Everyone dreams of finding a large amount of money in a newly purchased home, but can you imagine finding $5.9 billion? This is similar to what SoftBank found when they purchased Fortress Investment Group recently and found out that they had millions in bitcoins in their portfolio. Now that they have it, they’re trying to figure out what they are going to do with it.
SoftBank made their purchase of Fortress Investment Group for $3.3 billion and at the time, the considerable amount of cryptocurrency was not included in the company’s valuation. Apparently, the Bitcoin wasn’t included in the value as the cryptocurrency is not officially backed by anything. SoftBank’s founder Masayoshi Son is known for making investments in things that he believes will go up in value quickly, and many times these investments come with a fair amount of risk.
While the books stated that the Bitcoin assets of Fortress Investment Group were valued at $5.9 million, it is expected that they might be worth considerably more. Some have stated that they would not be surprised if they found that it was worth over $20 million. While SoftBank is excited about the discovery, there aren’t that many within the companies that are surprised by it. The co-chairman of Fortress, Peter Briger, is well known for being an enthusiast of the cryptocurrency along with their former macro fund manager.
Bitcoin has gone up considerably since the deal was completed adding millions to the value. While they haven’t decided exactly what they are going to do with the Bitcoin that belonged to Fortress Investment Group, it is assumed that they will not be selling it immediately. They expect the price in Bitcoin to make another jump in the near future and are waiting to see where the price goes. Due to talk of new contracts involving Bitcoin that will allow it to be easily shorted by investors, they may at least unload part of it rather quickly to avoid a complete loss if the price plummets. Whatever SoftBank decides to do, it was certainly a pleasant bonus to their purchase of Fortress Investment Group. A Force of Innovation: Two Decades of Fortress Investment Group
Original source : https://www.inc.com/profile/fortress-investment-group
Peter Briger has become one of the most influential business leaders in America. He is considered so by Forbes Magazine as they listed him on their top 400 most influential leaders in America. This was no fluke as his success has been documented over the years in the various positions he has held in the corporate world. This, however, is not the only criteria that makes him a great business leader as his other ventures show that he is versatile and able to take on causes that affect humanity and then the business world at different levels.His tenacity as a business leader showed itself immediately after graduating as part of the class of 86 from Princeton University.
Even getting into Princeton is considered an achievement on its own and as such Peter Briger was already on the right path towards achieving this title. His Bachelor of Arts degree would give him a stepping stone into Goldman Sachs and from that point on it was only up. The bank would grant him a lot of growth opportunities given his tenacity and curiosity to learn. He became a partner at the bank in 1996.He was in the meantime, considering advancing his education and to fulfill this he applied for an MBA at the prestigious Wharton School of Business. He would later graduate and give the number of committees he joined when he was at Goldman Sachs, Peter Briger was able to apply quite a lot of what he learned in class. They would also offer him an opportunity to learn more about the Asian market as it was experiencing a lot of growth at the time.
Goldman Sachs had a keen interest in the same and would create some market-specific funds made for this market, and Peter Briger was at times in charge of the same.As all this was taking place in his life, the Fortress Investment Group were coming to life. The group had managed to grow into a three billion asset management company by 2002, and it’s at this point that they realized the need for a credit division. Peter Briger was the perfect candidate for the position and was soon brought on board. He was responsible for establishing the same and has helped it grow, and today the division has made deals worth more than 100 billion dollars. He is now a partner and Co-CEO at Fortress. Learn More.
Mike Bagguley serves as Chief Operating Officer of Barclays, an investment bank based in London, England, well known as a giant in the banking industry. He has been in the position since June of 2016. As Mike Bagguley took over the role, Barclays was in the middle of some major changes, as the bank was overhauling and streamlining operations. Reducing staff and leaving former business partnerships was part of the strategy to help the bank adapt to regulation increases and investor decreases. Bagguley was thought to be the man for the job and was given the challenge to accelerate the process of improving profits and cutting costs. He also had the additional responsibilities of aligning infrastructure, coordinating major projects, and joining the executive committee.
The job ahead was not an easy one, but fortunately, Bagguley had been a part of the Barclay team for fourteen years before he became COO, and therefore knew well the objectives the bank hoped to achieve. Before being appointed to the position, Bagguley had served as the head of the company’s macro products division, which includes interest rates, and foreign exchange products. He gained useful knowledge and experience in that time as he successfully negotiated trades and executed deals. Bagguley was already familiar with downsizing, as the macro business had undergone the same size reduction and reshaping efforts, due to the effects of tougher regulations and falling trading revenues. The turnaround was a slow process, but the division had started to see success under Mike Bagguley’s direction, with revenues rising.
On the Crunchbase profile for Mike Bagguley, viewers can learn additional information about Bagguley. For example, his full name is listed as Michael Roy Andrew Bagguley. He graduated from the University of Warwick, in 1988, with a B.S. in Mathematics. For further information on Bagguley, there are also links to his LinkedIn and Twitter accounts.
Shervin Pishevar has come out of hiding to hit the world with 21 tweets in a day-long storm of messages. The founder of Sherpa Capital and early investor of Uber has some very negative things to say about the economy. And this comes after an abrupt resignation from his post atop Sherpa Capital.
He was forced to resign from Sherpa Capital due to sexual harassment allegations. He continues to say that these allegations are false. He explains that former enemies are out to get him and that he had to resign from Sherpa Capital in order to shield his favorite company from the fight.
The world has not heard from Shervin Pishevar ever since. Now he’s being hard to ignore as he spews dire warnings about the future of the economy.
His tweets see an economy that is about to permanently stagnate because underemployment and even unemployment will become ingrained in the system. He calls this underemployment “systemic” and it will have negative consequences on the stock market.
This tweet storm also predicts the crash of the stock market in the very near future. He believes the stock market will plummet an astounding 6,000 points to crash the entire economy. He points to the unpredictability coming out of the White House these days. Trump’s trade wars are only making investors skittish and it will end badly, according to Shervin Pishevar.
The former head of Sherpa Capital continued on his rant. He believes the upcoming trade wars will make it impossible for the bond market to carry the economy. It will slowly fail to rally along with the equities market so long as trade fluctuates. Essentially, it will not stabilize until the White House stabilizes.
He even aimed his tweets at Silicon Valley. He believes the community of tech companies is bound to fail because they have become complacent and have put limits on entrepreneurship. He believes the spirit that founded the valley has leaked out all over the world and is no longer set within geographical limits. That pioneering spirit is a movement and not a place, according to Shervin Pishevar.
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GreenSky Credit has been one of the most instrumental organizations that are trying to bring revolution to the finance sector by embracing technology. With the help of the company’s CEO, Mr. Zalik David, Greensky has been able to establish strong relationships with the financial institutions that lend money to the customers in need hence building a mutual relationship. The deal between these institutions of financial lending and GreenSky Credit is that they should be able to harness customers to borrow money from them. Then, GreenSky comes in to provide the funds to the customers on behalf of the credit firms, but of course at a fee that is charged in the form of commission on the outstanding loan balance of the borrowers.
To smoothen the process of borrowing for the customers and their lenders, GreenSky Credit has designed an online portal which the borrowers can log in and communicate with their creditors. On the same portal, the loan application process is initiated by the borrower by filling in their details and submitting them for approval. After the approval by the financial institutions, GreenSky is granted the green light to credit the clients’ bank accounts with the requested funds. The whole process takes less than 48 hours. The beauty of this platform is that the loan application process has become a walk in the park for the borrowers. Instead of the bulky forms that the customers filled in the past, they are only required to sit with their phones in their houses and complete their loan application. The long time of the approval process has also been alleviated by this platform.
All this has been the initiative of David Zalik, who has been on the front-line to ensure that credit customers are no longer exploited or mishandled by the creditors who had become rogue in their service delivery. By the establishment of GreenSky Credit, a lot of challenges that were facing both the borrowers and the lenders have been addressed, and most of them solved. For instance, many are times when the small creditors could not afford to give credit to customers who required huge amounts of credit. As a result of the emergence of GreenSky, these firms can access funds to give to their customers in need, at a small fee.