Friday, 19 September 2014
Last updated 2 hours ago
Oct 2 2008 | 10:21am ET
Despite the pleas and howls of hedge fund managers, the Securities and Exchange Commission last night extended is ban on short-selling about 1,000 financial stocks as Congress struggles to pass a Wall Street bailout.
The emergency order, which the SEC imposed on Sept. 18, will expire three days after Congress passes a rescue plan. The Senate passed a new version of the $700 billion bailout yesterday, with the House—which rejected another version earlier this week—set to consider the Senate billion tomorrow.
The move came despite a full-court press on the part of the hedge fund lobby to allow the restrictions to expire at midnight yesterday.
“The orders have not prevented the price declines of financial institutions, volatility in the securities of these firms, or the failure of a financial institution,” Richard Baker of the Managed Funds Association said.
One outspoken opponent of the SEC, however, has some—possibly tongue-in-cheek—words of support for the embattled regulator.
“I am confident our regulators at the SEC have a good handle on things," Bulldog Investors’ Philip Goldstein told the New York Post in an e-mail. He called it “nice that the SEC is propping up stocks in these stressful times. That is their mission, right?”
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.