Clouds over hedge fund industry grow darker

Clouds over hedge fund industry grow darker

One of the most-successful, high-profile hedge funds indicted on insider-trading charges.

Lousy performance. Big losses on gold bets gone bad. Bad P.R.

Not to mention a critical story earlier this month byBloomberg BusinessWeek which wondered aloud if these pricey investment vehicles run by the so-called smart money for rich folks are for suckers.

To say it has been a rotten year for hedge funds would be an understatement.

“Hedge funds are under attack,” says Andrew Stoltmann, a Chicago securities attorney. “I don’t think there is any question that this has been the worst year for hedge funds in the last 20 years. It has been a tsunami of horrible press and horrible accusations.”

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