The following appeared on Wall Street Folly ( www.wallstreetfolly.com ) yesterday, and is a copy of the letter sent by Amaranth Investors, the hedge fund that has lost around $6bn as a result of a losing bet on the gas market.
Here's a little something sent in by one of our readers (a woman, actually!). A rather naughty ad for Post-it.
Bloomberg reports that the losses sustained by hedge fund Amaranth Advisors over the last few days is up to $6bn. The fund which had assets of $9.5bn just last month now has assets of around $3.5bn.
Morgan Stanley CEO John Mack said that he and his cohorts couldn't turn the firm around overnight. Now, some 15 months after MackÂ retook the helm, Morgan Stanley has finally impressed the markets.
As The New York Times reports, we all now know who lost out when that huge Amaranth Advisors gas trade went pear-shaped, but who ran out winners on the other side of the bet ?
The Wall Street Journal reports that ABN Amro has integrated its equity, credit and economic research divisions into one global unit. A 'handful' of staff are thought likely to leave the firm as a result. The bank also confirmed Wednesday that it plans to open a processing centre in the Dubai Outsource Zone to support its U.A.E operations.
The Times reports that Brian Hunter is the trader being fingered for 'single-handedly' wiping out around half of Connecticut-based hedge fund Amaranth's $9bn in assets.
The US-based Human Rights Campaign has released a report showing that a record number of US companies are increasingly competing to expand benefits and protections for their gay, lesbian, bisexual and transexual employees and consumers.
Here's an interesting little story.
Goldman Sachs. That's according to a recent survey of folks who work in the financial markets by Vault.com.