All that stuff that was "killed by the net"? The real culprit was hedge funds

The web blew up at the same time as the Reagan/Clinton/Bush financial bombs were detonating, leading to a huge private equity bubble in which super-wealthy Americans used debt financing and other forms of financial engineering to buy out successful companies, then hollowed them out, selling off their real-estate and plant, loading them up with debt, and raiding their reserve funds. Read the rest

Blame the US Retail Apocalypse on hedge funds and financialization, not Amazon and Walmart

America is in the midst of a "retail apocalypse": 6,800 chain stores are closing this year. It's true that online retailers and winner-take-alls like Walmart have delivered the coup de grace that finished off these stores, but the conditions that made them weak enough to kill are driven by Wall Street, not Walmart. Read the rest

Trump's “free market” FCC loves monopolies, especially when they rip off prisoners' families

The American prison system is home to one of the greatest market-failures in the history of telephony (which is saying something): a monopolistic system in which sole-supplier, hedge-fund owned telcoms operators charge as much as $14/minute for prisoners to talk with their lawyers, families and loved ones. Read the rest

Hedge fund manager fails to beat the market, owes Warren Buffett a million bucks

Ten years ago, Warren Buffett bet celebrated hedge fund manager Ted Seides of Protégé Partners that an investment in a low-cost S&P 500 index fund would outperform an investment in Seides's "fund-of-funds," a basked of five funds managed by his firm. Read the rest

Connecticut's undertaxed super-rich hedgies get "tax bills" from anti-cuts protesters

Connecticut, home to the richest hedge-fund managers in America, is going broke, cutting services and gutting pension plans to try and fill its $1.8B budget hole -- a hole it plans on filling by taking away $1.5B from the state's workers. Read the rest

Chinese government creates gate-guarded private village for hedge-funds near Hangzhou

Yuhuang Shannan -- an hour's high-speed train journey from Shanghai -- is a newly formed, walled village in which only hedge fund employees and their visitors are allowed to venture, a kind of Canary Wharf with Chinese characteristics, with schools staffed by non-Chinese teachers, a private club, and its own health care facilities. Read the rest

Harvard announces mass firing of its hedge-fund managers

Harvard has the world's largest university endowment, $35.7B, so much money that Thomas Piketty used its public investment records as a proxy for the likely investment returns of the super-rich in his Capital in the 21st Century. Read the rest

Hedge fund managers' sports car ownership predicts their unwise risk-taking

In "Sensation Seeking, Sports Cars, and Hedge Funds" Three business school researchers analyze a huge data-set of previous and current hedge-funds that have been hand-matched with the vehicle-ownership records of the funds' managers and analyze the data to see if the ownership of a "performance car" correlates with a hedge fund manager's willingness to take risks, and whether those risks pay off. Read the rest

Feds charge hedge-fund managers with $1B embezzlement

According to a federal indictment, Platinum Partners founder Mark Nordlicht and four others faked the hedge fund's books for years to allow them to siphon off one billion dollars to their personal accounts, swindling 600 investors. Read the rest

The pathogens of Wells Fargo's corruption fester in every large corporation

Despite the denials of its new CEO, Wells Fargo had a serious, widespread cultural problem that led it to commit at least 2,000,000 financial crimes. But the crimes and the culture are widespread across America's banks, and they spread further than that, because the system is rigged to reward financial crime. Read the rest

Hedge fund paid terminally ill people to sign up for "death puts"

A "death put" on a certificate of deposit means that the bond matures immediately upon the bearer's death, rather than when its term runs out: they're used as a form of life-insurance, cushioning the blow to loved ones from unexpected death, and they can be held jointly, so that the bearer's heirs and a third party get a payoff on death. Read the rest

New York public employees union will vote on pulling out of hedge funds

The New York City’s Employees Retirement System has $51B in assets, $1.5B of which is lodged with hedge funds -- but maybe for not much longer. Read the rest

How the UK's biggest pharmacy chain went from family-run public service to debt-laden hedge-fund disaster

Boots the Chemist started out as a family-run business whose Methodist founders believed in civic duty and public service, spreading across the country and providing front-line medical services to Britons, making 40% of their revenues from government compensation for NHS service. Read the rest

AIDS-drug-gouging hedge-douche reneges on promise to cut prices for Daraprim

Martin Shkreli, the hedge-fund douche-bro who hiked the price of an off-patent drug used by AIDS and cancer patients from $13.50 to $750, then promised to lower the prices after becoming the Most Hated Man on the Internet did no such thing, because he is a liar. Read the rest

The Olive Garden: all-you-can eat for hedge fund raiders

You probably saw the hilarious critique of The Olive Garden that made the rounds last week; the hedge fund behind that critique is a major shareholder with a long history of shady financial deals that gut profitable businesses, destroy jobs, and line the pockets of short-term "investors." Read the rest

Hedge funds gave Mugabe $100M for genocide, got platinum mines in return

Zimbabwe's dictator Robert Mugabe unleashed a storm of brutal, genocidal violence after losing the 2008 elections -- and now we know that it was funded by western hedge-funds and banks, led by Och-Ziff Capital Management, the largest publicly traded fund, with assistance from Blackrock, GLG Partners, and Credit Suisse, who raised $100M for Mugabe's weapons and torture-chambers in exchange for a sweetheart deal on the country's platinum mines. Read the rest