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Stephen Andrew Feinberg (born March 29, 1960) is an American businessman and investor, who is active in hedge fund management and private equity. He is known for turning around struggling businesses and making them profitable.^[1] He is the co-founder and chief executive officer (CEO) of Cerberus Capital Management. As of March 2019, his net worth is US$1.5 billion.^[2] In 2017 Cerberus also owned DynCorp, which is a major national security contractor with the US government, charging billions for overseas military and police training.^[3] On May 11, 2018, U.S. President Donald Trump named Feinberg to head the President's Intelligence Advisory Board.^[4]

Early life and education[edit]

Feinberg was born to an Jewish family^[5][6] and raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York,^[7] a suburb of New York City. His father was a steel salesman.^[7] He graduated with an A.B. in politics from Princeton University in 1982 after completing a 94-page long senior thesis titled 'The Politics of Prostitution and Drug Legalization.'^[8][9] While a student at Princeton, Feinberg captained the tennis team and joined the Reserve Officers' Training Corps.^[7]

Professional career[edit]

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Phonerescue 3 6 1 – ios data recovery programs. After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co.^[10]

In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter.^[10] At the time the firm had $10 million under management; its assets under management have since grown to over $30 billion in 2016.^[11][12] In 1999, the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment.^[13] In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a chairman of Cerberus.^[14]

In May 2011, Feinberg stated that he believed residential mortgage-backed securities may present 'a real opportunity for continued investment for quite a period of time'^[15] and that there were opportunities in buying assets from European banks.

Feinberg has been critical about the pay received by private equity executives, stating, 'In general, I think that all of us are way overpaid in this business. It is almost embarrassing.'^[16] He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns: 'If your goal is to maximize your return as opposed to assets under management, I think you can be most effective with a big company infrastructure and a little bit smaller fund size.'^[16]

Feinberg has been described as 'secretive' in The New York Times.^[17] In 2007, Feinberg told Cerberus shareholders, 'If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person. We will kill him. The jail sentence will be worth it.'^[18]

Cerberus is the parent company of DynCorp, which is a major national security contractor with the U.S. government.^[19]

Political involvement[edit]

Feinberg is a major Republican donor.^[20] In 2016, he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign, donated nearly $1.5 million to pro-Trump PACs, and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers.^[21][22] In February 2017, the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies.^[23]

He is a member of The Business Council in Washington, DC, an association of chief executive officers from a broad range of companies who meet several times a year for high-level policy discussions.^[24][25]

Personal[edit]

Feinberg reportedly made $50 million in 2004. His lifestyle is less extravagant than his peers in private equity.^[26] He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut with his wife Gisela (née Sanchez).^[7]

References[edit]

1. ^Das, Anupreeta; Timiraos, Nick. 'Donald Trump's Financial Advisory Team Stocked With Wall Streeters'. The Wall Street Journal.
2. ^'Stephen Feinberg'. Forbes. Retrieved March 5, 2019.
3. ^Ken Dilanian, Peter Alexander: Trump Asks Billionaire Steve Feinberg To Review Intel Agencies - NBC News, 16 Feb 2017
4. ^Epstein, Jennifer (May 11, 2018). 'Trump Chooses Cerberus's Stephen Feinberg to Lead Spy Advisory Panel'. Bloomberg News.
5. ^Times of Israel: 'Trump wants Jewish billionaire to vet spy agencies – reportAs ties fray between White House and intelligence services, Bannon-Kushner associate Stephen A. Feinberg said being considered to lead review' by Sue Surkes February 16, 2017
6. ^Eytan Avriel, 'A shy wunderkind, Stephen Feinberg', Haaretz, 16.11.2005
7. ^ ^abcdUpstart Business Journal: 'The Most Dangerous Deal in America' by Daniel Roth August 13, 2007
8. ^Feinberg, Stephen Andrew (1982). 'The Politics of Prostitution and Drug Legalization'.Cite journal requires |journal= (help)
9. ^'For Private Equity, a Very Public Disaster'. The New York Times. August 9, 2009.
10. ^ ^abRoth, Daniel. 'The Most Dangerous Deal in America'. Upstart Business Journal.
11. ^'Cerberus' new Europe property fund may attract over $370 mn from Korean investors'. Korean Investors. Retrieved December 23, 2016.
12. ^Who We Are - Cerberus Capital Management
13. ^J. Danforth Quayle - Cerberus Capital Management
14. ^John W. Snow - Cerberus Capital Management
15. ^'Is it 2006? Cerberus Loves Mortgage-Backed Securities'. The Wall Street Journal: Deal Journal. May 25, 2011.
16. ^ ^ab'Cerberus' Feinberg says PE executives 'way overpaid''. Reuters. June 7, 2011.
17. ^'Can Private Equity Build a Public Face?'. New York Times. December 24, 2006.
18. ^'Greed and Debt: The True Story of Mitt Romney and Bain Capital' by Matt Taibbi, Rolling Stone, August 29, 2012.
19. ^Ken Dilanian, Peter Alexander: Trump Asks Billionaire Steve Feinberg To Review Intel Agencies - NBC News, 16 Feb 2017
20. ^McDonald, Duff (October 24, 2007). 'The Dog That Roared'. New York Magazine. Retrieved August 6, 2016.
21. ^Kirsch, Noah (February 4, 2017). 'Meet Stephen Feinberg, The Billionaire Reportedly Slated To Review US Intelligence Agencies'. Forbes. Retrieved December 13, 2017.
22. ^Stevenson, Alexandra (June 16, 2016). 'A Who's Who of Financiers Is Expected at Trump's New York Fund-Raiser'. New York Times. Retrieved December 13, 2017.
23. ^Risen, James; Rosenberg, Matthew (February 15, 2017). 'White House Plans to Have Trump Ally Review Intelligence Agencies'. The New York Times.
24. ^'Active Member Directory'. The Business Council. Retrieved December 13, 2017.
25. ^J.D. Harrison. 'Amazon's Jeff Bezos appointed chairman of Washington-based Business Council'. Washington Post. Retrieved August 12, 2017.
26. ^'While other hedge-fund managers are collecting fine French wines and flying around in private planes, he drives a Ford truck and drinks Budweiser.' What's Bigger Than Cisco, quoting Jonathan Gallen, a personal friend of Feinberg

In finance, a forward rate agreement (FRA) is an interest rate derivative (IRD). In particular it is a linear IRD with strong associations with interest rate swaps (IRSs).

General Description[edit]

A forward rate agreement's (FRA's) effective description is a cash for difference derivative contract, between two parties, benchmarked against an interest rate index. That index is commonly an interbank offered rate (-IBOR) of specific tenor in different currencies, for example LIBOR in USD, GBP, EURIBOR in EUR or STIBOR in SEK. An FRA between two counterparties requires a fixed rate, notional amount, chosen interest rate index tenor and date to be completely specified.^[1]

Extended Description[edit]

Forward rate agreements (FRAs) are interconnected with short term interest rate futures (STIR futures). Because STIR futures settle against the same index as a subset of FRAs, IMM FRAs, their pricing is related. The nature of each product has a distinctive gamma (convexity) profile resulting in rational, no arbitrage, pricing adjustments. This adjustment is called futures convexity adjustment (FCA) and is usually expressed in basis points.^[1]

Interest rate swaps (IRSs) are often considered a series of FRAs but this view is technically incorrect due to differences in calculation methodologies in cash payments and this results in very small pricing differences.

FRAs are not loans, and do not constitute agreements to loan any amount of money on an unsecured basis to another party at any pre-agreed rate. Their nature as an IRD product creates only the effect of leverage and the ability to speculate, or hedge, interest rate risk exposure. Screenflick 2 2 9 – capture screen movement to video.

Valuation and Pricing[edit]

Hedge 18 3 9 Inch

The cash for difference value on an FRA, exchanged between the two parties, calculated from the perspective of having sold an FRA (which imitates receiving the fixed rate) is calculated as:^[1]

C=Nd(R−r)1+dr{displaystyle C={frac {Nd(R-r)}{1+dr}}}

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where N{displaystyle N} is the notional of the contract, R{displaystyle R} is the fixed rate, r{displaystyle r} is the published -IBOR fixing rate and d{displaystyle d} is the decimalised day count fraction over which the value start and end dates of the -IBOR rate extend. For USD and EUR this follows an ACT/360 convention and GBP follows an ACT/365 convention. The cash amount is paid on the value start date applicable to the interest rate index (depending in which currency the FRA is traded, this is either immediately after or within two business days of the published -IBOR fixing rate).

For mark-to-market (MTM) purposes the net present value (PV) of an FRA can be determined by discounting the expected cash difference, for a forecast value r{displaystyle r}:

P=vnC{displaystyle P=v_{n}C}

where vn{displaystyle v_{n}} is the discount factor of the payment date upon which the cash for difference is physically settled, which, in modern pricing theory, will be dependent upon which discount curve to apply based on the credit support annex (CSA) of the derivative contract.

Uses and Risks[edit]

Many banks and large corporations will use FRAs to hedge future interest or exchange rate exposure. The buyer hedges against the risk of rising interest rates, while the seller hedges against the risk of falling interest rates. Other parties that use Forward Rate Agreements are speculators purely looking to make bets on future directional changes in interest rates.^[2] The development swaps in the 1980s provided organisations with an alternative to FRAs for hedging and speculating.

In other words, a forward rate agreement (FRA) is a tailor-made, over-the-counter financial futures contract on short-term deposits. A FRA transaction is a contract between two parties to exchange payments on a deposit, called the Notional amount, to be determined on the basis of a short-term interest rate,referred to as the Reference rate, over a predetermined time period at a future date. FRA transactions are entered as a hedge against interest rate changes. The buyer of the contract locks in the interest rate in an effort to protect against an interest rate increase, while the seller protects against a possible interest rate decline. At maturity, no funds exchange hands; rather, thedifference between the contracted interest rate and the market rate is exchanged. The buyer of the contract is paid if the published reference rate is above the fixed, contracted rate, and the buyer pays to the seller if the published reference rate is below the fixed, contracted rate. A company that seeks to hedge against a possible increase in interest rates would purchase FRAs, whereas a company that seeks an interest hedge against a possible decline of the rates would sell FRAs.

Quotation and Market-Making[edit]

FRA Descriptive Notation and Interpretation

How to interpret a quote for FRA?

[US$ 3x9 - 3.25/3.50%p.a ] - means deposit interest starting 3 months from now for 6 month is 3.25% and borrowing interest ratestarting 3 months from now for 6 month is 3.50% (see also bid–ask spread). Entering a 'payer FRA' means paying the fixed rate (3.50% p.a.) and receiving a floating 6-month rate, while entering a 'receiver FRA' means paying the same floating rate and receiving a fixed rate (3.25% p.a.).

This information on the notation on FRAs is consistent with the material presented in this citation.^[1] This text goes on to specify the additional property of a FRA's 'roll-day' which describes which day of the month (from 1 to 31) that the FRA's value start date is effective from.

See also[edit]

Further reading[edit]

• J H M Darbyshire (2017). Pricing and Trading Interest Rate Derivatives (2nd ed. 2017 ed.). Aitch and Dee Ltd. ISBN978-0995455528.
• Leif B.G. Andersen, Vladimir V. Piterbarg (2010). Interest Rate Modeling in Three Volumes (1st ed. 2010 ed.). Atlantic Financial Press. ISBN978-0-9844221-0-4. Archived from the original on 2011-02-08.

Further reading[edit]

• J H M Darbyshire (2017). Pricing and Trading Interest Rate Derivatives (2nd ed. 2017 ed.). Aitch and Dee Ltd. ISBN978-0995455528.
• Leif B.G. Andersen, Vladimir V. Piterbarg (2010). Interest Rate Modeling in Three Volumes (1st ed. 2010 ed.). Atlantic Financial Press. ISBN978-0-9844221-0-4. Archived from the original on 2011-02-08.

References[edit]

1. ^ ^abcdPricing and Trading Interest Rate Derivatives: A Practical Guide to Swaps, J H M Darbyshire, 2017, ISBN978-0995455528
2. ^'Managing interest rate risk with swaps & hedging strategies'.

External links[edit]