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03.10.26 - 14:48
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Turkey′s Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back (ZeroHedge)
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Turkey's Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back
Two weeks after a cluster of Istanbul asset managers stopped honoring redemptions, triggering a market-wide circuit breaker and the liquidation of 131 funds held by some 455,758 Turkish retail investors, Ankara has unveiled its plan to make everyone whole. Or at least, to make everyone a little bit less un-whole.
As Bloomberg reports, Turkey will start payments to investors caught in the fund crisis. The Capital Markets Board (SPK) approved interim payments of up to 1 million lira (about $20,400) per eligible investor in funds run by Tera, Pusula, Atlas and Hedef, calculated on each investor's "net investment" as determined by the Central Securities Depository (MKK). Below a million lira, you get your money back; above it, you get a million and a place in the queue. Money market funds get paid first, the rest in descending order of investor count, with A1 Capital, Bulls and Pardus fu...
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02.10.26 - 01:49
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Bridgewater CEO Warns Unregulated AI Could Trigger ′Societal Breakdown′ - Even As The Firm Profits From It (ZeroHedge)
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Bridgewater CEO Warns Unregulated AI Could Trigger 'Societal Breakdown' - Even As The Firm Profits From It
Artificial intelligence could displace nearly one-fifth of the US labor market, threatening profound societal disruption if left unregulated, according to Bridgewater Associates CEO Nir Bar Dea. Speaking on an upcoming episode of The David Rubenstein Show: Peer-to-Peer Conversations, Bar Dea projected an 18% labor dislocation rate, noting that a technology capable of radically improving the world carries equally severe downside risks.
Nir Bar Dea Photographer: Zak Bennett/BloombergThe stark warning aligns Bar Dea with other prominent financial executives sounding the alarm on rapid technological upheaval. Bridgewater Managing Co-Chief Investment Officer Greg Jensen - an early backer of OpenAI and Anthropic - has likened the current public underestimation of AI to the early, dismissive days of the Covid-19 pandemic. Similarly, billionaire investor Paul Tudor Jones recently characterized ...
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