Monday, 23rd November 2009

 

12 September 2008 - Press Briefing

Billionaire-led US hedge fund posts loss on Lehman bet

Soros Fund Management, the $20bn (€14.3bn) hedge fund managed by billionaire George Soros, may have lost at least $120m on its stake in Lehman Brothers, according to a report in New York Sun.

The losses could go up to $380m, depending on when Soros acquired the holding and if he still owns the shares.

The stake, representing 9.5 million shares, or almost 1.4% of the Wall Street bank, was acquired between March 31 and June 30, as per a filing with the Securities and Exchange Commission, the report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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