FINalternatives has culled through the Forbes list for all of the alternative investment guys who are represented. Notably missing: Allen Stanford. Here's the list:
Tags: Allen Stanford, Avenue Investments, Bruce Kovner, Carl Icahn, Citadel, DE Shaw, Eddie Lampert, George Soros, Harbinger, Hedge funds, Henry Kravis, Highbridge, Jim Simons, Leon Black, Private equity, SAC Capital, Sam Zell
Tags: CDS, Eddie Lampert, Hedge funds
Eddie Lampert upped his stake in Citi during the June quarter according to an SEC filing. As of the end of that quarter he owned 24.8 million shares of Citigroup up from 15.2 million in the first quarter. And if he still owns them, he’s not looking so smart since all of the new shares look to be under water. Oops.
Tags: Citigroup, Eddie Lampert
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For those of you who didn’t catch VH-1’s recent "Fabulous Life" installment focusing on Wall Street’s biggest of the BSD’s, here are some highlights and screen shots: It’s only the first part of the show; we’ll put up Part 2 shortly.
They started off by noting that the highest paid movie stars made a total of $136 million in 2006. But if you want a "real paycheck" get a job on Wall Street….
Tags: Bruce Kovner, Eddie Lampert, Hedge funds, Jeffrey Epstein, Paul Tudor Jones, Real Estate, SAC Capital
What do billionaire Wall Street BSDs blow their ill-gotten gains on? VH-1 aims to tell you, if you don’t already know. Over the weekend we saw a promo for an upcoming VH-1 show: "The Fabulous Life: Billion Dollar Wall Street Ballers". It’ll air on Thursday at 11am EDT and again that night at 9PM EDT with additional reruns on the VH-1 schedule. According to VH-1’s teaser/promo, the show features ESL / Sears’ Eddie Lampert, and naturally SAC Capital’s Steve Cohen. It also mentions the millions raised by the Robin Hood Foundation, so we’d guess that Paul Tudor Jones is probably in there too. Surprisingly also featured are accused perv / billionaire Jeffrey Epstein as well as besieged-by-subprime-debt John Devaney (Maybe parting with his "Positive Carry" yacht might not be such a big deal after all — VH-1 says he has 10!).
Think stars are having all of the fun?
Think again. These days nobody’s making more and spending more than the
buttoned-down badasses of Wall Street. From their sprawling estates and
tricked-out private yachts to exotic vacation homes and multi-million dollar art
collections– these guys are living larger than anyone else on the planet.
Welcome to The Fabulous Life of Billion Dollar Wall Street Ballers.
Tags: Art, Culture, Eddie Lampert, Jeffrey Epstein, John Devaney, SAC Capital
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Tags: Activist Investing, Bill Ackman, Eddie Lampert, Enron, Hedge funds
Alpha Magazine’s list of the top 25 hedge fund earners is out for 2006. The average earnings over the whole group is a meager $570 million vs $362 million last year. Those earning less than $240 million in 2006 need not apply; that was the cutoff point vs $130 million in 2005. And as he topped last year’s list, James Simons of Renaissance Technologies Corp leads the pack with $1.7 billion.
No managers made more money than the triumvirate of James Simons of Renaissance Technologies Corp., Citadel Investment Group’s Kenneth Griffin and Edward Lampert of ESL Investments. Between them they earned an estimated $4.4 billion — more than all the 25 top-paid managers combined made in each of the first two years of our ranking. Keep in mind that Alpha uses two components to arrive at hedge fund managers’ earnings: the gains on their own capital in their funds and their share of their firm’s management and performance fees. Simons, Griffin and Lampert each have well over $1 billion of their own capital invested in their own funds.
Like Carnegie, Rockefeller and Vanderbilt before them, Alpha’s band of billion-dollar earners couldn’t be any more different from one another. Math whiz Simons, who made $1.7 billion to repeat as No. 1, has assembled an army of rocket scientists to build complex computer models that rapidly trade markets around the world, hoping to exploit tiny price changes. Griffin, No. 2 with $1.4 billion in earnings, has built a huge firm by hedge fund standards — Citadel has more than 1,000 employees — expanding into ancillary businesses like hedge fund administration and market making. Lampert, who made $1.3 billion in 2006 to finish at No. 3, has stashed the bulk of his assets in a single company — retailer Sears Holdings Corp., of which he is chairman.
Today’s hedge fund tycoons wield enormous power that goes well beyond the business world. Griffin and Steven Cohen, the founder of SAC Capital Advisors (and No. 5 on our list, with $900 million in earnings), are major forces in the art market, regularly ranked among the world’s ten biggest collectors, according to ARTnews magazine.
Here’s the full list of 25:
Tags: Avenue Investments, Bridgewater, Bruce Kovner, Carl Icahn, Caxton, Citadel, Dave Tepper, Eddie Lampert, George Soros, GLG Partners, Hedge funds, Och Ziff, Paul Tudor Jones, SAC Capital
Craig Monaghan, 49, plans to leave at the end of January and return to Florida where his family lives, according to an announcement from the Hoffman Estates-based company. William Crowley, chief administrative officer and CFO before Monaghan’s arrival, will assume the CFO role while Sears looks for a replacement.
Monaghan’s departure is startling because he is believed to have been handpicked by Lampert and Crowley from car retailer AutoNation Inc., another of Lampert’s big investments, where he had been CFO for more than six years.
As Sears’ CFO, Monaghan reported to Crowley, Lampert’s long-time right-hand man and president of the billionaire’s Connecticut-based hedge fund.
Sears’ CFO resigns as shake-up goes on – Chicago Tribune
Tags: Eddie Lampert
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