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Business Week
Reaz Islam, who ran Citigroup Inc. (C) hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients. Investors in the ASTA/MAT municipal bond funds knew how volatile they were, Islam said in interviews and e-mails […]
New York Times
For baseball — not unfamiliar with scandal and bankruptcies, ugly divorces and criminal trials — this promises to be something new: the owners of a marquee team in federal court to face accusations that they enriched themselves and ran their team with illegitimate profits from one of history’s greatest scams. Imagine, for instance, what jury […]
Wall Street Journal
Four years ago the market for auction-rate securities, an investment touted as safe and liquid, froze up. Four years later, despite various settlements and repayment efforts, many investors are still fighting for the return of their money. All told, about $100 billion from individual and institutional investors remains outstanding in the former $330 billion market, […]
Reuters
In an ideally-transparent world, you’d know as much about your broker as you know about the ingredients in packaged junk food label: All of the bad stuff would be instantly on display. But in the U.S., some of the most important information about a broker is off limits to individual investors. At present, you can […]
Business Week
Vikram Pandit knows one way to make big money in hedge funds: sell them. In July 2007, Pandit sold Old Lane Partners LP to Citigroup Inc. for $800 million and pocketed $165 million for his stake. Then he took over the bank’s in-house hedge-fund group, now called Citi Capital Advisors, or CCA. He became chief […]