Sunday, 3 May 2015
Last updated 1 day ago
Jun 27 2012 | 12:01pm ET
One of the hedge funds that harpooned JPMorgan Chase's London Whale has exited the trades that turned it a big profit and saddled the bank with a huge loss.
Saba Capital Management has closed the credit-default swap index trades it opened after noticing the dislocations caused by the huge trades made by JPMorgan's Bruno Iksil. Saba, which has $5 billion in assets, wasn't the only hedge fund to jump on that opportunity—which cost JPMorgan at least $2 billion—but media reports, including an extended analysis in The New York Times—gave Saba and founder Boaz Weinstein much of the credit.
It is unclear how large Saba's exposure was or how much it made. The firm has returned 2.3% this year through last week.
Another of the hedge funds that profited from JPMorgan's predicament, BlueMountain Capital Management, has been engaged by the bank to help it unwind the disastrous derivatives trades.
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…