“It’s time to clean it up,” Democratic U.S. Representative Jim Himes said Monday of the problem of insider trading, after former SAC fund manager Michael Steinberg was given the green light to challenge his conviction. Himes, who has introduced new legislation to make existing securities laws less “hazy” when it comes to insider trading, wants to remove the requirement that an alleged tipster personally benefit from a leak: “This is the time, after 80 years, that we need a clear statute forbidding insider trading.” (via Bloomberg)
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“One thought I find motivating is to imagine how great you’d feel if you saved someone’s life,” Matt Wage, an arbitrage trader who says he donates half of his pay each year, told Nicholas Kristof of the New York Times. “If you somehow saved a dozen people from a burning building, then you might remember that as one of the greatest things you ever did. But it turns out that saving this many lives is within the reach of ordinary people who simply donate a piece of their income.” Wage, who graduated with a degree in philosophy from Princeton University in 2012, says he donated about half of his pretax income in 2013: more than $100,000. (Via New York Times)
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“It’s time for a new day,” said Soohyung Kim of New York–based hedge fund firm Standard General. “We’re here today because we know this can work.” Kim was speaking a day after Standard General succeeded in its effort to rescue RadioShack from liquidation. (Via New York Times)
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“We think the hedge fund industry is undergoing a significant change due to a high fee structure and several years of underperformance,” said James Velissaris, chief investment officer for Infinity Q Capital Management, a new hedge fund firm targeting retail investors and run by employees of family office Wildcat Capital Management, which manages money for TPG Capital’s David Bonderman. (Via Bloomberg)