Meredith Whitney

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Meredith Whitney
Zzwhitney.jpg
Occupation Founder and CEO
Employer Meredith Whitney Advisory Group
Location New York
Website www.meredithwhitneyllc.com

Meredith Whitney is a well known banking analyst and founder of the Meredith Whitney Advisory Group. Whitney was in the papers for making bearish calls on the banking industry including an accurate prediction that Citigroup would cut dividends in 2008. She also joined Warren Buffett in raising alarms about the $2.8 trillion municipal bond market and it's potential for widespread defaults. [1]

Whitney said in September 2010 that the United States was in so much financial trouble that the Federal Reserve would have to inject about a trillion dollar stimulus package, for the third time, to fix the budget gap. She focused attention on the troubled finances of many municipalities, predicting that there would be a wave of municipal bond defaults.[2]

In 2013, Whitney launched a hedge fund, Kenbelle Capital LP, from Bermuda, where she owned a home, with $50 million capital from BlueCrest Capital Management. On June 10th, 2015 Whitney shut the hedge fund down after a lawsuit by BlueCrest, which sought to redeem its investments.[3]

Background

Whitney began her career at Oppenheimer & Co. in 1993 as a research associate covering the oil and gas industry. She joined the company's Specialty Finance Group in 1995. In 1998, she took a job at Wachovia to lead financial institution research at the bank. She returned to Oppenheimer in 2004 but left five years later to start her own company, the Meredith Whitney Advisory Group. [4]

In November 2010, it was announced that the Meredith Whitney Advisory Group is seeking SEC approval to become a rating agency and brokerage firm, which would compete with the likes of Moody's Investors Service and Standard & Poor's. [5]

In August of 2013, Whitney deregistered from FINRA, effectively closing the broker-dealer unit of Meredith Whitney Advisory Group following a decline in clients and staff. [6]

However, she is expected to start a hedge fund. Finra records show Whitney is a managing principal of Kenbelle Capital, a “long/short” fund based in Bermuda. [7]

Education

Whitney graduated from Brown University.

References

  1. Whitney Says States May Need Federal Bailout in Next 12 Months. Bloomberg.
  2. Meredith Whitney Is Bearish Across The Financial Services Sector Except Mastercard. Guru Focus.
  3. Meredith Whitney Shuts Down Her Hedge Fund. WSJ.
  4. Bio. Meredith Whitney LLC website.
  5. Meredith Whitney Is Starting Her Own Credit Ratings Agency. Business Insider.
  6. Analyst Meredith Whitney Shutting Research Business. Wall Street Journal.
  7. Meredith Whitney Appears to Be Trading Brokerage firm for Investment Fund. New York Times.