How one of the world's oldest hedge funds went bankrupt [Financial Post (Toronto, Ontario, Canada)]
Jefferies Financial Group Inc. (JEF)
Last jefferies financial group inc. earnings: 10/25 04:42 pm
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. The order came down from George Weiss, hedge-fund pioneer: Sell. Sell it all. The fund was closing, he said, near tears, to a group of portfolio managers over Zoom. Employees were floored. Article content After 46 years, his eponymous investment firm — founded in 1978, when the Dow was bumping along 800 — was spiralling toward oblivion. His stunning directive on the morning of Feb. 29 marked the culmination of a series of missteps — including paying executives six-figure bonuses while on the brink of insolvency — that sank one of the world's oldest hedge funds into bankruptcy last month. Article content Traders spent that wild Thursday offloading billions of dollars of positions. As they made calls to bank trading desks, employees fielded inquiries from recruiters while word of trouble spread. Later, as George Weiss was bidding staff goodbye in person, he described the firm as
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JEF
News
- Jefferies Financial Group Inc. (NYSE: JEF) had its price target raised by analysts at Oppenheimer Holdings Inc. from $56.00 to $57.00. They now have an "outperform" rating on the stock.MarketBeat
- Jefferies Financial Group Inc. (NYSE: JEF) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
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JEF
Earnings
- 3/27/24 - Miss
JEF
Sec Filings
- 6/7/24 - Form 424B2
- 6/7/24 - Form 424B2
- 6/7/24 - Form 424B2
- JEF's page on the SEC website