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Best of the Web, North American financials edition


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Best of the Web, North American financials edition

Why markets are soaring amid worldwideturmoil, a hedge fund fires a portfolio manager after reports surface about hiswild pool party, and an ex-banker who witnessed the looting of a Central Asian countrytries to help recover assets while serving a federal prison sentence for wire fraud.

Whymarkets are partying while the world burns

The record-setting rallies in the securities market seems toreflect an alternate reality from the real world dealing with devastating terroristattacks, police-related violence and the impactof the Brexit vote. An article in The WashingtonPost explains that traders are not disconnected from the world, but anticipatingthe future. The markets are optimistic about clues from policy statements that suggest,among other things, that the British might perhaps not leave the European Union.

Moore Capitalfires hedge fund manager after wild Hamptons party

Some hedge funds might not like their names associated with ahashtag like #Sprayathon. Reuters reported that Moore Capital Management LP fired portfolio manager BrettBarna after social media reports on a wild pool party Barna threw on the propertyof a $20 million rented mansion in the Hamptons. The revelry featured around 1,000partygoers and included dancing, drinking and "spraying bubbly." The houseowner said the event was pitched as a fundraiser for an animal charity and 50 guests.

Bankersitting in U.S. prison has a most incredible tale to tell

Eugene Gourevitch is a former banker considered to be a financewhiz who, before landing in an Alabama prison, witnessed the looting of a CentralAsian state, was once kidnapped and had dealings with the Italian mafia. The federalgovernment accused him of using knowledge as an informant for an insider tradinginvestigation to steal millions from a target. Gourevitch is now helping the JusticeDepartment recover stolen assets from Kyrgyzstan, Bloomberg News reported.

KevinO'Leary of 'Shark Tank' has 17 new ways for you to invest in the stock market

One of the latest investors looking to take advantage of theboom in exchange-traded funds is Kevin O'Leary, of ABC's "Shark Tank"fame. Business Insider was among severalnews outlets to report O'Leary's SEC filing through his company, O'Shares Investments.Among the names of his investment vehicles are O'Shares FTSE Russell U.S. QualityHigh Dividend ETF, O'Shares FTSE Russell Emerging Markets Quality Dividend ETF andO'Shares Quality Preferred Stock ETF.

Optionsmarket signals little fear of election-tied volatility

Options traders do not think the 2016 presidential election willdrive volatility, Reuters reported. Options bets around the November election arerunning low compared to previous election cycles, the report said, citing a studyby BNP Paribas. Investors apparently do not expect either presumptive presidentialnominee to do anything to disrupt business.

Fromfallen presidential candidates, bold money ideas worth another look

Although the presidential runs for Jeb Bush, Marco Rubio andBernie Sanders fell short of nomination, a story in The New York Times said some of their money ideas deserve a second look.Jeb Bush's would have replaced student loans with a single line of credit from whichstudents could draw each semester. Sanders would make it easy for people to getthree free credit reports each year. The newspaper thinks people should considerRubio's plan that would allow everyone in the nation to invest through the federalgovernment's retirement program, the Thrift Savings Plan.