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Iranian Situation and Other Man Made Disasters
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Geopolitical Diary: The Jerusalem Post Creates a Mystery. May 21, 2008 | 0157 GMT. Geopolitical Diary Graphic — FINAL. Citing a report broadcast on Israel ... |
Iran protests to U.S. over mosque blast: agency
Reuters via Yahoo! News Wed, 21 May 2008 11:02 AM PDT
Iran made an official protest to the United States, via a Swiss intermediary, on Wednesday about what Tehran says is Washington's support for a group blamed for bombing an Iranian mosque, a news agency reported.
Reuters via Yahoo! News Wed, 21 May 2008 11:02 AM PDT
Iran made an official protest to the United States, via a Swiss intermediary, on Wednesday about what Tehran says is Washington's support for a group blamed for bombing an Iranian mosque, a news agency reported.
Iran must stop Bahai persecution: EU
AFP via Yahoo! News Wed, 21 May 2008 6:32 AM PDT
The EU presidency on Wednesday called on Iran to end its persecution of members of the Bahai religious community, whose faith is banned in the Islamic republic.
AFP via Yahoo! News Wed, 21 May 2008 6:32 AM PDT
The EU presidency on Wednesday called on Iran to end its persecution of members of the Bahai religious community, whose faith is banned in the Islamic republic.
Israelis arrest Iran-trained terrorist
UPI Wed, 21 May 2008 7:11 AM PDT
JERUSALEM, May 21 (UPI) -- Israeli defense officials announced the arrest of a suspected terrorist who participated in a militant training camp in Iran.
UPI Wed, 21 May 2008 7:11 AM PDT
JERUSALEM, May 21 (UPI) -- Israeli defense officials announced the arrest of a suspected terrorist who participated in a militant training camp in Iran.
Bush Team Criticizes New Report About Iran
New York Times Tue, 20 May 2008 8:23 PM PDT
The White House dismissed a report in The Jerusalem Post that President Bush was preparing to order an attack on Iran a day after it made an even angrier attack on NBC.
New York Times Tue, 20 May 2008 8:23 PM PDT
The White House dismissed a report in The Jerusalem Post that President Bush was preparing to order an attack on Iran a day after it made an even angrier attack on NBC.
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Opalesque’s Corner
- Fund launches: Barclays launches Global Agriculture Delta Fund, Fidelity launches emerging markets fund, Akeida Capital Management environmental fund targets $500m, Former Bridgewater traders prep market neutral hedge fund, Genesis Merchant Partners fund seeks loan opportunities in underserved markets
- New Venture: Saga Capital and Ginepri Capital Partners announce new film investment fund, the Saga/Ginepri Alpha Fund
- Performance: Energy hedge funds sputter despite soaring markets
- Indices: EDHEC Alternative Indexes: all strategies except for CTA Global and Short Selling were positive in April, State Street Investor Confidence Index rises from 72.3 to 81.0 in May
- Assets: Hedge fund assets reach an estimated $2.848trn in Q1 2008,
- Tax Update: Thames River starts new share class on its FoHFs in response to capital gains tax regime
- Investors: Opalesque Exclusive: Are investors shifting away from FoHFs and towards single-manager hedge funds? Part 2 - Penso: Many investors burnt by direct investments, RAS: small and midsize generic global FoHFs may have trouble in the long term
- Institutions: Chicago Teachers invests into FoHFs, L.A. plan mulls emerging hedge funds of funds, North Yorkshire looks for overseas equity and global property managers, AP3 considering reinsurance risk exposure for diversification, to split assets in alpha and beta portfolios, Fed vice chair urges pension funds who invest in alternatives to boost risk-management
- Managers: Watson Wyatt: 8 out of 10 asset managers fail to add value
- Manager Profiles: Interview with Rushabh Sheth, Director, Antara A.M., Bear manager David Tice: End of golden age
- Trends: Matrix: Investors can find returns in the pos-credit crunch landscape by picking up asset-backed lending funds, Private equity funds take longer to raise according to Preqin
- Regulatory: Opalesque Exclusive / White Paper: Is standardized portfolio pricing for hedge funds the key to keeping regulation at bay?
- Rating Agencies: Billion dollar computer bug: Moody`s awarded incorrect triple A ratings to `complex debt products`
- Credit Crunch Update: Citi offers $250m to hedge fund investors, Hedge fund managers underweight, tentative on bank stocks, AIG to raise roughly $20bln in capital, Fed warns on inflation as oil prices continue to rise, Soros: Recession to hit UK, credit crisis worst since Great Depression, HBOS bucks credit crunch with GBP500m sale, UBS suffers mass defection of wealth advisers, some go to London`s Vestra Wealth, Volatile credit markets may dent Macquarie Group
- People: Kevin Burrows joins Nedgroup's investment management team
- Comment: Dr. Benn Steil: No commodity bubble in sight, but is the dollar doomed?, Investors and the market will be much better off if they`re over apprehension with short-selling stocks
- Commodities: MF Global hit with $71m Q1 losses from unauthorised wheat trades, equity agreement with JC Flowers, Greenwich Associates: Hedge funds and institutional investors fuel commodities boom, Washington senator plans hearings on commodities speculation, HF manager blames index speculators for `demand shock`, testifies before Senate Committee, BlackRock sees platinum prices at new records, Boone Pickens on alternative energy (video), Peak oil worries (video)
- Environmental Trading: Massive investor coalition petitions US government on greenhouse gas cuts
- M&A: Barclays eyes investment bank takeover, Research shows 2008 may be the best year for M&A
- Legal: Northern Rock shareholder SRM Global to sue on human rights, U.K. court freezes assets of Boston-based hedge fund, SEC litigators extend reach to UK (Lydia Capital) and Italy (inside trader), Sentinel: Bloom crime family breaks tradition
- Awards: Gems wins HFM Fund of Hedge Funds Award, Hedge fund third party marketing firm Agecroft Partners wins award
- Events: Separation of alpha and beta key issue at Morgan Stanley`s hedge fund ball
- Activist News: Third Point backs Icahn in Yahoo fight, TCI sees $2.2bln potential CSX productivity gains, Polar Securities takes stake in Sun-Times Media Group, Hedge funds bet on higher Enodis offer
- News Briefs: WisdomTree launches actively managed U.S. current income ETF, NYC Christie`s and Sotheby`s May sales went well, price index up 7%, Nymex shareholder sues to block CME/Nymex deal, Sybase launches platform for exchanges, funds, The Nominating Committee of the Monitoring Group welcomes the European Commission to its membership, Advent helps fund administrator Quintillion reach $4.5bln in AUM after 14 months of business
- And finally. Ultimate decadence in New York with burger costing a cool $175
- Logon: http://www.opalesque.com/index.php?act=archive
- New Venture: Saga Capital and Ginepri Capital Partners announce new film investment fund, the Saga/Ginepri Alpha Fund
- Performance: Energy hedge funds sputter despite soaring markets
- Indices: EDHEC Alternative Indexes: all strategies except for CTA Global and Short Selling were positive in April, State Street Investor Confidence Index rises from 72.3 to 81.0 in May
- Assets: Hedge fund assets reach an estimated $2.848trn in Q1 2008,
- Tax Update: Thames River starts new share class on its FoHFs in response to capital gains tax regime
- Investors: Opalesque Exclusive: Are investors shifting away from FoHFs and towards single-manager hedge funds? Part 2 - Penso: Many investors burnt by direct investments, RAS: small and midsize generic global FoHFs may have trouble in the long term
- Institutions: Chicago Teachers invests into FoHFs, L.A. plan mulls emerging hedge funds of funds, North Yorkshire looks for overseas equity and global property managers, AP3 considering reinsurance risk exposure for diversification, to split assets in alpha and beta portfolios, Fed vice chair urges pension funds who invest in alternatives to boost risk-management
- Managers: Watson Wyatt: 8 out of 10 asset managers fail to add value
- Manager Profiles: Interview with Rushabh Sheth, Director, Antara A.M., Bear manager David Tice: End of golden age
- Trends: Matrix: Investors can find returns in the pos-credit crunch landscape by picking up asset-backed lending funds, Private equity funds take longer to raise according to Preqin
- Regulatory: Opalesque Exclusive / White Paper: Is standardized portfolio pricing for hedge funds the key to keeping regulation at bay?
- Rating Agencies: Billion dollar computer bug: Moody`s awarded incorrect triple A ratings to `complex debt products`
- Credit Crunch Update: Citi offers $250m to hedge fund investors, Hedge fund managers underweight, tentative on bank stocks, AIG to raise roughly $20bln in capital, Fed warns on inflation as oil prices continue to rise, Soros: Recession to hit UK, credit crisis worst since Great Depression, HBOS bucks credit crunch with GBP500m sale, UBS suffers mass defection of wealth advisers, some go to London`s Vestra Wealth, Volatile credit markets may dent Macquarie Group
- People: Kevin Burrows joins Nedgroup's investment management team
- Comment: Dr. Benn Steil: No commodity bubble in sight, but is the dollar doomed?, Investors and the market will be much better off if they`re over apprehension with short-selling stocks
- Commodities: MF Global hit with $71m Q1 losses from unauthorised wheat trades, equity agreement with JC Flowers, Greenwich Associates: Hedge funds and institutional investors fuel commodities boom, Washington senator plans hearings on commodities speculation, HF manager blames index speculators for `demand shock`, testifies before Senate Committee, BlackRock sees platinum prices at new records, Boone Pickens on alternative energy (video), Peak oil worries (video)
- Environmental Trading: Massive investor coalition petitions US government on greenhouse gas cuts
- M&A: Barclays eyes investment bank takeover, Research shows 2008 may be the best year for M&A
- Legal: Northern Rock shareholder SRM Global to sue on human rights, U.K. court freezes assets of Boston-based hedge fund, SEC litigators extend reach to UK (Lydia Capital) and Italy (inside trader), Sentinel: Bloom crime family breaks tradition
- Awards: Gems wins HFM Fund of Hedge Funds Award, Hedge fund third party marketing firm Agecroft Partners wins award
- Events: Separation of alpha and beta key issue at Morgan Stanley`s hedge fund ball
- Activist News: Third Point backs Icahn in Yahoo fight, TCI sees $2.2bln potential CSX productivity gains, Polar Securities takes stake in Sun-Times Media Group, Hedge funds bet on higher Enodis offer
- News Briefs: WisdomTree launches actively managed U.S. current income ETF, NYC Christie`s and Sotheby`s May sales went well, price index up 7%, Nymex shareholder sues to block CME/Nymex deal, Sybase launches platform for exchanges, funds, The Nominating Committee of the Monitoring Group welcomes the European Commission to its membership, Advent helps fund administrator Quintillion reach $4.5bln in AUM after 14 months of business
- And finally. Ultimate decadence in New York with burger costing a cool $175
- 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….
boulevardier oo-luh-var-DYAY; bul-uh-, noun:
1. A frequenter of city boulevards, especially in Paris.
2. A sophisticated, worldly, and socially active man; a man who frequents fashionable places; a man-about-town.
2. A sophisticated, worldly, and socially active man; a man who frequents fashionable places; a man-about-town.
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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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