Josh Birnbaum, who helped orchestrate Goldman Sachs’ highly-profitable bets against subprime mortgage-backed bonds, has left the firm to found his own hedge fund.
Birnbaum, who was a managing director at Goldman, plans to raise about $1 billion for the fund, Bloomberg News reports. The fund is expected to join a glut of other vehicles pouring into mortgage investing in the wake of the continuing credit crisis.
Birnbaum joined Goldman in 1993 and reportedly made between $5 million and $15 million last year.
Gabriel KurlandBy Gabriel Kurland: On November 12, 2009, the U.K.’s Serious Fraud Office (“SFO”), an independent government department that investigates and prosecutes fraud and corruption cases, announced that it is probing the London-based, Dynamic Decisions Capital Management Ltd., after the matter was referred to it by the Financial Services Authority. More...
Ireland has launched the EUR 26 million ($40 million) Bank of Ireland Seed and Early Stage Equity Fund to invest in startup and early stage companies. More...