Even before Cory Booker won his first term as Newark mayor in 2006, he was mining Wall Street contacts for an antidote to the blight that had gripped New Jersey’s most populous city for more than four decades.
Republican Governor Chris Christie’s call for an October special election in New Jersey to fill the rest of the late U.S. Senator Frank Lautenberg’s term promises to thrust Newark Mayor Cory Booker into a draining Democratic primary.
PennyMac Financial Services Inc., the mortgage company founded by former Countrywide Financial Corp. executives, rose 9 percent after Omega Advisors Inc.’s Leon Cooperman disclosed his hedge funds control a 22 percent stake.
Hedge funds led by Paulson & Co. and Maverick Capital are piling into mortgage insurers in a bet that some of the companies worst hit by the U.S. housing crash will be among the biggest winners in the rebound.
On a dreary Monday morning in May, rain pelts the windows of Omega Advisors Inc.’s 31st-floor conference room in New York. Inside, Leon Cooperman and his 14 analysts are trying to come up with ways to make money amid squalling markets. In a single dismal month, half of the hedge fund’s gains for the year have evaporated.
Frederic Bourke, co-founder of the luxury-handbag maker Dooney & Bourke, is set to enter prison this week for conspiring 15 years ago in what prosecutors called “one of the most audacious” bribery schemes ever attempted in the former Soviet Union.
Sprint Nextel Corp. bondholders are at odds with shareholders from Leon Cooperman to John Paulson who’ve praised a takeover bid from Dish Network Corp. that may amplify the largest junk issuer’s debt load by 31 percent.