Reuters Hedgeworld

Icahn Buys Stake in Chesapeake

NEW YORK (Reuters) - Billionaire hedge fund managerhas purchased a stake in Chesapeake Energy Corp., according to Bloomberg, which sourced the information to a person with knowledge of the matter. The person said thatmay now hold more than 4 percent of the company, making him the company's fifth-largest investor.

Gupta Trial: E-Mail, Wiretaps Link Gupta to Rajaratnam

NEW YORK (Reuters) - Using FBI wiretaps, e-mail, phone records and the testimony of a Goldman Sachs Group Inc. director, U.S. prosecutors drew a picture for jurors on Thursday [May 24] of events that led to the insider-trading trial of onetime corporate star. The 63-year-old Mr. Gupta is accused of providing now-imprisoned hedge fund managerwith boardroom secrets between March 2007 and January 2009 while he was a director of Goldman Sachs and Procter & Gamble Co.

Facebook Market Makers' Losses Total at Least $100 Million

NEW YORK (Reuters) - Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders. A technical glitch delayed the social networking company's market debut by 30 minutes on Friday and many client orders were delayed, giving some investors and traders significant losses as the stock price dropped. The exchange operator is facing lawsuits ...

U.S. Regulator Urges Faster Curbs On Oil Speculation

WASHINGTON (Reuters) - A U.S. commodities regulator said he is "acutely dismayed" that his agency is not moving quickly to curb speculation in the oil markets, especially as summer driving season begins. Bart Chilton, a Democratic commissioner at the Commodity Futures Trading Commission, said in a letter to Congress that the agency's "position limits" rule is a critically important tool to address speculation that may drive up fuel prices.

Murdoch Private Eye Targeted U.S. Hedge Fund Boss

NEW YORK/LONDON (Reuters) - A private detective working for Rupert Murdoch's British newspapers used a legally questionable tactic to obtain a hotel bill that a New York financier ran up at one of London's swankest hotels, records reviewed by Reuters show. A database of business records compiled by British government investigators shows that some time before his arrest in March 2003, private investigator Steve Whittamore, or someone working for him, misrepresented themselves to obtain from Cl...

U.S. Sec Shuts Down $11 Million Ponzi Scheme

NEW YORK (Reuters) - Regulators have charged a New York fund manager who was running an $11-million Ponzi scheme, federal court filings showed. The U.S. Securities and Exchange Commission charged Jason Konior with defrauding investors by promising to match their investments in his fund many times over. In reality, he used $2 million of the money he collected to pay his own expenses and to cover redemption requests from previous investors, according to the SEC's complaint, dated Thursday [May ...

Jpmorgan's Dimon to Testify Before Congress in June

WASHINGTON (Reuters) - JPMorgan Chase Chief Executive Jamie Dimon has been invited to testify before the Senate Banking Committee on June 7 to give lawmakers insight into the bank's trading loss of at least $2 billion, Senator Tim Johnson said on Friday [May 25]. Mr. Johnson, of South Dakota, the Democratic chairman of that Senate panel, said the botched trading strategy at the nation's largest bank shows that Wall Street needs better risk management and stronger policing.

U.S. Cftc to Hold Roundtable On 'Volcker Rule'

WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday [May 24] it will host a roundtable next week to get more insight on how to craft key exemptions in the "Volcker rule" that would limit trading by government-insured banks. The "Volcker rule" is part of the 2010 Dodd-Frank law aimed at preventing another financial crisis like the one that prompted government bank bailouts in 2008. Banks have lobbied regulators to carve out broad exemptions to the rule.

Advice From Finra On New Suitability Rule

NEW YORK (Reuters) - After nearly two years of waiting for a new suitability rule to take effect, brokers will finally be put to the test. Brokers with a knack for record-keeping and doing the right thing for their customers are likely to make a smooth transition to complying with the Financial Industry Regulatory Authority's new rule, which takes effect on July 9.

Funds of Hedge Funds Fight to Stay Relevant

ZURICH/LONDON (Reuters) - For funds which market themselves on their ability to spot the sharpest hedge fund minds, it could be their greatest challenge yet. Investors who once trusted them to find the best returns are gaining the expertise and confidence to do it themselves. U.S. pension funds like the giant $240 billion California Public Employees Retirement System (CalPERS) have picked single hedge fund managers for years. Now smaller players are following suit.

Think Commodity Fundamentals Look Grim? Check Out the Charts

NEW YORK (Reuters) - To a growing list of fundamental reasons to be worried about commodity markets, add one more: prices are threatening to crash below key chart levels that may unleash a new deluge of selling. A host of external factors has fueled the 8 percent selloff in raw material markets this month - the deepening crisis in the euro zone, a U.S. economy struggling for traction, signs that China's once-explosive growth may be cooling.