The first “official” Chinese hedge fund just registered. Taking advantage of rules liberalized by the securities regulator in July, E Fund Management, which is China’s second-largest AM company with $29 billion AUM, registered and will raise cash from high-net-worth individuals in separate managed accounts.Paul Singer’s hedge fund, Elliot Management, dropped its “bullying” request for a magazine to reveal the source who provided the publication with the fund’s quarterly investor letter for a story. Here’s the story Singer didn’t want AR Alpha to publish.
The SEC is suing Stephen Goldfield, a former hedge fund manager, for insider trading that earned him $14 million. Allegedly Goldfield bought securities of drug company MedImmune Inc. because a friend told him it was going to be bought by AstraZeneca.
The two escorts suspected of helping a former Deutsche banker commit his kinky torture fantasy suicide, won’t face criminal charges. Colin Birch, who had lost his job as assistant VP a few weeks earlier (and had already paid escort girls to abuse him) offered the women cash if they’d conduct a mock execution on him in the woods. The call girls found him hanging from a tree in Kent but could not revive him.
The heads of the 50 American companies that fired the most employees between November ’08 and April 2010 earned 42 per cent more than the average across the S&P 500, the Institute for Policy Studies found. That translates to an extra $12 million for the CEOs swimming in pink slips.
Dick Fuld testified in front of the FCIC today. The crux of his argument: regulators relied too heavily on “rumours,” and that Lehman was denied aid that other stricken banks won. He also said, “the fed should ‘not’ use taxpayer money next time.“
BONUS: Lady Gaga was the top-ranking woman and youngest person on Vanity Fair’s 100 Top Moguls list, shimmying in at No. 23 for “hogging headlines whether she’s flipping the bird at a Mets game or wearing a red fetish costume as she meets Queen Elizabeth.” Lloyd Blankfein went from 1st place in ’09, to last in ’10.
Steve Jobs revealed a new Apple TV today.