Afternoon Aggregate News: David Einhorn’s “Big Short”, Amaranth’s $77.1 Million Settlement

Exclusive: An Inside Look At David Einhorn’s “Big Short” (Reuters)

Hedge fund manager David Einhorn is taking an even harder line against Green Mountain Coffee Roasters (GMCR.O), his big short trade, claiming a recent audit committee review of the accounting issues he flagged is nothing more than a “whitewash.” “I think everything we said in the presentation is right now as it was then — and in many cases even more so,” said the 43-year-old manager, who runs one of $2 trillion hedge fund industry’s better-known long/short funds and also is an accomplished poker player.

GREENLIGHT CAPITAL

Amaranth’s $77.1 Million Manipulation Settlement Approved (Bloomberg)

A federal judge approved a $77.1 million settlement by Amaranth Advisors LLC, the hedge fund that collapsed in 2006 after losing $6.6 billion on natural gas trades, of a lawsuit brought by traders who accused it of market manipulation. In August 2009, the Commodity Futures Trading Commission announced that Greenwich, Connecticut-based Amaranth paid $7.5 million to settle allegations that the hedge fund tried to manipulate natural gas futures three years earlier. In their suit, the traders presented an expert who estimated damages at $3.5 billion, court records show.

Gensler Says CFTC Plans To Propose Volcker Rule In January (Bloomberg)

U.S. Commodity Futures Trading Commission Chairman Gary Gensler said his agency may vote to propose the so-called Volcker Rule in January, following in the footsteps of four other federal agencies. The CFTC is the last of five U.S. financial regulators to propose the rule, which would curtail banks’ proprietary trading and limit their relationships with hedge funds. The rule, named for former Federal Reserve Chairman Paul Volcker, is required by the 2010 Dodd-Frank Act.

Bank Of America Can Trade MF Global Claims, Judge Says (Bloomberg)

Bank of America Corp. (BAC) can trade claims on bankrupt MF Global Holdings Ltd. after setting up so- called screening walls to ensure that knowledge it gains from being a member of the creditors committee doesn’t reach its traders, a judge said in a court order. Such requests are common among banks and hedge funds that have loans and investments in bankrupt companies along with separate trading desks. Elliott Management Corp., another MF Global committee member, also sought permission to trade the company’s claims, as it did in the Lehman Brothers Holdings Inc. case, where it’s also is a member of the creditors’ committee.

Greek Debt Talks Hit Trouble As Hedge Fund Walks Out (Reuters)

Talks over restructuring part of Greece’s massive public debt ran into trouble on Tuesday as one fund walked away from negotiations, fuelling growing doubts about whether a deal that is crucial to a new bailout agreement can be reached this year. Vega Asset Management, a Madrid-based fund, resigned from the steering committee representing private creditors negotiating a voluntary restructuring of Greek government bonds, two sources familiar with the situation said.

LightSquared Presses FCC Over Wireless Network (WSJ)

Phil Falcone‘s telecom start-up LightSquared Inc., facing a year-end deadline with partner Sprint Nextel Corp., pressed federal officials Tuesday to rule against critics who say the company’s proposed national wireless-Internet network will interfere with global-positioning systems. In a filing, LightSquared said the Federal Communications Commission should find that it has no obligation to pay for a fix for the GPS interference and that its opponents can no longer stand in the way of the company’s commercial launch, slated for next year.

Bridgewater, Blackstone Buck No-Holiday-Party Trend (FINalternatives)

Wall Street’s biggest banks are still shying away from the extravagant holiday parties that helped make them infamous before the financial crisis. But while Goldman Sachs, JPMorgan Chase, Citigroup and Bank of America held no holiday parties for their employees, alternative investments firms aren’t without the holiday spirit. None are so full of it, perhaps, as Bridgewater Associates: the country’s largest hedge fund rented out the whole of the 10,000-seat Webster Bank Arena in Bridgeport, Conn., for its party. The arena is more used to hosting college basketball and minor-league hockey games.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

7 High-Paying Jobs You Can Do From Home

12 Best Cities to Shop in USA

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!