Word: funded
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Dates: during 2000-2009
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...dozens of large and small banks have already announced that they have received or expect to receive a capital infusion from the $700 billion bailout fund. Nearly a third of the fund has already been spent, and Treasury Secretary Henry Paulson said on Wednesday that he would like to use some of the remaining money to support the ailing market for such consumer debts as credit cards and college loans, as well as to prevent foreclosures. That leaves a dwindling fund left for the hundreds of banks still hoping to get TARP funds. Analysts and investors are growing concerned that...
...plenty of anecdotal evidence that cosseted offspring can lack the thrift, independence, ambition, persistence and entrepreneurial spirit that contributed to their parents' success. Most people have heard of the "shirtsleeves to shirtsleeves" curse, which holds that family wealth, once accumulated, is typically dissipated by the third generation because trust-fund babies, having little regard for the money that has come to them without toil, lack the motivation to strive. It's a worry even to - perhaps especially to - the superrich. In a recent interview in London's Sunday Times newspaper, Indian-born steel tycoon Lakshmi Mittal said flatly that "money...
Nissim Tse is ready for a fight. For the past five months, Tse, head of trading in Hong Kong for hedge fund RAB Capital, has been torturing his body in preparation for a charity boxing match against some of the city's other hedge-fund managers. The training is bruising, but Tse is happy to participate. After all, the pounding he takes in the ring isn't as dispiriting as the one he has been enduring at work lately. "Going into the office every day is like walking on land mines," Tse says. "This is going to be the worst...
...over the world, hedgies like Tse are taking it on the chin, victims of the global financial crisis and the one-two punch of poor returns and unhappy investors. After nearly doubling in size since 2002, to around 8,000 total funds last year, the industry is on the brink of a brutal contraction as customers - rich investors, university endowments and pensions funds that make up the bulk of hedge funds' clientele - rush to withdraw their investments. Some analysts predict that a quarter of all hedge funds could fold by the end of the year. Stephen Brown, an economist...
...Increasingly, so do investors, who are losing faith in hedge funds as a safe place to park their wealth during times of economic turmoil. Funds flourished earlier this decade by offering higher returns than investors could get in more conventional vehicles. Because they are largely unregulated, managers are free to employ a wide variety of sophisticated strategies, including short-selling (borrowing a stock and selling it in the hope of buying it later at a lower price to return to the original lender). The objective is to achieve - for hefty fees - consistent positive returns in good and bad markets...