Team Hedge Fund

Archive for September, 2009

New York (HedgeCo.net) – This year marks the sixth anniversary of A Leg To Stand On’s (ALTSO) annual benefit, Hedge Fund Rocktoberfest, which is fast becoming one of ALTSO’s most successful fund raisers to date, with more corporate sponsors signing on than ever before.

As one of Wall Street’s most popular annual events, Hedge Fund Rocktoberfest features bands whose members work in the hedge fund and finance industry. All of the five bands scheduled to perform on the main stage at this year’s event are competing to raise the most for ALTSO; vying for the lead currently are JAM Partners and The Cause.

“I’m extremely grateful to everyone who has given to ALTSO,” says C. Mead Welles, co-founder of ALTSO and managing partner of New York hedge fund Octagon Asset Management. “What we do has such a big impact on these children’s lives and it costs so little to do so much.” ALTSO improves the lives of children with limb disabilities in emerging countries by providing free surgeries and prosthetic limbs.

The money raised from last year’s Hedge Fund Rocktoberfest helped ALTSO expand its efforts and clinics in India, Bangladesh, Haiti, Nepal, Nigeria, Colombia, and Ecuador. Revenue raised this year will go toward fulfilling ALTSO’s goal of helping level the playing field for 1,000 more children in 2010, bringing their total of children helped to nearly 6,000 in under eight years.

“The bands are working extra hard to bring in donations this year,” says Chris Heasman, a director and portfolio manager with Lazard Asset Management in New York who performs with The Subscribers, which has played at every Hedge Fund Rocktoberfest
since the event began and is scheduled to perform again this year. “Sure, Rocktoberfest is about having fun, but it’s more about raising money for ALTSO so they can continue their work with children in developing countries.”

Other long time supporters of the charity include Deutsche Bank, Credit Suisse, and Jacobs Asset Management, LLC.

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” The grassroots non-profit, that among other things, works to eliminate predatory financial practices by mortgage lenders, was recently caught giving advice to what appeared to be a pimp and a prostitute.”
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” Fannie Mae’s (FNM: 1.56 -2.50%) book of business grew at an annualized rate of 3.7% in August to $3.2trn at the end of the month, according to the mortgage giant’s monthly summary. While Fannie’s issuances fell for the second straight month and the delinquency rate continued its climb, its total mortgage portfolio stayed at July’s level.”
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” Conservatorship has not been about placing the two GSEs on a stronger footing, it has been about keeping the party going. The party has been limping along somewhat, but at what price?”
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” In an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a banking system that has leeched out all the capital of the Federal Deposit Insurance Corporation. Let’s pray there is no run on the bank soon.”
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First and most simply because, as notorious criminal Willy Sutton once said, that is where the money is. And if it stays there, the Fed must find a way to affect it to drain liquidity while mitigating the effects of their actions on specific institutions and sectors of the financial system.

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“When economic data for Q3 are released in early October, there will be undoubtedly be all sorts of positive twists and turns. That is inevitable when you add up everything that’s been thrown at the wall in the hope something would stick. Something always does. Still, when at the same time lending plummets to that extent, not much of it is likely to stick. That is one solid indicator of the extent to which the whole system depends on the government, i.e. the broke taxpayer.”
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“ A hedge fund executive fell to his death from an escalator at the Pier Shops at Caesars.

James Vellanti died early Sunday morning and police continue to investigate.”
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“Tolstoy famously begins his classic novel Anna Karenina with “Every happy family is alike, but every unhappy family is unhappy in their own way.” While each financial crisis no doubt is distinct, they also share striking similarities, in the run-up of asset prices, in debt accumulation, in growth patterns, and in current account deficits. The majority of historical crises are preceded by financial liberalization. ”
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Jesus and Hedge Fund Managers

Below is the ever-controversial Michael Moore, he was on Larry King Live recently talking about the evils of capitalism and hedge funds.

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Tags: Hedge Fund, Hedge Funds & Jesus, Jesus would not invest in hedge funds, jesus, capitalism, democracy, Michael Moore, hedge Fund managers and religion, capitalism and religion, michael moore on Larry King

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