NEW YORK--Track Data chairman and CEO Barry Hertz got a margin call that he couldn’t meet and was reported to owe $45 million to four unidentified brokerage firms.
Hertz, it seems, had gone long on technical stocks, which sources say were part of his own portfolio. Unfortunately for Hertz, this coincided with the drop on the Nasdaq on April 13 and 14; sources say he had borrowed heavily beforehand to play the market. The result: as the shares tanked out, Hertz was reported to owe $45 million.
Anthony and James look at developments pertaining to the Consolidated Audit Trail and wonder if big-tech companies could challenge traditional asset managers.Subscribe to Weekly Wrap emails
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