In 1996 Kessler and JP Morgan dropout Fred Kittler cooked up a hedge fund, called Velocity Capital, to invest in Silicon Valley companies, private and public.

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Meanwhile, higher yielding and therefore riskier emerging market debt is trading lower as measured by the iShares JP Morgan USD Emerging Markets Debt (EMB) ETF, a fund holding sovereign debt priced in dollars.

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He would probably need, at the very least, a sophisticated hedge fund cloaking device and word has it that only Goldman Sachs or JP Morgan has one in inventory there were rumors about such a black-box development at Morgan Stanley but that seems to have been someone talking their book.

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In addition to a hefty weighting to BAC, the fund also holds more than 9% of its assets in both Citigroup (C) and JP Morgan (JPM), likely to be impacted by any news at Bank of America.

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