Posted on 01/17/2009 12:06:39 PM PST by jsh3180
A Florida money manage who had--emphasis on had--$350 million under management has gone missing. Arthur Nadel, principal of Sarasota, Fl.-based Scoop Management, left a note stating that he was distraught.
Authorities have begun an investigation into the absence of what may be hundreds of millions of dollars.
Nadel was a real estate developer who graduated from New York University Law School, according to Bloomberg. He subsequently underwent a career change, metamorphosing into some kind of algorithmic trader whose math apparently did not add up as expected.
When the bulls are running, every man jack with a calculator and credit card can be a hedge fund manager--until the next downturn. Another career changer, Jeffrey Grendell, went from being an Associated Press reporter to the manager of Tontine Capital, which had about $7 million under management at the end of 2007.
Losses for some Tontine funds were spectacularly last year, and some were liquidated after one fund had lost about 70% through the end of October. Grendell, however, is not one to run away, and he is starting some new funds going forward.
A come to Jesus moment for the moneychangers.
Lots more on this guy at Bloomberg.com on the front page. Of course Bloomberg is not to be posted here.
No doubt that 90+% of these critters are liberals and give almost exclusively to Democrats.
These are the smug ones who will do anything to not be one of the “little ones” of the world.
There is no indication they are crooks.
They bet on red on behalf of their wealthy investors, and black came up.
He is still an amateur.
He should have reinvented himself as a “bank” and applied for a bailout. That’s what the pros do.
Tontine Capital is clearly for the last man standing.
True!!!!!
yeah leave a note, leave an empty car by a beach...GONE!
then enjoy the good life from your base in the Cayman Islands or some such tropical paradise.
Wow, since these hedge funds stopped being able to corner the fuel market, a lot of criminal activity has been exposed.
This morning I saw for the first time a front page above the fold article on deflation in a small local daily. I think it’s the beginning of the end for a lot of small time, and big time, players. Hedge funds are seeing withdrawals. People are running scared. Me thinks a lot of folks are considering putting their money under a mattress.
“Me thinks a lot of folks are considering putting their money under a mattress.”
Yes, the most popular bank in 2009 and thereafter will be the Bank of Sealy: not FDIC insured, but accepts all deposits in cash and kind (only fools will deposit cash beyond what is needed short term), and with no fractional reserve chicanery or government agencies spying on the balances.
—I wonder if any of the depositors knew what a “tontine” is?
Good question. The name would give me pause.
—reminds me of those “separatists” in Montana a few years back that got credit for drafts drawn on the “West Bank of the Mississippi”—
Oh yeah, Good Riddance!
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