Bruce Richards News
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Bill Ackman celebrated his birthday by giving a present.
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Investors are favoring the riskiest, hardest-to-trade junk bonds by the most in 17 months as confidence mounts that central banks from Japan to the U.S. will prop up debt markets through year-end.
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Greece and its private creditors are beginning a final push to renegotiate debt as a member of the investor group said they are likely to get cash and securities with a market value of about 32 cents per euro of government bonds.
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Bruce Richards stood under a party tent anchored by multiple stakes in the lawn of his Southampton home. He was hosting the United Way of New York City “What’s on the Table?” benefit Saturday night.
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Global funds managers see value in debt securities of European nations as measures by the region’s leaders and central bank have cut risk amid signs of continued economic weakness in the region.
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Companies in Europe are perceived to be the safest compared with their U.S. counterparts in 17 months as risks of a currency breakup diminish while politicians in the world’s biggest economy struggle to cut the nation’s deficit.
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White House officials met with Wall Street executives to urge them to pressure Congress for a deal to avert the so-called fiscal cliff of spending cuts and tax increases, according to two people familiar with the session.
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Saba Capital Management LP founder Boaz Weinstein’s wife, Tali, looked up at her husband on the dais.
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Europe will be the “mother lode” of distressed investing as the region seeks to avert defaults by Greece, Ireland and Portugal that may leave its banks $500 billion short of capital, according to Marathon Asset Management LP’s Bruce Richards.
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Hedge funds seeking to wring profits from a Greek debt restructuring are underestimating the will of policy makers to impose losses on them, according to investors who say trying to beat the politicians is too risky.
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