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Pequot Capital Closing

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By Barry Ritholtz - May 27th, 2009, 6:30PM

Arthur Samberg, among the best-known hedge-fund managers, is closing down his firm amid an ongoing investigation into possible insider trading

WSJ:

“Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction,” Mr. Samberg wrote in a letter that was sent to investors of his Pequot Capital Management Inc. late in the day on Wednesday. “With the situation increasingly untenable for the firm and for me, I have concluded that Pequot can no longer stay in business.”

Thanks, Kev!

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Source:
Samberg’s Pequot Capital to Close
GREGORY ZUCKERMAN
WSJ, MAY 27, 2009, 5:25 P.M. ET

http://online.wsj.com/article/SB124345809322059817.htm

Founders Closing Letter

http://online.wsj.com/public/resources/documents/PequotLetter052709.pdf

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Category: Hedge Funds, Legal.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

10 Responses to “Pequot Capital Closing”

  1. Stillaway Says:
    May 27th, 2009 at 7:38 pm

    Looks like Barron’s may need a replacement for next year’s Roundtable.
    Is BR available?

  2. Cursive Says:
    May 27th, 2009 at 7:53 pm

    I’ll be sure to shed some crocodile tears for this bunch. Does this mean that Byron Wein won’t be on CNBC for awhile? That will be a twofer!

  3. leftback Says:
    May 27th, 2009 at 8:50 pm

    That’s going to be some more empty office space in Weston and a few more $5M CT properties up for sale…!
    Perhaps Schadenfreude Asset Management can pick up a few of their clients. :-)

  4. leftback Says:
    May 27th, 2009 at 8:57 pm

    I must add for full disclosure that I have always thought that Byron Wien is a completely annoying wanker !!!

  5. usphoenix Says:
    May 27th, 2009 at 9:19 pm

    So exactly who is running a clean shop these days? With that much money on the table?

  6. leftback Says:
    May 27th, 2009 at 9:27 pm

    A clean shop? Everyone is clean as a whistle in Fraudfield County.

    I suppose we will now see signs of portfolio liquidation. Watch out, BTW, these guys really liked energy plays.
    The whole hedge fund universe is going to be a LOT smaller when this thing is all over.

  7. matt Says:
    May 27th, 2009 at 11:11 pm

    I would love to know the formula for choosing investigation targets. The big banks all leaked their stress results and not a word was said. There’s also some very big money pushing equities and bonds around before bailout announcements. I guess the moral of the story is that if you sit at the proprietary trading desk at one of the primary dealers, you can insider trade. Otherwise, you get investigated. If you short, and you are not at one of the big 4, you get investigated.

  8. ben22 Says:
    May 27th, 2009 at 11:42 pm

    I did not keep the roundtable issue of Barron’s, does anyone remember what he was buying in it?

  9. Moss Says:
    May 28th, 2009 at 7:54 am

    The unintended consequences of public scrutiny… good riddance , may a similar fate be in store for the countless other cheats.

  10. jqui Says:
    May 28th, 2009 at 8:41 am

    Criminals and the morally bankrupt roam the halls of government and Wall Street.

    http://theburningplatform.com/economy/aint-no-rest-for-the-wicked-1

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