Wednesday, 1 October 2014
Last updated 4 hours ago
Nov 27 2012 | 11:38am ET
The U.S. Treasury Department aims to stand in the way of private equity legend Wilbur Ross' bid to buy a small Ohio bank.
Treasury last week warned that Ross' $45 million offer for the bankrupt First Place Financial Corp. would "chill bidding" and could keep the government from recovering the bailout money it gave to First Place three years ago. Ross' Talmer Bancorp made the offer for Warren, Ohio-based First Place Bank after First Place Financial filed for bankruptcy protection last month.
"There is a material risk that Treasury will receive no recovery on account of its investment in the debtor," the U.S. said in a court filing. Treasury wants First Place Financial to "fully market" its bank and to give the government "consultation rights."
First Place Financial borrowed $72.9 million from the government's Troubled Asset Relief Program and has yet to repay it.
"It's unfortunate that it did not work out well for the creditors of the holding company, but you can't invent bids that don't exist," Ross said.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...