Is George Soros a Hypocrite on Regulation (Deal Journal) George Soros blamed government regulations for a decision to scale back his roughly $25 billion hedge fund. Now, a U.S. senator is calling out Soros for being a flip flopper. Today, Sen. Richard Shelby said Soros was for such open kimono treatment for hedge funds, before he was against it. Here’s what the Republican from Alabama said: “It appears that Mr. Soros talked up financial reform only to sell it short. Don’t be surprised to see his fellow Wall Street financiers follow suit. They’ll use their political clout and legal muscle to sidestep Dodd-Frank while their smaller competitors and businesses take the hit.”
MKP Capital Co-Founder Maurice Perkins, 53, Plans to Retire at Year’s End (Bloomberg) Maurice “Chip” Perkins, co-founder of $4.5 billion hedge fund MKP Capital Management LLC, is retiring at the end of the year. Perkins, 53, recently served as Strategic Relationship Manager, focusing on developing senior relationships with investors and counterparties, the New York-based firm said today in a statement. Before starting MKP Capital in 1995 with Patrick McMahon and Eric Keiter, Perkins worked for 13 years at Salomon Brothers. Keiter retired from MKP Capital in 2006.
Sino-Forest Investor Chandler Boosts Stake to 15% to Become Largest Holder (Bloomberg) Billionaire Richard Chandler raised his stake in Sino-Forest Corp. (TRE), the Chinese tree-farm operator targeted by short seller Carson Block, to become the company’s largest shareholder. Chandler’s Mandolin Fund Pte acquired 5.33 million shares of Sino-Forest, which Block accuses of overstating its timberland holdings, on July 26, increasing its holding to 36.8 million shares, or 15 percent, Chandler said yesterday in a statement. Mandolin paid an average of about C$7.36 ($7.75) a share on the Toronto Stock Exchange, according to the statement. John Paulson’s $37 billion hedge fund, that had been Sino- Forest’s largest shareholder, sold its entire stake last month. The fund, Paulson & co, had lost C$462 million ($487 million) since May 31 on Sino-Forest, it said in a letter to clients.Russia says will respond to U.S. steps on Sergei Magnitsky (Reuters) Mark Toner, a spokesman for the U.S. State Department, confirmed on Wednesday that the United States has imposed visa restrictions on some Russian officials believed involved in Magnitsky's death. He said the restrictions were imposed as part of a broader program targeting human rights violators. The 2009 death of the 37-year-old, who worked for equity fund Hermitage Capital and died after a year in Russian jails, spooked investors and tarnished Russia's image. The Kremlin's human rights council says he was probably beaten to death.