Posted by Sean Doyle, April 10, 2010
Great Article on ProPublica about the super secretive trade placed by Chicago based hedge fund Magnetar. Authors Jesse Eisinger and Jake Bernstein go into exhaustive detail on this dual (duplicitous) strategy winner that brought big time returns to the Magnetar Fund.From the article:
"Records it shared with investors show Magnetar had a spectacular 2007. Founder Alec Litowitz pulled down $280 million, according to Alpha Magazine. That spring, a trade journal awarded Prusko and Snyderman "Investor of the Year" honors. The Magnetar Constellation Fund, the firm's fund that had the most exposure to the CDO trades, was up 76% in 2007."
How did a fund that was knee deep in toxic CDO's at the height of the housing bubble pull this off? READ HERE.
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