Hedge Fund News: George Soros, Marc Faber, Dell Inc (DELL)

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Dr Doom warns wealthy could face 60% savings haircut (CityWire)
The wealthy could suffer haircuts of up to 60% on their bank deposits after profiting from widespread money printing by central banks, Marc Faber has warned. The esteemed economist and author of the Gloom, Boom and Doom report said investors would soon have to consider the ‘quality’ of institutions holding their cash. It follows events in Cyprus, where savers were targeted in exchange for a €10 billion bailout package, although the conditions for this were later revised.

Unhappy Dell shareholder urges company’s board to scrap $24.4B deal, pursue alternate bids (WashingtonPost)
Dell Inc. (NASDAQ:DELL)’s largest independent shareholder is leaning toward supporting one of the two bidders trying to scuttle the slumping personal computer maker’s proposed $24.4 billion sale to a group including CEO Michael Dell. Southeastern Asset Management expressed its preliminary support for the alternative offers in a letter sent Tuesday to the four-person committee overseeing the negotiations. The development doesn’t come as surprise, given that Southeastern has been the most vocal opponent to Dell Inc.’s plan to sell itself to Michael Dell and Silver Lake Partners for $13.65 per share.

KPMG Says Los Angeles Partner Fired for Leaks (Bloomberg)
KPMG LLP fired the head of its Los Angeles audit practice after learning that he provided inside information to someone who used it to trade stocks. The partner, Scott London, was the lead auditor for Skechers USA Inc (NYSE:SKX), according to David Weinberg, the shoemaker’s chief financial officer. Herbalife Ltd. (NYSE:HLF) and Skechers (SKX) said in statements that KPMG is withdrawing as their auditor. The U.S. Justice Department and the Securities and Exchange Commission are investigating the partner’s actions, according to people with knowledge of the situation.

Mary Jo White Sworn in as Chair of SEC (SEC)
The Securities and Exchange Commission today announced that Mary Jo White was sworn in this morning as the 31st Chair of the SEC. Chairman White comes to the SEC with decades of experience as a federal prosecutor and securities lawyer. She was nominated to be SEC Chair by President Barack Obama on Feb. 7, 2013, and confirmed by the U.S. Senate on April 8. “It is an honor to lead the talented and dedicated SEC staff on behalf of America’s investors and markets,” said Chairman White. “Our markets are the envy of the world precisely because of the SEC’s work effectively regulating the markets, requiring comprehensive disclosure, and vigorously enforcing the securities laws.”

Proactis Holdings Plc : Global Hedge Fund Firm Manages Corporate Spend with PROACTIS (4-traders)
PROACTIS, a global Spend Control and eProcurement provider, today announced that one of the largest hedge fund firms in the world has placed a further order against an initial three-year contract which brings their total investment in PROACTIS’ software and consultancy to over $2million. The institution is actively deploying PROACTIS software and services to manage their corporate spending to achieve cost savings and business process efficiency. …Rod Jones, CEO of PROACTIS, commented: “I am delighted to announce this milestone which is testament to our expertise in understanding the Spend Control and procurement needs of large, complex organisations. This extended contract clearly demonstrates our strong reputation of providing a tangible return on investment for global companies from day one.”



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