The Art's Gone, The Jet's Gone - It's All Gone
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Take hedgie John Devaney, for instance. The International Herald Tribune reports that Devaney has been forced to sell his Renoir, Gulfstream, his home, his helicopter and (even) his yacht, after several junk bond funds he managed incurred losses of around $510m. Devaney himself is said to have taken a $100m bath. According to the newspaper, one of the funds failed to meet a $90m Deutsche Bank margin call in late June, and that was the beginning of the end.
Devaney said that 'I've taken as much pain as virtually anybody in the industry. I am bleeding personally'. Originally barring investor withdrawals around 12 months ago, he took a further knock last September when an unnamed bank seized 40% of the equity to repay a bank loan. Determined to carry on in the hope the that markets would recover, he has finally been forced to throw in the towel.
And The Wall Street Journal reports that Devaney is not the only one to have found the going tough this year. According to the newspaper (which quotes unnamed investors), Prentice Capital Management, which has now also barred investor withdrawals, has plunged some 46% this year, almost half of the losses coming in June. Martin Hughes's Tosca Fund is also said to have fallen 30% this year on bets on financial and UK house-builder stocks.
Finally, we've received a tip from a reader who claims that staff at one big investment bank in the City are so worried about their financial futures that they are walking off with the free milk, tea bags and fruits the firm provides to staff, taking the stuff home to their partners and sproggs. Our reader also complains about the quality of the new toilet paper in the staff toilets. Although there's said to be decent stuff in the client facilities, the staff apparently have to do their business using 'sandpaper'.
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