Tuesday, 21 October 2014
Last updated 1 hour ago
Feb 18 2010 | 2:12am ET
J. Ezra Merkin will have his day in court, whether he wants it or not.
Merkin, the former GMAC Financial chairman and Bernard Madoff feeder fund manager, lost his bid to have a lawsuit filed by New York State Attorney General Andrew Cuomo tossed. Judge Richard Lowe of New York State Supreme Court rejected Merkin’s allegations that Cuomo’s lawsuit did not meet legal standards.
Cuomo accused Merkin of “recklessly” investing billions of his clients’ money with Madoff, who pleaded guilty last year to running a $65 billion Ponzi scheme. The lawsuit alleges that Merkin poured almost all of the assets of his Ascot Partners and Ascot Fund, as well as about one-third of the assets of his Gabriel Capital Corp.—also named as a defendant in the lawsuit—without notifying most of his investors.
Cuomo called Merkin “a glorified mailbox.”
Merkin’s lawyers showed Lowe e-mails from “about 10 investors” indicating that they knew he was investing their money with Madoff, but the judge ruled that those e-mails “fail to demonstrate that dismissal is warranted at this early state of this action.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...