Sunday, 21 September 2014
Last updated 1 day ago
Oct 15 2007 | 8:01am ET
A hedge fund manager linked to a scandal that rocked Ohio politics will go on trial for fraud this week in Akron.
Mark Lay of Pittsburgh-based MDL Capital Management stands accused of defrauding the Ohio Bureau of Workers’ Compensation by putting its money in a volatile hedge fund without its approval. The agency lost $216 million in the investment, only overshadowed by a $50 million loss in a rare-coins fund run by a top Republican fundraiser, who was convicted of stealing from said fund.
The scandal, in which Ohio’s then-governor, Bob Taft, was convicted of misdemeanor ethics charges, help lead to a Republican wipe-out in last year’s elections.
The daughter of the BWC oversight board member George Forbes also worked at MDL Capital.
Lay’s attorneys call the charges sour grapes, accusing Ohio authorities of simply looking for a scapegoat.
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.