Wednesday, February 4, 2009

Is Third Time The Charm for Meriwether?

After yesterday's hilarious news that Michael Zimmerman was hoping investors would promptly forget about his near -90% performance and just shower him with pesos, today's Lazarus Watch focuses on none other than John Meriwether. The very same Meriwether, who in 1998 gave the financial system a very good dress rehearsal of the events of 2008, when his Long-Term Capital Management brought Wall Street to its knees, and ended up having to be bailed out for a measly $4 billion (by today's multi trillion standards). Apparently JWM's second incarnation did not fare much better, as JWM Partners was down 42% in December and "ten staff members and four partners left the firm. This was on top of an earlier cut of 13 staff members and two partners." Well, instead of calling it a career, John is sure eventually he will make money, which is why the man who has destroyed a lot of wealth is trying to launch yet another new fund. According the hedge fund net "given the tenuous situation in global markets so far this year, it is possible the fund launch won't happen." Way to hide behind the markets - how about given his deplorable track record?

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