Saturday, 20 September 2014
Last updated 15 hours ago
Oct 1 2009 | 3:14am ET
Philip Goldstein is well-known for speaking his mind. But a Massachusetts court has ruled against the Bulldog Investors chief in a free-speech case over who should have access to information about hedge funds.
Suffolk Superior Court Judge Judith Fabricant ruled that Secretary of the Commonwealth William Galvin did not violate Bulldog’s free-speech rights when he sued the hedge fund for marketing to an unqualified investor.
The court defeat for Goldstein, who successfully challenged the Securities and Exchange Commission’s hedge-fund registration requirement three years ago, comes in his ongoing battle with a man he has affectionately referred to as a “pompous ass.” Two years ago, Galvin sued Goldstein for providing information about Bulldog to a non-accredited investor, and ordered the hedge fund to pay a $25,000 fine. But Goldstein is not one to take such an affront lying down, and appealed. He said he plans to do so again.
“The ruling is wrong and we are going to appeal it,” Goldstein told Reuters. “Apparently, if you live in Massachusetts you have to be rich to read truthful material on a hedge fund Web site.”
“They are essentially saying that you can’t get a brochure for a Rolls Royce because you can’t afford the car, and that is not right,” he added. Bulldog has a $500,000 minimum investment requirement.
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.