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Some wild August happenings | Advantage zyaada

Goldman Sachs Tower, Jersey City, New Jersey
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All courtesy Dealbook/NYT ( Thanks Andrew Sorikin and Prof)

A> Idea Dinner: Lobbying in the Global Markets

Though we still vouch that most people find a way to listen to us ( it works!) , there are a few other non ‘black pool’ ways that market conspire to beat the wrong ‘uns 🙂 But SEC found them to be wrong, almost!

Hedge fund managers can go back to eating, drinking and sharing trading ideas now that sources say federal investigators have dropped an inquiry into whether a group of money-managers conspired at a so-called “idea dinner” to drive down the value of the euro.

Officials with the Justice Department’s antitrust division recently told representatives of several hedge funds that the six-month inquiry had been closed, three people close to some of the funds told Reuters.

That means that no action will be taken against any of the traders attending a February dinner at a New York restaurant where some participants had swapped ideas on how to profit from shorting or betting against the euro.

Among the high-profile hedge funds whose analysts or traders attended the dinner wereSoros Fund ManagementGreenlight Capital and SAC Capital Management.

B> BofA Wealth hiring

Our dream Quarterback of the American Banking market which acquired US Trust in 2008 to lead its wealth management effort has recently been noticed catching the ear of the hiring consultants and has really strengthened its team . Finally a dream strategy is underway though with much sputtering and questioned integration economics

C> Non news making daily crises: Banks keep failing ( A dozen or more this month) , only big banks have survived, Goldman Sachs has shutdown its proprietary desk everywhere except Asia ( plans to) and China’s banks have been minting superprofits but their super IPOs already dwarfed by Oil major Petrobras from election time busy Brazil

D> Even in M&A deals which are keeping everyone busy there were a few red flags as Abbott could not find a buyer above $600 million for Belgian Solvay ( profits alone of $240 mn)

Abbott announced it would be selling the business in June and recieved interest from four or five bidders, but offers did not top €500 million ($640 million), which was lower than the company was expecting, The Journal said, citing a person familiar with the matter.

Abbott found itself saddled with the vaccine business when it acquired the drug division of Belgian conglomerate Solvay and was looking to sell it despite the unit’s profit and expected sales of about €200 million this year, The Journal said.

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One comment on “Some wild August happenings | Advantage zyaada

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This entry was posted on September 5, 2010 by in Banking, Financial Markets, Financial Services, Global, US.

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