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Money managers under the microscope

Morning Line-up

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Posted by: Chris Vellacott

Hedge fund stories from the past 24 hours from Reuters and elsewhere:

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Lord Myners to face hedge fund grilling by Lords – City AM

EU report criticises own ‘vague and inadequate’ hedge fund directive Daily Telegraph

Hedge fund giant surfaces in trading probe – Wall Street Journal

Bear Stearns hedge fund execs face closing arguments – Crain’s NY Business

Icahn’t: Carl says no time for blogging, too little interest

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DEAL/Could Carl’s silence be golden?

Our favorite billionaire blogger and corporate raider Carl Icahn is safely avoiding writer’s cramp. His Icahn Report, launched to much fanfare as a hub for corporate governance  and reform, has not been updated since April 16.

Reuters caught up with Icahn this week to discuss his intervention in CIT’s attempted rescue. The legendary investor threw a bomb into the lender’s efforts to strike a debt swap deal with its creditors, and to stay in business through a reorganization plan, by offering a $6 billion loan. Asked about the lack of production on his blog, Icahn explained he’s been fully engaged this year:

from Joseph Giannone:

Alpha Male: Goldman’s Carhart is back

Undated photo from Goldman days

More than a year after one of the hedge fund industry's best known managers departed Goldman Sachs, Mark Carhart re-emerged at a hedge fund conference and told Reuters the big news: he is coming back. You heard it here first.

Mark and his longtime partner, Raymond Iwanowski, retired last March and with research head Giorgio De Santis. More than 12 years of strong performance from Goldman's quant team had made Global Alpha the bank's flagship fund and one of the industry's largest at its early 2007 peak of $12 billion.

from Summit Notebook:

Tax evaders on the run

  By Neil Chatterjee
    The U.S. has promised it will hunt down tax evaders.
    And it seems tax evaders are on the run.
    DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
disappeared.  
    Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
    DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
    Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
    Is this the end of offshore private private banking?

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