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The hedge fund industry's mantra has long been that they thrive on volatility. But recently, people have noted that there's been lots of volatility--record amounts in fact--but hedge funds are... Read more...
Aiming to profit from the credit crunch, the Blackstone Group has inked a deal to buy hedge fund firm GSO Capital for $620 million up front in cash and stock--and up to $310 million more based on... Read more...
State Street has announced that it will set aside $618 million to cover possible legal costs stemming from its foray into subprime securities. That will result in a $279 million loss. State Street... Read more...
Here's Q4 cheat sheet: Citigroup is expected to write off about $19 billion. Merrill Lynch, about $12 billion, and JP Morgan Chase about $3.5 billion. The bad news is that will still leave Citigroup... Read more...
As of now, Vikram Pandit presumably sits atop a short list of Citigroup CEO candidates. One blight on his list of qualifications might be unexpectedly poor performance of his hedge fund firm, Old... Read more...
Well, even after the pre-announcement, Citigroup's loss was bigger than expected. Still, it seemed to take people by surprise. That the bank's woes may linger into the fourth quarter was another... Read more...
Business Week says this is an open secret on Wall Street: Prime brokers with access to information on big trades are tipping off their other traders and their hedge fund clients, allowing... Read more...