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  • marketcrash2012 marketcrash2012 Dec 10, 2011 1:57 AM Flag

    Finally SEC looking at Hedge Funds 2006-2008


    Like Falcone...Paulson.....We need to it Hank Paulson like in Fannie case....who told insiders trading????

    Regulators could sanction Falcone over trading

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    • Too bad for them that they are not former senators.


      look at this....

      So going back to Eric Mindich. Why is he so special? Presenting Exhibit A, the members of the Asset Managers' Committee of the President's Working Group on Capital Markets, aka the PPT:

      Just what is this curious committee consisting of all key hedge fund managers?

      The Asset Managers’ Committee and the Investors’ Committee are private sector committees established by the President’s Working Group on Financial Markets (“PWG”). The first task of the Committees was to develop and publicly release best practices so that market participants may enhance investor protection and systemic risk safeguards consistent with PWG principles and guidelines. The final reports are available through the homepage of the respective Committee.
      In other words, these are the hegde funders who comprise the Plunge Protection Team.

      But this will be nothing new to our readers. Here we refer to our article from back in September 2009:

      "These groups are drawn from among the industry's finest in their respective areas," said Treasury Secretary and PWG Chairman Henry M. Paulson, Jr. "The market will benefit if experienced participants develop and implement best practices."
      It is safe to say that whatever the committee's true mission was, its stated one was an unmitigated failure. For reference purposes, the full committee consists of the following:

      Eric Mindich, Chair, Eton Park Capital Management
      Anne Casscells. AETOS Capital, LLC
      James S. Chanos, Kynikos Associates LP
      Anne Dinning, D. E. Shaw & Co., L.P.
      Jonathon S. Jacobson, Highfields Capital Management
      Marc Lasry,Avenue Capital Group
      Edward A. Mulé, Silver Point Capital
      Daniel S. Och, Och-Ziff Capital Management
      Daniel H. Stern, Reservoir Capital Group
      William Von Mueffling, Cantillon Capital
      Michael Vranos, Ellington Management Group LLC

      • 3 Replies to marketcrash2012
      • Before we get into the details of Mr Mindich's curious relationship with the government, here is the gist of the BusinessWeek piece, which as noted focuses on Paulson who "said he had erred by not punishing Bear Stearns shareholders more severely. The secretary, then 62, went on to describe a possible scenario for placing Fannie and Freddie into “conservatorship” -- a government seizure designed to allow the firms to continue operations despite heavy losses in the mortgage markets."

        The gathering comprised some of Wall Street's most storied investors. Mindich, a former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004 with $3.5 billion, at the time one of the biggest hedge-fund launches ever. [Dinakar] Singh, a former head of Goldman's proprietary-trading desk, also began his fund in 2004, in partnership with private- equity firm Texas Pacific Group Ltd. Lone Pine's [Stephen] Mandel worked as a retail analyst at Goldman before joining Julian Robertson's Tiger Management LLC, one of the most successful hedge funds of the 1980s and 1990s. He started his own firm in 1997. [Daniel] Och was co-head of U.S. equity trading at Goldman before founding Och-Ziff in 1994. The publicly listed firm managed $28.9 billion in November. One other Goldman Sachs alumnus was at the meeting: Frank Brosens, founder and principal of Taconic Capital Advisors LP, who worked at Goldman as an arbitrageur and who was a protege of Robert Rubin, who went on to become Treasury secretary.
        In other words the point of the meeting was nothing short of the former Goldman CEO telling all his former Goldman colleagues just what he was planning on doing in his capacity as Treasury Secretary.

        Others also benefited:

        Non-Goldman Sachs alumni who attended included short seller James Chanos of Kynikos Associates Ltd., who helped uncover the Enron Corp. accounting fraud; GSO Capital Partners LP co-founder Bennett Goodman, who sold his firm to Blackstone Group LP in early 2008; Roger Altman, chairman and founder of New York investment bank Evercore Partners Inc.; and Steven Rattner, a co-founder of private-equity firm Quadrangle Group LLC, who went on to serve as head of the U.S. government's Automotive Task Force. Another person in attendance: Michele Davis, then-assistant secretary for public affairs at the Treasury Department, who now represents Paulson as a managing partner at public relations firm Brunswick Group Inc. In an e-mail response to Bloomberg Markets, she referred all questions to Paulson's book on the financial crisis, “On the Brink” (Business Plus, 2010), which makes no mention of the Eton Park meeting.

      • Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance
        Submitted by Tyler Durden on 11/29/2011 10:14 -0500

        Avenue Capital Bear Stearns Ben Bernanke Cantillon Cantillon Capital Markets Enron Eric Mindich Eton Park Evercore Fail Fannie Mae Federal Reserve Federal Reserve Bank FOIA Freddie Mac Freedom of Information Act Fund of Funds Goldman Sachs goldman sachs Hank Paulson Hank Paulson Lehman Meltdown New York Stock Exchange None Och-Ziff OTC President's Working Group Risk Management Robert Rubin Steven Rattner Stop Trading Tiger Management Transparency Treasury Department William von Mueffling William von Mueffling

        Today, BusinessWeek's Michael Serrill and Jonathan Neumann have released a blockbuster report based on a FOIA response by the Treasury, which proves that in America rules are only for little people, that this country has been a banana republic for years, that Animal Farm was spot on, and gives excruciating detail of how Hank Paulson tipped off a select group of Goldman diaspora hedge fund managers about the eventual failure of Fannie and Freddie 7 weeks ahead of this information becoming public knowledge. The report basically is a summary of a meeting that took place at the offices of Eton Mindich's Eton Park headquarters on July 21, 2008, 7 days after his famous '“If you have a bazooka, and people know you have it, you're not likely to take it out," speech and 7 weeks before both GSEs effectively filed for bankruptcy and were put into conservatorship. Now if it only ended there it would have been fine - a case of potential criminal collusion between the government (although nothing specific against Paulson as he didn't actually trade: he just made sure his former Goldman colleagues made money), and the 0.00001% in the face of a few multi-billionaires who most certainly did trade on material non-public information sourced by Hank. Where it however gets worse is when one considers the actual role of one Eric Mindich in the hierarchy of the Asset Managers' committee of the President's Working Group on Capital Markets, better known of course as the PPT: a topic we discussed first back in September 2009 when we asked "What Is Goldman Alum Eric Mindich's Role As Chair Of The Asset Managers' Committee Of The President's Working Group?" Back then we did not get an answer. Luckily, courtesy of a few answered FOIA requests, some real investigative journalism, and not reporting for the sake of brown-nosing just so one can get soundbites for their next name dropping "blockbuster" and straight to HBO movie, we are starting to get the full picture of just how high in US government the Goldman Sachs controlled "crony capitalist" adminsitration truly runs.

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