Showing posts with label Fund. Show all posts
Showing posts with label Fund. Show all posts

Wednesday, February 5, 2014

Myntra Confirms $50M Fund Raise Led By Premji Invest

As we reported on January 31, Indian fashion portal Myntra has just confirmed raising $ 50 million in fresh funding from investors led by Premji Invest.


The new funding comes after Myntra preferred to invest in its own growth and did not pursue a merger offer from India’s biggest e-commerce company Flipkart.


“We are confident of achieving $ 1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India,” said Mukesh Bansal, co-founder and CEO of Myntra.


The startup said there’s enough and more opportunities to grow in India’s $ 3.1 Billion e-commerce market (excluding online travel), which is expected to reach $ 22 billion in five years, according to a CLSA report.


“We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand,” Bansal added in a statement.


Since its launch in 2007, Myntra has raised close to $ 75 million from investors, including Accel Partners and Tiger Global.


As TechCrunch’s Ingrid Lunden wrote in January, Myntra now has the funds to continue to invest in its business for the next stage of growth as a standalone company. The company is on track to have gross merchandise value — the total value of goods sold via Myntra’s portal — of $ 100 million for the current fiscal year. But it has been growing at a rapid rate. In April 2013 the rate was 100% every six months, and Myntra believes that GMV will be $ 1 billion by 2016.


As a point of comparison, Flipkart is projecting a GMV of $ 1 billion by 2015.


We will be updating this post with details of Myntra’s latest funding and comments from other investors.




TechCrunch



Myntra Confirms $50M Fund Raise Led By Premji Invest

Tuesday, January 14, 2014

Quant macro fund QFS shuts down, cites tough conditions

Quant macro fund QFS shuts down, cites tough conditions
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif




BOSTON Tue Jan 14, 2014 2:50pm EST



BOSTON Jan 14 (Reuters) – QFS Asset Management, which used a quantitative approach to global macro investing, said that it is shutting down after 26 years in the business, citing difficult market conditions.


The Greenwich, Connecticut-based firm, founded by economist Sandy Grossman, said in news release on Tuesday that it will return nearly $ 1 billion to clients by the end of the month.


“The current market environment does not offer adequate risk adjusted opportunities for fundamentally-driven quant macro strategies, and that is unlikely to change for the foreseeable future,” QFS Chief Executive Officer Karlheinz Muhr said in a statement. Muhr joined the firm as part of a merger in 2011.


QFS becomes one of the new year’s first hedge fund industry casualties after a difficult 2013 marked by generally lackluster returns. The Hedge Fund Research Inc’s Macro index dipped 0.3 percent last year, making for a third consecutive year of declines. Macro funds bet on interest rate movements, currencies, and broad economic trends.


At its heyday just before the financial crisis, QFS oversaw $ 3.6 billion in assets. Assets have shrunk despite some strong returns, people familiar with the fund said.


QFS isn’t alone in complaining about uncertain economic conditions and what managers perceive as a more difficult investing environment.


A number of large hedge funds, including Seth Klarman’s Baupost Group and Daniel Loeb’s Third Point, have given back some money to clients last year to guard against becoming too large and running out of investment ideas. (Reporting by Svea Herbst-Bayliss; Editing by Nick Zieminski)






Reuters: Financial Services and Real Estate




Read more about Quant macro fund QFS shuts down, cites tough conditions and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

Wednesday, January 8, 2014

Sheila Jackson Lee: The Word Welfare Should Be Changed To "Transitional Living Fund"







REP. SHEILA JACKSON LEE (D-TX): So the safety net has to be something for all of us. And as I borrow this from my good friend from California, just to show you a line of Americans possibly looking for work, we cannot point out and we cannot know at this point which one of these are near the edge of poverty or living in poverty simply because they cannot find work.


So, it is important to note that there are elements that many discard, the earned income tax credit, supplemental nutrition program, the huge job training and educational investment that President Johnson made on the war on poverty. Medicare and Medicaid. Huge safety nets, not handouts, but safety nets. Maybe the word welfare should be changed to something of a transitional living fund. For that is what it is, for people to be able to live.




RealClearPolitics Video Log



Sheila Jackson Lee: The Word Welfare Should Be Changed To "Transitional Living Fund"

Saturday, January 4, 2014

Senate Conservatives Fund invests $227,000 in Sasse

Senate Conservatives Fund invests $227,000 in Sasse
http://watchdog.wpengine.netdna-cdn.com/wp-content/blogs.dir/1/files/2013/11/Ben-Sasse-portrait-300x199.jpg


By Deena Winter | Nebraska Watchdog


LINCOLN, Neb. – A national conservative group that is working to unseat Senate Minority Leader Mitch McConnell has invested nearly $ 227,000 in Republican Ben Sasse’s campaign so far.


Nebraska Watchdog

Midland University President Ben Sasse



The Senate Conservatives Fund announced Friday it invested $ 2 million five U.S. Senate campaigns in the last quarter of 2013, with Sasse receiving the fourth-biggest haul.


Sasse’s total includes nearly $ 118,000 donated directly to his campaign, and nearly $ 109,000 in independent purchases, with most of that being spent on direct mail so far, according to Federal Election Commission records.


Senate Conservatives Fund Executive Director Matt Hoskins said the fact that the group raised $ 2 million in less than three months shows how determined people are to elect “true conservative leaders who will stand up to the big spenders in both parties.”


“Our members in Nebraska and across the country are very excited about Ben Sasse and they’re working hard to help him get his message out,” Hoskins said via email.





The SCF was founded by Tea Party leader and former South Carolina Sen. Jim DeMint and often endorses underdog challengers rather than incumbents or establishment candidates. The group has been locked in a bitter feud with McConnell, who has criticized its strategy for fighting Obamacare, which led to a government shutdown. According to the National Review, Sasse was berated by the minority leader in November for working with SCF and for accusing Republicans of failing to lead in a campaign video, specifically calling out McConnell. McConnell has accused SCF of giving conservatives a bad name and being counterproductive.


Last year, SCF spent $ 1.4 million on the Nebraska Senate race, supporting State Treasurer Don Stenberg, who finished third in the GOP primary race, losing to darkhorse state Sen. Deb Fischer.


Sasse is also benefitting from help from another outside group, the Legacy Foundation Action Fund, which reported spending about $ 24,000 on billboards (including one on 10th Street in downtown Lincoln) saying Sasse would bring conservative Nebraska values to Washington, according to FEC records.


The Iowa-based group says it educates the public on fiscal issues, the creation of an entrepreneurial environment, education, labor-management relations, citizenship, civil rights, and government transparency issues.


Contact Deena Winter at deena@nebraskawatchdog.org.


Editor’s note: to subscribe to News Updates from Nebraska Watchdog at no cost, click here.



Please, feel free to “steal our stuff”! Just remember to credit Watchdog.org. Find out more



Watchdog.org




Read more about Senate Conservatives Fund invests $227,000 in Sasse and other interesting subjects concerning NSA at TheDailyNewsReport.com

Senate Conservatives Fund invests $227,000 in Sasse

Senate Conservatives Fund invests $227,000 in Sasse
http://watchdog.wpengine.netdna-cdn.com/wp-content/blogs.dir/1/files/2013/11/Ben-Sasse-portrait-300x199.jpg


By Deena Winter | Nebraska Watchdog


LINCOLN, Neb. – A national conservative group that is working to unseat Senate Minority Leader Mitch McConnell has invested nearly $ 227,000 in Republican Ben Sasse’s campaign so far.


Nebraska Watchdog

Midland University President Ben Sasse



The Senate Conservatives Fund announced Friday it invested $ 2 million five U.S. Senate campaigns in the last quarter of 2013, with Sasse receiving the fourth-biggest haul.


Sasse’s total includes nearly $ 118,000 donated directly to his campaign, and nearly $ 109,000 in independent purchases, with most of that being spent on direct mail so far, according to Federal Election Commission records.


Senate Conservatives Fund Executive Director Matt Hoskins said the fact that the group raised $ 2 million in less than three months shows how determined people are to elect “true conservative leaders who will stand up to the big spenders in both parties.”


“Our members in Nebraska and across the country are very excited about Ben Sasse and they’re working hard to help him get his message out,” Hoskins said via email.





The SCF was founded by Tea Party leader and former South Carolina Sen. Jim DeMint and often endorses underdog challengers rather than incumbents or establishment candidates. The group has been locked in a bitter feud with McConnell, who has criticized its strategy for fighting Obamacare, which led to a government shutdown. According to the National Review, Sasse was berated by the minority leader in November for working with SCF and for accusing Republicans of failing to lead in a campaign video, specifically calling out McConnell. McConnell has accused SCF of giving conservatives a bad name and being counterproductive.


Last year, SCF spent $ 1.4 million on the Nebraska Senate race, supporting State Treasurer Don Stenberg, who finished third in the GOP primary race, losing to darkhorse state Sen. Deb Fischer.


Sasse is also benefitting from help from another outside group, the Legacy Foundation Action Fund, which reported spending about $ 24,000 on billboards (including one on 10th Street in downtown Lincoln) saying Sasse would bring conservative Nebraska values to Washington, according to FEC records.


The Iowa-based group says it educates the public on fiscal issues, the creation of an entrepreneurial environment, education, labor-management relations, citizenship, civil rights, and government transparency issues.


Contact Deena Winter at deena@nebraskawatchdog.org.


Editor’s note: to subscribe to News Updates from Nebraska Watchdog at no cost, click here.



Please, feel free to “steal our stuff”! Just remember to credit Watchdog.org. Find out more



Watchdog.org




Read more about Senate Conservatives Fund invests $227,000 in Sasse and other interesting subjects concerning NSA at TheDailyNewsReport.com

Friday, January 3, 2014

London to cut £180m-a-year hardship fund for low-income families

At Not Just The News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Not Just The News and how it is used.


Log Files


Like many other Web sites, Not Just The News makes use of log files. The information inside the log files includes internet protocol (IP) addresses, type of browser, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the site, track user"s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information that is personally identifiable.


Cookies and Web Beacons


Not Just The News does use cookies to store information about visitors preferences, record user-specific information on which pages the user access or visit, customize Web page content based on visitors browser type or other information that the visitor sends via their browser.


DoubleClick DART Cookie


  • Google, as a third party vendor, uses cookies to serve ads on Not Just The News.

  • Google"s use of the DART cookie enables it to serve ads to users based on their visit to Not Just The News and other sites on the Internet.

  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy at the following URL - http://www.google.com/privacy_ads.html.

These third-party ad servers or ad networks use technology to the advertisements and links that appear on Not Just The News send directly to your browsers. They automatically receive your IP address when this occurs. Other technologies ( such as cookies, JavaScript, or Web Beacons ) may also be used by the third-party ad networks to measure the effectiveness of their advertisements and / or to personalize the advertising content that you see.


Not Just The News has no access to or control over these cookies that are used by third-party advertisers.


You should consult the respective privacy policies of these third-party ad servers for more detailed information on their practices as well as for instructions about how to opt-out of certain practices. Not Just The News"s privacy policy does not apply to, and we cannot control the activities of, such other advertisers or web sites.


If you wish to disable cookies, you may do so through your individual browser options. More detailed information about cookie management with specific web browsers can be found at the browser"s respective websites.



London to cut £180m-a-year hardship fund for low-income families

Friday, November 22, 2013

McConnell Campaign Calls Senate Conservatives Fund Attack "Profoundly Stupid"


Senate Minority Leader Mitch McConnell’s (R-KY) re-election campaign has a response for the Senate Conservatives Fund’s (SCF) accusation that McConnell rolled over as Senate Majority Leader Harry Reid (D-NV) changed Senate filibuster rules: that’s “profoundly stupid.”


“That argument is so profoundly stupid that it is hard to fully ascertain whether their deficiency is in math or logic,” McConnell campaign spokeswoman Allison Moore told TPM on Friday. “It does however help further illuminate why SCF is so bad at what they do.”




Moore’s statement on Friday is in response to a fundraising email from SCF, which is backing McConnell primary challenger Matt Bevin, arguing that Reid was able to enact the “nuclear option” removing the filibuster option from judicial and executive nominees.


“Harry Reid did this because he knows Republican Leader Mitch McConnell (R-KY) will let him get away with it,” Senate Conservatives Fund executive director Matt Hoskins wrote in an email to supporters Friday. “The only way to deter a nuclear attack is to make it clear that the response will be equally devastating. Unfortunately, weakness is the only message Mitch McConnell has sent the Democrats on this issue.”


The statements by both Moore and Hoskins come a day after the Senate rules change. Right after the rules change Bevin’s campaign released a similarly critical statement of McConnell.


“Kentuckians deserve better than a pretend leader who does nothing more than wave his arms for the cameras,” Bevin said in a statement referring to McConnell.




All TPM News



McConnell Campaign Calls Senate Conservatives Fund Attack "Profoundly Stupid"

Tuesday, November 19, 2013

UPDATE 1-Atomico aims $476 mln fund at tech start-ups outside Silicon Valley

UPDATE 1-Atomico aims $476 mln fund at tech start-ups outside Silicon Valley
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/11/db98b__p-89EKCgBk8MZdE.gif




Tue Nov 19, 2013 1:27pm EST



By Mia Shanley


Nov 19 (Reuters) – Atomico, a European venture capital firm that has invested in the likes of Angry Birds developer Rovio, plans to spend its new $ 476 million fund on technology start-ups outside Silicon Valley, it said on Tuesday.


While the United States has long dominated venture capital investments in technology, investors have been increasingly drawn to opportunities in Asia and Europe, especially in areas such as e-commerce and gaming.


“Ten years ago people thought you had to be in Silicon Valley to build a global technology business. That is no longer the case,” said Atomico founder Niklas Zennstrom, a Swedish entrepreneur who co-founded Skype, a web phone service which was sold to Microsoft Corp for $ 8.5 billion in 2011.


“We see entrepreneurs from all over the world achieving global success faster than ever before and across every sector of the global economy. Our new fund is aimed squarely at this opportunity,” he said.


Reuters reported last week that London-based Atomico had wrapped up its third fund, citing a document filed with the U.S. Securities & Exchange Commission.


The venture capital firm said on Tuesday the fund, three times the size of its previous in 2010, would be dedicated to helping entrepreneurs outside Silicon Valley scale their businesses globally.


Asked which sectors the money could be spent on, Mattias Ljungman, an Atomico partner who also sits on the board of Finnish mobile game maker Supercell, pointed to a current portfolio of investments which includes online games, payments, travel and e-commerce services.


“This is what’s so exciting. What we’re seeing now is the transformation of the old economy into the new economy, which is a digitised economy,” he said, adding that there were a lot of interesting opportunities in the mobile phone space.


He said Atomico would stay focused on big markets where it is present such as Europe, China, Japan, Brazil, Turkey and South Korea.


“But that’s by no means exclusive,” he added. “We want to work with outstanding entrepreneurs wherever they are.”


The firm said the fund was oversubscribed and had broad backing from investors in Asia, the United States and Europe.


According to Thomson Reuters data, venture capital firms have made $ 35.7 billion in tech investments so far this year, with the United States taking up the lion’s share at almost 60 percent followed by Asia at 31 percent and Europe at 9 percent.


Atomico, which is seven years old, has made more than 50 investments including Jawbone, maker of the Up fitness tracker, and Swedish payments service Klarna.


Supercell, one of its earlier investments, was recently given a $ 3 billion valuation after Japan’s SoftBank snapped up a 51 percent stake in the three-year-old firm.






Reuters: Financial Services and Real Estate




Read more about UPDATE 1-Atomico aims $476 mln fund at tech start-ups outside Silicon Valley and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

Wednesday, October 30, 2013

Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution?

Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution?
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/10/21120__TRS1.png

In spite of a 12.8% annual return, with an 8% return assumption, the Illinois Teachers Retirement System (TRS) fell another $ 3.5 billion in the hole. TRS pension underfunding grew to $ 55.73 billion as of June 30, 2013.

Via email, the Illinois Policy Institute explains the growing liability.

First, TRS only has $ 0.40 in the bank for every dollar it should have today to make necessary pension payouts in the future. That means the high investment returns in 2013 were earned on less than half of the assets that TRS should have

TRS acknowledged this in a recent press release:


“Despite these strong returns, TRS cannot invest its way out of the funding hole we are in,” Ingram added. “This increase in the System’s unfunded liability, even with good investment results, is another wake-up call to state officials and our members that TRS long-term finances continue to head in the wrong direction.”


“Without changes to the pension code to ensure sustained and adequate funding, TRS faces the very real possibility that in a few decades the System will not have enough money to pay benefits to retirees. We cannot guarantee that TRS will have enough money to pay the pensions promised to every member in the System.”


Second, the inherent flaws of the state’s defined benefit pension system have driven up the shortfall significantly. According to the Commission on Government Forecasting and Accountability, the state’s pension shortfall grew by $ 41 billion from 1996 to 2012.


Of that amount, nearly $ 23 billion came from some form of missed “assumption” that continually plagues defined benefit pension plans:


  • The investment returns for the state’s five pension funds were lower than their assumed 8% expectation. Cost to taxpayers: $ 9.5 billion.

  • Unplanned benefit increases for employees. Cost to taxpayers: $ 1.1 billion.

  • Changes in actuarial assumptions. Cost to taxpayers: $ 4.9 billion.

  • “Other” actuarial factors. Cost to taxpayers: $ 7.2 billion.

TRS fails to acknowledge the failures of the defined benefits plan and instead chooses to blame taxpayers for not contributing enough to the system.


Who is to Blame for Shortfalls?


Please consider the Illinois Policy Center report State pension contributions: Taxpayers bear the brunt of increasing pension costs

A common refrain sounded by public sector unions is that government workers have consistently “paid their share” into Illinois’ pension systems and the state has not. However, the facts tell a different story.

While government worker contributions to Illinois’ five pension systems have increased by 75 percent since 1998, taxpayer contributions have increased by 427 percent over the same period. In 2012 alone, Illinois taxpayers contributed $ 3.5 billion more to the pension systems than state workers did.



Government workers’ share, as a percentage of total contributions, has continued to decline when compared to taxpayers’ contributions. In 1998, government workers paid for 47 percent of the state’s total pension contribution; today, they only pay 21 percent. By 2045, government workers will be expected to pay only 17 percent of total pension contributions.


Illinois’ Five Pension Systems


Illinois has five state pension systems, and all of them are seriously underfunded:


  1. The Teachers’ Retirement System, or TRS, manages pensions for teachers across Illinois (excluding Chicago).With more than 130,000 active members and nearly 95,000 retirees, TRS is the largest pension system in the state. Unfortunately, TRS also has the highest unfunded liability of the state’s pension systems. In 2012, TRS was only 40.6 percent funded and officially had more than $ 53.51 billion in unfunded liabilities. TRS members contribute 9.4 percent of their salary to the pension system.

  2. The State Employees’ Retirement System, or SERS, manages pensions for state-level employees across Illinois. It has 62,000 active members and 50,000 retirees. In 2012, SERS was only 33.1 percent funded and had officially $ 22.13 billion in unfunded liabilities. Under its regular pension formula, SERS members covered by Social Security contribute 4 percent of their salary, and those not covered by Social Security contribute 8 percent of their salary to the pension system.

  3. The State Universities Retirement System, or SURS, manages pensions for employees working at state universities. It has 71,000 active members and more than 45,500 retirees. In 2012, SURS was only 41.3 percent funded and had officially $ 19.46 billion in unfunded liabilities. SURS members contribute 8 percent of their salary to the pension system.

  4. The Judges’ Retirement System, or JRS, manages pensions for judges throughout the state. It is one of the two smaller pension systems, with only 968 active members and 725 retirees. Despite its small size, in 2012 JRS was only 28.6 percent funded and officially had $ 1.44 billion in unfunded liabilities. JRS members contribute 11 percent of their salary to the pension system.

  5. The General Assembly Retirement System, or GARS, manages pensions for members of the Illinois General Assembly. Despite having only 176 active members and 294 retirees, GARS has the dubious honor of being the worst-funded pension system in the state. In 2012, GARS was only 17.4 percent funded and officially had $ 251 million in unfunded liabilities. GARS members contribute 11.5 percent of their salary to the pension system.

All Five Systems Bankrupt


TRS, SERS,SURS, JRS, and GARS are all insolvent. None of them can possibly meet their pension obligations. With 10-year treasuries yielding a scant 2.5%, plan assumptions of 8% are preposterously high on a sustained basis.


Yet, TRS went another $ 3.5 billion in the hole in spite of a 12.8% annual return.


What the hell is TRS going to do in the face of a stock market plunge, a bond market plunge, or both?


GARS, the General Assembly Retirement System is only 17.4% funded. Is it any wonder that state legislators are pressing for more tax hikes?


Beware Tax Hikes!


On October 18, I reported Illinoisans Beware: “Progressives” Seek Massive Tax Hike Again; Fight the Hike!


Pension shortfalls are the reason for the proposed hikes.


A few people commented the “progressive” tax was not as much as they pay. Here is Rep Naomi Jakobsson’s proposed scheme.



Property Taxes


What I failed to point out previously is that I pay $ 14,000 annually in property taxes on a home I can sell for $ 400K or so.


Sales Taxes


My sales tax rate is  7.75%. But hey, that could be worse. Cicero tops the state with a 9.5% tax. In Chicago, the sales tax is 9.25%.


In spite of all these massive taxes, the entire state is bankrupt!


The Solution


Raising taxes for the benefit of legislators and seriously undeserving public unions is certainly not the answer. The solution is twofold:


  1. Immediately kill all Illinois public defined-benefit pension plans

  2. Drastically lower existing pension plan expectations, via default if necessary

Nothing else can possibly work, and the numbers prove it.


Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com


Mish’s Global Economic Trend Analysis




Read more about Illinois Teachers Pension Fund is 40% Funded, Drops Deeper Into Hole Despite Investment Return of 12.8%; What"s the Solution? and other interesting subjects concerning Commentary at TheDailyNewsReport.com

Sunday, October 6, 2013

ECONOMIC COLLAPSE UPDATE: Major Hedge Fund Managers Flee America Warn of Crisis



ECONOMIC COLLAPSE UPDATE: Major Hedge Fund Managers Flee America Warn of Crisis

UNLOCK The Truth Of How To Make A Fortune From The Current REAL ESTATE MARKET Manipulation and Toxic Debt Bubble. My new audio program reveals how. ORDER TOD…
Video Rating: 4 / 5



ECONOMIC COLLAPSE UPDATE: Major Hedge Fund Managers Flee America Warn of Crisis

Thursday, September 26, 2013

IRS Watchdog: $67 Million Missing from Obamacare Slush Fund...

The IRS is unable to account for $ 67 million spent from a slush fund established for Obamacare implementation, according to a TIGTA report released today.



WASHINGTON, D.C. – The IRS is unable to account for $ 67 million spent from a slush fund established for Obamacare implementation, according to a Treasury Inspector General for Tax Administration (TIGTA) report released today. 


The “Health Insurance Reform Implementation Fund” (HIRIF) was tucked into Obamacare in order to give the IRS money to enforce the tax provisions of the healthcare law.  The fund, totaling some $ 1 billion of taxpayer money, was used to roll out enforcement mechanisms for the approximately 50 tax provisions of Obamacare. 


According to the report:  “Specifically, the IRS did not account for or attempt to quantify approximately $ 67 million [from the slush fund] of indirect ACA costs incurred for Fiscal Years 2010 through 2012.”


The report also found several other abuses of taxpayer funds, including:


Travel abuse:  The report states, “Specifically, we identified 38 IRS employees in two judgmentally selected business units whose travel was charged to the HIRIF in FY 2012, but no portion of their salary and related benefits was charged to the HIRIF.” In short, the IRS was not making sure that employee travel reimbursements had anything to do with the purpose of the fund. This is not the first time that IRS employee travel has created a scandal for the agency.


1,272 IRS Obamacare enforcement agents: The report estimates that total slush fund spending cost taxpayers the equivalent of 1,272 new full time IRS agents.


The IRS requested an additional 859 IRS Obamacare enforcement agents for Fiscal Year 2013: According to the report, “The IRS informed us that it requested $ 360 million and 859 FTEs for FY 2013 to continue implementation of the ACA. However, the IRS did not receive this requested amount for FY 2013.”


To add insult to injury, the IRS has told the Inspector General that it will comply with the recommendations made in the report; unfortunately, the slush fund has been fully spent, making that promise meaningless.



To follow John Kartch’s RSS feed click here. To follow them on Twitter, their handle is @johnkartch


To follow Ryan Ellis’s RSS feed click here. To follow them on Twitter, their handle is @ryanlellis




Drudge Report Feed



IRS Watchdog: $67 Million Missing from Obamacare Slush Fund...

Friday, September 20, 2013

House votes to derail Obamacare, fund government












From left, Senate Majority Leader Harry Reid, D-Nev., Sen. Chuck Schumer, D-N.Y., the Democratic Policy Committee chairman, and Budget Committee Chair Patty Murray, D-Wash., speak privately before attending a news conference on Capitol Hill in Washington, Thursday, Sept. 19, 2013. The Democratic leaders repeated their resolve to not touch the Affordable Care Act if House Republicans make rescinding “Obamacare” a part of a continuing resolution to fund the government. (AP Photo/J. Scott Applewhite)






Rep. Mark Meadows, R-N.C, center, Rep. Tom Graves, R-Ga., right, and other conservative Republicans discuss their goal of obstructing the Affordable Care Act, popularly known as Obamacare, as part of a strategy to pass legislation to fund the government, on Capitol Hill in Washington, Thursday, Sept. 19, 2013. (AP Photo/J. Scott Applewhite)






WASHINGTON (AP) — The GOP-controlled House voted Friday to cripple President Barack Obama’s health care law as part of a risky ploy that threatens a government shutdown in a week and a half.


The fight is coming on a stopgap funding measure required to keep the government fully running after the Oct. 1 start of the new budget year. Typically, such measures advance with sweeping bipartisan support, but tea party activists forced GOP leaders — against their better judgment — to add a provision to cripple the health care law that’s the signature accomplishment of Obama’s first term.


The 230-189 vote sets the stage for a confrontation with the Democratic-led Senate, which promises to strip the health care provision from the bill next week and challenge the House to pass it as a simple, straightforward funding bill that President Barack Obama will sign.


The top Senate Democrat has pronounced the bill dead and calls the House exercise a “waste of time.” The White House promises Obama will veto the measure in the unlikely event it reaches his desk.


The temporary funding bill is needed because Washington’s longstanding budget stalemate has derailed the annual appropriations bills required to fund federal agency operations.


The fight over the must-do funding bill comes as Washington is bracing for an even bigger battle over increasing the government’s borrowing cap to make sure the government can pay its bills. Democrats say they won’t be held hostage and allow Republicans to use the must-pass measures as leverage to win legislative victories that they otherwise couldn’t.


The No. 2 House Democrat, Steny Hoyer of Maryland said the GOP ploy is a “blatant act of hostage-taking” fueled by Republicans’ “destructive obsession with the repeal of the Affordable Care Act and its unrestrained hostility towards government.”


Republicans countered that the measure is required to prevent a government shutdown that would delay pay for federal workers, send non-essential federal workers home, close national parks and shutter passport offices. Essential programs like air traffic control, food inspection and the Border Patrol would keep running and Social Security benefits, Medicare and most elements of the new health care law would continue.


“If this legislation is not enacted and we embark on a government shutdown, the consequences are severe: Our brave men and women of our military don’t get paid; our recovering economy will take a huge hit, and our most vulnerable citizens — including the elderly and veterans who rely on critical government programs and services — could be left high and dry,” said House Appropriations Committee Chairman Harold Rogers, R-Ky.


Even before Friday’s House vote, lawmakers were looking a couple of moves ahead on the congressional chessboard to a scenario in which the Democratic Senate would remove the “defund Obamacare” provision and kick the funding measure back to the House for a showdown next weekend.


GOP leaders haven’t said what they’ll do then, but with the deadline looming at midnight on Monday, Sept. 30, a further volley of legislative ping pong that prolongs the impasse could spark the first shutdown since the 1995-96 battle that helped resurrect President Bill Clinton’s popularity.


An earlier plan by GOP leaders including House Speaker John Boehner, R-Ohio, designed to send a straightforward bill to keep the government running through Dec. 15, ran into too much opposition from tea party members who demanded a showdown over the Affordable Care Act, the official name of what Republicans have branded Obamacare.


Boehner has sought to reassure the public and financial markets that Republicans have no interest in either a partial government shutdown when the budget year ends or a first-ever default on a broader set of U.S. obligations when the government runs out of borrowing ability by mid- to late October.


“Let me be very clear,” Boehner said Thursday. “Republicans have no interest in defaulting on our debt — none.”


GOP leaders want to skirt the shutdown confrontation and seek concessions when addressing the need to raise the debt ceiling next month, but Obama says he won’t be forced into making concessions as he did in the 2011 debt crisis, when he accepted $ 2.1 trillion in spending cuts over 10 years.


Boehner accused Obama of being ready to negotiate with Russian President Vladimir Putin over Syria but not to engage with Republicans on increasing the nation’s debt limit.


Republicans held a meeting Friday morning with the rank and file to discuss the debt limit measure. Aides said the GOP’s debt limit plan would permit new borrowing for a year, paired with a mandate to permit construction of the Keystone XL oil pipeline, a framework to reform the loophole-cluttered U.S. tax code, limits on medical malpractice lawsuits and higher Medicare premiums for higher-income beneficiaries. Even with the grab bag of GOP chestnuts, some ardent conservatives are likely to balk at voting for any debt limit measure.


Meanwhile, a GOP family feud simmered. Many Republicans in both the House and the Senate see the “defund Obamacare” strategy as futile and faulted architects Sens. Ted Cruz, R-Texas, and Mike Lee, R-Utah, for whipping up expectations among tea party lawmakers that the fight could be effectively waged.


A key part of the law, the opening of state insurance exchanges, is set to take effect Oct. 1, so the effort to gut the health care law has added urgency among conservative activists.


Associated Press



Powered By WizardRSS.com | Zombie Gear | Full Text RSS Feed | Amazon Affiliate

Top Headlines

House votes to derail Obamacare, fund government

Saturday, July 27, 2013

Hedge fund pleads not guilty to US fraud charges







A sign is displayed in front of SAC Capital Advisors headquarters in Stamford, Conn., Thursday, July 25, 2013. The hedge fund operated by embattled billionaire Steven A. Cohen was hit with white-collar criminal charges Thursday that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Seth Wenig)





A sign is displayed in front of SAC Capital Advisors headquarters in Stamford, Conn., Thursday, July 25, 2013. The hedge fund operated by embattled billionaire Steven A. Cohen was hit with white-collar criminal charges Thursday that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Seth Wenig)





In this Dec. 10, 2009 photo released by Peppe Communications, billionaire hedge fund manager of SAC Capital Advisors based in Stamford, Conn., Steven Cohen and his wife Alexandra attend a benefit for the Mercy Corps Action Center to End World Hunger in New York. The hedge fund operated by Cohen was hit with white-collar criminal charges Thursday, July 25, 2013, that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Peppe Communications, Jenny Boyle) NO SALES





A sign is displayed in front of SAC Capital Advisors headquarters in Stamford, Conn., Thursday, July 25, 2013. The hedge fund operated by embattled billionaire Steven A. Cohen was hit with white-collar criminal charges Thursday that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Seth Wenig)





U.S. Attorney for the Southern District of New York Preet Bharara speaks during a news conference, Thursday, July 25, 2013 in New York. SAC Capital, the hedge fund operated by embattled billionaire Steven A. Cohen was hit with white-collar criminal charges Thursday that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Mary Altaffer)





U.S. Attorney for the Southern District of New York Preet Bharara speaks during a news conference, Thursday, July 25, 2013 in New York. SAC Capital, the hedge fund operated by embattled billionaire Steven A. Cohen was hit with white-collar criminal charges Thursday that accused the fund of making hundreds of millions of dollars illegally, and a related government lawsuit said insider trading was pervasive and unprecedented at the firm. (AP Photo/Mary Altaffer)













Buy AP Photo Reprints







(AP) — Prosecutors said a large volume of evidence including electronic messages, court-ordered wiretaps and consensual recordings is stacked against a Connecticut-based hedge fund that pleaded not guilty Friday to criminal charges accusing it of letting insider trading flourish for more than a decade.


Assistant U.S. Attorney Antonia Apps told a federal judge in Manhattan that investigators had “voluminous” evidence against SAC Capital Advisors, a Stamford, Conn.-based firm owned by billionaire Steven A. Cohen.


She said the evidence included “electronic messages, instant messages, court-ordered wiretaps and consensual recordings.”


The plea was entered by Peter Nussbaum, SAC’s longtime general counsel, and came a day after the company was charged with wire and securities fraud, accused of making hundreds of millions of dollars illegally. Federal prosecutors described a culture at SAC that permitted, if not encouraged, insider trading.


Prosecutors said the victims were large companies whose inside information was stolen and traded upon. The next hearing was set for Sept. 24.


Outside court, lawyers for the company including Nussbaum declined to comment and paced on a sidewalk looking for cars to pick them up as the media followed.


SAC said in a statement after the charges were announced Thursday that it will continue normal operations. It said it “has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously.” The company declined through a spokesman to comment Friday.


Cohen has not been charged and was not in court Friday. He is referenced in court papers only as the “SAC owner” who “enabled and promoted” insider trading practices.


At a news conference Thursday, U.S. Attorney Preet Bharara said SAC “trafficked in inside information on a scale without any known precedent in the history of hedge funds.”


“When so many people from a single hedge fund have engaged in insider trading, it is not a coincidence,” the prosecutor said. “It is, instead, the predictable product of substantial and pervasive institutional failure.”


He declined to comment on whether Cohen would be charged, saying: “I’m not going to say what tomorrow may or may not bring.”


From 1999 to 2010, the company earned hundreds of millions of dollars illegally as its portfolio managers and analysts traded on inside information from at least 20 public companies, Bharara said.


The possibility that the criminal case could topple the firm, which once managed $ 15 billion in assets, led the prosecutor to note that the government was not seeking to freeze SAC’s assets. Bharara added that prosecutors were “mindful to minimize risk to third-party investors.”


Still, the government in one lawsuit sought SAC’s forfeiture of “any and all” assets.


The charges came less than a week after federal regulators accused Cohen in a related civil case of failing to prevent insider trading at the firm. While the Justice Department’s action targets SAC but not Cohen directly, the civil case brought by the Securities and Exchange Commission seeks to effectively shut him down by barring him from managing investor funds.


___


Associated Press writers Christina Rexrode in New York and Marcy Gordon in Washington contributed to this report.


Associated Press




Business Headlines



Hedge fund pleads not guilty to US fraud charges

Wednesday, June 5, 2013

SEC unveils middle-of-the-road money market fund rules


A sign for the Securities and Exchange Commission (SEC) is pictured in the foyer of the Fort Worth Regional Office in Fort Worth, Texas June 28, 2012. Picture taken June 28, 2012.


Credit: Reuters/Mike Stone




Reuters: Business News



SEC unveils middle-of-the-road money market fund rules

Monday, May 27, 2013

Hedge Fund Performance Update: Dan Loeb Is Crushing It In 2013, Everyone Else - Not So Much

Just like last year, when it was the turn of Europe-focused crushed and battered hedge funds to generate outsized returns due to some brief ECB-inspired euphoria, if only for a brief period, and then promptly fall back into obscurity, so now it is the time of the “Japan” strat. As the latest HSBC hedge fund performance report confirms, the best YTD returns are, as expected, those for Japan-focused funds at least until the already fading Abenomics euphoria reverts them back to the mean.



So how are the legacy titans of the hedge fund world doing? The answer is in the table below: of the vast majority of hedge funds, only a handful are outperforming the market year to date. This is becoming a major concern for an industry that has underperformed the S&P for the fifth year in a row, and which has to fight tooth and nail to justify its exorbitant fees in a world in which there is no need to hedge any risk any more: after all, Ben Bernanke has everyone covered. One fund that has nothing to worry about is Dan Loeb’s Third Point as it continues its juggernaut of crushing both returns and competition without pause.



Full HSBC report:







    


Zero Hedge



Hedge Fund Performance Update: Dan Loeb Is Crushing It In 2013, Everyone Else - Not So Much

Saturday, May 25, 2013

How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating



There are 8,000 hedge funds, and they are up to their eyeballs in unethical behavior.








How would you like to invest $ 10,000 and watch it grow over 20 years into $ 1,461,920? Well that"s what happened at the giant hedge fund, SAC Capital Advisors, which made a 30% return for 20 years in a row.  


How is it possible to make such profitable investments again and again and again? The U.S. Attorney for Manhattan, Preet Bharara, believes he has the answer: SAC is cheating … again and again and again. In fact, Bharara suggests that hedge funds that engage in insider trading may be rotten to the core:  


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual; we are talking about something verging on a corrupt business model, for the defendants seem to have taken the concept of social networking and turned it into a criminal enterprise. ” [refers to a 2011 hedge fund indictment, not the current case against SAC.]



To date, nine current and former SAC employees face insider trading criminal charges stemming from their work at the firm. Four have pled guilty and two are still fighting their indictments. Now the head of SAC, multi-billionaire Stephen A. Cohen (note the initials), will be subpoenaed to appear before a grand jury. The federal strategy may be to indict the entire hedge fund and shut it down, according to the New York Times.


We do not know as yet to what degree SAC relied on illegally obtained information (or other illicit activities) to amass its extraordinary profits. But we do know this: hedge funds don"t like to gamble. Rather they want to make their billions by betting on sure things. In researching my book, How to Make a Million Dollars an Hour, it became clear that that the hedge fund industry as a whole is up to its eyeballs in a series of unethical maneuvers that sometimes are legal, sometimes are borderline and often are outright criminal.


But aren"t there many (some?) honest and ethical people working in America"s 8,000 hedge funds?  


Maybe so, but the overwhelming culture within hedge funds makes cheating a way of life, according to Lynn Stout of UCLA Law School. In her article, “How Hedge Funds Create Criminals,” Stout claims that hedge funds flash three critical signals that promote unethical behavior:


Signal 1: Authority Doesn’t Care about Ethics. Since the days of Stanley Milgram’s notorious electric shock experiments, science has shown that people do what they are instructed to do. Hedge-fund traders are routinely instructed by their managers and investors to focus on maximizing portfolio returns. Thus, it should come as no surprise that not all hedge-fund traders put obeying federal securities laws at the top of their to-do lists.


Signal 2: Other Traders Aren’t Acting Ethically. Behavioral experiments also routinely find that people are most likely to “follow their conscience” when they think others are also acting prosocially. Yet in the hedge-fund environment, traders are more likely to brag about their superior results than [about] their willingness to sacrifice those results to preserve their ethics.


Signal 3: Unethical Behavior Isn’t Harmful. Finally, experiments show that people act less selfishly when they understand how their selfishness harms others. This poses special problems for enforcing laws against insider trading, which is often perceived as a “victimless” crime that may even contribute to social welfare by producing more accurate market prices. Of course, insider trading isn’t really victimless: for every trader who reaps a gain using insider information, some investor on the other side of the trade must lose. But because the losing investor is distant and anonymous, it’s easy to mistakenly feel that insider trading isn’t really doing harm.


Brilliant Criminals?


The more we dig into what hedge funds actually do, the more we find that insider-trading is just one of many unethical strategies used to rig bets. Their goal always is to find a sure thing. And the only sure way to secure such infallible investments is to cheat.



  • At the height of the housing bubble, large banks colluded with hedge funds to sell mortgage-related securities that were designed to fail so that the hedge funds could collect insurance on that failure. (This is exactly like building a home that will burn down in three months so that you, the seller and builder, can collect the insurance.)




  • High frequency hedge funds set up their super-computers next to the stock exchanges so they get the information a few nanoseconds before the rest of us. This allows them to deploy automated systems to front-run our trades. Between the time you press your E-trade button and the time the trade actually goes through, a high-frequency trader is buying what you want and selling it back to you for a few pennies more. By systematically fleecing stock-market participants, high-frequency traders extract $ 5 to $ 20 billion a year from the rest of us.




  • Jim Cramer (host of CNBC"s “Mad Money”) admits to planting false stories with his media colleagues while he was running a successful hedge fund. Through manipulating the media, Cramer was able to move stocks in the direction he wanted in order to cash in. In a startling kiss-and-tell online interview he admits that the hedge fund game consists of one lie after the other. Furthermore, he says that if you"re not willing to lie, cheat and violate the law, “maybe you shouldn"t be in the game.”  




  • To provide even more incentive for hedge fund managers to cheat their way to riches, the federal tax code rewards them with a special tax loophole called “carried interest.” As a result, billionaire hedge fund managers pay a lower tax rate than the rest of us, and neither political party has the nerve to remedy this blatant injustice.



Let us now praise famous hedge funds?  


Because so few of us know these stories, and because so few of us feel comfortable wading into the muck of high finance, hedge fund moguls preen about the universe bestowing a small part of their ill-gotten gains upon institutions that can help them enhance their reputations. Central Park and the New York Public Library are receiving $ 100 million each from prominent hedge fund managers seeking to polish their images. Colleges want hedge fund managers on their boards and in charge of their endowments. Non-profits, even progressive ones, kiss up to them, hoping to score big donations. Pension funds scramble to invest in hedge funds, looking to secure a share of the booty.  


But very few have the nerve to ask where hedge fund riches really come from. If you"re receiving such largess, you don"t want to know if the money is tainted. Better to pretend that these guys are just brilliant investors with the uncanny gift for making 30 percent a year, year after year after year.  


All of us should be grateful that our Wall Street-riddled government still has honest prosecutors like Preet Bharara who are not afraid to ferret out the cheats and put them away. So far his Manhattan office has secured 81 indictments against hedge fund managers and traders, 74 of whom have either have pled guilty or have been convicted.


Only another 10,000 or so to go.


 

Related Stories


AlterNet.org Main RSS Feed



How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating

How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating



There are 8,000 hedge funds, and they are up to their eyeballs in unethical behavior.








How would you like to invest $ 10,000 and watch it grow over 20 years into $ 1,461,920? Well that"s what happened at the giant hedge fund, SAC Capital Advisors, which made a 30% return for 20 years in a row.  


How is it possible to make such profitable investments again and again and again? The U.S. Attorney for Manhattan, Preet Bharara, believes he has the answer: SAC is cheating … again and again and again. In fact, Bharara suggests that hedge funds that engage in insider trading may be rotten to the core:  


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual; we are talking about something verging on a corrupt business model, for the defendants seem to have taken the concept of social networking and turned it into a criminal enterprise. ” [refers to a 2011 hedge fund indictment, not the current case against SAC.]



To date, nine current and former SAC employees face insider trading criminal charges stemming from their work at the firm. Four have pled guilty and two are still fighting their indictments. Now the head of SAC, multi-billionaire Stephen A. Cohen (note the initials), will be subpoenaed to appear before a grand jury. The federal strategy may be to indict the entire hedge fund and shut it down, according to the New York Times.


We do not know as yet to what degree SAC relied on illegally obtained information (or other illicit activities) to amass its extraordinary profits. But we do know this: hedge funds don"t like to gamble. Rather they want to make their billions by betting on sure things. In researching my book, How to Make a Million Dollars an Hour, it became clear that that the hedge fund industry as a whole is up to its eyeballs in a series of unethical maneuvers that sometimes are legal, sometimes are borderline and often are outright criminal.


But aren"t there many (some?) honest and ethical people working in America"s 8,000 hedge funds?  


Maybe so, but the overwhelming culture within hedge funds makes cheating a way of life, according to Lynn Stout of UCLA Law School. In her article, “How Hedge Funds Create Criminals,” Stout claims that hedge funds flash three critical signals that promote unethical behavior:


Signal 1: Authority Doesn’t Care about Ethics. Since the days of Stanley Milgram’s notorious electric shock experiments, science has shown that people do what they are instructed to do. Hedge-fund traders are routinely instructed by their managers and investors to focus on maximizing portfolio returns. Thus, it should come as no surprise that not all hedge-fund traders put obeying federal securities laws at the top of their to-do lists.


Signal 2: Other Traders Aren’t Acting Ethically. Behavioral experiments also routinely find that people are most likely to “follow their conscience” when they think others are also acting prosocially. Yet in the hedge-fund environment, traders are more likely to brag about their superior results than [about] their willingness to sacrifice those results to preserve their ethics.


Signal 3: Unethical Behavior Isn’t Harmful. Finally, experiments show that people act less selfishly when they understand how their selfishness harms others. This poses special problems for enforcing laws against insider trading, which is often perceived as a “victimless” crime that may even contribute to social welfare by producing more accurate market prices. Of course, insider trading isn’t really victimless: for every trader who reaps a gain using insider information, some investor on the other side of the trade must lose. But because the losing investor is distant and anonymous, it’s easy to mistakenly feel that insider trading isn’t really doing harm.


Brilliant Criminals?


The more we dig into what hedge funds actually do, the more we find that insider-trading is just one of many unethical strategies used to rig bets. Their goal always is to find a sure thing. And the only sure way to secure such infallible investments is to cheat.



  • At the height of the housing bubble, large banks colluded with hedge funds to sell mortgage-related securities that were designed to fail so that the hedge funds could collect insurance on that failure. (This is exactly like building a home that will burn down in three months so that you, the seller and builder, can collect the insurance.)




  • High frequency hedge funds set up their super-computers next to the stock exchanges so they get the information a few nanoseconds before the rest of us. This allows them to deploy automated systems to front-run our trades. Between the time you press your E-trade button and the time the trade actually goes through, a high-frequency trader is buying what you want and selling it back to you for a few pennies more. By systematically fleecing stock-market participants, high-frequency traders extract $ 5 to $ 20 billion a year from the rest of us.




  • Jim Cramer (host of CNBC"s “Mad Money”) admits to planting false stories with his media colleagues while he was running a successful hedge fund. Through manipulating the media, Cramer was able to move stocks in the direction he wanted in order to cash in. In a startling kiss-and-tell online interview he admits that the hedge fund game consists of one lie after the other. Furthermore, he says that if you"re not willing to lie, cheat and violate the law, “maybe you shouldn"t be in the game.”  




  • To provide even more incentive for hedge fund managers to cheat their way to riches, the federal tax code rewards them with a special tax loophole called “carried interest.” As a result, billionaire hedge fund managers pay a lower tax rate than the rest of us, and neither political party has the nerve to remedy this blatant injustice.



Let us now praise famous hedge funds?  


Because so few of us know these stories, and because so few of us feel comfortable wading into the muck of high finance, hedge fund moguls preen about the universe bestowing a small part of their ill-gotten gains upon institutions that can help them enhance their reputations. Central Park and the New York Public Library are receiving $ 100 million each from prominent hedge fund managers seeking to polish their images. Colleges want hedge fund managers on their boards and in charge of their endowments. Non-profits, even progressive ones, kiss up to them, hoping to score big donations. Pension funds scramble to invest in hedge funds, looking to secure a share of the booty.  


But very few have the nerve to ask where hedge fund riches really come from. If you"re receiving such largess, you don"t want to know if the money is tainted. Better to pretend that these guys are just brilliant investors with the uncanny gift for making 30 percent a year, year after year after year.  


All of us should be grateful that our Wall Street-riddled government still has honest prosecutors like Preet Bharara who are not afraid to ferret out the cheats and put them away. So far his Manhattan office has secured 81 indictments against hedge fund managers and traders, 74 of whom have either have pled guilty or have been convicted.


Only another 10,000 or so to go.


 

Related Stories


AlterNet.org Main RSS Feed



How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating