What Do Hedge Funds Do?

Michael Giberson If you, like J. Bradford DeLong, are wondering “what the hell they are doing that is worth that kind of money,” then Bookstaber’s book can help. One point of Bookstaber’s argument is to illustrate the problems with the term “hedge fund.” While “hedging” has a particular meaning, and “fund”, too, is well defined, … More What Do Hedge Funds Do?More What Do Hedge Funds Do?

Bookstaber on the Perils of Financial Innovation

Michael Giberson Thoughtful, useful, inadequate and wrong-headed. That’s my reaction upon completing Richard Bookstaber’s book, A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation. As I mentioned last week (in The Perils of Financial Innovation, or Not), Bookstaber was among the MIT-trained economists lured from academia to Wall Street … More Bookstaber on the Perils of Financial InnovationMore Bookstaber on the Perils of Financial Innovation

Options Backdating Back Story

Michael Giberson Former Apple CFO Fred D. Anderson reached a deal with the U.S. Securities and Exchange Commission over the backdating of stock options, including an agreement to pay $3.5 million to settle civil charges. As many of the newspapers stories report, backdating options is not necessarily illegal, but must be properly disclosed and accounted … More Options Backdating Back StoryMore Options Backdating Back Story