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☆ The new 62-story tower set to transform New York City’s skyline
▼ + stars: | 2024-04-20 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

And now, a multi-billion-dollar tower featuring floor-to-ceiling glass will add another dimension to the cityscape, according to new details unveiled by New York City Mayor Eric Adams this week. Stretching up 62 stories, a planned office tower at 350 Park Avenue will provide space for more than 6,000 jobs, plus 1.8 million square feet of commercial office space, according to a press release. White columns will frame a new public concourse at the base of the new building on Park Avenue, complete with green space, seating and art displays, images show. Building this new office space comes at a fraught time for the commercial real estate market as businesses struggle to entice workers back to the office after years of working from home. The project will begin the city’s public review process early next year and the tower is expected to be completed by 2032, according to the release.

Persons: Eric Adams, Kenneth Griffin, Rudin, White, Foster, Partners Adams, “, ”, Adams, Meera Joshi, ” Joshi Organizations: CNN, Chrysler, Trade Center, Empire, New York City, Vornado Realty Trust, Citadel, Citadel Securities, Partners, Midtown, Rockefeller Center, St, Grand Central, Midtown —, Central Park Locations: New York, Midtown Manhattan, Patrick’s, York, Fifth, Central

☆ New York Community Bank Raises $1 Billion in Emergency Cash
▼ + stars: | 2024-03-06 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

New York Community Bank, the midsize lender under pressure over its real estate loans and internal management, announced an overhaul on Wednesday that included more than $1 billion in emergency cash, the addition of former Treasury Secretary Steven Mnuchin to its board and the appointment of its third chief executive in a month. The investment of more than $1 billion includes cash from Mr. Mnuchin’s private equity firm, Liberty Strategic Capital, and Kenneth Griffin’s Citadel Global Equities, among others. The bank’s new chief executive, Joseph Otting, worked closely with Mr. Mnuchin in the past. He ran OneWest Bank, then owned by Mr. Mnuchin, for five years. He also oversaw the Office of the Comptroller of the Currency, one of the banking industry’s primary regulators, during the Trump administration.

Persons: Steven Mnuchin, Kenneth Griffin’s, Joseph Otting, Mnuchin, Trump Organizations: York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, Global, OneWest Bank, Mr Locations: Washington, Silicon

☆ Christie's just sold a Rothko painting for $100 million in a secret sale. Here are the details
▼ + stars: | 2024-02-29 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Christie's auction house in New York. Auction house Christie's just sold a painting for more than $100 million, although the artwork, the buyer and the seller were officially kept a secret. In an interview with CNBC, CEO Guillaume Cerutti said Christie's sold a painting in January in a private sale with a price "in excess of $100 million," though the auction house declined to provide details. In a private sale, a work is brought for a possible sale to an auction house, which reaches out to its top clients and brokers a deal. Private sales have surged since the Covid-19 pandemic, as more and more collectors prefer discreet transactions outside the public eye.

Persons: Robert Frank, Guillaume Cerutti, Christie's, Mark Rothko's, Green, Dmitry Rybolovlev, Kenneth Griffin, Griffin, Ken Griffin, Scott Mlyn, Mark Rothko Organizations: CNBC, Citadel, CNBC's, Alpha, Private Locations: New York

A spokesman for Mr. Rosendale declined to comment. In those seven campaigns over 12 years, Mr. Rosendale has won five contests and lost two. Mr. Rosendale finished three points behind Mr. Tester in that race after narrowly winning the primary with 34 percent of the vote. Mr. Rosendale has been a frequent guest on Mr. Bannon’s “War Room” podcast, which is popular with conservatives. A third super PAC supporting Mr. Sheehy, known as More Jobs, Less Government, has been underwritten by a few wealthy Wall Street executives.

Persons: Matt Rosendale, torching, Jon Tester, Tester, Donald J, Trump, Tim Sheehy, Tester’s, Steve Daines, Sheehy, Daines, John Barrasso of, Marjorie Taylor Greene, Trump’s, hasn’t, Rachel Leathe, Rosendale, Alex Bruesewitz, Chad F, Donald Trump Jr, Bruesewitz, “, Ted Cruz, “ I’ve, he’s, ”, Biden, Caroline Wren, Matt Gaetz, Gaetz, Kevin McCarthy, McCarthy, Greene, Stephen K, Bannon, Bannon’s, Mr, Mitch McConnell, Karl Rove —, Kenneth Griffin, Paul Singer, Stephen A, Schwarzman, Tony Fabrizio, Andy Surabian, Maggie Haberman Organizations: Senate, Montana Republicans, Republican, National Republican Senatorial Committee, Republicans, Trump, Bozeman Daily Chronicle, Associated Press, Montana Republican, U.S . House, Montana Senate, Mr, Trump White House, Navy SEAL, Republicans —, Fund, Wall Street, PAC, Democratic Locations: Montana, Rosendale, Helena, Washington, John Barrasso of Wyoming, Georgia, Iowa, Bozeman, MAGA, U.S, Ted Cruz of Texas, Arizona and Ohio

A network of some of the country’s wealthiest Republican donors gathered this week at a Florida winter meeting held by the American Opportunity Alliance and heard from top aides to both Mr. Trump and Ms. Haley. The gathering on Monday and Tuesday was one of the first significant steps in the reluctant drag back to the reality of Mr. Trump for some of these donors, after aides to Mr. Trump received no such invitation to the group’s fall retreat. Ms. Haley has a series of fund-raisers in the coming days, and held one in New York City on Tuesday night. At the American Opportunity Alliance retreat, Ms. Haley had far more backers than Mr. Trump did. Kenneth Griffin, a billionaire hedge-fund executive and major Republican donor who attended the retreat, gave $5 million to her super PAC this month, according to a person close to him.

Persons: Nikki Haley, Republican Party —, Donald J, Trump, Haley, Haley —, Biden, Kenneth Griffin Organizations: Republican Party, American Opportunity Alliance, Mr Locations: Iowa, New Hampshire, Trump, Florida, New York City

But the donors in the American Opportunity Alliance do not move in unison, and people supporting Ms. Haley — and who had supported Gov. Some members of the group have been open about wanting a candidate other than Mr. Trump. Mr. Trump also has repeatedly attacked major donors as being part of the “swamp” that he derides. The network supported Ms. Haley, but as The New York Times recently reported, some of its donors regretted that endorsement. They also suggested that they would be focusing intensely on Senate and House races, especially if Mr. Trump became the nominee.

Persons: Republican megadonors, Donald J, Trump, Nikki Haley, Haley’s, Betsy Ankney, Trump’s, Susie Wiles, Puck, Ricketts, Paul Singer, Kenneth Griffin, Haley —, Ron DeSantis, Haley, Mr, DeSantis, —, Linda McMahon, President Trump, Nikki Haley’s, Mark Kauzlarich, Jean Carroll, Koch, Emily Seidel, Michael Palmer, Ms Organizations: Republican, American Opportunity Alliance, Chicago Cubs, Sunday, New, Small Business Administration, President, The New York Times, Trump Republican Party, Mr, Prosperity, New York Times Locations: Palm Beach, Fla, Florida, Dallas, Iowa, New Hampshire, South Carolina, Indian Wells, Calif

☆ Key Network of G.O.P. Megadonors to Meet With Trump and Haley Camps
▼ + stars: | 2024-01-27 | by ( Maggie Haberman | Jonathan Swan | ) www.nytimes.com time to read: +1 min

A network of Republican megadonors has invited aides to both Donald J. Trump and Nikki Haley to make presentations at the group’s winter meeting next week, as the wealthy contributors assess the presidential race with just nine months until Election Day. The network was founded a decade ago by a group of wealthy donors, including members of the Ricketts family, which owns the Chicago Cubs, and the investors Paul Singer and Kenneth Griffin. But the donors in the American Opportunity Alliance do not move in unison, and people supporting Ms. Haley — and who had supported Gov. Ron DeSantis of Florida, who dropped out of the race last Sunday — are part of the network. Some members of the group have been open about wanting a candidate other than Mr. Trump.

☆ Analysis: Use of weather derivatives surges as extreme climate events rock the globe
▼ + stars: | 2023-10-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

Weather derivatives were born in the late 1990s. Climate change and the El Nino weather phenomenon combined to make the northern hemisphere summer of 2023 the hottest ever recorded, according to the European Union Climate Change Service. Weather derivatives let buyers hedge against the risk that the weather will damage their business. Average open interest in CME weather futures and options contracts in September was around 170,000 contracts, compared to roughly 10 times that for crude oil - although market participants reckon 90% of the weather derivatives market is in over-the-counter deals. "Extreme weather events tend to make good marketing for weather futures," said Samuel Randalls, a professor at University College London who focuses on weather and climate.

Persons: Andrew ., Ken Griffin's, Peter Keavey, Griffin's Citadel, Nick Ernst, Ernst, Matthew Hunt, Samuel Randalls, David Whitehead, Whitehead, UCL's Randalls, BGC's Ernst, Martin Malinow, Harry Robertson, Emelia Sithole Organizations: NYPD, REUTERS, Energy, Chicago Mercantile Exchange, Enron, CME Group, El, Change, Graphics, University College London, Citadel, Thomson Locations: Manhattan, Williamsburg, New York City, U.S, Paris, New York, Ukraine

☆ Use of weather derivatives surges as extreme climate events rock the globe
▼ + stars: | 2023-10-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

[1/3] Director Craig Gillespie poses during the gala presentation of "Dumb Money" at the Toronto International Film Festival (TIFF) in Toronto, Ontario, Canada September 8, 2023. Dumb Money captures the behind-the-scenes of one of the biggest Wall Street stories of COVID that hooked retail investors and created a mutiny by grabbing the attention of professional investors on social media. It chronicles the battle between institutional and retail investors when Reddit-inspired small traders rose up against Wall Street by buying shares of GameStop (GME.N) en masse, creating large losses for short sellers. With the tagline "Dear Wall Street ...," the movie is "very front and center" and is timely in discussing the topic of wealth disparity in America, Gillespie said. Teddy Schwarzman declined to comment on how his familial ties to Wall Street affected the production of "Dumb Money."

Persons: Craig Gillespie, Carlos Osorio, Craig Gillespie's, Gillespie, Paul Dano, Pete Davidson, America Ferrera, Vincent D'Onofrio, Nick Offerman, Shailene Woodley, Seth Rogen, Kenneth Griffin, Steven Cohen, Aaron Ryder, Teddy Schwarzman, Stephen Schwarzman, Jenna Zucker, Nivedita Balu, Sandra Maler Organizations: Toronto, Film, REUTERS, Rights, GameStop, America, Wall, Blackstone Group, Thomson Locations: Toronto , Ontario, Canada, America

☆ Shares of US regional banks attempt recovery after SVB-fueled rout
▼ + stars: | 2023-03-14 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Shares of U.S. regional banks rose on Tuesday after suffering double-digit losses over the past few days following the biggest bank collapse since the 2008 global financial crisis. The collapse of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) sent shockwaves through global markets, despite assurances from U.S. President Joe Biden and other policymakers that banks and deposits were safe. First Republic Bank (FRC.N) rose 57% before trading was halted for volatility, a day after hitting an intraday record low of $17.53. The S&P 1500 regional banks sub-industry index (.SPCOMBNKS) advanced 7.7% after shedding 20% in the past three sessions. Big banks rose with JPMorgan up 1.6%, Wells Fargo (WFC.N) 6.6% and Bank of America (BAC.N) 4.2%.

☆ World's oldest Hebrew Bible could fetch up to $50 million at auction
▼ + stars: | 2023-02-15 | by ( Aleksandra Michalska | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermidNEW YORK, Feb 15 (Reuters) - The world's oldest and most complete Hebrew Bible will go on display in London next week before an auction in May where it could sell for up to $50 million, Sotheby's said on Wednesday. Billionaire investor Kenneth Griffin set the record in 2021 when he paid $43.2 million at a Sotheby's auction for a first-edition copy of the U.S. Constitution. The document offers a critical link bridging Jewish oral tradition to the modern Hebrew Bible. The Hebrew Bible contains 24 separate books organized into three parts — the Pentateuch, the Prophets and the Writings. Starting with the book of Genesis and ending with Chronicles, the Hebrew Bible is foundational to Judaism, as well as Christianity and Islam.

☆ Some hedge fund traders are scoring 'Tom Brady-like' salary packages in the tens of millions even as big banks slash headcount and throttle bonuses
▼ + stars: | 2023-02-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

In-demand hedge fund traders are garnering eye-popping salary packages as top Wall Street banks cut costs. Millennium offered certain hires nearly $60 million in guaranteed pay, sources told The New York Times. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "You're seeing Tom Brady-like pay packages," Colin Lancaster, a former Citadel executive, told the outlet. The recently retired NFL star made $25 million per year, the report reads, not including the millions in outside partnerships.

Still, hedge funds piled into Shaw, betting the deal would go ahead. But now, together, the 12 hedge fund firms have made hundreds of millions over the nearly two-year period between Mar. POPULAR TRADEThe 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds.

☆ Hedge funds in 2022 post worst performance since 2018, dragged down by equities -HFR data
▼ + stars: | 2023-01-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Overall, hedge funds fell 4.25% last year, according to the HFRI 500 Fund Weighted Composite Index, which tracks many of the biggest global hedge fund performances. Equity hedge funds notched the worst performance in 2022 among the four main hedge funds categories tracked by HFR. Despite their massive losses, crypto hedge funds account for a tiny part of the industry's $3.8 trillion in assets. Macro hedge funds outperformed the industry, HFR showed. Macro hedge funds trade globally a broad range of assets, such as bonds, currencies, rates, stocks and commodities.

☆ Citadel Posts Record Revenues for Hedge-Fund, Securities Operations
▼ + stars: | 2023-01-05 | by ( Juliet Chung | Alexander Osipovich | ) www.wsj.com time to read: 1 min

Citadel ’s winning streak continued in 2022, with Kenneth Griffin ’s hedge-fund and electronic-trading businesses both posting record revenues even as markets swooned, people familiar with the matter said. Citadel, the hedge-fund operation with $54.5 billion under management as of Jan. 1, had about $28 billion in revenue, the people said. That far outstripped its prior record of $16.2 billion the year before. The separate Citadel Securities, one of the world’s biggest electronic-trading firms, had $7.5 billion in revenue, up from the prior record of $7 billion in 2021.

☆ Citadel had record revenues for hedge fund, securities ops in 2022 - WSJ
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Kenneth Griffin's Citadel marked record revenues in its hedge fund and electronic-trading businesses for 2022 despite turmoil in global capital markets, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The hedge fund operation made about $28 billion in revenue, while Citadel Securities, one of the world's biggest electronic-trading firms, brought in $7.5 billion, the report added. Citadel did not immediately respond to a Reuters request for comment on the matter. The hedge fund was also expected to return about $7 billion in profits to investors in the first week of January after a stellar performance last year, a source familiar with the matter had told Reuters in December. Fears of interest rate hikes and the Russia-Ukraine war weighed on capital markets throughout 2022, leaving the benchmark S&P 500 (.SPX) down about 19%, but hedge funds have weathered the downturn better than other financial firms.

☆ Citadel, Other Big Hedge-Fund Winners in 2022 to Return Some Profits to Clients
▼ + stars: | 2022-12-21 | by ( Juliet Chung | ) www.wsj.com time to read: 1 min

Kenneth Griffin, with arm raised, is the founder of Citadel, which expects to return about $7 billion in profits to its clients in January. Citadel expects to return about $7 billion in profits to its clients on the back of what is expected to be its most profitable year ever, said people familiar with the firm, highlighting the banner year some hedge funds have had even as others nurse deep wounds. Citadel’s flagship fund gained about 32% for the year through November, benefiting from bets across the firm’s strategies, the people said. The firm plans to return some profits from all four of its funds in early January but still expects to start 2023 with more than $50 billion in assets under management, one of the people said.

☆ Blackstone CEO Steve Schwarzman says he won't support Donald Trump in the 2024 presidential primary
▼ + stars: | 2022-11-16 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

Blackstone CEO and GOP megadonor Steve Schwarzman says he won't support Donald Trump in 2024. Schwarzman and his wife donated $3 million to a Trump super PAC in 2020. The billionaire joins other prominent Republicans who say they will not support Trump's bid. Schwarzman and his wife, Christine Hearst Schwarzman, are Republican party megadonors. Schwarzman had previously criticized the January 6 Capitol rioters and did not support Trump's false claims that he had won the 2020 election.

Florida Governor Ron DeSantis speaks after the primary election for the midterms during the "Keep Florida Free Tour" at Pepin's Hospitality Centre in Tampa, Florida, U.S., August 24, 2022. But introduced as "America's governor," DeSantis' one-hour speech sounded like a presidential-style campaign address heavy on his Florida track record. The X-factor remains former President Donald Trump, a fellow Republican who has strongly suggested he will launch another White House run. A USA Today/Suffolk poll released on Wednesday showed DeSantis leads Trump 48%-40% among Florida Republicans in a 2024 presidential primary contest. We're about getting Ron DeSantis to run and electing him so we beat Joe Biden and save our country."

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