Steinway sale teaches that even private equity firms have limits.
FORTUNE -- Piano maker Steinway & Co. (LVB) has agreed to be taken private. Again.
The Waltham, Mass.-based company announced this morning that it will be acquired for approximately $512 million, or $40 per share, by hedge fund manager Paulson & Co.
That's around 14% higher than Steinway's previous $35 per share deal with private equity firm Kohlberg & Co., which has said MOREDan Primack - Aug 14, 2013 1:12 PM ET
A longstanding anomaly in American law gives federal prosecutors enormous power in deciding whether to punish a large corporation for the actions of even a single employee.
By Roger Parloff, senior editor
FORTUNE -- Hedge fund powerhouse SAC Capital Advisors, indicted Thursday for wire and securities fraud violations after six of its employees pleaded guilty to those charges, appears to have close to no legal defense to the charges it faces.
That's MOREJul 26, 2013 2:08 PM ET
Criminal charges against hedge fund are a backdoor way to end Steve Cohen's career.
FORTUNE -- When criminal charges were filed Thursday against the hedge fund SAC Capital, Preet Bharara, the U.S. Attorney for the Southern District of New York, held a press conference to announce the fruits of a years-long government investigation.
"SAC became, over time, a veritable magnet for market cheaters," Bharara told reporters. "That's why the institution, and MOREKatie Benner - Jul 26, 2013 7:01 AM ET
New York Attorney General Eric Schneiderman must explain why a 5-minute advantage for ordinary Thomson Reuters subscribers to access market-moving data is fine, while a 5-minute, 2-second one for premium subscribers is not.
By Roger Parloff
FORTUNE -- The fuzzy interface between our exception-ridden insider-trading laws, aggressive hedge funds, and resource-starved universities and journalism companies were all on stark display Monday when New York State Attorney General Eric Schneiderman and Thomson MOREJul 11, 2013 9:20 AM ET
Congress isn't likely to privatize the mortgage finance giants, so some hedge funds are turning to Plan B: suing the government.
For the past couple of years, a group of America's smartest investors have been betting big on Fannie Mae and Freddie Mac. The adventurous crew include John Paulson's Paulson & Co., Bruce Berkowitz of Fairholme Capital, and Richard Perry of Perry Capital. Their strategy is to exploit the remarkable revival of MOREShawn Tully, senior editor-at-large - Jul 8, 2013 1:19 PM ET
When hedge fund managers advertise, performance dips.
FORTUNE -- Hedge funds soon will be allowed to advertise their wares to potential clients, thanks to a provision in last year's JOBS Act (which had no direct relation to actual jobs). As will private equity funds, venture capital funds and other alternative investment vehicles that heretofore were prohibited from general solicitation.
Former SEC Commissioner Mary Shapiro opposed the change, so she basically sat on MOREDan Primack - May 23, 2013 3:29 PM ET
There's one big winner, too.
FORTUNE -- The "Abe Trade" just hit a major bump.
Toward the end of last year, a number of large hedge funds began piling into Japan. Driving the bet was the country's new prime minister Shinzo Abe, who said he favored flooding Japan's markets with cash from its central bank in order to finally pull its economy out of its perpetual slump. And hedge funds, for all MOREStephen Gandel, senior editor - May 23, 2013 1:35 PM ET
Wall Street is rolling out low-minimum mutual funds that will let you lose money like a high roller.
FORTUNE -- Usually Wall Street waits for a bubble before it pushes an investment on average Joes.
So it's certainly a change that the returns on the investment Wall Street is currently trying to sell to individual investors have stunk lately. Is that any better? Probably not.
Goldman Sachs (GS) recently announced it was launching MOREStephen Gandel, senior editor - May 22, 2013 5:00 AM ET
At a confab of big money managers, the hottest topic was the home loan market. Scared yet?
FORTUNE -- In less than five years, mortgages have gone from toxic to tonic.
It's the same life span as the annual hedge fund conference SALT, where many of the top professional managers met last week to talk investments, hear speeches from luminaries like Al Pacino, and generally have a good time. In all, Las MOREStephen Gandel, senior editor - May 13, 2013 7:00 AM ET
Legendary investor says stock market is in state of "euphoria," while economy is still in the dumps.
FORTUNE -- At least one notable investor thinks we may be in bubble trouble again.
Sam Zell on Thursday at the SALT hedge fund conference in Las Vegas said stocks are due for a fall. The legendary real estate investor thinks the market is out of touch with what is really going on in the MOREStephen Gandel, senior editor - May 10, 2013 9:02 AM ET
|NJ agrees to ban Tesla direct sales|
|Five predictions for the World Wide Web that were way, way, way off|
|West prepares sanctions against Russia over Ukraine|
|The Deep Web you don't know about|
|Fannie Mae, Freddie Mac stock hit by proposal to close them|