Monday, 24 October 2016
Last updated 2 days ago
Nov 25 2008 | 2:55pm ET
Former U.S. presidential candidate H. Ross Perot is hearing a new giant sucking sound.
Parkcentral Capital Management, the 1992 independent candidate’s family office, is liquidating a hedge fund burned by the credit crisis. Perot family members are the biggest investors in the six-year-old Parkcentral Global Hub fixed-income fund. Parkcentral Global’s assets are being sold off to pay the fund’s creditors, Eddie Reeves, a spokesman for the Plano, Texas-based firm wrote in an e-mail to investors today.
“Parkcentral Global has been impacted dramatically by the unprecedented upheaval of the capital markets in general and the freezing of credit markets in particular,” a spokesman for the. “The fund is no longer viable.”
Perot, who made his billions as founder of Electronic Data Systems, ran for president twice, winning 18.9% of the vote in 1992 and 8.8% in 1996. He is perhaps best-known for his quip that the United States would hear a “giant sucking sound” as American jobs moved to Mexico if the North American Free Trade Agreement went into effect.