Last week, the US Treasury Department issued its second of four reports related to President Trump’s Executive Order 13772 (on regulation in alignment with the Core Principles). The first report was on Banking, this report is on the Capital Markets, and other reports will follow over the coming months (including on asset management, insurance, products, vehicles, non-bank financial institutions, financial technology, financial innovation, and others).
Back in November, before the full extent of the Valeant fraud would start to become apparent as it has in recent weeks sending the stock to 6 year lows (there is much more to come now that the company is now engaged in a mudslinging campaign with its former CFO and its formerly biggest Wall Street backer, Goldman Sachs), we explained the Valeant phenomenon simply by writing that "in today’s broken markets and corrupt regime of central bank driven crony capitalism bubbles inflate in individual securities, as well as in broad sectors (e.g.
It has been at least a week without news of a prominent hedge fund liquidating, so when moments ago Reuters reported that once prominent hedge fund Standard Pacific, which a decade ago managed over $5 billion, is the latest casualty of broken markets and has decided to shut down things once again reverted back to normal.
Exclusive: Standard Pacific Capital, the stock-focused hedge fund firm led by Doug Dillard and Raj Venkatesan, is shutting down
— Lawrence Delevingne (@ldelevingne) February 4, 2016