On Friday we found out that Phil Falcone’s hedge fund will be probed by the SEC. It’s horrible timing for Harbinger because Goldman and Blackstone are pulling money, he’s down 15%, and his 4G wireless plan isn’t going smoothly.
But here’s a small bit of good news.
Peter Clarke, the CEO of Man Group recently told the Financial Times that he knows which hardwood ply keeps away regulators.
Apparently, a feng shui expert once advised Man that Cedar wood kept the FSA at bay.
“I’ve got a story about feng shui.”
Cedar wood, [his story] transpires, inlaid as a tiny block in a polished floor, can help you avoid run-ins with regulators, or so a feng shui geomancer once advised Man.
Cedar is not a prominent material in Man’s gleaming new glass box of an office on the Thames, Mr Clarke adds, wryly – and carefully – rounding off his story.
Of course Man-GLG has two reasons it doesn’t have to worry about the FSA. One, it didn’t loan itself $113 million to pay off taxes, and two, no one’s complaining that it let some investors pull out money earlier than others (also because the FSA is disbanding).
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