Sunday, 3 May 2015
Last updated 2 days ago
May 20 2010 | 2:11pm ET
A former independent director of an Australian hedge fund that collapsed in the wake of its investment in a Goldman Sachs collateralized debt obligation has called on authorities in that country to launch an investigation into the investment bank.
David Mapley, a former director of Basis Capital Management’s Yield Alpha Fund, approached the U.S. Securities and Exchange Commission about the Timberwolf CDO, which cost Basis US$56 million, in 2008, two years before the regulator brought its fraud lawsuit against Goldman over a different CDO. Now, he’s calling on the Australian Securities & Investments Commission to launch a probe of its own.
“I don’t know if the regulator in Australia is looking at this trade but they certainly should,” Mapley told The Australian. “Goldman Sachs JBWere were a part of the selling process and there were a lot of Australian investors who were caught.”
Goldman is reportedly in settlement talks with Basis. A Goldman executive had referred to the Timberwolf CDO, which Basis invested US$100 million, as “one shitty deal.” Another called it a deal that “will live in infamy.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…