Saturday, 18 April 2015
Last updated 3 hours ago
Apr 1 2014 | 1:41pm ET
Pershing Square Capital Management took a bath last month on its big stakes in mortgage giants Fannie Mae and Freddie Mac. Rather than cutting its substantial losses, however, the hedge fund is taking the swoon as an opportunity—to increase its investment.
Pershing Square’s stake in the two companies has grown to more than 11%, from about 9.8% each.
Fannie and Freddie shares fell sharply last month after a bipartisan plan to wind the two companies down and replace them with a new system of federally-insured mortgage securities that would saddle investors with more losses. Pershing Square’s losses totaled some $300 million.
Despite that, Pershing Square founder William Ackman believes that the likelihood that Fannie and Freddie will disappear is shrinking.
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…