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She holds degrees in English and journalism from UC Berkeley (where she got her start in public radio on KALX-FM).\r\n\r\nOutside of the studio, you'll find Rachael hiking Bay Area trails and whipping up Instagram-ready meals in her kitchen.","avatar":"https://secure.gravatar.com/avatar/87bf8cb5874e045cdff430523a6d48b1?s=600&d=blank&r=g","twitter":"rachaelmyrow","facebook":null,"instagram":null,"linkedin":"https://www.linkedin.com/in/rachaelmyrow/","sites":[{"site":"arts","roles":["administrator"]},{"site":"news","roles":["edit_others_posts","editor"]},{"site":"futureofyou","roles":["editor"]},{"site":"bayareabites","roles":["editor"]},{"site":"stateofhealth","roles":["editor"]},{"site":"science","roles":["editor"]},{"site":"food","roles":["editor"]},{"site":"forum","roles":["editor"]}],"headData":{"title":"Rachael Myrow | KQED","description":"Senior Editor of KQED's Silicon Valley News Desk","ogImgSrc":"https://secure.gravatar.com/avatar/87bf8cb5874e045cdff430523a6d48b1?s=600&d=blank&r=g","twImgSrc":"https://secure.gravatar.com/avatar/87bf8cb5874e045cdff430523a6d48b1?s=600&d=blank&r=g"},"isLoading":false,"link":"/author/rachael-myrow"},"mlagos":{"type":"authors","id":"3239","meta":{"index":"authors_1591205172","id":"3239","found":true},"name":"Marisa Lagos","firstName":"Marisa","lastName":"Lagos","slug":"mlagos","email":"mlagos@kqed.org","display_author_email":false,"staff_mastheads":["news"],"title":"KQED Contributor","bio":"\u003cspan style=\"font-weight: 400;\">Marisa Lagos is a correspondent for KQED’s California Politics and Government Desk and co-hosts a weekly show and podcast, \u003c/span>\u003ci>\u003cspan style=\"font-weight: 400;\">Political Breakdown.\u003c/span>\u003c/i> \u003cspan style=\"font-weight: 400;\">At KQED, Lagos conducts reporting, analysis and investigations into state, local and national politics for radio, TV and online. Every week, she and cohost Scott Shafer sit down with political insiders on \u003c/span>\u003ci>\u003cspan style=\"font-weight: 400;\">Political Breakdown\u003c/span>\u003c/i>\u003cspan style=\"font-weight: 400;\">, where they offer a peek into lives and personalities of those driving politics in California and beyond. \u003c/span>\r\n\r\n\u003cspan style=\"font-weight: 400;\">Previously, she worked for nine years at the San Francisco Chronicle covering San Francisco City Hall and state politics; and at the San Francisco Examiner and Los Angeles Time,. She has won awards for her work investigating the 2017 wildfires and her ongoing coverage of criminal justice issues in California. She lives in San Francisco with her two sons and husband.\u003c/span>","avatar":"https://secure.gravatar.com/avatar/a261a0d3696fc066871ef96b85b5e7d2?s=600&d=blank&r=g","twitter":"@mlagos","facebook":null,"instagram":null,"linkedin":null,"sites":[{"site":"news","roles":["editor"]},{"site":"science","roles":["editor"]},{"site":"forum","roles":["author"]}],"headData":{"title":"Marisa Lagos | KQED","description":"KQED Contributor","ogImgSrc":"https://secure.gravatar.com/avatar/a261a0d3696fc066871ef96b85b5e7d2?s=600&d=blank&r=g","twImgSrc":"https://secure.gravatar.com/avatar/a261a0d3696fc066871ef96b85b5e7d2?s=600&d=blank&r=g"},"isLoading":false,"link":"/author/mlagos"},"ljamali":{"type":"authors","id":"11552","meta":{"index":"authors_1591205172","id":"11552","found":true},"name":"Lily Jamali","firstName":"Lily","lastName":"Jamali","slug":"ljamali","email":"ljamali@kqed.org","display_author_email":false,"staff_mastheads":[],"title":"KQED Contributor","bio":"Lily was the former co-host of the daily morning show, The California Report.","avatar":"https://secure.gravatar.com/avatar/dbf7b30d159e697731046a10d25a9e29?s=600&d=blank&r=g","twitter":"lilyjamali","facebook":null,"instagram":null,"linkedin":null,"sites":[{"site":"news","roles":["create_posts","subscriber"]},{"site":"forum","roles":["editor"]}],"headData":{"title":"Lily Jamali | KQED","description":"KQED Contributor","ogImgSrc":"https://secure.gravatar.com/avatar/dbf7b30d159e697731046a10d25a9e29?s=600&d=blank&r=g","twImgSrc":"https://secure.gravatar.com/avatar/dbf7b30d159e697731046a10d25a9e29?s=600&d=blank&r=g"},"isLoading":false,"link":"/author/ljamali"}},"breakingNewsReducer":{},"campaignFinanceReducer":{},"firebase":{"requesting":{},"requested":{},"timestamps":{},"data":{},"ordered":{},"auth":{"isLoaded":false,"isEmpty":true},"authError":null,"profile":{"isLoaded":false,"isEmpty":true},"listeners":{"byId":{},"allIds":[]},"isInitializing":false,"errors":[]},"navBarReducer":{"navBarId":"news","fullView":true,"showPlayer":false},"navMenuReducer":{"menus":[{"key":"menu1","items":[{"name":"News","link":"/","type":"title"},{"name":"Politics","link":"/politics"},{"name":"Science","link":"/science"},{"name":"Education","link":"/educationnews"},{"name":"Housing","link":"/housing"},{"name":"Immigration","link":"/immigration"},{"name":"Criminal Justice","link":"/criminaljustice"},{"name":"Silicon Valley","link":"/siliconvalley"},{"name":"Forum","link":"/forum"},{"name":"The California Report","link":"/californiareport"}]},{"key":"menu2","items":[{"name":"Arts & Culture","link":"/arts","type":"title"},{"name":"Critics’ Picks","link":"/thedolist"},{"name":"Cultural Commentary","link":"/artscommentary"},{"name":"Food & Drink","link":"/food"},{"name":"Bay Area Hip-Hop","link":"/bayareahiphop"},{"name":"Rebel Girls","link":"/rebelgirls"},{"name":"Arts Video","link":"/artsvideos"}]},{"key":"menu3","items":[{"name":"Podcasts","link":"/podcasts","type":"title"},{"name":"Bay Curious","link":"/podcasts/baycurious"},{"name":"Rightnowish","link":"/podcasts/rightnowish"},{"name":"The Bay","link":"/podcasts/thebay"},{"name":"On Our Watch","link":"/podcasts/onourwatch"},{"name":"Mindshift","link":"/podcasts/mindshift"},{"name":"Consider This","link":"/podcasts/considerthis"},{"name":"Political Breakdown","link":"/podcasts/politicalbreakdown"}]},{"key":"menu4","items":[{"name":"Live Radio","link":"/radio","type":"title"},{"name":"TV","link":"/tv","type":"title"},{"name":"Events","link":"/events","type":"title"},{"name":"For Educators","link":"/education","type":"title"},{"name":"Support KQED","link":"/support","type":"title"},{"name":"About","link":"/about","type":"title"},{"name":"Help Center","link":"https://kqed-helpcenter.kqed.org/s","type":"title"}]}]},"pagesReducer":{},"postsReducer":{"stream_live":{"type":"live","id":"stream_live","audioUrl":"https://streams.kqed.org/kqedradio","title":"Live Stream","excerpt":"Live Stream information currently unavailable.","link":"/radio","featImg":"","label":{"name":"KQED Live","link":"/"}},"stream_kqedNewscast":{"type":"posts","id":"stream_kqedNewscast","audioUrl":"https://www.kqed.org/.stream/anon/radio/RDnews/newscast.mp3?_=1","title":"KQED Newscast","featImg":"","label":{"name":"88.5 FM","link":"/"}},"news_11891626":{"type":"posts","id":"news_11891626","meta":{"index":"posts_1591205157","site":"news","id":"11891626","score":null,"sort":[1633953625000]},"guestAuthors":[],"slug":"hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait","title":"Hedge Funds Cash Out Billions in PG&E Stock. Fire Survivors Suffer and Wait","publishDate":1633953625,"format":"standard","headTitle":"KQED News","labelTerm":{},"content":"\u003cp>Pacific Gas & Electric Company has been called a \"terror\" to the people of California. Its \u003ca href=\"https://www.kqed.org/news/11873113/help-us-investigate-pges-power-lines#:~:text=Note%3A%20If%20you%20smell%20natural,%2D800%2D743%2D5000.\">electric grid has sparked wildfires\u003c/a> each of the last four years and is suspected of igniting this year's Dixie Fire, the second largest blaze in the state's history.\u003c/p>\n\u003cp>The company is mired in debt. Electricity rates are skyrocketing. Tens of thousands of survivors of fires sparked by the utility's equipment are waiting for promised compensation.\u003c/p>\n\u003cp>Amid all this pain, there's one group that's simply walking away: Wall Street hedge funds.\u003c/p>\n\u003cp>A KQED/California Newsroom analysis of documents on file with the U.S. Securities and Exchange Commission, or SEC, found that 20 Wall Street hedge funds have collectively dumped 250 million PG&E shares — two-thirds of their collective holdings in the company — since PG&E emerged from bankruptcy protection last year. Those hedge funds grossed at least $2 billion dumping the stock, our analysis found. At least seven funds have sold off their entire PG&E stake.\u003c/p>\n\u003cp>What's more: Many of these same hedge funds got an extraordinary amount of PG&E stock without paying a cent for it.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>That gigantic stock giveaway, which handed $1.5 billion worth of PG&E stock to the hedge funds, is widely acknowledged to be the largest of its kind in the history of corporate bankruptcy. Under the agreement, known as an equity backstop, PG&E gave the hedge funds 169 million shares in the company in exchange for a guarantee the hedge funds would buy more stock if no one else stepped forward as the company prepared to leave bankruptcy.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891639 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated.jpg\" alt=\"A graphic shows various hedge funds dumping PG&E shares, including Appaloosa Management, Anchorage Capital Group, and others.\" width=\"1240\" height=\"1576\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated.jpg 1240w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-800x1017.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-1020x1296.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-160x203.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-1209x1536.jpg 1209w\" sizes=\"(max-width: 1240px) 100vw, 1240px\">\u003c/p>\n\u003cp>That didn't happen, but the hedge funds nevertheless collected their payout.\u003c/p>\n\u003cp>In an interview, Nora Mead Brownell, PG&E's board chair during most of its recent bankruptcy, described the deal as a cost of doing business in a high-risk, politically charged environment. Without the guarantee from the hedge funds, the company could not have left bankruptcy by the deadline mandated by Gov. Gavin Newsom, she said.\u003c/p>\n\u003cp>\"Everybody can hate hedge funds,\" she said but \"the hedge funds were the people who were there.”\u003c/p>\n\u003cp>That they ended up not having to buy more stock was immaterial, she added: \"Hedge funds get paid for taking risk, and that's what they got paid for.\"\u003c/p>\n\u003cp>But the current hedge fund sell-off of PG&E shares has direct consequences for approximately 70,000 fire survivors who lost loved ones, homes and businesses to blazes sparked by PG&E's equipment between 2015 and 2018.\u003c/p>\n\u003cp>Thanks to \u003ca href=\"https://www.wsj.com/articles/as-pg-e-fire-victims-weigh-settlement-lawyers-role-attracts-scrutiny-11589198405\">a legal settlement engineered by these same hedge funds\u003c/a> during the bankruptcy, these fire survivors now hold nearly 500 million shares representing nearly a quarter of the company's stock through a special trust.\u003c/p>\n\u003cp>But with the hedge fund stock dump putting downward pressure on PG&E's share price, fire survivors — whose Fire Victim Trust has held onto its shares — face a return dramatically lower than what they were promised by \u003ca href=\"https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20200620_pge_achieves_bankruptcy_court_confirmation_of_its_plan_of_reorganization\">both PG&E\u003c/a> and their \u003ca href=\"https://firesettlementfacts.com/\">own lawyers\u003c/a>. The value of the fire survivors' stock has never achieved the $6.75 billion figure survivors were promised and so, while hedge funds are moving on, fire survivors have been left holding the bag.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891637 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2.jpg\" alt=\"A graphic describes statistics for hedge funds that profited $2.1 billion in gross income while fire victims had $0 in gross income. Hedge funds sold 250 million shares of PG&E whereas fire victims kept 480 million shares. \" width=\"1433\" height=\"1071\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2.jpg 1433w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-800x598.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-1020x762.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-160x120.jpg 160w\" sizes=\"(max-width: 1433px) 100vw, 1433px\">\u003c/p>\n\u003cp>\"It's nothing but a con, isn't it? How can they do that?\" said Terry McBride, 61, who lost her Calaveras County home in a fire that PG&E caused in 2015. Since then, she's shared a trailer with her 25-year-old daughter. They live on the same lot where their home burned down.\u003c/p>\n\u003cp>\"How can they look in the mirror and put together an agreement like that?\" McBride said. \"What part of humanity do they belong to? It's not the humanity I belong to where I actually care about my brothers and sisters and my fellow citizens.\"\u003c/p>\n\u003cp>KQED and The California Newsroom reached out to eight of the hedge funds dumping stock. None would comment on the record for this story.\u003c/p>\n\u003cp>Fire survivors, UC Hastings College of the Law professor Jared Ellias noted, \"are not the bankruptcy experts that the hedge funds were\" and so the hedge funds \"left the fire victims with the risk of the shares and the risk of the deal.\"\u003c/p>\n\u003cp>The hedge funds' maneuverings have had dire consequences not only for fire survivors, but also for \u003ca href=\"https://calmatters.org/california-divide/debt/2021/03/california-high-electricity-prices/\">PG&E's 16 million ratepayers, who spend about 80% more on power than the national average\u003c/a>, according to a recent study. And \u003ca href=\"https://sjvsun.com/business/merced-joins-opposition-to-pges-proposed-rate-increases/\">PG&E wants to increase rates by an average of 19%\u003c/a> going forward. Experts say that's in part because of all the debt the company took on while the \u003ca href=\"https://www.kqed.org/news/11755807/how-hedge-funds-are-shaping-pges-future\">hedge funds exerted control over the company\u003c/a> — having \u003ca href=\"https://www.sec.gov/Archives/edgar/data/75488/000095015719000433/form8k.htm\">replaced nearly the entire board of directors\u003c/a> in early 2019 with new arrivals half of whom had investing or corporate restructuring backgrounds.\u003c/p>\n\u003cp>Though companies usually use the bankruptcy process to get on surer financial footing, PG&E's debt load has exploded from $22 billion before the bankruptcy to $38 billion when it ended in mid-2020. That debt has escalated further since it left Chapter 11 last year, rising to $42.5 billion.\u003c/p>\n\u003cp>\"You have to pay debt back,\" said John Geesman, a former member of the California Energy Commission, who said the impacts will only become more extreme with time as the company attempts to repair its long-neglected system. PG&E's precarious financial state coming out of bankruptcy \"impacts the ability of the company to finance necessary infrastructure improvements and necessary fire mitigation.\"\u003c/p>\n\u003cp>Geesman said the company's fragile financial state means it is more likely to spark wildfires and even enter another bankruptcy — an outcome, he said, engineered by the hedge funds but also hardly a surprise.\u003c/p>\n\u003cp>\"It's a little bit like complaining when sharks bite people,\" Geesman said. \"You have to ask yourself, why did we agree to this?\"\u003c/p>\n\u003ch3>Hedge funds dumping stock\u003c/h3>\n\u003cp>The sell-offs run counter to the hedge funds' public pronouncements.\u003c/p>\n\u003cp>Last April, while fire survivors were voting on their settlement, the head of one large fund rejected the notion that there would be a stock dump that would depress the value of the victims' shares.\u003c/p>\n\u003cp>\"The idea that everybody will suddenly turn around and sell all of their stock at the same time is inconsistent with how these investors approach the situation over a long period of time and certainly inconsistent with selling something at well below fair value,\" Tom Wagner, the head of Knighthead Capital Management, said in \u003ca href=\"https://www.bloomberg.com/news/videos/2020-04-09/knighthead-s-wagner-on-pg-e-restructuring-credit-markets-amid-virus-video\">an April 2020 interview with Bloomberg TV\u003c/a>.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891638 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2.jpg\" alt=\"A graphic shows PG&E shares owned by Knighthead Capital Management from 2017 to 2021, with shares peaking after PG&E exits bankruptcy, particularly in August 2020.\" width=\"1508\" height=\"1141\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2.jpg 1508w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-800x605.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-1020x772.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-160x121.jpg 160w\" sizes=\"(max-width: 1508px) 100vw, 1508px\">\u003c/p>\n\u003cp>The hedge funds dumping stock run the gamut from the relatively obscure to some of the most celebrated names on Wall Street. They include one founded by nonagenarian billionaire George Soros, and another started by famed Wall Street investor David Tepper, who was once profiled in a New York Magazine article titled \"\u003ca href=\"https://nymag.com/news/features/establishments/68513/\">Ready to Be Rich\u003c/a>\" and whose name now graces the business school of his alma mater, Carnegie Mellon.\u003c/p>\n\u003cp>\u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">Reporting by KQED\u003c/a> has shown that another fund, Centerbridge Partners, was part of a group of \u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">investors that bankrolled mass tort lawyer Mikal Watts\u003c/a> with a massive line of credit. \u003ca href=\"https://pgelawsuit.com/\">Watts had bragged\u003c/a> about scoring a $13.5 billion settlement for fire survivors.\u003c/p>\n\u003cp>Critics say \u003ca href=\"https://www.kqed.org/news/11814494/wall-street-ties-of-lawyer-for-pge-fire-victims-have-some-survivors-querying-settlement-vote\">the line of credit represents a potential conflict of interest\u003c/a>, since Centerbridge stood to benefit if fire survivors got a smaller settlement.\u003c/p>\n\u003cp>Indeed, the settlement has never been worth the $13.5 billion Watts claims. The December 2019 deal between PG&E and fire survivors was composed of $6.75 billion in cash and PG&E stock that was said to be worth\u003ca href=\"https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20200620_pge_achieves_bankruptcy_court_confirmation_of_its_plan_of_reorganization\"> an equal amount\u003c/a>. But when PG&E funded the stock at the market price of about $9, the stock component ended up falling more than $2 billion short.[pullquote size=\"medium\" align=\"right\" citation=\"Terry McBride, fire victim\"]'The justice system thoroughly failed the survivors of these fires. They thoroughly failed us. That's a fact.'[/pullquote]\u003c/p>\n\u003cp>The stock has ticked up this month, reaching $10.70 on October 8 after lagging for much of the summer. But shares would have to top $14 for the settlement to be worth $13.5 billion.\u003c/p>\n\u003cp>The filings reviewed by KQED and The California Newsroom reflect stock holdings by these hedge funds through June 30. Two weeks after that date, the Dixie Fire erupted, burning down the historic town of Greenville on its path to destroying nearly a million acres and becoming the second largest fire in California history. PG&E has indicated that \u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">its equipment may have played a role in sparking the catastrophic blaze\u003c/a>.\u003c/p>\n\u003cp>PG&E also now faces manslaughter charges in the 2020 Zogg Fire, which killed four people in Shasta County. It's the second time PG&E has faced manslaughter charges in as many years. Last year, the company pleaded guilty to 84 involuntary manslaughter counts stemming from the 2018 Camp Fire.\u003c/p>\n\u003cp>In a statement to KQED and The California Newsroom, PG&E said state regulators closely monitor the utility's \"financial health\" to ensure it \"can continue to make important safety, reliability and clean energy improvements.\" The company said that it was moving forward with a plan to improve wildfire mitigation and the resilience of the grid.\u003c/p>\n\u003cp>But Mark Toney, executive director of The Utility Reform Network (TURN), said that while PG&E is improving when it comes to wildfire safety, the legacy of the hedge funds is clear: \"The high debt makes it hard for the company to invest in infrastructure,\" Toney said.\u003c/p>\n\u003cfigure id=\"attachment_11891646\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg class=\"size-full wp-image-11891646\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed.jpg\" alt=\"A woman in a tank top stands in front of a storage shed, with a slight smile and eyes closed in the bright sun.\" width=\"1920\" height=\"1440\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-1020x765.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-160x120.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-1536x1152.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Terry McBride, 61, who lost her Calaveras County home in a fire that PG&E caused in 2015. Since then, she's shared a trailer with her 25-year-old daughter. They live in a trailer on the same lot where their home burned down. \u003ccite>(Courtesy Terry McBride)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003ch3>A bet gone wrong\u003c/h3>\n\u003cp>In conducting our analysis, KQED and The California Newsroom reviewed hundreds of securities filings, known as \u003ca href=\"https://www.sec.gov/divisions/investment/13ffaq.htm\">13Fs\u003c/a>, which large institutional investors must submit to the U.S. Securities and Exchange Commission every three months. The documents offer a snapshot of a hedge fund's portfolio, showing how much stock it holds in various companies at the end of each quarter.\u003c/p>\n\u003cp>The filings tell the story: Hedge funds saw an opportunity to profit by buying low when PG&E's stock price plunged after a series of fires tore through the North Bay in 2017. The firestorm killed 44 people and destroyed thousands of homes. PG&E shares fell from $70 to $45 within weeks.\u003c/p>\n\u003cp>But PG&E's share price had much further to fall. The following year, the 2018 Camp Fire sent shares plummeting to $25 in the days after PG&E equipment sparked the blaze before plummeting to $7 when PG&E chose to enter Chapter 11 a few weeks later. The fire killed 85 people and displaced tens of thousands in and around the town of Paradise. It remains the deadliest and most destructive fire in California history.\u003c/p>\n\u003cp>As shares sank, many hedge funds that had scooped up shares after the 2017 fires watched their big bet on PG&E turn sour. [pullquote size=\"medium\" align=\"right\" citation=\"Terry McBride, fire victim\"]\"How can they look in the mirror and put together an agreement like that? ... What part of humanity do they belong to? It's not the humanity I belong to where I actually care about my brothers and sisters and my fellow citizens.\"[/pullquote]\u003c/p>\n\u003cp>At that point, some of the funds decided to dramatically increase their purchases of PG&E shares, filings show. Knighthead joined forces with two other funds — Abrams Capital Management and Redwood Capital Management. This \u003ca href=\"https://www.bloomberg.com/news/articles/2019-03-15/new-pg-e-investor-group-is-said-to-push-for-management-shakeup\">trio emerged as leaders of a group of hedge funds\u003c/a> that would go on to exert control of the bankruptcy of PG&E, using its leverage to remake PG&E's board on the heels of the company's decision to enter Chapter 11. Wagner would serve as the public face of the group.\u003c/p>\n\u003cp>By the time the bankruptcy was finalized last summer, \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1512397/000101297520000693/0001012975-20-000693-index.htm\">Wagner's fund held 22.3 million shares of PG&E\u003c/a>, at least a quarter of which had been received at no cost as part of the backstop, valued at almost $200 million, according to its 13F filings.\u003c/p>\n\u003cp>But though Wagner dismissed the idea that investors would quickly dump their stock on Bloomberg TV, Knighthead has since sold off more than half its PG&E shares, our analysis of filings shows.\u003c/p>\n\u003cp>Another hedge fund, Anchorage Capital Group, held as many as 45 million shares worth $425 million last year. 13F filings show Anchorage had sold off its entire stake by this past March. Anchorage also participated in the backstop and received an estimated 8 million shares, worth at least $68 million, in the giveaway\u003c/p>\n\u003cp>GoldenTree Asset Management, Stonehill Capital Management and the SteelMill Master Fund are among the slew of other hedge funds who have completely exited the stock. Before the bankruptcy ended, each of these funds held more than $100 million worth of PG&E shares.\u003c/p>\n\u003cp>But these sales pale in comparison to the sell-off by David Tepper's Appaloosa Management. Tepper has long kept tabs on PG&E.\u003c/p>\n\u003cp>\"Of course California will bail out Pacific Gas & Electric Company, because it's not going to let the state not have power,\" reporter Jessica Pressler wrote of Tepper's philosophy in her 2010 New York Magazine article \"\u003ca href=\"https://nymag.com/news/features/establishments/68513/\">Ready to Be Rich.\u003c/a>\" Tepper is invested in being \"a regular guy,\" she wrote. Appaloosa was also part of a foursome of \u003ca href=\"https://investor.pgecorp.com/news-events/press-releases/press-release-details/2020/PGE-Corporation-Announces-325-Billion-Common-Stock-Investment-from-Multiple-Investors/default.aspx\">private investors that purchased PG&E shares at a discount\u003c/a> as the company raised money in preparation to leave bankruptcy protection.\u003c/p>\n\u003cp>Filings show that Appaloosa owned nearly 81 million shares of PG&E worth $760 million as of last September. An estimated 10 million shares, worth at least $82 million, likely were provided by the backstop. By June, however, Appaloosa had slashed its stake in PG&E by around 80%.\u003c/p>\n\u003cp>Appaloosa did not respond to our inquiries about its decision to sell off while fire survivors struggled.\u003c/p>\n\u003cp>Meanwhile, Centerbridge Partners, the hedge fund that helped bankroll attorney Mikal Watts, sold 1.8 million shares — a fifth of its stake — in the year after PG&E’s left Chapter 11 bankruptcy. KQED and The California Newsroom estimate that Centerbridge was given around 3.5 million shares, worth at least $29 million, at no cost through the special backstop arrangement.\u003c/p>\n\u003cp>Centerbridge was co-founded by Mark Gallogly, who was appointed as an adviser to President Joe Biden's climate team earlier this year. \u003ca href=\"https://therevolvingdoorproject.org/attn-john-kerry-mark-gallogly-is-loyal-to-profit-not-climate/\">Gallogly's appointment immediately drew rebukes from environmental advocacy groups\u003c/a>, who said he had profited from climate emergencies in both California and Puerto Rico. Gallogly departed Biden's climate team a few months later.\u003c/p>\n\u003cp>Not every hedge fund with significant PG&E holdings has dumped the stock. Baupost owned about 30 million shares of PG&E as of June. The fund got most of that, around 21 million shares worth at least $174 million, at no cost in the equity backstop deal. That's more than any other hedge fund.\u003c/p>\n\u003cp>In a statement, a Baupost spokesperson said it participated in the backstop after being asked by several parties in the bankruptcy — including representatives of fire survivors — to \"support the company's emergence from bankruptcy.\"\u003c/p>\n\u003cp>\u003ca href=\"https://www.wsj.com/articles/klarmans-baupost-poised-to-cash-in-on-pg-e-insurance-bet-11568387840\">Baupost salvaged a badly timed investment in PG&E stock\u003c/a> by buying PG&E insurance claims for cheap. In the bankruptcy, this insurance group shared $11 billion in cash, far more than fire survivors.\u003c/p>\n\u003ch3>The great risk shift\u003c/h3>\n\u003cp>Through it all, the special trust for PG&E's 70,000 fire survivors continues to hold onto stock in the company that sparked fires that destroyed their homes or killed their loved ones.\u003c/p>\n\u003cp>Many fire survivors want to be rid of the emotional burden that comes with this, and receive cash that would come with the stock's sale, but the stock has continued to lag well below the level needed to make fire victims whole. In June, John Trotter, the court-appointed trustee of the Fire Victim Trust, \u003ca href=\"https://www.youtube.com/watch?v=0XDLml9GEyg&t=270s\">signaled in a YouTube video\u003c/a> that he planned to hold off on selling any of the 478 million shares it owns.\u003c/p>\n\u003cp>\"The story of the stock is not a good one,\" Trotter said in the video, without indicating a timeline of when he might sell the shares. Fire survivors \"should want PG&E to do well,\" he added.\u003c/p>\n\u003cp>\"\u003ca href=\"https://www.kqed.org/news/11884610/will-pges-fire-victims-ever-be-made-whole-never-says-trustee-overseeing-compensation\">It's such quicksand\u003c/a>,\" Trotter told KQED and the California Newsroom in a subsequent interview. Trotter said he expects that there may only be enough to provide survivors 60% of what they are owed. They will \"never be made whole,\" Trotter said.\u003c/p>\n\u003cfigure id=\"attachment_11891642\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg class=\"size-full wp-image-11891642\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed.jpg\" alt=\"A woman bends over some crafting work in a shed, with a lamp hovering over her work.\" width=\"1920\" height=\"1440\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-1020x765.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-160x120.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-1536x1152.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Kathleen McBride, 25, in her craft shed in Calaveras County. The McBride family lost their Calaveras County home in a fire that PG&E caused in 2015. They live in a trailer on the same lot where their home burned down. \u003ccite>(Courtesy Terry McBride)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>As Terry McBride and her daughter wait for compensation from the Fire Victim Trust, they've had to brave a combination of extreme heat and wildfire smoke that leaves them with persistent headaches. The temperature in their trailer regularly spikes higher than 100 degrees. They've covered their trailer, which Terry refers to as \"a tin can,\" with reflective paint to try to lower the temperature inside by a few degrees on the hottest days.\u003c/p>\n\u003cp>They live modestly while they wait. Terry spends much of her time gardening while her daughter spends hours doing crafts each day. Terry says she has grown increasingly dependent on her daughter as her eyes start to fail her.\u003c/p>\n\u003cp>\"I have zero doubt that Wall Street was behind this. We're not of value to them. We have no value to them,\" McBride said. \"The justice system thoroughly failed the survivors of these fires. They thoroughly failed us. That's a fact.\"\u003c/p>\n\u003cp>McBride is among the vast majority of fire survivors who have yet to receive any money from the Fire Victim Trust.\u003c/p>\n\u003cp>Wall Street analysts have taken notice that fire survivors appear stuck with the stock, because that means a quarter of PG&E's stock remains off the market, providing stability to the stock price.[aside tag=\"wildfire\" label=\"More wildfire coverage\"]\u003c/p>\n\u003cp>In June, when Trotter indicated his willingness to wait on selling the stock, analyst Julien Dumoulin-Smith of Bank of America called the announcement a \"de-risking factor,\" or a reassuring sign for investors in the face of the company's other risks — such as the fact that the company continues to be linked to new wildfires.\u003c/p>\n\u003cp>\"Critically trustee Justice John Trotter indicated in recent days that no imminent sales are planned as the Trust continues to work through issues of taxable gains on any share sales,\" he wrote in a research note this summer. \"We see this as potentially serving as [an] offsetting de-risking factor against otherwise elevated near-term fire risks.\"\u003c/p>\n\u003cp>Another analyst, Jonathan Arnold of Vertical Research Partners, referred to the trustee's comments as \"the glass-half-full headline takeaway for the market.\"\u003c/p>\n\u003ch3>'Who is responsible for this?'\u003c/h3>\n\u003cp>Some fire survivors say they are caught in the middle of a Wall Street game that they never wanted to play. Their settlement has shifted PG&E's myriad risks onto them.\u003c/p>\n\u003cp>Regardless of what happens to the stock now, Camp Fire survivor Tony Dunn wants to understand why PG&E was permitted to fund an amount of stock that ended up being worth $4.5 billion — not the promised $6.75 billion.\u003c/p>\n\u003cp>\"It looks like they cut themselves a 33% discount. Where's the oversight on this to say, 'You can't do that'?\" Dunn told KQED by phone from his home near Asheville, North Carolina, where he and his wife, Jhan, moved about a year after they were displaced from Paradise.\u003c/p>\n\u003cp>\"Did PG&E save money in this process? Was this PG&E's lawyers? The hedge funds? This math was never right,\" Dunn continued. \"This is egregious and there's absolutely no excuse for it. My biggest question now is, who is responsible for this? Who knew and let it happen anyway?\"\u003c/p>\n\u003cp>When we asked PG&E to answer Dunn's question about why the stock funding came in at billions of dollars less than promised, the company declined to answer. It provided a statement.\u003c/p>\n\u003cp>\"We continue to honor the victims of the Camp Fire and previous fires, and all that was lost, by continuing the important work to reduce wildfire and other risk across our energy systems. We funded the trust in accordance with our plan of reorganization,\" PG&E spokesperson Lynsey Paulo wrote.\u003c/p>\n\u003cp>\u003cem>Lily Jamali is a correspondent for KQED in San Francisco. She produced this investigation for The California Newsroom. Aaron Glantz, senior investigations editor for the Newsroom, edited this story together with Managing Editor Adriene Hill. It was copyedited by Jenny Pritchett of KQED.\u003c/em>\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>\u003cem>The California Newsroom is a collaboration of NPR and 17 public radio stations across the state, from San Diego to the Oregon border.\u003c/em>\u003c/p>\n\n","blocks":[],"excerpt":"A California Newsroom analysis of federal filings found that 20 Wall Street hedge funds collectively dumped 250 million PG&E shares, and grossed at least $2 billion, after the utility emerged from bankruptcy protection last year.","status":"publish","parent":0,"modified":1633999674,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":77,"wordCount":3595},"headData":{"title":"Hedge Funds Cash Out Billions in PG&E Stock. Fire Survivors Suffer and Wait | KQED","description":"A California Newsroom analysis of federal filings found that 20 Wall Street hedge funds collectively dumped 250 million PG&E shares, and grossed at least $2 billion, after the utility emerged from bankruptcy protection last year.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Hedge Funds Cash Out Billions in PG&E Stock. Fire Survivors Suffer and Wait","datePublished":"2021-10-11T12:00:25.000Z","dateModified":"2021-10-12T00:47:54.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"11891626 https://ww2.kqed.org/news/?p=11891626","disqusUrl":"https://ww2.kqed.org/news/2021/10/11/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait/","disqusTitle":"Hedge Funds Cash Out Billions in PG&E Stock. Fire Survivors Suffer and Wait","source":"California Newsroom","path":"/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>Pacific Gas & Electric Company has been called a \"terror\" to the people of California. Its \u003ca href=\"https://www.kqed.org/news/11873113/help-us-investigate-pges-power-lines#:~:text=Note%3A%20If%20you%20smell%20natural,%2D800%2D743%2D5000.\">electric grid has sparked wildfires\u003c/a> each of the last four years and is suspected of igniting this year's Dixie Fire, the second largest blaze in the state's history.\u003c/p>\n\u003cp>The company is mired in debt. Electricity rates are skyrocketing. Tens of thousands of survivors of fires sparked by the utility's equipment are waiting for promised compensation.\u003c/p>\n\u003cp>Amid all this pain, there's one group that's simply walking away: Wall Street hedge funds.\u003c/p>\n\u003cp>A KQED/California Newsroom analysis of documents on file with the U.S. Securities and Exchange Commission, or SEC, found that 20 Wall Street hedge funds have collectively dumped 250 million PG&E shares — two-thirds of their collective holdings in the company — since PG&E emerged from bankruptcy protection last year. Those hedge funds grossed at least $2 billion dumping the stock, our analysis found. At least seven funds have sold off their entire PG&E stake.\u003c/p>\n\u003cp>What's more: Many of these same hedge funds got an extraordinary amount of PG&E stock without paying a cent for it.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>That gigantic stock giveaway, which handed $1.5 billion worth of PG&E stock to the hedge funds, is widely acknowledged to be the largest of its kind in the history of corporate bankruptcy. Under the agreement, known as an equity backstop, PG&E gave the hedge funds 169 million shares in the company in exchange for a guarantee the hedge funds would buy more stock if no one else stepped forward as the company prepared to leave bankruptcy.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891639 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated.jpg\" alt=\"A graphic shows various hedge funds dumping PG&E shares, including Appaloosa Management, Anchorage Capital Group, and others.\" width=\"1240\" height=\"1576\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated.jpg 1240w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-800x1017.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-1020x1296.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-160x203.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/major-hedge-funds-updated-1209x1536.jpg 1209w\" sizes=\"(max-width: 1240px) 100vw, 1240px\">\u003c/p>\n\u003cp>That didn't happen, but the hedge funds nevertheless collected their payout.\u003c/p>\n\u003cp>In an interview, Nora Mead Brownell, PG&E's board chair during most of its recent bankruptcy, described the deal as a cost of doing business in a high-risk, politically charged environment. Without the guarantee from the hedge funds, the company could not have left bankruptcy by the deadline mandated by Gov. Gavin Newsom, she said.\u003c/p>\n\u003cp>\"Everybody can hate hedge funds,\" she said but \"the hedge funds were the people who were there.”\u003c/p>\n\u003cp>That they ended up not having to buy more stock was immaterial, she added: \"Hedge funds get paid for taking risk, and that's what they got paid for.\"\u003c/p>\n\u003cp>But the current hedge fund sell-off of PG&E shares has direct consequences for approximately 70,000 fire survivors who lost loved ones, homes and businesses to blazes sparked by PG&E's equipment between 2015 and 2018.\u003c/p>\n\u003cp>Thanks to \u003ca href=\"https://www.wsj.com/articles/as-pg-e-fire-victims-weigh-settlement-lawyers-role-attracts-scrutiny-11589198405\">a legal settlement engineered by these same hedge funds\u003c/a> during the bankruptcy, these fire survivors now hold nearly 500 million shares representing nearly a quarter of the company's stock through a special trust.\u003c/p>\n\u003cp>But with the hedge fund stock dump putting downward pressure on PG&E's share price, fire survivors — whose Fire Victim Trust has held onto its shares — face a return dramatically lower than what they were promised by \u003ca href=\"https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20200620_pge_achieves_bankruptcy_court_confirmation_of_its_plan_of_reorganization\">both PG&E\u003c/a> and their \u003ca href=\"https://firesettlementfacts.com/\">own lawyers\u003c/a>. The value of the fire survivors' stock has never achieved the $6.75 billion figure survivors were promised and so, while hedge funds are moving on, fire survivors have been left holding the bag.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891637 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2.jpg\" alt=\"A graphic describes statistics for hedge funds that profited $2.1 billion in gross income while fire victims had $0 in gross income. Hedge funds sold 250 million shares of PG&E whereas fire victims kept 480 million shares. \" width=\"1433\" height=\"1071\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2.jpg 1433w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-800x598.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-1020x762.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/hedge-funds-v-fire-victims-2-160x120.jpg 160w\" sizes=\"(max-width: 1433px) 100vw, 1433px\">\u003c/p>\n\u003cp>\"It's nothing but a con, isn't it? How can they do that?\" said Terry McBride, 61, who lost her Calaveras County home in a fire that PG&E caused in 2015. Since then, she's shared a trailer with her 25-year-old daughter. They live on the same lot where their home burned down.\u003c/p>\n\u003cp>\"How can they look in the mirror and put together an agreement like that?\" McBride said. \"What part of humanity do they belong to? It's not the humanity I belong to where I actually care about my brothers and sisters and my fellow citizens.\"\u003c/p>\n\u003cp>KQED and The California Newsroom reached out to eight of the hedge funds dumping stock. None would comment on the record for this story.\u003c/p>\n\u003cp>Fire survivors, UC Hastings College of the Law professor Jared Ellias noted, \"are not the bankruptcy experts that the hedge funds were\" and so the hedge funds \"left the fire victims with the risk of the shares and the risk of the deal.\"\u003c/p>\n\u003cp>The hedge funds' maneuverings have had dire consequences not only for fire survivors, but also for \u003ca href=\"https://calmatters.org/california-divide/debt/2021/03/california-high-electricity-prices/\">PG&E's 16 million ratepayers, who spend about 80% more on power than the national average\u003c/a>, according to a recent study. And \u003ca href=\"https://sjvsun.com/business/merced-joins-opposition-to-pges-proposed-rate-increases/\">PG&E wants to increase rates by an average of 19%\u003c/a> going forward. Experts say that's in part because of all the debt the company took on while the \u003ca href=\"https://www.kqed.org/news/11755807/how-hedge-funds-are-shaping-pges-future\">hedge funds exerted control over the company\u003c/a> — having \u003ca href=\"https://www.sec.gov/Archives/edgar/data/75488/000095015719000433/form8k.htm\">replaced nearly the entire board of directors\u003c/a> in early 2019 with new arrivals half of whom had investing or corporate restructuring backgrounds.\u003c/p>\n\u003cp>Though companies usually use the bankruptcy process to get on surer financial footing, PG&E's debt load has exploded from $22 billion before the bankruptcy to $38 billion when it ended in mid-2020. That debt has escalated further since it left Chapter 11 last year, rising to $42.5 billion.\u003c/p>\n\u003cp>\"You have to pay debt back,\" said John Geesman, a former member of the California Energy Commission, who said the impacts will only become more extreme with time as the company attempts to repair its long-neglected system. PG&E's precarious financial state coming out of bankruptcy \"impacts the ability of the company to finance necessary infrastructure improvements and necessary fire mitigation.\"\u003c/p>\n\u003cp>Geesman said the company's fragile financial state means it is more likely to spark wildfires and even enter another bankruptcy — an outcome, he said, engineered by the hedge funds but also hardly a surprise.\u003c/p>\n\u003cp>\"It's a little bit like complaining when sharks bite people,\" Geesman said. \"You have to ask yourself, why did we agree to this?\"\u003c/p>\n\u003ch3>Hedge funds dumping stock\u003c/h3>\n\u003cp>The sell-offs run counter to the hedge funds' public pronouncements.\u003c/p>\n\u003cp>Last April, while fire survivors were voting on their settlement, the head of one large fund rejected the notion that there would be a stock dump that would depress the value of the victims' shares.\u003c/p>\n\u003cp>\"The idea that everybody will suddenly turn around and sell all of their stock at the same time is inconsistent with how these investors approach the situation over a long period of time and certainly inconsistent with selling something at well below fair value,\" Tom Wagner, the head of Knighthead Capital Management, said in \u003ca href=\"https://www.bloomberg.com/news/videos/2020-04-09/knighthead-s-wagner-on-pg-e-restructuring-credit-markets-amid-virus-video\">an April 2020 interview with Bloomberg TV\u003c/a>.\u003c/p>\n\u003cp>\u003cimg class=\"wp-image-11891638 size-full aligncenter\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2.jpg\" alt=\"A graphic shows PG&E shares owned by Knighthead Capital Management from 2017 to 2021, with shares peaking after PG&E exits bankruptcy, particularly in August 2020.\" width=\"1508\" height=\"1141\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2.jpg 1508w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-800x605.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-1020x772.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/knighthead-1-2-160x121.jpg 160w\" sizes=\"(max-width: 1508px) 100vw, 1508px\">\u003c/p>\n\u003cp>The hedge funds dumping stock run the gamut from the relatively obscure to some of the most celebrated names on Wall Street. They include one founded by nonagenarian billionaire George Soros, and another started by famed Wall Street investor David Tepper, who was once profiled in a New York Magazine article titled \"\u003ca href=\"https://nymag.com/news/features/establishments/68513/\">Ready to Be Rich\u003c/a>\" and whose name now graces the business school of his alma mater, Carnegie Mellon.\u003c/p>\n\u003cp>\u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">Reporting by KQED\u003c/a> has shown that another fund, Centerbridge Partners, was part of a group of \u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">investors that bankrolled mass tort lawyer Mikal Watts\u003c/a> with a massive line of credit. \u003ca href=\"https://pgelawsuit.com/\">Watts had bragged\u003c/a> about scoring a $13.5 billion settlement for fire survivors.\u003c/p>\n\u003cp>Critics say \u003ca href=\"https://www.kqed.org/news/11814494/wall-street-ties-of-lawyer-for-pge-fire-victims-have-some-survivors-querying-settlement-vote\">the line of credit represents a potential conflict of interest\u003c/a>, since Centerbridge stood to benefit if fire survivors got a smaller settlement.\u003c/p>\n\u003cp>Indeed, the settlement has never been worth the $13.5 billion Watts claims. The December 2019 deal between PG&E and fire survivors was composed of $6.75 billion in cash and PG&E stock that was said to be worth\u003ca href=\"https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20200620_pge_achieves_bankruptcy_court_confirmation_of_its_plan_of_reorganization\"> an equal amount\u003c/a>. But when PG&E funded the stock at the market price of about $9, the stock component ended up falling more than $2 billion short.\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"'The justice system thoroughly failed the survivors of these fires. They thoroughly failed us. That's a fact.'","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"Terry McBride, fire victim","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>The stock has ticked up this month, reaching $10.70 on October 8 after lagging for much of the summer. But shares would have to top $14 for the settlement to be worth $13.5 billion.\u003c/p>\n\u003cp>The filings reviewed by KQED and The California Newsroom reflect stock holdings by these hedge funds through June 30. Two weeks after that date, the Dixie Fire erupted, burning down the historic town of Greenville on its path to destroying nearly a million acres and becoming the second largest fire in California history. PG&E has indicated that \u003ca href=\"https://www.kqed.org/news/11887723/sharks-are-circling-again-with-wildfires-come-lawyers-and-previous-survivors-have-a-warning\">its equipment may have played a role in sparking the catastrophic blaze\u003c/a>.\u003c/p>\n\u003cp>PG&E also now faces manslaughter charges in the 2020 Zogg Fire, which killed four people in Shasta County. It's the second time PG&E has faced manslaughter charges in as many years. Last year, the company pleaded guilty to 84 involuntary manslaughter counts stemming from the 2018 Camp Fire.\u003c/p>\n\u003cp>In a statement to KQED and The California Newsroom, PG&E said state regulators closely monitor the utility's \"financial health\" to ensure it \"can continue to make important safety, reliability and clean energy improvements.\" The company said that it was moving forward with a plan to improve wildfire mitigation and the resilience of the grid.\u003c/p>\n\u003cp>But Mark Toney, executive director of The Utility Reform Network (TURN), said that while PG&E is improving when it comes to wildfire safety, the legacy of the hedge funds is clear: \"The high debt makes it hard for the company to invest in infrastructure,\" Toney said.\u003c/p>\n\u003cfigure id=\"attachment_11891646\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg class=\"size-full wp-image-11891646\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed.jpg\" alt=\"A woman in a tank top stands in front of a storage shed, with a slight smile and eyes closed in the bright sun.\" width=\"1920\" height=\"1440\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-1020x765.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-160x120.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Terry-in-front-of-storage-shed-1536x1152.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Terry McBride, 61, who lost her Calaveras County home in a fire that PG&E caused in 2015. Since then, she's shared a trailer with her 25-year-old daughter. They live in a trailer on the same lot where their home burned down. \u003ccite>(Courtesy Terry McBride)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003ch3>A bet gone wrong\u003c/h3>\n\u003cp>In conducting our analysis, KQED and The California Newsroom reviewed hundreds of securities filings, known as \u003ca href=\"https://www.sec.gov/divisions/investment/13ffaq.htm\">13Fs\u003c/a>, which large institutional investors must submit to the U.S. Securities and Exchange Commission every three months. The documents offer a snapshot of a hedge fund's portfolio, showing how much stock it holds in various companies at the end of each quarter.\u003c/p>\n\u003cp>The filings tell the story: Hedge funds saw an opportunity to profit by buying low when PG&E's stock price plunged after a series of fires tore through the North Bay in 2017. The firestorm killed 44 people and destroyed thousands of homes. PG&E shares fell from $70 to $45 within weeks.\u003c/p>\n\u003cp>But PG&E's share price had much further to fall. The following year, the 2018 Camp Fire sent shares plummeting to $25 in the days after PG&E equipment sparked the blaze before plummeting to $7 when PG&E chose to enter Chapter 11 a few weeks later. The fire killed 85 people and displaced tens of thousands in and around the town of Paradise. It remains the deadliest and most destructive fire in California history.\u003c/p>\n\u003cp>As shares sank, many hedge funds that had scooped up shares after the 2017 fires watched their big bet on PG&E turn sour. \u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"\"How can they look in the mirror and put together an agreement like that? ... What part of humanity do they belong to? It's not the humanity I belong to where I actually care about my brothers and sisters and my fellow citizens.\"","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"Terry McBride, fire victim","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>At that point, some of the funds decided to dramatically increase their purchases of PG&E shares, filings show. Knighthead joined forces with two other funds — Abrams Capital Management and Redwood Capital Management. This \u003ca href=\"https://www.bloomberg.com/news/articles/2019-03-15/new-pg-e-investor-group-is-said-to-push-for-management-shakeup\">trio emerged as leaders of a group of hedge funds\u003c/a> that would go on to exert control of the bankruptcy of PG&E, using its leverage to remake PG&E's board on the heels of the company's decision to enter Chapter 11. Wagner would serve as the public face of the group.\u003c/p>\n\u003cp>By the time the bankruptcy was finalized last summer, \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1512397/000101297520000693/0001012975-20-000693-index.htm\">Wagner's fund held 22.3 million shares of PG&E\u003c/a>, at least a quarter of which had been received at no cost as part of the backstop, valued at almost $200 million, according to its 13F filings.\u003c/p>\n\u003cp>But though Wagner dismissed the idea that investors would quickly dump their stock on Bloomberg TV, Knighthead has since sold off more than half its PG&E shares, our analysis of filings shows.\u003c/p>\n\u003cp>Another hedge fund, Anchorage Capital Group, held as many as 45 million shares worth $425 million last year. 13F filings show Anchorage had sold off its entire stake by this past March. Anchorage also participated in the backstop and received an estimated 8 million shares, worth at least $68 million, in the giveaway\u003c/p>\n\u003cp>GoldenTree Asset Management, Stonehill Capital Management and the SteelMill Master Fund are among the slew of other hedge funds who have completely exited the stock. Before the bankruptcy ended, each of these funds held more than $100 million worth of PG&E shares.\u003c/p>\n\u003cp>But these sales pale in comparison to the sell-off by David Tepper's Appaloosa Management. Tepper has long kept tabs on PG&E.\u003c/p>\n\u003cp>\"Of course California will bail out Pacific Gas & Electric Company, because it's not going to let the state not have power,\" reporter Jessica Pressler wrote of Tepper's philosophy in her 2010 New York Magazine article \"\u003ca href=\"https://nymag.com/news/features/establishments/68513/\">Ready to Be Rich.\u003c/a>\" Tepper is invested in being \"a regular guy,\" she wrote. Appaloosa was also part of a foursome of \u003ca href=\"https://investor.pgecorp.com/news-events/press-releases/press-release-details/2020/PGE-Corporation-Announces-325-Billion-Common-Stock-Investment-from-Multiple-Investors/default.aspx\">private investors that purchased PG&E shares at a discount\u003c/a> as the company raised money in preparation to leave bankruptcy protection.\u003c/p>\n\u003cp>Filings show that Appaloosa owned nearly 81 million shares of PG&E worth $760 million as of last September. An estimated 10 million shares, worth at least $82 million, likely were provided by the backstop. By June, however, Appaloosa had slashed its stake in PG&E by around 80%.\u003c/p>\n\u003cp>Appaloosa did not respond to our inquiries about its decision to sell off while fire survivors struggled.\u003c/p>\n\u003cp>Meanwhile, Centerbridge Partners, the hedge fund that helped bankroll attorney Mikal Watts, sold 1.8 million shares — a fifth of its stake — in the year after PG&E’s left Chapter 11 bankruptcy. KQED and The California Newsroom estimate that Centerbridge was given around 3.5 million shares, worth at least $29 million, at no cost through the special backstop arrangement.\u003c/p>\n\u003cp>Centerbridge was co-founded by Mark Gallogly, who was appointed as an adviser to President Joe Biden's climate team earlier this year. \u003ca href=\"https://therevolvingdoorproject.org/attn-john-kerry-mark-gallogly-is-loyal-to-profit-not-climate/\">Gallogly's appointment immediately drew rebukes from environmental advocacy groups\u003c/a>, who said he had profited from climate emergencies in both California and Puerto Rico. Gallogly departed Biden's climate team a few months later.\u003c/p>\n\u003cp>Not every hedge fund with significant PG&E holdings has dumped the stock. Baupost owned about 30 million shares of PG&E as of June. The fund got most of that, around 21 million shares worth at least $174 million, at no cost in the equity backstop deal. That's more than any other hedge fund.\u003c/p>\n\u003cp>In a statement, a Baupost spokesperson said it participated in the backstop after being asked by several parties in the bankruptcy — including representatives of fire survivors — to \"support the company's emergence from bankruptcy.\"\u003c/p>\n\u003cp>\u003ca href=\"https://www.wsj.com/articles/klarmans-baupost-poised-to-cash-in-on-pg-e-insurance-bet-11568387840\">Baupost salvaged a badly timed investment in PG&E stock\u003c/a> by buying PG&E insurance claims for cheap. In the bankruptcy, this insurance group shared $11 billion in cash, far more than fire survivors.\u003c/p>\n\u003ch3>The great risk shift\u003c/h3>\n\u003cp>Through it all, the special trust for PG&E's 70,000 fire survivors continues to hold onto stock in the company that sparked fires that destroyed their homes or killed their loved ones.\u003c/p>\n\u003cp>Many fire survivors want to be rid of the emotional burden that comes with this, and receive cash that would come with the stock's sale, but the stock has continued to lag well below the level needed to make fire victims whole. In June, John Trotter, the court-appointed trustee of the Fire Victim Trust, \u003ca href=\"https://www.youtube.com/watch?v=0XDLml9GEyg&t=270s\">signaled in a YouTube video\u003c/a> that he planned to hold off on selling any of the 478 million shares it owns.\u003c/p>\n\u003cp>\"The story of the stock is not a good one,\" Trotter said in the video, without indicating a timeline of when he might sell the shares. Fire survivors \"should want PG&E to do well,\" he added.\u003c/p>\n\u003cp>\"\u003ca href=\"https://www.kqed.org/news/11884610/will-pges-fire-victims-ever-be-made-whole-never-says-trustee-overseeing-compensation\">It's such quicksand\u003c/a>,\" Trotter told KQED and the California Newsroom in a subsequent interview. Trotter said he expects that there may only be enough to provide survivors 60% of what they are owed. They will \"never be made whole,\" Trotter said.\u003c/p>\n\u003cfigure id=\"attachment_11891642\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg class=\"size-full wp-image-11891642\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed.jpg\" alt=\"A woman bends over some crafting work in a shed, with a lamp hovering over her work.\" width=\"1920\" height=\"1440\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-1020x765.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-160x120.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2021/10/Kathleen_in_her_craft_shed-1536x1152.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Kathleen McBride, 25, in her craft shed in Calaveras County. The McBride family lost their Calaveras County home in a fire that PG&E caused in 2015. They live in a trailer on the same lot where their home burned down. \u003ccite>(Courtesy Terry McBride)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>As Terry McBride and her daughter wait for compensation from the Fire Victim Trust, they've had to brave a combination of extreme heat and wildfire smoke that leaves them with persistent headaches. The temperature in their trailer regularly spikes higher than 100 degrees. They've covered their trailer, which Terry refers to as \"a tin can,\" with reflective paint to try to lower the temperature inside by a few degrees on the hottest days.\u003c/p>\n\u003cp>They live modestly while they wait. Terry spends much of her time gardening while her daughter spends hours doing crafts each day. Terry says she has grown increasingly dependent on her daughter as her eyes start to fail her.\u003c/p>\n\u003cp>\"I have zero doubt that Wall Street was behind this. We're not of value to them. We have no value to them,\" McBride said. \"The justice system thoroughly failed the survivors of these fires. They thoroughly failed us. That's a fact.\"\u003c/p>\n\u003cp>McBride is among the vast majority of fire survivors who have yet to receive any money from the Fire Victim Trust.\u003c/p>\n\u003cp>Wall Street analysts have taken notice that fire survivors appear stuck with the stock, because that means a quarter of PG&E's stock remains off the market, providing stability to the stock price.\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"aside","attributes":{"named":{"tag":"wildfire","label":"More wildfire coverage "},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>In June, when Trotter indicated his willingness to wait on selling the stock, analyst Julien Dumoulin-Smith of Bank of America called the announcement a \"de-risking factor,\" or a reassuring sign for investors in the face of the company's other risks — such as the fact that the company continues to be linked to new wildfires.\u003c/p>\n\u003cp>\"Critically trustee Justice John Trotter indicated in recent days that no imminent sales are planned as the Trust continues to work through issues of taxable gains on any share sales,\" he wrote in a research note this summer. \"We see this as potentially serving as [an] offsetting de-risking factor against otherwise elevated near-term fire risks.\"\u003c/p>\n\u003cp>Another analyst, Jonathan Arnold of Vertical Research Partners, referred to the trustee's comments as \"the glass-half-full headline takeaway for the market.\"\u003c/p>\n\u003ch3>'Who is responsible for this?'\u003c/h3>\n\u003cp>Some fire survivors say they are caught in the middle of a Wall Street game that they never wanted to play. Their settlement has shifted PG&E's myriad risks onto them.\u003c/p>\n\u003cp>Regardless of what happens to the stock now, Camp Fire survivor Tony Dunn wants to understand why PG&E was permitted to fund an amount of stock that ended up being worth $4.5 billion — not the promised $6.75 billion.\u003c/p>\n\u003cp>\"It looks like they cut themselves a 33% discount. Where's the oversight on this to say, 'You can't do that'?\" Dunn told KQED by phone from his home near Asheville, North Carolina, where he and his wife, Jhan, moved about a year after they were displaced from Paradise.\u003c/p>\n\u003cp>\"Did PG&E save money in this process? Was this PG&E's lawyers? The hedge funds? This math was never right,\" Dunn continued. \"This is egregious and there's absolutely no excuse for it. My biggest question now is, who is responsible for this? Who knew and let it happen anyway?\"\u003c/p>\n\u003cp>When we asked PG&E to answer Dunn's question about why the stock funding came in at billions of dollars less than promised, the company declined to answer. It provided a statement.\u003c/p>\n\u003cp>\"We continue to honor the victims of the Camp Fire and previous fires, and all that was lost, by continuing the important work to reduce wildfire and other risk across our energy systems. We funded the trust in accordance with our plan of reorganization,\" PG&E spokesperson Lynsey Paulo wrote.\u003c/p>\n\u003cp>\u003cem>Lily Jamali is a correspondent for KQED in San Francisco. She produced this investigation for The California Newsroom. Aaron Glantz, senior investigations editor for the Newsroom, edited this story together with Managing Editor Adriene Hill. It was copyedited by Jenny Pritchett of KQED.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"floatright"},"numeric":["floatright"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>\u003cem>The California Newsroom is a collaboration of NPR and 17 public radio stations across the state, from San Diego to the Oregon border.\u003c/em>\u003c/p>\n\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait","authors":["11552"],"categories":["news_19906","news_8"],"tags":["news_30031","news_20341","news_29684","news_27626","news_29646","news_140","news_30030","news_2376"],"featImg":"news_11891641","label":"source_news_11891626"},"news_11857573":{"type":"posts","id":"news_11857573","meta":{"index":"posts_1591205157","site":"news","id":"11857573","score":null,"sort":[1611878047000]},"guestAuthors":[],"slug":"the-gamestop-saga-explained-how-reddit-investors-tripped-up-wall-street","title":"The GameStop Saga Explained: How Reddit Investors Tripped Up Wall Street","publishDate":1611878047,"format":"standard","headTitle":"KQED News","labelTerm":{},"content":"\u003cp>What is the deal with GameStop?\u003c/p>\n\u003cp>There's a good chance you've heard that question many times in the past few days.\u003c/p>\n\u003cp>With more than 5,000 stores, GameStop is a video game chain where customers can buy, sell and trade their games, consoles and gaming accessories. It's a mall staple, but shopping centers have been struggling for years, and the coronavirus pandemic has been \u003ca href=\"https://www.npr.org/sections/coronavirus-live-updates/2020/07/23/894598832/another-bankruptcy-at-the-mall-parent-company-of-ann-taylor-loft-is-latest-to-fa\">devastating for retailers\u003c/a>. \u003c/p>\n\u003cp>But then a most unexpected and weird thing happened. GameStop's stock has soared to unbelievable heights lately. Topping $400 per share earlier Thursday, it was up more than 2,000% so far in this young year, including a 134% jump on Wednesday alone. \u003c/p>\n\u003cp>But it continues to be a bumpy ride for investors. By late Thursday morning, GameStop shares had fallen 63% to $126 after some brokers imposed trading limits on the stock. The stock later recovered but closed at $193.60 — a 44% loss.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Sen. Elizabeth Warren\"]'For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price.'[/pullquote]Most of GameStop stock gyrations have to do with a tug of war between \u003ca href=\"https://www.npr.org/2021/01/28/961470054/hottest-stock-on-wall-street-struggling-video-game-store-gamestop\">amateur day traders on Reddit\u003c/a>, one of the world's largest online communities — who are betting on the stock to keep rising — and the professional managers of Wall Street hedge funds, who have bet that GameStop's stock will crater. \u003c/p>\n\u003cp>It's easy to see the downside for GameStop, a company that has \u003ca href=\"https://www.gamesindustry.biz/articles/2020-12-08-gamestop-has-closed-462-stores-so-far-this-year-783-since-last-year\">closed 783 stores\u003c/a> in two years and faces stiff headwinds. More and more game and console sales are happening online and through its competitors — Walmart, Target, Best Buy and Amazon.\u003c/p>\n\u003cp>So how has GameStop suddenly become the darling investment of online traders from Reddit's wallstreetbets forum?\u003c/p>\n\u003cp>As Wired \u003ca href=\"https://www.wired.com/story/gamestop-stock-wall-street-bets-short-squeeze/\">reported\u003c/a>: \u003c/p>\n\u003cblockquote>\n\u003cp>\" 'It was a meme stock that really blew up,' said WallStreetBets moderator Bawse1. 'The massive short contributed more toward the meme stock.' GameStop seemed so utterly doomed that the current situation was actually sort of funny to the subreddit's denizens. Banded together, WallStreetBets members bought in big enough to move the stock.\"\u003c/p>\n\u003c/blockquote>\n\u003cp>On Wednesday, a hedge fund called Melvin Capital closed out its short position in GameStop after taking \u003ca href=\"https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html\">a big loss\u003c/a>, CNBC reported. \u003ca href=\"https://www.npr.org/2021/01/28/961619848/so-what-is-short-selling-an-explainer\">Short sellers\u003c/a> profit when a stock goes down. \u003c/p>\n\u003cp>https://www.youtube.com/watch?v=n4o40Zv2rzc\u003c/p>\n\u003cp>Another short seller, Andrew Left of Citron Research, said \u003ca href=\"https://www.youtube.com/watch?v=yS4yPsmaDDQ\">in a video\u003c/a> on Wednesday that he had covered most of his short position in GameStop at a loss. Last week, Left had predicted the stock would drop to $20 a share, from $40 at the time. \u003c/p>\n\u003cp>\"I had no idea what that would set off,\" Left said. \"This has captured the attention of ... America and every trader and non-trader alike.\"\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Melvin Capital and Citron were caught in what's known as \u003ca href=\"https://www.npr.org/2021/01/27/961291455/gamestop-and-the-short-squeeze\">a short squeeze\u003c/a>, forcing the funds to buy more GameStop stock to cover their losses, which ended up driving the stock price even higher. This has happened before, most famously with \u003ca href=\"https://www.npr.org/2020/01/16/796328145/electric-burn-those-who-bet-against-elon-musk-and-tesla-are-paying-a-big-price\">Tesla stock\u003c/a>.\u003c/p>\n\u003cp>The GameStop rally came after investors saw glimmers of hope for the company this month when the chain changed the makeup of its board of directors. \u003c/p>\n\u003cp>On Jan. 11, GameStop announced that its sales overall fell 3.1% during the holidays, due in part to the \"significant impacts\" of the pandemic, but its e-commerce sales soared \u003ca href=\"https://news.gamestop.com/news-releases/news-release-details/gamestop-reports-2020-holiday-sales-results\">more than 300%\u003c/a>. It said those online sales represented about a third of the company's total sales.\u003c/p>\n\u003cp>The company also said it had entered an agreement with RC Ventures, one of its largest stockholders, to add \u003ca href=\"https://news.gamestop.com/news-releases/news-release-details/gamestop-announces-additional-board-refreshment-accelerate\">three members\u003c/a> to GameStop's board of directors. The new members include Ryan Cohen, a founder of Chewy, an online pet products company worth $42 billion. \u003c/p>\n\u003cp>Then on Jan. 13, two days after the announcement about Cohen joining the board, GameStop stock jumped 57% — from $19.95 per share to $31.40. The stock got its big kick when Reddit's r/wallstreetbets community — now with more than 4 million members — fawned over a Nov. 16 \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf\">letter from Cohen\u003c/a> to the GameStop board he would later join. \u003c/p>\n\u003cp>GameStop continued to soar as the Reddit investors stayed bullish on their favorite stock. By Jan. 22, it closed at $65. On Monday, it finished at nearly $77. On Tuesday, it nearly doubled to close at around $148. And Wednesday, it more than doubled, ending at $347.51.\u003c/p>\n\u003cp>https://twitter.com/planetmoney/status/1354918048721903616?s=20\u003c/p>\n\u003cp>For those Reddit members, it's not just about making money. \u003c/p>\n\u003cp>\"There's also kind of a populist thing happening here with a lot of these traders, judging by the Reddit threads. You know, they just want to poke a middle finger at Wall Street,\" \u003ca href=\"https://www.npr.org/2021/01/27/961291455/gamestop-and-the-short-squeeze\">says Paddy Hirsch\u003c/a> of NPR's \u003cem>The Indicator From Planet Money\u003c/em> podcast.\u003c/p>\n\u003cp>GameStop's stock symbol is GME. On Reddit, one member of wallstreetbets, \u003ca href=\"https://www.reddit.com/r/wallstreetbets/comments/l6s5er/gme_is_about_more_than_just_money_gme_is_about/\">wrote\u003c/a> early Thursday: \"GME is about sending a message. ... For all the recessions they caused. For all the jobs and homes people have lost. For all the people that can't pay for college because minimum wage has stagnated while wall street gets rich. For all the retail traders they left holding the bag. For all the times they got bailed out with our tax money while we got nothing.\"\u003c/p>\n\u003cp>Another member suggested that the Reddit traders were part of a resistance movement of sorts, \u003ca href=\"https://www.reddit.com/r/wallstreetbets/comments/l6u96y/gme_price_has_nothing_to_do_with_fundamentals_and/\">writing\u003c/a>, \"[T]his is not a war on billionaires, the wealthy yada yada, but it may well be described as a resistance against injustice, inequality, rigged rules, uneven playing field etc which has been rampant on Wall Street forever.\" \u003c/p>\n\u003cp>A wallstreetbets member, who vowed not to sell GameStop, wrote late Wednesday: \"I am proud to be a part of this piece of history with you. ... Call it an opportunity, call it revenge, or justice, I know we are on the right side of this.\"\u003c/p>\n\u003cp>Rep. Alexandria Ocasio-Cortez, D-N.Y., a member of the House Financial Services Committee, weighed in on the GameStop phenomenon. \"Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino,\" the lawmaker \u003ca href=\"https://twitter.com/AOC/status/1354536220110577664?s=20\">tweeted\u003c/a> Thursday. \u003c/p>\n\u003cp>https://twitter.com/AOC/status/1354536220110577664?s=20\u003c/p>\n\u003cp>And it hasn't stopped with GameStop. Other companies that are suffering heavily during the pandemic are seeing their shares soar as people on Reddit's wallstreetbets talk them up. The companies include \u003ca href=\"https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop\">AMC Entertainment\u003c/a>, the beleaguered theater chain, which shot up more than 300% on Wednesday (before dropping 56% Thursday), and \u003ca href=\"https://finance.yahoo.com/news/american-air-surges-most-two-192239009.html\">American Airlines\u003c/a>, which soared more than 30% Thursday morning (it closed up 9%). \u003c/p>\n\u003cp>Robinhood, a popular trading platform for young traders based in Menlo Park, announced Thursday that \"in light of recent volatility\" it was \u003ca href=\"https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility\">restricting transactions\u003c/a> for certain securities, including GameStop and AMC, and raising margin requirements. It later said it planned to allow \"\u003ca href=\"https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility\">limited buys\u003c/a>\" of these securities, starting Friday. \u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"South Bay Rep. Ro Khanna\"]'[The GameStop saga] has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures.'[/pullquote]Robinhood’s stated goal is to “democratize” investing and to bring more regular people into investing. The company has forced huge, ground-shaking changes for the brokerage industry, such as its decision to charge zero commissions for customers trading stocks and exchange-traded funds. That's why some users took Thursday's actions as an affront.\u003c/p>\n\u003cp>At least one lawsuit was filed Thursday in U.S. District Court in New York claiming Robinhood manipulated the market by restricting investors' access to trading GameStop.\u003c/p>\n\u003cp>Robinhood investor Carlos Amaya said the app’s action Thursday was a disappointment to users like him who prided themselves on being a “different breed of investors.”\u003c/p>\n\u003cp>The 28-year-old school operations manager in Washington, D.C., said his parents immigrated from El Salvador and he was the first person in his family to buy stocks when he started using the app in 2017. He’s since made several thousand dollars.\u003c/p>\n\u003cp>“We pride ourselves in the name Robinhood because we’re trying to make more money and be the next people at the top,” he said. “You would expect Robinhood to let us do our thing instead of blocking us and saying it’s for our protection.\"\u003c/p>\n\u003cp>https://twitter.com/RoKhanna/status/1354835649250078722?s=20\u003c/p>\n\u003cp>South Bay Democratic Rep. Ro Khanna said the GameStop episode “has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures.”\u003c/p>\n\u003cp>In a statement Thursday, Khanna called for “more regulation and equality in the markets,\" and accused Wall Street of spending billions to “crush” GameStop and “put workers out of business” instead of investing in future technology.\u003c/p>\n\u003cp>The mania has gone global, \"whipsawing stocks from Amsterdam to Sydney,\" Bloomberg \u003ca href=\"https://www.bloomberg.com/news/articles/2021-01-28/gamestop-mania-prompts-surge-in-australia-s-most-shorted-stocks\">reported\u003c/a>. \"In Europe, short-seller favorites including Unibail-Rodamco-Westfield jumped 20% or more. E-commerce giant Rakuten Inc. and baby-care goods maker Pigeon Corp. climbed at least 6.9% in Tokyo on Thursday.\"\u003c/p>\n\u003cp>With the stock market near all-time highs, there had already been worries that a bubble was coming. \"The danger, as the dot-com bubble showed, is that Mr. Market can rationalize just about anything and build it into a narrative,\" \u003cem>The Wall Street Journal\u003c/em>'s Jon Sindreu \u003ca href=\"https://twitter.com/jonsindreu/status/1354441066511015938?s=20\">wrote\u003c/a>. \u003c/p>\n\u003cp>The frenzy over GameStop has gotten the attention of other lawmakers and regulators. \u003c/p>\n\u003cp>Sen. Sherrod Brown, D-Ohio, the incoming chairman of the Senate Banking Committee, said Thursday that he planned to call \u003ca href=\"https://twitter.com/SenSherrodBrown/status/1354881250922819585?s=20\">a hearing\u003c/a> on the \"current state of the stock market.\" \u003c/p>\n\u003cp>Sen. Elizabeth Warren, D-Mass., on Wednesday called on market regulators to clamp down. \u003c/p>\n\u003cp>\"For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price,\" \u003ca href=\"https://www.warren.senate.gov/newsroom/press-releases/senator-warren-releases-statement-on-gamestop-trades\">she said\u003c/a> in a statement. \"It's long past time for the SEC and other financial regulators to wake up and do their jobs — and with a new administration and Democrats running Congress, I intend to make sure they do.\"\u003c/p>\n\u003cp>Massachusetts Secretary of the Commonwealth William Galvin, the state's top securities regulator, also sounded a warning about the situation. \u003c/p>\n\u003cp>\"The marketplace should be a place where risk is taken, but not reckless risk and not a situation that undermines the system, and that's what we're looking at here,\" \u003ca href=\"https://www.cnbc.com/2021/01/27/gamestop-speculation-is-danger-to-whole-market-massachusetts-regulator.html\">Galvin said\u003c/a> on CNBC.\u003c/p>\n\u003cp>Then, late Wednesday, the Securities and Exchange Commission said \u003ca href=\"https://www.sec.gov/news/public-statement/joint-statement-ongoing-market-volatility-2021-01-27\">in a statement\u003c/a> that it was \"aware of and actively monitoring the on-going market volatility\" and that the agency was working with other regulators to \"assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants.\" \u003c/p>\n\u003cp>\u003cem>This story includes reporting by The Associated Press's Alex Veiga.\u003c/em>\u003c/p>\n\u003cdiv class=\"fullattribution\">Copyright 2021 NPR. To see more, visit \u003ca href=\"https://www.npr.org\">NPR.org\u003c/a>.\u003cimg src=\"https://www.google-analytics.com/__utm.gif?utmac=UA-5828686-4&utmdt=GameStop+Stock+Mania%3A+Why+Everyone+Is+Talking+About+It+And+Many+Are+Worried&utme=8(APIKey)9(MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004)\">\u003c/div>\n\u003cp>[ad floatright]\u003c/p>\n","blocks":[],"excerpt":"GameStop has seen its stock soar, driven higher by a group of amateur day traders who are taking on Wall Street hedge funds. The frenzy has gotten the attention of regulators and lawmakers.","status":"publish","parent":0,"modified":1611881596,"stats":{"hasAudio":false,"hasVideo":true,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":46,"wordCount":1879},"headData":{"title":"The GameStop Saga Explained: How Reddit Investors Tripped Up Wall Street | KQED","description":"GameStop has seen its stock soar, driven higher by a group of amateur day traders who are taking on Wall Street hedge funds. The frenzy has gotten the attention of regulators and lawmakers.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"The GameStop Saga Explained: How Reddit Investors Tripped Up Wall Street","datePublished":"2021-01-28T23:54:07.000Z","dateModified":"2021-01-29T00:53:16.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"11857573 https://ww2.kqed.org/news/?p=11857573","disqusUrl":"https://ww2.kqed.org/news/2021/01/28/the-gamestop-saga-explained-how-reddit-investors-tripped-up-wall-street/","disqusTitle":"The GameStop Saga Explained: How Reddit Investors Tripped Up Wall Street","source":"NPR","sourceUrl":"https://www.npr.org/","nprImageCredit":"Spencer Platt","nprByline":"Avie Schneider","nprImageAgency":"Getty Images","nprStoryId":"961349400","nprApiLink":"http://api.npr.org/query?id=961349400&apiKey=MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004","nprHtmlLink":"https://www.npr.org/2021/01/28/961349400/gamestop-how-reddit-traders-occupied-wall-streets-turf?ft=nprml&f=961349400","nprRetrievedStory":"1","nprPubDate":"Thu, 28 Jan 2021 17:37:00 -0500","nprStoryDate":"Thu, 28 Jan 2021 13:49:02 -0500","nprLastModifiedDate":"Thu, 28 Jan 2021 17:37:04 -0500","path":"/news/11857573/the-gamestop-saga-explained-how-reddit-investors-tripped-up-wall-street","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>What is the deal with GameStop?\u003c/p>\n\u003cp>There's a good chance you've heard that question many times in the past few days.\u003c/p>\n\u003cp>With more than 5,000 stores, GameStop is a video game chain where customers can buy, sell and trade their games, consoles and gaming accessories. It's a mall staple, but shopping centers have been struggling for years, and the coronavirus pandemic has been \u003ca href=\"https://www.npr.org/sections/coronavirus-live-updates/2020/07/23/894598832/another-bankruptcy-at-the-mall-parent-company-of-ann-taylor-loft-is-latest-to-fa\">devastating for retailers\u003c/a>. \u003c/p>\n\u003cp>But then a most unexpected and weird thing happened. GameStop's stock has soared to unbelievable heights lately. Topping $400 per share earlier Thursday, it was up more than 2,000% so far in this young year, including a 134% jump on Wednesday alone. \u003c/p>\n\u003cp>But it continues to be a bumpy ride for investors. By late Thursday morning, GameStop shares had fallen 63% to $126 after some brokers imposed trading limits on the stock. The stock later recovered but closed at $193.60 — a 44% loss.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"'For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price.'","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"Sen. Elizabeth Warren","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>Most of GameStop stock gyrations have to do with a tug of war between \u003ca href=\"https://www.npr.org/2021/01/28/961470054/hottest-stock-on-wall-street-struggling-video-game-store-gamestop\">amateur day traders on Reddit\u003c/a>, one of the world's largest online communities — who are betting on the stock to keep rising — and the professional managers of Wall Street hedge funds, who have bet that GameStop's stock will crater. \u003c/p>\n\u003cp>It's easy to see the downside for GameStop, a company that has \u003ca href=\"https://www.gamesindustry.biz/articles/2020-12-08-gamestop-has-closed-462-stores-so-far-this-year-783-since-last-year\">closed 783 stores\u003c/a> in two years and faces stiff headwinds. More and more game and console sales are happening online and through its competitors — Walmart, Target, Best Buy and Amazon.\u003c/p>\n\u003cp>So how has GameStop suddenly become the darling investment of online traders from Reddit's wallstreetbets forum?\u003c/p>\n\u003cp>As Wired \u003ca href=\"https://www.wired.com/story/gamestop-stock-wall-street-bets-short-squeeze/\">reported\u003c/a>: \u003c/p>\n\u003cblockquote>\n\u003cp>\" 'It was a meme stock that really blew up,' said WallStreetBets moderator Bawse1. 'The massive short contributed more toward the meme stock.' GameStop seemed so utterly doomed that the current situation was actually sort of funny to the subreddit's denizens. Banded together, WallStreetBets members bought in big enough to move the stock.\"\u003c/p>\n\u003c/blockquote>\n\u003cp>On Wednesday, a hedge fund called Melvin Capital closed out its short position in GameStop after taking \u003ca href=\"https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html\">a big loss\u003c/a>, CNBC reported. \u003ca href=\"https://www.npr.org/2021/01/28/961619848/so-what-is-short-selling-an-explainer\">Short sellers\u003c/a> profit when a stock goes down. \u003c/p>\u003c/p>\u003cp>\u003cspan class='utils-parseShortcode-shortcodes-__youtubeShortcode__embedYoutube'>\n \u003cspan class='utils-parseShortcode-shortcodes-__youtubeShortcode__embedYoutubeInside'>\n \u003ciframe\n loading='lazy'\n class='utils-parseShortcode-shortcodes-__youtubeShortcode__youtubePlayer'\n type='text/html'\n src='//www.youtube.com/embed/n4o40Zv2rzc'\n title='//www.youtube.com/embed/n4o40Zv2rzc'\n allowfullscreen='true'\n style='border:0;'>\u003c/iframe>\n \u003c/span>\n \u003c/span>\u003c/p>\u003cp>\u003cp>Another short seller, Andrew Left of Citron Research, said \u003ca href=\"https://www.youtube.com/watch?v=yS4yPsmaDDQ\">in a video\u003c/a> on Wednesday that he had covered most of his short position in GameStop at a loss. Last week, Left had predicted the stock would drop to $20 a share, from $40 at the time. \u003c/p>\n\u003cp>\"I had no idea what that would set off,\" Left said. \"This has captured the attention of ... America and every trader and non-trader alike.\"\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Melvin Capital and Citron were caught in what's known as \u003ca href=\"https://www.npr.org/2021/01/27/961291455/gamestop-and-the-short-squeeze\">a short squeeze\u003c/a>, forcing the funds to buy more GameStop stock to cover their losses, which ended up driving the stock price even higher. This has happened before, most famously with \u003ca href=\"https://www.npr.org/2020/01/16/796328145/electric-burn-those-who-bet-against-elon-musk-and-tesla-are-paying-a-big-price\">Tesla stock\u003c/a>.\u003c/p>\n\u003cp>The GameStop rally came after investors saw glimmers of hope for the company this month when the chain changed the makeup of its board of directors. \u003c/p>\n\u003cp>On Jan. 11, GameStop announced that its sales overall fell 3.1% during the holidays, due in part to the \"significant impacts\" of the pandemic, but its e-commerce sales soared \u003ca href=\"https://news.gamestop.com/news-releases/news-release-details/gamestop-reports-2020-holiday-sales-results\">more than 300%\u003c/a>. It said those online sales represented about a third of the company's total sales.\u003c/p>\n\u003cp>The company also said it had entered an agreement with RC Ventures, one of its largest stockholders, to add \u003ca href=\"https://news.gamestop.com/news-releases/news-release-details/gamestop-announces-additional-board-refreshment-accelerate\">three members\u003c/a> to GameStop's board of directors. The new members include Ryan Cohen, a founder of Chewy, an online pet products company worth $42 billion. \u003c/p>\n\u003cp>Then on Jan. 13, two days after the announcement about Cohen joining the board, GameStop stock jumped 57% — from $19.95 per share to $31.40. The stock got its big kick when Reddit's r/wallstreetbets community — now with more than 4 million members — fawned over a Nov. 16 \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf\">letter from Cohen\u003c/a> to the GameStop board he would later join. \u003c/p>\n\u003cp>GameStop continued to soar as the Reddit investors stayed bullish on their favorite stock. By Jan. 22, it closed at $65. On Monday, it finished at nearly $77. On Tuesday, it nearly doubled to close at around $148. And Wednesday, it more than doubled, ending at $347.51.\u003c/p>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"singleTwitterStatus","attributes":{"named":{"id":"1354918048721903616"},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\n\u003cp>For those Reddit members, it's not just about making money. \u003c/p>\n\u003cp>\"There's also kind of a populist thing happening here with a lot of these traders, judging by the Reddit threads. You know, they just want to poke a middle finger at Wall Street,\" \u003ca href=\"https://www.npr.org/2021/01/27/961291455/gamestop-and-the-short-squeeze\">says Paddy Hirsch\u003c/a> of NPR's \u003cem>The Indicator From Planet Money\u003c/em> podcast.\u003c/p>\n\u003cp>GameStop's stock symbol is GME. On Reddit, one member of wallstreetbets, \u003ca href=\"https://www.reddit.com/r/wallstreetbets/comments/l6s5er/gme_is_about_more_than_just_money_gme_is_about/\">wrote\u003c/a> early Thursday: \"GME is about sending a message. ... For all the recessions they caused. For all the jobs and homes people have lost. For all the people that can't pay for college because minimum wage has stagnated while wall street gets rich. For all the retail traders they left holding the bag. For all the times they got bailed out with our tax money while we got nothing.\"\u003c/p>\n\u003cp>Another member suggested that the Reddit traders were part of a resistance movement of sorts, \u003ca href=\"https://www.reddit.com/r/wallstreetbets/comments/l6u96y/gme_price_has_nothing_to_do_with_fundamentals_and/\">writing\u003c/a>, \"[T]his is not a war on billionaires, the wealthy yada yada, but it may well be described as a resistance against injustice, inequality, rigged rules, uneven playing field etc which has been rampant on Wall Street forever.\" \u003c/p>\n\u003cp>A wallstreetbets member, who vowed not to sell GameStop, wrote late Wednesday: \"I am proud to be a part of this piece of history with you. ... Call it an opportunity, call it revenge, or justice, I know we are on the right side of this.\"\u003c/p>\n\u003cp>Rep. Alexandria Ocasio-Cortez, D-N.Y., a member of the House Financial Services Committee, weighed in on the GameStop phenomenon. \"Gotta admit it's really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino,\" the lawmaker \u003ca href=\"https://twitter.com/AOC/status/1354536220110577664?s=20\">tweeted\u003c/a> Thursday. \u003c/p>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"singleTwitterStatus","attributes":{"named":{"id":"1354536220110577664"},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\n\u003cp>And it hasn't stopped with GameStop. Other companies that are suffering heavily during the pandemic are seeing their shares soar as people on Reddit's wallstreetbets talk them up. The companies include \u003ca href=\"https://www.theverge.com/2021/1/27/22251964/amc-stock-price-reddit-wallstreetbets-trading-gamestop\">AMC Entertainment\u003c/a>, the beleaguered theater chain, which shot up more than 300% on Wednesday (before dropping 56% Thursday), and \u003ca href=\"https://finance.yahoo.com/news/american-air-surges-most-two-192239009.html\">American Airlines\u003c/a>, which soared more than 30% Thursday morning (it closed up 9%). \u003c/p>\n\u003cp>Robinhood, a popular trading platform for young traders based in Menlo Park, announced Thursday that \"in light of recent volatility\" it was \u003ca href=\"https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility\">restricting transactions\u003c/a> for certain securities, including GameStop and AMC, and raising margin requirements. It later said it planned to allow \"\u003ca href=\"https://blog.robinhood.com/news/2021/1/28/an-update-on-market-volatility\">limited buys\u003c/a>\" of these securities, starting Friday. \u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"'[The GameStop saga] has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures.'","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"South Bay Rep. Ro Khanna","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>Robinhood’s stated goal is to “democratize” investing and to bring more regular people into investing. The company has forced huge, ground-shaking changes for the brokerage industry, such as its decision to charge zero commissions for customers trading stocks and exchange-traded funds. That's why some users took Thursday's actions as an affront.\u003c/p>\n\u003cp>At least one lawsuit was filed Thursday in U.S. District Court in New York claiming Robinhood manipulated the market by restricting investors' access to trading GameStop.\u003c/p>\n\u003cp>Robinhood investor Carlos Amaya said the app’s action Thursday was a disappointment to users like him who prided themselves on being a “different breed of investors.”\u003c/p>\n\u003cp>The 28-year-old school operations manager in Washington, D.C., said his parents immigrated from El Salvador and he was the first person in his family to buy stocks when he started using the app in 2017. He’s since made several thousand dollars.\u003c/p>\n\u003cp>“We pride ourselves in the name Robinhood because we’re trying to make more money and be the next people at the top,” he said. “You would expect Robinhood to let us do our thing instead of blocking us and saying it’s for our protection.\"\u003c/p>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"singleTwitterStatus","attributes":{"named":{"id":"1354835649250078722"},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\n\u003cp>South Bay Democratic Rep. Ro Khanna said the GameStop episode “has demonstrated the power of technology to democratize access to American financial institutions, ultimately giving far more people a say in our economic structures.”\u003c/p>\n\u003cp>In a statement Thursday, Khanna called for “more regulation and equality in the markets,\" and accused Wall Street of spending billions to “crush” GameStop and “put workers out of business” instead of investing in future technology.\u003c/p>\n\u003cp>The mania has gone global, \"whipsawing stocks from Amsterdam to Sydney,\" Bloomberg \u003ca href=\"https://www.bloomberg.com/news/articles/2021-01-28/gamestop-mania-prompts-surge-in-australia-s-most-shorted-stocks\">reported\u003c/a>. \"In Europe, short-seller favorites including Unibail-Rodamco-Westfield jumped 20% or more. E-commerce giant Rakuten Inc. and baby-care goods maker Pigeon Corp. climbed at least 6.9% in Tokyo on Thursday.\"\u003c/p>\n\u003cp>With the stock market near all-time highs, there had already been worries that a bubble was coming. \"The danger, as the dot-com bubble showed, is that Mr. Market can rationalize just about anything and build it into a narrative,\" \u003cem>The Wall Street Journal\u003c/em>'s Jon Sindreu \u003ca href=\"https://twitter.com/jonsindreu/status/1354441066511015938?s=20\">wrote\u003c/a>. \u003c/p>\n\u003cp>The frenzy over GameStop has gotten the attention of other lawmakers and regulators. \u003c/p>\n\u003cp>Sen. Sherrod Brown, D-Ohio, the incoming chairman of the Senate Banking Committee, said Thursday that he planned to call \u003ca href=\"https://twitter.com/SenSherrodBrown/status/1354881250922819585?s=20\">a hearing\u003c/a> on the \"current state of the stock market.\" \u003c/p>\n\u003cp>Sen. Elizabeth Warren, D-Mass., on Wednesday called on market regulators to clamp down. \u003c/p>\n\u003cp>\"For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price,\" \u003ca href=\"https://www.warren.senate.gov/newsroom/press-releases/senator-warren-releases-statement-on-gamestop-trades\">she said\u003c/a> in a statement. \"It's long past time for the SEC and other financial regulators to wake up and do their jobs — and with a new administration and Democrats running Congress, I intend to make sure they do.\"\u003c/p>\n\u003cp>Massachusetts Secretary of the Commonwealth William Galvin, the state's top securities regulator, also sounded a warning about the situation. \u003c/p>\n\u003cp>\"The marketplace should be a place where risk is taken, but not reckless risk and not a situation that undermines the system, and that's what we're looking at here,\" \u003ca href=\"https://www.cnbc.com/2021/01/27/gamestop-speculation-is-danger-to-whole-market-massachusetts-regulator.html\">Galvin said\u003c/a> on CNBC.\u003c/p>\n\u003cp>Then, late Wednesday, the Securities and Exchange Commission said \u003ca href=\"https://www.sec.gov/news/public-statement/joint-statement-ongoing-market-volatility-2021-01-27\">in a statement\u003c/a> that it was \"aware of and actively monitoring the on-going market volatility\" and that the agency was working with other regulators to \"assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants.\" \u003c/p>\n\u003cp>\u003cem>This story includes reporting by The Associated Press's Alex Veiga.\u003c/em>\u003c/p>\n\u003cdiv class=\"fullattribution\">Copyright 2021 NPR. To see more, visit \u003ca href=\"https://www.npr.org\">NPR.org\u003c/a>.\u003cimg src=\"https://www.google-analytics.com/__utm.gif?utmac=UA-5828686-4&utmdt=GameStop+Stock+Mania%3A+Why+Everyone+Is+Talking+About+It+And+Many+Are+Worried&utme=8(APIKey)9(MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004)\">\u003c/div>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"floatright"},"numeric":["floatright"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/11857573/the-gamestop-saga-explained-how-reddit-investors-tripped-up-wall-street","authors":["byline_news_11857573"],"categories":["news_1758","news_8"],"tags":["news_18545","news_29095","news_29096","news_480","news_1762","news_2376"],"featImg":"news_11857574","label":"source_news_11857573"},"news_11791486":{"type":"posts","id":"news_11791486","meta":{"index":"posts_1591205157","site":"news","id":"11791486","score":null,"sort":[1576542615000]},"guestAuthors":[],"slug":"wall-street-could-make-1-billion-off-pges-bankruptcy-and-ratepayers-are-on-the-hook","title":"Wall Street Could Make $1 Billion Off PG&E's Bankruptcy – and Ratepayers Are on the Hook","publishDate":1576542615,"format":"audio","headTitle":"The California Report | KQED News","labelTerm":{},"content":"\u003cp>PG&E’s bankruptcy is making some people very rich.\u003c/p>\n\u003cp>Since the utility filed for Chapter 11 protection in January, lawyers and consultants have made a staggering $217 million. Big banks have netted $114 million in financing fees — and that number could top $1 billion by the time the company exits bankruptcy next year.\u003c/p>\n\u003cp>Others are reaping the bankruptcy windfall, too.\u003c/p>\n\u003cp>A handful of hedge funds stand to make billions because they own nearly one-fifth of PG&E’s stock and bought up more than half of the wildfire insurance claims against the company — meaning they are basically on both sides of the negotiating table in court.\u003c/p>\n\u003cp>And stock prices are fluctuating wildly based on the latest twists and turns in the bankruptcy case, providing speculators the opportunity to make huge short-term returns.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Mark Toney, president of TURN\"]'[Bankruptcy is a] strategy of Wall Street to extract the maximum amount of cash from California ratepayers.'[/pullquote]\u003c/p>\n\u003cp>Bankruptcy is big business for Wall Street, and PG&E’s Chapter 11 case is no different — except in this situation, utility ratepayers are the ones who will likely be picking up the bulk of the tab.\u003c/p>\n\u003cp>“PG&E’s sole source of revenue, the only way they earn money, is from ratepayer bills,” said Mark Toney, president of the ratepayer advocacy group TURN. “PG&E filed for bankruptcy voluntarily ... PG&E didn't have to go into bankruptcy. They did it for their financial advantage and to try to stick their shareholder costs to the ratepayers.”\u003c/p>\n\u003cp>Bankruptcy, he charged, is a “strategy of Wall Street to extract the maximum amount of cash from California ratepayers.”\u003c/p>\n\u003cp>PG&E disputes that characterization, noting through a spokeswoman that a state law passed earlier this year requires the utility’s exit plan from bankruptcy to be “neutral, to ratepayers, on average” and that shareholders will pay for the costs of the Chapter 11 case.\u003c/p>\n\u003cp>But Gov. Gavin Newsom has raised concerns as well.\u003c/p>\n\u003cp>Late Friday, in a letter to PG&E executives, Newsom \u003ca href=\"https://www.kqed.org/news/11791271/gov-gavin-newsom-rejects-13-5-billion-pge-settlement\">rejected the utility’s current proposal\u003c/a> for exiting bankruptcy, saying it doesn’t do enough to ensure that the company will emerge stronger and better able to provide safe, reliable power. He wrote that PG&E’s proposal depends too much on borrowing money, and he wants more accountability — including a plan for essentially handing control of the company over to the state or another third party if it fails to meet the state’s requirements.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Professor Jared Ellias of UC Hastings College of the Law, an expert in bankruptcy law who has been following PG&E’s case closely, agreed that customers are the ones who will foot most of the bill for this bankruptcy — and that PG&E’s current plan for the future wouldn’t transform the utility.\u003c/p>\n\u003cp>“As a ratepayer, it can be strange to watch all of these investors making money off PG&E while feeling kind of helpless, because chances are our rates are going to go up in the years to come,” he said.\u003c/p>\n\u003cp>“This company isn't leaving bankruptcy with a solution to its business problems,” Ellias added. “So I think as a ratepayer, it's really easy to be cynical” about how the process benefits investors, banks, lawyers and other consultants.\u003c/p>\n\u003cp>Facing billions of dollars in legal claims from wildfire victims and demands from the governor, state officials and a federal court to dramatically improve its safety performance, there's no doubt that PG&E would have had to spend at least some of the money it's now shelling out in bankruptcy.\u003c/p>\n\u003cp>[aside postID=news_11791423 hero='https://ww2.kqed.org/app/uploads/sites/10/2019/12/GettyImages-1194346460.jpg']But there are major costs that the company wouldn’t be incurring if it hadn't filed for bankruptcy, according to court filings and regulatory records reviewed by KQED News.\u003c/p>\n\u003cp>Ellias said there’s an entire industry dedicated to helping shepherd big companies through bankruptcy.\u003c/p>\n\u003cp>“There are a large number of professionals who are highly skilled, who specialize in helping companies like PG&E and their creditors deal with their problems. They are very, very skilled professionals ... but they're also incredibly expensive. And so when a company runs into financial trouble, they tend to have to spend a lot of money on lawyers and consultants and investment bankers to try to get a handle on what's going on,” he said.\u003c/p>\n\u003cp>But there are doubts over whether the company will in fact emerge from the bankruptcy proceedings stronger, with less debt and better able to serve the 16 million residents who depend on it for power — even though the purpose of Chapter 11 is for a reorganized company to exit the process more financially stable.\u003c/p>\n\u003cp>“Normally when a company leaves bankruptcy, they've convinced the judge that whatever their business problems were prior to entering into bankruptcy, they've solved those problems,” Ellias said. “They've chosen to use the bankruptcy process to try to manage the fire victims’ claims, ... and to try to settle those claims. And that's the main thing they're going to accomplish in bankruptcy.”\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Jared Ellias, professor at UC Hastings College of the Law\"]'[PG&E] isn't leaving bankruptcy with a solution to its business problems.'[/pullquote]But the new PG&E won’t have solved its most pressing challenge: How to stop causing devastating wildfires.\u003c/p>\n\u003cp>“They're not leaving bankruptcy with a lot of ammunition in the tank to deal with the problems that are going to come to them in the years ahead,” Ellias said.\u003c/p>\n\u003cp>“When they leave, they're not going to be all that different than the PG&E that filed for Chapter 11 in January.”\u003c/p>\n\u003ch2>The Business of Bankruptcy\u003c/h2>\n\u003cp>There are many ways in which investors, lawyers and consultants are making money off PG&E’s bankruptcy. Some are straightforward, such as the money being paid out to attorneys, investment advisers and accounting firms.\u003c/p>\n\u003cp>Others are more nebulous and difficult to quantify — like the profits still being made from stock trades and the enormous sums that hedge funds stand to earn by essentially playing both sides of the case.\u003c/p>\n\u003cp>And some are largely unknown, such as the fees being paid to banks that have agreed to finance future loans to the company, the terms of which are generally kept secret.\u003c/p>\n\u003cp>Here’s what KQED found after reviewing court filings and other records.\u003c/p>\n\u003ch2>Fees and Expenses: ‘Among the Most Expensive Bankruptcy Cases Ever’\u003c/h2>\n\u003cp>The biggest ticket items so far are the fees and expenses charged to PG&E by lawyers, accountants, investment bankers and other consultants: According to a KQED review of court records, that bill totals at least $217,771,932.16 so far. That number encompasses all the fees and expenses filed with the bankruptcy court to date, generally covering the period from January through September, with some including October.\u003c/p>\n\u003cp>And it’s a bill that will only climb. U.S. Trustee Andrew Vara, the government watchdog overseeing PG&E’s case, wrote in a recent court filing that the professional fees in this case “are likely to rank eventually among the most expensive bankruptcy cases ever filed.”\u003c/p>\n\u003cfigure id=\"attachment_11791531\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11791531\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-800x450.jpg\" alt=\"\" width=\"800\" height=\"450\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-800x450.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-160x90.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-1020x574.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-1200x675.jpg 1200w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Kelly Heigert/KQED\u003c/figcaption>\u003c/figure>\n\u003cp>Under bankruptcy law, the company filing for Chapter 11 must pay for not only their own attorneys and consultants, but also for those representing the groups to whom the company owes money.\u003c/p>\n\u003cp>This means that in addition to their own lawyers, PG&E has been billed more than $26 million in attorney fees and expenses between January and October by the group representing wildfire victims; $21.5 million by financial advisers working for PG&E’s secured creditors; and nearly $18 million by the law firm charged with representing unsecured creditors — groups that PG&E owes money to that don’t have collateral.\u003c/p>\n\u003cp>“Everybody who is considered a creditor, someone that PG&E owes money to, gets a seat at the table and they get their lawyer fees, all of the expert fees reimbursed,” said Toney, the ratepayer advocate. “So we're talking about the hedge funds are getting reimbursed. We're talking about the wildfire claimants, the insurance companies. ... The only party not being represented is ratepayers.”\u003c/p>\n\u003ch2>All the Company’s Lawyers\u003c/h2>\n\u003cp>The seven law firms assisting PG&E in the bankruptcy have billed the company more than $125 million this year.\u003c/p>\n\u003cp>By far the biggest of those bills comes from Cravath, Swaine & Moore, PG&E’s lead attorneys for wildfire-related tort issues. The firm has billed more than $71 million in fees and expenses since the bankruptcy case was filed, including more than $13 million in September alone.\u003c/p>\n\u003cp>Another firm, Munger, Tolles & Olson, represents PG&E before regulators and on wildfire liability issues. For the first 10 months of this year, the firm has billed nearly $20 million in legal fees and more than $250,000 in expenses. That includes $3.97 million in fees and expenses in October alone. Lawyers at the firm charge between $400 and $1,400 an hour; and expenses include $19,230.59 in hotel charges in October.\u003c/p>\n\u003cp>And Weil, Gotshal & Manges, PG&E’s main bankruptcy attorneys, billed more than $23 million in fees and expenses through September.\u003c/p>\n\u003cp>[aside postID=news_11782798 hero='https://ww2.kqed.org/news/wp-content/uploads/sites/10/2019/10/GettyImages-1175134929-1020x676.jpg']Vara, the federal trustee overseeing the case, has questioned whether all the expenses are justified. In a September filing, he wrote he had found “$4 million in improper, excessive, or otherwise objectionable fees and expenses” and said the first round of fee applications “reflect numerous instances of questionable billing judgment and overstaffing.”\u003c/p>\n\u003cp>He cited internal meetings and conference calls involving 22 attorneys from the same firm; “numerous instances of large numbers of attorneys billing” for the same hearing; “implausibly high numbers of billable hours” by one lawyer in a single day — including one case in which a person billed for 24 hours in one day; and meals and transportation expenses charged to PG&E even when no case was done for the utility that day.\u003c/p>\n\u003cp>The bankruptcy judge eventually approved all the charges.\u003c/p>\n\u003cp>In a written statement, PG&E told KQED News that the company has \"retained expert advisors to help guide us through the complex Chapter 11 process – and help shape the business for the future – so that the company can remain focused on serving customers, enhancing our wildfire safety efforts, and working together with our stakeholders to create a more sustainable foundation for the delivery of safe, reliable and affordable service in the years ahead.\"\u003c/p>\n\u003ch2>Financing Fees: Paying a Premium for Bankruptcy Loans\u003c/h2>\n\u003cp>The other direct way PG&E is paying Wall Street is through borrowing money. The interest and fees associated with those loans could top $1 billion, even if the company doesn’t actually tap all the cash it’s qualified to borrow.\u003c/p>\n\u003cp>When a company like PG&E files for bankruptcy, it must secure financing to carry it through the court proceedings. Those loans leapfrog to the head of the line, meaning they are guaranteed to be paid back ahead of other debt.\u003c/p>\n\u003cp>Then, the company must set up exit financing to help ensure a smooth transition out of bankruptcy.\u003c/p>\n\u003cp>In this case, PG&E secured $5.5 billion in financing at the beginning of the bankruptcy from 10 large institutions: J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, Barclays Bank, Citibank, BNP Paribas Securities, Credit Suisse Loan Funding, Goldman Sachs Bank USA, MUFG Union Bank and Wells Fargo Securities.\u003c/p>\n\u003cp>So far this year, according to SEC filings, those loans have netted the banks $114 million in financing fees.\u003c/p>\n\u003cp>Ellias says studies have shown bankruptcy financing carries higher costs.\u003c/p>\n\u003cp>“In some ways it's kind of like a penalty, where you did a poor job managing your business and now you can get this loan that is more expensive than what you should have had to pay,” he said.\u003c/p>\n\u003cfigure id=\"attachment_11786435\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11786435\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-800x533.jpg\" alt=\"PG&E CEO Bill Johnson addressed the utility's widespread power shutoffs at an emergency meeting of the California Public Utilities Commission on Oct. 18, 2019.\" width=\"800\" height=\"533\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-800x533.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-160x107.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680.jpg 1020w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">PG&E CEO Bill Johnson addressed the utility's widespread power shutoffs at an emergency meeting of the California Public Utilities Commission on Oct. 18, 2019. \u003ccite>(Stephanie Lister/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Less clear still is how much PG&E will pay for its next round of financing, though one estimate pegs the number at $1 billion.\u003c/p>\n\u003cp>In an Oct. 23 court filing, PG&E wrote that it plans to use $14 billion in equity commitment and has lined up $34 billion in bridge loans if it needs to draw on them for its exit financing.\u003c/p>\n\u003cp>The company wrote in the filing that it does not currently anticipate having to draw on those bridge loans. But attorneys for wildfire victims pointed out in a court filing that even if the company doesn't need the loans, it will still have to pay steep financing fees.\u003c/p>\n\u003cp>“The fees for this unnecessary financing could exceed $1 billion,” lawyer David J. Richardson, of the Baker & Hostetler firm, wrote in objecting to PG&E’s plan.\u003c/p>\n\u003cp>Toney said this all shows who the bankruptcy’s biggest winners will be.\u003c/p>\n\u003cp>“Bankruptcy is a windfall for Wall Street. It's a windfall for banks,” he said, noting that PG&E’s first bankruptcy ended up costing around $700 million — and that this one stands to be much more expensive.\u003c/p>\n\u003cp>But a PG&E spokeswoman said that the new financing would actually save ratepayers up to $200 million a year by allowing the company to refinance existing, higher interest rate debt with debt at lower interest rates -- a change that would save ratepayers money.\u003c/p>\n\u003ch2>Hedge Funds Playing Both Sides\u003c/h2>\n\u003cp>But perhaps no one stands to make as much as the 10 hedge funds that are playing both sides of PG&E’s bankruptcy and wildfire liability crisis.\u003c/p>\n\u003cp>Those 10 companies have bought into the company as stockholders. At the same time, they’ve bought billions of dollars’ worth of insurance company claims against the utility arising from the 2017 and 2018 wildfires.\u003c/p>\n\u003cfigure id=\"attachment_11791533\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11791533\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-800x517.jpg\" alt=\"Hedge Funds Play Both Sides of PG&E Bankruptcy\" width=\"800\" height=\"517\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-800x517.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-160x103.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-1020x659.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-1200x776.jpg 1200w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Kelly Heigert/KQED\u003c/figcaption>\u003c/figure>\n\u003cp>Here’s how that works: After a utility-caused wildfire, insurance companies pay customers for the damage they’ve suffered, then go after PG&E to recover the money they’ve paid out . But since the process can be long and drawn out — especially during a bankruptcy proceeding — the insurers are willing to sell their claims at a loss.\u003c/p>\n\u003cp>“If you're an insurance company, you're in the business of mitigating losses and minimizing risks,” said Ellias. “So when this company ran into financial trouble and then filed for bankruptcy, you had the option of selling your claim to hedge funds who would give you cash and then you could walk away from this situation ... So you're willing to part with your claims at a discount because you didn't want to spend the next year taking on the risk of a bankruptcy filing and dealing with PG&E.”\u003c/p>\n\u003cp>According to the Wall Street Journal, Boston-based hedge fund Baupost Group has purchased at least $6 billion of its $7.4 billion in subrogation claims \u003ca href=\"https://www.wsj.com/articles/klarmans-baupost-poised-to-cash-in-on-pg-e-insurance-bet-11568387840?mod=article_inline\">for around 30 to 35 cents on the dollar\u003c/a> — meaning it could make hundreds of millions of dollars under \u003ca href=\"https://www.kqed.org/news/11774069/pge-insurance-companies-strike-11-billion-deal-to-settle-wildfire-claims\">an $11 billion insurance settlement\u003c/a> proposed as part of the bankruptcy case.\u003c/p>\n\u003cp>Baupost also owns 24.5 million shares of PG&E stock, giving it an ownership stake in the company of about 4.6%. The shares have fluctuated wildly this year, but Baupost’s payout from the insurance settlement would more than make up for any losses the company has suffered on its stock holdings.\u003c/p>\n\u003cp>Critics often refer to firms that trade in these types of distressed assets as “investment vultures.” Many of the shares were bought at bargain basement prices around the time PG&E filed for bankruptcy.\u003c/p>\n\u003cp>[aside postID=news_11788316 hero='https://ww2.kqed.org/app/uploads/sites/10/2019/11/RS33848_couple_GettyImages-1060720780-1020x655.jpg']The fact that hedge funds stand to profit in this situation doesn’t sit right with Amy Bach, executive director of United Policyholders, which advocates for insurance consumers.\u003c/p>\n\u003cp>“It doesn't seem right that investors should be able to profit from a dynamic that they didn't have any role in in the first place,” she said, noting that the original insurance companies, not hedge funds, took the risk to insure the consumers.\u003c/p>\n\u003cp>But Bach said the complicated nature of these investments raises another concern: Whether the entry of more parties, like the hedge funds, into the bankruptcy proceedings has made the case more expensive.\u003c/p>\n\u003cp>“It's just taking way longer than it should have because of the complexity of all these parties being involved, because there are so many hands that want to get into the pot,” she said.\u003c/p>\n\u003cp>Indiana University associate law professor Pamela Foohey said it’s not necessarily a bad thing that hedge funds are essentially on multiple sides of the negotiating table at once — they may have more of an interest in shaping an outcome to the bankruptcy that benefits all parties.\u003c/p>\n\u003cp>“In large bankruptcies, there are repeat players simply because the entire financial industry in this country and most of the world is so compressed,” she added.\u003c/p>\n\u003ch2>Stocks: For Investors, Volatility Means Opportunity\u003c/h2>\n\u003cp>Of course, while all this maneuvering is happening in bankruptcy court, PG&E remains a publicly traded company — giving aggressive investors opportunities to make money on its fluctuating stock prices.\u003c/p>\n\u003cp>“A lot of hedge funds look for volatility when they're trading, they're looking for assets that are moving around so they can buy them and sell them and buy them and sell them and make other bets on the price of the stock,” Ellias said. “So a boring public utility with stock is just kind of stable. That's not that interesting necessarily to a hedge fund that's trying to make a lot of money. They need volatility so they can trade. And this company has certainly supplied plenty of volatility.”\u003c/p>\n\u003cp>PG&E shares have ping-ponged wildly over the past several years, from a high of $70 a share before the 2017 fires down to around $6 a share when the company filed for bankruptcy. In October, amid uncertainty in the bankruptcy case and news that PG&E lines had sparked another fire, shares plunged again to around $3.80 a share — but now sit around $10 a share.\u003c/p>\n\u003cp>Those low numbers may sound bad — but volatility means opportunity. For example, in April the \u003ca href=\"https://www.wsj.com/articles/three-hedge-funds-win-big-in-pg-es-complex-restructuring-11555438398\">Wall Street Journal reported\u003c/a> that three hedge funds had bought about 10 percent of PG&E’s stock when it was at a record low, right after bankruptcy; if they had sold back then, they would have made around $700 million. Two of those — Abrams Capital Management and Redwood Capital Management LLC — also own those subrogation claims against the company.\u003c/p>\n\u003cp>Foohey said the interest in PG&E’s stock could also be seen as a good thing for ratepayers.\u003c/p>\n\u003cp>“The fact that there is an active trading market in the stock suggests that someone out there thinks the stock is worth something, which means they think the company … has the ability to be restructured,” she said.\u003c/p>\n\u003cp>Any strength in the stock and share price stands to benefit wildfire victims, too — part of the $13.5 billion settlement reached in early December calls for survivors to receive 20 percent of the company’s shares as part of the broader payout.\u003c/p>\n\u003cp>That was also stellar news for current shareholders, Ellias said, who have been fighting with bondholders in court over who will control the company once it exits Chapter 11.\u003c/p>\n\u003cp>“For the current shareholders of the company who are really just fighting to stay in control and to still keep some part of their ownership share of this company after bankruptcy, this is a huge win,” Ellias said. “Huge win. I mean, the shares have been really trading up on this news. This is exciting news for the shareholders.”\u003c/p>\n\u003cp>Among those shareholders: Abrams and Baupost, the companies that are also making money off the insurance settlement.\u003c/p>\n\u003cp>\u003cem>This story was updated on Dec. 18 to reflect statements provided by PG&E.\u003c/em>\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n","blocks":[],"excerpt":"Bankruptcy is big business for Wall Street, and PG&E’s Chapter 11 case is no different — except in this situation, utility ratepayers are the ones who will likely be picking up the bulk of the tab.","status":"publish","parent":0,"modified":1576699034,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":81,"wordCount":3553},"headData":{"title":"Wall Street Could Make $1 Billion Off PG&E's Bankruptcy – and Ratepayers Are on the Hook | KQED","description":"Bankruptcy is big business for Wall Street, and PG&E’s Chapter 11 case is no different — except in this situation, utility ratepayers are the ones who will likely be picking up the bulk of the tab.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Wall Street Could Make $1 Billion Off PG&E's Bankruptcy – and Ratepayers Are on the Hook","datePublished":"2019-12-17T00:30:15.000Z","dateModified":"2019-12-18T19:57:14.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"11791486 https://ww2.kqed.org/news/?p=11791486","disqusUrl":"https://ww2.kqed.org/news/2019/12/16/wall-street-could-make-1-billion-off-pges-bankruptcy-and-ratepayers-are-on-the-hook/","disqusTitle":"Wall Street Could Make $1 Billion Off PG&E's Bankruptcy – and Ratepayers Are on the Hook","source":"News","sourceUrl":"http://www.kqed.org/news/","audioUrl":"https://www.kqed.org/.stream/anon/radio/RDnews/2019/12/LagosPGEinCourt.mp3","audioTrackLength":308,"path":"/news/11791486/wall-street-could-make-1-billion-off-pges-bankruptcy-and-ratepayers-are-on-the-hook","audioDuration":308000,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>PG&E’s bankruptcy is making some people very rich.\u003c/p>\n\u003cp>Since the utility filed for Chapter 11 protection in January, lawyers and consultants have made a staggering $217 million. Big banks have netted $114 million in financing fees — and that number could top $1 billion by the time the company exits bankruptcy next year.\u003c/p>\n\u003cp>Others are reaping the bankruptcy windfall, too.\u003c/p>\n\u003cp>A handful of hedge funds stand to make billions because they own nearly one-fifth of PG&E’s stock and bought up more than half of the wildfire insurance claims against the company — meaning they are basically on both sides of the negotiating table in court.\u003c/p>\n\u003cp>And stock prices are fluctuating wildly based on the latest twists and turns in the bankruptcy case, providing speculators the opportunity to make huge short-term returns.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"'[Bankruptcy is a] strategy of Wall Street to extract the maximum amount of cash from California ratepayers.'","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"Mark Toney, president of TURN","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Bankruptcy is big business for Wall Street, and PG&E’s Chapter 11 case is no different — except in this situation, utility ratepayers are the ones who will likely be picking up the bulk of the tab.\u003c/p>\n\u003cp>“PG&E’s sole source of revenue, the only way they earn money, is from ratepayer bills,” said Mark Toney, president of the ratepayer advocacy group TURN. “PG&E filed for bankruptcy voluntarily ... PG&E didn't have to go into bankruptcy. They did it for their financial advantage and to try to stick their shareholder costs to the ratepayers.”\u003c/p>\n\u003cp>Bankruptcy, he charged, is a “strategy of Wall Street to extract the maximum amount of cash from California ratepayers.”\u003c/p>\n\u003cp>PG&E disputes that characterization, noting through a spokeswoman that a state law passed earlier this year requires the utility’s exit plan from bankruptcy to be “neutral, to ratepayers, on average” and that shareholders will pay for the costs of the Chapter 11 case.\u003c/p>\n\u003cp>But Gov. Gavin Newsom has raised concerns as well.\u003c/p>\n\u003cp>Late Friday, in a letter to PG&E executives, Newsom \u003ca href=\"https://www.kqed.org/news/11791271/gov-gavin-newsom-rejects-13-5-billion-pge-settlement\">rejected the utility’s current proposal\u003c/a> for exiting bankruptcy, saying it doesn’t do enough to ensure that the company will emerge stronger and better able to provide safe, reliable power. He wrote that PG&E’s proposal depends too much on borrowing money, and he wants more accountability — including a plan for essentially handing control of the company over to the state or another third party if it fails to meet the state’s requirements.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Professor Jared Ellias of UC Hastings College of the Law, an expert in bankruptcy law who has been following PG&E’s case closely, agreed that customers are the ones who will foot most of the bill for this bankruptcy — and that PG&E’s current plan for the future wouldn’t transform the utility.\u003c/p>\n\u003cp>“As a ratepayer, it can be strange to watch all of these investors making money off PG&E while feeling kind of helpless, because chances are our rates are going to go up in the years to come,” he said.\u003c/p>\n\u003cp>“This company isn't leaving bankruptcy with a solution to its business problems,” Ellias added. “So I think as a ratepayer, it's really easy to be cynical” about how the process benefits investors, banks, lawyers and other consultants.\u003c/p>\n\u003cp>Facing billions of dollars in legal claims from wildfire victims and demands from the governor, state officials and a federal court to dramatically improve its safety performance, there's no doubt that PG&E would have had to spend at least some of the money it's now shelling out in bankruptcy.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"aside","attributes":{"named":{"postid":"news_11791423","hero":"https://ww2.kqed.org/app/uploads/sites/10/2019/12/GettyImages-1194346460.jpg","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>But there are major costs that the company wouldn’t be incurring if it hadn't filed for bankruptcy, according to court filings and regulatory records reviewed by KQED News.\u003c/p>\n\u003cp>Ellias said there’s an entire industry dedicated to helping shepherd big companies through bankruptcy.\u003c/p>\n\u003cp>“There are a large number of professionals who are highly skilled, who specialize in helping companies like PG&E and their creditors deal with their problems. They are very, very skilled professionals ... but they're also incredibly expensive. And so when a company runs into financial trouble, they tend to have to spend a lot of money on lawyers and consultants and investment bankers to try to get a handle on what's going on,” he said.\u003c/p>\n\u003cp>But there are doubts over whether the company will in fact emerge from the bankruptcy proceedings stronger, with less debt and better able to serve the 16 million residents who depend on it for power — even though the purpose of Chapter 11 is for a reorganized company to exit the process more financially stable.\u003c/p>\n\u003cp>“Normally when a company leaves bankruptcy, they've convinced the judge that whatever their business problems were prior to entering into bankruptcy, they've solved those problems,” Ellias said. “They've chosen to use the bankruptcy process to try to manage the fire victims’ claims, ... and to try to settle those claims. And that's the main thing they're going to accomplish in bankruptcy.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"'[PG&E] isn't leaving bankruptcy with a solution to its business problems.'","name":"pullquote","attributes":{"named":{"size":"medium","align":"right","citation":"Jared Ellias, professor at UC Hastings College of the Law","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>But the new PG&E won’t have solved its most pressing challenge: How to stop causing devastating wildfires.\u003c/p>\n\u003cp>“They're not leaving bankruptcy with a lot of ammunition in the tank to deal with the problems that are going to come to them in the years ahead,” Ellias said.\u003c/p>\n\u003cp>“When they leave, they're not going to be all that different than the PG&E that filed for Chapter 11 in January.”\u003c/p>\n\u003ch2>The Business of Bankruptcy\u003c/h2>\n\u003cp>There are many ways in which investors, lawyers and consultants are making money off PG&E’s bankruptcy. Some are straightforward, such as the money being paid out to attorneys, investment advisers and accounting firms.\u003c/p>\n\u003cp>Others are more nebulous and difficult to quantify — like the profits still being made from stock trades and the enormous sums that hedge funds stand to earn by essentially playing both sides of the case.\u003c/p>\n\u003cp>And some are largely unknown, such as the fees being paid to banks that have agreed to finance future loans to the company, the terms of which are generally kept secret.\u003c/p>\n\u003cp>Here’s what KQED found after reviewing court filings and other records.\u003c/p>\n\u003ch2>Fees and Expenses: ‘Among the Most Expensive Bankruptcy Cases Ever’\u003c/h2>\n\u003cp>The biggest ticket items so far are the fees and expenses charged to PG&E by lawyers, accountants, investment bankers and other consultants: According to a KQED review of court records, that bill totals at least $217,771,932.16 so far. That number encompasses all the fees and expenses filed with the bankruptcy court to date, generally covering the period from January through September, with some including October.\u003c/p>\n\u003cp>And it’s a bill that will only climb. U.S. Trustee Andrew Vara, the government watchdog overseeing PG&E’s case, wrote in a recent court filing that the professional fees in this case “are likely to rank eventually among the most expensive bankruptcy cases ever filed.”\u003c/p>\n\u003cfigure id=\"attachment_11791531\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11791531\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-800x450.jpg\" alt=\"\" width=\"800\" height=\"450\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-800x450.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-160x90.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-1020x574.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info-1200x675.jpg 1200w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Cost-of-PGE-Bankruptcy-Info.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Kelly Heigert/KQED\u003c/figcaption>\u003c/figure>\n\u003cp>Under bankruptcy law, the company filing for Chapter 11 must pay for not only their own attorneys and consultants, but also for those representing the groups to whom the company owes money.\u003c/p>\n\u003cp>This means that in addition to their own lawyers, PG&E has been billed more than $26 million in attorney fees and expenses between January and October by the group representing wildfire victims; $21.5 million by financial advisers working for PG&E’s secured creditors; and nearly $18 million by the law firm charged with representing unsecured creditors — groups that PG&E owes money to that don’t have collateral.\u003c/p>\n\u003cp>“Everybody who is considered a creditor, someone that PG&E owes money to, gets a seat at the table and they get their lawyer fees, all of the expert fees reimbursed,” said Toney, the ratepayer advocate. “So we're talking about the hedge funds are getting reimbursed. We're talking about the wildfire claimants, the insurance companies. ... The only party not being represented is ratepayers.”\u003c/p>\n\u003ch2>All the Company’s Lawyers\u003c/h2>\n\u003cp>The seven law firms assisting PG&E in the bankruptcy have billed the company more than $125 million this year.\u003c/p>\n\u003cp>By far the biggest of those bills comes from Cravath, Swaine & Moore, PG&E’s lead attorneys for wildfire-related tort issues. The firm has billed more than $71 million in fees and expenses since the bankruptcy case was filed, including more than $13 million in September alone.\u003c/p>\n\u003cp>Another firm, Munger, Tolles & Olson, represents PG&E before regulators and on wildfire liability issues. For the first 10 months of this year, the firm has billed nearly $20 million in legal fees and more than $250,000 in expenses. That includes $3.97 million in fees and expenses in October alone. Lawyers at the firm charge between $400 and $1,400 an hour; and expenses include $19,230.59 in hotel charges in October.\u003c/p>\n\u003cp>And Weil, Gotshal & Manges, PG&E’s main bankruptcy attorneys, billed more than $23 million in fees and expenses through September.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"aside","attributes":{"named":{"postid":"news_11782798","hero":"https://ww2.kqed.org/news/wp-content/uploads/sites/10/2019/10/GettyImages-1175134929-1020x676.jpg","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>Vara, the federal trustee overseeing the case, has questioned whether all the expenses are justified. In a September filing, he wrote he had found “$4 million in improper, excessive, or otherwise objectionable fees and expenses” and said the first round of fee applications “reflect numerous instances of questionable billing judgment and overstaffing.”\u003c/p>\n\u003cp>He cited internal meetings and conference calls involving 22 attorneys from the same firm; “numerous instances of large numbers of attorneys billing” for the same hearing; “implausibly high numbers of billable hours” by one lawyer in a single day — including one case in which a person billed for 24 hours in one day; and meals and transportation expenses charged to PG&E even when no case was done for the utility that day.\u003c/p>\n\u003cp>The bankruptcy judge eventually approved all the charges.\u003c/p>\n\u003cp>In a written statement, PG&E told KQED News that the company has \"retained expert advisors to help guide us through the complex Chapter 11 process – and help shape the business for the future – so that the company can remain focused on serving customers, enhancing our wildfire safety efforts, and working together with our stakeholders to create a more sustainable foundation for the delivery of safe, reliable and affordable service in the years ahead.\"\u003c/p>\n\u003ch2>Financing Fees: Paying a Premium for Bankruptcy Loans\u003c/h2>\n\u003cp>The other direct way PG&E is paying Wall Street is through borrowing money. The interest and fees associated with those loans could top $1 billion, even if the company doesn’t actually tap all the cash it’s qualified to borrow.\u003c/p>\n\u003cp>When a company like PG&E files for bankruptcy, it must secure financing to carry it through the court proceedings. Those loans leapfrog to the head of the line, meaning they are guaranteed to be paid back ahead of other debt.\u003c/p>\n\u003cp>Then, the company must set up exit financing to help ensure a smooth transition out of bankruptcy.\u003c/p>\n\u003cp>In this case, PG&E secured $5.5 billion in financing at the beginning of the bankruptcy from 10 large institutions: J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, Barclays Bank, Citibank, BNP Paribas Securities, Credit Suisse Loan Funding, Goldman Sachs Bank USA, MUFG Union Bank and Wells Fargo Securities.\u003c/p>\n\u003cp>So far this year, according to SEC filings, those loans have netted the banks $114 million in financing fees.\u003c/p>\n\u003cp>Ellias says studies have shown bankruptcy financing carries higher costs.\u003c/p>\n\u003cp>“In some ways it's kind of like a penalty, where you did a poor job managing your business and now you can get this loan that is more expensive than what you should have had to pay,” he said.\u003c/p>\n\u003cfigure id=\"attachment_11786435\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11786435\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-800x533.jpg\" alt=\"PG&E CEO Bill Johnson addressed the utility's widespread power shutoffs at an emergency meeting of the California Public Utilities Commission on Oct. 18, 2019.\" width=\"800\" height=\"533\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-800x533.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680-160x107.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/11/Image-from-iOS-1020x680.jpg 1020w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">PG&E CEO Bill Johnson addressed the utility's widespread power shutoffs at an emergency meeting of the California Public Utilities Commission on Oct. 18, 2019. \u003ccite>(Stephanie Lister/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Less clear still is how much PG&E will pay for its next round of financing, though one estimate pegs the number at $1 billion.\u003c/p>\n\u003cp>In an Oct. 23 court filing, PG&E wrote that it plans to use $14 billion in equity commitment and has lined up $34 billion in bridge loans if it needs to draw on them for its exit financing.\u003c/p>\n\u003cp>The company wrote in the filing that it does not currently anticipate having to draw on those bridge loans. But attorneys for wildfire victims pointed out in a court filing that even if the company doesn't need the loans, it will still have to pay steep financing fees.\u003c/p>\n\u003cp>“The fees for this unnecessary financing could exceed $1 billion,” lawyer David J. Richardson, of the Baker & Hostetler firm, wrote in objecting to PG&E’s plan.\u003c/p>\n\u003cp>Toney said this all shows who the bankruptcy’s biggest winners will be.\u003c/p>\n\u003cp>“Bankruptcy is a windfall for Wall Street. It's a windfall for banks,” he said, noting that PG&E’s first bankruptcy ended up costing around $700 million — and that this one stands to be much more expensive.\u003c/p>\n\u003cp>But a PG&E spokeswoman said that the new financing would actually save ratepayers up to $200 million a year by allowing the company to refinance existing, higher interest rate debt with debt at lower interest rates -- a change that would save ratepayers money.\u003c/p>\n\u003ch2>Hedge Funds Playing Both Sides\u003c/h2>\n\u003cp>But perhaps no one stands to make as much as the 10 hedge funds that are playing both sides of PG&E’s bankruptcy and wildfire liability crisis.\u003c/p>\n\u003cp>Those 10 companies have bought into the company as stockholders. At the same time, they’ve bought billions of dollars’ worth of insurance company claims against the utility arising from the 2017 and 2018 wildfires.\u003c/p>\n\u003cfigure id=\"attachment_11791533\" class=\"wp-caption aligncenter\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11791533\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-800x517.jpg\" alt=\"Hedge Funds Play Both Sides of PG&E Bankruptcy\" width=\"800\" height=\"517\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-800x517.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-160x103.jpg 160w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-1020x659.jpg 1020w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides-1200x776.jpg 1200w, https://ww2.kqed.org/app/uploads/sites/10/2019/12/Hedge-Funds-On-Both-Sides.jpg 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Kelly Heigert/KQED\u003c/figcaption>\u003c/figure>\n\u003cp>Here’s how that works: After a utility-caused wildfire, insurance companies pay customers for the damage they’ve suffered, then go after PG&E to recover the money they’ve paid out . But since the process can be long and drawn out — especially during a bankruptcy proceeding — the insurers are willing to sell their claims at a loss.\u003c/p>\n\u003cp>“If you're an insurance company, you're in the business of mitigating losses and minimizing risks,” said Ellias. “So when this company ran into financial trouble and then filed for bankruptcy, you had the option of selling your claim to hedge funds who would give you cash and then you could walk away from this situation ... So you're willing to part with your claims at a discount because you didn't want to spend the next year taking on the risk of a bankruptcy filing and dealing with PG&E.”\u003c/p>\n\u003cp>According to the Wall Street Journal, Boston-based hedge fund Baupost Group has purchased at least $6 billion of its $7.4 billion in subrogation claims \u003ca href=\"https://www.wsj.com/articles/klarmans-baupost-poised-to-cash-in-on-pg-e-insurance-bet-11568387840?mod=article_inline\">for around 30 to 35 cents on the dollar\u003c/a> — meaning it could make hundreds of millions of dollars under \u003ca href=\"https://www.kqed.org/news/11774069/pge-insurance-companies-strike-11-billion-deal-to-settle-wildfire-claims\">an $11 billion insurance settlement\u003c/a> proposed as part of the bankruptcy case.\u003c/p>\n\u003cp>Baupost also owns 24.5 million shares of PG&E stock, giving it an ownership stake in the company of about 4.6%. The shares have fluctuated wildly this year, but Baupost’s payout from the insurance settlement would more than make up for any losses the company has suffered on its stock holdings.\u003c/p>\n\u003cp>Critics often refer to firms that trade in these types of distressed assets as “investment vultures.” Many of the shares were bought at bargain basement prices around the time PG&E filed for bankruptcy.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"aside","attributes":{"named":{"postid":"news_11788316","hero":"https://ww2.kqed.org/app/uploads/sites/10/2019/11/RS33848_couple_GettyImages-1060720780-1020x655.jpg","label":""},"numeric":[]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>The fact that hedge funds stand to profit in this situation doesn’t sit right with Amy Bach, executive director of United Policyholders, which advocates for insurance consumers.\u003c/p>\n\u003cp>“It doesn't seem right that investors should be able to profit from a dynamic that they didn't have any role in in the first place,” she said, noting that the original insurance companies, not hedge funds, took the risk to insure the consumers.\u003c/p>\n\u003cp>But Bach said the complicated nature of these investments raises another concern: Whether the entry of more parties, like the hedge funds, into the bankruptcy proceedings has made the case more expensive.\u003c/p>\n\u003cp>“It's just taking way longer than it should have because of the complexity of all these parties being involved, because there are so many hands that want to get into the pot,” she said.\u003c/p>\n\u003cp>Indiana University associate law professor Pamela Foohey said it’s not necessarily a bad thing that hedge funds are essentially on multiple sides of the negotiating table at once — they may have more of an interest in shaping an outcome to the bankruptcy that benefits all parties.\u003c/p>\n\u003cp>“In large bankruptcies, there are repeat players simply because the entire financial industry in this country and most of the world is so compressed,” she added.\u003c/p>\n\u003ch2>Stocks: For Investors, Volatility Means Opportunity\u003c/h2>\n\u003cp>Of course, while all this maneuvering is happening in bankruptcy court, PG&E remains a publicly traded company — giving aggressive investors opportunities to make money on its fluctuating stock prices.\u003c/p>\n\u003cp>“A lot of hedge funds look for volatility when they're trading, they're looking for assets that are moving around so they can buy them and sell them and buy them and sell them and make other bets on the price of the stock,” Ellias said. “So a boring public utility with stock is just kind of stable. That's not that interesting necessarily to a hedge fund that's trying to make a lot of money. They need volatility so they can trade. And this company has certainly supplied plenty of volatility.”\u003c/p>\n\u003cp>PG&E shares have ping-ponged wildly over the past several years, from a high of $70 a share before the 2017 fires down to around $6 a share when the company filed for bankruptcy. In October, amid uncertainty in the bankruptcy case and news that PG&E lines had sparked another fire, shares plunged again to around $3.80 a share — but now sit around $10 a share.\u003c/p>\n\u003cp>Those low numbers may sound bad — but volatility means opportunity. For example, in April the \u003ca href=\"https://www.wsj.com/articles/three-hedge-funds-win-big-in-pg-es-complex-restructuring-11555438398\">Wall Street Journal reported\u003c/a> that three hedge funds had bought about 10 percent of PG&E’s stock when it was at a record low, right after bankruptcy; if they had sold back then, they would have made around $700 million. Two of those — Abrams Capital Management and Redwood Capital Management LLC — also own those subrogation claims against the company.\u003c/p>\n\u003cp>Foohey said the interest in PG&E’s stock could also be seen as a good thing for ratepayers.\u003c/p>\n\u003cp>“The fact that there is an active trading market in the stock suggests that someone out there thinks the stock is worth something, which means they think the company … has the ability to be restructured,” she said.\u003c/p>\n\u003cp>Any strength in the stock and share price stands to benefit wildfire victims, too — part of the $13.5 billion settlement reached in early December calls for survivors to receive 20 percent of the company’s shares as part of the broader payout.\u003c/p>\n\u003cp>That was also stellar news for current shareholders, Ellias said, who have been fighting with bondholders in court over who will control the company once it exits Chapter 11.\u003c/p>\n\u003cp>“For the current shareholders of the company who are really just fighting to stay in control and to still keep some part of their ownership share of this company after bankruptcy, this is a huge win,” Ellias said. “Huge win. I mean, the shares have been really trading up on this news. This is exciting news for the shareholders.”\u003c/p>\n\u003cp>Among those shareholders: Abrams and Baupost, the companies that are also making money off the insurance settlement.\u003c/p>\n\u003cp>\u003cem>This story was updated on Dec. 18 to reflect statements provided by PG&E.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"floatright"},"numeric":["floatright"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/11791486/wall-street-could-make-1-billion-off-pges-bankruptcy-and-ratepayers-are-on-the-hook","authors":["3239"],"programs":["news_72"],"categories":["news_19906","news_8","news_13","news_356"],"tags":["news_19542","news_26023","news_140","news_24802","news_27132","news_24803","news_17041","news_2376","news_4463"],"featImg":"news_11791529","label":"source_news_11791486"},"news_11299606":{"type":"posts","id":"news_11299606","meta":{"index":"posts_1591205157","site":"news","id":"11299606","score":null,"sort":[1486148507000]},"guestAuthors":[],"slug":"trump-takes-aim-at-dodd-frank-investor-protections-rule-in-executive-action","title":"Trump Takes Aim at Dodd-Frank, Investor Protections Rule in Executive Action","publishDate":1486148507,"format":"standard","headTitle":"The California Report | KQED News","labelTerm":{},"content":"\u003cp>President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity.\u003c/p>\n\u003cp>Trump himself made his intentions clear in a meeting with small-business owners Monday. \"Dodd-Frank is a disaster,\" Trump said. \"We're going to be doing a big number on Dodd-Frank.\"\u003c/p>\n\u003cp>These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective.\u003c/p>\n\u003cp>[contextly_sidebar id=\"VgbHtwR7PC5suzdnR1LnFsxl6WcbygBR\"]\u003c/p>\n\u003cp>Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. Instead, the Treasury secretary will be instructed to meet with the agencies that oversee the law to identify possible changes.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,\" said National Economic Council director Gary Cohn in an interview with the \u003ca href=\"https://www.wsj.com/articles/trump-moves-to-undo-dodd-frank-law-1486101602\" target=\"_blank\">Wall Street Journal\u003c/a>. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, \"The banks are going to be able to price product more efficiently and more effectively to consumers.\"\u003c/p>\n\u003cp>Hinting at where the administration might expect the review to lead, the official said that under the Obama administration, \"some of the rules may have even been unconstitutional, creating new agencies that don't actually protect consumers.\"\u003c/p>\n\u003cp>That is an allusion to the Consumer Financial Protection Bureau, the consumer watchdog bureau that Republicans in Congress opposed from its very creation and was the subject of a years-long fight over its leadership and structure.\u003c/p>\n\u003cp>[contextly_sidebar id=\"RoPWhKJe5NP5QQf9oPjgBUlAbQgWLdVZ\"]\u003c/p>\n\u003cp>\"This is not an attempt to undo Dodd-Frank,\" the administration official insisted before going on to explain that some of the work of changing regulations, including the so-called Volcker Rule to mitigate risks, could be done through personnel, putting Trump-allied people in charge at agencies like the Securities and Exchange Commission.\u003c/p>\n\u003cp>It isn't clear yet how long the review would take, but the official says every aspect of the law will be considered.\u003c/p>\n\u003cp>A second directive would call on the Department of Labor to defer implementation of an Obama-era rule, known as the \u003ca href=\"http://www.npr.org/2017/02/02/513105063/financial-industry-groups-fear-trump-will-block-investor-protection-rule\" target=\"_blank\">Fiduciary Rule\u003c/a>, requiring financial advisers to act in the best interests of their clients in retirement planning.\u003c/p>\n\u003cp>The deadline for implementation was supposed to be April. Echoing arguments of the financial services industry, the Trump administration official said the rule would have unintended consequences if allowed to go forward. The industry says the rule will make it harder for advisers to serve lower-income clients. Backers of the rule say it will prevent advisers from gouging customers by selling them inappropriate, high-fee products. Once the review is complete, the official said, it's possible the Labor Department could determine the rule is completely unnecessary.\u003c/p>\n\u003cp>This rule has been heavily lobbied and some financial industry organizations had been pushing for the Trump administration to delay it.\u003c/p>\n\u003cp>\u003cstrong>Key provisions of Dodd-Frank\u003c/strong>\u003c/p>\n\u003cp>Dodd-Frank, passed in 2010, is made up of many provisions across many different regulatory agencies, some of which — like the Labor Department's Fiduciary Rule — have yet to be implemented.\u003c/p>\n\u003cp>The intent of the law was to implement comprehensive safeguards to monitor and regulate financial institutions so their potential failures would not pose a risk to the entire economy.\u003c/p>\n\u003cp>Dodd-Frank established some key new institutions and rules:\u003c/p>\n\u003cul>\n\u003cli>The creation of new agencies, including the Financial Stability Oversight Council, made up of 10 regulators representing the Federal Reserve, Treasury Department, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, among others. It also created the Consumer Financial Protection Bureau, which has broad authority to monitor and investigate financial institutions and enforce consumer rights.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The creation of a mechanism to unwind large financial institutions if they run into trouble. The law required all financial institutions designated as \"systemically important financial institutions\" to prepare \"living wills,\" which would give regulators more transparency into the bank or insurance firm's activities in order to better mitigate risk.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The limitation of banks' ability to take risks, in part through a provision known as the Volcker Rule (named after Obama administration economic adviser Paul Volcker), which prohibits banks from making certain types of speculative investments with their own money.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The establishment of a structure for regulating a relatively new derivative market known as credit default swaps, which prior to the Dodd-Frank Act were largely unregulated. Major financial institutions traded these swaps, which functioned like insurance on mortgage securities, and as the underlying mortgages started to fail, it created enormous liabilities for firms like AIG.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The creation of new standards for mortgages, including provisions requiring loan underwriters to better vet their borrowers' ability to repay, and increasing consumer disclosure requirements to lenders.\u003c/li>\n\u003c/ul>\n\u003cp>\u003c/p>\n\u003cp>Copyright 2017 NPR. To see more, visit \u003ca href=\"http://www.npr.org/\" target=\"_blank\">NPR.org\u003c/a>.\u003c/p>\n\n","blocks":[],"excerpt":"President Trump has called the financial regulations passed during the Obama administration a 'disaster.' Executive actions signed on Friday order a review of the law.","status":"publish","parent":0,"modified":1486168345,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":21,"wordCount":877},"headData":{"title":"Trump Takes Aim at Dodd-Frank, Investor Protections Rule in Executive Action | KQED","description":"President Trump has called the financial regulations passed during the Obama administration a 'disaster.' Executive actions signed on Friday order a review of the law.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Trump Takes Aim at Dodd-Frank, Investor Protections Rule in Executive Action","datePublished":"2017-02-03T19:01:47.000Z","dateModified":"2017-02-04T00:32:25.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"11299606 https://ww2.kqed.org/news/?p=11299606","disqusUrl":"https://ww2.kqed.org/news/2017/02/03/trump-takes-aim-at-dodd-frank-investor-protections-rule-in-executive-action/","disqusTitle":"Trump Takes Aim at Dodd-Frank, Investor Protections Rule in Executive Action","source":"NPR","sourceUrl":"http://www.npr.org/","nprImageCredit":"Pablo Martinez Monsivais","nprByline":"Tamara Keith","nprImageAgency":"AP","nprStoryId":"513224023","nprApiLink":"http://api.npr.org/query?id=513224023&apiKey=MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004","nprHtmlLink":"http://www.npr.org/2017/02/03/513224023/trump-to-take-aim-at-dodd-frank-investor-protections-rule-in-executive-action?ft=nprml&f=513224023","nprRetrievedStory":"1","nprPubDate":"Fri, 03 Feb 2017 13:38:00 -0500","nprStoryDate":"Fri, 03 Feb 2017 10:35:00 -0500","nprLastModifiedDate":"Fri, 03 Feb 2017 13:39:02 -0500","path":"/news/11299606/trump-takes-aim-at-dodd-frank-investor-protections-rule-in-executive-action","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity.\u003c/p>\n\u003cp>Trump himself made his intentions clear in a meeting with small-business owners Monday. \"Dodd-Frank is a disaster,\" Trump said. \"We're going to be doing a big number on Dodd-Frank.\"\u003c/p>\n\u003cp>These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. Instead, the Treasury secretary will be instructed to meet with the agencies that oversee the law to identify possible changes.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>\"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,\" said National Economic Council director Gary Cohn in an interview with the \u003ca href=\"https://www.wsj.com/articles/trump-moves-to-undo-dodd-frank-law-1486101602\" target=\"_blank\">Wall Street Journal\u003c/a>. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, \"The banks are going to be able to price product more efficiently and more effectively to consumers.\"\u003c/p>\n\u003cp>Hinting at where the administration might expect the review to lead, the official said that under the Obama administration, \"some of the rules may have even been unconstitutional, creating new agencies that don't actually protect consumers.\"\u003c/p>\n\u003cp>That is an allusion to the Consumer Financial Protection Bureau, the consumer watchdog bureau that Republicans in Congress opposed from its very creation and was the subject of a years-long fight over its leadership and structure.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>\"This is not an attempt to undo Dodd-Frank,\" the administration official insisted before going on to explain that some of the work of changing regulations, including the so-called Volcker Rule to mitigate risks, could be done through personnel, putting Trump-allied people in charge at agencies like the Securities and Exchange Commission.\u003c/p>\n\u003cp>It isn't clear yet how long the review would take, but the official says every aspect of the law will be considered.\u003c/p>\n\u003cp>A second directive would call on the Department of Labor to defer implementation of an Obama-era rule, known as the \u003ca href=\"http://www.npr.org/2017/02/02/513105063/financial-industry-groups-fear-trump-will-block-investor-protection-rule\" target=\"_blank\">Fiduciary Rule\u003c/a>, requiring financial advisers to act in the best interests of their clients in retirement planning.\u003c/p>\n\u003cp>The deadline for implementation was supposed to be April. Echoing arguments of the financial services industry, the Trump administration official said the rule would have unintended consequences if allowed to go forward. The industry says the rule will make it harder for advisers to serve lower-income clients. Backers of the rule say it will prevent advisers from gouging customers by selling them inappropriate, high-fee products. Once the review is complete, the official said, it's possible the Labor Department could determine the rule is completely unnecessary.\u003c/p>\n\u003cp>This rule has been heavily lobbied and some financial industry organizations had been pushing for the Trump administration to delay it.\u003c/p>\n\u003cp>\u003cstrong>Key provisions of Dodd-Frank\u003c/strong>\u003c/p>\n\u003cp>Dodd-Frank, passed in 2010, is made up of many provisions across many different regulatory agencies, some of which — like the Labor Department's Fiduciary Rule — have yet to be implemented.\u003c/p>\n\u003cp>The intent of the law was to implement comprehensive safeguards to monitor and regulate financial institutions so their potential failures would not pose a risk to the entire economy.\u003c/p>\n\u003cp>Dodd-Frank established some key new institutions and rules:\u003c/p>\n\u003cul>\n\u003cli>The creation of new agencies, including the Financial Stability Oversight Council, made up of 10 regulators representing the Federal Reserve, Treasury Department, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, among others. It also created the Consumer Financial Protection Bureau, which has broad authority to monitor and investigate financial institutions and enforce consumer rights.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The creation of a mechanism to unwind large financial institutions if they run into trouble. The law required all financial institutions designated as \"systemically important financial institutions\" to prepare \"living wills,\" which would give regulators more transparency into the bank or insurance firm's activities in order to better mitigate risk.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The limitation of banks' ability to take risks, in part through a provision known as the Volcker Rule (named after Obama administration economic adviser Paul Volcker), which prohibits banks from making certain types of speculative investments with their own money.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The establishment of a structure for regulating a relatively new derivative market known as credit default swaps, which prior to the Dodd-Frank Act were largely unregulated. Major financial institutions traded these swaps, which functioned like insurance on mortgage securities, and as the underlying mortgages started to fail, it created enormous liabilities for firms like AIG.\u003c/li>\n\u003c/ul>\n\u003cul>\n\u003cli>The creation of new standards for mortgages, including provisions requiring loan underwriters to better vet their borrowers' ability to repay, and increasing consumer disclosure requirements to lenders.\u003c/li>\n\u003c/ul>\n\u003cp>\u003c/p>\n\u003cp>Copyright 2017 NPR. To see more, visit \u003ca href=\"http://www.npr.org/\" target=\"_blank\">NPR.org\u003c/a>.\u003c/p>\n\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/11299606/trump-takes-aim-at-dodd-frank-investor-protections-rule-in-executive-action","authors":["byline_news_11299606"],"programs":["news_6944","news_72"],"categories":["news_1758","news_6188","news_8","news_13"],"tags":["news_1323","news_17286","news_2376"],"affiliates":["news_253"],"featImg":"news_11299612","label":"source_news_11299606"},"news_11277460":{"type":"posts","id":"news_11277460","meta":{"index":"posts_1591205157","site":"news","id":"11277460","score":null,"sort":[1484874001000]},"guestAuthors":[],"slug":"trump-treasury-nominee-defends-profiting-from-foreclosure-crisis","title":"Trump Treasury Nominee Defends Profiting From Foreclosure Crisis","publishDate":1484874001,"format":"standard","headTitle":"The California Report | KQED News","labelTerm":{},"content":"\u003cp>In a tense hearing Thursday morning, the new administration's Treasury secretary nominee, Steven Mnuchin, faced scrutiny from Democratic senators concerned about him profiting handsomely off homeowners who lost their homes during the housing crisis.\u003c/p>\n\u003cp>Mnuchin, whose career includes a 17-year stint at Goldman Sachs and Hollywood movie production, got early praise from Republicans. But stiff questioning followed from Democrats for his role as CEO of a company that took over IndyMac Bank, now known as OneWest, which failed because of its bad home loans and later pushed through many controversial foreclosures, ultimately yielding massive profits for Mnuchin.\u003c/p>\n\u003cp>Oregon Democrat Ron Wyden, the ranking member of the Senate Committee on Finance, called his practices \"predatory,\" saying the bank foreclosed on 35,000 homeowners.\u003c/p>\n\u003cp>[contextly_sidebar id=\"YmtsXp6rqy33N7ojSmMF2XWspP7jyoQC\"]\u003c/p>\n\u003cp>\"While Mr. Mnuchin was CEO, the bank proved it could put more people on the street faster than just about anybody else around,\" Wyden said in his opening statement, referring to OneWest borrowers who came forward with stories of the bank refusing to modify loan terms that might have allowed thousands more troubled borrowers to remain in their homes.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Wyden added, \"Treasury secretary ought to be somebody who works on behalf of all Americans, including those who still wait for the economic recovery to show up in their communities. When I look at Mr. Mnuchin's background, it's a real stretch to find hard evidence that he would be that kind of Treasury secretary.\"\u003c/p>\n\u003cp>Committee Chairman Orrin Hatch, a Republican from Utah, rushed to Mnuchin's defense early, accusing the Democrats of obstructionism.\u003c/p>\n\u003cp>\"Objectively speaking, I don't think anyone can argue that Mr. Mnuchin is unqualified for this position, so I hope we don't have those type of stupid arguments,\" Hatch said.\u003c/p>\n\u003cp>There is no evidence that any laws were broken in Mnuchin's management of OneWest bank, he added.\u003c/p>\n\u003cp>Given the press around OneWest leading up to the hearing, Mnuchin was prepared for this attack, saying he welcomed the opportunity to set the record straight. \"Let me be clear: My group had nothing to do with the creation of risky loans in the IndyMac loan portfolios,\" he said, pinning blame on the previous leadership.\u003c/p>\n\u003cp>[contextly_sidebar id=\"RCmxzsgYvYOCPVh6OHT5Wj37nfQHmZ3Q\"]\u003c/p>\n\u003cp>Mnuchin said in many cases where loan modifications were not possible, it was because of bank, government or other rules that did not give him the flexibility to do so. As Treasury secretary, he said, he would work to change some of those rules.\u003c/p>\n\u003cp>Mnuchin added that his investor group invested $1.6 billion in the bank, in part to help increase modifications. \"We renamed the business OneWest bank and saved thousands of jobs.\"\u003c/p>\n\u003cp>Mnuchin's group originally purchased IndyMac for $1.55 billion from the Federal Deposit Insurance Corp. in 2009, then ultimately sold OneWest to CIT Group in 2015 for $3.4 billion.\u003c/p>\n\u003cp>Mnuchin, 54, a divorced father of three children, followed in his father's footsteps to Goldman Sachs, where he worked for 17 years.\u003c/p>\n\u003cp>Campaign finance records show Mnuchin contributed to the political campaigns of many Democrats, though he was an early supporter of Donald Trump, having met him about 15 years ago, after Mnuchin left Goldman Sachs and started a hedge fund that later invested in at least two Trump real estate projects. More recently, he has been a money man in Hollywood, with a production company that produced \u003cem>The Lego Movie,\u003c/em> \u003cem>American Sniper\u003c/em> and \u003cem>Suicide Squad.\u003c/em>\u003c/p>\n\u003cp>[contextly_sidebar id=\"iTLRylvhCYv7UYwbbmN502h2rPEqXrEz\"]\u003c/p>\n\u003cp>Mnuchin's appointment was controversial in part because it departed from Trump's rhetoric during the campaign.\u003c/p>\n\u003cp>As a presidential candidate, Trump vilified Wall Street bankers, arguing they were part of an establishment more allied with Hillary Clinton. One television ad featured video of Goldman CEO Lloyd Blankfein appearing as Trump says in a voice-over, \"it's a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities.\"\u003c/p>\n\u003cp>On several key issues, Mnuchin seemed to differ from some of his party colleagues:\u003c/p>\n\u003cul>\n\u003cli>On the Consumer Financial Protection Bureau, which some congressional Republicans called to dismantle, Mnuchin said the agency should remain in place, but with congressional funding instead of through the Federal Reserve.\u003c/li>\n\u003cli>He voiced support for the Volcker Rule, which would limit a bank's proprietary trading — considered high risk by its proponents. Some key congressional Republicans, including House Financial Services Committee chair Jeb Hensarling of Texas, have called to do away with the rule entirely.\u003c/li>\n\u003cli>He supports increasing the size of the Internal Revenue Service payroll in order to improve tax collection and enforcement.\u003c/li>\n\u003cli>Mnuchin promised to enforce sanctions against Russia, seeming to counter some of Trump's comments expressing support for Russian president Vladimir Putin.\u003c/li>\n\u003c/ul>\n\u003cp>During the hearing, Senate Democrats kept returning to how OneWest handled its portfolio of troubled mortgages. In one heated exchange, Ohio Sen. Sherrod Brown told Mnuchin, \"You've been rather defensive, probably for good reason, about this.\"\u003c/p>\n\u003cp>Mnuchin shot back: \"It's not that I'm being defensive. I'm proud.\"\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>Copyright 2017 NPR. To see more, visit \u003ca href=\"http://www.npr.org/\" target=\"_blank\">NPR.org\u003c/a>.\u003c/p>\n\n","blocks":[],"excerpt":"Steven Mnuchin, who took over a bank that failed because of bad home loans, argued before the Senate Finance Committee that his actions saved thousands of jobs.","status":"publish","parent":0,"modified":1484876120,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":25,"wordCount":863},"headData":{"title":"Trump Treasury Nominee Defends Profiting From Foreclosure Crisis | KQED","description":"Steven Mnuchin, who took over a bank that failed because of bad home loans, argued before the Senate Finance Committee that his actions saved thousands of jobs.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Trump Treasury Nominee Defends Profiting From Foreclosure Crisis","datePublished":"2017-01-20T01:00:01.000Z","dateModified":"2017-01-20T01:35:20.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"11277460 https://ww2.kqed.org/news/?p=11277460","disqusUrl":"https://ww2.kqed.org/news/2017/01/19/trump-treasury-nominee-defends-profiting-from-foreclosure-crisis/","disqusTitle":"Trump Treasury Nominee Defends Profiting From Foreclosure Crisis","source":"NPR","sourceUrl":"http://www.npr.org/","nprImageCredit":"Jim Watson","nprByline":"Yuki Noguchi","nprImageAgency":"AFP/Getty Images","nprStoryId":"510576713","nprApiLink":"http://api.npr.org/query?id=510576713&apiKey=MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004","nprHtmlLink":"http://www.npr.org/2017/01/19/510576713/trump-treasury-nominee-defends-record-of-profiting-off-foreclosure-crisis?ft=nprml&f=510576713","nprRetrievedStory":"1","nprPubDate":"Thu, 19 Jan 2017 17:24:00 -0500","nprStoryDate":"Thu, 19 Jan 2017 11:29:00 -0500","nprLastModifiedDate":"Thu, 19 Jan 2017 17:24:42 -0500","path":"/news/11277460/trump-treasury-nominee-defends-profiting-from-foreclosure-crisis","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>In a tense hearing Thursday morning, the new administration's Treasury secretary nominee, Steven Mnuchin, faced scrutiny from Democratic senators concerned about him profiting handsomely off homeowners who lost their homes during the housing crisis.\u003c/p>\n\u003cp>Mnuchin, whose career includes a 17-year stint at Goldman Sachs and Hollywood movie production, got early praise from Republicans. But stiff questioning followed from Democrats for his role as CEO of a company that took over IndyMac Bank, now known as OneWest, which failed because of its bad home loans and later pushed through many controversial foreclosures, ultimately yielding massive profits for Mnuchin.\u003c/p>\n\u003cp>Oregon Democrat Ron Wyden, the ranking member of the Senate Committee on Finance, called his practices \"predatory,\" saying the bank foreclosed on 35,000 homeowners.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>\"While Mr. Mnuchin was CEO, the bank proved it could put more people on the street faster than just about anybody else around,\" Wyden said in his opening statement, referring to OneWest borrowers who came forward with stories of the bank refusing to modify loan terms that might have allowed thousands more troubled borrowers to remain in their homes.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Wyden added, \"Treasury secretary ought to be somebody who works on behalf of all Americans, including those who still wait for the economic recovery to show up in their communities. When I look at Mr. Mnuchin's background, it's a real stretch to find hard evidence that he would be that kind of Treasury secretary.\"\u003c/p>\n\u003cp>Committee Chairman Orrin Hatch, a Republican from Utah, rushed to Mnuchin's defense early, accusing the Democrats of obstructionism.\u003c/p>\n\u003cp>\"Objectively speaking, I don't think anyone can argue that Mr. Mnuchin is unqualified for this position, so I hope we don't have those type of stupid arguments,\" Hatch said.\u003c/p>\n\u003cp>There is no evidence that any laws were broken in Mnuchin's management of OneWest bank, he added.\u003c/p>\n\u003cp>Given the press around OneWest leading up to the hearing, Mnuchin was prepared for this attack, saying he welcomed the opportunity to set the record straight. \"Let me be clear: My group had nothing to do with the creation of risky loans in the IndyMac loan portfolios,\" he said, pinning blame on the previous leadership.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>Mnuchin said in many cases where loan modifications were not possible, it was because of bank, government or other rules that did not give him the flexibility to do so. As Treasury secretary, he said, he would work to change some of those rules.\u003c/p>\n\u003cp>Mnuchin added that his investor group invested $1.6 billion in the bank, in part to help increase modifications. \"We renamed the business OneWest bank and saved thousands of jobs.\"\u003c/p>\n\u003cp>Mnuchin's group originally purchased IndyMac for $1.55 billion from the Federal Deposit Insurance Corp. in 2009, then ultimately sold OneWest to CIT Group in 2015 for $3.4 billion.\u003c/p>\n\u003cp>Mnuchin, 54, a divorced father of three children, followed in his father's footsteps to Goldman Sachs, where he worked for 17 years.\u003c/p>\n\u003cp>Campaign finance records show Mnuchin contributed to the political campaigns of many Democrats, though he was an early supporter of Donald Trump, having met him about 15 years ago, after Mnuchin left Goldman Sachs and started a hedge fund that later invested in at least two Trump real estate projects. More recently, he has been a money man in Hollywood, with a production company that produced \u003cem>The Lego Movie,\u003c/em> \u003cem>American Sniper\u003c/em> and \u003cem>Suicide Squad.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>Mnuchin's appointment was controversial in part because it departed from Trump's rhetoric during the campaign.\u003c/p>\n\u003cp>As a presidential candidate, Trump vilified Wall Street bankers, arguing they were part of an establishment more allied with Hillary Clinton. One television ad featured video of Goldman CEO Lloyd Blankfein appearing as Trump says in a voice-over, \"it's a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities.\"\u003c/p>\n\u003cp>On several key issues, Mnuchin seemed to differ from some of his party colleagues:\u003c/p>\n\u003cul>\n\u003cli>On the Consumer Financial Protection Bureau, which some congressional Republicans called to dismantle, Mnuchin said the agency should remain in place, but with congressional funding instead of through the Federal Reserve.\u003c/li>\n\u003cli>He voiced support for the Volcker Rule, which would limit a bank's proprietary trading — considered high risk by its proponents. Some key congressional Republicans, including House Financial Services Committee chair Jeb Hensarling of Texas, have called to do away with the rule entirely.\u003c/li>\n\u003cli>He supports increasing the size of the Internal Revenue Service payroll in order to improve tax collection and enforcement.\u003c/li>\n\u003cli>Mnuchin promised to enforce sanctions against Russia, seeming to counter some of Trump's comments expressing support for Russian president Vladimir Putin.\u003c/li>\n\u003c/ul>\n\u003cp>During the hearing, Senate Democrats kept returning to how OneWest handled its portfolio of troubled mortgages. In one heated exchange, Ohio Sen. Sherrod Brown told Mnuchin, \"You've been rather defensive, probably for good reason, about this.\"\u003c/p>\n\u003cp>Mnuchin shot back: \"It's not that I'm being defensive. I'm proud.\"\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>Copyright 2017 NPR. To see more, visit \u003ca href=\"http://www.npr.org/\" target=\"_blank\">NPR.org\u003c/a>.\u003c/p>\n\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/11277460/trump-treasury-nominee-defends-profiting-from-foreclosure-crisis","authors":["byline_news_11277460"],"programs":["news_6944","news_72"],"categories":["news_1758","news_6266","news_6188","news_8","news_13"],"tags":["news_1323","news_2657","news_17286","news_2376"],"featImg":"news_11277461","label":"source_news_11277460"},"news_10643170":{"type":"posts","id":"news_10643170","meta":{"index":"posts_1591205157","site":"news","id":"10643170","score":null,"sort":[1439582588000]},"guestAuthors":[],"slug":"inmate-with-stock-tips-wants-to-be-san-quentins-warren-buffett","title":"Inmate With Stock Tips Wants to Be San Quentin's Warren Buffett","publishDate":1439582588,"format":"standard","headTitle":"News Fix | KQED News","labelTerm":{"term":6944,"site":"news"},"content":"\u003cp>Curtis Carroll discovered the stock market in prison. Through friends and family on the outside, he invests from San Quentin State Prison in Northern California, and he's also an informal financial adviser to fellow inmates and correctional officers. Everyone in prison calls him Wall Street.\u003c/p>\n\u003cp>\"I couldn't believe that this kind of access to this type of money could be accessible to anybody. Everybody should do it. And it's legal!\" he says.\u003c/p>\n\u003cp>He pores over financial news: \u003cem>The\u003c/em> \u003cem>Wall Street Journal\u003c/em>, \u003cem>USA Today\u003c/em>, \u003cem>Forbes\u003c/em>. Business is like a soap opera, he says, and he's always trying to anticipate what will happen next. \"I like to know what the CEO's doing,\" he says. \"I like to know who's in trouble.\"\u003c/p>\n\u003cp>Carroll, 37, taught himself to read in prison. Raised in Oakland, he spent most of his youth homeless. His mother and grandmother were addicted to crack. He and his brother spent most of their time roaming the streets. Carroll didn't know how to read or write, so he paid other kids to do his homework. He hated school, and in his early teens, he fell into a gang and began committing crimes. At age 17, he entered the prison system. He's been in prison for 20 years, doing a sentence of 54 to life for his part in a robbery attempt that ended in a murder.\u003c/p>\n\u003cp>\u003c!-- iframe plugin v.4.3 wordpress.org/plugins/iframe/ -->\u003cbr>\n\u003ciframe src=\"http://www.npr.org/player/embed/431958714/432192433\" width=\"100%\" height=\"290\" frameborder=\"0\" scrolling=\"no\" class=\"iframe-class\">\u003c/iframe>\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>One day Carroll stumbled on the financial section of the newspaper thinking it was the sports section, which his cellmate used to read to him. Another inmate asked him if he played the stocks.\u003c/p>\n\u003cp>\"I had never heard the word before,\" says Carroll. \"He explained to me how it works and said, 'This is where white people keep their money.' When he said that I said, 'Whoa, I think I stumbled across something here.' \"\u003c/p>\n\u003cp>Carroll began with small investments known as penny stocks, which were high risk but successful enough to allow him to keep investing. He says he taught himself to read by looking at candy wrappers and clothing logos, and once he got the hang of it, he started to read financial stories. A former cellmate says he would study his stocks all night and into the early hours of the morning. And he often writes out stock predictions, taping them to the wall in an envelope, dating them and then checking back later to see how well he did.\u003c/p>\n\u003cp>Every Thursday night, Wall Street and a group of volunteers from outside the prison teach the men some of the principles of sound personal finance, stock investments, retirement and how to manage the money they do have — things most of the inmates have had no training in. Wall Street tells his theories to the assembled group. \"There's four steps,\" he says. \"Every person on this planet that has made money has mastered these four simple steps: savings, cost control, borrowing prudently and diversification.\"\u003c/p>\n\u003cp>The group is called Freeman Capital, and he co-founded it with fellow inmate Troy Williams. Williams says about 70 people attend the class each week.\u003c/p>\n\u003cp>Many of the prisoners serve decades-long sentences, and when they are released, they are given $200 and little to no knowledge of financial resources such as retirement funds.\u003c/p>\n\u003cp>\"It's like, 'Good luck. We're gonna pray for you. Stay out of prison,'\" says Williams, who is on parole from San Quentin State Prison after serving a life sentence. \"Who do you want coming home? Do you want the animal that's been caged away for years that's the same badass gang-banger that he was when he went to prison? Or do you want somebody that's coming home thinking differently?\"\u003c/p>\n\u003cp>Carroll doesn't have access to a computer or the Internet, so he calls his family members to check the closing prices for the day, and he tells them what to buy.\u003c/p>\n\u003cp>\"I'm in prison, but I'm on just the same playing field as Warren Buffett,\" Carroll says. \"I can pick the exact same companies. I can't buy as many shares, but technically we're just the same.\"\u003c/p>\n\u003cp>Word of Wall Street has leaked outside San Quentin. Small, community-based investment clubs have been reading about him online and are now seeking out his financial counsel, drawn to his strategies and his story. Wall Street, they say, has time they don't to study the market and get wise about money.\u003c/p>\n\u003cp>\"Overall, the goal is to get the money to give it back to the community,\" Carroll says. \"When I look at how Bill Gates and Warren Buffett give 90 percent of their wealth away, I thought, what better way than to go back and help the things I've destroyed?\"\u003c/p>\n\u003cp>At the end of his financial literacy lessons, he assigns his fellow inmates some homework: Call home and ask family members about their long-term financial plans.\u003c/p>\n\u003cp>\"I try to reiterate to the men that I'm not teaching you some for-sure plan. I'm just teaching you \u003cem>to\u003c/em> plan,\" Carroll says. \"It's fine to take the loss. I mean, it happens. You just know that it doesn't have to lead back into whatever you was doing, drugs or alcohol or crime or gangs.'\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cem>This piece was produced in collaboration with \u003ca href=\"http://www.lifeofthelaw.org/\">Life of the Law\u003c/a>, a group of journalists, editors, producers and scholars working together to produce stories about the law.\u003c/em>\u003c/p>\n\u003cdiv class=\"fullattribution\">Copyright 2015 NPR. To see more, visit http://www.npr.org/.\u003cimg src=\"http://www.google-analytics.com/__utm.gif?utmac=UA-5828686-4&utmdt=Inmate+With+Stock+Tips+Wants+To+Be+San+Quentin%27s+Warren+Buffett&utme=8(APIKey)9(MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004)\" alt=\"\">\u003c/div>\n\n","blocks":[],"excerpt":"Curtis Carroll taught himself to read in prison. He also discovered a passion for finance.","status":"publish","parent":0,"modified":1439937645,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":21,"wordCount":922},"headData":{"title":"Inmate With Stock Tips Wants to Be San Quentin's Warren Buffett | KQED","description":"Curtis Carroll taught himself to read in prison. He also discovered a passion for finance.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Inmate With Stock Tips Wants to Be San Quentin's Warren Buffett","datePublished":"2015-08-14T20:03:08.000Z","dateModified":"2015-08-18T22:40:45.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"10643170 http://ww2.kqed.org/news/?p=10643170","disqusUrl":"https://ww2.kqed.org/news/2015/08/14/inmate-with-stock-tips-wants-to-be-san-quentins-warren-buffett/","disqusTitle":"Inmate With Stock Tips Wants to Be San Quentin's Warren Buffett","nprByline":"\u003cstrong>\u003ca href=\"http://www.npr.org/people/5252035/the-kitchen-sisters\" target=\"_blank\">The Kitchen Sisters\u003c/a>\u003cbr />\u003ca href=\"http://www.npr.org/\" target=\"_blank\">NPR\u003c/a>\u003c/strong>","nprStoryId":"431958714","nprApiLink":"http://api.npr.org/query?id=431958714&apiKey=MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004","nprHtmlLink":"http://www.npr.org/2015/08/14/431958714/inmate-with-stock-tips-wants-to-be-san-quentins-warren-buffet?ft=nprml&f=431958714","nprRetrievedStory":"1","nprPubDate":"Fri, 14 Aug 2015 14:20:00 -0400","nprStoryDate":"Fri, 14 Aug 2015 04:39:00 -0400","nprLastModifiedDate":"Fri, 14 Aug 2015 14:35:14 -0400","nprAudio":"http://pd.npr.org/anon.npr-mp3/npr/me/2015/08/20150814_me_inmate_with_stock_tips_wants_to_be_san_quentins_warren_buffet.mp3?orgId=1&topicId=1091&d=617&p=3&story=431958714&t=progseg&e=432180334&seg=10&ft=nprml&f=431958714","nprAudioM3u":"http://api.npr.org/m3u/1432192433-a904a2.m3u?orgId=1&topicId=1091&d=617&p=3&story=431958714&t=progseg&e=432180334&seg=10&ft=nprml&f=431958714","path":"/news/10643170/inmate-with-stock-tips-wants-to-be-san-quentins-warren-buffett","audioUrl":"http://pd.npr.org/anon.npr-mp3/npr/me/2015/08/20150814_me_inmate_with_stock_tips_wants_to_be_san_quentins_warren_buffet.mp3?orgId=1&topicId=1091&d=617&p=3&story=431958714&t=progseg&e=432180334&seg=10&ft=nprml&f=431958714","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>Curtis Carroll discovered the stock market in prison. Through friends and family on the outside, he invests from San Quentin State Prison in Northern California, and he's also an informal financial adviser to fellow inmates and correctional officers. Everyone in prison calls him Wall Street.\u003c/p>\n\u003cp>\"I couldn't believe that this kind of access to this type of money could be accessible to anybody. Everybody should do it. And it's legal!\" he says.\u003c/p>\n\u003cp>He pores over financial news: \u003cem>The\u003c/em> \u003cem>Wall Street Journal\u003c/em>, \u003cem>USA Today\u003c/em>, \u003cem>Forbes\u003c/em>. Business is like a soap opera, he says, and he's always trying to anticipate what will happen next. \"I like to know what the CEO's doing,\" he says. \"I like to know who's in trouble.\"\u003c/p>\n\u003cp>Carroll, 37, taught himself to read in prison. Raised in Oakland, he spent most of his youth homeless. His mother and grandmother were addicted to crack. He and his brother spent most of their time roaming the streets. Carroll didn't know how to read or write, so he paid other kids to do his homework. He hated school, and in his early teens, he fell into a gang and began committing crimes. At age 17, he entered the prison system. He's been in prison for 20 years, doing a sentence of 54 to life for his part in a robbery attempt that ended in a murder.\u003c/p>\n\u003cp>\u003c!-- iframe plugin v.4.3 wordpress.org/plugins/iframe/ -->\u003cbr>\n\u003ciframe src=\"http://www.npr.org/player/embed/431958714/432192433\" width=\"100%\" height=\"290\" frameborder=\"0\" scrolling=\"no\" class=\"iframe-class\">\u003c/iframe>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>One day Carroll stumbled on the financial section of the newspaper thinking it was the sports section, which his cellmate used to read to him. Another inmate asked him if he played the stocks.\u003c/p>\n\u003cp>\"I had never heard the word before,\" says Carroll. \"He explained to me how it works and said, 'This is where white people keep their money.' When he said that I said, 'Whoa, I think I stumbled across something here.' \"\u003c/p>\n\u003cp>Carroll began with small investments known as penny stocks, which were high risk but successful enough to allow him to keep investing. He says he taught himself to read by looking at candy wrappers and clothing logos, and once he got the hang of it, he started to read financial stories. A former cellmate says he would study his stocks all night and into the early hours of the morning. And he often writes out stock predictions, taping them to the wall in an envelope, dating them and then checking back later to see how well he did.\u003c/p>\n\u003cp>Every Thursday night, Wall Street and a group of volunteers from outside the prison teach the men some of the principles of sound personal finance, stock investments, retirement and how to manage the money they do have — things most of the inmates have had no training in. Wall Street tells his theories to the assembled group. \"There's four steps,\" he says. \"Every person on this planet that has made money has mastered these four simple steps: savings, cost control, borrowing prudently and diversification.\"\u003c/p>\n\u003cp>The group is called Freeman Capital, and he co-founded it with fellow inmate Troy Williams. Williams says about 70 people attend the class each week.\u003c/p>\n\u003cp>Many of the prisoners serve decades-long sentences, and when they are released, they are given $200 and little to no knowledge of financial resources such as retirement funds.\u003c/p>\n\u003cp>\"It's like, 'Good luck. We're gonna pray for you. Stay out of prison,'\" says Williams, who is on parole from San Quentin State Prison after serving a life sentence. \"Who do you want coming home? Do you want the animal that's been caged away for years that's the same badass gang-banger that he was when he went to prison? Or do you want somebody that's coming home thinking differently?\"\u003c/p>\n\u003cp>Carroll doesn't have access to a computer or the Internet, so he calls his family members to check the closing prices for the day, and he tells them what to buy.\u003c/p>\n\u003cp>\"I'm in prison, but I'm on just the same playing field as Warren Buffett,\" Carroll says. \"I can pick the exact same companies. I can't buy as many shares, but technically we're just the same.\"\u003c/p>\n\u003cp>Word of Wall Street has leaked outside San Quentin. Small, community-based investment clubs have been reading about him online and are now seeking out his financial counsel, drawn to his strategies and his story. Wall Street, they say, has time they don't to study the market and get wise about money.\u003c/p>\n\u003cp>\"Overall, the goal is to get the money to give it back to the community,\" Carroll says. \"When I look at how Bill Gates and Warren Buffett give 90 percent of their wealth away, I thought, what better way than to go back and help the things I've destroyed?\"\u003c/p>\n\u003cp>At the end of his financial literacy lessons, he assigns his fellow inmates some homework: Call home and ask family members about their long-term financial plans.\u003c/p>\n\u003cp>\"I try to reiterate to the men that I'm not teaching you some for-sure plan. I'm just teaching you \u003cem>to\u003c/em> plan,\" Carroll says. \"It's fine to take the loss. I mean, it happens. You just know that it doesn't have to lead back into whatever you was doing, drugs or alcohol or crime or gangs.'\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cem>This piece was produced in collaboration with \u003ca href=\"http://www.lifeofthelaw.org/\">Life of the Law\u003c/a>, a group of journalists, editors, producers and scholars working together to produce stories about the law.\u003c/em>\u003c/p>\n\u003cdiv class=\"fullattribution\">Copyright 2015 NPR. To see more, visit http://www.npr.org/.\u003cimg src=\"http://www.google-analytics.com/__utm.gif?utmac=UA-5828686-4&utmdt=Inmate+With+Stock+Tips+Wants+To+Be+San+Quentin%27s+Warren+Buffett&utme=8(APIKey)9(MDAxOTAwOTE4MDEyMTkxMDAzNjczZDljZA004)\" alt=\"\">\u003c/div>\n\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/10643170/inmate-with-stock-tips-wants-to-be-san-quentins-warren-buffett","authors":["byline_news_10643170"],"programs":["news_6944"],"categories":["news_6188","news_8"],"tags":["news_2619","news_18","news_486","news_2376"],"featImg":"news_10643171","label":"news_6944"},"news_69087":{"type":"posts","id":"news_69087","meta":{"index":"posts_1591205157","site":"news","id":"69087","score":null,"sort":[1341012745000]},"guestAuthors":[],"slug":"how-serious-should-you-take-analyst-ratings-on-stocks-not-so-much-says-this-guy","title":"Insider Says Stock Analysts Still Pressured to Issue Positive Ratings","publishDate":1341012745,"format":"aside","headTitle":"News Fix | KQED News","labelTerm":{"term":6944,"site":"news"},"content":"\u003cfigure id=\"attachment_69238\" class=\"wp-caption alignright\" style=\"max-width: 276px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/06/WallStreetSignGeneric20120305.jpg\">\u003cimg class=\"size-medium wp-image-69238\" title=\"WallStreetSignGeneric20120305\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/06/WallStreetSignGeneric20120305-300x200.jpg\" alt=\"\" width=\"276\" height=\"184\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Getty Images\u003c/figcaption>\u003c/figure>\n\u003cp>On Wednesday, the 40-day quiet period ended for research analysts from companies involved in the Facebook IPO, meaning they were free to issue ratings and price targets on the stock.\u003c/p>\n\u003cp>From the \u003ca href=\"http://online.wsj.com/article/SB10001424052702303561504577492121502368062.html\">Wall Street Journal:\u003cbr>\n\u003c/a>\u003c/p>\n\u003cp>\"By midmorning, analysts at eight banks, including the three lead underwriters Morgan Stanley, J.P. Morgan Chase and Goldman Sachs Group Inc. had rated the stock a 'buy.' Another nine dubbed the shares a 'hold,\"' and one, BMO Capital Markets bestowed the equivalent of a rare 'sell' rating on the stock. Price targets for analysts who provided them Wednesday ranged from $25 to $45, with the average $37.71.\"\u003c/p>\n\u003cp>You'll recall that Facebook's highly anticipated IPO was a bit of a fiasco, with shares finishing on the first day of trading just about a half-percent over the opening price -- and only with the \u003ca href=\"http://www.latimes.com/business/technology/la-fi-tn-facebook-trading-20120518,0,6622700.story\">help of large buy orders from the underwriter\u003c/a>, to boot. The Big Facebook Bang was also \u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebooks-debut-marred-by-trading-glitches/?hp\">marred by trading glitches\u003c/a> on the Nasdaq exchange, as well as later reports that Facebook, soon before the IPO, \u003ca href=\"http://www.reuters.com/article/2012/05/23/us-facebook-analysts-idUSBRE84M08W20120523\">advised analysts for Morgan Stanley and other underwriters\u003c/a> to reduce their revenue estimates for the company.\u003c/p>\n\u003cp>Since its debut, \u003ca href=\"http://finance.yahoo.com/q?s=fb&ql=1\">Facebook shares\u003c/a> have fared even worse, finishing at $31.09 today, substantially below its $38 IPO price.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>On Wednesday, we turned to Sam Hamadeh, CEO of IPO research firm PrivCo, who was a \u003ca href=\"http://articles.businessinsider.com/2011-08-17/tech/30055188_1_facebook-shares-facebook-management-facebook-fatigue\">Facebook bear before it was fashionable\u003c/a>. Hamadeh seemed fairly prescient when he provided us with \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons to sit out the Facebook IPO\u003c/a> two days before it went public. In fact, one of the top reasons Hamadeh gave for his bearish views on the company (he pegs the real value of Facebook at $25 per share) is that it doesn't have a good way to monetize mobile users. And that, in fact, was the very reason Facebook cited when it told its underwriters to reduce their estimates, according to sources in this \u003ca href=\"http://www.reuters.com/article/2012/05/23/us-facebook-analysts-idUSBRE84M08W20120523\">Reuters report\u003c/a>. \u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>Hamadeh called the new analyst ratings released this week \"fairly tepid,\" but said they were still too high. In our conversation, he also said that when it comes to analyst ratings, things haven't changed much on Wall Street since the dot-com scandals of the late 1990s and early 2000s, when a lack of separation between the research and business arms of the big firms incentivized analysts, ostensibly independent evaluators of securities, to vastly inflate their assessments of what stocks were worth. (Check out the \u003ca href=\"http://www.pbs.org/now/politics/wallstreet.html\">difference between public and private analyst opinions at Merrill Lynch during that era here\u003c/a>.)\u003c/p>\n\u003cp>These conflicts of interests were supposedly addressed in 2003 by the so-called \u003ca href=\"http://en.wikipedia.org/wiki/Global_Settlement\">Global Settlement\u003c/a>, which mandated a separation between the banking and research departments at the big Wall Street firms.\u003c/p>\n\u003cp>In reading this, you should keep in mind that Hamadeh's independent research firm is a competitor of the big banks that he is criticizing here. This is an edited transcript:\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So what do you think of the ratings?\u003c/p>\n\u003cp>\u003cstrong>PRIVCO'S SAM HAMADEH\u003c/strong>: It's important for readers to understand that although underwriter research analysts are supposed to be independent, it's expected that virtually all of them of course issue positive recommendations for the company. It's fairly unusual for analyst reports from the underwriter firms involved in the IPO to issue any negative ratings. It would get a lot of publicity but would certainly cost the person their job.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: But there was an analyst from one of the underwriting firms who seemed to be quite negative, putting the value of Facebook shares at $25 per share, like you...\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: That was a brave move. I think that analyst is doing so at his peril.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: You mean by virtue of this person issuing a low rating his job is in danger?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I worked at Goldman Sachs on the investment banking side in the 1990s, before the legal settlement making the research arms that issue ratings more separate from the banking side. But as a practical matter, these guys work in the same building, eat in the same cafeteria -- the analyst is chatting with investors during the road show… It certainly is a job-risking statement to come out with a price target below the IPO price or any sort of underperform rating like that.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So that was a big issue in the 1990s, with the underwriters putting pressure on their analysts to come up with pumped up ratings. Correct?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong> Absolutely. In the 1990s, technically there was no legal separation between banking and research. You had a lot of emails surface during litigation following the market crash in 2000 and 2001 that showed the bankers telling the analysts we could land this IPO, so we're promising them if we get the IPO, our analysts will issue a buy recommendation for the stock, will talk it up during the road show to investors, and will set a very high price target.\u003c/p>\n\u003cp>The difference today is instead of those emails going back and forth, they do it verbally. That's the only difference. As someone who has been on Wall Street and is no longer on Wall Street but have many connections there, we know how the business works, and the pressure now is done verbally as opposed to email.\u003c/p>\n\u003cp>Today, instead of research analysts' pay being tied to a bonus structure taking into account things like the number of IPOs the firm brings in, they're rewarded with restricted stock based on the company's overall performance or the team's performance, as well as intangibles.\u003c/p>\n\u003cp>The problem is those intangibles include are you being a team player, are you beating up our IPOs as soon as the 40-day quiet period expires? Any analyst that does this repeatedly, from our experience, they shouldn't expect a job at that firm.\u003c/p>\n\u003cp>I've seen the sausage get made. We talk to a lot of investment bankers and people on deal teams off the record, because we have to verify information. As part of those conversations we get other insights as to how the deal is being quote marketed. Which is Wall Street parlance. They literally call it marketing a deal as opposed to explaining or analysis. That's what it is: advertising. Instead of selling soap, you're selling the stock.\u003c/p>\n\u003cp>So as part of the marketing process we have off the record chats about how the star Internet or tech analyst is going to talk to big institutional investors verbally and pump up the stocks' forecast.\u003c/p>\n\u003cp>So for example, what Facebook's going to do in 2015 – that's a judgment call. The analyst has leeway whether they want to predict Facebook is going to do $10 billion in revenue in five years or $30 billion in revenue in five years. With the bank that's the lead underwriter in the deal, you can fully expect the pressure is both explicit and implicit, that the expectation is the analyst is going to be on the high end of those projections.\u003c/p>\n\u003cp>When I was in investment banking in the 1990s, it was very clear we were all part of the same team, we attended pitch meetings together. The goals were to A get the deal, and B have the deal succeed and priced as high as possible; the research analyst's job was to support that effort.\u003c/p>\u003c/blockquote>\n\u003cp>For another opinion, I turned to New York Times financial editor and columnist \u003ca href=\"http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html\">Gretchen Morgenson\u003c/a>, who herself broke a \u003ca href=\"http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html\">story\u003c/a> in 2006 involving the very situation that Hamadeh describes. Here's the lead to that \u003ca href=\"http://query.nytimes.com/gst/fullpage.html?res=9905E6D91130F93AA35757C0A9609C8B63&pagewanted=all\">report\u003c/a>:\u003c/p>\n\u003cblockquote>\u003cp>ALMOST four years have passed since securities regulators and Wall Street firms signed the $1.4 billion research settlement intended to remove bias from brokerage firm analysts' work. Has enough time gone by for business as usual to return to the Street?\u003c/p>\n\u003cp>That seems to be what some on Wall Street hope, judging from the story of Matthew N. Murray, a veteran analyst and portfolio manager who was recently fired from his post at Rodman & Renshaw, a small brokerage firm in New York City. Mr. Murray, 38, lost his job in March after downgrading the stock of Halozyme Therapeutics, a small biotechnology company he had followed since September 2005. \u003ca href=\"http://query.nytimes.com/gst/fullpage.html?res=9905E6D91130F93AA35757C0A9609C8B63&pagewanted=all\">Full article\u003c/a>\u003c/p>\u003c/blockquote>\n\u003cp>I read Ms. Morgenson Hamadeh's statements, and here's what she had to say:\u003c/p>\n\u003cblockquote>\u003cp>I think you can see probably that the predisposition to be positive about companies, particularly those with investment banking clients, does continue to be an issue. I haven't done the arithmetic lately, but if you wrre to look out over the horizon and see how many sell ratings you saw out there, they would be few and far between. That alone is an indication that we're still in the accentuate-the-positive mode. As long as that goes on, investors should be wary of putting too much credence in these analysts' ratings.\u003c/p>\n\u003cp>I think the analyst that you quote – his points are well taken.\u003c/p>\u003c/blockquote>\n\u003cp>One thing, though: Financial regulators are now looking into Facebook's alleged selected guidance to analysts that they \u003cem>lower\u003c/em> their forecasts, which they did. Doesn't that contradict Hamadeh's claim that analysts for underwriters always \u003cem>inflate\u003c/em> their estimates? I asked him in a follow-up, and here's what he said:\u003c/p>\n\u003cblockquote>\u003cp>Yes, Facebook's underwriters did the rare reduction in forecasts in the middle of its IPO roadshow, which is virtually unheard of. And that is now the subject of much securities litigation and SEC and FINRA regulatory scrutiny.\u003c/p>\n\u003cp>Aside from the fairly unprecedented case of Facebook, IPO underwriter analysts virtually always do two things:\u003c/p>\n\u003cp>1.) Set the forecast for the first quarter as a public company as low as possible, so that the company is all but guaranteed to beat them. No newly public company can be seen missing its first quarter. (In Facebook's case, the underwriter analysts already had fairly lowball estimates for the current, second quarter, but they were directed by Facebook's CFO to lower them even further given how weak the 2nd quarter numbers were coming in.\u003c/p>\n\u003cp>2.) Set the forecasts for future periods as high as possible. And Facebook's underwriter analysts kept financial forecasts for further out periods (2014-2016) as high as they were initially. This is par for the course to justify the IPO's valuation. Typically the firms quietly reduce them long after the IPO.\u003c/p>\u003c/blockquote>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>FYI, I left a message with BMO Capital Markets, one of the Facebook underwriters, whose analyst issued the $25 per share target price for the stock, which, according to Hamadeh, will put his job in peril. They never got back to me.\u003c/p>\n\n","blocks":[],"excerpt":null,"status":"publish","parent":0,"modified":1341255149,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":39,"wordCount":1792},"headData":{"title":"Insider Says Stock Analysts Still Pressured to Issue Positive Ratings | KQED","description":"On Wednesday, the 40-day quiet period ended for research analysts from companies involved in the Facebook IPO, meaning they were free to issue ratings and price targets on the stock. From the Wall Street Journal: "By midmorning, analysts at eight banks, including the three lead underwriters Morgan Stanley, J.P. Morgan Chase and Goldman Sachs Group","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Insider Says Stock Analysts Still Pressured to Issue Positive Ratings","datePublished":"2012-06-29T23:32:25.000Z","dateModified":"2012-07-02T18:52:29.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"69087 http://ww2.kqed.org/news/?p=69087","disqusUrl":"https://ww2.kqed.org/news/2012/06/29/how-serious-should-you-take-analyst-ratings-on-stocks-not-so-much-says-this-guy/","disqusTitle":"Insider Says Stock Analysts Still Pressured to Issue Positive Ratings","path":"/news/69087/how-serious-should-you-take-analyst-ratings-on-stocks-not-so-much-says-this-guy","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cfigure id=\"attachment_69238\" class=\"wp-caption alignright\" style=\"max-width: 276px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/06/WallStreetSignGeneric20120305.jpg\">\u003cimg class=\"size-medium wp-image-69238\" title=\"WallStreetSignGeneric20120305\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/06/WallStreetSignGeneric20120305-300x200.jpg\" alt=\"\" width=\"276\" height=\"184\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Getty Images\u003c/figcaption>\u003c/figure>\n\u003cp>On Wednesday, the 40-day quiet period ended for research analysts from companies involved in the Facebook IPO, meaning they were free to issue ratings and price targets on the stock.\u003c/p>\n\u003cp>From the \u003ca href=\"http://online.wsj.com/article/SB10001424052702303561504577492121502368062.html\">Wall Street Journal:\u003cbr>\n\u003c/a>\u003c/p>\n\u003cp>\"By midmorning, analysts at eight banks, including the three lead underwriters Morgan Stanley, J.P. Morgan Chase and Goldman Sachs Group Inc. had rated the stock a 'buy.' Another nine dubbed the shares a 'hold,\"' and one, BMO Capital Markets bestowed the equivalent of a rare 'sell' rating on the stock. Price targets for analysts who provided them Wednesday ranged from $25 to $45, with the average $37.71.\"\u003c/p>\n\u003cp>You'll recall that Facebook's highly anticipated IPO was a bit of a fiasco, with shares finishing on the first day of trading just about a half-percent over the opening price -- and only with the \u003ca href=\"http://www.latimes.com/business/technology/la-fi-tn-facebook-trading-20120518,0,6622700.story\">help of large buy orders from the underwriter\u003c/a>, to boot. The Big Facebook Bang was also \u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebooks-debut-marred-by-trading-glitches/?hp\">marred by trading glitches\u003c/a> on the Nasdaq exchange, as well as later reports that Facebook, soon before the IPO, \u003ca href=\"http://www.reuters.com/article/2012/05/23/us-facebook-analysts-idUSBRE84M08W20120523\">advised analysts for Morgan Stanley and other underwriters\u003c/a> to reduce their revenue estimates for the company.\u003c/p>\n\u003cp>Since its debut, \u003ca href=\"http://finance.yahoo.com/q?s=fb&ql=1\">Facebook shares\u003c/a> have fared even worse, finishing at $31.09 today, substantially below its $38 IPO price.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>On Wednesday, we turned to Sam Hamadeh, CEO of IPO research firm PrivCo, who was a \u003ca href=\"http://articles.businessinsider.com/2011-08-17/tech/30055188_1_facebook-shares-facebook-management-facebook-fatigue\">Facebook bear before it was fashionable\u003c/a>. Hamadeh seemed fairly prescient when he provided us with \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons to sit out the Facebook IPO\u003c/a> two days before it went public. In fact, one of the top reasons Hamadeh gave for his bearish views on the company (he pegs the real value of Facebook at $25 per share) is that it doesn't have a good way to monetize mobile users. And that, in fact, was the very reason Facebook cited when it told its underwriters to reduce their estimates, according to sources in this \u003ca href=\"http://www.reuters.com/article/2012/05/23/us-facebook-analysts-idUSBRE84M08W20120523\">Reuters report\u003c/a>. \u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>Hamadeh called the new analyst ratings released this week \"fairly tepid,\" but said they were still too high. In our conversation, he also said that when it comes to analyst ratings, things haven't changed much on Wall Street since the dot-com scandals of the late 1990s and early 2000s, when a lack of separation between the research and business arms of the big firms incentivized analysts, ostensibly independent evaluators of securities, to vastly inflate their assessments of what stocks were worth. (Check out the \u003ca href=\"http://www.pbs.org/now/politics/wallstreet.html\">difference between public and private analyst opinions at Merrill Lynch during that era here\u003c/a>.)\u003c/p>\n\u003cp>These conflicts of interests were supposedly addressed in 2003 by the so-called \u003ca href=\"http://en.wikipedia.org/wiki/Global_Settlement\">Global Settlement\u003c/a>, which mandated a separation between the banking and research departments at the big Wall Street firms.\u003c/p>\n\u003cp>In reading this, you should keep in mind that Hamadeh's independent research firm is a competitor of the big banks that he is criticizing here. This is an edited transcript:\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So what do you think of the ratings?\u003c/p>\n\u003cp>\u003cstrong>PRIVCO'S SAM HAMADEH\u003c/strong>: It's important for readers to understand that although underwriter research analysts are supposed to be independent, it's expected that virtually all of them of course issue positive recommendations for the company. It's fairly unusual for analyst reports from the underwriter firms involved in the IPO to issue any negative ratings. It would get a lot of publicity but would certainly cost the person their job.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: But there was an analyst from one of the underwriting firms who seemed to be quite negative, putting the value of Facebook shares at $25 per share, like you...\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: That was a brave move. I think that analyst is doing so at his peril.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: You mean by virtue of this person issuing a low rating his job is in danger?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I worked at Goldman Sachs on the investment banking side in the 1990s, before the legal settlement making the research arms that issue ratings more separate from the banking side. But as a practical matter, these guys work in the same building, eat in the same cafeteria -- the analyst is chatting with investors during the road show… It certainly is a job-risking statement to come out with a price target below the IPO price or any sort of underperform rating like that.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So that was a big issue in the 1990s, with the underwriters putting pressure on their analysts to come up with pumped up ratings. Correct?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong> Absolutely. In the 1990s, technically there was no legal separation between banking and research. You had a lot of emails surface during litigation following the market crash in 2000 and 2001 that showed the bankers telling the analysts we could land this IPO, so we're promising them if we get the IPO, our analysts will issue a buy recommendation for the stock, will talk it up during the road show to investors, and will set a very high price target.\u003c/p>\n\u003cp>The difference today is instead of those emails going back and forth, they do it verbally. That's the only difference. As someone who has been on Wall Street and is no longer on Wall Street but have many connections there, we know how the business works, and the pressure now is done verbally as opposed to email.\u003c/p>\n\u003cp>Today, instead of research analysts' pay being tied to a bonus structure taking into account things like the number of IPOs the firm brings in, they're rewarded with restricted stock based on the company's overall performance or the team's performance, as well as intangibles.\u003c/p>\n\u003cp>The problem is those intangibles include are you being a team player, are you beating up our IPOs as soon as the 40-day quiet period expires? Any analyst that does this repeatedly, from our experience, they shouldn't expect a job at that firm.\u003c/p>\n\u003cp>I've seen the sausage get made. We talk to a lot of investment bankers and people on deal teams off the record, because we have to verify information. As part of those conversations we get other insights as to how the deal is being quote marketed. Which is Wall Street parlance. They literally call it marketing a deal as opposed to explaining or analysis. That's what it is: advertising. Instead of selling soap, you're selling the stock.\u003c/p>\n\u003cp>So as part of the marketing process we have off the record chats about how the star Internet or tech analyst is going to talk to big institutional investors verbally and pump up the stocks' forecast.\u003c/p>\n\u003cp>So for example, what Facebook's going to do in 2015 – that's a judgment call. The analyst has leeway whether they want to predict Facebook is going to do $10 billion in revenue in five years or $30 billion in revenue in five years. With the bank that's the lead underwriter in the deal, you can fully expect the pressure is both explicit and implicit, that the expectation is the analyst is going to be on the high end of those projections.\u003c/p>\n\u003cp>When I was in investment banking in the 1990s, it was very clear we were all part of the same team, we attended pitch meetings together. The goals were to A get the deal, and B have the deal succeed and priced as high as possible; the research analyst's job was to support that effort.\u003c/p>\u003c/blockquote>\n\u003cp>For another opinion, I turned to New York Times financial editor and columnist \u003ca href=\"http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html\">Gretchen Morgenson\u003c/a>, who herself broke a \u003ca href=\"http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html\">story\u003c/a> in 2006 involving the very situation that Hamadeh describes. Here's the lead to that \u003ca href=\"http://query.nytimes.com/gst/fullpage.html?res=9905E6D91130F93AA35757C0A9609C8B63&pagewanted=all\">report\u003c/a>:\u003c/p>\n\u003cblockquote>\u003cp>ALMOST four years have passed since securities regulators and Wall Street firms signed the $1.4 billion research settlement intended to remove bias from brokerage firm analysts' work. Has enough time gone by for business as usual to return to the Street?\u003c/p>\n\u003cp>That seems to be what some on Wall Street hope, judging from the story of Matthew N. Murray, a veteran analyst and portfolio manager who was recently fired from his post at Rodman & Renshaw, a small brokerage firm in New York City. Mr. Murray, 38, lost his job in March after downgrading the stock of Halozyme Therapeutics, a small biotechnology company he had followed since September 2005. \u003ca href=\"http://query.nytimes.com/gst/fullpage.html?res=9905E6D91130F93AA35757C0A9609C8B63&pagewanted=all\">Full article\u003c/a>\u003c/p>\u003c/blockquote>\n\u003cp>I read Ms. Morgenson Hamadeh's statements, and here's what she had to say:\u003c/p>\n\u003cblockquote>\u003cp>I think you can see probably that the predisposition to be positive about companies, particularly those with investment banking clients, does continue to be an issue. I haven't done the arithmetic lately, but if you wrre to look out over the horizon and see how many sell ratings you saw out there, they would be few and far between. That alone is an indication that we're still in the accentuate-the-positive mode. As long as that goes on, investors should be wary of putting too much credence in these analysts' ratings.\u003c/p>\n\u003cp>I think the analyst that you quote – his points are well taken.\u003c/p>\u003c/blockquote>\n\u003cp>One thing, though: Financial regulators are now looking into Facebook's alleged selected guidance to analysts that they \u003cem>lower\u003c/em> their forecasts, which they did. Doesn't that contradict Hamadeh's claim that analysts for underwriters always \u003cem>inflate\u003c/em> their estimates? I asked him in a follow-up, and here's what he said:\u003c/p>\n\u003cblockquote>\u003cp>Yes, Facebook's underwriters did the rare reduction in forecasts in the middle of its IPO roadshow, which is virtually unheard of. And that is now the subject of much securities litigation and SEC and FINRA regulatory scrutiny.\u003c/p>\n\u003cp>Aside from the fairly unprecedented case of Facebook, IPO underwriter analysts virtually always do two things:\u003c/p>\n\u003cp>1.) Set the forecast for the first quarter as a public company as low as possible, so that the company is all but guaranteed to beat them. No newly public company can be seen missing its first quarter. (In Facebook's case, the underwriter analysts already had fairly lowball estimates for the current, second quarter, but they were directed by Facebook's CFO to lower them even further given how weak the 2nd quarter numbers were coming in.\u003c/p>\n\u003cp>2.) Set the forecasts for future periods as high as possible. And Facebook's underwriter analysts kept financial forecasts for further out periods (2014-2016) as high as they were initially. This is par for the course to justify the IPO's valuation. Typically the firms quietly reduce them long after the IPO.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"floatright"},"numeric":["floatright"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>FYI, I left a message with BMO Capital Markets, one of the Facebook underwriters, whose analyst issued the $25 per share target price for the stock, which, according to Hamadeh, will put his job in peril. They never got back to me.\u003c/p>\n\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/69087/how-serious-should-you-take-analyst-ratings-on-stocks-not-so-much-says-this-guy","authors":["80"],"programs":["news_6944"],"categories":["news_1758","news_248"],"tags":["news_249","news_2376"],"label":"news_6944"},"news_58854":{"type":"posts","id":"news_58854","meta":{"index":"posts_1591205157","site":"news","id":"58854","score":null,"sort":[1331223563000]},"guestAuthors":[],"slug":"breakfast-blend-james-titantic-cameron-prepares-to-dive-into-mariana-trench","title":"Breakfast Blend: James \"Titantic\" Cameron Prepares to Dive Into Mariana Trench ","publishDate":1331223563,"format":"aside","headTitle":"News Fix | KQED News","labelTerm":{"term":6944,"site":"news"},"content":"\u003cp>Rachael Myrow here, host of the California Report, with a handful of links to cool and/or important stories outside the Bay Area local readers should check out.\u003c/p>\n\u003cul>\n\u003cli>\u003cstrong>\u003cstrong>\u003c/strong>\u003c/strong>\u003ca title=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\">James Cameron Prepares to Dive Into Mariana Trench\u003c/a> (New York Times)\u003c/li>\n\u003cli>\u003ca title=\"http://www.nytimes.com/2012/03/08/technology/cost-of-gene-sequencing-falls-raising-hopes-for-medical-advances.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/technology/cost-of-gene-sequencing-falls-raising-hopes-for-medical-advances.html?emc=tnt&tntemail0=y\">Cost of Gene Sequencing Falls, Raising Hopes for Medical Advances\u003c/a> (New York Times)\u003c/li>\n\u003cli>\u003ca title=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\">Two pending bills take on Net gambling\u003c/a> (Riverside Press Enterprise)\u003c/li>\n\u003cli>\u003ca href=\"http://online.wsj.com/article/SB10001424052970204781804577267114294838328.html?KEYWORDS=California\">Robert Bryce: Windmills vs. Birds\u003c/a> (Wall Street Journal)\u003c/li>\n\u003cli>\u003ca href=\"http://blogs.wsj.com/wealth/2012/03/07/where-the-multi-millionaires-live/?KEYWORDS=California\">Where the Multi-Millionaires Live\u003c/a> (Wall Street Journal)\u003c/li>\n\u003c/ul>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n","blocks":[],"excerpt":"Rachael Myrow here, host of the California Report, with a handful of links to cool and/or important stories outside the Bay Area local readers should check out.","status":"publish","parent":0,"modified":1363390720,"stats":{"hasAudio":false,"hasVideo":false,"hasChartOrMap":false,"iframeSrcs":[],"hasGoogleForm":false,"hasGallery":false,"hasHearkenModule":false,"hasPolis":false,"paragraphCount":3,"wordCount":80},"headData":{"title":"Breakfast Blend: James \"Titantic\" Cameron Prepares to Dive Into Mariana Trench | KQED","description":"Rachael Myrow here, host of the California Report, with a handful of links to cool and/or important stories outside the Bay Area local readers should check out.","ogTitle":"","ogDescription":"","ogImgId":"","twTitle":"","twDescription":"","twImgId":"","schema":{"@context":"http://schema.org","@type":"NewsArticle","headline":"Breakfast Blend: James \"Titantic\" Cameron Prepares to Dive Into Mariana Trench ","datePublished":"2012-03-08T16:19:23.000Z","dateModified":"2013-03-15T23:38:40.000Z","image":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png","isAccessibleForFree":"Y","publisher":{"@type":"NewsMediaOrganization","@id":"https://www.kqed.org/#organization","name":"KQED","url":"https://www.kqed.org","logo":"https://cdn.kqed.org/wp-content/uploads/2020/02/KQED-OG-Image@1x.png"}}},"disqusIdentifier":"58854 http://ww2.kqed.org/news/?p=58854","disqusUrl":"https://ww2.kqed.org/news/2012/03/08/breakfast-blend-james-titantic-cameron-prepares-to-dive-into-mariana-trench/","disqusTitle":"Breakfast Blend: James \"Titantic\" Cameron Prepares to Dive Into Mariana Trench ","path":"/news/58854/breakfast-blend-james-titantic-cameron-prepares-to-dive-into-mariana-trench","audioTrackLength":null,"parsedContent":[{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003cp>Rachael Myrow here, host of the California Report, with a handful of links to cool and/or important stories outside the Bay Area local readers should check out.\u003c/p>\n\u003cul>\n\u003cli>\u003cstrong>\u003cstrong>\u003c/strong>\u003c/strong>\u003ca title=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\">James Cameron Prepares to Dive Into Mariana Trench\u003c/a> (New York Times)\u003c/li>\n\u003cli>\u003ca title=\"http://www.nytimes.com/2012/03/08/technology/cost-of-gene-sequencing-falls-raising-hopes-for-medical-advances.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/technology/cost-of-gene-sequencing-falls-raising-hopes-for-medical-advances.html?emc=tnt&tntemail0=y\">Cost of Gene Sequencing Falls, Raising Hopes for Medical Advances\u003c/a> (New York Times)\u003c/li>\n\u003cli>\u003ca title=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\" href=\"http://www.nytimes.com/2012/03/08/science/earth/james-cameron-prepares-to-dive-into-mariana-trench.html?emc=tnt&tntemail0=y\">Two pending bills take on Net gambling\u003c/a> (Riverside Press Enterprise)\u003c/li>\n\u003cli>\u003ca href=\"http://online.wsj.com/article/SB10001424052970204781804577267114294838328.html?KEYWORDS=California\">Robert Bryce: Windmills vs. Birds\u003c/a> (Wall Street Journal)\u003c/li>\n\u003cli>\u003ca href=\"http://blogs.wsj.com/wealth/2012/03/07/where-the-multi-millionaires-live/?KEYWORDS=California\">Where the Multi-Millionaires Live\u003c/a> (Wall Street Journal)\u003c/li>\n\u003c/ul>\n\u003cp>\u003c/p>\u003c/div>","attributes":{"named":{},"numeric":[]}},{"type":"component","content":"","name":"ad","attributes":{"named":{"label":"fullwidth"},"numeric":["fullwidth"]}},{"type":"contentString","content":"\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003c/div>\u003c/p>","attributes":{"named":{},"numeric":[]}}],"link":"/news/58854/breakfast-blend-james-titantic-cameron-prepares-to-dive-into-mariana-trench","authors":["251"],"programs":["news_6944"],"categories":["news_8"],"tags":["news_2376","news_758"],"label":"news_6944"}},"programsReducer":{"possible":{"id":"possible","title":"Possible","info":"Possible is hosted by entrepreneur Reid Hoffman and writer Aria Finger. 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