Tuesday, 23 September 2014
Last updated 5 hours ago
Nov 4 2011 | 10:25am ET
Harbinger Capital Management's chief nemesis on Capitol Hill is doing some very senatorial foot-stamping over the refusal by both the hedge fund and the Federal Communication Commission to hand over documents.
Sen. Charles Grassley (R-Iowa), who has been leading an investigation into ties between the White House, LightSquared, the wireless venture backed by Harbinger, and Harbinger founder Philip Falcone, said he would block votes on two nominees to the FCC.
The move will not prevent the FCC from doing its job with just three members, but it gave Grassley another chance to blast the agency for continuing "to stonewall a document request I submitted." The FCC told Grassley, the ranking Republican on the Senate Judiciary Committee that it only responds to document requests from committee chairmen.
That policy "sets a dangerous precedent for a federal agency to unilaterally set the rules on how it engages with Congress," Grassley complained.
Grassley has led a probe into the FCC's approval of LightSquared's application for a crucial waiver. The senator has said he believes that the agency failed to consider all points of view on the issue, notably that of the global positioning system community, which has warned of major interference issues.
Last month, LightSquared and Harbinger declined Grassley's request for documents, complaining that Grassley hasn't made similar requests from LightSquared opponents.
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 McKitich, CIO of Petty 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…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.