Family Interests, Family Giving: A Look Inside the Dalio Foundation (InsidePhilanthropy)
Ray Dalio, the enigmatic, transcendentally meditating leader of one, if not the, most successful hedge funds in the country, does not tend to brag or boast about, well, anything. Not about one of his funds earning 38 percent YTD a few years back, or about his net worth, which continues to grow by the minute. (Forbes’ estimates his fortune at $14.4 billion.) Dalio has said that he hates media attention, a feeling that seems to spill over into his philanthropy. Being that Ray Dalio seems to be one of the more modest billionaires around, it isn’t surprising that he quietly funded the Dalio Foundation years ago…
SEC settles with Paradigm over prohibited transaction, whistleblower retaliation claims (PIOnline)
Paradigm Capital Management and founder Candace King Weir agreed to pay $2.2 million to settle charges that it engaged in prohibited transactions and retaliation against an employee whistleblower, the Securities and Exchange Commission announced Monday. The Albany, N.Y-based hedge fund firm, which has $1.7 billion under management, agreed to the settlement without admitting or denying the allegations. The case, which represents the SEC’s first using new authority to bring anti-retaliation enforcement actions, “underscores the importance of properly managing and mitigating conflicts of interest,” said Andrew Ceresney, SEC enforcement director, on a press call.
Paul Singer Wins Big As Supreme Court Declines To Intervene In Case Of The Defaulted Argentina Bonds (JewishBusinessNews)
Today the United States declined to intervene in two cases with international diplomatic ramifications, concerning Argentine defaulted debt. In the first case the court declined to intervene, without any explanations as to why, in a case where the State of Argentina claimed that lower courts had somehow misread Argentina’s international bond covenants and had also violated its immunity as a sovereign state. The rebuff is a victory for distressed debt investors, led by a Paul Singer-controlled hedge fund, NMI Capital who acquired distressed Argentine debt obligations both shortly before, and after, it defaulted on US$95 billion of its international sovereign debt in 2001.
Rajaratnam’s Appeal Denied By Supreme Court (FoxBusiness)
The Supreme Court on Monday denied jailed hedge fund manager Raj Rajaratnam’s request to have the appeal of his insider trading conviction heard by the highest court in the U.S. Rajaratnam’s appeals are now exhausted and he will remain in jail to serve out his 11-year sentence. The high court rejected Rajaratnam’s appeal without comment. The Supreme Court only accepts a fraction of the cases appealed to its level. Rajaratnam, the billionaire co-founder of Galleon Group, was convicted in 2011 on 14 felony counts related to insider trading at his Manhattan hedge fund.
Hedge Fund Mogul Ken Griffin Donates $2.5 Million to Bruce Rauner (CSNChicago)
Citadel CEO Ken Griffin has donated a record-smashing $2.5 million to the campaign of Bruce Rauner, Illinois’ Republican nominee for governor. It is the largest single political contribution from a donor to candidate in state history, and increases Griffin’s total offerings to Rauner to $3.57 million. The Chicago-based billionaire submitted the cash to Rauner’s campaign on Wednesday, the day before Rauner released his much-hyped, much-mocked plan to reform what he deems wasteful government spending. Earlier this year, the founder of Citadel, an $18 billion hedge fund, contributed $150 million to Harvard, his alma mater, to be used for students’ financial aid. Griffin himself is worth $5.2 billion.