By Michelle Celarier, editor
A year ago, as our July/August issue was going to press, two
hedge funds run by Bear Stearns were just starting to implode.
This past month, Bear fund managers Ralph Cioffi and Matthew
Tannin were taken away in handcuffs. If only locking someone up
would fix the global financial system.
While some hedge funds have been a source of calm and reason
during the past year's turmoil, there's been a day of reckoning
as well. Those hedge funds that viewed every asset class as a
potential carry trade are now in the soup.