- Pellegrini 80% Return Proves Paulson Protege No Fluke at Macro Hedge Fund Paolo Pellegrini has a nose for trouble. He saw it in rising housing prices in early 2006, when he cranked through decades of home price data and concluded the bubble was poised to burst. Pellegrini then helped engineer a massive bet against subprime mortgages that catapulted Paulson & Co. hedge funds to 2007 gains of as much as 590 percent -- and firmwide profits of more than $3.5 billion.
- Pain in Spain May Linger as Banks Prop Up Property Prices to Avoid Losses Maria Jose Lozano, a civil servant from Madrid, left a recent property fair empty-handed after discovering that home prices were still out of reach in a market where sales have dropped 50 percent from their 2006 peak.
- Berlusconi Sex Scandals Mean Legal Fights for Italian Newspaper Readership Italian Prime Minister Silvio Berlusconi’s alleged romps with prostitutes may have staunched the decline in readership at the nation’s newspapers. They’ve also landed the publications in court.
- Recession Rising Like Phoenix With Property Delinquencies Surging Fivefold Drive up to the Peaks Corporate Park in north Scottsdale, Arizona, and the only person you’ll encounter at the luxury office complex is a security guard.
- PepsiCo's Nooyi to Boost Ad Spending, Push Gatorade Products for Athletes PepsiCo Inc., the world’s largest snack-food maker, plans to increase advertising spending next year and is readying new Gatorade products to boost consumption, Chairman and Chief Executive Officer Indra Nooyi said.
- Donald Guloien, Named Manulife Chief Amid Lehman Collapse, Dials Back Risk Donald Guloien said he had “maybe a week” to enjoy his promotion to chief executive officer at Manulife Financial Corp on Sept. 8 last year. Then the financial world collapsed with the bankruptcy of Lehman Brothers Holdings Inc.
- Connecticut Hedge-Fund Capital Gets More Wee Weevils to Fight Killer Weed More help is on the way for the hedges in hedge-fund capital Greenwich, Connecticut: a larger army of wee black weevils.
- China's Rural Migration, Wealth Gap Strain Post-Mao Party: Chart of Day China’s communist regime, marking its 60th anniversary, faces a widening wealth gap between farmers and city dwellers that may threaten stability, even as the economy is poised to pass Japan’s as the world’s second largest.
- London Bankers Rail Against EU Oversight as Lea Invokes Secession Option In a Georgian townhouse four minutes walk from Parliament, bankers, lawyers and economists held an off-the-record evening meeting to plot how to fight European Union financial regulation that they deem a threat to London.
Bloomberg News 2nd October 2009
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