SEC’s civil case against SAC’s Cohen may get delayed again (NYPost)
Manhattan US Attorney Preet Bharara has asked the Securities and Exchange Commission to hold off on its decision about former hedge-fund kingpin Steve Cohen for three more months. Bharara asked SEC chief administrative law judge Brenda Murray to continue the stay of the civil proceedings against the former SAC Capital honcho, who is accused of failing to supervise former employees who were later found guilty of insider trading. The US Attorney had asked for a stay until all the criminal charges are settled.
Hedge fund riding to rescue of RadioShack (USAToday)
RadioShack Corporation (NYSE:RSH) shares soared Tuesday when it appeared that the electronic retailers may be plugging into a lifeline. The electronics retailer is talking to a shareholder, hedge fund Standard General, about a rescue package that could prevent a backruptcy reorganization filing, Bloomberg News reports based on two unnamed sources. As a result, RadioShack shares rose 14 cents to close at 86 cents on the New York Stock Exchange, a rise of 19.4%.
Why a hedge fund manager will tell you big government is great for capitalism (TheWeek)
What can government do to cultivate a vibrant economy? Nothing, if you ask our political class. Ever since Bill Clinton declared that the era of big government was over, even Democrats have treated the welfare state like a drag on the free market, focusing on its social benefits rather than its economic ones. But this is a mistake, as any hedge fund manager will tell you. Government investments in social insurance can go a long way to freeing individuals and businesses to take entrepreneurial risks and to innovate, unleashing “creative destruction” in its purest — and most humane — form.
Ex-U.S. Cabinet Members Lobbying For Elliott (Finalternatives)
Elliott Management is adding some new firepower in its fight against Argentina. The hedge fund has hired former U.S. Secretary of State Madeleine Albright’s consulting firm to lobby for it in the country, an operation led by Albright’s co-chair, former U.S. Commerce Secretary Carlos Gutierrez. According to the New York Post, Gutierrez has been in Argentina attempting to mobilize opposition to the government of President Cristina Kirchner, who has refused to obey U.S. court orders to pay Elliott and other hedge-fund holdouts from Argentina’s 2001 default…
Apple & Allergan top list of hedge fund positions (Opalesque)
S&P Capital IQ is out with its quarterly hedge fund tracker, ranking the positions of pure play hedge funds based on reported data including Form 13F. Report data finds that information technology and healthcare stocks saw the largest growth in new hedge fund buying activity during Q2 2014, with Allergan, Inc. (NYSE:AGN) and Apple Inc. (NASDAQ:AAPL) as the most popular individual stocks. On a sector basis, IT stocks saw hedge fund flows of $1.45 billion leading the pack for the second quarter in a row. Healthcare was at second most popular, for the top 10 hedge funds with $1.4 billion. Financials down $2.25 billion, with a decrease in American International Group, Inc. (NYSE:AIG) $686 and Crown Castle International Corp. (NYSE:CCI) $272.