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Articles about the work of Julie Creswell

Who Is S. Donald Sussman?
futureofcapitalism.com

The New York Times has a fascinating article about a supposedly woman-owned hedge fund that in fact was backed by a man, S. Donald Sussman. Reports the Times:

The arrangement with Mr. Sussman "may have been designed to mislead a number of observers, from the tax authorities to the S.E.C. to entities wishing to invest in women-owned businesses," Judge Richard J. Sullivan of the United States District Court for the Southern District of New York wrote in an August ruling in the case

More:

In 1997, Mr. Sussman, who had earlier withdrawn his investment adviser registration with the Securities and Exchange Commission, settled a claim with the commission that he had failed to disclose a loan he made from a hedge fund he controlled to acquire a building that was used as offices.

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SEC Looks at Barney Frank's Plane Provider
futureofcapitalism.com

The "woman owned" hedge fund backed by male Donald Sussman, whose private plane ferried two Democratic members of Congress, including Barney Frank, for a wintertime trip to the Virgin Islands, is the subject of a formal investigation by the SEC, the New York Times reports.

I'm generally not big on "under investigation" stories, but the whole Sussman situation is such a classic that this one probably merits some kind of exception.

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Global Wealth Tax
smartertimes.com

A Times news article about rich people includes the sentence, "In Britain, which, unlike the United States, does not tax individuals on their reported global wealth, the number of investor visas rose by a quarter in the first three-quarters of 2013."

That's a strange formulation — the U.S. in fact doesn't tax individuals on their "reported global wealth," but on their global income. The difference between income and wealth is something that reporters and public policy makers often get confused about.

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Hedge Fund Manager Pay
smartertimes.com

A Times article about hedge fund manager "pay" turns out not to be about "pay" at all but rather in part to be about the increase in the value of the investments of hedge fund managers. Though the headlines speak of "lavish paydays" and "huge pay," the text of the article includes passages such as:

While Mr. Shaw ceded control of the funds' management several years ago, he still has a large amount of money invested in the firm, which helped him to earn $530 million last year."

and

Even though Mr. Simons, 74, hasn't handled the day-to-day management of the firm for three years, he landed in the fourth spot on the list with a payday of $1.1 billion last year, partly on the large sum of money he has personally invested in the firm's funds.

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Who Is S. Donald Sussman?
futureofcapitalism.com

The New York Times has a fascinating article about a supposedly woman-owned hedge fund that in fact was backed by a man, S. Donald Sussman. Reports the Times:

The arrangement with Mr. Sussman "may have been designed to mislead a number of observers, from the tax authorities to the S.E.C. to entities wishing to invest in women-owned businesses," Judge Richard J. Sullivan of the United States District Court for the Southern District of New York wrote in an August ruling in the case

More:

In 1997, Mr. Sussman, who had earlier withdrawn his investment adviser registration with the Securities and Exchange Commission, settled a claim with the commission that he had failed to disclose a loan he made from a hedge fund he controlled to acquire a building that was used as offices.

Read More...


SEC Looks at Barney Frank's Plane Provider
futureofcapitalism.com

The "woman owned" hedge fund backed by male Donald Sussman, whose private plane ferried two Democratic members of Congress, including Barney Frank, for a wintertime trip to the Virgin Islands, is the subject of a formal investigation by the SEC, the New York Times reports.

I'm generally not big on "under investigation" stories, but the whole Sussman situation is such a classic that this one probably merits some kind of exception.

Read More...


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Julie Creswell

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