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19 мая, 00:26

Corzine Tries To Launch A Hedge Fund For The 3rd Time. "To Trade The Trump Crash"

Shortly after Jon Corzine not only destroyed MF Global but "vaporized" $1.6 billion in supposedly segregated client funds which were illegally commingled with operating cash, Jon Corzine had a brief encounter with the legal system including several kangaroo court sessions in Congress, which ultimately led to absolutely nothing for two simple reasons. Reason #1: And Reason #2: In fact, Jon Corzine's quiet disappearance into the shadows was apparently only punctuated by one new notable entry in the Urban Dictionary for the term "Corzined" ... but not before rumors emerged that Corzine, whose dream has always been to run his own capital, would start a hedge fund. In August 2012 we wrote that "after 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case." And algos... And glitches... And faulty software installs... And some junior person who has long since left the company...  and, and, and, lots and lots of passive voice... Because in the Banana republic of the crave, no bundlers can ever go to jail, no matter how heinous the crime, which is not to say other places are better: in Thailand you shoot your secretary in the stomach during dinner with an Uzi and you don't even pay a $600 fine. But at least it puts things in perspective. So what is next in store for this former man of power? "Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans. He is currently trading with his family’s wealth. If he is successful as a hedge fund manager, it would be the latest career comeback for a man who was ousted from both the top seat at Goldman Sachs and the New Jersey governor’s mansion." So will Jon will be buying Italian bonds? We don't know. Ask him yourself." However, this led absolutely nowhere, leading many to speculate that Corzine was just waiting for a correction before reentering the asset mismanagement business. Then, three years of manipulated, artificially propped up markets later Jon Corzine had enough of waiting for a correction which almost came. And, as the WSJ reported in 2015, the time had come for another push for Vapor Capital Asset Mismanagement LP. To wit: Jon S. Corzine, the embattled former MF Global Holdings Ltd. chief executive and ex-chairman of Goldman Sachs Group Inc., has discussed plans to start his own hedge fund in recent months, according to people familiar with the matter. The fund would start with cash from Mr. Corzine’s personal wealth and a handful of outside investors. Mr. Corzine said he had been speaking with about a half-dozen potential investors, and projected around $150 million in assets under management, one of the people said. Would the fund invest all of its AUM in 2 year Italian bonds? While all answers would be revealed in due time, first Corzine has to get over that whole "criminal" stigma: Mr. Corzine most likely wouldn’t be able to launch a fund until legal proceedings against him over MF Global have been resolved. Pretrial motions are expected to go at least until February of next year. The Commodity Futures Trading Commission in June 2013 filed civil charges against him and is still collecting evidence for a possible trial. However: Mr. Corzine’s supporters point out that he hasn’t been criminally charged and that after MF Global collapsed, his bets on the bonds of Portugal, Italy and other European nations were ultimately proven on target.Mr. Corzine’s supporters point out that he hasn’t been criminally charged and that after MF Global collapsed, his bets on the bonds of Portugal, Italy and other European nations were ultimately proven on target. Yes they were, but in the interim MF Global went bankrupt, and Corzine was exposed as a criminal commingler. In any case, the second, 2015 attempt at starting his own hedge fund also led nowhere. Corzine at a 2010 morning meeting at the headquarters of MF Global, just beforehe blew it up. * * * Now, nearly five years after his first attempt, it's time for try #3, and according to the NYT, Corzine is - again - plotting his next and final act: "starting a hedge fund. And not just any hedge fund, but one designed to take advantage of the turmoil in the Trump era." On a recent afternoon [Corzine] he squeezed into a 100-square-foot office in the Flatiron district of Manhattan — no nameplate on the door — where a pair of Bloomberg terminals consumed much of the space. His eyes fixed on one, Mr. Corzine scribbled notes about his trades on a yellow legal pad as a computer chimed an imitation closing bell.   In the final seconds of trading, Mr. Corzine watched as a tiny sliver of his day’s profits slipped away, prompting him to utter a profanity or two and grumble about not ending the afternoon on more of “a high note.” In other words, Corzine wants to go down in a blaze of glory, trading the upcoming Trump crash. In his first interview since the MF Global meltdown, Corzine told the NYT his plans for a new hedge fund, saying that "he will seek to anticipate what often seems unpredictable: how the Trump administration and other world leaders will enact policy and, in turn, move markets." One of his Trump trades, for example, is designed to pay off in the event of a broad decline in the stock market, not unlike what happened Wednesday when shares swooned on Trump-related worries.   On the bullish side, he hopes to ride a wave of a corporate-tax overhaul while trading in big tech, banking and industrial companies poised to gain from a policy shift. Nothing groundshattering there, in fact even the 17-year-old "hedge funds managers" on Fin Twitter already have these trades on, so what makes Corzine's product offering unique? Well, we couldn't quite answer that question. Neither apparently could the NYT. Mr. Corzine would hardly be the only hedge fund manager seizing the moment in Washington. Some expect a correction in the stock market as investors come to terms with turmoil in the White House.   Mr. Corzine worries that the administration will make “a serious foreign policy mistake,” he said, which would be “horrible for markets.” He said that he planned to place a major bet that the market would fall but added that, as an American, “I’m hoping that I’m wasting money.” Alas, with that "thesis" it's Corzine's LPs that will be thinking the same. That said, at least Corzine has a putch:  “I think I can read between the lines more than a lot of people can on these issues,” he said last month, on the eve of a trip to raise money for his fund with wealthy investors. Maybe... except that one time in 2011. And yet, the third time may just be the charm for Corzine: In the first few weeks of marketing, Mr. Corzine has secured commitments and indications of interest in the tens of millions of dollars, according to a colleague who is helping him reach an initial goal of roughly $150 million. At a time when the stars of the hedge fund world can raise billions of dollars in a matter of weeks, Mr. Corzine’s financial ambition is modest. The real test will come, he said, if after several months the fund can demonstrate healthy returns and expand to a broader base of investors. But wait, there's more: There are signs his pitch is resonating with some investors. After securing commitments from family and friends, he recently returned from a trip to the Middle East, where he met with a number of wealthy investors. He also plans to visit Latin America and Hong Kong.   When the fund-raising concludes, Mr. Corzine hopes to have collected just shy of $150 million, the amount at which private funds must register with the Securities and Exchange Commission. That sum will include several million dollars of his own money. Indeed, there just may be a lot more dumb money out there than meets the eye.  On Friday, Corzine will appear at the SALT Conference in Las Vegas, the premier hedge fund schmooze-fest, where he will join Joseph R. Biden Jr., Ben Bernanke and the singer Jewel, as well as hundreds of fund managers and reporters, in an attempt to conclude his fundraising. Jon, however, is probably unaware that in the 6 years since he was professionally trading, things have changed, and that any and all positions he puts on will be promptly sold to the exchanges' best clients: HFTs who who will seek to frontrun and scalp his limit orders, ram his stops and bleed his P&L to death on a daily basis. In fact, with only $150mm, we give Corzine 6 months before he is forced to shut. Again. We are probably optimistic. The full NYT interview with Corzine can be found here. And

20 апреля, 21:54

The Blockchain Could Change the Backbone of the Stock Market

Technology already enables the stock market to be faster and more complex. But what if the actual plumbing behind the market was altered using the blockchain? The post The Blockchain Could Change the Backbone of the Stock Market appeared first on Visual Capitalist.

03 апреля, 07:25

Сергей Никифоров: «Сколько нужно «погорельцев» банков, чтобы началась реформа аудита?»

В опубликованной «БИЗНЕС Online» первой части своей статьи руководитель одной из старейших аудиторских компаний России «ФБК Поволжье» Сергей Никифоров на примере Татфондбанка размышлял о том, как современное состояние российского аудита влияет на процессы банкротства кредитных организаций. Сегодня мы публикуем вторую часть статьи, где Никифоров продолжает свой анализ критической ситуации, сложившийся в отрасли.

26 марта, 17:00

Голдман Сакс коррумпирует Америку

«Профсоюзы лгут своим членам. Будущие пенсионеры лгут самим себе. Политики (кроме нескольких храбрецов вроде Уолкера) лгут избирателям». Дэвид Голдман Отравление продолжается капля за каплей. На прошлой неделе ответственные лица США оштрафовали «Голдман Сакс» на $22 миллиона за неудачи при попытках предотвратить умышленно вредные советы аналитиков-исследователей, даваемые привилегированным клиентам по изменениям на рынках. И федеральные прокуроры […]

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24 марта, 18:07

PwC takes one for the industry in settling MF Global

Payout leaves questions over how much auditors should protect investors

24 марта, 14:50

Frontrunning: March 24

Trump Says If Vote on Health Bill Fails, Obamacare Stays (WSJ) Risky House healthcare vote to test Trump's negotiating skills (Reuters) Trump Dares GOP in High-Stakes Vote on Troubled Health Bill (BBG) All drill, no frack: U.S. shale leaves thousands of wells unfinished (Reuters) Twitter explores subscription-based option for first time (Reuters) EU's Juncker Says U.K. Brexit Bill Will Be About $62 Billion (BBG) House Intelligence Committee Clash Over Nunes Clouds Future of Probe (WSJ) Washington talks end without agreement on Israeli settlements (Reuters) Britain to fire starting gun on Brexit talks (Reuters) Credit Suisse Increases Bonus Pool 6%, CEO Thiam Gets $12 Million (BBG) Blackstone sells 21 percent stake in SeaWorld to China's Zhonghong Zhuoye (Reuters) PwC settles with MF Global over Corzine brokerage's collapse (Reuters) Too much misconduct goes undetected: ex-CFTC chief (Reuters) Microsoft-Probe Blunder Said to Haunt EU as Google Risks Fines (BBG) Putin meets France's Le Pen in Moscow, says won't interfere in election (Reuters) Theranos Offers Shares for Promise Not to Sue Company (WSJ) The Controversial Chinese Economist Uncovering Tough Truths (BBG) Greece to support Rome EU declaration, but wants backing on labor reforms (Reuters) Egypt's former leader Mubarak freed, six years after overthrow: lawyer (Reuters) BOJ chief Kuroda says 'no reason' to withdraw stimulus now (Reuters)   Overnight Media Digest WSJ - Theranos Inc plans to give additional shares to investors who pledge not to sue the battered blood-testing company or Elizabeth Holmes, its founder and chief executive, people familiar with the matter said. http://on.wsj.com/2n0lOMh - WikiLeaks released new documents it says describe hacking tools used by the Central Intelligence Agency over the past decade to infect Apple Inc devices. http://on.wsj.com/2n05dZ7 - Businesses, particularly those in the tech sector, are watching closely a case to be argued in the Supreme Court next week challenging a system that has led to a concentration of patent cases in plaintiff-friendly jurisdictions such as eastern Texas. http://on.wsj.com/2n0oYPY - Google's commitment to better police the millions of websites and videos across its advertising networks is complicated by the very scale and diversity that has made the network so attractive to marketers. http://on.wsj.com/2n03xyI - Amazon.com Inc prevailed over the Internal Revenue Service in a more than $1.5 billion dispute over the online retailer's transactions with a Luxembourg subsidiary. http://on.wsj.com/2n05lb3 - Walt Disney Co said Robert Iger has extended his contract for a third time and will stay on at least one additional year as chairman and CEO, giving the world's largest media company another year to find a new chief executive. http://on.wsj.com/2n04neK - The U.S. ban on many carry-on electronics aboard Middle East flights is another powerful headwind for the once-highflying club of Persian Gulf airlines — a group that relies more than many on the laptop-toting business traveler. http://on.wsj.com/2my5qXb - Videogame chain GameStop Corp, hit hard by a shift to digital downloads, plans to close at least 150 stores this year and expand non-gaming businesses. http://on.wsj.com/2my1INe - Tronc Inc agreed to buy all the stock held by one of its largest outside shareholders at a substantial premium amid an increasingly bruising public fight between its two biggest investors. http://on.wsj.com/2my17vb   FT Britain's markets watchdog has resumed its investigation into payments made by Barclays Plc in the course of a 2008 emergency fundraising, after reviewing new evidence that could see it reconsider a 50 million-pound ($62 million) fine imposed in 2013. Deutsche Bank AG has chosen a new office for its London headquarters, signalling a vote of confidence in Britain's capital despite the country's decision to leave the European Union. One of Britain's biggest water companies, Thames Water, was scrutinized on Thursday by Ian Byatt, a former head of regulator Ofwat, who said the problem in the water companies is their "complicated corporate structures." A fine of 20 million pounds was imposed on Thames Water on Wednesday for pumping sewage into the River Thames.   NYT - Republican senators moved Thursday to dismantle landmark internet privacy protections for consumers in the first decisive strike against telecommunications and technology regulations created during the Obama administration, and a harbinger of further deregulation. http://nyti.ms/2mWZmTz - Ride-sharing service Lyft became the latest company, along with AT&T and Johnson & Johnson, to remove their advertisements from YouTube following ads appearing next to racist videos on YouTube. http://nyti.ms/2n0nMw4 - A lawyer for the Las Vegas sports gambler William Walters, who is on trial in Manhattan on insider trading charges, attacked the credibility of one of the government's main witnesses on Thursday, saying that the witness had lied repeatedly to investigators. http://nyti.ms/2ndjSky - The C.I.A. developed tools to spy on Mac computers by injecting software into the chips that control the computers' fundamental operations, according to the latest cache of classified government documents published on Thursday by WikiLeaks. http://nyti.ms/2n04jvw   Canada THE GLOBE AND MAIL ** Ontario Premier Kathleen Wynne has convened a meeting of senior auto sector executives to make sure the government and the industry are on the same page amid the looming renegotiation of the North American free-trade agreement. https://tgam.ca/2myNz2v ** China's new envoy says Beijing is seeking unfettered access for Chinese state-owned firms to all key sectors of the Canadian economy during free-trade talks now under way with Ottawa - including an end to restrictions barring these enterprises from investing in the oil sands. https://tgam.ca/2myOU9h ** Ottawa's plan to end tax allowances for oil firms seeking to drill new wells is riling the energy sector - especially small and medium-sized producers who have already been hit hard by the oil-price drop and increasing competition from the United States. https://tgam.ca/2mys81b NATIONAL POST ** The U.S. State Department is expected to approve TransCanada Corp's Keystone XL pipeline as early as Friday, eliminating a crucial hurdle for the project after years of political wrangling. http://bit.ly/2myFBGC ** Investors at two of Canada's biggest banks, Royal Bank of Canada and Toronto-Dominion Bank, will vote soon on whether shareholders with smaller holdings should have a bigger voice when choosing directors for the board — a move that investor advocates say would, if successful, be a big step towards "shareholder democracy". http://bit.ly/2myA9Ud ** The government of Canada will play the role of venture capitalist and booster to clean technology companies with billions of dollars in funding and outright share purchases budgeted over the next several years. http://bit.ly/2myBudk   Britain The Times The Financial Conduct Authority has reopened its investigation into Barclays Plc's 7.3 billion pound ($9.13 billion) Middle East capital raising in 2008 that helped the lender avoid falling into government ownership. http://bit.ly/2nir5Bh The terrorist who killed four people and injured scores more at Westminster on Wednesday has been identified as Khalid Masood, a 52-year-old who was born in Kent. http://bit.ly/2nifemV The Guardian Royal Bank of Scotland is axing 158 branches, most of them NatWest outlets, with the loss of up to 362 jobs. http://bit.ly/2nilACU Shareholders in Crest Nicholson Plc have voted against a pay deal for the company's directors because of concerns that the performance targets were too easy. http://bit.ly/2nigyGl The Telegraph The ruling party of Hungarian Prime Minister Viktor Orban has filed a bill to ban the vintage red-star logo featured on Heineken's products including the beermaker's iconic green bottles. http://ind.pn/2nii4YW Sky News Fears grow for 1,100 high street jobs amid doubts over Jones Bookmaker deal. http://bit.ly/2nioNSX Deutsche Bank AG has signed an agreement with Land Securities Group Plc to‎ take a large chunk of a new building being constructed near the Moorgate tube station. http://bit.ly/2niokQI The Independent Brexit could undermine British efforts to clamp down on bribery and corruption, the OECD has warned. http://ind.pn/2nimKy8 The boss of British Gas owner Centrica Plc collected a 1 million pound pay rise last year, taking his total package to 4.15 million pounds. http://ind.pn/2nimLly      

24 марта, 12:19

PwC заплатит несколько миллиардов за урегулирование дела об аудиторских ошибках

Консалтинговая компания PricewaterhouseCoopers (PwC) договорилась о досудебном урегулировании дела о банкротстве компании MF Global. Представители MF Global, обанкротившейся во время мирового финансового кризиса, обвиняли PwC в том, что та допустила ошибки при консультировании и аудите компании. Сколько заплатит PwC — не сообщается, но управляющие по банкротству MF Global требовали компенсации в размере $3 млрд.Брокерская компания MF Global обанкротилась в 2011 году: тогда она сообщила о задолженности в размере $39,7 млрд при сумме активов $41 млрд. MF Global активно инвестировала в суверенные долги таких стран еврозоны, как Испания, Италия, Португалия, Бельгия и Ирландия.В августе прошлого года PwC также урегулировала дело о коллапсе американского банка Colonial Bank в 2008 году. Тогда иск был предъявлен PwC за то, что она не выявила факты мошенничества в Colonial Bank.Яна Рождественская

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23 марта, 20:36

PwC Settles With MF Global, Leaving Question Of Auditor Liability For Another Case

PwC settles a multibillion-dollar lawsuit over the collapse of MF Global mid-trial, leaving the question of liability unanswered.

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23 марта, 18:42

MF Global administrator settles $3bn PwC lawsuit

High-profile court battle ends before jury could decide on alleged accounting errors

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23 марта, 18:42

MF Global administrator settles $3bn PwC lawsuit

High-profile court battle ends before jury could decide on alleged accounting errors

17 марта, 19:15

All Auditors Stand To Lose If PwC Is Found Responsible For MF Global Collapse

BY JOSHUA TEITELBAUM -- To hold PwC responsible for MF Global's bankruptcy would not only be bad law, it would be bad policy. Turning auditors into insurers of their clients' businesses would produce overdeterrence and risk driving auditors out of the financial marketplace.

16 марта, 18:25

Keiser Report: Jon Corzine’s Big, Bad Bond Bet.(E 1045)

In this episode of the Keiser Report Max and Stacy discuss the lawsuit by the administrator of MF Global against PwC for, ultimately, Jon Corzine’s big, bad European bond bet. In the second half Max interviews Charles Hugh Smith of OfTwoMinds.com about whether or not the Federal Reserve Bank has already lost control. RT LIVE http://rt.com/on-air Subscribe to RT! http://www.youtube.com/subscription_center?add_user=RussiaToday Like us on Facebook http://www.facebook.com/RTnews Follow us on Twitter http://twitter.com/RT_com Follow us on Instagram http://instagram.com/rt Follow us on Google+ http://plus.google.com/+RT Listen to us on Soundcloud: https://soundcloud.com/rttv RT (Russia Today) is a global news network broadcasting from Moscow and Washington studios. RT is the first news channel to break the 1 billion YouTube views benchmark.

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15 марта, 20:02

Judge Rejects PwC's Request For Mistrial In MF Global Case

A federal judge rejects PwC's call for a mistrial in the $3 billion lawsuit over MF Global's collapse, saying the auditors can fight it out in court.

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14 марта, 20:38

MF Global Fires Back At PwC's Request For `Do-Over' Mid-Trial

MF Global lawyers dismiss PwC's motion for a mistrial as a desperate attempt to get a "do-over" mid-trial.

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14 марта, 15:32

PwC suggests MF Global was a risk culture run amok

As creditors blame accounting firm, it points to collapsed broker’s leadership

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13 марта, 18:07

PwC Asks For Mistrial In MF Global Case, Claiming Switch In Plaintiff's Theory

PwC asks for a mistrial in MF Global case, saying the plaintiffs have shifted their theory of what caused the company's collapse.

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11 марта, 02:29

PwC Challenges Corzine's Account Of MF Global's Collapse

Corzine walks back suggestions bad accounting and confusion were to blame for MF Global's collapse.

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10 марта, 21:03

PwC accuses Corzine over MF Global run

Former chief executive of failed brokerage takes the stand in negligence case

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10 марта, 21:03

PwC accuses Corzine over MF Global run

Former chief executive of failed brokerage takes the stand in negligence case

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10 марта, 02:45

Corzine Blames The Markets, And Confusion, For MF Global's Collapse

The former chief executive of MF Global, a familiar figure, appears in a New York court to explain why the company failed.