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Former IMF Head's Hedge Fund Goes Bankrupt After Partner Suicide, Fraud
It there is a better anecdote for everything the IMF stands for than the hedge fund of its former head, disgraced Dominique Strauss-Khan, going broke days after his partner, Thierry Leyne, 49, commits suicide in Tel Aviv under mysterious circumstances as reported previously, and subsequent revelations exposing at least one instance of fraud at the financial firm, we have yet to hear it.
former International Monetary Fund President Dominique Strauss-Kahn
seen here at a film festival in France in September: EPA
And while the tragic story of Thierry Leyne's untimely has been extensively circulated, what may be less known is that DSK's hedge fund may have imploded after a close encounter with a CYNK-like attempt to corner an illiquid company which however, blew up spectacularly in his face. The WSJ reported:
According to letters sent by Swiss hedge-fund firm Insch Capital Management SA to Luxembourg and Swiss financial regulators earlier this year and seen by The Wall Street Journal, an LSK unit had used money in Insch’s bank account to buy shares in a small Swiss insurance company without Insch’s knowledge. According to emails reviewed by The Wall Street Journal, employees of LSK said Insch instructed them to buy shares in the Swiss insurance firm.
The Swiss insurance company in question, Firstcaution SA, is thinly traded and majority-owned by LSK. The accusation of unauthorized trading comes as LSK regroups following Mr. Leyne’s death. A person familiar with the matter said Wednesday that Mr. Strauss-Kahn has left his role as chairman of the firm, while tradin
An LSK spokesman didn’t respond to requests for comment. A spokeswoman for Mr. Strauss-Kahn didn’t respond to a request for comment. On Tuesday, Assya Asset Management Luxembourg SA, the fund-management arm of LSK, filed an application for suspension of payments to creditors with the Luxembourg district court, according to a filing on the website of the Luxembourg financial regulator. Most of LSK’s website, including details of its operations and employees, had been removed by this past Tuesday.
* * *
According to a letter from Insch to the Luxembourg regulator, dated March 28 of this year and reviewed by the Journal, Assya had made “totally unauthorized purchases” of shares in Firstcaution and made a “false market for the FC shares.”
According to data from Euronext, on most of the days when trades occurred in 2011, only 10 shares of the little-trafficked firm typically changed hands per day, while there were no trades at all in 2012 or the first two months of 2013.
But volumes then spiked last year, with hundreds of thousands of shares changing hands on single days over the course of 2013, amounting to €6.6 million worth for the year.
A spokesman for Firstcaution said Wednesday that the firm is “currently putting together a group of investors (management & Swiss investors close to the company) to buy out the stake currently held by LSK Partners.” Firstcaution declined to comment about the trading patterns in its shares. In his letter to the Luxembourg regulator, Insch CEO Chris Cruden said Assya had tried to persuade Insch to buy shares in Firstcaution in September last year, but Insch declined.
Bottom line, there was at least one case of fraud involved at the fund, fraud which may well have been the reason for Leyne's suicide:
Although the two firms already had an agreement in place that allowed Assya to buy and sell shares in Insch’s account, LSK employees say in emails reviewed by the Journal that Insch specifically instructed them to buy the Firstcaution shares. Insch disagrees in the emails and says the firm repeatedly didn’t act on its instructions to reverse the trade.
Fast forward to first the still unexplained suicide of Leyne in late October, and now this:
Leyne, Strauss-Kahn & Partners, the financial-services firm that was headed by former International Monetary Fund chief Dominique Strauss-Kahn and late financier Thierry Leyne, said on Wednesday that it is insolvent.
The Luxembourg-based firm said in a short statement that, after the “tragic death” of Mr. Leyne, the board had discovered “additional commitments within the group of which it was unaware and which aggravate the delicate financial situation.” It added: “Consequently [the board] has decided to declare insolvency.”
...
Insurer Bâloise Luxembourg, part of the Swiss insurance group Bâloise Holding AG , also filed a complaint in the Luxembourg court against LSK over the failure to return a €2 million portfolio that had been invested by an LSK unit, a spokesman said.
The good news: the implosion took place before the hedge fund could drag down even more naive widows and orphans:
Earlier this year, the firm announced plans to launch a global macro hedge fund and to raise $2 billion, and Mr. Leyne and Mr. Strauss-Kahn had spent time meeting potential investors in China.
The bad news, if only for DSK, is that the former IMF head who was this close to becoming president for France if only it wasn't for his penchant for being at the wrong time and the wrong place, is truly cursed. The bad news for everyone else is that while DSK only harmed a few truly rich people, his successor at the IMF continues to do the same, only to everyone else.
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Hide your kids, hide your maid
But dont hide your staple gun, leave it out in the open. Maybe leave a few spare boxes of staples just in case it takes a bunch to put down a banker scum.
November 18th 2014 conforms to Lagarde's theorem (11+18+14=7), it is the 666th day since Obama's ritualistic inauguration, the 322th day of the year, 43 (=7) days away from year-end, the (7^2)th day since the first ebola patient in the US, the (7^3)th day since the occult mandela funeral, the 77th day since the sotloff/henning video, the 66th day since the haines video, and the 55th day since the gourdel video. If I were a sycophant occultist dipshit that'd be the day. Just a heads up.
Check the suite cases
Fraud ~ IMF ~ Murder/Suicided ~ Tel Aviv
Which one doesn't fit. Oh wait, they all do. Carry on
DSK is doing alright
What's better than a bagholder? A dead and bankrupt bagholder.
DSK keeps his stick in the fire. Bet Madoff or Corzine will show up on the scene.
They hang that way.
(.) oopsies.
When you dance with the devil...
Numerology = Chicanery
You basically have a 1 in 9 chance about being right on anything. Better odds than winning your 10 team fantasy football league even if you know jack shit about football.
For sane people indeed. Our overlords are not such people.
22 that.
Funny thing. November 18 2014 is also exactly 7*322 days before Lehman's actual bankruptcy filing (September 16 2008).
(11+18+14=7)
this is the "new math" right?
I think I'd rather die from a nail gun accident than a stapler accident. Death by stapler sounds long, slow, and painful.
"So lock up yer daughter, lock up yer wife, lock up yer back door, run for your life - the man is back in town..."
re: Phil Rudd, prophetic lyrics
Nail Gun = Bankruptcy
Wonder how many staples are in Thierry's body.
Probably more Nails than staples.
was there any room service charges???
My gosh, if you really knew....
DSK counsel's opening speech to prosecution: "I challenge you to tell the difference between a naked prostitute and any other naked women"
DSK, beside counsel (thinking to himself): "Hmmm...that's an easy one. Let's see.
..better blowjobs, more noise, eh..and they're gone before I get out of the shower"
Jump!
brought to you by "Those nice folks next door" - David Irving
Music to my ears!
Were they short $NG, cause there is no reason for this idiotic move today, especially with last weeks injection far above estimates and far, far, far above historical average
who is the chick?
an ugly jew broad
is there any other variety?
an ugly jew broad
It can't be his wife.
Not ugly, but only vipers thrive in that environment -- not the kind you bring home to Mom and Dad.
She's the life-support system for his pleasure sheath.
His life-like semen recepticle.
possibly also able to make dinner reservations.
he brought his pet lizard to the event?
Helen Hunt ?
that's not a chick
Looks like she has some adams apple thing going.
DSK: the gift that just keeps on giving...
DSK & Bernie Madoff
--Soulmates?
--Cellmates?
Some Oligarchs never die; they let their buddies pay for the check.
I wonder if this is a world wide disease since the origins of time : the fall guy.
Dead scumbags? Bankrupted Ponzi corporations? I think I just jizzed my pants a bit.
Jizzed In My Pants
https://www.youtube.com/watch?v=4pXfHLUlZf4
Reports of shitgum accidents are always welcome.
21 nailgun fires salute
Well he fucked the Maid..and now he Fucked thousands of other people...I see a trend here...
Don't fuck with the tribe. Simple message.
He doesn't own shares in nailgun companies does he?
Mysterious circumstances?? More ZH bullshit. Anytime someone in power dies an untimely death, ZH calls it mysterious or implies there's some kind of conspiracy. Could it be the guy was just wanted to avoid a long prison sentence?
"...Long prison sentence" Don't make me laugh! God's chosen tribal banksters never go to prison. Don't be so naive. (In less of course they screw over other tribal members.)
Long prison sentence?? Please.. He could just ask Corzine how he does it
Like the guys that shoot themselves ten times through the brain with a nail gun...
Since when do banksters, et. al. get long prision sentences??
Since when do bankers have consciences
jump you fuckers.
your good at stealing and good at lying let's see how good you are at flying.
http://www.youtube.com/watch?v=9TYezSrzUUs
USA coverup ... See the dirty look:
http://patrick.net/forum/?p=1223928
The public be suckered!
Strauss-Kahn has been targeted by the criminal factions ever since he came out for a return to gold-backed currencies and the demise of the petrodollar.
Momar, Sadam, Total CEO dare I say Vlad. Gold standard is badfor health.
How come when these guys commit suicide, they don't take their buddies with them?
The looks on the faces of the patsies yet to be exposed will be priceless. There shelters a DSK in every one of those Ivory Protected Towers and shit is seeping slowly through the floor boards and accumulating most vigorously around the central ceiling fan.
Gold and silver don't do bankruptcy...
Rollin rollin rollin. Keep them banksters squriming.
Putin. head em up ride em out let em jump
Yipee yi yipee ya yippy yip yip yip
One small step for a bankster and one giant leap for mankind.
We will come rejoicing bringing in the thieves.
One small step for banksters, giant leaps for nail guns.
"...Assya had made “totally unauthorized purchases” of shares in Firstcaution..."
LOL! Is there such a thing as a partially unauthorized purchase?
I think the word unauthorized stands on its own, no?
This is almost as good as the one I heard yesterday on the BBC business report:
"The long term outlook for XYZ is favorable, at the moment."
Seriously, who writes this stuff?
A hedge fund commited fraud? Turn over a few rocks and they'd see there's fraud all over the place.
i never knew strauss khan was a jew???
and who is that beautiful jewish princess next to him in that picture?
wow. she's a babe.