Thursday, 18 September 2014
Last updated 13 hours ago
Feb 5 2008 | 1:00am ET
Hedge fund manager John Devaney has gone from optimism to fear-mongering at a desert pow-wow.
The United Capital Markets Asset Management chief told the American Securitization Forum conference in Las Vegas that there’s a 20% chance a “major international investment bank” will go bust as non-subprime mortgage-backed bonds may bring further losses.
“It’s getting worse and worse every day,” he said, saying the fall in non-agency mortgage securities “may be more of a problem than the subprime crisis.”
Devaney’s fund lost about 35% last year, buffeted by losses in the credit markets, and forcing him to sell his yacht and private jet. But at the conference, Devaney reiterated that the market collapse has opened opportunities.
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.