ΕΡΧΕΤΑΙ ΤΟ SABA CAPITAL MANAGEMENT'S
ΤΟΥ WEINSTEIN, ΕΝΑΣ ΑΠΟ ΤΟΥΣ ΜΕΓΑΛΥΤΕΡΟΥΣ ΠΑΙΧΤΕΣ ΤΩΝ CDS, ΝΑ ΕΙΣΠΡΑΞΕΙ ΑΚΟΥΡΕΥΤΟ ΟΜΟΛΟΓΟ; ΠΩΣ Ο WEINSTEIN ΟΔΗΓΗΣΕ
ΤΗΝ JPMORGAN
ΣΕ
ΖΗΜΙΕΣ ΔΙΣ ΣΤΟ ΛΟΝΔΙΝΟ. ΣΥΝΔΕΕΤΑΙ Ο WEINSTEIN ΜΕ
ΕΛΛΗΝΕΣ ΚΕΡΔΟΣΚΟΠΟΥΣ ΣΤΟ CITY;
A
38-year-old hotshot trader and chess master named Boaz Weinstein was the driving
force behind the harpooning of the “London Whale,” hedge-fund industry sources
told The Post.
The JPMorgan position was amassed by a trader in the
bank’s London office named Bruno Iksil — called the “London Whale” for the
large positions he was accumulating in the Investment Grade Series 9 10-Year
Index CDS.
Weinstein, a renowned CDS index arbitrageur who
launched Saba in 2009, in early February recommended the index, which tracks a
basket of US corporate bonds.
“They are very attractive” and can be bought at a
“very good discount,” said Weinstein, a former Deutsche Bank proprietary trader,
speaking at the Harbor Investment Conference on Feb. 2.
For a while, Weinstein’s genius trade wasn’t working
out. The IG9 Index continued to sink under the weight of the Whale’s buys —
hitting a low of 105 on March 21.
But two weeks later, on April 3, reports surfaced
about the Whale’s outsize positions and the tide started to turn.
The price spiked to 130 as traders piled on. What
JPMorgan CEO Jamie Dimon first termed a “tempest in a teapot” started to get
serious.
By last week, Dimon announced a $2.3 billion loss on
the Whale’s trade, and word spread that Iksil’s head may roll. Meanwhile,
Weinstein, who earned roughly $100 million last year, saw his position and the
index continue to soar.
The CDS index traded around 146 yesterday.
At least a dozen hedge funds as well as other banks
are believed to be profiting. Some of those named include former JPMorgan pros
at BlueMountain Capital Management and BlueCrest Capital Management, as well as
Credit Suisse.
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