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Daimler also came through with $50 million in exchange for 10% ownership of the young startup, while another round of funding earned Tesla $82.5 from Daimler, Fjord Capital Partners, Aabar and other undisclosed investors.
Recognizing Social Security for the solution that it is while making clear that its funds are dedicated exclusively to the sole purpose of funding earned benefits (and the associated administrative costs) should not be a novel position.
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But buried in the regulator's quarterly data dump is a line, titled "cost of funding earning assets," that comes as close as it gets.
Private equity credit funds earned six times their 2009 levels, with $158 million in fees.
If the fund earned less than 12 percent, other investors, not the three pension systems, would absorb the losses.
Mr. Stern's funds earned $85 million from these trades, the S.E.C. said, and paid Security Trust more than $5.8 million.
The average UK smaller companies fund earned investors 35% this year, and that comes after a terrific run over the past five years.
Blackstone's hedge funds earned millions of dollars by betting against subprime mortgages in late 2006, before the housing boom imploded.
In the 1990s, the original Janus Fund earned an annual average return of 22%, compared with 12% at the equivalent fund at Merrill Lynch.
Between 1998 and 2003 the average hedge fund earned positive returns every year, ranging from 5% in 2002 to 27% in 1999.
But, even so, Standard Life says its with-profits endowment fund earned 9.8% overall – leaving policyholders understandably puzzled as to why the cuts keep coming.
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