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Third Point Management fund manager Daniel Loeb told his investors last night the firm is the target of a formal investigation being conducted by the Securities & Exchange Commission. According to Loeb, the subject of the investigation is his communications with other hedge funds.

The investigation appears to be an outgrowth of a conspiracy theory that a cadre of hedge funds engaged in nefarious campaigns of rumor-mongering and aggressive short-selling aimed at bringing down companies like Bear Stearns. The fact that the companies crying foul have lost billions and suffered from serious transparency problems is deemed irrelevant; bad management doesn't destroy companies, short sellers do, according to this line of thinking.

Loeb wrote that questions about the fund's communications were first raised during a routine audit last year, but added that its lawyers had said that such communications were legal under federal securities laws.

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Why is the SEC wasting time on Daniel Loeb? originally appeared on BloggingStocks on Thu, 21 Aug 2008 13:46:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Daniel LoebDanielLoebHedge FundsHedgeFundsinthenewsSECThird PointThirdPointThu, 21 Aug 2008 13:46:00 EST<![CDATA[Fairfax (FFH) accuses short-sellers of nefarious plot]]>http://www.bloggingstocks.com/2007/08/28/fairfax-ffh-accuses-short-sellers-of-nefarious-plot/http://www.bloggingstocks.com/2007/08/28/fairfax-ffh-accuses-short-sellers-of-nefarious-plot/http://www.bloggingstocks.com/2007/08/28/fairfax-ffh-accuses-short-sellers-of-nefarious-plot/#commentsFiled under:

A confession booth in a Sicilian church.This one of those stories too juicy not to do a post on. An exclusive piece from Bloomberg discusses Fairfax Financial Holdings' (NYSE: FFH) allegations of a vast conspiracy of short-selling hedge funds determined to bring the company down. The company sued eight hedge funds for racketeering in 2006, and has alleged that a group of well-known short sellers -- James Chanos, Steven Cohen, Daniel Loeb, David Rocker, and Adam Sender -- have gone so far as to send an anonymous letter to a minister at a church attended by a member of Fairfax's management, asking him to make sure that executive Prem Watsa makes a "full confession".

Fairfax has done its best Overstock.com (NASDAQ: OSTK) impersonation in more ways than one. In addition to conspiracy theories, we also have accounting scandals and fundamentals concerns. In June 2005, Fairfax disclosed that the SEC had requested information on the company's use of reinsurance products. As of early August, the investigation was still ongoing.

Allegations flying back and forth also include Harry Potter and sadomasochistic orgies. You couldn't make this stuff up. This should be a pretty exciting story to follow.

Fairfax (FFH) accuses short-sellers of nefarious plot originally appeared on BloggingStocks on Tue, 28 Aug 2007 08:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Adam SenderDaniel LoebDavid RockerFairFaxFFHHedge FundsJames ChanosOSTKOverstock.comPrem WatsaShort-sellingSteven CohenTue, 28 Aug 2007 08:00:00 EST