Phil Falcone leaves Harbinger Group, gets millions

by HedgeFundsX on November 26, 2014

Phil Falcone is leaving one holding company to focus on another and his hedge fund.

Harbinger Group announced Tuesday that Falcone will resign as chairman and CEO on Dec. 1. Joseph Steinberg, an independent director, will become chairman; a search is underway for a new chief executive.

“During Mr. Falcone’s tenure as chairman and chief executive officer, the company experienced significant growth and success, beginning as a company with approximately $140 million market capitalization in 2009 rising to today’s market capitalization of approximately $2.6 billion. We thank Phil for his many years of hard … Read More »

Justice Department investigating alleged HSBC leak to hedge fund

by HedgeFundsX on November 26, 2014

The U.S. Justice Department is investigating allegations that an employee of HSBC Holdings leaked confidential client information to a major hedge fund, the Wall Street Journal reported, citing people with knowledge of the matter.

The alleged leak is believed to have taken place in March 2010, when HSBC was advising British insurer Prudential on … Read More »

Hedge Fund Manager Takes A Bold Stand Against Long Lines At Airports

by HedgeFundsX on November 26, 2014

Look enraging/familiar?

It’s an all-too-familiar scene to travelers: you get off a long flight, wind your way through the various airport nightmares, and finally arrive at the car rental counter, only to … Read More »

Hedge Funds Lose Money for Everyone, Not Just the Rich

by HedgeFundsX on November 25, 2014

When Douglas Kobak was an adviser at a large brokerage firm, he suggested his wealthiest clients buy a hedge fund promising to be “a very conservative alternative to bonds.” Then the credit crisis hit in 2008, the fund imploded and investors got 45 cents on the dollar — as long as … Read More »

Martoma begins prison sentence for insider trading

by HedgeFundsX on November 25, 2014

The New York Times reports that Martoma, 40, reported on Thursday to the Federal Correctional Institute in Miami and is scheduled to be released on September 20, 2022. Martoma, the married father of three young children, is appealing his conviction.

The trial judge had directed the Federal Bureau of Prisons to send him to … Read More »

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