The language was "Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm's capital—down from the roughly $100 million it ran as of late March." So in reality he's probably been running this into the ground for months.
He will return with a billion in several years. Wall street loves big risk takers and rewards them win or lose. surf
I am surprised that his lieutenant "at Canarsie is Ken deRegt, who joined in 2013 after having retiring as the global head of fixed income sales and trading at Morgan Stanley" with so much experience allowed him to take on so much risk unless they were not trading but actually spending the $100 million...
Sadly you're probably right. Meanwhile a guy who mauled the market for 15-20 years with low risk can't raise a dollar.
Sh.t ! That s probably why most traders have been making a lot of dough last week... it s a zero sum game !..
Definitely, a letter stating "sorry", and maybe adding a bottle of wine for Xmas to each investor should do it... LOL Raising the bar of finance ethics !
Anyone has a picture of the guy? I d love to see what a winner like this looks like... He manages to raise 100mil, most certainly on the back of it "spotlessly clean" resume (guy had never failed before in any of its endeavours you see), and blows it up in less than 9months... Astounding...