A hedge fund had its first birthday this weekend. Its name is Lutetia Capital, and for a fund of its type, it has the world’s highest Sharpe ratio, a measure of risk-adjusted returns. The fund beat out nearly 300 rivals, according to Bloomberg data. Everyone knows reward is proportional to risk, but the trick is [...]
Aidan Crawley/Bloomberg News Outside the Bank of Ireland headquarters in Dublin. Bank of Ireland said on Monday that it would seek to raise 2.2 billion euros ($2.9 billion) by the end of February in order to comply with new capital requirements made in conjunction with the Irish bailout package approved by European finance ministers on [...]
Douglas Healey/Bloomberg NewsFederal investigators are seeking a wide range of information from SAC Capital Advisors of Stamford, Conn.Peppe Communications, via PRNewsFoto Steven A. Cohen, who runs SAC Capital Advisors. 9:04 p.m. | Updated SAC Capital Advisors, the hedge fund giant run by the billionaire investor Steven A. Cohen, received an “extraordinarily broad” subpoena from federal [...]
SAN DIEGO – Most of the chatter at the Republican Governors Association’s annual meeting here has focused on chest thumping over the party’s recent wins. So, during a panel titled “Good Policy = Good Politics,” most of the sitting governors encouraged newly elected state executives to trust their instincts and have faith that doing the right thing would only help them in the long run.
But Gov. Chris Christie of New Jersey suggested that the process might not always be pretty.
Referring to his battles with the state’s teachers union, Gov. Christie implored governors to ignore political advisers who urge against taking on powerful or popular groups. Like, say, the teachers.
“Most people love their public school teachers,” he told the audience. “I love public school teachers, too, but I can’t stand their union.”
When Mr. Christie tried to persuade the union to accept a pay freeze and contribute several hundred dollars for their health care plan, he said, they called it the “greatest assault on public education” in the state’s history.
With that, Mr. Christie really got going.
To believe that, he said, he would have to believe this scene was going to occur in his house: his daughter comes home with lackluster grades. When he asks why, Mr. Christie continued, she answers by saying: “You made her take a pay freeze this year. Now she has to put 1 and a half percent into her health plan. Dad, stop the madness. Give them the 5 percent pay increase.”
The audience burst into laughter, a first for the morning.
“Now you laugh,” Mr. Christie said. “But that’s the crap I have to listen to in New Jersey.”
Mr. Christie concluded with an oft-quoted thesis in politics: When you have political capital, spend it. You will never be as popular as you are in the first month in office.
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Doug Kanter/Bloomberg News SEOUL, South Korea — Josef Ackermann, chief executive of Deutsche Bank and head of the Institute of International Finance, said on Thursday that the financial regulatory overhaul under way in much of the world, through the Dodd-Frank overhaul in the United States and the Basel III bank capital requirements, had to be [...]
The long-running legal battle between the pharmaceutical company Biovail and the hedge fund SAC Capital Advisors seems to have finally come to an end – with Biovail making a payment to SAC. SAC Capital and Valeant Pharmaceuticals International, which merged with Biovail earlier this year, announced on Thursday that they had agreed to settle a [...]
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