{"id":7751,"date":"2008-05-21T00:00:00","date_gmt":"2008-05-21T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-funds-hurt-fifth-thirds-results","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2008\/hedge-funds-hurt-fifth-thirds-results.html","title":{"rendered":"Hedge funds hurt Fifth Third&#8217;s results"},"content":{"rendered":"<p>Bloomberg- A sharp decline in a Fifth Third Bancorp hedge fund investment led to more than $300 million in charge-offs the bank took in the last two quarters, according to a Bloomberg report. <\/p>\n<p>Cincinnati-based Fifth Third had already said that it took a pretax charge of $144 million in the first quarter and a $177 million charge in last year&#8217;s fourth quarter as a result of the declining value in its portfolio of bank-owned life insurance, which it takes out to cover its employees. <\/p>\n<p>Fifth Third (NASDAQ: FITB) said in its first-quarter earnings release that the charge was caused by &quot;further deterioration in the values of the underlying investments of the policy, reflecting widening credit and municipal spreads during the quarter.&quot; <\/p>\n<p><a href=\"..\/news\/news_land.php?i=http:\/\/www.bloomberg.com\/apps\/news%3Fpid%3D20601109%26sid%3DaCFGw7GYxY14%26refer%3Dhome\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg- A sharp decline in a Fifth Third Bancorp hedge fund investment led to more than $300 million in charge-offs the bank took in the last two quarters, according to a Bloomberg report. Cincinnati-based Fifth Third had already said that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[180,174,178,179,175,149,176,177],"class_list":["post-7751","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-accountant","tag-aegon-nv","tag-amount-of-money","tag-best-performing-funds","tag-fifth-third-bancorp","tag-proceeds","tag-raising-money","tag-valeo"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7751"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7751\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}