Friday, 25 July 2014
Last updated 2 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…