Here are the top stories from the past week:
– Pass The Popcorn: “F-ck your mother,” Mustafa Zarti, then Chairman of the Libyan Investment Authority, reportedly screamed at two of Goldman Sachs’s partners in Tripoli in 2008. What provoked such fury? The Wall Street bank allegedly made $350 million in UP FRONT profits from a $1.2 billion trade they advised LIA on, which — cherry on top — resulted in 100 percent losses for LIA. According to reports, “There was heavy drinking and girls involved...” That sounds about right.
– The Fee Machine Motors On: Thanks to asset management fees, compensation on Wall Street is up 15 percent year-on-year. Kudos, everybody. Kudos.
– Trading Places: What’s a billion dollars among SWFs, you ask? It’s a London office building. That’s what.
– Hungover: After notching another crazy year of investment returns, the New Zealand’s Super Fund has finally cut the music; ‘The party’s over, everybody.’
– Venturous: The State of Wisconsin Investment Board is doing direct venture capital now. Good luck to ‘em.
– Breaking News from 1971, Today: “There was a fundamental misconception in government about what pension funds can do with their money...” You don’t say?
– In-Sourcing: Korea’s National Pension Service, which manages some $425 billion in assets, is adding 65 investment professionals in-house.
– Payments: Singapore’s GIC is reportedly leading the Series E in Square.
Enjoy your weekend!
