Saturday, 25 April 2015
Last updated 13 hours ago
Jul 3 2012 | 1:21pm ET
BlueMountain Capital Management—which is now helping JPMorgan Chase unwind its disastrous derivatives trades—looks like the biggest winner in the bank's debacle.
The hedge fund, run by JPMorgan veteran Andrew Feldstein, is likely to make as much as $300 million betting against the JPMorgan credit default swap index trades, Bloomberg News reports. The profits from the trade have helped nearly double BlueMountain's returns this year: Before JPMorgan announced its multi-billion dollar loss, the hedge fund was up 5.4% on the year. Now, it's up 9.5%.
BlueMountain likely did even better opposing JPMorgan trader Bruno Iksil than Saba Capital Management, whose Boaz Weinstein has received much of the credit for harpooning the so-called "London Whale." Saba is up just 2.3% this year.
BlueMountain is now helping JPMorgan unwind its trades, which could cost it as much as $9 billion. The hedge fund has been quietly buying default protection to cover JPMorgan's trades and then selling it to the bank, helping it exit about half of its exposure.
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…