Hedge Fund News: Daniel Loeb, Bill Ackman & Tiger Global Management

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Rise of the showboat donor (Politico)
The fast-talking hedge fund manager, who stands about 5 feet 8 inches on a good day, was recounting for a small clutch of well-wishers the conversation he’d just had with Magic Johnson (6 feet 9) at the hedge fund conference Scaramucci was hosting at the Bellagio hotel and casino here this month. The height disparity couldn’t be overcome even by “standing on my wallet,” Scaramucci quipped. His back-slapping braggadocio and shrewd marketing — he’s a regular CNBC contributor who is starting his own weekly TV show — have made him a star on Wall Street. He also paid more than $100,000 to place his firm’s logo in Oliver Stone’s 2010 sequel in the “Wall Street” movie franchise. And his big giving and ability to get his pals on the street to do the same have made him a big deal in Republican finance circles.

Allergan Rips Valeant’s Biz Model As Heftier Bid Looms (Law360)
Allergan, Inc. (NYSE:AGN) on Tuesday attacked Valeant Pharmaceuticals Intl Inc (NYSE:VRX)‘s management and business strategy, criticism that adds to ongoing discord between the companies and comes just one day before Valeant and activist investor Bill Ackman plan to beef up their $46 billion bid for the Botox maker. The companies have traded jabs in recent weeks, since California-based Allergan formally rejected the cash-and-stock offer from Valeant and Ackman, who runs the Pershing Square Capital Management LP hedge fund. Both sides have buckled down, appealing to shareholders and the…

Executives at failed Connecticut hedge fund plead guilty (Reuters)
Three former executives of New Stream Capital LLC, a failed Connecticut hedge fund, have pleaded guilty to conspiring to mislead their clients to keep their largest investor, federal prosecutors said on Thursday. David Bryson, Bart Gutekunst and Richard Pereira each pleaded guilty on Wednesday in the New Haven, Connecticut, federal court to one count of conspiracy to commit wire fraud, said the office of U.S. Attorney Deirdre Daly in Connecticut. Bryson and Gutekunst were managing partners of Ridgefield, Connecticut-based New Stream, while Pereira was its chief financial officer.

3 Reasons The New Yorker Is Wrong About Hedge Funds (Forbes)
The New Yorker clearly has a bone to pick with “hedge funds.” Journalist John Cassidy has recently written not one, but two, broadsides against the industry’s top earners as well as the entire industry itself. These articles have a not-so-subtle sense of exasperation over the industry’s growth and the not-so-subtle sense of indignation that the general investing public is getting rooked without really knowing it. If there’s one critical point of agreement between Cassidy and myself, it is that the debate over hedge funds is not a trivial matter. Not only is the industry now huge, nearing $3 trillion assets under management, but also the thrust of those who benefit or suffer from these investments has gone mainstream…

Palm Beach’s Kennedy Compound Hits Market at $38.5 Million! (GossipExtra)
Until now, the sale of Palm Beach‘s historic Kennedy compound on the north side of the island was a private affair. Hedge fund guru John Castle, the property’s first and only owner since the family of former President John F. Kennedy, wouldn’t have it listed officially — and only people who knew people knew it was on the market. Suddenly, the sale’s open to the general public — for as long as public members who are interested have $38.5 million to spend on it! That’s Castle’s asking price, according to the real estate trade’s listings. What do you get for that amount?

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