If you’ve been following the markets recently, you’ve probably been hearing all about “bailouts” and banks crumbling. You’ve also probably heard Jim Cramer inside every New York cab bellowing “Beware of companies that pay ultra high dividends! In this economy a defense could be your best offense!“ But you may not have heard that hedge fund managers would rather have coal in their stocking this year than a brand new Porsche.
The reason has nothing to do with a paradigm shift in luxury tastes, rather one of the most spectacular wrong hedge fund bets that occurred just weeks ago, a bet that has led to losses of close to $12 billion dollars. Funds including Steve Cohen’s renowned SAC capital tried to “short” Volkswagen, unaware that Porsche had a massive option and planned to purchase a majority stake because of looser German disclosure requirements.
Unfortunately for SAC and numerous other hedge funds making that assumption…Volkswagen shares spiked last month after Porsche, a small luxury carmaker that has for several years held a sizable stake in its much bigger rival, stunned the market by saying it had a huge option position in VW and aimed to take a majority stake.
The effect was that Porsche - abetted by lax regulatory filing requirements in Germany - stealthily engineered a so-called short squeeze, in which Porsche’s stock purchases forced VW’s stock price sharply higher. Short-sellers…rushed to buy back stock at massively inflated prices, locking in huge losses for many funds. [CNN Money]
And of course the timing of this bet gone wrong couldn’t have been worse! That being said, if coal isn’t an option for a stocking stuffer, Volkswagen stock wouldn’t be a bad alternative
comment on Marie Douglas-David:
"Oh yes, there is something about Marie D-D all right (no, it ain't DD's, you pervs) rather it's the holes that have shown up in all her purses. How else could one explain the vast amounts of cash s..."
on the rooftop of the Dream Hotel
for the hottest new daytime Saturday party in NYC!
BBQ, Free Frozen Cocktail from 12-1pm
$8 Mojito and $4 Beers.
R.S.V.P: heather@loungebarsnyc.com
Two 200-person seatings (12 noon, 3pm), serving non-Ono prix fixe grub (jumbo lump blue crab cakes, Brandt Beef tournedos...), bottle service, and tropical-themed cocktails ($17, but their vodka tonics run $15, so...); reservations for tables are recommended and walkups are welcome as space allows.
For high rollers, GUGD's roping off several sun-drenched lounges and making them available for $5000 each.
Make a reservation: Gansevoortbikinibrunch@gmail.com
Patriotic Pub Hop
Saturday, July 4th 2pm-til you fall down
No lame family BBQ's or plans of hittin up the Hamptons this weekend?
Come celebrate a booze-fueled Fourth of July with our Patriotic Pub Hop!
Enjoy all you can drink Bud and Bud Light drafts from 2-4pm for just $10 followed by Americana drink specials including $3 Bud/Bud Light drafts, $4 well drinks, $5 Apple Pie shots and $6 Muscle Car-Bombs all night long!
Hop from Black Bear Lodge to Bulls Head Tavern to Whiskey River...Check out the hot dog eating contest...and, if you're still standing- stick around for the Fireworks extravaganza broadcast live on our HDTV's!
To RSVP or for more information please contact WeLoveBars@gmail.com or log on to
http://www.going.com/PatrioticPubHop
Bring a blanket and come downtown for one of the most-
anticipated free concerts of the summer.
The concert is not ticketed, but space is limited and will be available on a first-come, first-served basis.
To celebrate the Hudson’s 400th anniversary New York City will putting on a fireworks display like never before. To join in the festivities the Crowne Plaza Hotel in Times Square will be offering rooms with perfect views and throwing a rooftop party for the first 100 guests to book rooms. These rooms and the party will be offered at special rates listed below.
Also, if there are people that would only like to attend the rooftop party, there is a special offer for that as well.
Come celebrate independence on the roof of the Rivington!
After a week hiatus we're back on the roof and back to the jacuzzis. The weather is supposed to be nice, so if you've been waiting for an appropriate time to come get loose in a rad New York City penthouse, Thursday is absolutely that time.
Benjamin "B Roc" Ruttner of HeavyRoc Music and Jonathan Price Totaro of Reason NY will be deejaying, bottles in the club, babes, etc etc etc.
We're expecting a lot of people so, if you can, please rsvp to info@lolanewyork.com or try and come early
After celebrating our country all day, spend all night honoring our king...of pop, that is. The Suzie Wong lounge will be spinning Michael Jackson music starting after the fireworks and lasting until the wee hours of dawn.
In late 2007, five young professionals, long connected by both friendship and family, decided to pool and tap into their own altruistic nature while encouraging others to do so. Their forum - the party. Calling themselves ‘fun-raisers’ their track record bears evidence
I’ll take pig ears, thank you very much!
December 2, 2008 2:12pm
ENOUGH with Cramer
Crowin: “You could get burned!”