Citadel Investment-Banking Chief Patrik Edsparr Ousted After Seven Months Patrik Edsparr, chief executive officer of Citadel Investment Group LLC’s securities unit, was asked to leave the firm, seven months after Ken Griffin picked him for the position.
Cree’s LEDs and Ormat’s Geothermal Power Lift Pictet Clean Energy Fund 30% Ask Pictet Clean Energy Fund manager Philippe de Weck where he finds investment value in a world more concerned about the economic recession than reducing emissions and the short answer is in technology pioneers.
Fairholme’s Berkowitz Gets Late Start With $3 Billion Wager on Financials Bruce Berkowitz waited until financial-services stocks had more than doubled from their March 2009 lows before buying stakes now valued at more than $3 billion. The manager of the $16.5 billion Fairholme Fund said his bet wasn’t placed too late.
Times Square Bombing Suspect Worked at Firm Controlled by Black’s Apollo Faisal Shahzad, charged with attempting to bomb New York’s Times Square, worked for three years at a company controlled by Leon Black’s private-equity firm, Apollo Management LP.
Wyser-Pratte Says Euro May Reach Parity With Dollar as Spain Crisis Looms U.S. investor Guy Wyser-Pratte said the euro could drop to parity with the dollar and the Greek debt crisis will probably spread to Spain.
Chanos Says Long-Term Government Bonds Are Bad Bet as Nations Bolster Debt Long-term government bonds are a bad bet anywhere because nations are issuing debt to bolster their currencies, said James Chanos, hedge fund manager and founder of Kynikos Associates Ltd.
Mortgage Bond Yield Spreads Climb to Widest in Five Months: Credit Markets Yields on Fannie Mae and Freddie Mac mortgage securities that guide home-loan rates climbed to the highest in five months relative to U.S. Treasuries as Europe’s worsening government finances led investors to shun all but the safest assets.
Leveraged-Loan Market Shrinks to July 2007 Level Amid Lack of CLO Issues The leveraged-loan market shrunk last month to its size in July 2007, right before the onset of the credit crunch, amid a lack of new issues of collateralized loan obligations, CreditSights Inc. said.
Vanguard Leads Critics of Creditor Clause in U.S. Financial Overhaul Bill Mutual fund companies led by Vanguard Group Inc. are lobbying to remove language in the Senate’s regulatory overhaul bill that gives the Federal Deposit Insurance Corp. power to pay some creditors more than others after a big bank fails.