Hedge fund managers must sell yacht

You have to have compassion yes with the poor guy. John Devaney, the chief of United Capital and master of the mortgage market gets it on the chin in fairly recent times, because he has his $ 23.5 million yacht for sale advertised. He has his 50-meter yacht, the positive Carry, and its $ 16.5 million second residence, Sardy House away.

As grossmäuliger notorious dealer, Mr. Devaney was in South Florida known for its festivals, in which he presented the Counting Crows and Jay Leno committed. But thanks to a falschgelaufenen bet on the ailing U.S. mortgage market is set to Hedge Fund.

In his best days, he has primarily in securities traded by the weak fief loans, as well as with mobile homes, credit card debt and leasing contracts for aircraft and he has a fortune of $ 250 million accumulated. Besides the yacht hang in his house a few Renoir and Cezanne around. Everyone wanted to be like John Devaney.

But like many investors in recent times, Mr. Devaney sank in Subprime Market (loans to borrowers with poor credit) and the Horizon ABS Fund he manages had his payments.

So the ship's name Positive Carry (a term for an arbitrage business) has brought him no luck. Because I will have a look to see if I am not for the new owners of a suitable ship names think. How wärer shot it with call rates fall, Abgesoffen, destruction, damage or Grosskotz business situations?

This collapse of a hedge fund is only one of many which have happened and are still happening. The fact that the U.S. economy is strong downhill, I have been here and here. Especially foreign investors have little confidence the American and sell securities. Just last week, the Dow Jones index after a brief high altitude flight at 585 points. Thus, the stock owner through the course fall on Wall Street a cool trillion dollars in capital lost. (CNN) The party is over!