Tuesday, 23 September 2014
Last updated 11 hours ago
Jul 29 2013 | 9:39am ET
There's no love lost between the CEO of online discount retailer Overstock.com and the hedge funds he accuses of driving his company's stock price down.
Patrick Byrne took out a full-page advertisement in The Wall Street Journal to congratulate SAC Capital Advisors founder Steven Cohen on the hedge fund's indictment last week on insider-trading charges. The ad depicts Byrne holding what appears to be the skull of a Sith Lord from the Star Wars film series.
"Congratulations on the indictment, Stevie, and remember: roll early, roll often," the ad reads.
Byrne, whose company has sued a hedge fund, a research firm and two major banks, accusing them of conspiring to drive down Overstock's share price, has said that a Sith Lord is behind the aggressive shorting of companies like his own. He has not previously identified SAC as that shadowy figure or mentioned the firm at all, and Overstock has not engaged in litigation with the $14 billion firm.
In Star Wars, Sith Lords have unique knowledge of the Dark Side.
SAC was hit with five fraud charges on Thursday and pleaded not guilty on Friday. Federal prosecutors plan to seek some $10 billion from the firm if it is convicted.
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.