Saba profitably exits trade that cost JPMorgan more than $2 billion
|June 27th, 2012||
|Saba Capital Management, the fixed income-focused hedge fund that was founded by Boaz Weinstein, announced it has exited its bet against JPMorgan’s derivatives bet that cost JPMorgan at least $2 billion. Saba was on the winning side of JPMorgan’s risky gamble on an obscure group of indexes that track corporate bonds. Saba’s profit from the index trade is unknown but it is joined by other hedge funds, including BlueMountain Capital Management and BlueCrest Capital Management, that made similar lucrative bets.|
JPMorgan is still trying to unwind its own side from the trading loss and will be forced to defend its actions in an investigation opened by the US Securities and Exchange Commission.
For Detailed Investor Profiles on these Investors, click below: