Thursday, 2 October 2014
Last updated 15 hours ago
Sep 25 2013 | 10:07am ET
A pair of prominent hedge fund managers—including a major Democratic donor—expressed disappointment yesterday that former Treasury Secretary Lawrence Summers will not succeed Ben Bernanke as chairman of the Federal Reserve.
Highbridge Capital Management co-founder Glenn Dubin told the Bloomberg Markets 50 Summit that Summers would have made a "great" chairman and called the process of picking a new Fed chief a "fiasco."
"I think the process, specifically talking about Larry Summers and the decision to not move forward with him as Fed chairman, is horrendous," Dubin said, adding that the former Harvard University president was "hung out to dry."
Summers withdrew his name from consideration for the post last week, amidst mounting opposition to him from both Democrats and Republicans. In spite of strong pressure on President Barack Obama against naming Summers, the president was believed to favor him in the post. His exit from the running leaves Fed Vice Chairwoman Janet Yellen as the likely next Fed chair.
Avenue Capital Group's Marc Lasry—who himself withdrew from consideration for an administration appointment, as ambassador to France—echoed Dubin's support of Summers.
"Larry would have made a great Fed chairman," Lasry said.
Summers served as a managing director at D.E. Shaw Group after his resignation from Harvard, leaving the hedge fund in 2009 to join the Obama administration as chairman of the National Economic Council. He left that post the following year and has since served as a consultant to D.E. Shaw and other financial firms.
The chorus in favor of Summers was not totally unanimous at the summit: Marathon Asset Management CEO Bruce Richards told those assembled that he backed Yellen.
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...