Soros’s Quantum Holding 75% Cash Leads Hedge Funds Baffled by Instability

Keith Anderson, who runs the $25.5 billion Quantum Endowment Fund for Soros Fund Management LLC, has seen enough of choppy global markets.

In mid-June, Anderson told his portfolio managers to pull back on trades as the hedge fund’s losses hit 6 percent for the year, according to two people familiar with the New York-based firm. As a result, the fund is about 75 percent in cash as it waits for better opportunities, said the people, who asked not to be identified because the firm is private.

Soros and Moore Capital Management LLC are among hedge funds that have reduced the amount of money they’re investing in stock, bond and currency markets as they look for clarity on global events ranging from the debt crisis in Europe to China’s efforts to control inflation to the debate over the U.S. debt ceiling. About 18 percent of asset allocators, including hedge funds, are overweight cash, the highest level in a year and up from 6 percent in May, a Bank of America Corp. survey showed last month.

http://www.bloomberg.com/news/2011-07-19/soros-quantum-holding-75-cash-leads-hedge-funds-baffled-by-global-crises.html

EU approaches resolution as Aug 2 Deadline looms for US

The euro rallied against the dollar and rose from almost a record low versus the Swiss franc on bets European officials are approaching an agreement over measures designed to contain the region’s sovereign-debt crisis.

The 17-nation currency pared gains as Germany’s Chancellor Angela Merkel told reporters in Hanover that the debt crisis can’t be resolved “in one step.” Sweden’s krona and Australia’s dollar climbed amid renewed investor appetite for higher-yielding assets as Greek Finance Minister Evangelos Venizelos said a resolution of debt turmoil is attainable. The Canadian dollar rose after the central bank’s policy statement.

http://www.bloomberg.com/news/2011-07-19/euro-strengthens-as-greek-minister-says-agreement-on-debt-is-attainable-.html

Federal Reserve Virginia Facility revealed

Insight on Friday's EUR/USD move

More on the EUR/USD move higher, and despite all the wide ranging reasons behind why the currency pair has gone completely against its positive correlation with the equity indices, the over-riding factor is that a large Asian name was a big buyer of from the low 1.4200's. Having taken out stops through the Thursday lows, the familiar trading account emerged and bought up the pair in some pretty hefty amounts. Whatever the views on how and where the employment stats would impact, there is no disputing that the above is the key factor in this afternoon's (eventual) move. The Asian account holds a large 1.40/1.47 DNT structure, which is set to roll off inside the next 2 weeks, and is choosing to 'smooth' FX moves when we get anywhere near the outer limits of the range. For now, we see expiries at 1.4330, 1.4335 and 1.4340 keeping trade up at these levels. SM

Chained CPI to save $300 Billion over 10 years

What is “chained CPI,” and why should you care?

One proposal in the budget talks that is getting a serious look from all sides would switch the government’s way of measuring inflation and delivering a big impact on tax, spending, and entitlement programs.

How big? It could save roughly $300 billion over 10 years. That big.

http://blogs.wsj.com/washwire/2011/07/07/chained-cpi-a-link-to-a-budget-deal/

Christopher Pettengill pleaded guilty $190 Million Forex Fraud closing case

http://www.loansafe.org/minnesota-man-pleads-guilty-in-connection-with-trevor-cook-ponzi-scheme (Source: FBI) MINNEAPOLIS—Earlier today in federal court, a 54-year-old Plymouth man pleaded guilty to lending credibility to and ultimately persuading others to invest in a multi-milliondollar Ponzi scheme orchestrated by Trevor Cook. Christopher Pettengill pleaded guilty to one count of securities fraud, one count of conspiracy to commit wire fraud, and one count of money laundering. Pettengill, was who charged on June 13, 2011, entered his plea before United States District Court Chief Judge Michael J. Davis.


http://blogs.citypages.com/blotter/2010/04/trevor_cook_ple.php ​Trevor Cook pleaded guilty today in federal court to leading a $190-million Ponzi schemebased in part out of the Van Dusen mansion in Minneapolis that obliterated the investments of at least 1,000 victims while he lived high on the hog and paid off gambling debts.


http://www.startribune.com/business/90751939.html?page=all&prepage=1&c=y#continue 

Minneapolis money manager Trevor Cook admits to $190 million scam

EES Analysis markets update

Markets lack direction mid-NY session.  Hourly Bollinger signals a long for EUR/USD / reversal to fibo 1.4350/ 1.4380/1.44 though news from Europe may keep EUR offered throughout the week.  USD/CHF near all time lows @ .8300 -JG

The ATM that dispenses gold

Gold to Go... shopper admires the machine

Read more: http://www.thesun.co.uk/sol/homepage/news/3672229/The-ATM-that-dispenses-gold.html#ixzz1QyTf4qel

The 25 Best Hedge Funds Of Q2 2011

Based on our calculations here are the 25 best hedge funds of second quarter:

Fund	No. Stocks	Q2 Return
Corriente Advisors	3	17.7%
Hawkshaw Capital Management	4	14.0%
LaGrange Capital	8	13.4%
Manatuck Hill Partners	10	12.6%
Lane Five Capital	6	11.5%
Icahn Capital LP	9	10.4%
Criterion Capital	8	9.8%
Accipiter Capital Management	8	9.4%
OrbiMed Advisors	38	8.7%
Arrow Capital Management	9	8.4%
Solus Alternative Asset Mgmt.	4	8.1%
Akre Capital Management	13	7.3%
White Elm Capital	8	7.2%
Silver Capital Management LLC	11	7.0%
Halcyon Asset Management	2	6.9%
Amber Capital	6	6.8%
JANA Partners	9	6.7%
ValueAct Capital	9	6.5%
Visium Asset Management	67	6.5%
Scout Capital Management	10	6.2%
Gates Capital Management	10	6.1%
Healthcor Management LP	25	6.0%
MHR Fund Management	1	6.0%
Brencourt Advisors	10	5.9%
Trian Partners	6	5.8%

Read more: http://www.insidermonkey.com/blog/2011/07/01/25-best-hedge-funds-of-q2-2011/#ixzz1QuRTC4Qc

http://www.businessinsider.com/the-25-best-hedge-funds-of-q2-2011-2011-7

Internal Latency Checker - DPC

http://www.thesycon.de/deu/latency_check.shtml

If any kernel-mode device driver in your Windows system is implemented improperly and causes excessive latencies of Deferred Procedure Calls (DPCs) then probably drop-outs will occur when you use real-time audio or video streaming applications. For an explanation of this effect see Background information below.

The DPC Latency Checker tool determines the maximum DPC latency that occurs on your Windows system and thus enables you to check the real-time capabilities of your computer. DPC Latency Checker works independent of any external hardware. Using this tool may be helpful in the following situations:

• You experience interruptions (drop-outs) in a flow of data processed in real-time, for example an audio stream, video stream or a sequence of measuring data, and you want to find out the reason for this problem.
• You want to verify that your Windows system is configured properly so that it is capable of handling real-time data transfer before you install the corresponding streaming application.
• You want to check if a particular computer system is suitable for streaming applications, for example before you buy this system.

Eurocrats one step closer to Tobin Tax

http://www.cityam.com/news-and-analysis/fury-eurocrats-vote-tobin-tax The tax would levy a 0.05 per cent fee on the total value of “every type of financial transaction” that goes through any institution in Europe, pushing up the cost of economic activity at a time when the region is struggling to stage a convincing recovery.

It would hit the foreign exchange markets particularly hard

Kitco offices raided - 175 tax agents issue warrants, seize documents

Quebec tax authorities raided the offices of one of Canada's largest gold trading and research firms, Kitco Metals Inc., probing whether the company and several others may have illegally avoided paying more than C$150 million (US$154 million) in Quebec sales taxes.

Revenu Quebec hasn't pressed any charges. But in a statement, it said it had reason to believe that Kitco, a privately owned precious-metals trader and research firm based in Montreal, worked with several entities and individuals in a scheme involving gold-bullion and gold-scrap transactions that allowed them to inappropriately collect provincial tax credits.

The agency also said it had reason to believe another privately owned Montreal gold wholesaler, Carmen International Inc., was involved in a similar scheme, as well as 124 other scrap-gold and precious-metals companies that served as intermediaries, or were complicit in the alleged fraud.
The total value of the alleged illegal transactions amounted to a total of C$1.8 billion and allegedly defrauded the government of more than C$150 million in taxes, the agency said.
Kitco said in a statement that Revenu Quebec's claims are unfounded and that it intends to contest the allegations. Joseph Chesir, one of the founders of Carmen International, declined to comment when reached over the phone Friday.
Revenu Quebec said 175 tax agents issued warrants and seized documents at 70 businesses starting on Tuesday. A Revenu Quebec spokeswoman said the agency is reviewing the documents before deciding whether to press formal charges.
http://online.wsj.com/article/SB10001424052702304778304576377852269636870.html

NFA uncovers D2W fraud

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0396774&case=11MRA00004&contrib=NFA

From D2W's website (which is active as of 6/23/2011):

Scientists find city life more stressful than rural life

Scientists have confirmed what every urbanite has long suspected – life in the city is more stressful.

Researchers have shown that the parts of the brain dealing with stress and emotion are affected by living among the crowds.

The findings help shed light on why those who are born and raised in urban areas are more likely to suffer from anxiety, depression and schizophrenia than those brought up in the countryside.

Read more: http://www.dailymail.co.uk/sciencetech/article-2006988/A-rural-life-better-Living-concrete-jungle-really-stressful-make-vulnerable-depression.html#ixzz1Q7MIEACH

Greek budget concerns, oil drops, US Jobs data weak

Greece Budget Hole Threatens to Swallow Europe... ...unions call for new strikes
JOBLESS WEAK: 429,000
...disappointed
Economic trouble puzzles Fed chief...

OIL PLUNGE AFTER RESERVES RELEASED...
30 million barrels will last U.S. -- a day and a half...
Dow plummets 200+ points...