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Friday, 20 March 2009

A new verb: To Weaver

.. and of course, our Financial Crime of the Week.

If your capital looks as though it is weavering, be very careful. Somebody has probably madoff with it.

The FT reports “A $639m London hedge fund collapsed last night after the discovery that the main asset of Weavering Capital's flagship fund was a $637m derivatives trade with an offshore company controlled by the fund's founder and chief executive.”

Sorry. Say that again, “discovered”? An in the money derivatives trade representing 99.6% of the book value of the fund, and this is a discovery. To me it looks more like a thank you note left by a swindler.

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