Hedge Fund Highlights: James Simons, Phil Falcone & Steven Cohen

Page 1 of 2

Renaissance Probed by Senate Panel on Tax Maneuver (Bloomberg)
A U.S. Senate investigative panel will hold a hearing July 22 to probe tax maneuvers by Renaissance Technologies LLC, the hedge fund started by billionaire James Simons, according to two people familiar with the matter. The hearing will focus on a trading strategy Renaissance used that converted its profits from rapid trading into lower-taxed, long-term capital gains. The strategy, which involved transactions with banks such as Barclays Plc (BARC) and Deutsche Bank AG, is also being questioned by the Internal Revenue Service.

RENAISSANCE TECHNOLOGIES

Harbinger sues U.S. government over wireless company LightSquared: report (Reuters)
Phil Falcone‘s Harbinger Capital Partners has filed suit against the U.S. government, accusing it of reneging on an agreement regarding bankrupt Harbinger-backed wireless company LightSquared LP, the Wall Street Journal reported. Harbinger, in a suit filed on Friday in the U.S. Court of Federal Claims in Washington, said global positioning systems companies unlawfully used spectrum owned by LightSquared, the Journal said. The GPS companies and advocacy groups warned that LightSquared’s network could interfere with GPS.

David Einhorn flush with luck in poker’s ‘Main Event’ (CNBC.com)
Billionaire hedge fund manager David Einhorn is still alive after three days (and nearly 30 hours of play) in the World Series of Poker Main Event in Las Vegas. The head of Greenlight Capital is one of 6,683 players who put up the $10,000 tournament entry for a shot at the $10 million first prize. Some 746 players remain, and on Friday the so-called money bubble will burst. Only 693 players will make the money, with the minimum cash being worth $18,406. The lucky player in 694th place gets free entry into next year’s tournament; 695th gets nothing.

Potential Record Divorce Payout For Hedge Fund Boss Moves a Step Closer (Wall Street Journal)
A U.K. judge on Friday heard closing arguments in what could be the U.K.’s biggest ever divorce award in a case involving high-profile hedge fund manager Christopher Hohn and his estranged wife, Jamie Cooper-Hohn. Mr. Hohn, founder and manager of The Children’s Investment Fund Management LLP, a hedge fund that has donated millions of pounds of profits to charity, has been locked in a legal battle with Ms. Cooper-Hohn–who is chairman of CIFF, the charity affiliated to TCI–over how much of his fortune she is entitled to.

SS&C GlobeOp Hedge Fund Performance Index and Capital Movement Index (MarketWatch)
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for June 2014 measured 1.16%. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index declined 1.77% in July. “Due to semi-annual redemptions, net flows were negative for the month and represent a new 6-month low,” said Bill Stone , Chairman and Chief Executive Officer, SS&C Technologies.

Steven Cohen Writes a Big Check to the U.S. Government (New York Times)
Steven A. Cohen proved to be a stickler for the letter of the law when it came to paying the criminal penalty imposed on his former hedge fund as part of its guilty plea on insider trading charges. On April 10, Judge Laura Taylor Swain of Federal District Court in Manhattan gave Mr. Cohen’s SAC Capital Advisors up to 90 days to pay the $900 million penalty, part of an overall $1.2 billion criminal settlement reached with prosecutors last November. On Tuesday, the 90th day since Judge Swain accepted the firm’s guilty plea, Mr. Cohen’s firm made that payment in four installments, according to court records.

Portuguese issues impacting hedge funds? (CNBC.com)

Page 1 of 2
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

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

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!