DOCSLIB.ORG

Hedge Hunters Hedge Fund Masters on the Rewards, the Risk, and the Reckoning

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hedge Hunters Hedge Fund Masters on the Rewards, the Risk, and the Reckoning P R A I S E F O R Hedge Hunters Hedge Fund Masters on the Rewards, the Risk, and the Reckoning BY KATHERINE BURTON BLOOM B E R G N EWS “Great descriptions of the backgrounds, philosophies, and practicesofthebestmanagers,toldinarapid,entertaining narrative—Ilearnedquitealot.” — DAVI D E INHORN Manager,GreenlightCapitalHedgeFund “Thisisapage-turner,withinsightsfromsomeofthelegends ofthehedgefundindustry.Andit’swritteninawonderfully engaging style by a veteran journalist with unprecedented accesstothesetitansofWallStreet.” — A N D R E W W. L O Harris&HarrisGroupProfessor Director,MITLaboratoryforFinancialEngineering MITSloanSchoolofManagement “Burton...break[s]newgroundbyprofilingthirteenup-and- comingmanagersselectedbytenacknowledged‘leadersand legends.’Wellwritten.” — PUBLISHERS WEEKLY This page is intentionally blank. Hedge Fund Investing Titles from Bloomberg Press Investing in Hedge Funds: Revised and Updated Edition by Joseph G. Nicholas Hedge Fund of Funds Investing: An Investor’s Guide by Joseph G. Nicholas Market-Neutral Investing: Long/Short Hedge Fund Strategies by Joseph G. Nicholas Hedge Fund Risk Fundamentals: Solving the Risk Management and Transparency Challenge by Richard Horwitz ——— A complete list of our titles is available at www.bloomberg.com/books Attention Corporations This book is available for bulk purchase at special discount. Special editions or chapter reprints can also be customized to specifications. For information, please e-mail Bloomberg Press, [email protected], Attention: Director of Special Markets, or phone 212-617-7966. Hedge Fund Masters on the Rewards, the Risk, and the Reckoning KATHERINE BURTON Bloomberg News B LOOM B ERG P RESS N EW Y ORK ©2007byBloombergL.P.Allrightsreserved.ProtectedundertheBerneConvention.Printed intheUnitedStatesofAmerica.Nopartofthisbookmaybereproduced,storedinaretrieval system,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,record- ing,orotherwise,withoutthepriorwrittenpermissionofthepublisherexceptinthecaseofbrief quotations embodied in critical articles and reviews. For information, please write: Permissions Department,BloombergPress,731LexingtonAvenue,NewYork,NY10022orsendane-mailto [email protected]. BLOOMBERG,BLOOMBERGLEGAL,BLOOMBERGMARKETESSENTIALS,BLOOM- BERG MARKETS,BLOOMBERGNEWS,BLOOMBERGPRESS,BLOOMBERGPROFES- SIONAL,BLOOMBERGRADIO,BLOOMBERGTELEVISION,BLOOMBERGTERMINAL, andBLOOMBERGTRADEBOOKaretrademarksandservicemarksofBloombergL.P. Allrightsreserved. ProvengeisaregisteredtrademarkofDendreonCorporation. Thispublicationcontainstheauthor’sopinionsandisdesignedtoprovideaccurateandauthori- tativeinformation.Itissoldwiththeunderstandingthattheauthor,publisher,andBloomberg L.P.arenotengagedinrenderinglegal,accounting,investment-planning,orotherprofessional advice.Thereadershouldseektheservicesofaqualifiedprofessionalforsuchadvice;theauthor, publisher,andBloombergL.P.cannotbeheldresponsibleforanylossincurredasaresultofspe- cificinvestmentsorplanningdecisionsmadebythereader. Firsteditionpublished2007 1 3 5 7 9 10 8 6 4 2 LibraryofCongressCataloging-in-PublicationData Burton,Katherine Hedgehunters:hedgefundmastersontherewards,therisk,andthereckoning/Katherine Burton. p.cm. Summary: “HedgeHuntersoffersararelookatthehedgefundindustry’stopperformersand introduces the most talented up-and-coming or undiscovered managers, handpicked by the mastersthemselves.Withcandoranddetail,themostsuccessfulhedgefundmanagersreveal theirpersonaljourneys,theirstrategiesforproducingoutstandingreturns,characteristicsthat makeagreatinvestor,andattributesmostimportanttothejob” --Providedbypublisher. Includesindex. ISBN978-1-57660-245-4(alk.paper) 1. Hedgefunds.2. Investmentadvisors.I. Title. HG4530.B87 2007 332.64'5--dc22 2007030945 AcquiredbySophiaEfthimiatou EditedbyMaryAnnMcGuigan To Colin Contents Preface ix Acknowledgments xiv C h a p t e r 1 I NTRO D UCTION Mark Yusko What It Takes to Be the Best 1 C h a p t e r 2 M ASTERS Michael Steinhardt A Passion for Performance 13 C h a p t e r 3 S TEINHAR D T ’ S P I C K John Armitage Reasoned and Unrattled 25 C h a p t e r 4 M ASTERS Marc Lasry An Intolerance for Losing 35 C h a p t e r 5 L ASR Y ’ S P I C K Craig Effron A Grip on Risk 47 C h a p t e r 6 M ASTERS Lee Ainslie A Stock Picker, Pure and Hardly Simple 59 C h a p t e r 7 A INSLIE’S PIC K Bernay Box The Big Time in Small Caps 73 C h a p t e r 8 M ASTERS Boone Pickens The Imperturbable Oilman 85 C h a p t e r 9 PIC K E N S ’ S P I C K S Brian Bradshaw, David Meaney, Michael Ross, and Alex Szewczyk A Place at the Table 95 C h a p t e r 1 0 M ASTERS Josh Friedman and Mitch Julis Doyens of Debt 101 C h a p t e r 1 1 F RIE D M A N ’ S A N D JULIS’S PIC K S Jeffrey Schachter and Burton Weinstein Leaving Little to Chance 113 C h a p t e r 1 2 M ASTERS Dwight Anderson The Phoenix Phenomenon 125 C h a p t e r 1 3 A N D ERSON’S PIC K Roberto Mignone Fruits of Firsthand Knowledge 135 C h a p t e r 1 4 A N D ERSON’S PIC K Bruce Ritter Mastering a Changing Market 147 C h a p t e r 1 5 M ASTERS Julian Robertson Encores 155 C h a p t e r 1 6 M ASTERS Jim Chanos Out on the Short-Selling Limb 163 C h a p t e r 1 7 M ASTERS Richard Perry A Manager’s Manager 177 C h a p t e r 1 8 M ASTERS Daniel Loeb Newfound Restraint 189 Index 201 Preface In the mid-90s,whenIbegancoveringhedgefundsforBloomberg News,andduringmuchofthedecadethatfollowed,thepeoplewho ranthesefundsoccupiedaquirky,little-knowncornerofthefinan- cialservicesindustry.Onceinawhile,anamelikeGeorgeSoros, renownedas“themanwhobroketheBankofEngland”forforcing the British pound out of the European monetary system, or John Meriwether,whonearlystartedafinancialcrisiswith$4billionin lossesatLong-TermCapitalManagement,wouldmakeitswayinto themainstreampress.Butmostofthetime,noonepaidanyheedto theseeccentricsortswhomanagedmoneyinawaythatfewothers dared. Unlike the managers of mutual funds and other traditional portfolios—which invest only in securities expected to rise in price—thepeoplerunninghedgefundswouldalsotrytoprofitby wageringonsecuritieswhosevaluetheyexpectedwouldfall.The goalwastomakemoneyunderanymarketconditions.Theysome- timesborrowedcashtomakethesebets,andtheychargedoutsized fees—initially,1percentofassetsundermanagement(now,more often2percent)and20percentofanygainstheymade. Hedgefundmanagerswereconsideredcowboys,colorfulper- sonalitieswhodidn’tfitwithintheconfinesofalargeorganiza- tion.Theywantedtoruntheirownshowbytheirownrules.The conventional wisdom back then was that size was anathema to performance. Funds routinely returned capital to their inves- tors.Bythelate1990s,onlytwomanagers,TigerManagement’s Julian Robertson and Soros Fund Management’s George Soros, hadventuredacrossthe$20billionthreshold.Neithermanager lastedlongatthatloftyheight. Alothaschangedsincethen.Whatwasonceahandfulofren- egadeinvestmentprofessionals—oneearlypractitionertoldmethat ix P REFACE ifhehadn’tbecomeahedgefundmanager,hewouldhaveended upasabookie—hasmorphedintoabuttoned-downindustryofsub- stantialsize.Today,in2007,thereareroughlytwenty-fourhundred single-managerhedgefundfirmsworldwide,overseeing$1.7trillion. Thetwolargestfundgroupsareaffiliatedwithmajorfinancialin- stitutions—JPMorganChase&CompanyandtheGoldmanSachs Group—andatthebeginningof2007,thesevenlargestfirmsac- countedforalmost$200billionofindustryassets. Asnewentrantshavecrowdedthefield,performancehassuf- fered.Theaverageannualreturnforahedgefundbetweenthestart of2000andJuly2007waslessthan9percent,adramaticdecline from18percentinthepreviousdecade.Findingwaystomakemoney inthemarketsishardernow,especiallybecausethebiggerthefirm, thelessimpacteachindividualtradehasonoverallperformance. Thehottopicasthisbookgoestopressisthedebtcrisisand theresultingflighttoqualitythathascausedsomesignificant—and inafewcases,mortal—lossesatseveralhedgefundfirms.After yearsoftightcreditspreadsandrisingstockmarkets,somefunds havesufferedwhatEdwardVasser,chiefinvestmentofficeratWolf AssetManagementInternational,callsa“crisisofcomplacency.” Sofar,mostofthedamagehasbeencontainedtofundsthattrade debtusingalotofborrowedmoneyandtoquantitativefundsthat use computer models to make their buy and sell decisions. The managersprofiledinthisbookarenot“quants,”andnomorethan one or two of them use much leverage. Overall, most funds are makingitthroughthesetumultuoustimes,perhapsalittlebruised, butstillstanding. Thisbackdropofamaturingindustryseemstherighttimetoask someverybasicquestions:Whatmakesagreathedgefundmanager? Whataccountsfortheabilitytothriveunderconditionsthatmake meresurvivalanachievement?Findingthatoutwouldgoalong waytowarduncoveringwhichofthehundredsofnewentrantsare destinedtobemanagementstars—andmaybeprovidesomeessen- tialtipsfortheyoungmenandwomenwho’dsettleforalesserplace amongthisselectgroupofinvestors. Tofindtheanswers,Isoughtouttheindustry’sleadersandleg- ends—hedgefundmasterswhohaveallsuccessfullyweatheredthe vagariesofthefinancialmarketsforadecadeormoreandproduced returnsthatfaroutstripthoseoftheirpeers.Ichosethembecause P REFACE xi ofthepartsthey’veplayedintheevolutionofhedgefunds.They excelatdifferentstrategiesandsomeeitherhonedtheirinvest- mentskillsundernotablementorsorbecamementorsthemselves, influencingpracticesthroughouttheindustry.MichaelSteinhardt isamongtheindustry’sfoundersasisJulianRobertson,whoisre- nownedfordevelopinginvestmenttalentatTigerManagement. TigerCubsLeeAinslieandDwightAndersonwerewithRobertson intheearlydaysbeforeheadingoutontheirown.KynikosAssoci- ates’JimChanos,whomakesmoneysolelyonstocksheexpectsto tumble,isthelongest-survivingshortsellerwiththemostassets
Load more

Recommended publications
  • Global Fund Finance Symposium
    8TH ANNUAL Global Fund Finance Symposium MARCH 21, 2018 NAME _________ GRAND HYATT, NEW YORK 8TH ANNUAL Global Fund Finance Symposium TABLE OF CONTENTS Letter from the Chairman ...3 Agenda at a Glance ............. 4 Session Details .................... 5 Sponsors ............................ 13 Speakers ............................ 31 FFA Leadership .................. 78 2 LETTER FROM THE CHAIRMAN Industry colleagues, The WFF committees have a great set of events planned for As I sit here on a Sunday night, with a glass of pinot in hand, 2018, and a special thanks to each of the firms that are helping trying to think of how to best encapsulate the feeling of the to sponsor these events. To help broaden the audience to 2017 market, my mind keeps wandering off to the pleading include more male participation, we’ve structured a great words of RiRi….. feature panel here today as part of the symposium. It’s my early favorite for winner of Best Panel of the day. “Please don’t stop the, please don’t stop the, please don’t stop the music” Couple of housekeeping notes - this year, we’ll be hosting our Rihanna 2007 (…and investors everywhere in 2017) Sponsor Dinner in London prior to the European symposium. Markets across the board were up, volatility was low, three The European fund finance market continues to grow, and the quarters of global GDP saw a pick-up in year-on-year terms in Board is looking forward to an evening there to both thank 2017, and the IMF is projecting stronger global GDP growth in our participating sponsors, but importantly provide a forum 2018 & 19 than 2017.
    [Show full text]
  • Private Equity
    OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: July 3, 2007 TO: OPERS Retirement Board Members Chris DeRose - Executive Director CC: Jennifer Hom, Director – Investments Greg Uebele, Senior Investment Officer – External Management FROM: Paul Rodgers, Portfolio Manager – Private Equity RE: Private Equity Update Purpose This memo provides a general update for the private equity activities. General Ohio-Midwest Discretionary Mandate On June 14, Credit Suisse held another “Breakfast Lecture Series” event in Dayton. The event attracted an audience of fifty people with the interaction between panelists and audience members once again vibrant. Those in attendance learned about the Ohio-Midwest initiative and its early results, the decision by OPERS to further support the program with another $50 million of capital, as well as the opportunities and attractiveness of investing in Ohio. One of the benefits of these meetings, beyond education and networking, is to stimulate deal flow opportunities. Credit Suisse’s Mel Carter reported shortly after the event that an entrepreneur in attendance approached one of the Ohio-Midwest Fund’s general partners and initiated a dialogue about the potential sale or recapitalization of his business. Such a meeting most likely would not have occurred had the Dayton event not taken place. Private Equity Procedures Staff is in the process of revising its General Partner Selection and Administration procedures to reflect the changes resulting from the shift in the advisory services model as well as improvements made with regard to workflow. Staff is coordinating this activity with Hamilton Lane, Investment Accounting, Audit, Legal, and Fund Management.
    [Show full text]
  • Sustainability Report 2010
    THE SUSTAIN- ABILITY EDGE SUSTAINABILITY REPORT 2010 “ The original mandate Of our sustainability Efforts was to a) be A good corporate citizen b) educate our colleagues so that they can be good citizens c) find the business value: ReDuceD opeRatinG costs anD incReaseD ReVenue through pRoDuct innoVation.” —PETER GRAUER, cHAIRMAN, BLOOMBERG, l.p. OUR APPROACH TO SUSTAINABILITY IS COMPREHENSIVE. It combines corporate citizenship, risk management and strategic opportunity – driving operating costs down, revenue growth up and greater adoption of sustainable practices. Bloomberg’s commitment to the environment and the communi- ties in which we work extends beyond our own doors – we also engage vendors and customers in setting standards, promoting clean technologies and reducing natural resource use. Most importantly, we are leveraging our product and reach to integrate material environmental, human and other information into business and financial market analysis. 2 sustainability RepoRt ©2011 BLOOMBERG l.p. ALL RiGHTS RESERVeD. “There is A clearProducts parallel & toServices creating transparencY and responsible forestry understanding Ofc LEANour ENERGY internal fINANcE sustainability Emffanageortsment Among cARBON mARkETS green building & energy BLP Employees, and to demonstrating to them thatEffIcienc Ythey or ENvIRONmENTAL, SOcIAL & GOvERNANcE BLP can havE A broader societal ImpacT throughsupp ourLY chaIN ris prodk - Ucts.” —MelinDa Wolfe,SUSTAINABILITY pRofessional NEwS DeVelopMent “GIving and environmental LAw Environment cOmmunity servIcE are part Of the Bloomberg culture, wITH electronicS EffIciencY A long history Of servIcE and people are engaged& E-waste. Aligning environmental our giving and volunteering wITH targeted NGOstandards support & transparen, cY supply chain ImpacT and business cOmmunity support mAkes SUSTAINABILITY IS INTEGRATED INTO OUR BUSINESS at BloomberG sustainability means managing our business better by integrating environmental, social and EconomIc considerations Into our operations and products and servIces.
    [Show full text]
  • Friend-Of-The-Court Brief
    13-422, 13-445 United States Court of Appeals for the Second Circuit THE NEW YORK TIMES COMPANY, CHARLIE SAVAGE, SCOTT SHANE, AMERICAN CIVIL LIBERTIES UNION, AMERICAN CIVIL LIBERTIES UNION FOUNDATION, Plaintiffs-Appellees, v. UNITED STATES DEPARTMENT OF JUSTICE, UNITED STATES DEPARTMENT OF DEFENSE, CENTRAL INTELLIGENCE AGENCY Defendants-Appellants. ON APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK THE HONORABLE COLLEEN MCMAHON BRIEF AMICI CURIAE OF THE REPORTERS COMMITTEE FOR FREEDOM OF THE PRESS AND 37 OTHER MEDIA ORGANIZATIONS, IN SUPPORT OF PLAINTIFFS-APPELLEES Bruce D. Brown Counsel of Record Mark R. Caramanica Aaron Mackey The Reporters Committee for Freedom of the Press 1101 Wilson Blvd., Suite 1100 Arlington, VA 22209 Telephone: (703) 807-2100 *Additional counsel appearances listed on the pages following *Additional amici counsel: Bruce L. Gottlieb Aretae Wyler John Zucker Atlantic Media, Inc. Indira Satyendra 600 New Hampshire Ave., NW ABC, Inc. Washington, DC 20037 77 W. 66th Street New York, NY 10023 Charles J. Glasser, Jr. Global Media Counsel Jerald N. Fritz Bloomberg L.P. Senior Vice President 731 Lexington Avenue Legal and Strategic Affairs New York, NY 10022 and General Counsel Allbritton Communications Company David C. Vigilante 1000 Wilson Blvd., Suite 2700 Johnita P. Due Arlington, VA 22209 Cable News Network, Inc. Also counsel for POLITICO LLC 1 CNN Center Atlanta, GA 30303 Kevin M. Goldberg Fletcher, Heald & Hildreth, PLC Marshall Anstandig 1300 N. 17th St., 11th Floor Senior VP/General Counsel Arlington, VA 22209 Andrew Huntington Counsel for American Society General Counsel/Director of Labor of News Editors Relations California Newspapers Partnership Karen Kaiser Bay Area News Group Associate General Counsel 750 Ridder Park Drive The Associated Press San Jose, CA 95190 450 W.
    [Show full text]
  • EXPLOITATION Or! Tchildren,' COMMIT/Fee on the JUDICIARY
    If you have issues viewing or accessing this file contact us at NCJRS.gov. -~ ~- -.------- EXPLOITATION Or! tCHILDREN,' ('.t . HEARING BEFORE THE SUBCOMMITTEE ON JUVENILE JUSTICE OF THE COMMIT/fEE ON THE JUDICIARY UNITED STATES SEN ATE NINETY-SEVENTH CONGRESS FIRST SESSION ON PROBLEMS OF EXPLOITED CHILDREN NOVEMBER 5, 1981 Serial N 00 J-97 -78 lnted for the use {)f the Committee on the Judiciary ; ': , . U.S. GOVERNMENT PRINTING OFFICE W ASmNGTON : 1982 CONTENTS OPENING STATEMENT tr Page Specter, Hon. Arlen, a U.S. Senator from the State of Pennsylvania chair- man, Subcommittee on Juvenile Justice .................................................... : .......... .. 1 CHRONOLOGICAL LIS'r OF WITNESSES COMMI'ITEE ON THE JUDICIARY Rabun, John B., manager, Exploited Child Unit, Jefferson County, Ky., De- partment of Human Services ...................................................................................... 2, 59 [97th Congress] David .................................................................................................................................. 5 STROM THURMOND, South Carolina, Chairman Sullivan, Terry, former prosecutor for the State of Illinois .................................... 17 CHARLES McC. MATHIAS, JR., Maryland JOSEPH R. BIDEN, JR., Delaware Rittet:, Father Bruce, fo~nder a~d president, Covenant House, New York City. 27 PAUL LAXALT, Nevada EDWARD M. KENNED~, ~a~s~chusetts Pregha~co, .Ronald J., VIce chaIrman, Jefferson County Task Force on Child ORRIN G. HATCH, Utah ROBERT C. BYRD, West VIrgInIa. ProstItutIon
    [Show full text]
  • Darryl Bassile Complaint
    INDEX NO. 950105/2019 FILED: NEW YORK COUNTY CLERK 08/20/2019 07:09 PM NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 08/20/2019 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK DARRYL BASSILE, Index No. _______________________ Plaintiff, COMPLAINT v. AND DEMAND FOR JURY TRIAL ARCHDIOCESE OF NEW YORK; CONVENTUAL FRANCISCANS a/k/a FRIARS MINOR CONVENTUAL a/k/a CONVENTUAL FRANCISCANS OUR LADY OF THE ANGELS PROVINCE a/k/a ORDER OF FRIARS MINOR CONVENTUAL IMMACULATE CONCEPTION a/k/a OUR LADY OF THE ANGELS PROVINCE, INC. f/k/a FRANCISCAN FATHERS (MINOR CONVENTUALS, IMMACULATE CONCEPTION PROVINCE); THE CATHOLIC CHARITIES OF THE ARCHDIOCESE OF NEW YORK; COVENANT HOUSE a/k/a COVENANT HOUSE NEW YORK a/k/a COVENANT HOUSE UNDER 21; and DOES 1-5 whose identities are unknown to Plaintiff, Defendants. From approximately the years of 1973 through 1974, Father Bruce Ritter, O.F.M. Conv. (“Fr. Ritter”) sexually abused Plaintiff as a child. While the abuse occurred, Defendants were generally negligent, they negligently employed Fr. Ritter, and gave him access to children, including Plaintiff. This lawsuit arises out of Plaintiff’s significant 1 4 of 18 INDEX NO. 950105/2019 FILED: NEW YORK COUNTY CLERK 08/20/2019 07:09 PM NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 08/20/2019 damages from that sexual abuse, described below. Plaintiff, by and through Plaintiff’s attorneys, states and alleges as follows: PARTIES A. Plaintiff 1. At all times material to this Complaint, Plaintiff was a resident at Covenant House in New York City, New York.
    [Show full text]
  • Homeless Youth Statistics
    Contact: [email protected] Direct: 212-727-4920 Covenant House: Homeless Youth Statistics Stats about the youth homeless population: • 57% of homeless kids spend at least one day every month without food. • In the United States, as many as 20,000 kids are forced into prostitution by human trafficking networks every year. • According to a study of youth in shelters, nearly 50% reported intense conflict or physical harm by a family member as a major contributing factor to their homelessness. • Over 25% of former foster children become homeless within two to four years of leaving the system. • 50% of adolescents aging out of foster care and juvenile justice systems will be homeless within six months because they are unprepared to live independently, have limited education and no social support. • Almost 40% of the homeless in the United States are under 18. Stats about Covenant House’s population: • 41% of Covenant House kids witnessed acts of violence in their homes. • 36% of Covenant House kids indicated that someone in their family used drugs regularly. • 19% of Covenant House kids reported being beaten with an object. • 19% of Covenant House kids reported that they have endured sexual abuse. • 15% of Covenant House kids reported someone close to them had been murdered. Contact: [email protected] Direct: 212-727-4920 Covenant House: Quick Fact Sheet Covenant House is the largest privately-funded agency in the Americas providing food, shelter, immediate crisis care, and services to homeless, throwaway, and runaway kids.
    [Show full text]
  • House of Refuge, House of Cards
    8 House of Refuge, House Founded by a charismatic priest, Covenant House, a group home for homeless youth, stood as a bulwark against New York’s worst urban nightmares––until it all fell apart. Yet its careful, fifteen-year reconstruction has COVENANT HOUSE ARCHIVES proven its enduring worth. Father Bruce Ritter spent considerable time learning the intricacies of a neighborhood, connecting with its people, and involving himself in all of their problems: poverty, violence, drugs, unemployment, and police corruption. NEW YORK archives • WINTER 2006 9 of Cards BY AMY M. SURAK AND PETER J. WOSH ovenant House, a Catholic- Riverdale section of The Bronx. oriented charity that provides The Reverend Bruce Ritter, a shelter and social services for Franciscan priest who taught homeless youths, has been an theology and administered important and occasionally the Christian Life Council at controversial part of New York the college, inaugurated the City’s philanthropic infrastruc- ministry as an outgrowth of ture since the late 1960s. his social commitments. Father Supporters have viewed it as Bruce had been a popular COVENANT HOUSE ARCHIVES Ca model organization that figure on campus since his on East Seventh Street near The idea for Covenant House effectively reaches a tough and arrival in 1963. He encouraged Avenue D in one of Manhattan’s originated at Manhattan College, troubled group of street children students to work in Catholic worst slum districts. Thus began where Ritter taught theology and have praised its pragmatic anti-poverty programs, fostered an idealistic crusade with the and administered the Christian approach, entrepreneurial lively debates about the simple goal of serving the poor.
    [Show full text]
  • Doctor with AIDS Sues "Negligent" City
    I ...., I 212-807-7566 ~ I I ~~ I leo ...1 I I I I I I I I OPEN 7 DAYS A WEEK TILL 9 PM I I UNION PLANS )~'-~ ~I I~I<'": I I M ED I C A I D ,diI'flllJJ!J ~ I-'~ ,'" I I MASTERCARD I VISAI AMEX I -,'lr=rJt=1 ' ' q'"" I 0 -:.......~' ,0 -~-~--o-, :,~ .~. ," , ':" o I ~ ~ -- -- --~- v·P'lvr~ \ '-", Co ."'~ "" 0 __ IEST A B LIS H E D ll22!~ ~~-==-~--::~~~ I AS WE BEGIN OU~-8th YEAR, :~ WILL I I STRIVE EVEN HARDER TO MAKE IT A I I HEALTHIER FUTURE FOR ALL OF US. I I THE I' ONLY I I 1"~~d" I VJll!Ue ~UUItLW9'I'~ i I ~ I I~RNER !.!.02.!!..'!~~~~!~~~~~J Film The War of the Roses 56 Film Born on the Fourth ofJuly 57 Music Censo1Ship and Music 58 Music Michelle Shocked 59 Performance Second Sleep 60 fml~ Dance ManMade 61 I '% .... Books H01Se 62 Keep your laws off our bodies. Page 16. Books Garcia Lorca 63 Photo: Evett Bennett ON THE COVER:Kevin Kite. Photo: T.L, litt Outspoken (Editorial) 4 !.etters 5 Stonewall Rioo (Natalie) 5 Blurt Out 7 Announcing Kramer vs.., a new monthly column by larry Kramer, See page 36, Jennifer Camper 8 Xeroxed 9 RfITER'S ACCUSER SPEAKS 38 GLAADTidings 32 Gabriel Rotello discusses Father Bruce and Covenant House with Kevin Kite Kramer vs.., 36 Look Out 48 Out of my Hands (Ball) 50 TAKING IT TO mE STREETS 46 Gossip Watch 51 Mark Chesnut on ,Health Outreach to Teenagers Best Bets (X) 68 Bar Guide 70 WHERE ARE TIIEY NOW 52 Community Directory 72 Signorile launches a not-so-scientific investigation in TheNatitis masthead Classifieds 74 Personals 84 Susan Braham Crossword (Greco) 98 and Jeremy Nelson whirl, into action at the Joyce's ManMade.
    [Show full text]
  • The Healer Within Claiming to Have Rid Her Body of HIV in The
    NEWS 12 THE ARTS Film A Strange liJw Affair 54 Film She-Devil 55 Theater Merchant of Venice 56 Theater Lava 57 Theater 1&1 58 Music Harry Connick, Jr. 59 Music 60 .~.~dfW\~~:~~,s. Allen Ginsberg Same desk, new mayor. Page 14. Books Calendars 62 Photo: T.L Litt. HEALTH Positive Alternatives (Lederer) 32 ON THE COVER: Niro Asistent Markoff. DEPARTMENTS Photo: Ira Cohen .. Outspoken (Editorial) 4 Letters 5 f~ATUR~S Sotomayor 5 Blurt Out 7 TIlE HEALER WTI1IIN 38 Dykes to Watch Out For (Bechtlel) 8 Gabriel Rotella Talks to Niro Asistent Markoff About Healing HN and the SHAREexperience Stonewall Riots (Natalie) 10 Xeroxed 11 GLAADTidings 30 CAPTIONS FOR QUEERS 46 Out of Control (Day) 34 Joe Clark Discusses the Prooiems and P<xentials of Closed Captioning for Deaf Lesbians and Gays look Out 48 Out of my Hands (Ball) 50 Gossip Watch 51 Going Out Calendar (X) 64 Best Bets (X) 66 Bar Guide 68 Community Directory 70 Classifieds 73 Personals 84 LOOSE ON TIlE LUST IlNES 52 Crossword (Greco) 98 liz Tracey Tries to Make a Connection Systems Collapse he pandemonium prevailing in New York's overcrowd- ed hospital system has passed the point that demarcates civilized health care from barbaric inQifference. The T most dire warnings of recent years have come to pass, and citizens with life-threatening illness routinely languish in emergency corridors for days on end. The triage system nOw in. place in city hospitals has ended any semblance of decent health care in New York. We don't know when we will see a humane system reemerge here, but when it does it will certainly be too .
    [Show full text]
  • ~:Rhe.WORLD' IS OURS! . TALKING ABOUT the GAY"'''
    No.28 January 7, 1990 $1.95 inNYC $2.95 USA $ll'i3.9S Canada -~:rHE.WORLD' IS OURS! . TALKING ABOUT THE GAY"''' GIRL MUSICIANS QU THE GOLDEN GATI NEWS • SEXUAL POUTICS ~ HEALm' THE ARTS 346 BLEECKER ST •• CORNER W. 10lb ST.,....• ~ --WI ~ OPEN 7 DAYS TILL 9 PM I!IIH . MODERN COMPUTERIZED· PHARMACY VISA-AMEX-MASTERCARD r~~~Il""~WJf UNION & MEDICAID PLANS ACCEPTED WISHING OUR FRIENDS & CUSTOMERS A HAPPIER & HEALTHIER NEW YEAR FROM THE ONLY Cor. W. 10th St. & Bleecker - Next to CL YDES Film Blaze 55 My Left Foot 55 Bloodhounds of Broadway 56 Art Thomas Hart Benton 57 Music s.F.'s Underground Scene. 58 Video Lesbian Tongues 60 One small step for a lesbian, one giant Books The Assistance of Vice 61 step for the lesbian Nation. See p. 28. Books Being Homosexual and The Psychoana- Photo: Nina Reyes. lytic Theory of Male Homosexuality 62 HEALTH Political Science (Harrington) 32 ON THE COVER: Living with AIDS (GeL5o) 36 (I. to r.) Julie Tolentino Wood, Lola Flash, Aner Candelario, Gregg Hubbard. DEPARTMENTS Photo: Michael Wakefield. Outspoken (Editorial) 4 Letters 5 Sotomayor 5 Stonewall Riots (Natalie) 6 TAKING ON THEWORLD Blurt Out 7 From the Silly to the Serious, Some Celebrated Queers Give Good QUQte On the New Decade Jennifer Camper 8 Nightmare of the Week 9 Xeroxed 11 GLAAD Tidings 30 Sandor Katz 34 Look Out- 50 Out of My Hands (Ball) 52 Gossip Watch 53 Going Out Calendar (X) 66 Best Bets (X) 68 Bar Guide 70 Community Directory 72 Classifieds 75 Personals 86 Crossword (Greco) 98 JAI JAI NOIRE, S.F.
    [Show full text]
  • Meet Our Speakers
    MEET OUR SPEAKERS SAMMY ASOLI Lloyds Bank Sammy Asoli is currently Director, Financial Sponsors, North America at Lloyds Banking Group. His experience includes the provision of structured fund financing facilities for private equity, real estate, infrastructure, and private debt managers. Sammy also has oversight for the cross product coverage and portfolio management of the US Financial Sponsors portfolio. His experience includes loan structuring (capital call, hybrid, and asset leverage), and marketing for core wholesale banking products including derivatives, global transaction banking, and asset level financing. Prior to joining Lloyds, Sammy worked at JP Morgan in Private Placements for the Alternative Capital Markets team. He has held positions at Ares Management, The Blackstone Group, and Goldman Sachs across a variety of private equity, fund management, and strategic planning functions. He holds a graduate degree in Economic Policy and Management from Columbia University and an undergraduate degree in Economics and International Business from Manhattan College where he was awarded the 2007 Richard J Carey Medal in Economics. CAROLINE BARTON Appleby Caroline is a partner within the Corporate department in Cayman and Group Head of Banking & Asset Finance, as well as Transport & Logistics. Her practice areas include private equity, asset finance, corporate finance, bond offerings and structured finance. She is extensively involved in aircraft and vessel financing, subscription financing and CLOs. Caroline also has deep experience in capital markets, corporate restructuring and mergers and acquisitions, especially working on the buyer side of transactions. Caroline was recognised by Who’s Who Legal in 2016 and 2017 with respect to Aircraft Finance, and acknowledged as a ´Rising Star´ in IFLR1000´s 2015 capital markets law rankings.
    [Show full text]