Rabu, 31 Juli 2013

No rest for in-form Snedeker in hectic tour schedule - H0us3

AKRON, Ohio (Reuters) - Most players tend to pace themselves with the occasional break heading into golf's big events but in-form Brandt Snedeker has no qualms about his plan to compete in every PGA Tour event left on the 2013 schedule.

Fresh from his second victory of the season at the Canadian Open on Sunday, Snedeker intends to tee it up all the way through the FedExCup playoffs before likely making his debut appearance for the United States at the October 3-6 Presidents Cup.

"I'm playing the rest and no concern at all," the fast-talking American told reporters on Wednesday while preparing for Thursday's opening round at Firestone Country Club in the elite WGC event.

"I'm being really smart about practice and taking time away. I didn't touch a club since Sunday, had two days off with the family, which was nice. I'm being real smart about how much I'm hitting balls and practising, and should be fine."

Snedeker always knew he would have a hectic late schedule on the U.S. circuit this season, and he prepared by competing only once in May and just once between the U.S. Open and British Open.

"I made sure I was working on the right stuff, that we had a clear game plan of what we were going to do these last nine events, eight events, and start to execute it," the 32-year-old said.

"Any time you put a lot of hard work in to execute your game plan and what you want to do, you start feeling like you're doing the right stuff.

"My golf game feels as good as it's felt in a long time, and I'm excited to keep playing. I did the exact same schedule last year and it worked out pretty well. Hopefully I can do it again this year."

Snedeker believes he is close to the spectacular form he displayed at the start of this year when he recorded four top-threes in his first five events, including a two-shot triumph at the Pebble Beach National Pro-Am.

"Beginning of the year, I was driving the ball fantastic and I was hitting a lot of greens and hitting my irons fantastic," he said. "I felt like I haven't been able to piece that together like I was early in the year.

"Last week my iron play was phenomenal, but I didn't drive the ball particularly well. I got really lucky last week a lot, and then to do that this week is not going to be successful.

"I've got to hit fairways this week. There's no way around it. If I can just kind of get that mentality of my driver that I've had with my irons the last couple weeks, everything should be pretty good."

Snedeker, bidding this week for a sixth PGA Tour victory, has been paired with Northern Irish world number three Rory McIlroy for the first two rounds at Firestone.

(Reporting by Mark Lamport-Stokes; Editing by Julian Linden)

 

Jury in Tourre trial to resume deliberations on Thursday - H0us3

By Nate Raymond

NEW YORK (Reuters) - Jurors will deliberate for a second day on Thursday over whether to hold former Goldman Sachs Group Inc trader Fabrice Tourre liable for defrauding investors in a complex deal tied to subprime mortgages.

U.S. District Judge Katherine Forrest sent the jurors, five women and four men, home for the night after they met for six hours on Wednesday without reaching a verdict in the case, a civil action brought by the U.S. Securities and Exchange Commission.

Tourre, 34, has for more than three years fought the SEC's claims he misled investors in a deal called Abacus 2007-AC1.

Forrest earlier Wednesday told jurors it was their job to determine if the SEC had by a preponderance of the evidence met its burden of proof to hold Tourre liable.

"You are the sole judges of the credibility of the witnesses," she said.

The SEC is seeking unspecified financial penalties and a lifetime ban from the securities industry, both to be determined by the judge.

The jury deliberations follow more than two weeks of testimony in the case. The jurors include a school principal, a medical school graduate, a former stockbroker, an animator and an Episcopal priest.

While the jury met on Wednesday, lawyers for the SEC and Tourre stayed inside the federal courthouse in New York, reading books or chatting while awaiting word from the jury.

Tourre, in a black suit and yellow tie, could be seen at times reading a magazine, drinking coffee or looking out the window across the quiet courtroom.

A victory for the SEC could help answer critics who say the agency was not aggressive enough in bringing enforcement actions against individuals on Wall Street who played roles in the financial crisis.

The SEC disputes the criticism, pointing to charges it brought against 157 entities and individuals in financial crisis-linked cases and enforcement actions that produced $2.68 billion (1.76 billion pounds) from defendants, largely in settlements.

The SEC received $550 million in an accord with Goldman Sachs Group Inc . Originally a defendant with Tourre, the investment bank agreed in July 2010 to settle without admitting or denying wrongdoing, although it acknowledged Abacus marketing materials contained incomplete information.

'WALL STREET GREED'

The case against Tourre was a story of "Wall Street greed," with the former Goldman vice president selling investors on a "land of make believe" costing them $1 billion, Matthew Martens, the lead SEC lawyer said during closing arguments.

The SEC's lawsuit, originally filed in April 2010, accuses Tourre of misleading investors in the Abacus synthetic collateralized debt obligation (CDO) in 2007 by failing to disclose that billionaire John Paulson's hedge fund helped pick its assets and planned to bet against - or short - Abacus.

The SEC also claims Tourre duped ACA Capital Holdings Inc, a company brought in to select the 90 mortgage securities tied to Abacus, into believing Paulson & Co Inc would be an equity investor in the deal.

Investors, including ACA Capital and IKB Deutsche Industriebank AG, lost more than $1 billion when the deal turned sour after the U.S. housing meltdown, while Paulson reaped about the same amount in gains thanks to the hedge fund's short position.

Tourre has denied the charges. He told jurors Friday he had not "done anything wrong, as I'm here literally to tell the truth and clear my name."

His lawyers contend the information about Paulson wasn't material to investors in the deal since a synthetic CDO by its nature had to have both a long and short investor in order to work.

Tourre's attorneys contend ACA Capital knew Paulson would short the deal, pointing to testimony by an ex-Paulson executive as well as widespread news reports that the hedge fund was making a broad bet against the U.S. housing market.

The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. 10-03229.

(Reporting by Nate Raymond; Editing by Jeffrey Benkoe and Steve Orlosky)

 

Jury in Tourre trial to resume deliberations on Thursday

By Nate Raymond

NEW YORK (Reuters) - Jurors will deliberate for a second day on Thursday over whether to hold former Goldman Sachs Group Inc trader Fabrice Tourre liable for defrauding investors in a complex deal tied to subprime mortgages.

U.S. District Judge Katherine Forrest sent the jurors, five women and four men, home for the night after they met for six hours on Wednesday without reaching a verdict in the case, a civil action brought by the U.S. Securities and Exchange Commission.

Tourre, 34, has for more than three years fought the SEC's claims he misled investors in a deal called Abacus 2007-AC1.

Forrest earlier Wednesday told jurors it was their job to determine if the SEC had by a preponderance of the evidence met its burden of proof to hold Tourre liable.

"You are the sole judges of the credibility of the witnesses," she said.

The SEC is seeking unspecified financial penalties and a lifetime ban from the securities industry, both to be determined by the judge.

The jury deliberations follow more than two weeks of testimony in the case. The jurors include a school principal, a medical school graduate, a former stockbroker, an animator and an Episcopal priest.

While the jury met on Wednesday, lawyers for the SEC and Tourre stayed inside the federal courthouse in New York, reading books or chatting while awaiting word from the jury.

Tourre, in a black suit and yellow tie, could be seen at times reading a magazine, drinking coffee or looking out the window across the quiet courtroom.

A victory for the SEC could help answer critics who say the agency was not aggressive enough in bringing enforcement actions against individuals on Wall Street who played roles in the financial crisis.

The SEC disputes the criticism, pointing to charges it brought against 157 entities and individuals in financial crisis-linked cases and enforcement actions that produced $2.68 billion (1.76 billion pounds) from defendants, largely in settlements.

The SEC received $550 million in an accord with Goldman Sachs Group Inc . Originally a defendant with Tourre, the investment bank agreed in July 2010 to settle without admitting or denying wrongdoing, although it acknowledged Abacus marketing materials contained incomplete information.

'WALL STREET GREED'

The case against Tourre was a story of "Wall Street greed," with the former Goldman vice president selling investors on a "land of make believe" costing them $1 billion, Matthew Martens, the lead SEC lawyer said during closing arguments.

The SEC's lawsuit, originally filed in April 2010, accuses Tourre of misleading investors in the Abacus synthetic collateralized debt obligation (CDO) in 2007 by failing to disclose that billionaire John Paulson's hedge fund helped pick its assets and planned to bet against - or short - Abacus.

The SEC also claims Tourre duped ACA Capital Holdings Inc, a company brought in to select the 90 mortgage securities tied to Abacus, into believing Paulson & Co Inc would be an equity investor in the deal.

Investors, including ACA Capital and IKB Deutsche Industriebank AG, lost more than $1 billion when the deal turned sour after the U.S. housing meltdown, while Paulson reaped about the same amount in gains thanks to the hedge fund's short position.

Tourre has denied the charges. He told jurors Friday he had not "done anything wrong, as I'm here literally to tell the truth and clear my name."

His lawyers contend the information about Paulson wasn't material to investors in the deal since a synthetic CDO by its nature had to have both a long and short investor in order to work.

Tourre's attorneys contend ACA Capital knew Paulson would short the deal, pointing to testimony by an ex-Paulson executive as well as widespread news reports that the hedge fund was making a broad bet against the U.S. housing market.

The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. 10-03229.

(Reporting by Nate Raymond; Editing by Jeffrey Benkoe and Steve Orlosky)