Friday, 29 August 2014
Last updated 10 hours ago
Apr 19 2010 | 4:59am ET
Former Paulson & Co. hedge fund manager Paolo Pellegrini was a key source in the Securities and Exchange Commission’s fraud investigation of Goldman Sachs.
Pellegrini, who now runs his own hedge fund, PSQR Management, told the SEC about Paulson’s alleged directing of ACA Management, the third-party firm hired by Goldman to manage the collateralized debt obligation at the center of the lawsuit against the bank, to include residential mortgage-backed securities that Paulson wanted to bet against, CNBC reports. Pellegrini was a key architect of the hugely successful program of shorting subprime mortgages that put the Paulson hedge fund on the map three years ago.
Neither Paulson the firm nor firm founder John Paulson himself have been charged with any wrongdoing in the case. Goldman and one of its executives, Fabrice Tourre, have been charged with defrauding investors to the tune of $1 billion, allegedly misleading them about Paulson’s role in building the CDO.
The SEC was apparently directed to Pellegrini by Paulson himself.
“Paulson & Co. provided the SEC with the names of employees, including Mr. Pellegrini, who might be interviewed as part of the SEC’s inquiry,” Pellegrini said in a statement. “Mr. Pellegrini cooperated fully with the SEC’s inquiry as did a number of his colleagues at Paulson & Co.”
Pellegrini also sought to shoot down speculation that he went the SEC to discredited his former boss.
“Mr. Pellegrini maintains an amicable relationship with Mr. Paulson and remains grateful for the professional opportunities extended to him by Mr. Paulson, for whom he has the highest regard.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...