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TUESDAY MAY 20
No End To Fixed-Income Boo-Boos? In answer to that oft-asked question, ‘Are there any more monster banks in bed with hedge funds that are still kerfuffling?’ we can now, unfortunately, say yes. Enter Citigroup's soon-to-be infamous Falcon Strategies fund, which has lost more than 75% of its value, triggering a fresh sound and fury that’s already resulting in lawsuits, torrents of investor ire (both retail and from the likes of Wachovia and Fifth Third Bancorp), a wave of broker resignations and no shortage of nettlesome questions as to why a bank would choose to back life-insurance policies with bets of a highly speculative nature. Shocking – or, at this point, just par for the course? May 2008New User?Sign up to get free access to TraderDaily.com
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