That fund, Copper River Partners, had made sizable bets months earlier against companies whose stocks it expected to suffer.
NEW YORK TIMES Failed Hedge Fund Still Angry at Goldman Sachs || Marc Cohodes, who ran the hedge fund Copper River Partners, testified in a lawsuit unrelated to his firm's closing that Goldman Sachs, the firm's longtime broker, contributed to its failure in 2008, Gretchen Morgenson of The New York Times reports.
Kazakhmys climbed 27p to 874p following news it had agreed a $1.5bn loan facility with the state-run China Development Bank to fund its Aktogay copper project in Kazakhstan.
Kazakhmys has climbed 35p to 882p following news it had agreed a $1.5bn loan facility with the state-run China Development Bank to fund its Aktogay copper project in Kazakhmstan.
The government also said it would draw some $4 billion from its reserve fund of windfall copper revenue to pay for better schools.On August 1st the new minister, Felipe Bulnes, published new proposals.
Chile, one of the world's more successful developing countries, has a similar fund for its copper revenues.Contrast this cautious approach with the recklessness of the OPEC countries of the Middle East, which expanded domestic spending by about 50% a year between 1974 and 1979.
Chile's government, for example, set aside 12% of GDP in a stabilisation fund when the copper price was high so it could muster a stimulus of almost 3% of GDP when the economy was laid low, contributing greatly to the country's resilience.
And Codelco, the Chilean government's copper stabilization fund, incurred a $207 million loss in 1994 in a poorly structured copper futures deal.
Chile, which pours money into a big fund (currently around $20 billion) when copper prices are high, and bases its budget on a copper price far below the current spot price, is the only big country in the region where the commodity boom has not been accompanied by a government spending spree.
Company recently secured $2.7 billion loan from the China Development Bank and Kazakh state welfare fund Samruk-Kazyna to develop copper production.
Gertler's grandfather was the first president of the Israeli Diamond Exchange Gertlerr sold off those diamond assets to fund his other purchases in copper, gold and oil mining.
