From: FCIR.ORG Editor’s note: Puerto Rico is about to default on its $72 billion debt, and its government would like to file bankruptcy — something a commonwealth, unlike a city, is prohibited from doing. Now, there are questions about whether Puerto Rico’s debt crisis might become a national political issue. Puerto Rico Gov. Alejandro García Padilla is calling on U.S. lawmakers to allow for a bankruptcy filing...Read More
From USA Today It’s summer in the city and we all know what that means: Hedge fund billionaires head to their homes in New York’s swank Hamptons beachfront area …. with angry protesters in tow. Or so it will be this weekend for Dan Loeb, the billionaire founder of Third Point. Loeb, worth an estimated $2.5 billion, is known for his rows with publicly traded companies, including Sony and Yahoo...Read More
From South Florida Business Journal A company controlled by Chicago-based hedge fund Citadel bought a Palm Beach mansion for $15.25 million – snaring five properties on the same street of the wealthy island. Tracy Kamenstein Markin, the widow of an automotive executive, sold the 10,873-square-foot house at 70 Blossom Way to CPPB Holdings, an affiliate of the hedge fund led by Kenneth Griffin. It was...Read More
From Palm Beach Daily News By Shannon Donnelly Daily News Society Editor Yet one more indication that Palm Beach is the money center of the universe: In a new Forbes.com piece on the “20 Richest Families in America,” 11 – yes, 11 – of them have ties to Palm Beach. The names include Koch (live here), Cox (live here), Hearst (used to live here), Fidelity’s...Read More
From Politico TALLAHASSEE, Fla. — Rep. Alan Grayson manages hedge funds that use his name in their title, a practice prohibited by congressional ethics rules designed to prevent members from using their elected post for financial gain. The specific ethics provisions tied to the funds Grayson manages, two of which are based in the Cayman Islands, sit in a sort of gray area and...Read More
