ING closes another fund and delays CDO fund meeting
ING has delayed a unitholder meeting originally scheduled to be held before March 31 to determine the fate of its two major collateralised debt obligation (CDO) funds.
by David Chaplin
The news comes at the same time as the group has decided to close another fund managed on behalf of a group of advisers – the $6.5 million Private Portfolio Service (PPS) Diversified Trading Fund.
Goodreturns.co.nz
Govt's deposit guarantee put to the test
Monday 2nd March 2009
The government's deposit guarantee scheme is set to have its first test-run, as of today.
Mascot Finance will be the first company to test the scheme since its inception in October last year, after the company was placed into liquidation today, owing $70 million to 2,558 investors.
All eligible Mascot investors will get 100% of the money they are entitled to under the crown's scheme, Treasury secretary John Whitehead says.
More here................................
http://www.sharechat.co.nz/news/scne...e.php/c986abb6
A total of 72 deposit takers have been granted the Crown guarantee.
Tax payers money being using to pay these defaults.
.
The Government says it had no reason to believe that Mascot Finance would fail when it granted it a taxpayer-funded deposit guarantee in January. Questions over whether the Crown should have given Mascot Finance a guarantee arose after if it went into receivership seven weeks after getting a guarantee.
A total of 72 deposit takers have been granted the Crown guarantee.
More here on Stuff.co.nz
Xforex arrrives in NZ - $2000 bonus
I spotted this new? broker advertising - "Xforex arrives in New Zealand'.
Not sure who they are just yet, but may be US based.
Billionaire among 6 nabbed in inside trading case
Wall Street wake-up call: Hedge fund boss, 5 others charged in $25M-plus insider trading case
- By Larry Neumeister and Candice Choi, Associated Press Writers
- On 7:35 pm EDT, Friday October 16, 2009
NEW YORK (AP) -- One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.
More
http://finance.yahoo.com/news/Billio...94948.html?x=0
John Meriwether Set to Open New Hedge Fund (Again) after 2 Failures
Unbelievable.
..................... the infamous John Meriwether, after driving his 2nd hedge fund into the ground early last year, [Mar 28, 2008: Founder of Long Term Capital Failing Again] has found a new round of suckers to invest with him again. For someone in my position this story is the type that creates the propensity to bang a head into a sturdy wall. Somehow a man whose "ability" required the Federal Reserve to make the first move that really set the entire precedent of "too big to fail" in 1998 by "rescuing" his hedge fund (along with the bankers!), and concurrently re-opened (and failed) a 2nd time, can walk on water and raise money with his magic wand. Details on the "original bailout" of Long Term Capital here - the amount, $3.5 Billion, that was considered "too big to fail" back then, is amusing in retrospect to what we've just done the past 18 months.
More info
http://finance.boston.com/boston/?GU...ChannelID=5895