T. Boone Pickens, Family Sue Son Over Blog Posts (FINalternatives) BP Capital's T. Boone Pickens and three of his children have sued the fourth, accusing him of airing the family's dirty laundry on his blog. Michael Pickens' online adventure, "5 Days in Connecticut," began as a chronicle of his battle with drug and alcohol addiction, but came to be filled with allegations of abuse, theft and addiction. According to the 58-year-old, the billionaire hedge fund manager routinely abused his wife and children. "Long, frightening, yelling and screaming 'matches' were common," he wrote. "It was my father against us, always. He hated and despised all of us and we knew it. We needed to 'run our lives in a business-like manner,' he would say."
Is China Headed for a Crash? Jim Chanos Has The Answer (Insider Monkey) The main attraction of this year’s “Wine Country Conference” was Jim Chanos’s presentation on China. The conference, which was held in Sonoma, CA on 5th April 2013 covered an array of topics including China, monetary policies, resource constraints and growth. The speakers include think tanks like John P. Hussman, Ph.D., Michael Pettis, John Mauldin, Mike “Mish” Shedlock, Chris Martenson and Jim Chanos. Jim, a graduate of Yale from the batch of 1980, is the president and founder of Kynikos Associates, an American hedge fund well practiced at the art of short selling. Jim is known for his short positions in Enron and WorldCom before the companies collapsed. Also in 2010, Jim cautioned about the accelerating pace at which China is growing and said that this growth is not sustainable. He specifically questioned the growth of real estate, commercial real estate in particular and stated that China is heading for a crash.
Howard Is Wealthiest U.K. Fund Manager, Times Says (Bloomberg) Alan Howard, co-founder of Brevan Howard Asset Management LLP, saw his personal fortune climb to 1.5 billion pounds ($2.3 billion) during the past year, keeping him at the top of the annual Sunday Times list of the wealthiest U.K. hedge fund managers. His net worth rose an estimated 100 million pounds in the past year, according to the Sunday Times, which will publish its full “Rich List” of the 1,000 wealthiest people and families in Britain and Ireland on April 22. Sixty-one hedge fund managers worth at least 75 million pounds were on the list. Brevan Howard’s $27.8 billion Master fund, a macro hedge fund that wagers on currencies, interest rates and commodities, earned its clients $800 million last year, LCH Investments NV estimated in a report last month.
Ex-Diamondback Fund Manager Todd Newman Seeks Leniency (Bloomberg) Former Diamondback Capital Management LLC fund manager Todd Newman, facing sentencing May 2 for his role in a $72 million insider-trading scheme, asked for a lesser sentence than the 78-month maximum prison term sought by the U.S. court officials. Newman was convicted by a federal jury in Manhattan in December of one count of conspiracy to commit securities fraud and four counts of securities fraud for a scheme to trade on Dell Inc. (NASDAQ:DELL) and NVIDIA Corporation (NASDAQ:NVDA) using illicit tips provided by their analysts. U.S. probation officials recommended that Newman be sentenced to a prison term of 63 months to 78 months.
Teachers' Union Watch List Includes AQR, Elliott, SAC, Tudor (FINalternatives) The teachers' union yesterday released a list of 33 investment managers with directors, managers, advisers or executives linked to three organizations the AFT says seeks to end defined-benefit pension plans for teachers and other public employees. In addition to Third Point, the watch list includes such heavy hitters as...