According to Reuters, New York is poised to assess a new income tax on hedge fund managers who work in New York but live elsewhere in the hopes of raking in an extra $50 million a year. They propose to do this by taxing carried interest– profits earned by managing assets– at ordinary income tax rates. Hedge fund managers who live in New York already pay these rates. Reuters notes:
Remember a few months back when I wrote about the insane fraud perpetrated by the men behind Gryphon Holdings? The guys who thought it was a good idea to falsify endorsements from George Soros and the Financial Times? Yeah, those guys… Well, it turns out they might have ties to the mob. Like, the Gambinos–the crime family once led by John Gotti. I couldn’t make this up if I tried.
With most World Cup games taking place during working hours, many employers (particularly in Europe) are making concessions to employees by showing games on trading floor TVs to help avoid absenteeism or clogged Internet networks as workers log on to live streams of the games. According to the Chartered Management Institute, the cost to U.K. businesses in terms of lost working hours may reach 1 billion pounds ($1.48 billion). According to a survey conducted in April by YouGov and Telegent Systems cited by Bloomberg, 38 percent of employees in England would be prepared to skip work to watch the soccer. Of 2,463 people interviewed online, 48 percent said allowing staff to watch games at work would have the most positive impact on morale.
According to Bloomberg.com, hedge funds lost an average of 2.7 percent in May according to the HFRX Global Hedge Fund Index, as the sovereign debt crisis in Europe prompted declines in stocks, the euro and commodities, and the gap between the yields in U.S. short-term and long-term debt narrowed. This was the biggest decline in the industry since November of 2008, when hedge funds lost 3 percent in the wake of Lehman Brothers’ collapse two months earlier.
courtesy of Dealbreaker
Let me give you the short business answer. I bought the house in Houston. I have multiple mortgages. Some for me, some for other people. This house was my most expensive mortgage. I decided to let that house go, because the house ended up being worth nothing when the market went down and I decided to just let it go and give it back to the bank. It wasn’t a situation where they came and took it from me. I just didn’t feel like it was a good business investment, to keep paying that much mortgage on a house that I was never at. Don’t try to take this to a point where Chamillionaire has money problems. There was no financial negligence, none of that. I’m still a Chamillionaire. When I’m a Cha-thousandaire, then you’ll have a real story.
Of course.
Celebrity investment adviser Kenneth Starr (not to be confused with the Clinton prosecutor) was arrested Thursday on charges of bilking his clients out of an estimated $30 million. Though not charged, his lovely wife, Diane Passage, a former Scores stripper and pole dancer who danced under the name “Chase” according to the Huffington Post and also worked an advertising job by day to support her son prior to marrying Starr and becoming a music and movie producer, is alleged to have profited from his malfeasance, whether or not she was aware of it.
Kenneth Starr, a New York investment adviser with a long list of celebrity clients (not to be confused with the Ken Starr who prosecuted Clinton), was was arrested by U.S. agents on Thursday on charges of running an alleged investment fraud– more specifically a Ponzi scheme– of as much as $30 million. According to Reuters, both civil and criminal charges were filed against Starr, 65, accusing him of swindling his high net worth clients through Starr Investment Advisers and Starr & Co. The civil charges also name his wife, Diane Passage, and Colcave LLC, another firm Starr controlled, as defendants in civil charges filed by the SEC.
Former Miss Russia and hedge fund billionaire George Soros’ ex girlfriend Anna Malova was arrested in New York for forging a prescription on a stolen prescription pad for the narcotic Vicodin. Malova was charged with criminal possession of a controlled substance and forgery. According to the New York Daily News, lawyers for the 1998 beauty queen are asking the Manhattan judge presiding over her case for more time to prove she is a user, not a dealer. For her part, Malova is claiming that she deserves to go to rehab, not jail. The judge has granted her lawyers until August 9 to prepare a defense.
In a brilliant move, a former Disney employee and her boyfriend were arrested this morning in Los Angeles for allegedly trying to sell insider information regarding the media giant to various hedge funds for $15k a pop. Bonnie Hoxie, who worked as an assistant in Disney’s communications department, according to Dealbreaker, and her boyfriend, Yonni Sebbag sent unsolicited emails to hedge funds asking for cash in exchange for insider information about earnings and Disney’s plan to sell ABC to two PE firms. (The news about ABC, which the New York Post hinted at earlier this week, has already caused a jump in Disney’s stock.)
Two proposed laws which have been in the works for quite some time were introduced today in both houses of Congress. If passed, the amended carried interest tax and Volcker rule would have serious ramifications for both private equity and hedge funds.
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