Monthly Archives: April 2021
SEC Obtains Emergency Asset Freeze, Charges Actor with Operating a $690 Million Ponzi Scheme
(HedgeCo.Net) The Securities and Exchange Commission has announced that it obtained an asset freeze and other emergency relief in an emergency enforcement action against Los Angeles-based actor Zachary Horwitz and his company, 1inMM (one in a million) Capital, LLC in […]
Morgan Stanley dumped $5 billion in Archegos’ stocks the night before massive fire sale hit rivals
(CNBC) The night before the Archegos Capital story burst into public view late last month, the fund’s biggest prime broker quietly unloaded some of its risky positions to hedge funds, people with knowledge of the trades told CNBC. Morgan Stanley sold […]
Investors are still misunderstanding the Fed,’ says this chief investment strategist
(Marketwatch) The stock market still has room to run this year despite investors’ rising concern over inflation, according to Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company. “I think investors are still misunderstanding the Fed,” Schutte told […]
Millionaires tax’ threat has some NY bankers, managers eyeing exits
(Reuters) For decades New York’s bankers and fund managers have accepted the city’s high tax rates as a part of working in the world’s premier financial capital. “I’m already looking for an apartment in Florida,” said one highly paid person […]
Auditor Charged for Failure to Register with PCAOB and Multiple Audit Failures
(HedgeCo.Net) The Securities and Exchange Commission today announced the institution of administrative proceedings against a Texas-based CPA for allegedly failing to register his firm with the Public Company Accounting Oversight Board (PCAOB) and alleged wholesale failures in auditing and reviewing […]
Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal; execs step down
(CNBC) Credit Suisse on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital saga. The Swiss lender now expects a first-quarter pre-tax loss of around 900 million […]
Goldman’s risk controls worked well during Archegos fire sale, CEO Solomon says
(CNBC) Goldman Sachs CEO David Solomon said Tuesday that his bank’s risk management systems performed well after the forced unwind from a highly levered fund tanked several stocks in the U.S. and China and took a multi-billion dollar bite out […]
IMF increases global growth forecast and says a way out of the crisis is ‘increasingly visible’
(CNBC) The International Monetary Fund is expecting a stronger economic recovery in 2021 as Covid-19 vaccine rollouts get underway, but it warns of “daunting challenges” given the different rates of administering shots across the globe. On Tuesday the organization said […]
Yellen speech confirms that the U.S. is back on the world stage
(CNBC) Following four years of a decidedly protectionist agenda, Treasury Secretary Janet Yellen is here to tell you that things are about to change in a major way. The Cabinet official most in charge of President Joe Biden’s economic agenda […]
The Fed could come under fire for easy policy while the economy soars and inflation rises
(CNBC) As the economy booms over the next couple of months, the Fed will have a more difficult time defending its super-easy policies. Economists expect the second quarter to grow by more than 9%, and the monthly jobs reports are […]
KKR raises $15 billion in Asia’s biggest fund as buyout-backed deals rise
(Reuters) Private equity powerhouse KKR & Co said on Tuesday it has raised $15 billion for its fourth Asia-Pacific focused fund, marking the region’s biggest private equity fund at a time when buyout-backed deals are on the rise. U.S.-based KKR […]
Atlanta Resident Charged with defrauding investors and misappropriating investor funds
(HedgeCo.Net) The SEC’s complaint alleges that, since late 2015, Richard J. Randolph III has raised more than $1.6 million from at least 14 investors whom Randolph persuaded to fund purported real estate and business projects. According to the complaint, Randolph […]