Archive for April, 2008|Monthly archive page

Vikram Pandit’s fund performance

I hadn’t seen this info:

It is the latest hedge-fund headache for Citigroup. Earlier this year, Citigroup had to inject capital into another hedge fund, hobbled by its purchase of a big book of corporate loans. The company’s flagship Old Lane fund, co-founded by Mr. Pandit, has been struggling with weak returns and investor redemptions, prompting Citigroup this month to write down the fund’s value by $202 million.

Inside Citi, a Hedge-Fund Push Blows Up (WSJ)

The beauty of this is that this is the guy who’s fund was purchased so he could come in to save Citigroup. You’d think he’d be able to bury this info somehow.

Meriwether, again

JWM Partners, down 31% in the first quarter for one of its funds, lets a slew of employees go.

Funny how without Solomon as a backstop, the martingale doesn’t work forever.

Rubin profile

Somehow it is always a perfect storm:

“People know I was concerned about the markets,” he says. “Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.”

NYTimes: Where Was the Wise Man?