One year ago
»» The nation's largest
hedge funds faced enormous taxes (of up to hundreds of
millions of dollars) to pay for financial reform. The proposal,
which stated that the Federal Deposit Insurance Corporation
would raise $19 billion over five years from hedge funds
managing $10 billion or more and financial institutions with
more than $50 billion, was added into the financial reform bill
at 3 a.m. on June 25, 2010. At that time, there were 34 funds
in the U.S. managing $10 billion or more, including Bridgewater
Associates, Paulson & Co., and Soros Fund Management.
Hedge funds fought back and within a few days Senator
Chris Dodd (D-CT) announced an alternative proposal to come
up with the $19 billion.
»» Ona Lewis, a former long-only equity
portfolio manager at Banc One Investment Management,
formed Evermore Towb Global Investment Management in
Columbus, Ohio and aimed to launch the emerging markets/U.S.
equity strategy with $150 million in September 2010.
Lewis never raised enough capital to launch the fund, but
her game plan hasn't changed. She is still having discussions
with wealthy investors. At Banc One, Lewis ran $6 billion in
long-only managed accounts invested in U.S. equity and fixed
income securities and gained 17% from 1999 through 2000. Before
that, at Integrity Investment & Service Corp., an asset
management company, she oversaw $100 million in U.S. equity
managed accounts, producing an average return of more than 30%
over five years.
Five years ago
»» The Cour de Cassation, France's highest
rejected an appeal by George Soros to overturn his
conviction on insider trading charges related to his 1988
purchase of shares of Société
Générale. It was alleged that Soros had prior
knowledge that the firm was a takeover target.
Despite Soros' lawyers arguing in 2002 that a 14-year delay
between the alleged wrongdoing and the trial made the case too
old to properly defend, he was convicted of insider trading and
ordered to repay €2.2 million he'd made from the 1988
After he lost the appeal, Soros turned to the European Court
of Human Rights in September 2006 and in September 2010 he won
a bid to have that court review his conviction. The human
rights assembly said it would not hold a hearing, and will rule
on the complaint based on submissions by the parties. As of
mid-June, the court was still evaluating the case, according to
a Soros spokesman. If he wins, Soros could ask for a new