Word: funds
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Anticipate an odd case of road rage this week among hedge-fund high rollers driving home while contemplating some catastrophic losses in the market, while the iconic Porsche logo on their steering wheel stares back at them. That's because the venerated Stuttgart sports-car manufacturer on Monday inflicted losses estimated to be as high as $38 billion on hedge funds, banks and other investors who had been short-selling Volkswagen stock. It was more than just patriotic fervor that got Germans cheering this week when shares in VW shot up to more than $1,276, making...
...Although none are openly licking their wounds, the losses are believed to have affected a number of stalwart hedge funds. Commentators across the board blamed Porsche for causing chaos on the Frankfurt Stock Exchange this week. The daily Die Welt called Porsche the biggest German hedge fund, and criticized Germany's lax disclosure laws. Porsche has been stealthily building a stake in VW and it only retained the element of surprise because German law did not require disclosure of the positions that account for more than 30% of its stake in VW. "Only when it is no longer possible...
...promising to sell shares totaling about 5% of VW back to the market to allow banks to close their positions - at a handsome profit, of course, because Porsche first started buying VW shares when they cost $45. No one in Germany is crying any tears for the hedge fund losses, of course, but the episode has alerted many to the fact that casino capitalism isn't confined to Wall Street. And presumably some badly burned high rollers may be thinking about trading that Carrera in for a Ferrari...
...growth rates, speedy development, and a strong and diversified financial services industry put miniscule Iceland on the economic map. But it wouldn’t last forever. In the past month, all three major Icelandic banks have been effectively nationalized, the stock market has crashed, and the International Monetary Fund (IMF) has been called in to calm international investors and prevent the country’s bankruptcy. As the global financial crisis claims its first sovereign victim, it is important to understand that every party involved would have benefited from more coordinated international regulation. The crisis affecting Iceland...
...Director of Private Equity Peter Dolan could not be reached for comment, and University spokesman John D. Longbrake declined to confirm the sale due to Harvard’s standing policy not to “discuss investment strategies or individual investments.” Several Boston-area hedge funds that received substantial initial investments from Harvard—including ex-HMC chief Jack R. Meyer’s Convexity Capital—all declined to comment on any action HMC may be taking to sell the investments it has with them. “We have a policy...