A Goldman Star At Gupta’s Insider Trial & More HedgeFund News of The Day 6/8/2012

by Staff Writer on June 8, 2012

Lloyd Blankfein, left, of Goldman Sachs, has added star power to the trial of Rajat Gupta. Gregory Palm, a lawyer, is at right.At Gupta’s Insider Trial, a Star Goldman Witness and Charts [DealBook] Lloyd C. Blankfein, the chief executive of Goldman Sachs, brought star power to the courtroom at the trial of Rajat K. Gupta on Thursday, his second day on the witness stand in the insider trading case. But while Mr. Blankfein’s presence aroused the packed spectators’ gallery, the jury might have been more impressed with a series of “summary charts” — trading data, bar charts and phone records that crystallized the case that prosecutors have presented over the last three weeks.

A Bunch Of Hedge Funders You’ve Definitely Heard Of Got Totally Clobbered In May [BusinessInsider] May was not a pretty month for many investors as uncertainty from the Eurozone and mixed economic growth data for the U.S. affected market sentiment, and that meant hedge funds also became victims. Data from Bloomberg showed that hedge funds were down an average of 2.9 percent in May, though the stock market was a lot worse, with the S&P fallng 6.3 percent last month.

Once-Reticent Investors Join Shareholder Revolts [DealBook] Every spring, corporate chieftains and their boards squash uprisings from a familiar batch of pugnacious investors, a ritual that shields many companies from major change. This proxy season was different. In recent weeks, chief executives and directors have gone up against a more formidable foe than the typical corporate gadfly: the mainstream investor.

Ex-Madoff Employee Pleads Guilty to Conspiracy [WSJ] The son of a longtime trader for convicted Ponzi scheme operator Bernard Madoff pleaded guilty to conspiracy and other criminal charges Tuesday, but denied any involvement in the decades-long fraud. Craig Kugel, the son of David L. Kugel, a former supervisory trader in Mr. Madoff’s proprietary-trading operation, admitted to filing false forms that claimed persons were on the Madoff payroll when they didn’t actually work for the firm and to not declaring, as income, personal expenses charged to a corporate credit card. Those individuals were paid salary and benefits by the firm, but weren’t actual employees, he said.

Guest Article – The JOBS Act: Why It May Mean Nothing to Hedge Funds [eVestmentHFN] Much has been made in recent weeks about the passage and adoption of the JOBS Act, which at its core has been crafted to assist small businesses in raising capital and help stimulate job growth and the economy. More specifically, there are changes to alternative investment managers and their funds, notably surrounding the ability of hedge funds to now market themselves to accredited investors. For decades, marketing was not permitted for hedge funds, so the JOBS Act marks a substantial change with respect to what hedge funds can and cannot do with respect to external communications.

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