Monthly Archives: March 2023
Ex-Goldman banker Ng sentenced to 10 years in prison for 1MDB corruption case
(CNBC) Former Goldman Sac‘sbanker Roger Ng was sentenced to 10 years in prison on Thursday, after he was convicted of helping loot billions of dollars from Malaysia’s 1MDB sovereign wealth fund. A jury in federal court in the New York City borough of Brooklyn last April found Ng, Goldman’s former head of investment banking in Malaysia, guilty of helping his former boss Tim […]
GM offers buyouts to ‘majority’ of U.S. salaried workers
(CNBC) General Motors will offer voluntary buyouts to a “majority” of its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to workers Thursday from CEO […]
Millennium to charge fees even if fund loses money
(Hedgeweek) Millennium Management, the hedge fund founded by Izzy Englander, has changed its investor terms so that clients will now always be charged a minimum management fee, even if the fund loses money, according to a report by Bloomberg. To […]
SEC Sues Crypto Asset Company, Its Founder, and a Recidivist Salesperson for Fraud
(HedgeCo.Net) The Securities and Exchange Commission charged Utah-based company Green United, LLC, its founder Wright W. Thurston, and one of its promoters, Kristoffer A. Krohn, with allegedly defrauding investors in connection with an unregistered offering of crypto asset securities. According […]
Hedge funds down 0.5% in February
(Hedgeweek) Global hedge funds saw a 0.5% decline in February according to the performance of the HFRI Fund Weighted Composite Index, on the back of weak equities performance, ongoing generational inflation, higher interest rates and the possibility of a recession […]
Stock futures are flat as Wall Street weighs likelihood of higher rate hikes: Live updates
(CNBC) U.S. stock futures were flat on Wednesday night as traders processed fresh job market data and comments from Federal Reserve Chairman Jerome Powell. Dow Jones Industrial Average futures fell by 6 points, or 0.02%. S&P 500 futures and Nasdaq […]
Crypto-focused bank Silvergate is shutting operations and liquidating after market meltdown
(CNBC) Silvergate Capital, a central lender to the crypto industry, said on Wednesday that it’s winding down operations and liquidating its bank. The stock plunged more than 36% in after-hours trading. Silvergate has served as one of the two main […]
No exit ramp for Fed’s Powell until he creates a recession, economist says
(CNBC) The U.S. Federal Reserve cannot disrupt its cycle of interest rate increases until the nation enters a recession, according to TS Lombard Chief U.S. Economist Steven Blitz. “There is no exit from this until he [Fed Chair Jerome Powell] […]
Bainbridge acquires three GAM alts strategies
(Hedgeweek) Bainbridge Partners is to acquire three alternatives strategies from GAM Investments – GAM Opportunistic Credit, GAM Diversity and GAM Trading II – with combined assets of 80 million Swiss francs ($87 million), according to a report by Pensions & […]
Light Sky founder Melkman joins Schoenfled
(Hedgeweek) Ben Melkman, a former partner at Brevan Howard Asset Management and the founder of the now-shuttered Light Sky Macro fund, has become the latest ‘star’ trader to make a multi-strat move this year, ditching plans for a solo fund […]
SEC Charges Rio Tinto plc with Bribery Controls Failures
(HedgeCo.Net) The Securities and Exchange Commission has announced charges against global mining and metals company, Rio Tinto plc, for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme involving a consultant in Guinea. The company […]
Ex-Citadel exec eyes $1bn for hedge fund launch
(CNBC) A new fund set to be launched by Todd Barker, the former head of the Surveyor Capital unit at Ken Griffin’s Citadel, is expected to raise over $1 billion making it one of the largest launches of the year, […]